每周编辑精选 Weekly Editor's Picks（1028-1103）

Odaily星球日报Published on 2023-11-04Last updated on 2023-11-04

Abstract

优质深度分析文章及一周热点恶补。

「每周编辑精选」是Odaily星球日报的一档“功能性”栏目。星球日报在每周覆盖大量即时资讯的基础上，也会发布许多优质的深度分析内容，但它们也许会藏在信息流和热点新闻中，与你擦肩而过。

因此，我们编辑部将于每周六从过去 7 天发布的内容中，摘选一些值得花费时间品读、收藏的优质文章，从数据分析、行业判断、观点输出等角度，给身处加密世界的你带来新的启发。

下面，来和我们一起阅读吧：

每周编辑精选 Weekly Editor's Picks（1028-1103）

投资

LD Capital：多维度分析 BTC 是否真正属于避险资产

每周编辑精选 Weekly Editor's Picks（1028-1103）黄金是世界上流动性最好的资产之一， 2022 年的日平均交易额为 1316 亿美元。

BTC 24 小时交易量约为 240 亿美元，其中主要的交易量发生在永续合约，近期 BTC 日均交易量上涨明显， 24 小时交易量约为黄金的 15% （本轮行情之前大概在不到 10% 的水平）。

当前 BTC 总市值 6777 亿美元，约为黄金总市值的 5.6% 。

目前 BTC 的通胀率大概在 1.75% 左右，黄金每年的通胀率在 2% 左右，两者较为接近。

理论上黄金价格通常与美元的价值成反比，黄金是无息资产，美元是生息资产。美元收益率以及通胀预期是驱动黄金价格变化的两股力量，美国的实际利率（名义利率-通货膨胀预期）即是持有黄金的机会成本，理论上两者呈负相关的关系。黄金是巴以冲突以来上涨最为明显的资产；这一波 BTC 和纳指的走势几乎完全相反，走出了独立的行情。

从资产实际价格的截至目前 BTC 是并未现出明显的避险属性。

总体上黄金和 BTC 的配置窗口已近，更多是择时的问题。

细说巨头 VC Paradigm：加密投资的价值典范

Paradigm 靠完美抄底 BTC 发家，后参与 Uniswap、Lido、 Optimism、 dYdX、 Blur 等的早期投资，取得成功。Paradigm 将技术研究融入组织架构。Paradigm 整体风格和高瓴类似，也具有“弱水三千只取一瓢”和“敢于下重注”的投资特点。

撸空投必备工具：头部 CEX 多地址充值功能解析

要防范项目方的女巫判定，最重要的就是要做好地址隔离。简单来说，就是不要在链上进行资金分发 / 归集，而是通过交易所来生成多个不同的地址来进行归集从而避免这个问题。

此外最好不要选择相同金额转账、提币，要随机金额，随机时间；不要同一时间多账号进行相同路径的链上交互，比如多账号一天内都按照相同的顺序进行相同的几个 DeFi 的交互。

创业

致创始人：如何践行 Y Combinator 的“创业圣经”

在早期阶段，初创公司必须做到：手动招募用户；手动给他们提供非凡的体验。这些事情几乎没有大公司会去做，因此它们被认为是“无法扩展（Don’t Scale）”的事情（即我们所意译的“笨”事情）。

Crypto 确实提供了一种原生的、可扩展的方式来获取早期用户，即代币激励。代币激励可能是 Crypto 的最大突破之一。然而，代币激励并非灵丹妙药，它们不能替代那些“不可扩展”的事情，它们可作为补品，但不能作为代餐。文中许多 AllianceDAO 的校友都是执行繁重手动工作的同时推出了代币激励。

DeFi

福布斯：华尔街金融巨头的 RWA 潮流正在偃旗息鼓

代币化仍面临互操作性和流动性的问题。有从业者认为没有必要走代币化路线。迄今为止，代币化唯一比较成功的用途是稳定币。投资者是否信任加密货币市场也是关键。

多维度对比 Maker 和 Frax：Maker 仍是现金之王？

Maker 提供超额抵押的去中心化稳定币 DAI，由 ETH、稳定币和 RWA（其中大部分是美国国债）提供支持；Frax 提供去中心化稳定币 FRAX 以及围绕其构建的一系列金融产品。

DAI 的抵押品包括 ETH、稳定币和 RWA——其中大部分是美国国债。FRAX 的抵押品即将发生变化。目前正朝着 100% CR 迈进，不再由 FXS 支持。最近添加的 sFRAX 和即将推出的 FXB（债券）将提供 RWA 支持。

目前 Frax 的收益率处于领先地位。Maker 目前是 DeFi 中最赚钱的协议之一。超过 8000 万美元的收入。因为他们的供应量一直在增长。

MKR 市值 13 亿美元，用来持续回购协议收入。FXS 市值 4.5 亿美元，从协议中赚取收入（目前所有努力都是为了将 CR 提高至 100% ）。

下一步关注要点：Maker 的 Endgame 包括代币重塑、取消中心化稳定币、subDAO 启动、人工智能集成以及最终的 Maker Chain ；Frax 包括 Frax 债券、frxETH 质押产品更新，还有以太坊上的新 L2 Frax Chain。

比特币生态

荐读：《brc 20-swap 上线，详解其发展历程、产品模式及未来预期》

以太坊与扩容

「教皇维塔林克一世」重新定义L2

“与以太坊的连接”有两个关键维度：提现到以太坊的安全性，读取以太坊数据的安全性。

在这个设计空间中，有许多项目都具有价值。对于某些应用程序来说，高安全性和紧密的连接性很重要。对于其他应用程序来说，为了获得更高的可扩展性，可以接受一些较为宽松的连接性。

PSE Trading：Rollup 浪潮之下，VM 还有故事要讲

  • zkEVM 在 EVM 等效/兼容上做了一定的 zk-proof 生成效率优化；

  • zkVM 则舍弃 EVM 等效/兼容性，将 zk 友好化的优先级提高；

  • privacy zkVM 则是在 zkVM 上叠加了原生隐私特性；

  • SVM、FuelVM、MoveVM 共性是通过并行执行追求性能极致，但在设计细节上有各自的特点；

  • ESC VM、BitVM 分别在 ETH 和 BTC 链上进行了一定创新性的计算层实验，但目前环境下真实落地需求较低。

EVM 庞大的用户生态决定了任何放弃它的区块链网络短期内都难以与其抗衡，因此非 EVM 生态通过转译器/编译器/字节码解释器甚至 VM 兼容层引入 EVM 生态用户，利用非 EVM 的虚拟机特性构建新的生态叙事，或是一条必备的成功之路。

生态发展趋势包含：钱包前端兼容、VM 后端兼容。

IOSG Ventures 创始人：L2生态的增长困境与破局之道

随着工作室渐渐淡出，几大 zkEVM 的交易量和 TVL 并没能达到迎来预期。目前大部分 L2 军备竞赛没有把重心放到生态建设上，仍然把大量的资金用于高价招揽 ZK 和来自 PSE 的技术大牛，但没有应用的高并发兼容 Rollup 没什么价值。

选择合适的合作伙伴成为了应用需要面对的难题。也基于这样的原因，每个 L2 都想要有独家应用，然后应用在不同 L2 出现割据战。

破局之道有：头部 L2 项目主动担起生态建设重任，竞争应讲究合纵连横之术。

生态终局将是百花齐放——L3 和应用链开始增长。

新生态与跨链

埋伏下一个 Celestia，这些模块化项目值得关注

Fuel、Altlayer、Polygon Avail、Caldera、Eclipse 的介绍和交互建议。

除了直接参与项目方的交互，质押 ATOM 或者 Osmos、EVM 链交互也可以帮助普通用户获取空投。

E 2 M Research：拥有 13 亿用户的 TON，是否能够创造新的范式？

TON 公链的发展逻辑就是将 Telegram 用户的 30% 变成 Crypto 用户的 Mass Adpotion 策略，未来核心关注的几个 TON 生态的赛道应该是更偏向应用层的钱包、社交、游戏、NFT 等。

Telegram 的发展更像微信。

两者面临的难点是：

  • TON 目前在生态贫瘠的情况市值已经达到前 15 ，对于未来发展是否会有影响？

  • Telegram 上火的像  Unibot  等 Telegram Bot 或者像  Tap Fantasy  等 Gamefi 本质上更多依靠的是 Telegram Bot 功能，而不是 TON？

  • TON 生态贫瘠，重度依赖 Telegram 的引流，是否能够经得起前期巨大的开销？

OKX Ventures：投资视角看 TON 生态的历史、技术和未来

在 TON 余额用尽时，智能合约会被自动删除，从而避免区块链数据膨胀。TON 的异步设计也造成智能合约间调用广泛的一致性和原子性更难维护，使应用开发及维护工作更加复杂。

目前 Telegram 生态形态「Bots+API+钱包托管」，数据好但对 TON 公链没有实际支持。

看好官方扶持的基础设施；看好小程序应用；谨慎看好 DeFi、MEV 和 ZK。

一周热点恶补

过去的一周内，FTX 代币资产清算进行时，SBF 律师完成结案陈词，坚持为 SBF 做无罪辩护，SBF 七项罪名全部成立，PYUSD 获 SEC 传票，ProShares 推出做空以太坊期货 ETF，Celestia （TIA）上线各大交易所，Floki 开局不利，SOL 经历牛市后最强劲的一轮反弹，Memeland 空投和 FireSale 的 MEME 开放领取；

此外，政策与宏观市场方面，鲍威尔：完全没考虑降息、也未讨论过降息，香港证监会发布有关中介人从事代币化证券相关活动以及证监会认可投资产品的通函；

观点与发声方面，Coinbase 首席政策官：加密立法已摆脱 FTX 阴影，燎原只是时间问题，MicroStrategy 联创：对未来十二个月相当乐观，SEC 批准比特币现货 ETF 不会威胁到 MicroStrategy；

机构、大公司与头部项目方面，Elon Musk 计划在明年将 X 打造成约会网站和数字银行，知情人士：a16z计划为下一支早期基金募资 34 亿美元，拟于年底启动，PayPal 已在英国金融行为监管局完成注册，获准提供加密货币服务，Coinbase 在美国推出受监管的加密期货交易服务，DWF Labs 或将推出机构级场外交易平台 DWF Liquid Markets，Wintermute 计划推出加密衍生品交易所和加密相关指数，HashKey 计划发行 10 亿枚平台币 HSK，预计明年年中上线该交易所，香港持牌交易所 OSL：APP 拟于 11 月上架，不会推出平台币，LayerZero 宣布推出了针对 Lido Finance 流动性质押衍生代币 wstETH 的“全链版本”（OFT），允许利用 LayerZero 的通信协议跨以太坊、 Avalanche、BNB Chain 和 Scroll 自由转移该代币，引发争议和反击，由  PlutusDAO 提出的关于启动 Arbitrum 治理代币 ARB 质押功能的提案开始投票，BNB Chain 推出 Safe 多签钱包服务，Bitget Wallet 升级“MEV 保护”能，提升 Swap 交易的使用体验，Starknet 推出早期社区成员计划，UniSat Wallet：brc 20-swap 主网已上线，Dune 推出 DuneAI，Aragon 宣布解散，将向 ANT 持有者提供 8.6 万枚 ETH 用于兑换 ANT……嗯，又是跌宕起伏的一周。

附《每周编辑精选》系列传送门。

下期再会~

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