DeFi is Evolving

For most of DeFi's history, earning passive income has meant one unavoidable trade: lock your capital first, earn yield second. Staking a token, depositing into a lending pool, or committing to a liquidity position all followed the same basic contract hand over access to your funds, and the protocol hands back a return.

That mechanism worked, but it came with a structural weakness that every DeFi user has felt at least once: your yield and your liquidity were never available at the same time. To earn, you had to give up the ability to exit on demand. Getting your capital back out often meant waiting through an unbonding period, a redemption queue, or a cooldown window that sometimes take days or even weeks. If the market moved against you, or you simply needed your funds, the lockup stood between you and your own money.

This is the specific weakness that DeFi's newer generation of yield systems is built to remove: the assumption that yield and liquidity have to be mutually exclusive.

Seasons, a yield protocol built on Solana, is a direct example of this shift. Instead of asking users to stake or lock tokens into a contract to get yield, Seasons pays yield to any qualifying wallet simply for holding its token, $SEAS, at a minimum balance (10,000 tokens). There is no staking transaction, no vesting schedule, and no exit queue because nothing was ever locked. The old mechanism's core weakness (no access without giving up yield, no yield without giving up access) simply doesn't exist in this model, because the two were never separated to begin with.

Hold to Earn

The clearest way to understand this new mechanism is simply “hold to earn”

• You don’t stake anything, there's no separate action, no locking transaction, no smart contract to deposit into. The entire mechanism is simply holding $SEAS tokens

• Once your wallet holds a minimum balance, it's counted as an active earner for the next payout period (every Sunday and Wednesday), no application, no sign-up, no opt-in step

• You can exit at any time. Because your tokens were never locked or deposited anywhere, you can sell, transfer, or move them the moment you decide to with zero cooldown and zero penalty

• Your capital stays liquid the entire time you're earning. There is no period where your funds are inaccessible

This is the practical difference between old DeFi and DeFi today. In the old model, earning and liquidity were two separate states you moved between. In the new model, they're the same state, you simply hold, and both things are true at once.

How “Earning Without Locking” Works on Seasons

Seasons generates yield through a mechanism it calls Yield 3.0

• Every trade of $SEAS carries a small fee. When someone buys or sells the token, a percentage of that transaction is collected automatically

• That fee is converted into a basket of real, liquid assets such as tokenized gold (XAUt), wrapped Bitcoin (wBTC), and a yield-bearing stablecoin (jlUSDC) — rather than more of the same token. This matters because it means yield isn't paid out of new token emissions or inflation; it's paid out of assets sourced from actual trading activity

• On a fixed schedule (every sunday and wednesday) the collected basket is distributed across all qualifying wallets (holding at least 10,000 $SEAS tokens), proportional to each wallet's share of the total qualifying supply. There's nothing to claim; the assets are sent directly to the wallet.

It's also worth noting that the yield rate isn't fixed, it moves with trading volume and holding the token still carries normal market price risk. "No lockup" describes the absence of withdrawal friction, not the absence of price volatility

What Seasons Is Actually Trying to Fix in DeFi

Zooming out, Seasons is best understood as an attempt to resolve one specific, long-standing tension in DeFi's design: the assumption that real yield requires restricted access.

Older DeFi mechanisms solved for yield by asking users to give something up (time, access, or flexibility). Current model is easier and more flexible

• Yield and liquidity are available to the holder at the same time, not in sequence

• The payout is denominated in external, liquid assets rather than inflationary token emissions

• The only action required to participate is holding the token in your wallet

DeFi has been moving toward, and Seasons is one of the clearer examples of it: passive income that doesn't ask you to choose between earning and staying liquid.

• Source: https://seasons.gitbook.io/seasons-docs

• Seasons official X: https://x.com/SeasonsDEFI

• Seasons Website: https://seasons.wtf/

LIFI Intents is a marketplace for token transfers where solvers compete to match and deliver the best possible outcome for user intents. LIFI Intents is also part of Open Interest Framework (OIF) initiative led by Ethereum Foundation focusing on permisionless interoperability.

Think like this, you're ordering food delivery. You don't care which driver picks up your order or which route they take/ You just want your food delivered on time and at a fair price. Now let's apply same analogy to LIFI intents. You want to swap 100 USDC from Ethereum to ETH on Base. You don't care which DEXes or bridges handle your order or which route they take to get there. You just want the best outcome on your swap with low fees and minimum slippage.

LIFI intents settle all these things for you, effectively and efficiently. To get you better understanding let's take a look at the comparison between how old mechanism and LIFI intents works.

How LIFI Intents Works

In short, you tell the system "WHAT" you want and the system figures out the "HOW" for you.

But here is a detail flow for you so you can understand it better:

• You Express an Intent

You deposit tokens into an input settler (escrow or Compact resource lock), then defines the desired output outcome without specifying execution details

You don't pick a bridge, you don't select a route, you don't need to worry about gas tokens on the destination chain

• Intent is Distributed

The system generates proof that your funds are locked in and ready, then sends that signal out to a network of solvers

• Intent is Matched

The system instantly matches your order to the best available solver

• Solver Delivers

The winning solver delivers the assets to your destination chain using their own capital upfront

• Verification and Settlement

Once delivery is confirmed and verified, the locked funds are automatically released to the solver

The solver doesn't get paid until delivery is cryptographically proven and you don't lose your funds until your assets are confirmed landed in your wallet. Everyone is protected by code.

The Intent system consists of competitive network of solvers that figures out "HOW" to make your exact desired result happen.

You sign your desired result, not the route. Solvers compete to fulfill it and the best execution wins. This is why intents delivers exact outcomes, abstract away gas, and hide cross-chain complexity from the end user.

Let's put this into an analogy. The difference between the old mechanism and LIFI Intents is like buying fruit through a delivery app versus going to the store by yourself:

Real World Use Case

• Stablecoin Payments

Stablecoin swaps are getting better and better, imagine you want to swap 100 USDT to USDC and you get exactly 100 USDC back. No gas token, no slippage, you get clean 1:1 rate

This tech will very beneficial for payment infrastructure

• Access to RWAs

LIFI intents integrates with RWA issuer like Ondo and xStocks. This integration unlocks routes through licensed market makers and handles execution across various RWA assets such as US Treasuries, equities, and gold

• Compliant Liquidity for Regulated Fintech

This one is for fintechs, neobanks, and payment platforms that need to move liquidity across chains while staying compliant with regulations like MiCA in Europe or the GENIUS Act in the US

Regulated firms cannot route through anonymous DeFi liquidity because of AML and KYB obligations. LIFI intent gives them a third path: route through a KYB-verified solver network, choose which solvers execute your orders, and get OFAC screening on every transaction. Verified legal entities only, no anonymous counterparties

Conclusion

As part of Open Intents Framework (OIF), LIFI intent helping to shape interoperability infrastructure to the next level, delivering better pricing, faster settlement across chains, and removing most of the friction that still holds back everyday DeFi users.

LIFI is already one of the biggest interoperability platform in the space. Through Jumper Exchange, they already have a massive and growing user base. With LIFI intent they’re expanding what’s possible for every user and developer building on top of their infrastructure.

The addition of RWA accessibility opens the door to a completely new audience. Users and institutions will now be able to gain exposure to real-world assets like US Treasuries, equities, and gold.

The old system made you do the work. LIFI Intent lets specialized solvers compete to deliver you the best result, faster and cheaper.

Read My Other Articles:

Stock Market Will Crash Harder Than You Think

ziuuu's journal

Dec 17, 2025

Stock market looks tempting right now, global stock indices are breaking all-time high after all-time high. But what’s the reason? Is world economy really getting better and growing?

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Airdrops Are Back to Onchain: Are You Positioned?

ziuuu's journal

Jan 21, 2026

There’s big chance that airdrop meta will rotates back to onchain action. Your onchain footprint will truly matter this time.

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Fuel of the Economic Crisis Getting Bigger: AI Bubble, Oil shock, Dollar doom - loop

ziuuu's journal

May 15, 2026

Three interconnected threats for world economic crisis

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In this article I will break down at least three major catalyst for world economic crisis: The AI bubble that keep inflating, the oil shock that triggered by US - Iran conflict, and America’s debt spiral that quietly threatening dollar’s stability.

America Still The Main Actor

Always remember that global economy is still deeply tied with US.

It’s always boils down to US, as the country with the biggest influence in the world, US will determine whether economic crisis will happens or not, Or whether it will come sooner or later.

The architecture of global finance is largely anchored to the us dollar (reserve currencies, commodity pricing, international debt markets etc). When US economy stability get shaken, the world will feel it. Right now US dealing with several serious pressure at the same time.

US is no longer a mediator in current conflict, they are directly involved in the conflict and that cost a lot for US.

AI BUBBLE, Is This Still a Thing?

Absolutely yes, Tech/AI-based company still dominating the market, massive Liquidity still rotated between these giant companies, though the narrative is coolling down but in reality the BUBBLE is getting bigger. Here is some proof and updates on how these companies just funding each other:

• Amazon poured in a fresh $5 billion into Anthropic (on top of $8 billion already invested) with an option to add up to $20 billion more tied to commercial milestones

• Google committed to investing up to $40 billion in Anthropic: $10 billion upfront at a $350 billion valuation, with the remaining $30 billion contingent on performance targets

• Anthropic also just announced the formation of a $1.5 billion joint venture with Blackstone, Goldman Sachs, Hellman & Friedman, and a consortium of major asset managers including Apollo, General Atlantic, Leonard Green, GIC, and Sequoia Capital. The goal: build a new AI-native enterprise services company that embeds Claude directly into the operations of hundreds of portfolio companies

What do you see here? Yep, massive amount of money rotating through the same ecosystem.

This is good isn’t it, this means market is liquid? well the problem is when an ecosystem grows not because of the fundamentals but because of massive liquidity perpetually rotating within it, that’s the sign of a bubble. Market looks growing but in reality it just money moving between same companies.

But how AI Bubble could lead to the economic crisis, I’ve talked about it and you can find the detail in my previous article here:

Stock Market Will Crash Harder Than You Think

ziuuu's journal

Dec 17, 2025

Stock market looks tempting right now, global stock indices are breaking all-time high after all-time high. But what’s the reason? Is world economy really getting better and growing?

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Oil and Energy Shortages Threatening Entire World Economy

Different from AI Bubble that (probably) still debatable, Oil shock isn’t a threat anymore, It’s already happening. The geopolitical tension between US and Iran doesn’t shows any cooldown sign. On the other hand, it looks like will escalate more. This war caused Iran to shut down Strait of Hormuz that has significant impact on world oil trade. Most of oil exporter already cut down their production because they can’t get their supply out. Iran apply strict rules for every ship that want to pass Strait of Hormuz.

The effects have been immediate and cascading. Oil price surged sharply, currently hovering around $90 - $100 per barrel. Oil-importing nations have begun experiencing fuel shortages.

The worst-case scenario: if the Strait doesn't reopen in any meaningful way soon, we may be watching the early stages of a serious global inflation wave that will squeeze economic growth in almost every country.

Dollar Doom-loop that Could Possibly Lead into the World Economic Crisis

This is probably the least factor people talked about, but if you pay attention this is the most systemic one as dollar is current global currency.

The United States is currently carrying a national debt of over $37.6 trillion. The fiscal year 2025 budget deficit came in at $1.8 trillion or nearly 6% of GDP. And the most alarming figure: annual interest payments on that debt have now crossed $1 trillion for the first time in American history.

Let that land for a moment. The US is now spending more on debt interest than on its entire defense budget and that number keeps growing.

How did it get here? A combination of decades of unresolved deficits, compounded by post-pandemic high interest rates, has created what economists call a doom loop: large debt demands large interest payments, large interest payments add to the deficit, a larger deficit requires new debt issuance, and so on. A cycle that's very hard to break.

To fund all of this, the US government must continuously issue Treasury bonds. But an increasingly uncomfortable question is emerging: who is actually going to keep buying them?

Foreign investors? particularly China and Japan, who were historically among the largest buyers of US Treasuries have been reducing their purchases. Meanwhile, geopolitical tensions are making dollar diversification more attractive for many countries' reserve management.

If natural buyers thin out, the only entity large enough to absorb the scale of debt being issued is the Federal Reserve itself through bond purchases paid for with newly created money. And let’s be real, That's not a solution; it's a way of deferring the problem while amplifying the risk. The more money printed, the more the credibility of the dollar's value gets eroded.

So will there be a crisis?

Honestly? No one can predict exactly when or what form it takes, but what we can do is read the signals clearly. Right now, the signals are pointing toward a system that is increasingly fragile where a single major shock in the wrong direction could set off a very long chain of consequences. Economic crisis rarely come from one single cause. They tend to arrive from an accumulation of pressure that builds quietly, until the system simply can't absorb any more of it.

Right now, that pressure is accumulating.

References:

The Debt Spiral Ends In Dollar Destruction: 6 Hard Truths America Can No Longer Ignore

A Ponzi scheme is an unsustainable scam that relies on a continuous influx of new money to keep it going...

https://www.zerohedge.com

Pada 1974 AS membuat kesepakatan bersejarah dengan Arab Saudi, dimana Arab Saudi setuju untuk menjual minyaknya hanya dalam dolar AS. Sebagai timbal balik, AS memasok peralatan militer dan menyediakan jaminan keamanan nasional untuk Arab Saudi. Lalu dolar hasil penjualan minyak itu diputar kembali untuk membeli surat utang pemerintah AS (US Treasury Bonds).

Negara-negara timur tengah produsen minyak lainnya pun mengikuti pola yang sama, mereka menjual minyak dalam dolar AS dan mendapatkan jaminan keamanan nasional dari AS sebagai timbal balik, membentuk sebauah sistem yang kita kenal sebagai sistem PETRODOLAR.

Bagaimana Konflik dengan Iran Mempengaruhi Sistem PETRODOLAR

Sisi Pengimpor: saat ini negara-negara pengimpor sangat terdampak atas kenaikan masif harga minyak. Harga minyak berpasangan dengan dollar, disaat yang sama, mata uang dari mayoritas negara pengimpor minyak juga melemah terhadap dolar. Hal tersebut memaksa bank sentral melakukan intervensi didalam pasar uang. Untuk membeli minyak dibutuhkan dolar dan cara tercepat untuk mendapat dolar adalah dengan menjual US treasury. Penjualan US treasury secara masif yang dapat mengancam sistem petrodolar yang sudah berjalan lebih dari 50 tahun.

Sisi Pengeskpor: dalam keadaan normal, ketika harga minyak mengalami kenaikan berarti pendapatan dari negara-negara pengekspor minyak juga mengalami kenaikan. Namun, keadaan sekarang sangat berbeda, produsen minyak tidak bisa mengekspor minyak mereka karena penutupan selat hormuz. Ya, penutupan selat hormuz mempunyai dampak yang sangat signifikan bagi perdagangan minyak dunia. Pengekspor minyak seperti Kuwait, Iraq, Arab saudi, UAE terpaksa memotong kapasitas produksi mereka.

Sistem petrodolar dapat bekerja jika ada dolar yang dihasilkan dan diinvestasikan kembali. Kini, kedua syarat itu kini macet secara bersamaan.

Potensi Kejatuhan PETRODOLAR

Menurut JP Morgan, kepemilikan asing atas US treasury sudah turun 30% sejak awal 2025. Bank sentral mulai beralih ke emas, hal ini mengancam kredibilitas dolar sebagai aset safe-haven.

Selama ini AS selalu bertindak sebagai “penengah” dalam konflik global. Namun berbeda dengan keadaan saat ini dimana AS terlibat langsung dalam konflik. Keterlibatan inilah yang mendorong terjadinya oil shock, renggangnya hubungan antar negara teluk, dan terjadinya tekanan fiskal yang membuat investor khawatir akan defisit anggaran AS.

Untuk pertama kalinya dalam 50 tahun, sistem petrodolar menghadapi serangan di dua sisi sekaligus. Dua pilar petrodolar “dollar generated” dan “dollar recycled” mandek secara bersamaan akibat konflik geopolitik yang terjadi saat ini.

Referensi: https://www.bloomberg.com/opinion/articles/2026-04-06/the-petrodollar-loop-supporting-the-treasury-market-is-broken?taid=69d3321f1646ae00010c1469&utm_campaign=trueanthem&utm_content=business&utm_medium=social&utm_source=twitter

The meta always change, and now as the infofi meta is cools down, there’s big chance that airdrop meta will rotates back to onchain action. Your onchain footprint will truly matter this time.

Below are two tokenless protocol with strong fundamentals, heavy usage, and very real airdrop potential. The strategy is simple: use them as part of your regular onchain activity and position early.

Jumper Exchange/LI.FI

Who doesn’t know Jumper exchange? a famous all-in one crypto apps today. Jumper has live since around 2023 and has continuously expanded its feature set.

There’s so many useful features on Jumper now, cross-chain swaps, on/off ramp deposit, multichain portfolio, and the latest they’re introduced Jumper Earn where you can finds personalized yields across 15 DeFi protocols powered by LIFI protocol composer.

Jumper Exchange has done:

• +60 chains integration

• +22 bridge protocols

• +20 DEX liquidity source

You literally can jump to any chain using Jumper.

If we talk about Jumper, we can’t leave LIFI behind. LIFI plays crucial role as Jumper core infrastructure. Jumper is a front-end platform for users to swap and bridge across chain and LIFI provides the routing, bridge, and liquidity aggregation technology behind the scenes that makes those seamless cross-chain experiences possible.

Recently, LIFI announced $29M Series A fundraising led by Multicoin capital and CoinFund, bringing total funding to $52M.

What’s the matter then? I’ve talked about this before, every Web3 protocols eventually will launch a token, in this case whether LIFI or Jumper will launch token sooner or later.

Positioning for a Potential Jumper / LIFI Airdrop

Jumper exchange will always tied with Jumper loyalty pass, a point-based activity system that has been live since 2023. This is still the biggest play on Jumper and LIFI, you can increase XP and level of your Jumper Loyalty Pass (JLP) by interacting with Jumper exchange. Here some tips to boost your XP earning:

• Use Jumper as your regular bridge & swap app

• Prefer LIFI routes whenever possible

• Complete Jumper mission to get bonus xp

• Increase transaction volume gradually and naturally

Link to Jumper Exchange: https://jumper.exchange/

Titan Exchange

Titan exchange is a Solana-native DEX aggregator and direct competitor of Jupiter Exchange. Although They’re not big as Jupiter (yet) but their tech looks promising.

• Titan is able to route through more pool than what Jupiter is capable of

• More efficient routing in many scenarios

• Titan is not charging any fees while Jupiter began charging 0.1% fee on swaps

As a result Titan delivers better swap prices in roughly 80% of trading cases, or in the other words you’ll get a better (cheaper) execution price than Jupiter in about 8 out of 10 swaps (said Titan CEO, Chris Chung).

Titan has raised $10.5M led by Galaxy and Anatoly Yakovenko (Solana Co-Founder) also participating as an investor, this make Titan really worth your attention.

Token Launch? Why Not

Like i said, eventually every web3 platform will launch their own token including Titan. The sign is clear:

• Titan has Badges campaign where you can earn badges by performing various onchain activity.

• Titan also has leaderboard section based on volume transaction.

I’m sure both badges and volume leaderboard will play big role when they’re announce their native token and airdrop.

Forge Feature (Undiluted Alpha)

A new and special feature from Titan where you can reclaim $SOL rent by closing empty token accounts and scam token accounts. Send scam token balances to Titan Forge and you will earn scam-fighting rewards when funds are recovered, also you can obtain 1 badge too from using Forge feature

Link to Titan Exchange: titan.exchange/@ziuuu

Killing Two Birds with One Stone

Here is the fun part, you can get exposure from both Jumper/LIFI and Titan with one action. Titan is already integrated as a route on Jumper, so everytime you want to swap asset on Solana using Jumper, you’ll be able to choose Titan as your route and gain exposure for JLP and Titan

I believe sooner or later either Titan and Jumper/LIFI will launch their native token. Current market situation should be seen as an opportunity. In uncertain market conditions, most people step back and wait, that’s when onchain positioning matters most

Use these protocols naturally and let your onchain footprint compound quietly.

Read my Other Article:

Stock Market Will Crash Harder Than You Think

ziuuu's journal

Dec 17, 2025

Stock market looks tempting right now, global stock indices are breaking all-time high after all-time high. But what’s the reason? Is world economy really getting better and growing?

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Or there’s something…fishy behind it?

US Economy = World Economy

We can’t deny that US has the biggest influence in the world economic. We use USD as international currency, most of biggest company are US based, their economic and political decisions ripple across the globe, global fund flows follow US market trends, even other countries’ policies often align with the Fed.

At this point, we can say that US economy = World economy.

Now let’s take a look at the condition of US stock market:

All of these indices showing that US stock market have been pumping like crazy since last year, breaking all-time high after all-time high.

As a result, global stock markets are being pulled higher as well, with many indices around the world following the US trend and rallying alongside it. Let's take a look once again:

But this situation left a question, is the world (US) economy actually growing that massive to justify this rally?

AI Influence on Stock Market Massive Rally

Let's take a look at Top 5 US companies by market capitalization:

• NVIDIA

• APPLE

• Microsoft

• Alphabet

• Amazon

Combined valuation: ~$18T

S&P500 total valuation: ~$61T

The entire S&P500 valuation is ~$61 trillion, which means these 5 companies alone make up almost one-third of the entire index. All of them have something in common, they are tech-based and developing AI.

Even the slightest movement from these giants can instantly moves the entire market.

Now you know the reason why stock market looks strong, it’s being carried by these giant companies.

Insane Truth Behind This Massive Rally

Per October 2025, total assets in US passive mutual funds and ETFs surpassed those in active ones. Passively managed assets grew to over $19.1 trillion, while actively managed assets stood at $16.2 trillion.

Instead researching and buying a specific stock, investors these days prefer buying index that already contains all stock. It might sounds harmless but the way it works actually insane. ETFs automatically buy the stocks included in the index based on their assigned weights, regardless of price or valuation, simply because those stocks are part of the index. Which means:

• Big Stocks always getting bought more

• The top 5 giant companies (which is AI and tech based) keep getting more inflows

• Their weight keep increasing and pushing the entire index higher

• Higher index attracts more passive inflows

This massive passive flows creates BUBBLE in US stock market.

More money flows into ETFs = More stocks FORCED to pump.

Delusional

Sounds exaggerated but if you look closer “delusional” is the perfect word to describe current situation. AI and tech stocks pumping because of AI euphoria, here is the illustration:

People thought stock market are in good condition, but in reality it carried by AI stocks and very fragile. Current rally is “delusional” not powered by real growth but led by ETF forced pump and AI euphoria.

Imagine if these AI stocks start dumping, the whole market will collapse, the world economy will collapse.

But what will trigger AI stocks to dump?

The AI BUBBLE

Think,

• Google and Meta rely on ads

• Those ads being shown on iPhones

• iPhones rely on chips from NVIDIA

• Everything runs on cloud systems from Amazon or Microsoft

These companies are feeding each other’s revenue and their growth is intertwined.

Current market is running on euphoria, momentum, and passive flows, not sustainable economic growth. If the sentiment flips, not just US but the entire world economy will collapse.

The longer the stock market keeps pushing higher, the greater the chance of a violent drawdown.

This market is a BUBBLE that could burst at any time.

References:

The New Bubble: How AI And Passive Investing Have Turned The Market Into A Powder Keg

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

https://www.zerohedge.com

Ray Dalio

@RayDalio

x.com/i/article/1986…

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Active vs. Passive Funds: Performance, Fund Flows, Fees

We assessed the long-term success rates of active vs. passive funds. Here are the categories that stood out and the ones that fell short. Download the report.

https://www.morningstar.com

There's two types of reward you can get from participating in Pacifica program/bounty, points and cash (USDC).

Here, I’ve summarized various of bounty and programs from Pacifica that you can join:

Trade on Pacifica

Reward type: Point

Just like most perpetual DEX campaign, you’ll earn points by trading on Pacifica. Points are distributed on weekly basis based on your trading activities + other different activities (referral and offchain campaign). Points will determied your airdrop allocation at TGE, more points = more airdrop.

Referral Program

Reward type: Point

After reach $10k trading volume on pacifica you will be able to generate referral code and participate in Pacifica referral/affiliate campaign. You as referrers will receive 10% of the points generated by your referees. Point rewards are automatically credited to your account alongside the weekly points distribution, based on the referred users’ trading activity.

Builder Program

Reward type: Point

Pacifica is allocating 10M points for November 20th, 2025 - January 20th, 2026 period to rewards everyone who participate in Pacifica builder program. This includes, tools, dashboards, bots, integrations, anything that improves Pacifica trading experience.

To join Pacifica Builder program you must apply by open a ticket in Pacifica discord. (Discord link at the end of the article).

Educator Program

Reward type: Point

If you’re content creator this is a campaign for you, Pacifica will rewards any type of content: videos, articles, threads, infographics, visual explainers, or localised guides. As long the submission is helpful, accurate, and brings value to the community, you can earn points.

To participate in Pacifica Educator Program you can submit your contents about Pacifica to this submission form: https://docs.google.com/forms/d/e/1FAIpQLScBsD1kmCKv3eqzxg3Y55BKry1v8S6U4yPHzU1-TjuxN-r2fQ/viewform?usp=dialog

Market Maker Program

Reward type: Point and Cash

If you’re into market making you can join pacifica market maker program, all pacifica users are eligible to participate in this campaign, the scoring will be based on:

• Maker volume

• Pairs traded

• Quote spread and depth

• Quote uptime

After the Market Maker’s score is calculated for each assessment period, trading rewards for the period can be received in the form of points or cash, and makers can choose a combination of the two.

To join Pacifica Market maker program you must apply by open a ticket in Pacifica discord (Discord link at the end of the article).

Bug Bounty

Reward type: Cash

If you’re into technical (or enjoy breaking things), the bug bounty offers direct USDC payouts no need to wait until TGE. All bounty program rewards are in USDC and classified into 4 different categories: critical, high, medium, low.

To qualified for Bug Bounty rewards you must submit a clear and detailed report with reproducible steps via email to ops@pacifica.fi or open a ticket on Pacifica's Discord. (Discord link at the end of the article).

Pacifica’s reward programs are designed to capture every type of contributor from traders, creators, builders, market makers, even security researchers. Because the platform is still early, competition is low and the earning upside is much higher than other perpetual DEX.

Useful Links:

• Pacifica Website: https://app.pacifica.fi/

• Pacifica X: https://x.com/pacifica_fi

• Pacifica Discord: https://discord.gg/QAEbNce4

• Pacifica Docs: https://docs.pacifica.fi/

Read my other article:

Pacifica: The Emerging Perpetual DEX on Solana

ziuuu's journal

Nov 21, 2025

Legit team, legit tech, legit opportunity. if you’re into perpetual DEX, Pacifica is definitely worth jumping into while it’s still early.

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What is HumidiFi?

HumidiFi is an Proprietary AMM built on solana, but what does that actually mean?

Proprietary AMM is a is a custom, closed-architecture market-making system built by specific team or protocol, this system is not based on standard open-source AMM designs like Uniswap v2, v3, or Curve.

How HumidiFi Works?

When you swap on a Solana DEX, the aggregator routes your trade to HumidiFi. Because HumidiFi’s liquidity is managed by pro market makers with tighter spreads and lower slippage, your order gets executed at a better price.

Here is the flow illustrations:

HumidiFi vs Standard AMM

What’s the difference between Proprietary AMM and standard AMMs? Standard AMMs rely on community-provided liquidity pools, HumidiFi’s Proprietary AMM uses internal vaults manage by managed by professional market maker to narrowing spreads and reducing slippage.

HumidiFi act as dark liquidity provider on Solana trades, liquidity comes exclusively from pro market makers, sidestepping retail LP issues like impermanent loss. Trades flow through aggregators like Jupiter, which funnels them to HumidiFi for best-in-class pricing without direct user interaction.

Goated Metrics

Since launched in mid-june, HumidiFi quickly dominate Solana DeFi, capturing substantial portion of the chain’s DEX volume. Here is comparison between 4 biggest Solana DEX (Raydium, HumidiFi, Whirlpool, Meteora) volume.

HumidiFi's dominance in such a short time shows that the tech is very well-implemented and working perfectly.

First Project to Launch on Jupiter DTF

HumidiFi’s token $WET will be launched at Jupiter DTF, a new ICO platform from Jupiter. This is huge considering:

• Jupiter is the largest DEX on Solana

• DTF launches will get massive attention

• Being the first project to launch there gives HumidiFi a major spotlight

• HumidiFi already has strong metrics + real usage

• No VC allocations > potentially stronger airdrop/ICO allocations

With this support and strong metrics, HumidiFi could be a big cook for sale participants.

How to Participate the $WET ICO?

Right now the details information are still limited, even tokenomics hasn't been released yet.

But here’s what’s confirmed:

• ICO Date: December 3rd, 2025

• Platform: Jupiter DTF

• Priority Access: $JUP stakers

• More details (price, allocation, vesting, supply) are coming soon

HumidiFi is one of the most dominant tech in Solana DeFi right now. Capturing 27% of Solana DEX volume, capturing 48% Jupiter routing market share, first launch at Jupiter DTF, HumidiFi delivers solid tech into Solana DeFi ecosystem. Bet on the good tech, are you ready to get $WET?

Read my other article here:

ICO Meta Is Killing Altseason

ziuuu's journal

Nov 17, 2025

Do you know that current ICO meta disrupting a phase that we called “altseason”? Why and how current ICO meta related to the altseason? Let’s break it down!

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Pacifica built on solana designed for High-performance perpetual DEX, by build on solana Pacifica could execute trades with near-instant execution and lower fees compared to Ethereum-based platform.

Currently, the platform supports 20+ markets with 5× to 50× leverage.

Tech Behind Pacifica

Pacifica using a combination of off-chain central limit order book (CLOB) and onchain settlements, this hybrid architecture gives at least 3 strength to the platform:

• Speed: offchain order matching delivers CEX level performance execution under 20 millisecond

• Transparency: all settlements occur on Solana blockchain ensuring transparency

• Efficiency: this offchain and onchain combination approach reduces blockchain congestion while preserving decentralization

Team Behind Pacifica

Pacifica founded by Constance Wang, former COO of FTX together with top builders from major crypto and traditional finance / AI firms. Pacifica teams has experience from places like Binance, Coinbase, Jane Street, OpenAI, DeepMind, and more.

Beside having a legit teams, Pacifica hasn’t raised any external capital from VC, this platform is self-funded.

Key Features

Okay the tech is great the team is great but what’s the difference with other perpetual DEX? What actually makes Pacifica stand out in the crowded perpetual DEX arena?

AI-Powered Trading Tools

Pacifica leverages their team capability in AI fields to integrate AI trading tools into the platform, offering:

• Market analysis agent to identify real time trading opportunities

• Risk assestment tools

• Automated strategies with customizeable trading bots

• Real-time pattern recognition and indicator analysis

Native Mobile Applications

Pacifica offers native mobile apps for both iOS and Android, giving traders full control of their positions 24/7, it's very crucial in crypto market with massive volatility where liquidation can happen in seconds.

Airdrop Opportunity

You can't ignore this opportunity, it’s called perpetual DEX season for some resons, one of them because so far airdrop from perpetual DEX platform always a massive cook. Study Hyperliquid, Aster,f and Avantis. Pacifica hasn’t raised any money from VC, which means More token allocation could go to users, bigger airdrop upside.

Early users of early perp DEXes usually win big and Pacifica is still in early phase.

Legit team, legit tech, legit opportunity. if you’re into perpetual DEX, Pacifica is definitely worth jumping into while it’s still early.

• Pacifica website link: https://app.pacifica.fi/

• Pacifica X: https://x.com/pacifica_fi

Read My Other Article Here:

Bear Market Might’ve Just Started, Here’s Why

ziuuu's journal

Nov 8, 2025

This year, Gold hit all time high, Bitcoin hit all time high, S&P 500 hit all time high. Nothing goes up forever, time to go risk-off, protect your capital, and wait patiently for the next opportunity...

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Lighter absolutely exploded as perpetual DEX platform and becoming a monster in perpetual dex scene. Leading almost every metrics of perpetual dex and even outperformed hyperliquid at certain points. After months of total domination, Hyperliquid finally have a real contender stepping into the arena: Lighter.

Why Lighter Become So Big?

There are at least 3 solid reason why Lighter become so big, solid founders, solid backers, solid tech.

Lighter founder, Vladimir Novakovski is a chad, he is entered Harvard University at just 16 years old and graduated at 18, then joined Citadel as a Quantitative Research Associate working on high-frequency trading (HFT). Lighter is being built by someone who actually understands markets, speed, infrastructure, and what it takes to compete with traditional financial exchanges.

On November 11, 2025 Lighter announced $68M fundraising at $1.5B valuation led by some of the most influential firms in crypto industry such as A16Z, Dragonfly, Ribbit Capital, Lightspeed, Robinhood, Founders Fund, Haun Ventures. Very interesting that Robinhood is participate in Lighter fundraising, as we know Robinhood is one of the biggest consumer trading platform and rarely participates in venture capitals investment.

Lighter built for unmatched security and scale. It’s the first exchange to offer verifiable order matching and liquidations while delivering best-in-class performance on par with traditional exchanges. Using zk-SNARK as proof of system with 10,000 orders/sec throughput. Lighter delivers performance that rivals traditional exchanges.

CEX-level speed, DEX-level transparency.

Lighter FAQ

Now you know that Lighter is a real deal here are a few things you need to know about Lighter before jumping in:

“Do i need invitation code to trade on lighter?”

nope, lighter is now live on public mainnet, you can trade without code

“What’s the minimum deposit to Lighter account?”

5 $USDC and you can deposit from Ethereum, Arbitrum, Base, or Avalanche chain

“is Lighter really zero fee?”

Yes, now there’s 2 type of account, free and premium account

free account = free

premium account = 0.002% fee maker, 0.02% fee taker and you’ll get advanced execution speed, enhanced rate limits, more points

“what are points for?”

Points = Lighter Airdrop

“how to earn points?”

by trading on Lighter

“do i get more point if i push my trading volume”

no, its not volume-based, you must be profitable and keep your sharpe ratio as good as possible

“so bigger sharpe ratio = bigger point?”

yes

“do i earn point if i get liquidated?”

yes, but your sharpe ratio will drop too, you might get lower points

“When are points distributed”

point will be distributed on weekly basis (every friday)

“why my liquidation price is higher than it should be?”

lighter apply 1% fee from your notional value if you got liquidated, that’s why your liquidation price is higher than it should be. So don’t get liquidated

“can i do spot trading?”

not yet, spot trading planned to go live very soon, currently still in testing phase

“wen TGE?”

there’s no exact date yet, expected at the end of this year / early 2026

• Lighter website: https://app.lighter.xyz/

• Lighter X: https://x.com/Lighter_xyz

  
  

Read my other article here:

ICO Meta Is Killing Altseason

ziuuu's journal

Nov 17, 2025

Do you know that current ICO meta disrupting a phase that we called “altseason”? Why and how current ICO meta related to the altseason? Let’s break it down!

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This year has been look like the return of the ICO meta. so many project launch coin/token using ICO method. Plasma, Lombard, Falcon, Yieldbasis, Momentum, Umbra, Avici, these are examples of recent ICO launches, projects are choosing ICOs again.

It’s called ICO season not only because many project launch their token using ICO method but the ROI from this year ICO mostly pulled off high ROI, even we often see ICO with x5 - x10 ROI. No wonder everyone’s calling this the “ICO season".

But do you know that current ICO meta disrupting a phase that we called “altseason”? Yea, Bitcoin broke ATH after ATH, usually this milestone will followed with altseason where capital rotates from Bitcoin and big cap coins into smaller caps/altcoin, this time the long awaited altseason didn’t arrive, instead we possibly heading to the bear market right now.

why and how current ICO meta related to the altseason? Let’s break it down!

Liquidity Rotation

There’s similar pattern in every cryptocurrency cycle, the pattern of liquidity rotation. Usually it starts with Bitcoin, Bitcoin absorb the biggest liquidity in the market, whenever there’s a major catalyst Bitcoin will be the first one to move.

Once BTC pumps and early investors start taking profits, that liquidity doesn’t leave the market, it rotates. Here’s the rotation looks like: Bitcoin > Large Caps > Mid/Small Caps > Memecoins.

After Bitcoin cools down and moves sideways, the liquidity typically begins flowing into large caps like Ethereum, Solana, and BNB. This is the first real sign of altseason.

Then, once the large caps pump and investors rotate again, liquidity floods into mid and small caps. This is where the magic internet money happens, the phase people call “altseason”.

During a real altseason, mid/small caps go wild. Some people says that you can throw money at almost anything and still make insane returns. And right after that, the memecoin meta usually kicks in as the final blow-off top. That’s the cycle we’ve seen repeat for years.

This cycle? completely different. Instead of rotating into existing altcoins, liquidity is getting sucked into newly launched tokens. There are simply too many new coins dropping almost every week, and the potential risk-to-reward (RR) on fresh launches is way more attractive than older altcoins.

More ICOs > More new tokens > Liquidity gets scattered into new launches instead of pumping existing altcoins. This shift is one of the main reasons why altseason didn’t arrive this cycle, ICO meta is starting to look like an altseason killer.

ICO Season = Jeet Season

Let’s be honest ICO season naturally turns everyone into a jeeter, and it makes total sense if you look at the incentives. Imagine this:

You join an ICO, the token launches, and boom you’re sitting on a 5x, Now what?

Right after that, another hyped ICO is already opening its whitelist. So instead of holding your 5x bag (and risking it dumping, you’d probably do what most people do: secure the profit and roll it into the next ICO. Why? Because with bigger capital, you can secure bigger allocation, which means bigger potential profits on the next launch, and when that ICO ends, guess what? Another one pops up, then another, then another.

It becomes a loop: Take profit > Join next ICO > Take profit > Join next ICO.

So instead of holding altcoins that may or may not pump this cycle, people are rotating their liquidity through new ICOs where the RR is simply better, and this constant profit-taking is exactly why many altcoins can’t catch a bid, the capital instantly escapes to chase the next hype launch. In short, ICO meta create jeeters.

Altseason Redefined

At this point, we have to rethink what “altseason” even means. It’s clearly not the old days of “throw money anywhere and make profit.” That era is gone, at least for now.

With more and more ICO platforms popping up, the market is getting flooded with new tokens every single week, and when the supply of new coins keeps growing this fast, the classic liquidity rotation just doesn’t work the same anymore.

Liquidity keeps getting siphoned off into new launches instead of rotating into existing altcoins. That means only a handful of strong and legit projects are actually getting any attention while the rest struggle to move.

Altseason is no longer “everything pumps”

Altseason is now “only the strongest survive and move”

With the ICO meta continuing and more tokens flooding the space, the winners will be limited to Bitcoin, Large caps, a very small number of real mid/small cap projects. Everything else probably just noise in a hyper-saturated market.

Conclusion

With hundreds of new tokens launching and liquidity constantly chasing the next hype opportunity, the classic altseason playbook just doesn’t apply anymore. Instead of rotating into existing mid/small cap coins, money keeps flowing into fresh ICOs where the RR looks more attractive.

the meta has shifted, in this phase you must:

• Stop expecting the old “everything pumps” altseason

• Focus on strong fundamentals, not hype

• Understand liquidity flow because that’s the real game now

• And remember that only a very small number of altcoins will actually get a real run

The crypto market is evolving, and so should our strategy.

ICO meta isn’t going away anytime soon, so it’s better to adapt early, position smartly, and ride the meta instead of fighting it.

Read my other article here:

Bear Market Might’ve Just Started, Here’s Why

ziuuu's journal

Nov 8, 2025

This year, Gold hit all time high, Bitcoin hit all time high, S&P 500 hit all time high. Nothing goes up forever, time to go risk-off, protect your capital, and wait patiently for the next opportunity...

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After this liquidation cascade there’s no clear direction on where Bitcoin heading now. People said this is a market reset, there’s no clear direction, no obvious trend. It’s hovering between greed and fear, trying to find its new equilibrium. This phase is what we call price discovery, where the market decides what Bitcoin is truly worth after all the chaos.

From here, there are two major scenarios that could happened.

Scenario 1: Market Reset, The Setup for Bitcoin’s Next Leg Up

Massive liquidation cascade might have been the reset Bitcoin needed after rallies from $16,500. When that much leverage gets flushed, it clears out weak hands, removes excessive speculation, and brings fresh liquidity back into the market.

Before the crash, everyone expected the next big move will be in altcoin, a rotation where capital flows from Bitcoin into smaller caps for higher returns, we called it altseason. But instead altcoin surge, we got a brutal altcoin crash. Many altcoins dropped over 50%, some even more, proving once again that higher potential returns come with way higher risks, especially for those playing with leverage.

Bitcoin, on the other hand, held up relatively well. Yes, it took a hit during the cascade, but not nearly as bad as most altcoins. This resilience reinforces the idea that Bitcoin remains the safest bet in crypto, especially in uncertain market conditions.

If this pattern continues, we could see liquidity rotating back into Bitcoin rather than spreading across altcoins. That shift alone could fuel another leg higher for BTC. We might have to change our mindset about altcoin season now, because in this new phase Bitcoin could be the only season that matters.

Technical Analysis PoV:

EMA50 indicator in the weekly timeframe has consistently acted as a strong dynamic support for Bitcoin. Everytime the price drop and bounce in EMA50, Bitcoin always create a new higher high.

As long as the price continues to stay above the EMA50, the broader trend remains bullish, signaling that Bitcoin still has momentum on its side and could potentially push toward another all-time high.

Scenario 2: Bear Market Has Already Started

In my previous article, “Bear Market Might’ve Just Started, Here’s Why” I talked about several early warning signs that point toward a potential major market correction/crash.

There are three main indicators that make me believe the bear market could already be unfolding:

• Gold Nine Week Rallies

  Historically, when gold pumps hard for 8-9 weeks straight, it’s a sign that big money is rotating into safer assets. That usually means risk appetite in the market is fading fast

• Rate Cuts

  Normally seen as bullish for risk assets like crypto and stocks, but this time it’s different. The Fed might be cutting not to boost growth, but to rescue a weakening economy, which could spook investors and push them away from riskier plays

• Buffet Indicator

  currently showing that the U.S. stock market is massively overvalued compared to GDP. Historically, every time this indicator crosses 200%, a major correction follows

You can read the full breakdown and reasoning in my article here: https://paragraph.com/@ziuuu/bear-market-mightve-just-started-heres-why

Technical Analysis PoV:

The EMA50 dynamic support has been tested multiple times, and while it’s held up well so far, there’s a rule in technical analysis, the more a support level gets tested, the weaker it becomes. Eventually, we’ll reach a point where the market no longer respects that level, and a breakdown could happen.

Right now, the crypto market is extremely overleveraged, and that’s a perfect setup for big players to hunt liquidity. Based on Coinglass liquidation heatmaps, there’s around $6.88 billion in long positions waiting to be liquidated if Bitcoin drops to around $94,000, that’s a massive pool of liquidity that might be the next target.

And don’t forget the CME gap sitting near $92,000, historically Bitcoin loves to fill those gaps. Combine that with the stacked liquidation zones, and you have a pretty strong case for a downside move.

I wouldn’t be surprised to see Bitcoin revisit the $90K area or even lower, painful correction before the next big leg up.

So, which side are you? Bull or Bear?

Here are the key signs that make me believe the bear market has begun.

Gold Nine Weeks Rallies

Gold rallies for nine weeks was the first sign, means that there’s huge liquidity rotating into safer assets, this rallies signals something big is happening, there’s no way retail could pump Gold price like that, I’m sure big player and institutional are behind this massive rallies, they are slowly goes risk-off from the market and move into safer investment instrument and protect their assets value.

One of the example is China's Gold strategic reserves movement, China has been massively accumulating their Gold reserves this year, that could easily be one of the main reasons behind this massive rally.

Nine weeks rallies always has a bad reason behind it, geopolitical tension, economic slowdown, or an upcoming market correction. Global economic is very vulnerable right now and crash could happen very soon.

Rate Cuts

Another rate cuts likely coming this December, the probability from FED rate monitor tool shows that there’s 62% chance of rate cuts in December.

Normally, rate cuts seen as a bullish signals for investment assets including stock and crypto, but this time I won’t be surprised if stock and crypto moves to the other way and dumping throughout the rest of this year until 2026.

Market reaction to the rate cuts has flipped from strength investment signals into sign of movement to rescue a weakening economy. If that’s the case, we could see the opposite effect ahead the upcoming rate cuts, investors rotating out of risk assets like stocks, crypto, etc into safe haven asset like gold, anticipating global instability in 2026.

Buffet Indicator

Warren Buffet himself called this is the only indicator you need to see if the market is overvalued/undervalued. Now, Buffet indicator shows stock market capitalization is +220% bigger than US GDP (per Nov 8, 2025) which is showing that stock market is massively overvalued compared to the real economy. If you look at the historical pattern on the chart, when Buffet indicator goes beyond 160% (significantly overvalued) there’s a major correction or crash waiting ahead.

Historical data:

• 2000: The Dot-com Bubble Crash

• 2008: The Global Financial Crisis (Collapse of US Housing Market)

• 2021: The Economic Crisis caused by the COVID-19 pandemic

Conclusion

This year, Gold hit all time high, Bitcoin hit all time high, S&P 500 hit all time high. Nothing goes up forever, I won’t be surprised if a major correction happens in 2026. Now might be a good time to go risk-off, protect your capital, and wait patiently for the next real opportunity. Sometimes, doing nothing is the smartest move in a late-cycle market.

Gold is the safest choice right now, if things turn bad in 2026, liquidity will likely flow into Gold and drive the price higher. If my thesis is wrong and the market somehow avoids a correction, my capital is still protected. Gold will continue "holding value" of my assets and likely still climbing, just at a slower pace in a risk-on environment.

After 8 - 9 weeks rallies, Gold tend to has a correction phase for the next few weeks (around 20%) before start ripping again. So, we are in the correction phase right now after all-time high at $4380, currently Gold price pullback around 8% from all-time high. If the pattern repeats, we could see it dip to around $3,500–$3,600, which might actually be a sweet buying zone if the market allows.

Read my Other Articles:

Bitcoin vs Gold: Which One Will Outperform in 2026?

ziuuu's journal

Oct 28, 2025

Bitcoin and Gold have shown massive strength this year, but which one will outperform in 2026? Here is some updates on both assets and what can we expect in 2026.

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Perpetual DEXs are no longer the “laggy” or “inefficient” alternatives they used to be. Execution speed, liquidity depth, and user experience have caught up to centralized exchanges.

Pivot to Perpetual DEX, enjoy the benefits, and secure the airdrops. Perpetual DEX season isn't over!

Competition between these Perpetual DEXs is getting hot out here:

Lighter

• Volume: $11B

• Open Interest: $1.8B

• Fee: 0%

• Collateral USDC

• Pairs: 95

• Backers A16Z, Lightspeed, Dragonfly Capital, Founders Fund

• Link X: https://x.com/Lighter_xyz

Paradex

• Volume: $994.7M

• Open Interest: $268M

• Fee: 0%

• Collateral: USDC

• Pairs: 62

• Backers: Paradigm

• Link X : https://x.com/paradex

EdgeX

• Volume: $6.8B

• Open Interest $926k

• Fee: Maker 0.012%, Taker 0.038%

• Collateral: USDT

• Pairs: 169

• Backers: Amber Group

• Link X: https://x.com/edgeX_exchange

Pacifica

• Volume: $1B

• Open Interest: $58.3M

• Fee: Maker 0.015%, Taker 0.04%

• Collateral: USDC

• Pairs: 21

• Backers: Self-Funded

• Link X: https://x.com/pacifica_fi

Variational

• Volume: $1.53B

• Open Interest: $454k

• Fee: 0%

• Collateral: USDC

• Pairs: 519

• Backers: Coinbase Ventures, Dragonfly Capital, Bain Capital, Hack VC, North Island Ventures, Caladan, Mirana Ventures, Zoku Ventures

• Link X: https://x.com/variational_io

Hibachi

• Volume: $26.6M

• Open Interest: $2M

• Fee: Maker 0.045%, Taker 0.045%

• Collateral: USDC

• Pairs: 17

• Backers: Dragonfly Capital, Electric Capital

• Link: https://x.com/hibachi_xyz

That’s the list of some of the top tokenless perpetual DEXs you can explore right now. Some still early (Pacifica, Hibachi), which means bigger opportunity.

The Perp DEX season might not be as hyped as before, but opportunities are definitely still out there. So, which one’s your pick?

• Gold > $4400/oz

• Bitcoin > $126k

Both assets have shown massive strength this year, but which one will outperform in 2026? Here is some updates on both assets and what can we expect in 2026.

Bitcoin The Digital Gold

The All Time High

Let’s start by talking about Bitcoin all-time high, Bitcoin got one of the craziest rallies this year and reach the new all-time high in October ($126k). Driven by so many catalyst like adoption, strategic reserves, interest rate cuts, digital gold narratives etc, finally we witnessed $100k/Bitcoin and even higher.

Liquidation Cascade

The all-time high euphoria came along with the biggest liquidation cascade in crypto history, over $19B liquidated in single day, most of altcoins crashed more than 50%. Long position got wiped, short position were supposed to be in huge profit got forced closed due to ADL (Auto-deleveraging) to keep the market in balance. This is what we called market reset.

What's Next?

After the ATH and Liquidation cascade, Bitcoin price is in the middle of nowhere right now, some says Bitcoin will pump even higher, some says Bitcoin will crash after non-stop pumping since $16.5k to $126k.

I’ll say Bitcoin is in the price discovery price right now, we can’t tell whether Bitcoin will pump higher or crash harder, the chance is like 50:50 right now.

So let’s look at both sides of the argument:

Bull Thesis:

• Massive adoption, more institutions, governments, and companies integrating Bitcoin

• Strategic reserves, since bitcoin already become the strategic reserves of some company even a country, so there will be always a demand (buy pressure)

• Interest cuts, easier liquidity flow often benefits risk-on assets like Bitcoin

• Digital gold narratives, in uncertain times, Bitcoin is emerging as a global store of value

Bear Thesis:

• Bitcoin already non-stop pump since 16.5k so make sense if we will see a major correction soon

• Centralized ownership, as we know Bitcoin is a new asset and a few large holders still control a big portion of $BTC, that’s why there’s high volatility in it, there’s a big chance price will crash hard if some entity dump their bitcoin holding

Gold The Safe Haven Asset

The All-Time High

Gold also broke records this year, the catalyst? Safe haven assets in the middle of current global uncertainty. Gold proven as the safest investment assets since a long time ago, the price will keep getting expensive in the long term, but current ATH comes with unusual price movement, green candles for 9 consecutives weeks.

China's Gold Strategic Reserves

China has been quietly (and aggressively) stacking gold, China’s gold policies represent a coordinated strategy that goes well beyond asset accumulation, addressing multiple economic and geopolitical objectives simultaneously.

Gold plays a dual role as a financial asset and a geopolitical tool.

What's Next?

A little bit difference from Bitcoin, I’ll say Gold will face a correction after 9 weeks consecutives pump but will keep pumping in 2026. Personally i confident Gold could touch $5000/oz in 2026.

If Bitcoin dumps, liquidity often rotates into safer assets like gold and pushing its price higher.

If Bitcoin pumps, gold usually follows too, just at a slower pace.

In short, gold looks like a winner either way. Whether the market goes risk-on or risk-off.

Bull Thesis:

• Safe haven status, demand surges during global instability

• Interest cuts, lower yields make gold more attractive

• China strategic reserves, sustained buying pressure from central banks

Bear Thesis:

• Not really a bear thesis but gold potentially has a major correction after massive pump

• As bitcoin gains more and more traction we possibly see some investors may rotate from gold into BTC, slightly slowing gold’s long-term upside

My End of Year - 2026 Scenario

I expect both Bitcoin and gold to experience a major correction after their massive rallies. The market has been in full risk-on mode, and at some point, profit-taking and tightening liquidity will kick in.

Gold looks better positioned, global geopolitics and the overall economic outlook aren’t looking good right now, conflicts, inflation pressure, and fragile markets. In situations like this, investors tend to rotate their money into safe haven assets.

Historically, when a geopolitical crisis or economic bubble bursts, Bitcoin tends to crash first before eventually recovering and making new highs. Gold, on the other hand, usually holds strong and often pumps even harder as capital seeks safety.

So if global uncertainty continues into 2026, gold could quietly become the real winner of the year while Bitcoin takes its time to reset for the next leg up.

As a result, almost every launchpad now are oversubscribed, more and more people attracted to join this meta. The recent example is Limitless, a prediction market project that held its presale on Kaito capital launchpad got oversubscribed by more than x200.

What You Should Understand Before Joining an ICO or Launchpad

Of course, research about the project is a must, because you need to understand :

• What problem they’re tring to solve?

• Who’s building it?

• Who’s the backers?

but there’s one thing that’s often overlooked and it could make a big difference in your decision making.

Price at launch, being able to predict price at launch of the project could gives you clearer sign to measure the risk reward from the presale. It also gives you a sign when to take profits once the token starts trading.

The “Market Cap = x10 Funding” Theory

There’s popular theory among early investors:

“At launch, a project’s market cap is usually around 10x its total funding”

It’s not always accurate, but surprisingly this theory works quite often. Here the data from previous launches:

Information you need to know before make an calculation:

• Total supply of the token

• Initial circulating supply

• Total funding

Example

Predicting Yieldbasis ($YB) price at launch:

• $YB total supply: 1,000,000

• Initial circulating supply: 87,916,667

• Total funding: $10M

if we apply the theory, we assume the project launches at $100M marketcap ($10M x 10 = $100M)

So, $YB price at launch will be around: $100M/87,916,667 = $1.13

Run Multiple Scenario

This theory isn”t 100% right, market sentiment and hype could affect the outcome, that’s why I usually make calculation with 3 scenario (x3, x5, x10). If the risk-reward ratio still looks good under those scenarios, then i’ll consider joining the sale

Upcoming Sale to Watch

• Momentum (Confirmed via Buidlpad):

  

  Buidlpad Ⓜ️Ⓜ️T

  @buidlpad

  

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  533

  9:03 AM • Oct 10, 2025

• Flying Tulip (Confirmed via Impossible):

  

  Impossible

  @impossiblefi

  

  Impossible is proud to be an Official Partner for @flyingtulip_ 's Early Access Public Sale!
  
  Highlights
  - You will get allocation with the SAME terms as Seed Round investors
  - 100% principal protection
  - 100% unlock on TGE
  - ZERO team tokens unlocked at launch. Team's success is

  

  601

  2:27 AM • Oct 10, 2025

Read my previous article:

6 Protocols to Park Your Assets and Earn Passive Income

ziuuu's journal

Oct 6, 2025

This is a list of protocols where you can park your funds and earning passive income from solid yields while stacking potential airdrops and token sale allocations.

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Momentum Finance is Bitcoin and stable-coin focused protocol. Users can deposit assets (BTC, WBTC, LBTC, USDC, USDT, SUI, etc.) to earn yield and stack Bricks (points) that may convert into future token rewards (airdrop).

Recently, Momentum partnered with buidlpad through Buidlpad HODL. I assume that Momentum will be the next project that launch token sale on Buidlpad and your exposure to Momentum might matter for your allocation on the upcoming token sale.

Mitosis EOL

Mitosis a modular liquidity protocol aim to solves capital inefficient in DeFi space with programmable liquidity concept. This mean your LP position is liquid and you can utilize your LP position across Mitosis ecosystem.

Mitosis partnered with YO protocol on EOL, by deposits asset into Mitosis EOL (ETH and USDC) you’ll get miETH or miUSDC that fully composable.

The benefits tied with your EOL position is you’ll earn base yield (~5.04% for miETH and ~11.48% for miUSDC), Mitosis token emission, and x2 protocol token emission (in this case, upcoming YO token).

Multipli

Multipli is a ZK-based yield protocol specifically designed for making yield on traditionally non-yield bearing assets (tokenised GOLD, Bitcoin, etc) and boosting yield bearing capacity of any assets by 4% - 12% by leveraging delta-neutral arbitrage strategies in spot and futures markets.

From the data i gathered between 16 May - 11 September 2025, multipli has distributed almost $2M in yields.

Yields distribution graph between 16 May - 11 September 2025:

ziuuu 🕯️

@0xZiuuu

Multipli has distributed a total $1,894,622 in yields between 16 May - 11 September 2025, almost $2M in less than 4 months

they've distributed >$100K for multiple weeks, signaling a strong traction and sustainability

tbh this is quite impressive for a DeFi protocol in it’s

6

5:51 PM • Sep 16, 2025

Yarm AI

Yarm AI is a platform to connect and create a mutual synergy between yapper, liquidity provider, and project.

It gives you access to DeFi opportunities based on your mindshare. Yarm powered by Mitosis vault liquidity frameworks and Kaito social data.

The first projecst launched on Yarm is Multipli, so it’s like killing two birds in one stone, beside get a high APY for your capital (~205%) you’ll also get Mitosis token emission and Multipli ORBs (points) that may convert into Multipli’s token airdrop.

If you want to know How Yarm AI works and How it’s combine infoFi and DeFi, you can read my “no big brain thread” here:

ziuuu 🕯️

@0xZiuuu

gyarm

Let's talk about @Yarm_AI, a simple breakdown, no big brain needed.

49

6:37 PM • Jul 13, 2025

Lighter Liquidity Provider (LLP)

Lighter is the hottest perpetual dex right now, beside trading you can earn passive income by depositting your funds into LLP, it gives you ~61.37% APR.

LLP performance is pretty good, you can take a look at the image above, the last 30 days LLP performance. Only 5 days red.

Though isn’t confirmed, but there’s i chance you’ll qualified for Lighter airdrop by having a position in LLP or maybe a booster/multiplier.

Virtuals Staking

Virtuals in AI Agent launchpad, in short you stake $VIRTUALS or certain AI Agents, you’ll get virgen points in daily basis based on your staking amount. That virgen points, you can use it to participate in Genesis launches (AI Agents sale), more virgen points = more allocation.

Virtuals is inside Base ecosystem, so being virtuals user make you a Base ecosystem user too, that will bigger your chance to qualified for upcoming BASE airdrop.

Links to the protocols:

• Momentum: https://app.mmt.finance/leaderboard?refer=W17P70

• Mitosis EOL: https://app.mitosis.org/eol

• Multipli: https://app.multipli.fi?referral_code=G5UIM5

• Yarm AI: https://yarm.ai/yarms (ref code: LXCIGP)

• Lighter LLP: https://app.lighter.xyz/public-pools

• Virtuals staking: https://app.virtuals.io/referral?code=O5OrRR

*some links contains referral code, if you don't want to use it, just remove the referral code from the link. If you decide to use it, thank you