Weekend Recommended Reading: From Celsius to Three Arrows, Dominoes of Encrypted Ten Billion Giants
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Since May this year, We have witnessed the collapse of Luna’s $40 billion financial empire overnight, the unanchoring of Lido derivatives on ETH2.0, the world’s largest decentralized node, the suspension of withdrawals by Celsius, the largest encrypted bank in the United States, and the liquidation of Sanjian Capital, which once had tens of billions of assets . The following will connect these events in series, from Luna to stETH, from Celsius to Three Arrows, to find the subtle relationship between them, as well as the development clues interspersed between them.
"Called by Three Arrows Million-dollar customer: Three arrows drag everyone into the water"
It's one thing to lose a bet, but At least have a sense of honor, don't drag irrelevant people into your game. Don't be sneaky with everyone because they could have helped you. This article is based on the opinions of Danny, the trading director of 8 Blocks Capital, on his personal social media platform. Why did he call on the platform to freeze the assets of Three Arrows?
If Celsius and the Three Arrows What does the collapse of capital mean for the industry? "
If 3AC (Three Arrows Capital) collapses, the impact will be extremely huge, because they have learned from every well-known Lenders with strong capital and strong capital have loaned money everywhere. Think BlockFi, Genesis, Nexo, Celsius, every lender is expected to bear the brunt of the 3AC. Meaning lenders will protect themselves by withdrawing credit from the system. All lenders probably have around 50 billion (estimated) in loans... 30-40 billion is expected to be destroyed, i.e. loans called in, credit curtailed.
Most people's wealth comes from cycles, not strength. "The number of users of Celsius Network is twice that of all DeFi combined..." Alex Mashinsky, the founder of the encryption lending platform Celsius, once showed off on Twitter, triggering a counterattack from DeFi enthusiasts. Now Celsius Network, which has grown into an encrypted unicorn, suddenly issued an announcement: suspending all withdrawals, transactions and transfers on the platform. With a large-scale fund run and the suspension of cash withdrawals, Celsius Network, whose asset size was once as high as 30 billion US dollars, came to the "Lehman moment". Where does the crisis come from? This time, can entrepreneurial madman Mashinsky turn the tide again?
Insiders: UST last year The anchor was saved by Jump, they misled the market"
When UST devalued from $1 to $0.01 , retail investors have been persistent - 60.4% of retail investors held until UST returned to zero, and the rest of retail investors lost an average of 70%. why is that? Where does their confidence come from? The truth behind the first unanchor of UST in May 2021 may tell you the answer. Even retail investors who have been involved in the crypto market for years have been deceptively instilled with false confidence in the peg.
"The Liquidity Crisis Emerges, Will BlockFi also face the risk of thunderstorms? "
Cryptocurrency analyst Otteroooo posted an article on CeFi (Centralized Financial Services Institution) on his personal Twitter ) giant BlockFi's detailed investigation of the capital situation, concluded that BlockFi is likely to fall into a liquidity crisis, because the platform has lost huge amounts of money in a series of incidents such as Celsius, Three Arrows Capital, and SEC fines.
"The 3 Phases of a Bear Market , we just entered the 2nd"
How long will it take us to survive the bear market? If you are an investor, please formulate your own investment logic and listen to the opinions of those you trust most. Don't lose sight of the big picture. We are building an open, free world. It will take decades, not years. Many talented people left. But those who stayed were rewarded. We're going to have to put our heads down, build value, and survive for quite some time to survive the bear market. Things will get worse before they get better. In a bear market, the pattern needs to be opened, don't forget why you joined.
"Detailed explanation of the relationship between ETH and stETH , unanchoring is not a failure"
You pledge 1 ETH, Lido will give you 1 stETH in return. Your ETH is staked with a validator from a set of node operators chosen by Lido. As that ETH earns staking rewards, your stETH balance automatically changes to match this beacon chain balance. After the ETH developers finally release the merge and subsequent fork, stETH will be able to “unstake” and the original ETH can be redeemed. Lido has become very popular due to Ethereum designing their staking a bit weirdly, and with the Beacon Chain launching in late 2020 with still no concrete merger date. This is the most popular way for users to stake ETH. This article is some of Cobie's views on Lido, stETH and ETH anchor relationship.
Game Governance in Web3 (1): What is game governance and its pros and cons"
This is about the use of different governance models in games A series of analysis. Game governance is a process in which a game's stakeholders participate in its evolution. It can take the indirect form of providing organic feedback through public forums, which are then iterated by development studios, or it can be direct, like voting on content proposals generated through community discussions. However, both methods are currently used.
We Learn From Crypto Markets Hardest Lesson I Ever Got"
Right now, if this is your first bear market, Don't get too frustrated. It will all pass. The haze of inflation haunts every mainstream country in the world. Under such a doomed situation of raising interest rates, all risky assets, in one word, are "difficult to support alone." Unfortunately, Bitcoin and Ethereum are just classified as "risk assets" for now.
EVM Network Effects: Why Say EVM may be more important than Ethereum itself? "
EVM's valuable developer network effects go beyond the Ethereum blockchain itself. EVM was the first software to provide developers with smart contract functionality, and has grown into a thriving ecosystem with valuable developer network effects beyond the Ethereum blockchain itself. In fact, some well-known blockchains using EVM have their own Token economy and consensus mechanism, completely independent of ETH Token and ETH mining.
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