Edited by :Biteye Core Contributors Crush

*The full text is about 2400 words, estimated reading time is 5 minutes

We introduced TON in last week, and up to now, the token price has raised by 50% in only two weeks. Last week, Te1egram announced to add an anonymous SIM-free account to TON's immediate needs. At the same time, Te1egram APP was upgraded with Topic 2.0 feature (a chat room similar to Discord's service) to challenge Discord on the high ground of Web3 community opinion. The project side's execution ability and update speed completely exceeded my expectations, but we still need to insist the principle that we should not react until it reaches the psychological price. The series of bear market bottoming subject will continue to update, and please do not have "no bottom fishing chance" anxiety. In this issue, we introduce you to the lightest blockchain - MINA 01 The lightest principle Mina Protocol claims to be the world's lightest blockchain, at 22kB (now theoretically compressed to 11kB) the size of a few tweets. To explain the rationale behind this, it is important to first clarify the 3 elements that a blockchain needs to have from Mina's perspective. The ability to quickly query the status of the blockchain, for example to verify a user's account balance. The blockchain state can be guaranteed to be trustworthy without the need to trust any third party. Having the ability to broadcast transactions over the network allows information to be delivered fairly. All of these elements are present in existing blockchain networks, such as Bitcoin and Ether. However, on these traditional blockchains, in order to be able to participate in the network, you need to download the entire blockchain data. As time goes by, the storage cost for nodes to have a complete transaction history will get higher and higher. As a result, the storage cost of traditional blockchain will be unaffordable some day in the future, making the whole ecology unsustainable. For this scenario, there are now technologies such as 'light clients' to address the cost of storage and the long wait for synchronization. The "light client" can quickly access certain data from the blockchain without synchronizing the full history. By reading the header block, it can verify whether it matches the blockchain history, and by assuming trust, it can verifying whether the rest of the data is correct. However, because the light client requires additional trust to synchronize information sources, it does not meet the second element of the blockchain as defined by Mina. Mina takes reference from light client principles in its design thinking, using zk-SNARK lightweight proofs to eliminate the need for ever-growing data storage. And because the zk-SNARK itself guarantees that the data is trusted (if the data is incorrect, the SNARK will not be generated), there is no need to introduce trust in any other node, which satisfies the second element. Such Mina nodes are called "non-consensus nodes" and have the same security as full nodes. Non-consensus nodes in Mina are able to verify the entire blockchain and accounts in the blockchain's SNARK certified ledger in a trustless manner, just like any other larger and (in terms of synchronization time and space) more costly full node on other networks (e.g., Bitcoin or Ether). Moreover, this zero-knowledge proof does not show the account of interaction, and the node keeps only the history of the last 290 blocks, which better protects privacy. According to the demonstration only 11 kB of data is needed today to represent and verify the entire blockchain, which is even smaller than the official claim that the entire Mina blockchain is about 22 kB. However, it is important to note that the proof of zk-SNARK associated data does not contain explicit information such as account balance, which does not meet the first element of "availability" of data in the blockchain. Therefore, this non-consensus node cannot participate in the consensus and cannot be considered as a full node, and SNARK miners (Workers) and block producers (Block Producers) are needed to perform consensus duties in the network. The miners will pool the computed proofs into the Snark marketplace, and the block producers will pay a fee to the miners according to the market mechanism while obtaining the proofs. Thanks to its lightest weight feature, Mina makes its non-consensus nodes run on smartphones or browsers. Each user will be able to run their own node, greatly improving decentralization. Whereas other blockchains such as Bitcoin and Solana require industrial grade machines. The network has no way of knowing who the next block producer will be, and multiple block producers may qualify. This ambiguity increases the security of the protocol to prevent denial-of-service attacks on block producers. Mina also has a strong anti-censorship feature. In order for a transaction to be successfully censored, all SNARK miners must refuse to provide SNARK proofs, or all block producers must refuse to add SNARK transactions to the block. the network is decentralized under Mina's consensus mechanism, and block producers cannot collude. Collusion between all SNARK miners is very difficult. First, anyone can generate a SNARK proof of a transaction at low cost and earn a SNARKing fee. Even if the transaction fees are low, block producers should be able to pack a transaction in a block. 02 Financing In March 2018, Mina development company O(1) Labs received a $3.5 million seed round of funding from Polychain Capital, MetaStable, Electric Capital and others. In April 2019, O(1) Labs received $15 million in Series A funding from Coinbase Ventures, Accomplice and Paradigm, among others. In October 2020, O(1) Labs received $10.9 million in funding from HashKey, Signum Capital, NGC Ventures, Distributed Capital, and IOSG Ventures, among others. In April 2021, MINA launched on the Coinlist platform, raising $18.7 million. In March 2022, FTX and Three Arrows Capital led a $92 million investment. MINA began its project as early as 2018, successfully ambushing the recently hot zero-knowledge proof track, reflecting the team's vision, and the MINA team has completed a complete round of bull and bear traversal in the past 4 years, and still maintains intense development and marketing to this day, enough to reassure investors who are now bottoming out in the bear market. MINA and its parent company, O(1) Labs, have received a lot of attention from top VCs, as shown by their funding records. However, there are two major flaws in MINA's portfolio from the current perspective, which will be discussed in the last section of this article. 03 MINA Where to buy coins Mina's PoS pledge mechanism, which can be unlocked at any time, provides a 9.5% annualized white whoring return for users who mention it to the chain without additional risk, making it even better to keep coins on the chain. Revenue nodes pledging MINA tokens have a chance of winning a block out proportional to the number of Mina in the pledged node according to the consensus mechanism; for example, if a node holds 5% of the available MINA in the network, they theoretically have a 5% chance of being selected to produce a future block. The prerequisite for pledging MINA tokens is to have a reliable node running on the server, which most users do not have the technical ability to do, so the delegate feature helps regular users to delegate their MINA tokens to another node running the pledge service. This process is called delegated pledging and the delegated service provider may charge a percentage commission. However, such delegated pledge service providers are not 100% reliable, so be sure to do your due diligence before choosing a pledge pool. For example, the node commissioned is not very stable (when the node drops, the user loses part of the revenue), whether the commission fee ratio of the node is higher than the average price, etc. Issues to be wary of. Throughput is too low Currently Mina's TPS (transactions per second) is only 1, which is a very big gap compared to the 14TPS of the overcrowded Ethereum. The official explanation of the team is currently focused on stability, and the future will be adjusted for performance. Similar to the short board effect, if you do not improve the TPS, the above-mentioned Mina's more advantages will not help. The community has discussed the topic of expansion in the forums, but it seems to be retracing the upgrade route of Ether, and it remains to be seen if it will work. Of course, Mina may not intend to compete with other new public chains in terms of throughput. It is trying to maximize decentralization without a theoretical limit on the number of nodes. Community discussion on plans to achieve higher throughput. https://minaprotocol.com/node-operators Financing risk Although MINA's official Twitter account stated in early November that "MINA has no funds in FTX and there is no official partnership between MINA and Alameda," and the official tweet said that "MINA has no funds in FTX and there is no official partnership between MINA and Alameda. MINA's latest round of funding was led by FTX and Three Arrows Capital with nearly $100 million, which can be described as touching a nuclear bomb chain. In addition, although Binance has uploaded the MINA spot, the trading volume is very small. At the same time, Binance did not participate in the financing of MINA. In the current market environment, Binance's operational resources have unparalleled advantages, and MINA wants to stand out in the zk race, most likely without the help of Binance. 04 Summary MINA has the luxury of institutional investment, has been in development for 4 years without major slip-ups, and the team is trustworthy. According to the team's announcement, the EVM cross-chain bridge based on MINA zk technology has entered the audit process and is expected to be launched in Q4. As a user who does not know anything about zk, you can add MINA to your optional list first and then wait for the MINA cross-chain bridge to go live to experience it before making a judgment. About Us Biteye is an offshore Web3 learning and research community that takes a community-driven approach to generating content and tools, and is governed and incentivized by DAO's! Twitter: @BiteyeHQ Discord.discord.gg/Biteye *Disclaimer: The content shared in this article is for learning purposes only and does not constitute any investment advice and does not represent the position of Biteye. If you like our articles, follow us!

Translator：@chendashan_pat

What should we do if there is a next bull market?

Foreword

Time flies, and it is the end of the year. Looking back, it has been a rough year for the crypto market. Not only has it been affected by macro markets, but there has been one black swan event after another internally.

The most recent event of note was that the FTX collapsed because SBF has a business network that spans half of the cryptocurrency world. In terms of the news, the systemic risk posed by this black swan event to the cryptocurrency community has not yet been fully released.

The intraday picture bears out this view. Earlier, in July-October, mainstream coins such as ETH and BTC would follow the traditional market fluctuations, and the positive correlation in the market was very high. However, after the FTX collapse, this positive correlation plummeted, causing the cryptocurrency market to start going on its independent risk-absorbing market. In the following months, there is a risk that the macro markets in traditional finance will turn towards the Fed pivot. At the same time, the above view needs to indicate whether the crypto market can end the current risk-digesting market and follow the rally.

Most of the previous bull market return strategies and experiences will fail in this market situation. As an average retail investor whose beliefs have been decentralised, the most effective thing you can do during the hibernation phase is not to chase highs, not to track hot spots, but to look for opportunities to go bottom fishing, where the strategies are critical. After all, those who choose the wrong bottoming method will most likely miss the bull market.

The "New Trends" section of the following few issues of the weekly report will bring you a series of bids worth bottoming out, but beforehand, three pre-conditions should be stressed.

Do not assume that the concept of decentralisation is bound to gain mass adoption in the future, i.e. there is bound to be another crypto bull market.

The ability to endure a long and difficult bear market without significant adverse effects on your personal life resulting from a bottom.

Do not blindly chase up and keep the bottom-buying target when the reason is unknown;

We launched the first bottoming item this week, and future weekly reports will serialise a token worthy of bargain hunting according to market conditions. New narratives will be featured first if they become available.

Ⅰ TON: The Open Network

The Open Network (TON) is powered by the famous chat app Te1egram (hereafter referred to as the Blue Plane app), which tops the instant messaging category in several national app markets.

However, while it is the crypto community's most favoured instant messaging medium, compared to Twitter, it has neither the stock (which has been delisted since Musk's acquisition) nor the 'Web3' hype theme of token/NFT. Blue Plane, an APP that straddles the Web2 to Web3 community, has and only has a TON to be hyped.

Also, regarding the breadth of exchange support, it still needs to be backed by the head CEX. (FTX stopped supporting it after it crashed), so I'm sure TON will have plenty of stories to tell in the future, i.e. concerning listing.

The history of TON about the blue plane

TON and the Blue Plane app have a very close relationship. However, due to the SEC's access, they are like Romeo and Juliet, maintaining contact very subtly.

But since FTX announced the launch of TON in November last year, the relationship between the two has become more public. Several actions evidence the association Blue Plane took - its official account constantly advertises TON in social chats; it uses TON to pay for Blue Plane's personalised domain names; Blue Plane members (Premium) support TON payments, etc.

As mentioned above, TON has only been on the market for a little while since the launch of FTX. The TON project started a long time ago, in 2017, which makes the situation very puzzling. Thus, I will try to explain the twists and turns that TON has undergone over this period based on the information from the Alpha Ton community.

In 2017, a team led by Durov, the owner of Blue Airplane, decided to design their L1 as the then L1 blockchain could not support Blue Airplane's hundreds of millions of users.

In January 2018, GRAM, a POS coin running on the Telegram Open Network, was launched. Relying on a 23-page white paper and a 132-page technical paper, it raised $1.7 billion for Blue Plane in a bidding process between February and March.

In January 2019, Blue Plane launched the TON test network.1 In October of the same year, Blue Plane sent a letter to investors containing a link to the TON key generator. However, the US SEC clamped down on the key generator, which provides access to Gram tokens, the week before the launch. SEC required them to delay sending the tickets, leading to a delay in the overall launch.

On 24 March 2020, the court ruled that Gram violated the Securities Act and granted the SEC's order "prohibiting the delivery of Grams to initial purchasers". In response, Telegram sought clarification and wanted the court to prohibit initial foreign purchasers from completing their purchases, but the court denied the request.

In May 2020, the Telegram team ceased developing TON and support for the test network, paying a settlement of $18.5 million and agreeing to return $1.2 billion in funds to investors.

The public doesn't know that the project is not dead but is slowly reborn with new blood.

After the verdict was announced, the enthusiasts forked TON. The development process of TON continues with developers around the world who are not affiliated with any commercial organisation and do not include any former or current Telegram employees.

In July 2021, the TON Foundation packaged the results of this period and sent a request for transfer to the Blue Plane team.

On 2 August 2021, Telegram appreciated the work done by the TON Foundation and agreed to the transfer of all information.

Next, part of the community went open source for CPU mining code, private GPU mining, and open source for GPU mining code and eventually entered the era of mining pools.

It is easy to see that a series of late operations by the TON Foundation was designed to comply, resulting in several ghost mines, the results of which need no elaboration.

After a period of inactivity, exchanges such as FTX and OKEX have released TON. Currently, the Pow Giver contract for distributing PoW rewards has dried up, meaning that TON has become the only POS coin that is both energy efficient and free.

Strategies after bottom fishing

If you do not have a short-term need to trade Tokens purchased on CEX, it is essential that you bring them to the chain. The following is a description of the TON on-chain method.

The official Blue Plane hosted wallet (hosted means that the helper and private key are not [solely] under the user’s control) is the bot @wallet. Once you have followed the prompts to create your wallet, the bot will send you a ton chain address. Fill in this address into the withdrawal field on the exchange, and you can withdraw your TON tokens to the bot wallet.

This method is very convenient. As an official channel, it can already support money transfers. In the future, the official will further improve its function. However, the security limit of this method is limited by the security of the user's Blue Plane account, and there is a risk of revealing the Blue Plane login phone number. Also, third-party malware for account logins can threaten this Tunxis method, so please ensure to get the APP from the official channel.

Ton, Domain Name and Username

Ton’s domain name is similar to ENS and can be used to transfer funds. At the same time, the holder will receive the domain name under the name xxx. ton.VIP. It is a bit pricey, though, and its pre-sale price at the time of its launch bid is as follows.

Domain name over five characters: 0,01TON

Four-character domain name: 49 TON

Three-character domain name: 249 TON

Two-character domain name: 999 TON

One-character domain name: 2999 TON

·Ton's Username holders can have a simple sharing link like "xxx.t.me". This differentiates it from the default "t.me/xxx". In terms of perception, the former is superior to the default format and is aimed at a broad range of people who buy from formal businesses and celebrities.

What’s more. Both domain names and usernames are currently available at low prices on Getgems, the secondary NFT marketplace.

TON Roadmap

To be clear, the TON project is more than just the Ton Blockchain. It also has a unique network technology, the Ton Network.

The TON network protocol was created specifically for the TON blockchain to enable nodes to communicate with each other and exchange data. The TON network is a fully decentralised, secure, private computer network, similar to TOR or I2P (Invisible internet project).

Future updates to TON will also focus on network communication, which aims to create a peer-to-peer network without centralised servers. The nodes that go offline will have no impact on the functionality of the network and guarantee the anonymity of the user IPs.

On top of the TON network, the TON proxy, TON site and TON Storage will be created. In 2023, cross-chain systems for BTC and EVM will also be introduced. Thus, TON will not only connect different blockchains but will also innovatively revolutionise the existing Internet landscape.

Risks and Summary

You don't have to worry about TON going bankrupt. Unlike most cryptocurrency projects, TON is backed by hundreds of millions of daily users of the instant messaging Blue Plane App.

Anyone who has used a few instant messaging products will have a scale to measure the ease of use of Blue Plane. The experience of using this app surpasses that of all similar competitors, including those already on the market and have excessive market capitalisation. From this perspective, TON has taken centre stage in the industry.

Having combed through this, I'm already overwhelmed with the desire to go for TON. But we must calm down!

We must be clear that FTX was the most frequently traded place for TON spot before it was called aped, so many users should have mentioned the chain after buying the area. This will lead to many TONs being liquidated when FTX goes into bankruptcy and liquidate

In terms of price, the impact on TON prices after the FTX collapsed was insignificant. This is something to worry about because it indicates that many spot chips are still very concentrated and may not produce low-price chip opportunities until the next collapsing moment.

Finally, the original purpose of this series is not to let you read and spend impulsively but to let you pay more attention to the market and be aware of the existence of TON Token.

In the end, it requires your wisdom to decide whether to do the bottom fishing or not.

Foreword

Time flies, and it is the end of the year. Looking back, it has been a rough year for the crypto market. Not only has it been affected by macro markets, but there has been one black swan event after another internally.

The most recent event of note was that the FTX collapsed because SBF has a business network that spans half of the cryptocurrency world. In terms of the news, the systemic risk posed by this black swan event to the cryptocurrency community has not yet been fully released.

The intraday picture bears out this view. Earlier, in July-October, mainstream coins such as ETH and BTC would follow the traditional market fluctuations, and the positive correlation in the market was very high. However, after the FTX collapse, this positive correlation plummeted, causing the cryptocurrency market to start going on its independent risk-absorbing market. In the following months, there is a risk that the macro markets in traditional finance will turn towards the Fed pivot. At the same time, the above view needs to indicate whether the crypto market can end the current risk-digesting market and follow the rally.

Most of the previous bull market return strategies and experiences will fail in this market situation. As an average retail investor whose beliefs have been decentralised, the most effective thing you can do during the hibernation phase is not to chase highs, not to track hot spots, but to look for opportunities to go bottom fishing, where the strategies are critical. After all, those who choose the wrong bottoming method will most likely miss the bull market.

The "New Trends" section of the following few issues of the weekly report will bring you a series of bids worth bottoming out, but beforehand, three pre-conditions should be stressed.

l Do not assume that the concept of decentralisation is bound to gain mass adoption in the future, i.e. there is bound to be another crypto bull market.

· The ability to endure a long and difficult bear market without significant adverse effects on your personal life resulting from a bottom.

· Do not blindly chase up and keep the bottom-buying target when the reason is unknown;

·

We launched the first bottoming item this week, and future weekly reports will serialise a token worthy of bargain hunting according to market conditions. New narratives will be featured first if they become available.

Ⅰ TON: The Open Network

The Open Network (TON) is powered by the famous chat app Te1egram (hereafter referred to as the Blue Plane app), which tops the instant messaging category in several national app markets.

However, while it is the crypto community's most favoured instant messaging medium, compared to Twitter, it has neither the stock (which has been delisted since Musk's acquisition) nor the 'Web3' hype theme of token/NFT. Blue Plane, an APP that straddles the Web2 to Web3 community, has and only has a TON to be hyped.

Also, regarding the breadth of exchange support, it still needs to be backed by the head CEX. (FTX stopped supporting it after it crashed), so I'm sure TON will have plenty of stories to tell in the future, i.e. concerning listing.

The history of TON about the blue plane

TON and the Blue Plane app have a very close relationship. However, due to the SEC's access, they are like Romeo and Juliet, maintaining contact very subtly.

But since FTX announced the launch of TON in November last year, the relationship between the two has become more public. Several actions evidence the association Blue Plane took - its official account constantly advertises TON in social chats; it uses TON to pay for Blue Plane's personalised domain names; Blue Plane members (Premium) support TON payments, etc.

As mentioned above, TON has only been on the market for a little while since the launch of FTX. The TON project started a long time ago, in 2017, which makes the situation very puzzling. Thus, I will try to explain the twists and turns that TON has undergone over this period based on the information from the Alpha Ton community.

In 2017, a team led by Durov, the owner of Blue Airplane, decided to design their L1 as the then L1 blockchain could not support Blue Airplane's hundreds of millions of users.

In January 2018, GRAM, a POS coin running on the Telegram Open Network, was launched. Relying on a 23-page white paper and a 132-page technical paper, it raised $1.7 billion for Blue Plane in a bidding process between February and March.

In January 2019, Blue Plane launched the TON test network.1 In October of the same year, Blue Plane sent a letter to investors containing a link to the TON key generator. However, the US SEC clamped down on the key generator, which provides access to Gram tokens, the week before the launch. SEC required them to delay sending the tickets, leading to a delay in the overall launch.

On 24 March 2020, the court ruled that Gram violated the Securities Act and granted the SEC's order "prohibiting the delivery of Grams to initial purchasers". In response, Telegram sought clarification and wanted the court to prohibit initial foreign purchasers from completing their purchases, but the court denied the request.

In May 2020, the Telegram team ceased developing TON and support for the test network, paying a settlement of $18.5 million and agreeing to return $1.2 billion in funds to investors.

The public doesn't know that the project is not dead but is slowly reborn with new blood.

After the verdict was announced, the enthusiasts forked TON. The development process of TON continues with developers around the world who are not affiliated with any commercial organisation and do not include any former or current Telegram employees.

 In July 2021, the TON Foundation packaged the results of this period and sent a request for transfer to the Blue Plane team.

On 2 August 2021, Telegram appreciated the work done by the TON Foundation and agreed to the transfer of all information.

Next, part of the community went open source for CPU mining code, private GPU mining, and open source for GPU mining code and eventually entered the era of mining pools.

It is easy to see that a series of late operations by the TON Foundation was designed to comply, resulting in several ghost mines, the results of which need no elaboration.

After a period of inactivity, exchanges such as FTX and OKEX have released TON. Currently, the Pow Giver contract for distributing PoW rewards has dried up, meaning that TON has become the only POS coin that is both energy efficient and free.

Strategies after bottom fishing

If you do not have a short-term need to trade Tokens purchased on CEX, it is essential that you bring them to the chain. The following is a description of the TON on-chain method.

The official Blue Plane hosted wallet (hosted means that the helper and private key are not [solely] under the user’s control) is the bot @wallet. Once you have followed the prompts to create your wallet, the bot will send you a ton chain address. Fill in this address into the withdrawal field on the exchange, and you can withdraw your TON tokens to the bot wallet.

This method is very convenient. As an official channel, it can already support money transfers. In the future, the official will further improve its function. However, the security limit of this method is limited by the security of the user's Blue Plane account, and there is a risk of revealing the Blue Plane login phone number. Also, third-party malware for account logins can threaten this Tunxis method, so please ensure to get the APP from the official channel.

Ton, Domain Name and Username

Ton’s domain name is similar to ENS and can be used to transfer funds. At the same time, the holder will receive the domain name under the name xxx. ton.VIP. It is a bit pricey, though, and its pre-sale price at the time of its launch bid is as follows.

Domain name over five characters: 0,01TON

·

Four-character domain name: 49 TON

·

·

Three-character domain name: 249 TON

·

·

Two-character domain name: 999 TON

·

·

One-character domain name: 2999 TON

·

Ton's Username holders can have a simple sharing link like "xxx.t.me". This differentiates it from the default "t.me/xxx". In terms of perception, the former is superior to the default format and is aimed at a broad range of people who buy from formal businesses and celebrities.

What’s more. Both domain names and usernames are currently available at low prices on Getgems, the secondary NFT marketplace.

TON Roadmap

To be clear, the TON project is more than just the Ton Blockchain. It also has a unique network technology, the Ton Network.

The TON network protocol was created specifically for the TON blockchain to enable nodes to communicate with each other and exchange data. The TON network is a fully decentralised, secure, private computer network, similar to TOR or I2P (Invisible internet project).

Future updates to TON will also focus on network communication, which aims to create a peer-to-peer network without centralised servers. The nodes that go offline will have no impact on the functionality of the network and guarantee the anonymity of the user IPs.

On top of the TON network, the TON proxy, TON site and TON Storage will be created. In 2023, cross-chain systems for BTC and EVM will also be introduced. Thus, TON will not only connect different blockchains but will also innovatively revolutionise the existing Internet landscape.

Risks and Summary

You don't have to worry about TON going bankrupt. Unlike most cryptocurrency projects, TON is backed by hundreds of millions of daily users of the instant messaging Blue Plane App.

Anyone who has used a few instant messaging products will have a scale to measure the ease of use of Blue Plane. The experience of using this app surpasses that of all similar competitors, including those already on the market and have excessive market capitalisation. From this perspective, TON has taken centre stage in the industry.

Having combed through this, I'm already overwhelmed with the desire to go for TON. But we must calm down!

We must be clear that FTX was the most frequently traded place for TON spot before it was called aped, so many users should have mentioned the chain after buying the area. This will lead to many TONs being liquidated when FTX goes into bankruptcy and liquidation.

In terms of price, the impact on TON prices after the FTX collapsed was insignificant. This is something to worry about because it indicates that many spot chips are still very concentrated and may not produce low-price chip opportunities until the next collapsing moment.

Finally, the original purpose of this series is not to let you read and spend impulsively but to let you pay more attention to the market and be aware of the existence of TON Token.

In the end, it requires your wisdom to decide whether to do the bottom fishing or not.

我们需要预言机来把链下的信息上传到链上，这里最主要的一个问题就是如何保证上链信息为真。我们这一期预言机也好，跨链桥也好，经常会讨论的一个问题是上链，不够去中心化，一会儿就会看出来是为什么，预言机我们聊两个项目，看看他们怎么做到上链信息为真。

第一个是Chainlink这个项目。任何人可以质押代币，申请成为cl一个预言机节点，然后和其他节点去竞争，搜集外部信息，然后预言机网络把这些外部信息整合筛选，汇总到链上，并且chainlink会给收集信息的节点报酬。Chainlink的这些节点在链下，他们的节点数不像公链一样可以说是无数个，但是已经做到尽可能多了。通过增加节点数量来实现上链信息为真。

另一个项目 augur，我则把它称之为 通过增加欺骗成本来实现上链信息为真 。他是一个纯链上的竞猜的体系，比如火车的航班是去往A还是B，大量的用户竞猜，如果线下真实是A，小明把这个信息真实地传输上链，链上也是火车去了A，猜对的人就有奖励，猜错的没有。但是，如果小明传错了答案，那么举报的人就有奖励，小明也会被处罚token。这有什么好处，就是所有参与到这个竞猜活动的人，就都会去关注到底小明传的对不对，他们都成了验证人。而因为罚款小明也不敢欺骗，因此比较可靠。但是这个项目明显的效率低，传输需要较长的时间。

而跨链桥是预言机的一种，专注于在链和链之间要素的交换，最基础的是信息，之后资产跨链，再是合约跨链，资产在A链质押就可以在B链获得质押权益，再然后不同的dapp都可以利用好每个链最擅长的部分，并通过跨链整合优势，等等难度是依次上升的。

跨链桥的话，有官方的，有三方的，我们一个一个聊。官方的，比如avalanche，自己也有做跨链桥让用户把资产从以太坊转到avalanche上，这类桥最大的特点就是他们的验证方式、人员团队风格、技术支持和主链是一样的，比如主项目是op 验证的，那这类跨链桥也都需要用户等待七天的挑战期。

第二大类是帮助没有智能合约的公链跨到有智能合约的公链上，比如把比特币跨到avalanche上这种来实现defi的功能。就是我们常看到的wbit，RenBTC,加个w。这是怎么回事呢？这个就要提到ERC-20。ERC-20标准是一个行业标准，包括erc721.erc1155等等也类似的，都像一个通行证。这个标准是由以太坊的开发者提出的，主要是为了defi项目，借贷啊这些能有协同效应提出来。它限定了eth上的DAPP要遵循同样的一些准则、部分具体的代码等等，然后有了这个通行证，这些DApp可以高效率地打造标准化的东西，并且互相兼容。事实也上确实，满足erc-20标准的这些代币在DEFi的发展、探索上做的很出色。而狗狗币，比特币这些原生代币他们也想参与进ERC20 的defi生态，实现资产跨链，就是要封装资产成为wbtc等等来符合ERC-20标准。这一类经典的项目像ren protocol等， 主要是来针对实现资产跨链的。

还有一类是三方的跨链桥，也是机构投资看得比较多的，资金使用率高、用户的手续费低，交易处理的效率也会更高一些。经典的像cbridge，multichain，hop exchange。我们一会儿会聊。

这是从项目角色角度出发的，那从技术的话，我们也可以大致分成三类。第一个技术是原子交换： 字面意思，就是当一个节点在A链上有跨链到B链的需求时，跨链桥把这个需求信息在目标B链上进行匹配，找到B上的一个节点，点对点地跨链。比如，我在A上想换出1tokenA ,来获得B链的10个token B。具体怎么做呢，第一步A随机生成密码p 和p 的哈希值 hashp，把hashp的值发个用户B，并且把1tokenA转给B这个人，当然了B必须出示hash P的值来验证。第二部，B反过来把10 tokenB转给我，而我必须出示 P的值来验证，哈希运算不可逆，所以r这个值也只会我自己一个人知道。原子交换的优势就是安全、快速，但是我们看到，它每一次都要部署一个哈希时间锁的智能合约，而且AB匹配必须要双方同时在线，成本高，而且应用的范围比较少。一般这个过程中，我们的验证方式是外部验证，主要的方法是多签和多方计算。多签(multi sig)的话，验证人是需要有完整的所有的私钥，而多方计算(mpc multiple perspective computing )是由多个验证人共同形成一个私钥。

第二个技术就是上面说的封装，wbit,wbtc这些。简单来说是锁定加销毁或者锁定加铸造,先在A链锁定用户的资产，再B链铸造销毁同样数量的合成代币 wtoken，放进用户在B链的账户中。这个操作需要验证节点足够安全可靠，而且封装资产可能会面临价格崩盘的风险。这个事情是Bitgo在做，一家中心化的公司而不是智能合约在做，所以也是有风险。。

第三个技术是流动性置换或者流动性聚合（liquidity pool）。我们的跨链桥在B链上部署A链的智能合约，把他变成A链的侧链， 再通过中继器（relayer）来进行信息交互，对C链D链，如法炮制，写不同的智能合约在不同的链上，以此来聚合不同链上的流动性。而对于资金的交互，我们会建立统一的流动性资金池来让用户兑换原生资产，相比第二个方法，用户不是收到的封装资产，风险更小。但是同样的 ，在B链部署智能合约，成本大且可能有黑客攻击。这种方式下，目标链和源链的底层验证者来负责验证，所以这种方式是被称为“原生验证”。

这种方法是现在三方项目的主流，它的跨链类型更多，缺点的话是风险会传播，不同链有一个出现问题，交互的话其他就会收到影响。

我们现在非常简略地知道了基础的技术，以及不同的跨链桥在做什么事有了，那就可以看些主流项目。像cbridge2.0通过叫SGN（state guardian network）状态守卫者网络 的一个侧链来管理不同链上的流动性。  它用的是dpos 委托权益证明机制，所以用户可以质押代币来获得治理权。

Hop是专注服务于eth的，目标链只能在eth生态的layer2上,polygon这种, 交易成本也高一些。它主打用roll up 技术打造，安全性是依赖底层链，不用相信任何人，安全性是可以保证的。我们不难看到，跨链桥很多项目都是要验证者的，即使采用多签，也始终有可能被黑客进行51%攻击。像今年3月ronin 被黑客盗走了6亿美金，它这个跨链桥项目就是中心化管理的，Ronin是有9个验证节点，黑客控制了其中的5个，把锁仓的以太坊盗走了。所以说安全性是hop能脱颖而出的一个重要原因。

我们一开始提到资产跨梁只是跨链前很早起的一个目标，未来还是要有更多动作的跨链，那这样的项目经典的是像xpollinate，是connext打造的nxtp这个聚合协议技术来实现。技术是用的原子交换。它主要率先实现了除资产夸链以外的，智能合约调用，信息的调用。我们在eth上的一个借贷合约 可以直接搬到solona上。

multichain 目前流动性最深，跨链数量也是最多的，支持36条，V3版本也是在不同的链上去部署流动性池。还有一些跨链桥聚合物（aggregator），它筛选出哪些跨链桥交易成本、时间、安全性更好，例如XYfinance ，此外它也在做nft跨链的尝试。

This week, the stablecoin market liquidity 'referee' stepped in as a 'player.’ It released the protocol-native stablecoin crvUSD whitepaper (first draft). The release of this whitepaper coincided with the shorting of crv on the chain by the big player @avi_eisen, so its overly crude wording was a bit of a shield for the project at this sensitive time. The team also said that this version of the stablecoin whitepaper is not the final version and that a more detailed version will be released later. The good thing is that although the white paper is not specific since the parameters and formulas have not yet been determined, we can still look through it to understand the general framework of Curve, the stablecoin market judge's native stablecoin. The main points of the Curve stablecoin are divided into four parts: firstly, the lending-liquidating AMM algorithm (LLAMMA), which is responsible for clearing during ETH price fluctuations. Secondly, the Liquidity Band, which provides liquidity for clearing. Thirdly, the PegKeeper (also called the Stable Pool), which is responsible for maintaining the crvUSD price anchored at 1 USD, and fourthly, the Curve Gauge, which has been the central Crv emission control module in the Curve ecosystem, and which is a module used to incentivize the growth of the crvUSD scale. -LLAMMA

This feature will make Curve's stablecoin unique. The most impressive part of the cycle is LLAMMA, which converts collateral (e.g., ETH) and stablecoins. In simple terms, if ETH is stable, crvUSD has enough collateral to back it up. What’s more, as the price of ETH falls, LPs can gradually sell some ETH in exchange for crvUSD, and finally, as the cost of ETH rises, LPs can hold positions to sell crvUSD in exchange for ETH.

This role corresponds to the liquidation mechanism of previous lending platforms. When the price of collateralized tokens falls, the health of the collateralized position can deteriorate rapidly, and users who mint stablecoins are immediately liquidated. This old model had some problems. For example, when retail investors were liquidated after an extremely down market and the market rebounded quickly, the liquidated users would have suffered a very high percentage of losses. It can be seen that if the LLAMMA mechanism had replaced the old mechanism, users would not have suffered such significant losses. This strategy works well to help collateralized users control permanent retracements in volatile markets and allows for more passive position management. However, liquidation can still occur if volatility becomes too high. This is because liquidation must exist regardless of any financial product where collateralization exists. In addition, each stablecoin-collateral pair forms a liquidity pair with the collateral. This means that not only can users lend ETH to crvUSD, but at the same time, the ETH pledged in can also use these as liquidity for trading pairs (ETH-crvUSD), therefore amplifying the capital efficiency. Liqudity Band The concept is a bit like the Uni v3 manager for market making, but with the difference that Liquidity Band runs entirely on the chain and no longer needs to be manipulated by off-chain strategy bots. In this concept, the mortgagee's liquidation price is not a single price but sets the liquidation price in separate bands, i.e., increases the 'liquidation' liquidity within the set price range. A collateral borrower's borrowing behavior can be understood as depositing collateral at different clearing prices and lending crvUSD. When the collateral price crosses a specific current range, the collateral within this clearing range will be liquidated. Conversely, if the price returns to this position, the user's collateral will be restored. According to some bloggers, this 'liquidation' liquidity must be increased to a minimum of 5 volatility ranges and up to 50. The larger the range, the slower your position will clear, whereas a smaller range means the clearing process can proceed faster. For example, in the case of a user who has received a loan of 1 ETH equivalent in the price range of 1100-1200, the clearing range could be set as follows： 1100-1110 0.1ETH； 1110-1120 0.1ETH； … 1190-1200 0.1ETH In this case, once the price of ETH falls to the 1190-1200 range, the user's position of 0.1 ETH will be liquidated, and the position will be reduced to 0.9 ETH (total: 0.9 ETH loan and 0.1 ETH liquidated in the 1190-1200 USD range), approximately $119 (liquidation of 0.1 ETH converted to 119 crvUSD). PegKeeper PegKeeper is contractually bounded by PegKeeper's contract. When crvUSD>1, PegKeeper contracts to mint uncollateralized stablecoins and deposit them unilaterally into LP (crvUSD), while when crvUSD<1, PegKeeper withdraws from LP and burns the stablecoins. These actions cause crvUSD to depreciate at >1 and appreciate at <1 rapidly. It is easy to see that at a price > 1, the minted stablecoin is uncollateralized. The whitepaper indicates that the liquidity in the stablecoin pool at this point can be disguised as collateral for this excess issuance of tokens. Gauge Finally, back to the Curve protocol. As mentioned at the beginning of this article, Curve is the place to be for any stablecoin project, regardless of its market cap. From Usdt down to Usdd, all stablecoins are concerned about Curve's influence. Curve's impact is reflected through a mechanism called the Curve Gauge. veCRV (locked crv) holders can combine or "bribe" their way into the Gauge to vote on the crv emissions of individual pairs in the subsequent Curve Stablecoin trading agreement for mining revenue. Therefore, whoever holds more votes in Curve will have a stablecoin with deeper liquidity in Curve, and its popularity will be more significant. Now, Curve is starting the era of being both a 'referee' and a 'player' for stablecoins. Its future stablecoin market share is worth waiting for. However, Biteye also advises the following：

1. The LLAMA mechanism is too new. The first version of the white paper clarifies that its entire logic has not been mathematically rigorously proven and that there is still too much uncertainty in the mechanism. After all, any innovation in clearing mechanisms needs to be rigorously tested and proven under extreme conditions in order to ensure that the system does not go bad. You can keep an eye on Biteye for the latest news.

2. Do not get carried away by the initial mining yields and rush to exchange directly for crvusd at a high premium on the secondary market. A high apr is bound to be reflected in the price on the secondary market, and it is common for stablecoins to be priced above 1. When you fomo, calculate whether it is worthwhile to use collateral to issue crvUSD directly or to buy m instantly from the secondary market.

3. A relatively stable and profitable strategy that can be thought of at the moment is to "mine initially, lie flat in the mid-term, and wait for off-anchor arbitrage at the end.” Because in a bear market, it is not recommended that any collateralized stablecoins to mine in the long term.

首先，defi也好，gamefi也好，其他Dao也好，项目方的一个基本的愿景是，有用户参与进来来使用，而且使用的时间、玩的时间尽可能更长久。因此，这就需要项目token的价格能尽可能稳定，减少波动。但是平台方的对手有散户，有大资金想套利的机构，如果一开始的项目白皮书里出现了经济模式的不合理，未来出现恶性通货膨胀、币价暴跌、马太效应明显资金流向巨鲸、快速套利等等问题，项目就黄了。而token economy入门的话，研究如何通过设计代币经济系统，来延长项目寿命这个问题，就可以掌握大部分主干的基础知识，其他的知识点之后再增补也比较容易。

第一个自然的问题就是，Defi里现在这么多资金？钱从哪里来，又到哪里去呢？钱从散户的钱包里来，散户交出去了以后，钱会流向哪里呢。发展到现在阶段，传统金融有的角色，Defi都有了。央行，放Defi里有makerdao，商业银行有compound，交易所，有uniswap；公募有Yearn finance，私募有各式各样的cryptofund。

有了这些角色，资金开始流转，用户可以通过不同的金融工具，来获得更多价值的token。传统金融里，判断一个项目是不是旁氏骗局，很重要的判断是它有没有赋能实体经济，如果钱不断进来、转手，币价更高，更多法币资金涌入项目，却始终没有转变为更高的生产力，那就是一个抛绣球的泡沫游戏。而这也是目前我理解的Defi发展的一个欠缺部分，生产力基础（包括更好玩的gamefi、更有效的营销、与defi 体系锚定的元宇宙设施、或者其他未出现的生产力等等）没有跟上defi的分配机制，或者说是生产关系，蛋糕还没做大，目前大家就在讨论如何分蛋糕，这没有什么不好的，但是容易被质疑。如果未来区块链世界里有更多与传统实体经济相对应的环节，那么到时候大家不会再去质疑庞氏骗局，就好像现阶段没有人质疑为什么银行里可以用钱生钱。

那既然知道了有这些角色，下一个自然的问题就是，我是散户，现在假设手头有1个比特币，我可以通过哪些操作，来让我变成2个比特币吗？这个问题很大，最直接的方式就是参与到好的项目里，早期入场低位买入token，高位卖出，这个涉及到如何识别好项目，在这之前，介绍一个web 3 经典有特色的方法，流动性挖矿,简单介绍下amm自动做市商，DEX  decentralized exchange context，去中心化交易所（uniswap），xy=k ,无常损失，流动性挖矿的概念。

去中心化交易所，DEX  decentralized exchange context，简单来说就是把不同token进行实时报价，来供用户买币卖币。而他去中心化的智能合约如何报价呢？

一句话，代币的数量积为定值,而代币的价格是根据代币的数量来调制。反应到最底层的公式就是xy=K，token A的数量乘上tokenB的数量始终是一个定值，当Token A 数量变多时，我们的DEX就会自动减少tokenB 的数量进行调节，这个机制被称为自动做市商机制，即amm。

而在这样的机制下，我们有一个结论，谁提供了流动性，谁把资金注入这样的池子中，他就一定会因为价格波动遭受无常损失。为什么呢？我用最简单的模型来解释。这个图是UCBerkley的宋晓东老师在DEFIMOOCS里用的。

什么意思呢？比如alice投入1个eth和100个Dai到池子里，提供了流动性。

Dai 是一个和美元挂钩的代币，1dai 的价值始终是1美元，而此1eth=100DAI ，。而现在，池子里总共有 10个eth和1000个dai，那她就是占了10%的池子。现在ETH价格上涨，1 eth =400 dai  ,池中套利者，卖出eth，eth只有5个了，而这时根据xy=k,dai  会自动地增加到两千个，这时alice再收回流动性我们看会发生什么，因为她始终占有的是10%的Pool，这次就是0.5个eth 和200ge dai,总共是0.5个eth现在是0/5*400+200=400USD，而如果她什么都不操作，就放在自己钱包里没有向池子中提供过流动性，那她的1个eth和100个Dai,现在是400+100是500USD，所以她损失了100个USD。

我们看到提供流动性是，那为了鼓励大家提供流动性，流动性挖矿，只要用户把钱放进来，提供流动性，项目方就会给用户对应的token 奖励。像在curve上，我记得用户只要提供流动性，就能获得0.03%的token奖励。

接下里我们再来聊下怎么判断好的项目。一个好的项目的判断有很多，包括所属赛道，背后团队背景，技术路线图，token design等。如果要在每个项目找一个共同点的话，那就是token economic 这个部份来说，先是要看项目白皮书里最基础的三个指标。概括来说是数量、分配、调整手段。

我们先说数量。管理token 的数量是最重要的部分。这包括供应数量和销毁数量。供应数量具体来说关注到市场上流通的Token的数量、理论上协议所能产生的最大Token的数量、已发行的Token数量、每年释放的新token 数量等等。我们特别关注下，FDV Fully Diluted Valuation即完全稀释估值，它是当前币价乘以协议所能产生的最大Token的数量，这个值这个对应的是传统投资机构对企业的估值。不要太大，就算牛市，到了60、70个million也就差不多不要再大了。销毁数量的话涉及到的问题是通货膨胀，具体的我们在调整手段里面提到。

第二个重要的点是分配。分配的话，涉及的角色会有投资人、团队内部人员、公链方、社区成员等等。Defi和传统Cefi在分配设计上一个重要的区别是，在项目一开始，我们就要把代币供应和分配体系设计好，信息上链，这意味着与Cefi不同，项目方不能通过增发来稀释原始股权，Defi项目发布之后调整的空间会更小。

比例分到社区成员的项目，每个人参与进来能赚到钱的可能性更大嘛。比较经典的，团队内部留个20%，种子轮、AB轮各10%,总的机构的占比不要超过30%，团队加投资机构不要超一般，剩下超过50%分到社区。Protocol owned treasury， TGE放10%，以前有public sales，生态激励放40%。

第三个重要的指标是，调整手段。帮助项目避免恶性通胀，或者恐慌抛售。项目中token过多时，靠谱的项目方要有销毁和吸收手段。所以我们在白皮书里要看每年有多少token是被消耗的。消耗的方式有很多种，金库、质押、合成、锁定、盲盒、PVP、贸易税、多元化等具体方式。金库是把部落成员的token存起来，作为部落的排名获得对应的荣誉和奖励，合成经典的就比如stepn 里两双普通的鞋子可以消耗融合更多的鞋子，盲盒、或者PVP，玩家对抗，这些是传统web2 游戏里经常采用的消耗模式，另外还有贸易税、多元化等具体方式

还有一个有趣的是质押，是通过抵押用户代币来减少流通量，而给予用户治理权。经典的就是Ve模型。这里举个具体例子，小红让项目方锁定她的100个token A,比如1年的时间，这一年里她可以获得100个治理代币 Token veA，来获得治理权、投票权，而她如果锁定的token A 越多，得到的治理代币也越多，这样就可以获得更大的治理权。这个模型有几个好处，首先在这一年锁定的时间里，100个token A 暂时退出流通,减少了通涨的压力。其次，对于巨鲸，如果他们想短期能用大资本来购买大部分tokenA 来垄断治理权，调整协议，以此获得短期收益的话，Ve模型让他们这么做的成本变大，因为要把大资本锁定一段时间，解决了 1 token = 1 vote 问题。第三，项目也会拥有更长的寿命，因为长期看好项目的人愿意锁定更长时间，以此来获得更多的权益。

gamefi 的治理系统现在比较流行的是双币模式。但是我们从单币讲起。一个很基础的问题是，我们在游戏里进入、交易、打金、mint升级、治理等等各个动作，到底要花多少钱，能赚多少钱，每个动作对于不同的时间、阶段进场玩家应该相同还是不同。很一般的逻辑就是，项目一开始没人气的时候，项目方用空投等各种便宜的方式来吸引流量，让币价上涨幅度大一些来打开知名度，而人气大的时候，项目方需要防止收益波动过大导致有人套利有人大亏而崩盘，这个共识是很基础的，那具体怎么设计对应的代币模型呢?

市面上有三类。第一类最常见的，大部分就是割韭菜的，进入门槛要法币，游戏产出只有代币，同质化代币、非同质化代币，换了个壳，本质上就是项目方收到真实的美元，发的是虚拟的物品，只要抄高热度，美元就赚到了。我们假设一个游戏，母鸡下蛋吧，比如我玩家要用100美元买个母鸡，然后母鸡呢每周下一个鸡蛋，这个蛋不管是五颜六色的不同的蛋，还是完全相同的蛋，在市场上每周有不同的价格，如果我今天5美元，一周后20美元，那我就可以通过币价波动来产生收益。这个模型进入门槛低，但是生命周期短。怎么理解，进入门槛始终就是100美金的母鸡，即使最火的时候，玩家进来成本也不高，所以初期容易靠大量空投变火，而等人数进来多了，资金进来多了，这个鸡蛋的交易市场波动就会很大，一旦鸡蛋价格开始下跌，考虑到玩家的收益只要鸡蛋，大家就会开始抛售，这个时候必须靠项目方用真实的美元托市来稳定比价，不然项目就黄了。

这样的问题怎么解决，能不能让母鸡下的不是鸡蛋，而是美金呢？这就是第二类，进入门槛要法币，游戏产出也是法币。我们的母鸡每周不是下一个鸡蛋，而是下价值10美金的鸡蛋，如果今天一个鸡蛋值20美金，那今天的母鸡就下0.5个鸡蛋，如果下周一个鸡蛋只值5美金，下周母鸡就下2个鸡蛋，始终产出10美金鸡蛋。这有什么问题呢？相当于我在银行买了一个定期存款，我放入100美金本金，每周都能拿10美金，这个利率远高于国债收益，项目方早晚会亏钱的。这也是web3外行攻击业内gamefi的一个很常用的点，没有哪个项目，又不和实际生产挂钩， 能持续地让每个用户都赚到20%的年利率，所以如果目前Gamefi没有营销、高娱乐等价值，我们入场赚到的钱都是其他韭菜的，这个是没什么异议的。所以项目方不答应这么做，他们会设置锁定期，比如这周20美金母鸡下了0.5个蛋，但是这0.5个蛋不能马上交易，下周才能交易，而下周蛋的价值只有5美金了，也就是这个母鸡第一周只生产了2.5美金的价值，以此 解决项目方收益率悖论的问题。经典的案例像PlayValkyrio，但是她同样因为没有足够的钱托市而黄了。如果这类项目方足够靠谱，它托市所需的法币压力更小，项目也会更长期一些，但是波动暴富的机会也会更少。

第三类是另一个极端，很多东南亚项目做流量的就是这么搞。既然现阶段懂的韭菜会考虑收益率悖论而不长期持有，不懂的韭菜会FOMO，fear of missing out ,担心没跟上别人的动作而亏钱，所以不懂的韭菜就总是跟风，那就索性代币进代币出吧。买母鸡的价格不再是100美金，而是100个鸡蛋，一开始准入门槛低，等项目火爆时，一个鸡蛋炒到100美金，那这个时候玩家想进来就已经要10000美金了。这类经典的游戏就是要开头重营销，上来开豪车游艇party，请名人代言，用专业术语塑造专业形象，等崩盘了就索性不理跑路。

三类gamfi，第一类适合玩到开始下跌，就坚决退坑，第二类持有一段时间，就算有波动也可以等下，等到新玩家进场数量变少时退坑,第三类只抢空投。

可以看到，单币模型的三类都有缺陷，为此，后面诞生了双币模型。母币token A 和子币 token B 。母币是治理代币，往往控制数量，子币是经济代币，数量更多，甚至不限，来吸收抛售压力。还是拿我们刚才的例子，母鸡下的鸡蛋是子币 token B，而母币token A用来把鸡蛋给孵出小鸡、玩家不同的母鸡打架胜出、获得社区治理权，等更复杂、要求更高的行为奖励也更多。我们看的一个简单逻辑同样就是，代币的消耗手段能否保证代币供应数量不暴增，这样币价才不会跌。举个例子，如果一个聪明鸡蛋，要通过普通鸡蛋、或者法币、或者tokenA、tokenB来消耗，这条逻辑链的底端币种消耗多，就可以相对长期持有。而消耗的方式，有金库、质押、合成、锁定、盲盒、PVP、贸易税、多元化等具体方式，上一期我们也有涉及部分，，我们也简单介绍下几个。质押挖矿很多项目方都用，鼓励玩家把目标质押一段时间，来奖励子币、母币或积分。奖励子币的这种项目很多，通涨压力全给到子币，一旦比价下跌，很难救市。有一些项目给出软着陆的方法，再来套娃积分、排名之类的，不直接把压力和币价绑定。PVP的话，我也举上面的例子，两个玩家的母鸡可以选择PK，赢的一方可以获得半个母鸡的奖励，而输的一方将失去自己的母鸡，这是传统网络游戏玩家产生购买持续需求的很基础的逻辑。税收，交易时平台会消耗一定比例的交易额，包括公链的gas fee都是这个逻辑，增大交易摩擦。多元化是防止出现马太效应。经典的例子像polygon上的Aavegotchi，里面有很多迷你游戏的，如果买了两只小精灵，一只100token, 身体更强壮，武力值更高,一只10token,相比之下更瘦弱，但是细心一些，它们在打斗的游戏中，往往100token的能获胜，但是在照顾病人的游戏里，10token反而能以少胜多，以此来增加消耗。

相比公链，一些成熟的gamefi项目会自己再打造一个针对游戏用户的应用链。比如Axie infinity打造了一条侧链叫ronin，允许axie的玩家不用再依赖eth,这样减少gas fee，交易起来成本更低。为什么这也是一个参考标准，因为在项目初期，打造一条独立的公链成本还是挺大的。而如果项目足够靠谱，流量够大，资金充足，话语权更大，他还是想少向公链交过路费的，具体几个，一个是公链的gas fee，一个是mev，旷工可开采价值，之后我初期视频可以具体介绍下，总之这两个费用可以在应用链里更好地省去，而且这样游戏里交易nft也更方便。就好像跨境电商里，一开始你可能在亚马逊上开店铺，交广告费更容易获得流量，但是等粉丝真的多起来，你还是会去做独立站，不用担心亚马逊封号，流量也更直接地转到自己的私域里。

打造公链的成本曾经很高。但是相比2020 年前，现在打造应用链的成本就低很多了，有些团队做做L0中继链的项目，比如Polkagot(波卡)，在他们基础上gamefi项目方如果资金较为充足，打造一个l1的应用链还是很容易的。

由上面的介绍，我们不难发现，Gamefi相比Defi，是更加接近去中心化的，因此项目寿命也会更容易延长，这是因为gamefi操作复杂，自带冷却时间，为了赚钱，得去跑步，去学单词，复杂的操作对巨鲸来说，很难用大资本马上形成垄断，就算传统游戏里有打金工作室，到了去中心化的web3，写程序去代跑，大户私钥也不敢给他们。所以gamfi的收益，更多地会分配到散户受众，因此也更适合延长寿命。

那更容易延长寿命，为什么我们看到的链游项目大多一年内就黄了呢？因为目前链游的趣味性比不上传统互联网大厂的游戏，哪怕像某跑步软件所谓套上健康生活、碳中和的帽子，也不得不说大家进去就是为了赚钱的。而如果只是为了赚钱，收益率悖论永远不能打破，因此大多一年内就黄。所谓Gamefi 2.0，也就是要像传统游戏一样，好玩，玩家愿意去买装备、皮肤。像最近看的一个项目是做英雄联盟的团队入场，这些链游的寿命将会更长一些。当然，我们要知道像传统互联网的游戏，也是有寿命的，10年的游戏已经是挺优秀的了，因此gamefi代币系统的目标不是让游戏项目一直存在，而是减少项目衰退的周期，如何通过来增长项目的寿命。