danny

danny

10,429 Twitter followers

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Just a boring gin maker. Tweets are stupid and for fun. Taking public transportation and wasting time on #NFT and #Defi Building @marginx_io and @purse_land

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I. The Traditional "Selling Shovels" Logic (2017-2021) In the early ICO or DeFi Summer era, the logic was similar to traditional Fujianese business practices: Scenario: Retail investors want to mine for gold (trading/speculation). Shovels: Exchanges, public chain gas, lending protocols. Logic: You use my shovel to dig for gold, I collect rent (transaction fees). Tokens: Similar to "pre-sale service vouchers" or "membership cards," representing the right to use the shovel in the future or the right to receive dividends. II. The Distortion from 2023 to 2025: "Token as Product" By 2025, with infrastructure oversupply (L2 saturation), "collecting tolls" was no longer profitable (gas fees became negligible). Project teams and investors realized that instead of painstakingly making a good shovel and earning meager rent, it was better to directly sell "stocks of the shovel company" (Tokens) to retail investors as goods. In this new model: The real product: is the Token. This is the only thing that can generate sales revenue. Marketing materials: public chains, games, tools. Their sole purpose is to provide a narrative background for the token, increasing the credibility of the "goods" and the imagination of retail investors. Business model: Selling tokens = sales revenue. The industry no longer pursues profit through technical services, but rather uses financial means to price and sell "air." III. Production and Packaging: High Valuation Endorsement and the "Credibility" Game If the token is a commodity, then top-notch packaging is needed to sell it at a high price (ship it). Institutional Endorsement: Not for investment, but for "branding." In the 2023-2025 cycle, the role of VCs changed from "venture capitalists" to "brand franchisees." hhhh This article has many paragraphs that could be excerpted and tweeted separately 😂 twitter.com/agintender/status/...

Surprisingly, hardly anyone mentioned @HyperliquidX's new feature—portfolio margin. This is a real capital efficiency accelerator… It can completely outperform anything like an aster lighter backpack or anything else by leaps and bounds.

Hyperliquid just announced Portfolio Margining But I don't think most people understand how important this is When it was introduced in TradFi it added $7,200,000,000,000 to the derivatives market in just a few years The Historical Context: This used to be illegal. In 1934 the

I still remember the frenzy shortly after Aster's release... Everyone used HyperLiquid as a benchmark, but no one could surpass it. We're quite familiar with this scenario. twitter.com/agintender/status/...

This summary was really fast, impressive! @YeruiZhang Let me add to this question: 14. What if there are no projects left? Binance doesn't lead the narrative (emphasized repeatedly), it only observes and discovers the wealth effect in the market, helps users benefit from VC dividends, finds small but beautiful projects with business models to benefit from growth dividends, is afraid of large VC coins, and isn't interested in narratives. —- The original question was: Given the current listing speed of BN alpha and the current market financing environment (generally, large projects need 12-18 months from financing to token issuance), by Q2 of 2026, there will basically be no "large" projects left. So what will BN list then? What will the trend be? @heyibinance's answer actually contains a lot of information: 1. Small valuations, not many financing rounds, VC endorsements/backing are no longer effective. 2. Launch projects first, then issue tokens. 1. Enable users to participate earlier 2. The project should generate revenue and cash flow after launch 3. Be willing to airdrop tokens (repeated many times) 4. The valuation inflated by VC funding should be determined by secondary market dynamics (back to point 1) 5. "Small and beautiful" is not literally "small and beautiful." "Small" refers to a small valuation, and "beautiful" refers to high revenue. In short, the higher the revenue/FDV ratio, the better. 6. It's almost 2026, so stop believing narratives. 7. Considering the context of talent demand, this "small and beautiful" ideally applies to bnbchain. 8. I can't make this up anymore, so I'll stop here. 😂

记录一下一姐见面会：直观感受是一姐读了很多书，语言水平很高；币安已经是很成熟的企业，不会主动创造热点，核心是做好用户服务，拥抱技术变革～核心哲学：敢为天下后。 1. 币安内部治理结构自下而上。 2. Palu是员工主导的，不反对内部试错。 3.

Unable to pay with tokens? My article is stalled. Here's the thing: a few days ago I boasted I'd write a major article about 2025-2026. Personally, I don't think BTC/ETH/crypto assets should borrow from Web2/Internet economic trends/models; I prefer using power-law relationships to deduce asset bubbles and cycles. However, being a vocational school graduate, I've long forgotten the reverence for Fourier transforms, so I can only rely on various AI experts to collect data and perform calculations… And then, at the crucial moment… I ran out of tokens… and I couldn't top them up no matter what… It's already 2025, the Nationalist government is about to achieve unification, when will they finally open up crypto payments?

这两天读了 @hosseeb 和 @mscryptojiayi 的thesis，除了感慨不同的叙事纬度之外，也发现不同领域从业者之间的角度居然可以差这么多 😂 你可以理解是，项目方vs投资方视角当市场上在探讨这个是指数级还是几何级增长的时候，我们想的是如何解这道一元三次方程——如何拆项和降幂 x.com/agintender/sta…

At a dinner party for exchange traders, the stock price rose 8% on 2024111120230 and 10% on 2024111120231. Most people were eating, drinking, taking photos, gossiping, socializing, and discussing partnerships. Only a few people were "rudely" playing on their phones, and some long-time traders even went outside to avoid embarrassment. This is a real sign of a bear market! Even at an exchange traders' dinner party, hardly anyone had any positions... What's the point of trading like this?

If you think USDE won't collapse, then why do you think USDT will? To discuss whether 100% or over-collateralization is necessary, we need to distinguish between decoupling due to insufficient secondary market liquidity and decoupling due to insufficient reserves (collateral). These are fundamentally different. USDE in October 11th was the former; USDT in Luna is the latter. The key to the former is market confidence – if someone believes you're capable and have the funds (not necessarily actual funds), they will provide liquidity. The key to the latter is having actual funds, but many people don't realize that you can't actually use them. Like USDT, once they're actually used, confidence dissipates. Tether's financial report seems to be deconstructing the latter, but it's actually discussing the former. Is 80% of US Treasury bonds as reserves enough? It's both enough and not enough. Mathematically, it's not enough in the current market environment, but from a market game/secondary market maker perspective, it is. For Tether, the money on the balance sheet is mine, the money from market makers is mine, and the money from the exchange is mine. It's just that betting on the direction like this is a bit puzzling for a money-printing machine that can make money effortlessly.

Shocked to hear that Michael Burry has started a paid knowledge platform, writing about his bearish views on Nvidia and the AI bubble. Wow… that's possible? Should I do one too? Not $39, just $3.90 😂 A friend reminded me that @pundiai on #BNBChain also requires a #bnb subscription. So all the subscription fees I get will go to burn $pundiai and $bnb. Anyone want to be sucked up? twitter.com/agintender/status/...

Are you guys kidding me?! @megaeth

Unfortunately our 3rd party provider received too many requests resulting in downtime. The $250M cap filled within 156 seconds upon resolution. We've decided to increase the cap to $1B in an effort to give users access to USDm day 1. Bridge will reopen at 11am EST.

Actually, upon closer reflection, @binance's decision not to list @monad immediately upon opening was actually beneficial for both parties. For Binance, knowing there was a large initial sell-off in Monad, it was better to let the market digest it first. Besides, the current spot trading volume for this version isn't high, so there's not much potential; since contracts are available, they can still earn commissions. Furthermore, Binance is probably wary of being burned by large projects before, so they're "observing" for a while – which aligns with Binance's listing strategy over the past two weeks. For Monad, market sentiment has been poor these past few weeks, so maintaining the expectation of a future Binance listing prevents the hype from being completely exhausted. As for airdrops, they'll happen when the time comes (too big to be ignored) – either the project team decides to provide tokens, or the exchange decides to.

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