1) A16Z reviews the encryption field cycle
A16Z’s blog believes that the field of encrypted assets has experienced three cycles so far. The first cycle is 2009-2012, the second cycle is 2012-2016, and the third is 2016-2019.
These cycles may seem chaotic, but have an underlying sequence, broadly characterized by: 1) rising prices for Bitcoin and other assets; 2) new attention and social media activity; and 3) more people getting involved , contributing new ideas and code; 4) prompting others to create projects and start-ups; 5) launching the product and inspiring more people, eventually moving into the next cycle.
As chaotic as the crypto cycle may seem, over the long term there has been a steady increase in new ideas, code, projects, and startups—the fundamental drivers of software innovation. Technologists and entrepreneurs will continue to push the boundaries of crypto for years to come.
2) Comparison of FTX & Binance leveraged tokens
image from
image from@fast chain, for entertainment purposes only
Not long ago, Binance released another noteworthy new product "Binance Leveraged Tokens", this happened after Binance delisted the leveraged tokens of FTX, the exchange in which it invested strategically, at the end of March. It is worth pondering that the reason is "There are many things that users do not understand about the operating mechanism of leveraged tokens」。
In this article, trader Austerity Sucks introduces the product features of FTX leveraged tokens and Binance leveraged tokens in detail, and compares the two, their advantages and disadvantages.
Although Binance Leveraged Tokens have lower management fees, on the other hand, users cannot create Binance Leveraged Tokens on NAV, only redeem them; this means that there is effectively no external market maker, because when the When leveraged tokens are priced too high, liquidity providers cannot create corresponding leveraged tokens for arbitrage. Only Binance can create it.
Binance intentionally does not disclose the rebalancing mechanism and does not disclose the underlying trades, so users cannot verify that the NAV is being tracked correctly (its value). This makes the product difficult to understand (if it is difficult for users to understand the mechanics of FTX leveraged tokens, they also cannot understand the less transparent Binance leveraged tokens), and more complicated for traders.
Binance leveraged tokens are not even on-chain tokens that can be transferred or stored in hardware wallets.
The worst part about Binance leveraged tokens is that users are completely at the mercy of an opaque "algorithm" that you have to trust. At the same time, the author Austerity Sucks expressed doubts about the lower management fees of Binance leveraged tokens, and questioned that Binance may have other ways to make money, such as using information asymmetry about the underlying fund and market imbalances to trade.
3) Why Bitcoin dominates the market
In this article, Coinbase strategy consultant Justin Mart analyzes the reasons for Bitcoin's dominance in the crypto world and the behavior of Coinbase customers, predicting the upcoming wave of DEXs.
Here are the reasons why Bitcoin dominates the market:
Philosophy and mission: Bitcoin is subverting currency and is the world's first truly fixed-supply currency
Mind share: Bitcoin is the pioneer, the most attractive
Security: This is the most secure PoW asset, and latecomers are far behind
Decentralization: (this) is hard to quantify, but Bitcoin is decentralized, has the most nodes, has the largest distributed computing power, and has arguably the most conservative governance function
Infrastructure and Liquidity: Bitcoin has the most mature service and deepest liquidity pool
Technical simplicity: While other protocols seek to scale new use cases, Bitcoin's technology has been able to fulfill its mission
Creation myths and intangibles: an anonymous birth myth, an explosive vision, undeniable appeal, a new economic model governed by mathematics.
4) Gain insight into the current status of Bitcoin, Cosmos, Decred, Ethereum, and Tezos networks
This issue of Our Network includes: CoinMetrics research analyst Nate Maddrey's analysis of Bitcoin transaction fees, Cosmos community director Chjango Unchained introduced the progress of Pegzone, independent analyst Checkmate analyzed Decred chain data, Santiment, Blockwatch Data founder Alexander analyzed Tezos Staking status.
As we’ve noticed in previous research, DAI’s market capitalization and Ethereum’s price tend to correlate in fascinating ways. Before the price surge of ETH (late January to mid-February), we noticed a steady increase in the market cap of DAI.
Once again, even before it crashed along with the rest of the crypto market on Black Thursday, ETH’s price was foreshadowed by the small drop in DAI’s market cap seen in the previous days. The current market value of DAI is maintained at between 108 million and 111 million US dollars.
5) Staking service provider Figment popular science Coda
According to Block123.com，Coda is a zero-knowledge proof for data compression, and ultimately achieve blockchain expansion and a highly decentralized underlying blockchain, which has received institutional investment from Accomplice, Coinbase Ventures, Paradigm, General Catalyst, and Dragonfly Capital.
In this article, the node service provider Figment popularized Coda. The main points include:
Every Coda user is a full node
Lightweight smart contracts will be supported when the mainnet launches
12% inflation for the first year
This is the end of this issue of Satoshi Mamoto's Notes, see you next time.
This is the end of this issue of Satoshi Mamoto's Notes, see you next time.
