每周编辑精选 Weekly Editor's Picks（0302-0308）

Odaily星球日报Publicado em 2024-03-09Última atualização em 2024-03-09

Resumo

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（0302-0308）

投资

链上数据解读：比特币新高在即，我们处于周期的什么位置？

比特币已进入牛市，但我们正处于早期阶段。增量的散户投资者还没有大规模入场，且这一次，在他们 FOMO 之前，机构大量买入比特币。

山寨币 Summer 后预计会有大回调——上一个牛市周期中出现过 6 次幅度超过 30% 的回调行情。

融资数据跌至冰点，加密市场和比特币脱节了？

已公布融资金额跌至 2020 年低点，因为 ETF 资金打乱项目方宣发节奏。ETF 资金没有流入加密行业（尤其是场内的山寨币），而是会兑现为美元，因此导致这一轮不会有山寨币牛市。

加密市场情绪狂热，下一热点叙事会是什么？

Ignas 推荐的空投机会有：Ethena、FlashTrade、Nostra、Merlin Chain。

发行代币的协议正在变得自满起来。他们认为，他们持有积分的时间越长，他们就会获得越多的用户和 TVL。但是市场中发行的代币越多，人们就越没有现金来购买他们的垃圾币，把握市场时机至关重要。你需要跟踪新代币的价格动向，以确定市场对它们的需求。

目前，市场发出了混合信号。随着每个新的热门代币的出现，投入的资金量和用户的关注度都在被稀释。到某个时候，我们将达到一个阶段，即进入市场的资金量将不足以维持市场中正在发行的代币数量，那时我们将面临严重的崩溃。

促进代币发行的主要类别是 RaaS 和 Restaking。

模块化区块链叙事兴起，结算层项目或具备更高价值

结算层是最有价值的，因为有货币溢价。执行层比 DA+ 共识层更有价值，因为后者提供了竞争激烈的同质化服务，成本（以及 DA+ 共识层的收入）将趋于 0 。而执行层可以以更快的速度建立网络效应，并通过大规模流动性加以巩固；它们也更接近用户，不会在费用上展开竞争。

模块化堆栈中的价值累积顺序：结算 > 执行 > DA + 共识。

盘点 8 个值得关注的低市值项目

作者推荐了防抢跑协议 Shutter（$Shu）、Monad 上的 AI 项目 Monai（$MONAI）、协作工具 Balance AI （$BAI）、AI 模型与算力市场 EMC Protocol（$EMC）、专注于隐私的L1 zKML（$ZMKL）、去中心化 AI 项目 Tao Accounting System （$TAS）、DePIN 项目 Wicrypt（$WNT）、RWA 电商平台 MBD Financials（$MBD）。

空投机会和交互指南

一文梳理 40 个未发币的潜力项目

盘点 Solana 生态 36 个潜力空投项目及交互策略

以太坊与扩容

Salus Insights：坎昆升级前，项目开发者必看的几项安全检查

Eclipse：将以太坊安全性，Solana 高性能与 Celestia DA 三者叙事相结合的首个 SVM Layer 2 

Eclipse Mainnet 为以太坊首个围绕 SVM 建设的通用 L2，它结合了模块化堆栈的精华部分，目标成为由 SVM 驱动的以太坊最快且通用的 Layer 2 。项目架构是将以太坊作为结算层，并用于官方的嵌入式验证桥；Celestia 作为数据可用性层；RISC Zero 则用于生成零知识欺诈证明；最终将 Solana 的 SVM 作为整体执行的模块化 Layer 2 项目。

Eclipse 目前测试网已上线，主网计划于 2024 年Q1季度发布。

跨链

跨链互操作性赛道即将爆发，Axelar、Wormhole 谁能成为板块龙头？

从赛道上看， 资金还未轮动到这个板块，同时都是北美大基金在做局，具备千亿美元项目的发展空间；同时 Axelar 也处在 cosmos 的大赛道中，Axelar 是 cosmos 生态与 EVM 链的流动性门户，将直接收益于 cosmos 生态的爆发。Axelar(AXL）在技术、生态应用、代币价值捕获方式具备显著优势，是目前最符合市场需求的跨链协议和开发方案。

从布局时机来看，Axelar（AXL）刚上币安，完成一轮洗盘，同时共识没完全建立，在 Wormhole/LayerZero 发币前夕，都是非常好的建仓区间。

退出策略可以根据大盘或者 Wormhole 的发币潮，分批止盈；或者根据 Axelar（AXL）的 gas 燃烧指标作为交易策略根据之一。

DeFi

DeFi Summer 2.0 何时到来？机构的 DeFi 策略手册

机构在新的第一层（L1）和第二层（L2）平台上的部署方式各不相同，这在很大程度上取决于它们的风险承受能力。寻求高风险的基金可能会探索提供高激励的新分支或链，与此形成对比的是，更保守的机构倾向于选择较低但稳定的利率，这些利率通常超过国债收益率但低于 10% 。这类机构通常在主网上使用经过充分测试的协议进行部署，以获得超越市场的收益率，偏好资本保值而不是激进增长。

在当今的 DeFi 环境中，已经参与的机构倾向于将其投资组合的至少 10% 分配给加密货币。刚开始进行加密货币投资的新机构可能会分配大约 1% 到 2% ，通常仅持有比特币，因为其波动性。蓝筹 DeFi 代币被认为定价更为合理，与新的、更具投机性的代币相比，狂热程度较低。这种稳定性，虽然对零售参与者可能不那么激动人心，但与机构对可预测性和可管理风险的偏好很好地对齐。

机构主要对 DeFi 中的市场中性策略感兴趣。

DeFi Summer 2.0 的一个关键催化剂可能是市场条件的转变，核心要看 DeFi 内金融服务的需求增长。

深度解析 Ondo Finance: Web3投行的美债上链实践

Ondo Finance 主要业务是在合规框架内将美国国债、货币市场基金等优质资产实现代币化，以便区块链上用户的投资和交易；在 RWA 赛道的 TVL 排名第三。

$ONDO 代币于 2024 年 1 月解锁流通，且上市后涨幅较大；但该代币除用作 DAO 治理外，暂无其他实际用例，未来其使用场景尚不明确。$ONDO 代币目前仍有约 80% 掌握在项目方手中，分配机制仍不明朗，存在较大的中心化风险。

每周编辑精选 Weekly Editor's Picks（0302-0308）

生息稳定币 USDY 存款 Portfolio

每周编辑精选 Weekly Editor's Picks（0302-0308）

代币化美债基金 OUSG 表现

每周编辑精选 Weekly Editor's Picks（0302-0308）代币化货币市场基金 OMMF 现 APY 约 4.73% 。

其竞争对手包括 Franklin Templeton、Mountain Protocol 等。

NFT

一览 13 个具有潜在空投收益的 NFT

每周编辑精选 Weekly Editor's Picks（0302-0308）

AI×Web3

IOSG Ventures：GPU 供应危机，初创 AI 企业破局之路

未充分利用的 GPU 数量可以满足当今供应紧缺的需求。

DePIN 模型适合的场景是：激励层来促进云计算的参与，然后最终协调用于推理或训练的计算任务。

对于需求方而言，因为供应方提供激励，计算成本较低。选择Web3云时，可能会有延迟，服务水平或不稳定。DePIN 模型有潜力解决 GPU 可用性问题，但碎片化模型不会使情况变得更好。对于需求呈指数级增长的情况，碎片化供应和没有供应一样。考虑到新市场参与者的数量，市场聚合是不可避免的。

浅谈 AI+DePIN：为什么会是这一轮牛市主升浪？

大概率，AI+DePIN 会承接上一轮 DeFi Summer 的角色，成为这一轮牛市的价值叙事主升浪。这对传统老 DeFi 是一次重塑洗牌的机会：一些高性能链出头，进而催生一些杀手级应用出现；DeFi 可以紧咬 Intent-centric 的叙事。

Coinbase：Crypto x AI 是否是「海市蜃楼」？

人工智能领域（与加密人工智能产品相关）最重要的趋势之一是延续围绕开源模型的文化。第二个趋势是小型模型的质量和成本效益不断提高。第三个趋势是，具有强大用户锁定或具体业务问题的现有平台能够从人工智能集成中超额受益。

去中心化计算（和存储）的长期成功面临着来中心化云提供商的激烈竞争，且必须在更广泛的业务和监管要求的背景下进行分析。每周编辑精选 Weekly Editor's Picks（0302-0308）

一周热点恶补

过去的一周内，BTC 突破 69000 USDT创新高，后快速回调，ARK Invest持续减持 Coinbase 和 Robinhood 股票，比特币现货 ETF于 3 月 5 日交易量达 100 亿美元，刷新单日交易量记录，USDT 市值突破 1000 亿美元，续创新高，灰度推出首支加密质押基金 GDIF，包括 SOL、APT、TIA、DOT 等九种资产，FTX 清算索赔网站上线；

此外，政策与宏观市场方面，美 SEC 推迟对贝莱德现货以太坊 ETF作出决议，香港金管局公布批发层面央行数码货币（wCBDC）Ensemble项目支持香港代币化市场发展，英执法机构从 4 月底起可在未经正式法律程序下冻结非法活动相关加密资产，韩国个人信息委员会拟对 Worldcoin 虹膜信息采集行为进行调查；

观点与发声方面，1 0x Research：预计不会发生影响比特币市场流动性的重大宏观事件，Michael Saylor：比特币现货 ETF 已经引发十年机构“淘金热”，摩根大通：比特币在投资者投资组合中的配置规模已经超过了基于波动率调整的黄金，Matrixport：比特币 ETF 推出后，Upbit 上迷因币交易量飙升至 160 亿美元，LD Capital：BTC 即将开启主升浪行情，山寨行情尚未启动，Bitwise：多重利好催化之下，以太坊今年或涨至 10000 美元，Vitalik评论 DePIN 赛道“新瓶装旧酒”并提及 StorJ，Multicoin创始人谈领投 Zama：ZKP 已是过去，未来属于 FHE（全同态加密）；

机构、大公司与头部项目方面，MicroStrategy拟发行 6 亿美元可转换优先票据，以继续增持比特币，贝莱德向 SEC 提交申请，以为其战略收入机会基金添加比特币 ETF 敞口，Alchemy：NFT Checkout 会在今年和 Visa 完成整合，Pantera 或为其基金募资，寻求从 FTX Estate 购买最多 2.5 亿美元 SOL 代币，币安合约推出Futures NEXT平台，准确预测上线币种的用户可获得奖励，币安上线 Dogwifhat（WIF），Wormhole 公布其原生代币 W 空投分配细则，Fetch.ai推出规模 1 亿美元基础设施投资项目 Fetch Compute，跨链 DeFi 协议Entangle：公布代币经济学， 3% 代币将用于空投，EOS CEO 发布“Let it burn. EOS: 2 ”推文……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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