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Rui
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Chief eating officer at HashKey Capital, Travel, Foodie, Crypto #Binance GMGN：https://t.co/yKaFrDMkoi Kaito：https://t.co/0RR42Z1YJD
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Rui
I recently observed the operations of two active market makers and here are my observations: 1. Binance remains the liquidity hub. Regardless of external claims of declining market share, liquidity still resides on Binance. Market makers are currently operating by buying little or no spot, controlling prices on Binance Futures/Aster Futures. Other exchanges are merely auxiliary tools for unloading/replenishing positions. 2. Binance's risk control is now insanely strict. If there are issues with the risk margin/large-scale liquidation, accounts with large profits are immediately ADR+ and withdrawals are prohibited. They also trace back some accounts that traded in the early stages. Active market makers are difficult to prevent; it's a constant battle between law and crime. Even with FUD, Binance will find it hard to completely eliminate this practice. Binance's risk control/reporting system is only temporarily effective. Risk control models will eventually be figured out, and a report can simply be ignored. As far as I know, for project teams, very few ultimately pocket substantial profits. Most simply convert a portion of their holdings into USDT, giving themselves a reason to leave. For retail investors, playing against the big players is a recipe for certain death.
ASTER
2.24%
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Rui
03-17
Thread
At first glance, MSTR's STRC seems similar to Luna's model, issuing bonds by pledging BTC and stocks, providing stable monthly interest payments. Luna also bought a large amount of BTC at the last minute, hoping to work with Luna to provide collateral for UST and ensure its stability. Applying UST's formula, if BTC and stocks fall together, a cascading liquidation would occur. However, times have changed, and this time is different. 1. MSTR has a certain degree of protection in the US stock market, due to the rebalancing of various indices and the consensus of a group of institutional investors over the years. Similarly, BTC's token structure is very clear, making an attack on liquidation too costly. 2. This approach uses credit lending, which is fundamentally different from UST's use of DeFi on Anchors. Credit market transactions are very private, and repayments are periodic, making it difficult for short-term liquidity shortages to lead to liquidity liquidations.
BTC
0.64%
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Rui
03-16
EF's new Mandate is quite interesting. I think this is a significant moment for ETFs, no less important than previous XX upgrades. Ethereum's positioning has always been unclear. The differing goals of EF, Vitalik, and the community led to EF disliking many things popular on Ethereum, resulting in some bizarre statements and the unpopularity of certain ecosystems on Ethereum. Similarly, EF's promotion of Layer 2 and other concepts gained a lot of support, but were subsequently proven wrong by the market. Subsequently, some dissenting voices and changes emerged in EF, such as the rise of Tomsaz, who emphasized developer experience and institutional relationships. Although the reforms were not entirely successful, they exposed all the problems to the internal board. Therefore, EF chose to adhere to its original values, prioritizing decentralization, censorship resistance, and user protection. This feels like stepping back into 2019. ETH was cool because of its values, and this coolness attracted a group of developers, ultimately triggering an on-chain explosion. It's impossible to objectively define a direct link between values ​​and growth, but I believe that in the AI ​​era, taste determines a project's ceiling, and EF's persistence will eventually attract a group of like-minded developers. Of course, everything takes time, but perhaps ultimately, using blockchain's decentralization to limit the boundaries of AI will become the next big narrative for ETH. Meanwhile, EF directly OTC-transferred its unsold ETH to Bitmine, a move that is far from decentralized but significant, demonstrating EF's recognition of Bitmine's status as an institutional partner for ETH. Vitalik and EF have historically struggled with dealing with institutions, while institutions like Consensys have performed poorly. Ultimately, this resulted in ETH underperforming EOS during the US institutional-driven bull market of 2023-2025. Bitmine fills this gap, finding more potential buyers. Perhaps ETH will never find its next DeFi moment, but Vitalik Buterin's geek philosophy and EF's values ​​will ensure that ETH at least exists as "Another Blockchain." Initially, people invested in ETH because it was truly usable. As more usable blockchains emerged, people began to prioritize usability. But in an era where everyone is usable, I think the differentiation will lie in different tastes and an unwavering determination.
ETH
0.49%
avatar
Rui
03-16
EF's new Mandate is quite interesting. I think this is a significant moment for ETFs, no less important than previous XX upgrades. Ethereum's positioning has always been unclear. The differing goals of EF, Vitalik, and the community led to EF disliking many things popular on Ethereum, resulting in some bizarre statements and the unpopularity of certain ecosystems on Ethereum. Similarly, EF's promotion of Layer 2 and other concepts gained a lot of support, but were subsequently proven wrong by the market. Subsequently, some dissenting voices and changes emerged in EF, such as the rise of Tomsaz, who emphasized developer experience and institutional relationships. Although the reforms were not entirely successful, they exposed all the problems to the internal board. Therefore, EF chose to adhere to its original values, prioritizing decentralization, censorship resistance, and user protection. This feels like stepping back into 2019. ETH was cool because of its values, and this coolness attracted a group of developers, ultimately triggering an on-chain explosion. It's impossible to objectively define a direct link between values ​​and growth, but I believe that in the AI ​​era, taste determines a project's ceiling, and EF's persistence will eventually attract a group of like-minded developers. Of course, everything takes time, but perhaps ultimately, using blockchain's decentralization to limit the boundaries of AI will become the next big narrative for ETH. Meanwhile, EF directly OTC-transferred its unsold ETH to Bitmine, a move that is far from decentralized but significant, demonstrating EF's recognition of Bitmine's status as an institutional partner for ETH. Vitalik and EF have historically struggled with dealing with institutions, while institutions like Consensys have performed poorly. Ultimately, this resulted in ETH underperforming EOS during the US institutional-driven bull market of 2023-2025. Bitmine fills this gap, finding more potential buyers. Perhaps ETH will never find its next DeFi moment, but Vitalik Buterin's geek philosophy and EF's values, practiced day after day, will allow ETH to at least exist as "Another Blockchain." Initially, people invested in ETH because it was truly usable. As more usable blockchains emerged, people began to prioritize usability. But in an era where everyone is usable, I think the differentiation might lie in different tastes and an unwavering determination.
ETH
0.49%
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