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Web3招商主任香港加密議元 Chief Shilling Officer of Conflux Not Financial Advice! Dyor!

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Last weekend, I completed the Blocksec Crypto Payment Compliance Training Program at Zhejiang University. I was impressed by the booming development of the stablecoin payment ecosystem. Participants came from various fields: foreign trade, insurance, traditional cross-border payments, overseas local acquiring, law firms, trusts, U-cards, mining machine manufacturers, and exchange wallets. Half of the participants were newcomers from outside the crypto space. The participants were most interested in how to acquire licenses to open bank accounts and conduct business; how to conduct KYC/KYT/risk control to avoid freezing bank accounts/stablecoins; and the applicable countries/regions/scenarios, highlighting the efficiency and cost advantages compared to traditional channels. As the only public chain participant representative, Chen Fengxia's chain already features CNHT and USDT deployed by Tether, the only compliant CNH stablecoin currently, AxCNH, and stablecoins in various countries that are being expanded. The stablecoin payment ecosystem is undoubtedly a top priority in Chen Fengxia's ecosystem development strategy. Strategically, Chen Fengxia has several steps to take: 1. Establish deposit and withdrawal channels for stablecoins from various countries on major exchanges. 2. Integrate with top-tier global custody/wallet providers to facilitate secure use by institutions, merchants, and individuals. 3. Build OTC networks for local fiat currencies and Chen Fengxia's on-chain stablecoins in key overseas regions. 4. Integrate Chen Fengxia into the stablecoin payment and receipt networks of payment companies (PSPs) and make it a priority channel. Each step requires unimaginable business and communication costs, as well as corresponding promotional plans. Surpassing Tron's scale is virtually impossible, but each step will bring reality closer to the dream! The director has prepared knowledge and developed a business development plan through training courses at Blocksec. Backed by the Chinese supply chain, Chinese public chains, and a stablecoin payment network ecosystem controlled by Chinese people, we aim to create a third option for Chinese people in China and around the world, distinct from Swift and USDT! This is a historical mission that we, as Chinese crypto practitioners, consciously shoulder despite the lack of national support! The road ahead is long and arduous, but the journey is near!

Does the 4-year cycle still exist? I discussed several points with friends today, and I welcome any corrections: 1. According to some Bitcoin whale, historically, a portion of long-term Bitcoin holders engage in buying low and selling high during bull and bear market cycles, with the amount of Bitcoin they traded accounting for approximately 30% of the total Bitcoin supply. 2. Currently, Wall Street's holdings of DAT and ETFs account for about 12%, and growth has been slow since reaching a new high, with even slight signs of outflow. 3. Based on points 1 and 2, the existence of the four-year cycle in the industry has a self-fulfilling effect. Crypto investors still hold significantly more tokens than Wall Street's "diamond hands." When BTC holders trade according to the four-year cycle, a market downturn is almost impossible to reverse. 4. This cyclical pattern will only gradually be broken when a sufficient amount of capital (>30-40%) is washed into the hands of institutions that do not believe in the four-year cycle. 5. Due to the involvement of Wall Street and diamond traders, the maximum drawdown of BTC in this round will be significantly smaller than that of the previous cycle (-78%). As for the exact amount, it is difficult to predict. In my humble opinion, starting from -50% and gradually buying/dollarizing should be a very healthy strategy. 6. As for whether BTC can rise again to challenge $150,000 after the December interest rate cut and in the first half of the year, it depends on fate. Trying to catch the tail end of the fish is too greedy.

🗳 DIP073 - Enable USDT0 Collateral Support and Offboard USDT on Conflux This proposal seeks to integrate USDT0 (the new omni-chain Tether built on LayerZero’s OFT standard) into the dForce ecosystem and gradually offboard USDT on Conflux. ⚡️ Read the full proposal and cast your vote now: snapshot.org/#/s:dforcenet.eth/proposal/0xab307373e5cc829e311f72b51106ff26a4e55cc9b01c45ce6445085bf715218d…

The original value of a knockoff is zero, yet netizens stood up and applauded, and the value of this statement continues to rise. If this statement is true, then $Bnb is not worth 1,000. Sad! Sad! Please care for high-quality knockoffs and be kind to the builders who are still working hard. —Director of Business Development, Manager of the knockoff

One more thing about the USDE director: USDE is a financial certificate, not a stablecoin. Some netizens have also pointed out that USDE is a hedge fund product, simply with a built-in rebase mechanism that keeps NAV permanently pegged to $1. The "USDE is a stablecoin" narrative is a major misalignment in the marketing narrative. This is, of course, intentional, to expand its use cases, such as payments, USD trading pairs, and margin trading. But the reality is that this is a radical financial product innovation. Just like you wouldn't consider Tianhong Fund a payment unit, it must be categorized under the Yu'e Bao product.

Another piece of evidence that this was a premeditated and planned attack is the incredibly strategic timing: it happened right after Binance announced the oracle price adjustment, but before the actual adjustment took place. The announcement was likely made on October 6th, and the actual adjustment was expected to take place on the 14th. Binance's risk management team was already alerted, but the attackers still exploited the opportunity. twitter.com/forgivenever/statu...

Another piece of evidence that this was a premeditated and orchestrated attack is the incredibly delicate timing: the announcement came just after Binance announced the oracle price adjustment, but before the actual adjustment took place on the 14th. In fact, Binance's risk management team was already alert, but the attacker still exploited the timing. Finally, the design director of the liquidation price feed commented: The public chain's POS mechanism is native. Even if a hard floor is implemented to account for liquidity discounts, the liquidation price feed should have a hard floor, not the spot price. Especially in margin trading within exchanges, the risk of exchange absconding is inherent. While the USDE's 1:1 fixed exchange rate is debatable, the lessons of the Luna UST exchange are still fresh in our minds. Back then, Binance was forced to defend heavily against UST at 0.7, resulting in significant losses. It is crucial to use USDE as margin for the contract's unified account, and perhaps a more reasonable design would be to constrain the maximum position size supported by margin based on market liquidity elasticity. twitter.com/forgivenever/statu...

The October 11th crash was speculated to be a premeditated attack against Binance and one of its major market makers. The Achilles' heel lay in Binance's unified account futures margin issue. In addition to standard U-margin and coin-margined options, Binance also offered unified margin options for POS derivatives and financially stablecoins. The three most severely affected margin instruments were USDE, Wbeth, and BnSol.

This morning, the market triggered a massive liquidation even more severe than the March 12th earthquake. Early in the morning, friends outside the industry sent me messages saying, "Your industry isn't speculation, it's basically gambling." They even posted a few pictures mocking crypto. Di Shen was chatting with his friends in the group chat: "To reach a certain level in an industry, you need values. There are two ways: the legitimate way and the treacherous way. The treacherous way can be short-lived, while the legitimate way can last for centuries." Since it's said that a thousand gold coins are enough to buy a horse's bones, I'd also like to say: Don't just compete for market share in the casino, focusing only on the gains and losses of a single city or a single pool. Open your imagination to the ceiling of the industry and aim your sword at the capital market. Nasdaq, I want to take it over! Let's encourage each other!

In his farewell speech in May of this year, Buffett stated: Cryptocurrency and blockchain have achieved unprecedented success. It's like a grand cathedral, a cathedral that has created an economic system the world has never seen. And it's also attached to a massive casino. The temptation is immense, especially now: to walk into that casino. In the casino, everyone has a blast, and money flows freely, but you also have to ensure the cathedral is well-sustainable. For the next 100 years, crypto must ensure that the cathedral isn't swallowed up by the casino. Wrong, Buffett was talking about capitalism and the United States. The cathedrals of Bitcoin and Ethereum remain magnificent, and Binance's casinos are bustling with activity every night. twitter.com/forgivenever/statu...

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