研究 UNI 之前，我以为它快追上 HYPE 了。
花了一周把它的销毁机制拆完，结论有点反过来：UNI 这波从 2 块多涨到 9 块多，涨的不是 Uniswap，是 Robinhood 链上的 meme。
它从底部起来快四倍了，我一点没买，涨进我视线的时候已经是这个价了。
几个我觉得得先搞清楚的事实。
它的基本面去年 12 月就变了。费用开关打开，协议抽的手续费全进一个罐子，谁想把罐子里的钱取走，得先烧掉一笔 UNI。这个信息公开快一年了，但知道这个信息的人，先要从公告的高点吃一个 77% 的回撤，才等到 6 月的底。公告当天冲进去的，到今天差不多刚回本。
我想说「知道基本面变了」和「能拿住」完全是两回事。
它的销毁比 HYPE 复杂得多。HYPE 简单，100 块手续费差不多 97 块拿去回购。UNI 得先看池子：0.01% 和 0.05% 的低费池抽 1/4，0.3%、1% 的高费池和 v2 抽 1/6。听起来低费池抽得更狠，但算到罐子里正好反过来，同样 100 万美元的交易量，稳定币池给罐子进 25 美元，1% 的 meme 池进 1667 美元，差 67 倍。
所以 UNI 涨，不是因为 Uniswap 总交易量涨了，是 Robinhood 上的 meme 全走 1% 的池子，量大费高，烧得多。看交易量是错的，要看进罐子的钱。现在 Robinhood 一条链占了 UNI 近四成的周收入，按 30 天算是六成。meme 熄火，销毁就下来，除非别的地方冒出更大的量接上。
这么细算下来，它和 HYPE 差得还很远。HYPE 一年回购几个亿美元，已经扛过一轮熊市；UNI 今年真实进罐子的钱是五千万美元这个量级。
那些乐观结算「年化两个多亿」其实是把最好的一周乘 365 投影出来的。
但有一件事确实不一样了。它从一个只能投票的治理币，变成了跟链上交易量绑定的周期资产。
周期资产我自己的建仓会倾向：数据在涨，但是价格不动
比如 UNI 进罐子的钱在涨、价格还没动的时候买。今年 6 月 2.4 块那会儿就是，销毁创纪录，价格趴着，我没看见。现在是反过来，价格涨完了，最近 7 天的收入已经比 30 天低了两成。
我还特意做了个监控，我做的面板给的结论是「不动」。
目前 meme 的热度明显下来了不少，就看之后的 meme 行情能不能起来了，这里交易量能否起来我觉得比价格重要。
最后，研究完的收获不是买不买，而是知道它大概什么时候算便宜。
I think @VitalikButerin 's cryptographic computer thing is receiving the wrong emphasis...a lot of people cottoned onto the offchain computation/onchain proof bits as perhaps that seemed the most novel, and I started to get worried we are veering into the L2 mistake again of wanting Ethereum to just be this sort of cucked proof layer for systems where others capture almost all value. . .
. . . .but, if you read it, the core of the vision remains creating the best possible onchain smart contract system including the only one that actually prohibits validators from arbitrarily censoring transactions (vs. "libertarian miner" philosophy from Bitcoin) and can offer privacy protocols with no intermediaries (eliminating the relayer role). . .the offchain compute stuff is a nice sort of "blue sky" concept that may pay off big if the agentic economy goes a certain way, but onchain, on mainnet, and making ETH great computational money rightly remains the focus. . .
这两天 Robinhood Chain 爆出来的这个事情，我觉得还是蛮值得关注的！
分析师 Wazz 曝光，同一操作方在 7 月 10 日至 9 月 21 日期间，疑似通过 Robinhood Chain 连续做了 53 次代币发行，搞走至少 1843 万美元。
事情大概是这样的——
Pons V2 为了防机器人，开盘最初几秒对普通买家征收最高 99% 的 snipe tax，但项目创建者可以提前给一批钱包免税。
1⃣于是这组人每次发币前，先准备几十个关联钱包，把它们加入免税名单；
2⃣代币一上线，这些钱包就在一两个区块里把 bonding curve 大量扫走，最后项目方和关联钱包往往能控制 80% 以上筹码。
3⃣等外部用户进来以后，再开始卖，赚的钱继续流向下一个项目。
Wazz 就是顺着这条资金链，把 45 个 launch 串到了一起，再通过共用私钥、收款地址等信息，把总数扩到了 53 个。
他娘的，所谓 Fair Launch，最后变成了定向配售，完完全全的老鼠仓。
感觉 Pons 要重视一下这个问题了，这完全可以举一反三，不知道开盘前公开豁免名单或者强制持仓上限有没有作用。
Aave is increasingly looking less like a lending protocol and more like a credit layer.
With the market cap for tokenized stocks crossing $3.5B and Coinbase tokenized stocks becoming productive collateral on @Aave, all eyes are on this specific topic.
However, stocks, tokenized funds, custodied BTC and ETH, RWAs, crypto collateral: all of these are increasingly becoming collateral for credit originated through Aave.
And on the other side, the borrower doesn't necessarily need to be a DeFi user anymore either.
> Coinbase users can borrow against tokenized equities.
> Institutions can access stablecoin credit against assets held with qualified custodians.
> Fintechs can embed Aave liquidity directly into their products.
> Soon enough, we may even see banks launching their own frontends for the Aave App (Aave underneath)
V4 makes the market structure flexible enough to accommodate each of these without forcing them into the same risk environment.
The addressable market for Aave is starting to look a lot more like credit than simply DeFi lending. The thesis is becoming increasingly obvious.
Data by @tokenterminal.
Iran uses stablecoin Tether to evade sanctions, fund regional proxies, drone purchases, per today's report from Senate Permanent Subcommittee on Investigations:
Crypto and stablecoin proponents will often push back on criticism that criminals make use of these assets by arguing that, on an absolute dollar basis, far more illicit funds flow through traditional banking systems and payment rails than via crypto and stablecoins.
And while that is likely true, it elides the reality presented in news story after news story: whether state actors (Russia, Iran, North Korea), or criminal groups, those looking to engage in illicit transactions increasingly favor stablecoins and, specifically, Tether (USDT).
A new report from the Senate Permanent Subcommittee on Investigations out today (9/28/2026) adds context to how Iran uses Tether has a lynchpin in its shadow banking system.
The report analyzed 846 wallets that have been sanctioned or targeted for seizure, finding that 84% of them transacted exclusively or primarily in Tether.
The ability to create near limitless, anonymous wallets and to move funds effectively instantaneously and irreversibly have made crypto a favored financial mechanism for bad actors.
Stablecoins solved key drawbacks of bitcoin, namely, the original cryptocurrency's highly volatile value in dollars. And while Tether (the company) has the technical ability to "freeze" or destroy funds, the company is often limited and reactive in its approach to doing so, the Senate report argues. Tether, which is nominally based in crypto-friendly El Salvador, "has stated that its compliance with OFAC sanctions is “voluntary” and that it follows “OFAC guidelines," the Senate report says.
Owing to these favorable attributes, Tether "became a primary cryptocurrency for Iran, Hamas, Hizballah, and the Houthis beginning in 2023 and has expanded in scale since," the report says.
Tether's role in Iran's shadow banking system, the report says, is enhanced by crypto exchanges like Bybit, Kyrrex, OKX, Gate, and Binance, and through "over the counter" exchanges and hawala networks.
The consequences of these financial flows aren't hypothetical. The Senate report links Tether as a funds transfer mechanism to Iranian proxies in the region, including Hizballah, the Houthis, and Hamas. Tether has also been used to make payments to secure components necessary to manufacture drones, the report says.
The report concludes by arguing that "[s]tablecoin issuers with a significant nexus to the United States, particularly those that offer dollar-denominated stablecoins, should be subject to American sanctions law rather than being allowed to hide behind foreign jurisdictions."
Stablecoin issuers like Tether must be held accountable for repeated failures to prevent illicit finance and sanctions violations by law enforcement, the Department of Justice, the Securities and Exchange Commission, and OFAC, the report argues.
There are too few good tokens in the market.
Only ~20 projects generate around $50k+ in daily holder revenue.
Then you check valuations, unlocks and whether that revenue can last... and the list gets shorter.
Quite a few more tokens look attractive, but their MC/FDV ratios aren't sexy
So you need to bet that demand grows faster than supply unlocks. Makes some of them more a trade than a HODL.
For most tokens you're trading narratives and vibes:
the business might grow and revenue might follow, and hopefully some of it eventually reaches token holders.
But you have to trust the team to deliver. With recent trend of DAO getting dissolved the 'decentralized' accountability isn't here.
In a way this is super bullish as money and attention flows focus on them. They are on the spotlight.
So crypto is still so small from a 'value investor' perspective.
That's why I'm excited for new TGEs from products already making real revenue, like $VAR and hopefully Polymarkets does the right thing and goes TGE way.
加密行业自始至终就是一个因“共识”而存在的行业。
你看到的去中心化和中心化的共识分裂，机构主导VC币和散户链上PVP的共识分裂，以及不同社区，不同阵营之间的Diss互踩等为利益而搏杀的共识分裂等等都只是这个行业最纯粹的“底色”。
凝聚的共识能驱动叙事主升浪，分裂的共识能带来复杂多样性，破碎的共识也许潜在着交易机会，想想看，这不都是Crypto自身魅力的一部分吗？
争吧，吵吧，无论是谁的意志，最终都只是进化中趋于自洽“共识”的一部分。
老v的2030年 - 加密世界计算机
老v从去年的世界的账本，到今年加密世界计算机愿景，不过这都要到2030年才能预计实现。这属于下一个5年规划，听起来好熟悉的节奏。
2030 年以太坊啥样：
-审查抵抗更强：通过 FOCIL 实现接近实时的交易纳入保证。
-交易授权 ：量子安全签名（或多种），或零知识证明
-隐私大幅提升：通用计算也有较强隐私；专用应用可以做到很强隐私。写入、账户策略、读取和网络层都有 ZK-SNARK、私有账户抽象、洋葱路由/mixnet 等保护。
-延迟降低：slot 约 4–8 秒，最终性约 8–32 秒（对比早期约 17 秒出块、200 秒确认）。
-节点更轻：不必跑很重的全节点也能获得较好保证；SNARK 大幅降低计算负担。轻客户端可以同时验证共识和有效性（数据可用性 + 计算）。
-交易纳入路径，用户 → 强隐私 mempool → FOCILer 或 builder → 区块；签名/证明很早就被剥离并聚合
-计算结构变得重要：把计算拆成可并行、可提前聚合/裁剪的部分会便宜很多；把所有东西塞进一笔串行交易会贵很多。长期可能演变成：链上只放不可交换的状态变更和排序信息，其余在进入区块前就聚合掉。
黑客每次都走 Thorchain，但为啥就这次有人出来骂 Thorchain？
为啥这次有人出来指责Thor之后，CT反应这么大。
有没有想过得道者多助，失道者寡助。
bybit上次可没这么多人冷嘲热讽。
出了事不想想自己风控的问题，颐指气使的要这个配合要那个配合的。
去年1011后，行业暴跌没见你出来为行业喊一句啊，黄昏了不用你拥护也别落井下石啊。拿着之前看空的帖子翻来覆去讲了大半年。
要骂 Thorchain我最有资格骂，当年借贷出问题我存里面的4个BTC ，几十个ETH全都没了，我只怪自己傻逼没做好风控和监控。 （当然Thor也挺傻逼的）
我也没要求项目方给我把钱还了。黑暗森林自己才是第一责任人。
近期Ondo最大的一个动作了吧，贝莱德为Ondo制定组合策略，推出代币化的一篮子股票和ETF组合。
目前上线了3个token：
BLKHIon 高收益:
几乎都是债券/信用资产，赚利息和利差
BLKDIGon 分散增长:
股票和债券组合
BLKGRWon 高增长:
股票和比特币等高波动资产
它们的特点是 按照策略定期自动rebalance，智能合约执行，所以它不同于普通的指数产品。比如BLKHIon包含9个底层资产，主要都是来自BlackRock/iShares的债券ETF，BLKGRWon则以股票为主同时配置了5%的BTC。另一个优势是相比传统市场的T+1结算、赎回需要通过授权参与者，链上实时结算、组合性、全天候转移的优势被放大。
对Ondo来说代表它未来不只是股票代币化平台了，逐渐有了链上资产管理平台的属性，官方也明确写明了每个Portfolio都会收取管理费。未来可以关注的是这些token的增长规模，比如BLKHIon能否拿走稳定币理财的需求。目前仅面向符合条件的非美国投资者。
本内容由 @Ondo 提供支持，非投资建议。
我越来越有一种感觉：AI的发展和DeFi的发展一样
每段时间都有几个热点，上周的Jev还有人聊不，半年前的hermes还有人聊不
就像DeFi每个月又出来一个新玩意，然后矿塌了
只要学的晚，就可以不用学
我这半年其实也没学啥具体的AI技术，也没用AI做什么工作流，但是确高强度和Claude对话，解决了很多常识问题和好奇心
我的问题恰恰是生活里每天碰到的，确实帮助了我的生活
就是说你要用AI是和你当下的需求结合，不搞需求通胀，那其实是贪婪
Buyback tokens should increase in price due to this.
I used DeFiLlama to see through the list of tokens that might be undervalued here.
The tokens are weighted by P/F, P/S, 30 day revenue and revenue growth.
I think the drawback here is that the score rewards cheap P/F, cheap P/S, high revenue, high growth, and high mcap, but it has zero weight on token unlock/dilution pressure, revenue durability, or competitive moat, and narratives in itself.
Like what I mean is that a token can rank #3 purely because its multiples are compressed, even if the business itself is going down.
For several of them ($ARB, $SKY, $ETHFI, $NEAR, $LDO, $AAVE) they have not very high buybacks, and/or the fee switch is off atm.
Also, 5/20 names are within the Solana ecosystem ($RAY, $PUMP, $ORCA, solana:JUPyiwrYJFskUPiHa7hkeR8VUtAeFoSYbKedZNsDvCN, solana:jtojtomepa8beP8AuQc6eXt5FriJwfFMwQx2v2f9mCL), and IMO all of them will rise/fall together with the general Solana trading volume and SOL price/sentiment.
If we were to see a big drawdown in the market in general, most of this list's revenue will get hit simultaneously since they're based on trading/swap volume.
$HYPE stands out as the highest-quality name by absolute revenue ($58.3M/30d) and active buyback+burn (97% which is sick AF), but it's also the most expensive on P/F (22.7x) in the top half of the list.
With that said, I do have to say that $RAY, $AERO, and $PUMP look the most interesting to me.
But Raydium is heavily dependent on Stonkfun (StonkFun began routing every new token launch through Raydium, which is why Raydium's fees has 5x'ed in this period). Will that continue?
As always, Hyperliquid looks great and is a cash machine, but maybe the pricing is fair where it is rn at $93?
THORChain could've been success story like $NEAR.
Instead, they played the 'decentralization' card while hacked funds flowed through and they earned fees.
Yet they halted the network when they themselves got hacked for $10.7M in May
I think that's a big reason why $NEAR trades at a $6.3B and $RUNE at $248M.
Ok I just read through vitalik’s paper and if the vision he outlined is executed the implications are absolutely insane especially for the app layer.
The paper is basically Eth’s plan on how they will enable computation off chain with Eth verifying the result (ensuring computation occurred and what it did etc etc).
Now what this means is the definition of “onchain” itself changes, because instead of every part of an app having to execute inside a smart contract you can push a huge amount of complexity elsewhere and still inherit ethereum’s guarantees, this really does open up a huge amount of design space especially for DeFi.
For example with lending you could have really sophisticated systems analysing collateral, liquidity, borrower behaviour and market conditions offchain, with multiple solvers or execution systems competing to produce the best outcome, like the cheapest liquidation route, best refinancing rate, best collateral swap or best way to match borrowers and lenders all while the protocol only accepts outcomes that satisfy its rules.
So basically a lot more of the smart stuff behind a financial product can happen outside the smart contract, while Eth still acts as the final layer that checks the rules were followed and makes sure the money moves exactly as it should.
The MEV implications here are quite interesting too because more economic activity happening before settlement means more value moves upstream into who gets the information first, who computes the best outcome and what gets presented to Eth.
But the thing I’m most bullish on is what this does to the TAM of Eth just because this vision means ethereum doesn’t have to be fast enough to do everything itself it just has to be able to verify everything that matters.
And that’s an enormous difference.
It’s literally a world computer.
I have long seen Ethereum as more than a blockchain in the original sense of the word. Vitalik confirms it: what began as a shared programmable ledger is becoming a general-purpose engine for private, verifiable computation at scale. Anyone who has watched Ethereum closely will not be surprised.
The more interesting insight relates to a common belief we accepted for 11 years: that decentralization came with inefficiency. We accepted the handicap while never deviating from the principles. It was the price of neutrality.
Vitalik now argues that belief is about to invert because advances like parallel storage, parallel proving, and signature aggregation in the mempool let thousands of nodes share the work instead of repeating it.
Decentralization turns from a cost into a performance advantage. But don't be fooled. Ethereum earned that advantage the hard way, over 11+ years, when decentralization paid almost nothing and cost everything. Yes, these techniques are public, but the years of experience getting there are not.
https://x.com/VitalikButerin/status/2104160561374343176?s=20
The cryptographic world computer:
https://vitalik.eth.limo/general/2026/09/27/the_cryptographic_world_computer.html
My attempt to express in somewhat concise terms the true meaning of basically everything planned to happen to Ethereum starting from the fork after Hegota. It's really not just a blockchain anymore. It's a hybrid architecture that combines together blockchains and modern cryptography, to enable much more powerful properties.
FOCIL, EIP-8288, Lean consensus, state management, formal verification, advanced mempool improvements (including privacy), and the longer-term specter of obfuscation all mentioned.
近期影响Pons的事件：
1.月底Robinhood的HOOD Summit大会
2.Pons V3 升级
3.资产上架Robinhood的预期
具体来说，
1.Robinhood开大会
HOOD Summit大会本身是造势，Robinhood具有零售基因，不会像以太坊基金会构建基础平台的技术基因为主，会主动出击，这会带来持续热度。Pons是Robinhood目前位置最靠前的Meme发射台，只要Robinhood热度在，会有机会捕获更大的收益，进而形成更大的代币烧毁。
2.Pons V3第三代升级
Pons已有V1和V2两代
• V1：发出去直接进锁定的 Uniswap V3 池；
• V2（8 月起主力）：先走 bonding curve（价格按买盘自动涨），凑够钱再「毕业」，之后永久锁定 Uniswap V4 池。
还支持用 ETH/稳定币/tokenized 股票（NVDA、AAPL、HOOD 等）、cbBTC 来配对，不只是纯 meme（学习了Longxyz）
v3 大概率是在 V2 上再改：发币机制/费用/RWA 配对/毕业规则或流动性结构。
对PONS 的意义是：平台如果更能打、更能收手续费，销毁机器会转得更快。 当然具体改什么，还没出来，目前只能猜测。
3.上架Robinhood
9月初有消息说 PONS 已被加入 Robinhood 的资产列表，不过当时社区澄清说，加进“资产列表”还不等于能在Robinhood的App 里直接买卖。CASHCAT是早期真正能在 Robinhood App 上交易的 meme。
假如Pons在robinhood的app里可以直接购买： Robinhood 有大量普通美股/加密用户，一旦正式可交易，相当于把币推进到主流零售入口，这会带来更大的潜在买盘。当然，目前只是预期，而不是现实。
牛初链上赚钱的不可能三角：Robinhood Chain｜ Solana｜BSC
1）Robinhood Chain赚的是代币化股票叙事创新火种、共识放大以及后续价值协议陪伴成长的钱；
2）Solana赚的是情绪发酵，资金流放大还有各类Devs创新实验性项目涌现Fomo跟随的钱；
3）BSC赚的是RH和Solana都不赚钱时或RH和Solana竟能同时赚钱时溢出的钱。
Damning article about the $WLFI scam:
- Promised Aave partnership. Didn't happen. Went with Dolomite instead.
- Ethena's sUSDe was supposed to be used as collateral. Didn't happen.
- Ondo stocks and Treasuries were supposed to come to WLFI. Still waiting......
Basically WLFI farmed partnership announcements for marketing.
Then:
- 'Created' a 'strategic reserve' and invited projects to contribute. Dozens sent tokens to WLFI wallets.
- Then WLFI sold most of its LINK, AAVE, ENA and MOVE lolll. Literally scammed projects?
- Then Trump's disclosures show millions received in LINK, AAVE, ENA, MOVE and ONDO from WLFI token sales :)
WLFI down by 82.5% btw with no rally despite market recovering.
Robinhood 总能在Robinhood Chain 热度稍降的时间节点添一把火，看来又要搞事情了。
@RobinhoodCrypto 几个小时前发布帖文：Stock Tokens 要出新东西了。
所以，Robinhood 接下来要做什么？
目前已知条件：
1/ 当前Robinhood 股票代币化的大致结构是：
- 由泽西岛实体RHJ 发行，以ERC-20 的形式存在于Robinhood Chain 上；
- Stock Tokens 代表的是美股/ ETF 的价格敞口（没有股东权利，目前也不能1:1 直接兑换成真股票）；
- 可在链上自托管、可作为defi 资产。
就目前来看它不是传统意义上的股票所有权，而是股价的追踪凭证。
2/ 9月17日，SEC 批准了一项有期限的创新豁免，给美国本土股票代币化开了一道口子。
@vladtenev 马上跟进：Tokenization 即将登陆美国。
Robinhood 发这条吊胃口的帖文选的时间节点很微妙。一边是Stock Tokens 权利的待补齐；一边是美国监管窗口的打开。
你品，你细品。
日历
10 月 3 日
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