https://t.co/dzLtRexJdF has gone through a minor revamp. animated detail pages which render unsigs property by property. can also toggle on properties layer by layer to get a sense of what the different properties do. 1/2 https://t.co/kKaRhYYr3o

#CycloneGaja# Two #IndianNavy# ships Chetlat & Cheriam diverted to Karaikal to render assistance to state authorities as reqd. for disaster relief operations. 03 ships standing-by at Chennai & 02 ships at Vizag to augment HADR efforts @SpokespersonMoD @nsitharaman @DefenceMinIndia

New SpaceX website looks great!Lots of details on upcoming launches, not just the ones a day or two away. Awesome new Cape Canaveral Starship pad render, too. https://t.co/ICMmHxpmW3 https://t.co/oa2MaMxOtB

吴说获悉，据 Arkham 监测，地址: 7jzQek…1hChh7 于本日 22:18 UTC+8 从 Kraken 中提取了 340 万枚 Render，价值约 1,533 万美元。值得注意的是，该地址在本日还从其他地址中接收到 50.86 万枚 TRUMP，价值约 611 万美元。 https://t.co/OxkelHV8mS

吴说获悉，Grayscale 宣布其去中心化 AI 基金现已向合格投资者开放，聚焦 AI 与加密交汇赛道。当前持仓包括：NEAR（24.54%）、TAO（27.18%）、RENDER（22.75%）、FIL（17.26%）、GRT（8.27%）和 LPT。基金管理费 2.5%，当前资产管理规模约 105 万美元。https://t.co/35BS3A05vj

Everything is LEGO! 🧱 你可以用下面的 prompt 生成乐高风格的头像和logo： convert this image into a lego { "style_name": "LEGO Plastic Toy Render", "input_mode": "text_prompt_or_image", "output_format": "3D LEGO-style render", "instructions": { "style_description": "Transform the input into a LEGO-style plastic model with blocky structure, smooth round LEGO brick edges, and toy proportions.", "materials": [ "shiny plastic (ABS)", "rounded LEGO studs labeled 'LEGO'", "seamless LEGO brick construction" ], "geometry_rules": { "form": "simplified, rounded block geometry", "proportions": "cute, stylized, exaggerated like a toy" }, "color_rules": { "palette": "saturated solids (greens, blues, whites, yellows)", "contrast": "high color contrast between different regions" }, "camera_and_render": { "angle": "3/4 perspective view (slightly above and to the side)", "background": "solid pastel background (light blue recommended)", "lighting": "soft studio light with mild reflections", "depth_of_field": "none (everything sharp)", "resolution": "high resolution, suitable for product visualization" } }, "prompt_template": "Render a {input} as a LEGO-style 3D toy. Make it blocky, with realistic LEGO plastic textures and studs. Use toy proportions. Place on a light pastel background with soft lighting. Match the style of an official LEGO sculpture render." }

🔎 Let’s take a closer look at the Arm Accuracy Super Resolution (Arm ASR) plugin for Unreal Engine at #GDC2025#! We’re showcasing the plugin with Mori, our in-house demo game that is being rendered at a 50% screen ratio and upscaled to full resolution using Arm ASR. See why the plugin is a must-have for your mobile game projects: https://t.co/TGhh7UGjNr

Testing our latest prototype: @EspressifSystem @ESP32-S3, 320x480 3.5“ display, 16bit parallel bus, #lovyangfx#, @LVGL demo. Amazing smooth display rendering and excellent capacitive touch interface https://t.co/W1aAFjT2dD

挺有意思的，自从上次发现aethir很赚钱之后，又看了一些其他的gpu算力租赁的项目，发现做gpu算力租赁的“藏宝阁”都很赚钱。 比如 @SpheronFDN 本年arr超过1000万美金（预估值）。其实随着ai agent和ai应用的爆发，卖算力就是新时代的掘金路上的卖水人，gpu算力的紧缺也让算力租赁/出售/交易撮合平台可以收取较高的溢价。 不过所有有利润的行业随时越来越多的玩家进入也会逐步卷起来。去中心化gpu算力平台越来越多，io， Akash，aethir，hyperbolic，salad，render network，vast等等。 所以这个赛道基业长青的关键点在哪里？ 一个是可以获得廉价而稳定的gpu的能力，本质是供应能力要强。另一方面需要在垂类方面做好专注，比如针对AI模型训练、数据处理提供定制化的工具和环境。亦或者，针对图像视频渲染提供高效的渲染队列管理等。 我看Spheron 推出的KlippyAI（专注ai视频）和Skynet AI（用于构建和部署自主AI代理及工作流。）可能是他们在垂类方面打差异化的一种尝试。可以看看这个demo https://t.co/6AmVECYBRy

NEW: Bill Maher says Democrats didn’t just flirt with woke—they married it, and now it’s dragging the whole party off a cliff. Maher just dropped a brutal reality check: if Democrats don’t cut ties with the woke cult, they’re finished. “You get a certain amount of cult followers for anything and then the true believers never die.” And if the party doesn’t break free? “A lot of people would say right now the Democratic Party is still in that mode, which is going to render them, possibly, an irrelevant party if they don't change.” His solution? “Much more centrism—get rid of the woke baggage, you know? Old school liberal is what I usually describe myself as,” he said. But don’t confuse that with today’s woke ideology. “Woke would like people to believe that they're some sort of an extension of liberalism, but they're not.” “They're usually something that's quite opposite.” Then Maher dropped the hammer: “Liberalism was, we should have a colorblind society and not see race at all. That’s not what the woke believe. They’re the opposite. Put race at the front of everything.” Bill is the canary in the coal mine: if Democrats don’t drop the dead weight, they won’t just lose power—they’ll cease to exist.

I'm observing a mini Moravec's paradox within robotics: gymnastics that are difficult for humans are much easier for robots than "unsexy" tasks like cooking, cleaning, and assembling. It leads to a cognitive dissonance for people outside the field, "so, robots can parkour & breakdance, but why can't they take care of my dog?" Trust me, I got asked by my parents about this more than you think ... The "Robot Moravec's paradox" also creates the illusion that physical AI capabilities are way more advanced than they truly are. I'm not singling out Unitree, as it applies widely to all recent acrobatic demos in the industry. Here's a simple test: if you set up a wall in front of the side-flipping robot, it will slam into it at full force and make a spectacle. Because it's just overfitting that single reference motion, without any awareness of the surroundings. Here's why the paradox exists: it's much easier to train a "blind gymnast" than a robot that sees and manipulates. The former can be solved entirely in simulation and transferred zero-shot to the real world, while the latter demands extremely realistic rendering, contact physics, and messy real-world object dynamics - none of which can be simulated well. Imagine you can train LLMs not from the internet, but from a purely hand-crafted text console game. Roboticists got lucky. We happen to live in a world where accelerated physics engines are so good that we can get away with impressive acrobatics using literally zero real data. But we haven't yet discovered the same cheat code for general dexterity. Till then, we'll still get questioned by our confused parents.

这次 #SOL# 扩容升级，意义非凡，@solana SIMD-0286 提议将区块限制从 6000 万提升至 1 亿 CU，增长幅度高达 66%。这么重大利好的消息，却没多少人报道，我简单来讲解一下。 作为重仓 #SOL# 的投资人，#SOL# 的每一个事件，我们都十分关注。此次SIMD-0286提案，这事儿听着像是“技术升级”，但本质上是个重大的性能释放信号，可能直接影响到整个 #Solana# 的生态价值上限。 我们先来搞清楚几个知识点： 💡 什么是 CU（Compute Units）？ CU 就是 #Solana# 网络里衡量计算资源的单位，你可以把它理解成“一个区块最多能做多少事”。 举个例子，假设你发一笔普通交易大概用 1000 CU，那如果一个区块的上限是 60M（6000 万 CU），那一个区块最多能处理6万笔交易。 而现在，#Solana# 提议把这个值从 60M → 提升到 100M（1 亿 CU），也就是说，一个区块的处理能力直接增长了66%。 🚀 这会带来什么变化？用我的话说，就是四个字：天翻地覆。 ✅更大的吞吐量 = 更多业务落地不管是 #AI# 链上推理、#DePIN# 实时数据上传，还是 #Solana# 上搞交易机器人、链游，这些都需要大量计算资源。CU 提升，意味着你能在一个区块里做更多复杂事儿，真正释放“#Solana# 是高性能链”的价值。 ✅降低堵塞和 Gas 波动风险当区块处理能力不够时，网络容易堵，Gas 容易飙。而 CU 提高之后，#Solana# 会更“顺”，就像原来 4 车道变成 8 车道，车流一来不再一堵到底。 ✅链上用户体验更丝滑对终端用户来说，意味着交易更快成功、等待更少、手续费更稳，像用 Web2 一样流畅。对于开发者来说，可以放心大胆做更复杂的交互逻辑了。 🧠 作为投资人，我怎么看这事？ 我直接把这个提案当成是 #Solana# 的“第二次春天”技术信号。 你想啊，#Solana# 这条链本来就是主打高性能的，它的 TVL、用户量、AI 和链游生态在 2024 年快速崛起，现在算力天花板又要增长66%，那它就能容纳更多高频、高互动型的应用场景。这不像 EVM 链那种“慢慢扩容”，#Solana# 是直接“拉高顶”。 📊 我预期会有哪些连锁反应？ 1️⃣新一轮 DePIN / 链游 / 链上 AI 项目会偏好部署 #Solana# 之前计算瓶颈不敢上，现在没借口了；#Solana# 的状态更新和响应速度足以支撑 AI inference 或动态交互类 dApp。 2️⃣MEV、交易机器人类项目热度将升温 更高的 CU 允许更复杂的交易计算，尤其是在订单撮合、套利路径优化方面。 3️⃣ #SOL# 的使用需求进一步提升 更多交易 + 更复杂交互 = 更多 #SOL# 被用于支付手续费； 同时，生态热度上来会刺激更多人质押 #SOL# 抢性能资源。 整体来说，SIMD-0286 本质上是 #Solana# 对外释放的一次算力“加码声明”：我们准备好迎接更复杂、更真实的链上经济活动了。 🧐从投资角度，我会重点关注以下几个板块： 1️⃣ #Solana# 原生高频交易类协议（比如 @JupiterExchange、@RaydiumProtocol 、@DriftProtocol）； 2️⃣链上游戏、AI 模块类项目（如 @rendernetwork、@drip_haus、@ionet）； 3️⃣ #Solana# 性能释放相关的质押衍生品和 LRT 项目（如 @KaminoFinance、@jito_sol、@MarinadeFinance）。

#Sahara# x #MyShell：AI# 数据标注的新范式与价值捕获闭环 #Web3# 与 #AI# 加速融合的当下，#Sahara# 正在定义一种全新的“挖矿”逻辑：用认知时间换取数据价值。近期其与 #AI# 头部项目 @myshell_ai 达成合作，标志着 #Sahara# 正式跑通“AI数据标注 x 多重激励”这一商业闭环，值得高度关注，并且可以一鱼两吃！ 🔁 结构性闭环：跑通从数据 → 模型 → 价值回馈的链条 此次合作的核心逻辑非常清晰： 1️⃣ #MyShell# 需要高质量用户操作数据，以优化 AI Agent 的行为表现； 2️⃣ 用户通过 #Sahara# 完成任务，生成“标注数据”（如录屏操作Word、浏览器等）； 3️⃣数据经验证后，Sahara 不仅发放自家积分（空投预期），还将奖励 $SHELL 代币； 4️⃣模型性能提升，项目长期价值增加，形成「用户参与→AI变强→价值回馈」的正向飞轮。 可以这么讲，这是 AI x Web3 叙事中罕见实现完整闭环的实践——不是噱头，而是产品能力在验证价值。 🧐投资视角：认知时间首次被Token化 以往挖矿靠算力，DePIN靠物理资源，而 #Sahara# 引入的是一种全新的资产维度：人类认知时间的Token化。这既是劳动模式的迭代，也是参与门槛的极致降低——无需技术背景，每个人都能“边学习边挖矿”。 从投资角度看，这种机制具备三重优势： • 抗周期性：AI 训练数据是刚需，受二级市场波动影响小； • 正外部性：每一份标注数据可被多个项目复用，提高数据边际价值； • Token 捕获逻辑清晰：Sahara 平台作为数据中介和激励分发者，其价值将在生态扩张中持续积累。 🌍 市场定位：#AI# 项目的“数据金库”与“算力入口” 长期来看，#Sahara# 有望成为 AI 项目启动训练任务的第一站。如同 #Filecoin# 之于存储，#Render# 之于算力，Sahara 正在构建的是“人类行为数据的去中心化供给市场”。 此次与 #MyShell# 的合作验证了其服务能力，未来一旦扩展合作项目矩阵，其平台效应与 Token 价值将同步放大。 总结：#Sahara# 正在以极低的门槛、极强的实用性，重塑“参与 AI 的方式”。这不是传统空投任务平台的简单升级，而是一次围绕数据生产-分发-变现的基础设施构建。#AI# 热潮真正爆发前夕，这类能“捕捉一切AI早期数据需求”的平台，无疑具备穿越周期的增长潜力🧐

Emperor Qianlong of the Qing dynasty (1644-1911) was celebrated not only for his scholarly achievements in Confucianism but also for his profound mastery of Han culture. Today, the Palace Museum in Beijing houses numerous portraits of Qianlong dressed in Han attire, leading many young people today to jest that he was a master in cosplay. In this particular painting, a youthful Emperor Qianlong is depicted wearing traditional Han clothing, playing a guqin beside a lake (top right). In the distance, towering mountains rise majestically, while a flowing stream runs nearby. Under his pavilion, blooming lotuses add to the serene beauty (bottom left). The vases inside the pavilion are also adorned with lotus flowers. Besides the vase is a plate with fruit. The crystal mountain-like subject in the plate is mysterious. I inquired my mentor, vice president of the museum, she is not sure either. We guess it could be just a piece of ice or a crystal artifact (bottom right). Although this idyllic scene is imagined, it reflects the emperor’s scholarly persona, finding joy in natural landscapes and companionship in the sounds of the guqin. A closer inspection reveals that the facial features of Qianlong and his two attendants are rendered in a Western style. This suggests that the painting was likely a collaborative effort between a Western painter responsible for the portraits and a Chinese artist who painted the landscape, merging both artistic traditions.

为什么我们要押注 #SOL# 和它的生态 #AI# 和 #DePIN# 作为投资人，我们十分关注一个赛道的TAM(Total Addressable Market)整体潜在市场。 从传统公链创新的角度，有4个方向是这一轮应用类爆发的前奏：AI，Depin，RWA，Gamefi。我一直倡导这轮周期会是瘦协议胖应用的时代，会诞生如同微信，支付宝，Faceboook这里顶级应用。但目前还有很多公链在搭建自己的协议或者模块化方案，其实已经相对落后一步。很多时候我们投研开会头脑风暴，经常讨论是否需要那么多L2，那么多模块化分层，以及那么多质押的逻辑？ 或许我们应该以更简洁的方案，给应用开发者便利的SDK或者API接口，提供一个扩容性良好，性能超群，功能齐全，宽敞平坦的跑道，给这些激情彭拜的小伙开始他们的天马行空和创意，而不是让他们在各类协议之间，选择困难症和不断试错。同时，丰富的应用也会反哺传统互联网市场对Web3领域的流量引入。 #SOL# 并没有去选择更多的方案，而是专注于它的L1，提供了完备的基础实施，水到渠成的吸引了大批应用的构建者。 而 #AI# 和 #Depin# 正在为 #SOL# 市梦率估值插上翅膀。 #AI# 目前在整体Web3 领域的估值仅仅不到230亿美金，目前市值最大的是 #TAO# ,MC 36亿美金，FDV 120亿美金，而 #Messari# 估计，到2030年，整体 #AI# 在Web3领域的市值将高达2.8万亿美金。足足有121倍成长。 #Depin# 目前在整体Web3 领域的估值仅仅不到400亿美金(其中部分跟 #AI# 有重叠)，预估到2028年， 将达到3.5万亿规模，足足有88倍成长。 而目前基本主流的 #AI# 和 #Depin# 赛道的龙头都在 #SOL# 链构建或者迁移。例如：#RNDR# @rendernetwork 和 #HNT# @helium 这是为什么？因为 #SOL# 链性能和完善的基础设施。 1. #AI# 和 #Depin# 要优先考虑高吞吐量和低费用，尤其是对激励贡献者的大规模小额支付。Sol链目前常规TPS高达5000左右，理论上能够在主网上处理 50000-65000 TPS，这一壮举使其与 Visa 等传统全球支付网络保持一致。而随着24年中期 #Firedancer# 升级，预计 TPS 为 600000-1000000 TPS，应该是跑智能合约公链里面的第一。 2.强大的代币标准和生态系统：一个充满活力的生态系统，拥有经久考验的 DEX，以及 cNFT（压缩 NFT为 #HNT# 百万热点提供了NFT铸造，成本仅仅5SOL）、pNFT（可编程 NFT）、代币扩展等既定标准，为 #AI# 和 #DePIN# 项目提供了开发和启动的基本组件。 案例(还有很多，仅列举部分)： 1️⃣SPL 代币标准和代币扩展：代币扩展是下一代 SPL（Solana 程序库）代币标准，具有机密转账、转账挂钩、转账费用、不可转让代币、生息代币等高级功能。 2️⃣GetCode协议可以在 DePIN 项目中实现大规模小额支付。 3️⃣预言机和互操作性：预言机是链下资产数据的重要真实来源。Solana 有两个主要的预言机 - Pyth和Switchboard，以及Wormhole这样的跨链消息协议促进了跨链互操作性。 3.Solana Mobile： Solana 的独特之处在于拥有自己的手机，展现了对生态应用集成的承诺。Solana Mobile 1 已经拥有 20,000 名用户群，而 Solana Mobile 2 则有超过 50,000 名预订单。而诸多SOL应用将集成其中，包括免费试用的 #HNT# 5G网络，#SHDW# 个人云盘存储(类似Dropbox)等。 4.Solana 基金会+Multicoin @multicoincap :胖应用时代给传统用户带来的价值体验，提供了诸多美好设想，并用实际行动，在大规模的投资相关应用领域。 与此同时，公链在构建庞大应用的同时，将对自己内部产生生态化返，自身的强化，形成正向的飞轮强化，并产生强大的壁垒。 1.庞大的用户流量：像 Helium 这样的项目极大地增加了活跃钱包的数量。仅 Helium 就报告有超过 60000 个每月活跃钱包参与认领、质押、委托或销毁代币等活动，并且有超过 30000 个钱包使用其他 SPL 计划，这凸显了 Helium 对 Solana 生态系统的影响。 2.合法性和品牌：从监管的角度来看，DePIN 向监管机构和政策制定者展示了 Solana 的实际应用和价值，增强了其合法性和品牌。 目前 #SOL# 作为美国公链的标签，已经深入人心，尤其是美国一级和二级资本心中，这种地位，将随着胖应用时代的大爆发，逐渐深入，这个周期，#SOL# 必将大放异彩！

I don't know why @rickawsb wrote his article in Chinese but here's an unfiltered English version of it:🧵👇 The “GENIUS Act” and the New East India Company: How USD Stablecoins May Challenge Fiat Systems and Nation-States By: Rick AWSB “This is an extremely sophisticated asymmetric strategy. The U.S. is exploiting its adversaries’ weakest point fear of losing control to build its own moat. I. Ghosts of History: The Digital Return of the East India Company History doesn’t repeat, but it does rhyme. When Trump happily signed the GENIUS Act into law, what came to mind was a powerful image from history: the East India Companies of the 17th and 18th centuries commercial behemoths granted sovereign powers by their nations. These were not mere merchants, but corporate sovereigns, blending soldiers, diplomats, and colonizers. This Act, though appearing like a regulatory tweak, in truth marks the chartering of 21st-century “New East India Companies” stablecoin issuers gaining legitimacy through U.S. law. It's the beginning of a transformation in global power dynamics. 1a. Charters of a New Power Four centuries ago, the Dutch and British East India Companies (VOC and EIC) had the power to hire armies, mint currency, make treaties, and wage wars. Their state-backed monopolies defined the age of globalized sea trade. Today, the GENIUS Act essentially charters modern-day equivalents stablecoin giants like Circle (USDC), potentially Tether, and possibly tech giants like Apple, Google, Meta, and X. No longer rebellious crypto startups, they are now pillars of U.S. financial strategy. Their “routes” aren’t sea lanes, but 24/7 borderless financial rails the new arteries of global commerce. 1b. From Trade Routes to Financial Rails The old companies controlled physical routes with cannons and forts. These new “digital East India Companies” will control global value flows. If a U.S.-regulated stablecoin becomes the default for cross-border payments, DeFi, and real world asset trading, its issuer gains immense soft power defining compliance, freezing assets, and setting financial norms. 1c. Symbiosis and Conflict with Nation-States Like their historical predecessors, today’s stablecoin giants may evolve from tools of national strategy to independent power centers. Initially supporting U.S. hegemony and countering China’s e-CNY, they may eventually act in ways that contradict U.S. foreign policy, especially as their shareholder interests diverge from state agendas. The U.S. may face tension between control and dependence, possibly leading to future updates to the stablecoin legal framework. II. Global Monetary Tsunami: Dollarization, Deflation, and the End of Non-Dollar Central Banks The GENIUS Act is more than a charter. It’s the start of a monetary tsunami. The collapse of the Bretton Woods system in 1971 laid the groundwork. In the coming era, people in fragile economies may prefer stablecoins over failing national currencies, leading to hyper-dollarization and devastating local deflation. 2a. The Ghost of Bretton Woods Under Bretton Woods, the dollar was tied to gold and all other currencies to the dollar. This created a paradox (Triffin Dilemma): to support global trade, the U.S. had to run deficits which eventually undermined confidence. Nixon severed the gold link in 1971, ending the system. The dollar was reborn as a fiat instrument backed by U.S. strength and network effects. Now, U.S.-approved stablecoins elevate this to a new level bypassing national banks and reaching every smartphone directly. 2b. Hyper-Dollarization In places like Argentina and Turkey, people flee inflation by using dollars. Stablecoins remove friction: no banks, no capital controls, no physical risk. From Vietnam to Dubai, and Yiwu to Hong Kong, stablecoin usage is exploding. When inflation rises even slightly, capital doesn’t “flow out”. it vanishes instantly into the crypto ether. This threatens national currencies with obsolescence. 2c. Deflation and the Disappearance of State Power Once hyper-dollarization hits, governments lose: • Seigniorage (printing money) • Monetary policy tools The result: plummeting local currencies, collapsing tax bases, and failed governance. The GENIUS Act, combined with tokenized real-world assets (RWAs), may accelerate this collapse. 2d. White House vs. The Fed Domestically, a conflict may brew. If a Treasury-controlled stablecoin system emerges, it could sidestep the Fed, allowing the Executive Branch to exert monetary influence directly especially in election years or sanction enforcement. This may trigger a crisis in faith over Fed independence. III. The 21st Century Financial Battlefield: U.S. vs. China and the “Free Financial System” Externally, the Act is a strategic maneuver in the U.S.-China rivalry an ideological and infrastructural clash. 3a. A New Financial Iron Curtain Like the post-WWII Bretton Woods institutions (IMF, World Bank), this new “free finance” network powered by USD stablecoins is open, efficient, and diametrically opposed to China’s model of state-controlled finance. 3b. Permissionless vs. Permissioned China’s e-CNY is fully controlled, running on private ledgers, with full traceability. The U.S., in contrast, backs permissionless blockchains (Ethereum, Solana). Developers worldwide can build freely, with the U.S. acting as “credibility anchor” for the USD. This asymmetric strategy attracts innovators and users, while China’s surveillance model alienates them. It’s a contest China structurally can’t win. 3c. Bypassing SWIFT: A Dimensional Attack China and Russia attempt to sidestep SWIFT. But stablecoins render that effort obsolete no middlemen needed, no banks required. The U.S. isn't defending old infrastructure; it's creating a parallel game with new rules enforced by code, not treaties. 3d. Winning the Network Effects War The fusion of the dollar with crypto’s innovation creates an exponential network. Developers and users will flock to where liquidity and freedom are highest. Compared to the closed, RMB-centric e-CNY, the open USD ecosystem will dominate globally beyond China’s limited spheres of influence. IV. The De-Nationalization of Everything: RWA, DeFi, and the Collapse of State Control Stablecoins are the Trojan Horse. Once users hold stablecoins, the next step is tokenizing all assets, stocks, bonds, real estate, IP into on-chain digital instruments, detaching them from national jurisdiction. 4a. Stablecoins as the Trojan Horse Governments welcome regulated stablecoins as safe crypto. But in doing so, they unintentionally onboard users into crypto ecosystems one tap away from Bitcoin, ETH, DeFi, and privacy coins. Platforms like Coinbase become one-stop crypto supermarkets. USDC is the gateway drug leading users toward more freedom, higher yield, and greater autonomy. 4b. RWA: Assets Escape National Jurisdiction Imagine: • A Chinese team tokenizes app ownership • Traded on a permissionless DeFi protocol • An Argentinian buys it with stablecoins No bank, no SWIFT, no borders. This isn’t just new payment rails it’s a parallel universe outside the Westphalian order. When capital de-nationalizes, so do capitalists. 4c. The End of Traditional Finance Banks, brokers, and payment systems exist to mediate trust. Blockchain replaces this with public, tamper-proof records and smart contracts. Functions replaced: • Lending → DeFi protocols •Trading → AMMs • Payments → Stablecoin transfers • Securitization → RWA tokenization V. The Rise of Sovereign Individuals & The Twilight of the Nation-State When capital flows freely, assets ignore borders, and power shifts to networks and private giants, we enter a post-national age where the individual becomes sovereign. 5a. The Prophecy of The Sovereign Individual In 1997, Davidson and Rees-Mogg predicted that the Information Age would make power more mobile than ever. The state would be unable to tax knowledge and capital that exists online. Stablecoins, DeFi, and RWA make this real. A person can now: • Hold global assets •Move capital instantly • Stay outside any one jurisdiction States lose grip. And their ability to tax or control fades. 5b. The End of the Westphalian System Since 1648, the world has been ruled by nation-states. But if productive individuals live in cyberspace, state borders become meaningless. States may resort to coercion predatory taxes, surveillance accelerating elite exit. Eventually, they may become "nanny states" serving only immobile, less wealthy citizens. 5c. The Final Frontier: Privacy vs. Taxation Today’s chains are transparent. But zero-knowledge tech (ZKPs) will bring complete anonymity. Combined with stablecoins, this creates an untouchable financial black box breaking the state’s final tool: taxation. Conclusion: The French Revolution replaced monarchs with nations. This revolution led by stablecoins and AI replaces territorial sovereignty with network and individual sovereignty. It’s not just a transfer of power it’s a decentralization and de-nationalization of power. We are witnessing the breakdown of an old world and the birth of a new order that grants individuals unprecedented freedom, but also unleashes unprecedented chaos.

《Holder/钻石手山寨币是对这轮周期非典型牛市的惩罚》 加密市场自诞生以来经历了多轮牛熊交替，每轮周期都伴随着独特叙事、市场动态和投资者行为。本轮周期，因为比特币减半、机构资金流入以及宏观经济环境的复杂变化，被大家看为是“非典型牛市”。 然而，对于许多执着于持有山寨币的钻石手投资者来说，这轮牛市不仅没有带来预期中的财富效应，反而是一场残酷的惩罚。 本文将深入浅出分析本轮周期山寨币的表现，结合历史数据并于BTC相对比，分析长期持有山寨币是本轮非典型牛市对钻石手的惩罚。 一、非典型牛市 传统加密市场牛市通常遵循比特币先行山寨币跟涨的模式：比特币价格先突破历史新高，吸引外界资金流入，随后资金轮动至以太坊及其他山寨币，催生山寨季。2021 年的加密狂潮中，持有山寨币的钻石手就曾是市场神话的主角。那时，散户只需闭眼买入并坚定持仓，就能轻松收获数十倍甚至数百倍收益。 然而，本轮周期打破了这一定律。在本轮周期中，这种简单粗暴的财富密码彻底失效 —— $BTC 突破 10 万美元大关，山寨币市场却呈现出冰火两重天的割裂现象：在这一轮牛市中市值前 150 名代币中仅有 60% 勉强收复 2023 年高点，而 $APT 等曾经的明星项目与峰值相比大幅暴跌。 在以前的牛市中，总是 VC 投资带动项目叙事，进而散户一拥而上开始 FOMO。此时 VC 出货完成退出。 然而在本轮行情中，散户却开始集中 FUD 那些 VC 带领的项目。他们的理由主要有以下几个： 1⃣散户普遍担忧风投机构在锁仓期结束后集中抛售，造成价格剧烈下跌，成为他们最主要的 FUD 来源之一。 2⃣此外，散户指责风投机构在项目 ICO 或私募阶段获取超低成本筹码，却在项目上线后通过洗盘与强行拉升操纵市场，完成“出货”并留下普通投资者“接盘”烂摊子。 3⃣VC 可能会为了追求快速回报而推高估值，不顾项目基本面甚至抄袭概念，从而制造泡沫，最终导致散户血本无归。 4⃣VC 的过度投资导致了某些赛道的超额拥挤，如 Infra 和L1。从而导致行业畸形发展。 5⃣在社交媒体上，散户往往基于“羊群效应”大量转载针对 VC 的阴谋论，例如 VC 洗盘、拉盘等说法，加剧FUD扩散并放大市场波动。 交易所上线即跌穿，以行业最强所币安 @binancezh 为例，上线代币不出几日总是会跌破盘前定价，甚至跌破挂牌价，显示了散户对交易所上币策略的强烈不信任。从而将交易所上币变成了大家抢跑抢卖的过程—— 1⃣ $ANIME ：2025 年 1 月 22 日在 Binance 上线，当日价格从最高点回落 74%，并迅速跌破初始挂牌价。 2⃣ $TRUMP ：2025 年 1 月 19 日上线后大幅抛压，首日暴跌 82%，最终收盘价远低于挂牌价。 3⃣ $SOLV ：2025 年 1 月 17 日刚上线就遭遇 78% 的首日跌幅，价格跌破初始挂牌水平。 4⃣ $COOKIE ：2025 年 1 月 10 日上线，价格瞬间下挫 74%，并在数小时内跌破挂牌价。 5⃣ $CGPT ：同为 1 月 10 日上线的 $CGPT ，首日跌幅 68%，刚一开盘便低于初始定价。 6⃣ $TST ：2025 年 2 月 9 日在 Binance 上线，短短数小时内跌幅达 80%，交易价格跌穿挂牌水平。 7⃣ $LAYER ：2025 年 2 月 11 日上线后表现最“温和”也跌去 50%，依旧不敌抛压而低于初始价。 8⃣ $AEVO ：自 3 月 13 日上线起， $AEVO 累计下跌 88%，首日便跌破挂牌价后持续走低。 (以上数据基于笔者写作时记录) 二、市场总体表现 根据 Coingecko 第一季度发布数据显示，2025 年第一季度比特币总市值下跌 6335 亿美元，跌幅 18.6%。 在特朗普就职典礼前两天，即 1 月 18 日，比特币总市值创下年初至今的最高点 3.8 万亿美元，随后呈下降趋势，第一季度末跌至 2.8 万亿美元。第一季度日均交易量为 1460 亿美元，环比下降 27.3%。 从数据可以看出市场热度明显降温，投资者在短期事件炒作后买卖意愿降低转向谨慎观望，市场整体表现出冲高乏力的态势。 三、山寨陷阱 寨币在牛市中的表现往往呈现高Beta特征，即在 $BTC 上涨时放大收益，在下跌时加剧损失。 2017-2018 年牛市由于 ICO 热潮推动山寨币暴涨， $ETH 从 100 美元涨至 1400 美元， $XRP 从 0.2 美元涨至 3.4 美元。然而，2018 年熊市中，ETH 和 XRP 均下跌 90% 以上。 钻石手 Holder 在熊市中几乎全军覆没。 2020-2021 年牛市：DeFi 叙事驱动山寨币热潮， $BNB 、 $DOGE 、 $SOL 、 $SHIBA 等涨幅惊人。但 2022 年加密寒冬中，山寨币总市值（TOTAL2）从 1.71 万亿美元跌至 4275亿美元，跌幅 75%。 2023-2024 年积累期：山寨币市场在 2023 年触及历史低点，只有极个别山寨币跑赢 $BTC 。 可以看出，山寨币在牛市中的暴涨往往伴随着更高的风险敞口，钻石手策略在熊市中几乎无法承受价格的剧烈波动。 而本轮周期中，山寨陷阱表现得越发明显。 1. 机构化市场导向 本轮牛市的机构化市场导向是山寨币表现拉胯的核心原因。比特币现货ETF的推出吸引了传统金融的资金，推动着 $BTC 突破 10w 美元关卡。但这些资金更倾向于蓝筹资产如 $BTC 、 $ETH 。 山寨币因缺乏监管认可、基本面不透明和高波动性，难以吸引机构资金。Glassnode 数据显示，2024 年 12 月以来，稳定币交易所净流入激增，主要用于 $BTC 和 $ETH 交易，而非山寨币。 除此以外，全球宏观经济环境紧张，美联储不降息与流动性收缩限制了投机资金流入高风险的山寨币市场。相比之下， $BTC 因为“数字黄金”叙事更具市场青睐。 2. 市占率被BTC抢占 比特币在本轮周期的表现十分稳健。根据 Morningstar 数据，2024 年，BTC 年涨幅达 124%，远超全球其他主要资产类别。 据 Coingecko 第一季度数据显示，虽然 BTC 的价格在 2025 年第一季度呈下降趋势，但其市场主导地位仍上升 4.6 %，达到 59.1%，创下 2021 年第一季度以来的最高水平，表明资金趋向BTC的集中。 历史上，当 BTC 市占率超过 50% 时，山寨币的相对表现通常较差，这也使得钻石手持有者被迫承受长期的价值缩水 反观被视为山寨币头子的 $ETH 市场份额下降至 7.9%，为2019 年以来最低。2025 年第一季度， $ETH 收于 1805 美元，当季下跌 45.3%，抹去了 2024 年以来的涨幅，回落至 2023 年的水平。2025 年第一季度，ETH 交易量从 2024 年第四季度的日均 300 亿美元下降至本季度的 244 亿美元。ETH 交易量下跌且价格表现不尽人意 ETH极差的市场表现连带着其他山寨币也叫苦不迭。AI代币遭受重创，NEAR、ICP、TAO和RENDER等均出现了超40%的大幅下跌。其他板块更不用多说。 只有稳定币 USDT、USDC 以及市值较大的山寨币 XRP 和 BNB 成功守住了各自的市场份额。但XRP相较年初涨幅也仅有0.5% 3. 短暂辉煌与快速回落 本轮周期中，山寨币并非完全没有获利的机会。如 $XRP 、 $HBAR 、 $LINK 等美国币都上涨明显表现优秀。 然而，这种上涨更多是短期市场情绪导致的，并非生态进步或用户增长驱动。例如 $XRP 的拉升则是 Ripple 与 SEC诉讼阶段性和解的炒作。Altcoin Season Index显示，2024年12月2日起的“山寨季”仅持续一周，随后迅速回落至中性区间（25-75）。 可以明显感觉到即使在牛市中，山寨币的爆发力已大不如前。根据 CoinMarketCap 24 年 12 月统计的 74.5% 市值增长中，前 20 大山寨币贡献了超 60% 的涨幅，市场呈现头部化集中趋势，这意味着绝大多数山寨币早已沦为僵尸资产，流动性枯竭下连跟涨的资格都被剥夺。 4. 链上Meme异军突起，好景不长 本轮牛市一个十分显著的特点就是是meme币的崛起，在2025 年第一季度排名前 20 的加密货币叙事中，有 6 个属于meme类别。 首先是二级市场上 $DOGE 和 $SHIB 等meme币因特朗普当选及马斯克的亲加密的态度而暴涨。Solana链上更涌现出总统官方政治主题代币，吸引资金的疯狂流入，甚至带动 $SOL 价格单周暴涨38.9%，达到293美元的历史新高 交易量激增 292%，达到 280 亿美元的峰值。一级市场无数暴富神话吸引着蠢蠢欲动的场外资金和野心勃勃的散户投资者，然而，这场狂欢的本质是叙事套利——资金涌入并非因是因为项目本身技术或生态价值，而是对符号炒作的赌徒式押注。 然而，在 #Melania# 的推出和特朗普的就职典礼之后，Solana 资金量迅速下降，完全回吐涨幅。 $LIBRA 的推出更是使得 meme 币热潮极速退却，爆出的阴谋集团勾结丑闻使得链上资金如潮水般退。 $TRUMP 代币暴跌60%， $PEPE 、 $BONK 腰斩，连 $DOGE 和 $SHIB 这类蓝筹meme 也回撤超 20%。这印证了一个残酷现实：Meme币的上涨几乎完全依赖情绪燃料，而情绪是市场中不可控的。 5. 解锁抛压压缩价值 除了上述提到的，当前代币经济学模型崩溃和代币解锁也在加剧着 Holder 的困境。 2025 年 Q1-Q2，山寨币市场面临 200 亿美元代币解禁，相当于日均抛压 1.1 亿美元。以 $ARB 为例，其流通量在6个月内暴增 150%，价格却跌破发行价超 60%。 更严峻的是 VC 机构在熊市期期间投资的超百亿美元项目，大多都选在了 2025 年集中发行，这也导致部分代币日均抛售量达市值的 0.8%-1.2%。由资本方主导的抛售剧本，本质上是将散户 Holder 锁定为接盘目标。 在这一链条中各方的定位十分清晰：项目方以白皮书叙事吸引资金，VC 通过解锁时间表完成收割，交易所则借上币费榨取散户完成最后一击。 另外热点叙事的周期也在缩短，2021 年 DeFi Summer的叙事可持续 3-6 个月，而 2025 年AI、RWA 等热点平均存活周期不超过一个月，更不用说 meme 这种大多靠情绪驱动喊单式上涨的资产，Holder 稍慢一步卖出就会变成永久性套牢盘。 简言之，当前的山寨币市场是一场由 VC 解锁、流动性枯竭和叙事泡沫共同制造的死亡游戏——项目方与资本方的收益，最终都来自 Holder 的口袋。 四、总结 当散户投资者们仍然沉浸在暴富的幻想中，期待着山寨币能像以前一样翻倍时，市场早已发生了变化。这一轮非典型的牛市不仅仅是在惩罚散户，更是市场发展过程中必然会出现的认知挑战。我们必须意识到，过去的经验和老旧的思维方式已经不再适用。要想在资本和政策的夹缝中生存下来，我们需要摒弃这些过时的想法，认真执行有效的投资策略，确保在合适的时机卖出，才能获得稳定的收益。 #Crypto# $BTC $ETH $SOL $XRP $DOGE

Ecclesiastes 5:15 As a man came from his mother's womb, so he will depart again, naked as he arrived. He takes nothing for his labour to carry in his hands. The Transient of Life Ecclesiastes 1:17 So I set my mind to know wisdom and madness and folly; I learned that this, too, is a pursuit of the wind. We brought nothing into the world, so we cannot carry anything out of it. That is the futility of all of our hard work at the end of our lives. Nothing matters. Regardless of riches, wealth, fame, power, achievements, status or credentials, they are meaningless at the end of our journey. It is like the currency of a country becomes worthless when we leave for another country. Only if we have a way of converting it to the currency of that country will it retain its value. If not, we will have to leave everything behind as if we never had it. That is futility or, to be specific, the meaninglessness of our lives, like robbing ourselves of our well-deserved medals. As Solomon expressed it: It is futile and a pursuit of the wind. All our efforts are a waste of time, transient, lacking eternal value. In other words, wasting our time. What if we are good? Soon, there is someone better to replace us. So, what if our invention is excellent? Very soon, it will be obsolete. Even if we leave behind a legacy, it will soon be superseded. Our dreams, visions, aspirations and even our lives are like sandcastles, soon will be washed away by the waves, leaving no trace behind. That is the reality we have to deal with; we are as good as we were last. The Permanence of Our Existence Genesis 2:7 Then the LORD God formed man from the dust of the ground and breathed the breath of life into his nostrils, and the man became a living being. Our life on Earth is temporal, and we will one day leave for another place of permanence. Even though we leave Earth through the process called death, we, literally, will never die even when we stop breathing. Once born, all possess the breath of life, which GOD breathed into the first man, Adam. This breath, as eternal as God, cannot be destroyed and will keep us living forever, for better or for worse. Regardless of our religion or spiritual orientation, we will live on either in life in heaven with GOD or in our second death in hell away from GOD. Even when we breathe our last breath and are reduced to dust back to the Earth, we will not be reduced to nothing or vanish into thin air. Death will not bring the end of us, and it will not end the repercussions of our actions, otherwise known as karma. Therefore, bygones will not be bygones when we are gone. Nothing ends except our trials in life when we are put to sleep for the Day of Judgment. When the Book of Life is opened on that day, we will face judgment and give an account of our deeds and for every careless word we have spoken. We will continue living after judgment according to the judgment. And if anyone whose name is not written in the Book of Life, he will be thrown into the lake of fire where there is no end. Those whose names are written in the Book of Life will be with GOD in the new heaven and new earth. Either in hell or in heaven, life continues after death. Planning Forward John 14:2 In My Father's house are many rooms. If it were not so, would I have told you that I am going there to prepare a place for you? Once created, we cannot be destroyed; we can only be converted from one form to another. As water changes from a liquid to a gaseous state, we change from physical to spiritual form. We are the same as Jesus Christ, unchanged through death. The unfortunate truth is that only we can undergo spiritual metamorphosis, not our material possessions. They are unable to morph with us. In a nutshell, once we die, it is eternal separation from our material possessions. Dying is like our emergency evacuation from an aircraft; we cannot take our luggage along. What we can bring is what we have on. With this in mind, we can rethink our strategy and plan forward with eternality in mind. Planning with the End in Mind Jeremiah 29:11 For I know the plans I have for you, declares the LORD, plans to prosper you and not to harm you, to give you a future and a hope. Only things can happen with a plan. Even GOD has plans for us, plans to prosper us and not to harm us, to give you a future and hope. When we fail to plan, we plan to fail. If we do not have eternity in mind, we will fail to plan for it and take what is necessary to achieve it. If that happens, that could be our regrettable oversight or foolishness. What is unseen or unknown might not be non-existent. What we cannot hear does not mean there is no sound. It might be an inaudible sound that our ears cannot detect. Many things exist beyond our imagination, like holding a phone and hearing someone who is far away speak. If we discard reality beyond our imagination, then we might be too arrogant to think we know everything. If GOD says so, it is better to take it seriously. Unless we think we know better than GOD. Rethinking of our Eternality John 3:16 For God so loved the world that He gave His one and only Son, that everyone who believes in Him shall not perish but have eternal life. Therefore, we should not be myopic in thinking that we only last a lifetime, which, in fact, we are made for eternity. Comparing a lifetime to an eternity is like a drop in the ocean. If we have plans only for this lifetime and neglect our eternality, we will have much to regret. We can mess about our lifetimes, but never our eternality because eternity is too long to live if it encompasses pain, suffering, and regret. To prevent these, we must plan early in our lifetime for it. It is like getting a good education when you are young, so your future is secure. As much as we must sacrifice when young for our future, so we must sacrifice our lifetime for eternality. To do well in our studies, we cannot do as we wish, but we must learn well. Likewise, to prepare for eternality, we also cannot do as we want but must do well in what is required of us. Failing to do so, we will miss out on our excellent future in eternality. Rethinking our Priority Matthew 6:33 But seek first the kingdom of GOD and His righteousness, and all these things will be added unto you. Jesus said, "What does it profit a man to gain the whole world yet forfeit his soul? Or what can a man give in exchange for his soul?" In other words, Jesus is saying that things of temporal value cannot be compared to things of eternal value. Once we lose the things of eternal value, nothing of temporal value can replace it. Therefore, we cannot have misappropriated priority by placing temporal things over eternal, even if they might not be relevant now. We put the gain of the whole world as more value than our souls. If we lose our souls to the things of the world, Jesus said that there is nothing we can use to exchange it back. It is like losing a person to the evil of drug abuse. If the drug has taken control of the man, there is nothing much one can do to get him back. Rethinking of our Alliances James 4:4 You adulteresses! Do you not know that friendship with the world is hostility toward God? Therefore, whoever chooses to be a friend of the world renders himself an enemy of God. We need to survive in the world, but that does not mean we need to compromise by sacrificing our souls. In other words, we need not exchange our gold coin or a copper coin of the world. The evil one wants our gold coin, and we will be foolish if we ever exchange with him. Therefore, we should never sell our souls by betraying GOD, our characters and principles for the ill-gotten gains of the world. Getting them will bring no benefits to us except to increase the ills in our lives. However, if we do not walk the way and indulge in the practices as the world does, those in the world will hate us. Therefore, Jesus said, "Everyone will hate you because of My name, but the one who perseveres to the end will be saved." If we want to prove ourselves worthy of God's love and the right to eternal life, we need to make a difference, stand apart from the world and never give away our gold coin. Rethinking of our Treasures Matthew 6:19-21 Do not store up for yourselves treasures on earth, where moth and rust destroy, and where thieves break in and steal. But store up for yourselves treasures in heaven, where moth and rust do not destroy, and where thieves do not break in and steal. For where your treasure is, there your heart will be also. What is of value to GOD might not be to the world. Natural man does not define treasures as GOD does and does not accept the things that come from the Spirit of God. For they are foolish to him, and he cannot understand them because they are intangible, unquantifiable, unseen and unproven. In other words, nonsense. Therefore, natural man only stores treasure on earth and not in heaven because he values things differently from GOD. Since the time frame of man is temporal, his mind frame is on temporal things. If he wants to prepare for life after death by storing up treasures of eternal value in heaven, he must change his mind frame by changing his heart towards the things of temporal value. He must treat things of temporal value as worthless and things of eternal value as treasures and pursue them with all of that he has. To him, the kingdom of heaven must be like a treasure hidden in a field. Once he finds it, he hides it again and, in his joy, goes and sells all he has and buys that field. The kingdom of heaven is also like a merchant in search of fine pearls. When he finds one very precious pearl, he goes away and sells all he has and buys it. Rethinking our Investment Portfolio 1 Corinthians 3:19-20 For the wisdom of this world is foolishness in God's sight. As it is written: "He catches the wise in their craftiness." And again, "The Lord knows that the thoughts of the wise are futile." As the saying goes, 'No pain, no gain.' If we cannot give up our treasures on earth, we cannot build our treasures in heaven. If we cannot give up the wisdom of the world for the foolishness of GOD, we cannot gain the wisdom of GOD, which is the foolishness of the world. If we want to build our treasures in heaven, do things that matter, and give us a future, we must change our perspectives. We must value the foolishness of the world that produces eternal value. When we invest our resources in time, talent, and money, we must calculate the ROI (return on investment) of things, not only on earth but also in heaven. If it does not have eternal value, then our returns are short-term gains but long-term losses, which is not ideal. It is foolish for a man to start a business that materially enriches him but spiritually bankrupts him. Therefore, whatever we do, we must understand not only the short-term implications but the long-term effects. If not, we are only wise for a moment but foolish forever. Conclusion: Where your treasure is where your heart will be 1 Corinthians 15:54-55 When the perishable has been clothed with the imperishable and the mortal with immortality, then the saying that is written will come to pass: "Death has been swallowed up in victory." "Where, O Death, is your victory? Where, O Death, is your sting?" Many are afraid of the sting of death because they are not prepared for eternality. They are like students going for an examination without having enough preparation. Unless we have been faithfully building treasures in heaven, we will not fear. If we have not, then we have much to worry about when the time is nearing. And those with immense treasures on earth will be reluctant to leave as they are unwilling to part with their wealth. However, this appointment with death is imminent, and no one is exempted. Only when we are secure that our treasures are in heaven will we be willing to leave everything behind for heaven because we have emptied our lives on earth and have nothing to hold us back. Prayer: God, please open my eyes to see the things of eternal value so that I will diligently work towards them. Let me not be fooled by the deception of the world and waste my life on things that do not value-add to my eternal life and rob me of it instead. I brought nothing into the world, and I would not carry anything out of it. Let me be generous in sharing Your goodness so that my treasures will be great in heaven. Amen.