Is Ethena considered a reverse merger? A Web2 company acquires a Web3 protocol, achieves a listing on the US stock market, successfully issues stocks, and then comes to Web3 through tokenization on the US stock market. Having a protocol with both tokens and stocks might be what US stock market tokenization is all about?

Unexpected BNB HODLer Returns: Caldera ($ERA)! This should be the biggest benefit for BNB holders after stepping into 2025, aside from Alpha. Is it due to the recent surge in ETH, bringing back the focus on infrastructure and narratives, or did Caldera's TGE align perfectly with the timing and circumstances? Four months ago, I paid attention to Caldera and posted an introduction: In one sentence, Caldera: a Rollup engine that supports the rapid creation of any number of high-performance new chains, enabling seamless interaction between multiple chains through the Metalayer full-stack universal cross-chain interoperability solution. Caldera is an integration of the entire Ethereum Rollup solution, very similar to OP's Superchain, but goes beyond just Superchain. According to this research report from Binance: Caldera has provided technical support for about 25% of Rollups, and as Ethereum continues to strengthen, it will awaken everyone's interest in Rollups again, allowing Caldera to continue expanding its share in the Rollup space. However, even with the above background and expected supplements, facing a new coin with an FDV exceeding 1 billion USD, there is some concern about its sustainability. 📝 Analyzing from two perspectives: 1️⃣ From the token unlock perspective, the recent larger unlock will come from 5.16% on 10.17, and before that, there were two unlocks of 1.31% on 8.17 and 9.17; 2️⃣ From the token empowerment perspective, it mainly serves as the universal cross-chain Gas for the Caldera ecosystem and ensures the security of the Caldera network through staking, with other aspects including participation in governance and ecosystem support; ERA's current circulating market cap is 183 million USD, accounting for 14.85% of the total share. Based on proportional calculations, future unlock shares will dilute by about 10% each time over the next two months, but the most concerning is the 5.17% unlock on 10.17, which will directly dilute by about 35%. The consumption and locking of ERA will depend on whether this TGE can drive strong exposure and boost Caldera's market share in Rollups, but more importantly, how long this bull market can last! Note: The above is for information sharing only and is not investment advice. Please do your own research!

Yala has opened airdrop queries yesterday～ To be honest, I knew it would be quick, but I didn't expect it to be this fast, so fast that my account from Sunday wasn't even included in the snapshot (snapshot time 7.8). The first post was on June 28, which means my fans and community partners only had 10 days to get on board, and according to the snapshot rules, many of my friends have been complaining. 📖 The general rules can be summarized in three points: 1️⃣ Participation guarantees a minimum allocation; 2️⃣ If the points are below 1M, the airdrop will be a fixed number of tokens, and the return on investment is far lower than the minimum allocation; 3️⃣ Only those with points exceeding 1M will proportionally share the airdrop; These rules have led to a lot of complaints from those who only meet condition 2 during this period. Based on the time when Yala became widely known, those with a capital amount between $2,000-$20,000 basically fall under condition 2, so they do have an airdrop but it's not the best outcome. 📈 This method can be praised in the following ways: 1️⃣ It protects the project's interests while rewarding all participants in the ecological construction, and it provides sufficient returns for large holders. 2️⃣ Even under condition 2, if small funds participate early enough, they can advance to condition 3. Overall, this time, the interests of medium holders from June 28 to July 15 were sacrificed to ensure the rights of small and large holders. 📉 But what is the reality? Are there any insider trades among conditions 1 and 2? Perhaps only the project team knows. After all, the airdrop is inherently a matter of luck and working with the market makers. Most of my accounts fall under condition 2, and I haven't gained much from the airdrop, but fortunately, as a DeFi farmer, my focus is on APR (I can only comfort myself this way). Note: The above is for information sharing only, not investment advice, please do your own research! DeFi Enthusiast: BitHappy

The incentives for BGT-related tokens are about to drop by 33%! In the past couple of days, the market has been great, with other altcoins rising by ten points, but it only goes up two points before it starts to dump. Last night, it suddenly surged by 10 points, and within five minutes, it started dumping again. Just now, iBGT was affected by the proposal, and its exchange rate with BERA dropped by more than 4 points again! At this point! Community members who bought iBGT some time ago have already chosen to just lie flat. And I can only be thankful that during the last two large-scale discussions among group friends, when there was some FOMO, I didn't go all in! The biggest pitfall record for my friends:

What will Hyperion's FDV be? What are its expectations? Previously, the highest cost of obtaining points through trading was estimated to be around 110 million for its FDV. However, based on my actual Drips points to ROIN token ratio of 72:1, even at the highest point cost, as long as the FDV is above 72 million, everyone who earned points through trading can make a profit. So, as a DEX, how many people are just grinding for points? From a cost perspective, at least DeFi players receive their points for free, and even pure point enthusiasts can reduce their point costs by half in the subsequent xBTC double points event. Moreover, Aptos has always needed an opportunity to restore its reputation, and Hyperion, as the most important DEX protocol on the public chain, has its TGE as an excellent opportunity. Therefore, I speculate that its TGE will allow everyone involved in building its ecosystem to profit. Additionally, Hyperion's performance truly lives up to its status as Aptos's backbone! When I started mining on it at the end of April, its TVL had just surpassed 10M, and now it has reached 113M. Due to its APR flywheel design, its trading volume has consistently exceeded its TVL. However, for valuation analysis, people are more accustomed to looking for comparison objects, such as frequently comparing SUI, which belongs to the same MOVE system as Aptos. ➤ Currently, @SuiNetwork has two protocols that can be used for comparison. 1️⃣ The already issued Sui leading DEX @CetusProtocol: If Cetus hadn't been hacked, it wouldn't be a good comparison object since Sui is significantly stronger than Aptos. But after the hack, Cetus is still a suitable comparison object; its market cap has dropped from a peak of 490 million to now 100 million, while still bearing debts (as it slowly compensates user losses). 2️⃣ The strongest competitor among the unissued Sui leading DEXs @MMTFinance: Rumor has it that MMT's last round of financing was valued at around 170 million USD, so to ensure investors do not lose money, MMT's FDV needs to be above 170 million. Through the comparison of these two protocols, it can also be seen that Hyperion's estimated FDV is not an exaggerated figure. However, I prefer to believe in Aptos's determination to do well in its ecosystem this time. On one hand, the market cap needed to break even on points is 72 million; if it cannot reach that, Aptos will be drowned in criticism again! On the other hand, during the past two months of Hyperion's data surge, many new DeFi protocols have emerged on Aptos, continuously exposing some core protocols in the APR flywheel, which can revitalize the entire Aptos DeFi ecosystem. If Hyperion cannot maintain a good image/market cap, then Aptos's hopes will be dashed! That's all. I hope @hyperion_xyz's TGE goes smoothly, and I also hope @Aptos develops well, as only then can I have more mines to dig! Note: The above is for information sharing only and is not investment advice. Please do your own research! DeFi enthusiast: BitHappy

Yala's APR on Pendle and its derivative protocols has risen to around 20%! Compared to last week's APR, it's almost doubled! I initially guessed that the Yala team bribed the votes on Pendle using cash capabilities, thus increasing the APR. I asked the Pendle and EQB OGs in the community, and they said it might be because last week's Pendle voting was chaotic, which allowed Yala to win by default. Perhaps both reasons are valid. But regardless, the current Pendle-related APR is more attractive than RateX. If I were to transfer my position from RateX, I would need to worry that next week's Pendle voting might lead to a decrease in Yala's earnings (OGs predict that next week's voting won't be chaotic). However, today is quite suitable for switching positions, especially since Ethereum's gas fees are relatively low this weekend. One more thing, Yala's TVL surged from 150M to 200M a few days ago, and there will be a new Genesis NFT tomorrow, so the remaining time window might really be limited. Additionally, the PT portion in Pendle LP cannot enjoy points; based on the current composition of LP, PT accounts for about 30%, so the actual points that can be obtained are only 70% of 6 times, which is about 4.2 times. Note: The above is for information sharing only and is not investment advice; please do your own research!

Yala Gives Genesis NFTs for Free? U-card? No, I think it's more like "the key to a good mine"! In Pump Pump's tweet, the use scenario of Yala, a genesis NFT, has been described in detail, with interest and U cards at its core. U cards solve the problem of crypto-native payments, and interest-bearing is Yala's core business. A few days ago, the Lite mode opened in Yala has a fixed APR limit of 12%, and many friends have not grabbed the quota. When similar good mines are opened in the future, Genesis NFTs can be used as the key to the mine. For example, giving preferential mining rights or additional interest rate hikes, this special benefit is worthy of the name of Genesis! So, the whitelist is definitely worth fighting for, and if you don't have a whitelist, you can also keep an eye on next Monday's free mint, and there are still 1200 slots. Also, will there be additional airdrop weights for this? Moreover, its TVL has suddenly soared in the past two days, and now it has reached 211M, and the expected two-month TGE is likely to be brought forward. I have already been given one of the white list slots for Pump Pump, and I will also give away four slots to my friends in the community today! Note: The above is only for information sharing, not investment advice, please do your own research! DeFi enthusiasts: BitHappy

Small Mine: A stablecoin with more than 190% APR? In the past few days, community friends have discussed this in the group, and just glanced at this coin again and studied it. The APR is mainly subsidized by Hyperion, and the USDA is a new protocol, Auro, which is now TVL 1.9M, and no relevant financing and background information can be found. The minting method is not new, it is to mortgage APT or LST APT assets, and then borrow and mint. What got me interested in it was APR on the one hand, and USDA on the other hand, the simple and easy to remember name. The stablecoin minted in the same way as it, I am most familiar with lisUSD, but it is not so eye-catching, Lista did not name it well, and it is mainly responsible, if it is called USDB, it is not bad (it turns out that Binance's stablecoin is called BUSD), hahaha. However, the stablecoin minted by Lista can also use non-public chain native tokens, and if you can only use BNB or LST/LRT BNB or wrapped BNB to mint stablecoins, with the financing of the public chain background, it should be more relevant. The use of public chain native tokens to mortgage lending to mint stablecoins can also be used as another way to lock up and increase the TVL of public chains, and stablecoins are already a general trend. It is estimated that in the future, all public chains will have their own stablecoins that can only be minted by staking the native token of the public chain. Note: The above is only for information sharing, not investment advice, please do your own research! DeFi enthusiasts: BitHappy

There is a lot of commotion in the group today, and no one in DeFi has said a word. I said that if you build an altcoin, there is no hope of returning to the capital. The guys chatted hotly, and the currency circle lamented that they had not yet won. Some have doubled and still lost, and several times have not come true.