From a purely policy environment perspective, there is no longer a reason to be pessimistic. Yesterday's SEC "Project Crypto" and the 166-page report from the White House Digital Assets Working Group a few days ago are both fully loosening the asset attributes, trading channels, and entrepreneurial environment for Crypto. It wouldn't be an exaggeration to say that they are comprehensively promoting the U.S. to become the "global crypto capital center."

Revert is preparing to do LP collateral lending, which aligns with the Uni V4 LP lending module that Uniswap and Aave are developing in collaboration. This direction is also the next stage in releasing capital efficiency in DeFi. Even though many projects are rushing to do this now, as long as the two giants, Uni and Aave, take action, growth is inevitable. The Matthew effect in the DeFi market is already very evident.

The fact that $ETH worth 1.9 billion is queued to exit the staking queue, I won't bet on any direction. Every angle of interpretation makes sense; it has happened in history, but the situation and environment are different now. Just stick to your original strategy and don't let short-term events affect the plans you've already made.

$SPK has risen over 100% in a single day. Taking this opportunity to discuss the situation of Spark and the entire lending market: 1. Valuation: There was definitely some undervaluation before, but this surge is likely due to high control. Currently, the FDV (1.6 billion) is close to Morpho (1.9 billion). Of course, the market cap is still relatively low, and rationally speaking, it’s about right. It could surge further, but the volatility makes it unpredictable. 2. Position and Development: This is not FUD; I personally still pay attention to its development. From a fundamental perspective, relying on MakerDAO, the TVL is definitely not lacking, and this alone is a moat. However, it’s currently quite difficult to capture Aave's market. Essentially, it’s in T2 with Morpho and Compound, and below T3 are Euler and Silo. The lending space is very competitive, but now with compliant stablecoins and RWA expectations, there are new topics emerging. If these two new topics unfold, it could essentially benefit the entire lending market. For the current landscape, changes may not be significant unless a project can secure very good resources. In that case, overtaking is possible, but as it stands, Aave still holds the most advantage. Spark also has potential because MakerDAO is involved with RWA, so this is worth keeping an eye on.

Reading between the lines, $INK might be having its TGE soon, and if that's the case, the timing is quite good.

TVL 4.8 billion, the third-ranked lending protocol, Spark $SPK surged 80% in a single day, with almost no discussion on the timeline. Instead, the screen is filled with hype during the bull run, it seems the market is really light.

This time, compared with the rise in May $ETH, I would like to update my view: thread(1-8)🧵 1. Most of this rise came from institutional rushes. 2. The influence of Peter Thiel's entry is an emotional catalyst. 3. There is a high probability that the copycat will start a "micro-strategy", and then there will be a collapse of weak consensus assets, and market confidence will begin to decline and be transmitted to mainstream assets, but it is an opportunity to buy the bottom for strong consensus assets. 4. Strong consensus assets, BTC is basically undisputed in the market, ETH is controversial, but there is the most chance, and the correction of excessive fud sentiment continues. 5. The ETH/BTC exchange rate rose to 0.03+, which is expected to pass the absolute bottom but still has room. 6. This currency-stock structure, the stock market needs to be more sensitive and volatile, and the timing of entry is very important. The crypto asset side is a simple model, but there are indeed more opportunities for degen on the stock side. 7. It is not a perpetual motion machine, nor is MicroStrategy and BTC, it is fundamentally a structural problem, MicroStrategy has a better structure, the debt is relatively controllable at present, and the interest can be repaid. The core of everything is very simple, that is, the financing ability, and what kind of narrative and packaging to use to make the financing ability stronger, to create a good structure, when the market is risky, there is no need to sell coins, and even continue to raise money. 8. But the problem is that if small assets also follow suit, this game is too aggressive and it will definitely be easy to play off, and there is a suspicion of borrowing the stock market with the left hand to the right hand to ship in the stock market, compliance risk is also an X factor, and then the market's confidence in this model will decline, and in some cases, it will affect mainstream assets, even MicroStrategy and BTC.

$ENA is about to start the first "DeFi microstrategy", through the company StablecoinX, PIPE has raised $360 million, of which 260 million will be invested in the purchase of ENA reserves immediately, which is expected to be completed within 6 weeks, about $5 million per day. StablecoinX plans to list on the US stock market in the next three months. The bridge between DeFi and CeFi was actually built like this, and four years ago it would definitely be regarded as a madman. Probably soon, we will see the next one

Measuring the current $ETH market by whether the fundamentals have improved is obviously misaligned. It is indisputable that this round of bull market is dominated by institutions and the traditional world, and the "fundamental issues" that originally existed in BTC, such as security budgets and quantum computing, are almost invisible to you because these problems have not affected institutions and external investors to pay. Mapping to ETH, it corresponds to the problems of fragmentation and L2 diversion, which need to be fully discussed and solved, just like the problems existing in BTC, but using this to judge the current market situation is obviously misaligned. The key to the current market is not the fundamentals of the CRYPTO world, and the narrative in the market is not dominant in this cycle, but what this set of micro-strategy flywheels need 1 Continuous financing ability 2 Market confidence shaping Whether it can run through markets other than Bitcoin, whether SBET's aggressive play will speed up the flywheel healthily, whether compliance pressure will come, and whether it will bring other institutions into the market. This door is already open, don't let it close.

My winning rate in this cycle should be relatively low, even if the low point of DeFi positions such as $AAVE $UNI has risen a lot, but the comprehensive calculation is still not as good as the full position shuttle $BTC, let alone the emperor of the meme chain. So my position has little reference value. The things that are sent are all supported by interest.