Onchain Analyst | DePIN Projects | Student Researcher | Reply Guy
Taipei City, Taiwan
Joined June 2021
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DePIN（Decentralized Physical Infrastructure Network ) , one of the most significant emerging sectors in the blockchain space. DePIN uses crypto incentives such as tokens to crowdsource the building and maintenance of real-world physical infrastructure, rather than relying on a single centralized corporation.
The core concept of DePIN is decentralize.
- How it used to be : If you want to build a telecom network or a cloud service such as AWS, you need billions of dollars, massive bureaucracy, and years of time to build towers, lay cables, and build data centers.
- With the concept of DePIN : The protocol will be defining the rules and standards. Individual users purchase and set up the hardware like hotspots or sensors. The protocol rewards these users with tokens for providing reliable service. The network grows organically and rapidly without a central entity footing the entire bill.
But how do DePIN attract individual users to provide the resources? DePIN relies on a specific economic cycle to solve the "cold start problem" since there are no users when the protocol is first started. Here's how the flywheel work.
1. Protocol provides incentives like tokens to supply side participants.
2. As more participants join, they will build infrastrcutre base and attract users.
3. Users who need the service pay to use it. At the same time, the money they pay boosts the supply side growth.
4. Revenue burns tokens or buys them back, increasing token value, which incentivizes more users to buy hardware, leading to step 1.
However, there's a vital problem. Think about it, you bought service from Filecoin and someone claims to store your data but actually deletes it to save money. That's gonna make you so frustrating and you would probably never use the service again in your life. Since providers going against the rule would harm the goodwill of the protocol significantly. How do the protocol make sure that the participants wouldn't violate the rule or standards?
-Proof‑of‑Service / Proof‑of‑Coverage : The network continuously verifies that a provider is actually delivering the promised service. Such as Filecoin’s “Proof‑of‑Replication/Spacetime”.
-Staking & Slashing : Providers lock up native tokens as collateral. If they violate the rules, part or all of the stake is slashed. Meaning they're not getting their tokens back, which makes them lose their money. It works as an economic defense.
-On‑chain Audits & Challenges : Other nodes or auditors can issue challenges that must be answered correctly within a time window. Failing to achieve the tasks indicates cheating.
-Reputation Systems : Over time, honest nodes build up a reputation score. Higher‑rank nodes receive larger rewards or priority in task assignment. Providing incentive to participants to obey the rule for a longer period of time.
-Transparency & Open Data : All performance metrics are publicly visible on‑chain, allowing anyone to spot anomalies and call out bad actors. Some protocols may also adopt third‑party monitoring services that alert the community.
There could be more ways of preventing but I'll just mention the common ones here.
Although there are many types of DePIN projects, they are still broadly grouped into four main categories :
- Compute / Edge Computing : Aggregate distributed processing power to perform complex calculations. ( @rendernetwork, @akashnet
- Storage Networks : Provide decentralized object storage and data persistence. ( @Filecoin, @storj
- Wireless Networks : Deploy physical hardware to build telecommunications infrastructure. ( @helium, @AltheaNetwork
- Energy & Sensor Networks : Crowdsource the collection of real-world physical data. ( @Hivemapper, @iotex_io, @Powerledger_io
In summary, DePIN is a crypto sector brimming with potential. Its future looks even more prosperous thanks to the rapid growth of AI. DePIN serves as proof that blockchain technology can be adopted in our daily life, making DePIN an inevitable part of our future.
Robinhood chain 未來會上鏈一些債來供買賣
只是現階段有限制美國地區及公民交易
無法想像未來是否所有東西都能夠搬到鏈上
#RWA #Tokenization
Stats taken as of October 12th, 2026. Robinhood Stock Tokens are tokenized debt securities. They are not available in the US or to US persons and are subject to restrictions in other jurisdictions, including Canada, the United Kingdom, and Switzerland. A full list of restrictions is available here: docs.robinhood.com/rhj/
Inclusion does not constitute an endorsement, partnership, or warranty by Robinhood. Robinhood is not responsible for any financial risks arising from interacting with third-party protocols.
這文章說得太好了
撇除前面項目簡單分析的部分
後面心法也許更適合現在的我去參考
借鑒大佬的言語可以避免我自己去犯錯
做出改進、修正
甚至讓夠讓我找出自己真正想做的事
KBW & Token2049 跑会观察
这次KBW和Token2049都去了。第一感觉就是：没什么新项目，小项目基本死绝了。
现场主要还是上个周期发出来、而且已经上了不少顶级交易所的项目，在用比较大的预算办活动。大家已经有共识——散户没法接盘二级了，所以很多项目也不再做社区了。
这也是为什么叙事被证伪之后很长一段时间，市场充斥各种妖币，靠拉高爆空单或者极端资金费率收割多空。
另外VC也确实投得少了，因为退出路径堵死了——二级出不了多少货，而且大部分是2+1的投资期限，对VC来说，一个币圈项目的生命周期可能都撑不到这个期限。
项目大概可以分成这几类：
1/ 手上现金充足的老钱项目——在合适时机完成ICO或变现过某类资产，treasury有钱，或上一轮融资本身就不错，上次TGE也没主动做市值管理，所以筹码和资金都比较充足。这种一旦到山寨季或牛市基本必拉，我觉得 $XPL $ZAMA $MONAD 都符合这个画像。
2/ 有真实收入+高峰期空投激励+健康回购机制的代币——比如 $PUMP $LIT，或者直接去DefiLlama上按收入排序拉一遍，能找出一批。
3/ DeFi老币——大家还是持续看好 $UNI $ETHFI $AAVE。
4/ 一个很现实的问题：现在交易所和链上买TradFi资产已经非常简单了，谁还要去买没有价值支撑的垃圾山寨？这也是为什么山寨越来越没人接盘——因为有更多优质资产可以选。
5/ 本次跑会挖到的两个比较近的Alpha：
• @predictdotfun——应该马上要发币，我认为这次TGE是可控的，大概率会发得比较漂亮。先说结论：这是真·体系内项目，不是蹭热度的假皇族。而且据我所知它没有KOL轮，积分分发也很克制，开盘策略应该会吸取前面很多项目的教训。
• @extendedapp——我最近关注比较多，预期TGE在11月中下旬。TVL表现非常好，DefiLlama上累计收入大概3700万美金，这个收入量级相当夸张，后续大概率会用于回购。团队背景来自欧洲最大数字银行Revolut，而且拿到了传统券商eToro的投资。
6/ 除了项目本身，这次也借着跑会见了很多中外顶尖交易员，更新了自己的watchlist：
ZEC / ZAMA / UNI / HYPE / NEAR / LIT / ENA / ETH
另外还关注三个DAT类标的：PURR（HYPE的DAT）、SVRN（NEAR的DAT）、CYPH（ZEC的DAT）。
在现在这个周期节奏下，我还是偏稳——基本不碰妖币，涨势不持续、也很难判断什么时候收网，盈亏同源。
───
最后想说的是：我还是会一直坚持跑会。因为一句随口聊出来的密码，或者活动角落偶遇的一个朋友随便指点几句，都可能改变我的生活轨迹。
"change my life"的诱惑，不是几千块一晚的酒店能比的。我觉得投资自己也是一种投资行为——买币会归零，但在社交和拓展视野上不该省钱，多接触厉害的人，有时候真的会颠覆很多想法。
有时候人就是坐井观天。这次很幸运跟 @Cbb0fe CBB老师建上了联系。
心理上最大的改变是：随着自己的状态慢慢变好，言之有物，也能吸引到更好的朋友，有机会跟他们交流，去了解他们财富的来源和思考路径。
其实前段时间我抑郁过一阵子，心理咨询师一直在很好地引导我。印象最深的一句话是：你觉得自己不够成功，是因为你看到了别人的成功路径；但至少你比大多数人强的地方在于——你真的知道成功的路径长什么样，因为它就切实发生在你身边。
那一瞬间我突然想通了。我一直在问自己为什么还没到达某个高度，是因为我深度参与了身边人的跃迁，也亲眼看到了他们是怎么成功的。所以我看到了路径——这既是好事，也是坏事。好的一面是我看得见方向；坏的一面是，这就像一块肉吊在我面前，我却总也够不着。
不过我想，更多还是继续努力、耐心等待、持续学习，去挖掘别人在我看不到的地方付出的那部分。
People may be missing out these protocols.
#RWA
We all agree #RWA is the biggest narrative if crypto wants real adoption.
But when they look for the ticker, 90% point straight to $Ondo and completely miss that how $Pendle shipping yield layer to the RWA market.
$ONDO ~$2.5B mcap, zero value capture to holders.
$PENDLE ~$380M mcap, already doing ~$300k/month in holder revenue.
I’m not saying Ondo is overvalued bc it’s clearly the leader of the sector. I;m just pointing out that Pendle looks heavily undervalued relative to the role it’s already playing.
Numbers don’t lie:
> STRC market: Pendle held over $500M TVL at peak, with ~$1.44B in volume
> AUSD (Agora) market: Pendle held up to 82% of supply
> @re market: Pendle TVL hit $240.7M, roughly 80% of total supply
@pendle_fi has quietly become the main onchain market for these RWA-backed dollars.
I’m already holding a bag and will keep accumulating on dips. Still in the building thesis phase, I think. Once it breaks, the move should be fast.
Latest crypto fundraising news
👀 Top Crypto Fundraising Last Week
1️⃣ Nous Research (@NousResearch) - $90.0M; AI, DePIN
2️⃣ Spiko (@Spiko_finance) - $90.0M; Lending/Borrowing, Real-World Assets
3️⃣ Meanwhile (@meanwhile) - $37.5M; AI, Insurance
4️⃣ Catalyst Labs (@CatalystLabsX) - $30.0M; AI, Prediction Markets
5️⃣ Navra (@HelloNavra) - $19.0M; AI, DeFi
6️⃣ Noah (@Noah_HQ) - $16.0M; Infrastructure, Payment
7️⃣ Ipid - $16.0M; API, Payment
8️⃣ Vest Markets (@vestexchange) - $13.0M; Derivatives, DEX
9️⃣ Anvil (@anvil_xyz) - $5.0M; DeFi, Lending/Borrowing
🔟 Immix (@immix_xyz) - $3.5M; AI, Payment, Stablecoin
ALT This image shows a summary of fund-raising amounts for various companies from October 5 to October 11, as presented by CoinMarketCap Research. The companies listed are Nous Research, Spike, Meanwhile, Catalyst Labs, Navra, Noah, Ipid, Vest Markets, Anvil, and Immix, with funds raised ranging from $3 million to $90 million. The image includes logos of investor firms associated with each funding round.
Insane.
During the decade, there could be someone minting trillions of $XRP for free??
How does no one take advantage of this bug
幣圈大崩盤一周年
Hoy es 10 de Octubre.
Un dia como hoy, hace 1 año, ocurrio la liquidación cripto mas grande de la historia dada por un “error” dentro del Exchange mas grande del mundo, oficialmente se reportaron $21,000,000,000 en liquidaciones, pero la cifra real se estima por encima de los $290,000,000,000.
En cuestion de 17 segundos, todo el mercado se desplomo entre un -15% en Bitcoin, hasta un -99,99% en altcoins.
Dia en que destruyeron no solo al trader retail, sino a muchos creadores de mercados, fondos de inversión y hasta exchanges quebraron meses despues.
El mercado se ha ido recuperando, pero no podemos olvidar el daño que Binance le hizo al mercado.
xPluto retweeted
FOMO+GMGN追踪头部Meme聪明钱教程
链上行情启动拉升的阶段，那些率先布局的聪明钱钱包，往往已经在筹划离场出货。等到普通散户看见K线大涨才反应过来，这批地址早已完成建仓，静待市场接盘。
这里所说的交易先手，并非内幕消息，而是链上数据中行动更早的优质钱包。普通用户很难直接识别它们，但借助工具可以把这类地址挖掘出来。
一套落地性较强的实操思路，就是依靠FOMO捕捉资金流向，再用GMGN核验钱包真实实力。下面是完整的七步实操流程。
第一步：筛选具备持续盈利能力的交易者
打开FOMO，进入排行榜与交易社群板块。核心筛选逻辑很简单：优先锁定同时出现在7日、30日榜单的交易者。
仅在24小时榜单昙花一现的地址直接剔除。FOMO排行榜依托真实盈亏数据，划分24小时、7天、30天以及全周期四个统计维度，是链上交易者重要的参考来源。短期榜单的盈利，很多只是运气踩中单次行情，并不代表长期稳定获利的能力。
🔗 FOMO：fomo.family/r/TGweb33
第二步：复盘钱包近20笔历史交易记录
进入钱包主页，重点核查两个核心维度：整体收益是否长期正向，能否多次做到早期入场。
打开GMGN钱包详情页面，可以调取该地址7天、30天的盈亏比例、实际盈亏金额与交易胜率。把多次精准捕捉优质行情的钱包，加入观察名单做长期跟踪。
第三步：买入卖出行为要结合综合研判
FOMO的动态信息流会把钱包的买卖行为按时间线完整展示。不少人只关注钱包何时进场，但卖出时机、卖出规模的参考价值，远高于买入信号。
买入是公开可见的动作，卖出才最终决定实际收益。GMGN还可以查看钱包7/30日平均持仓周期、代币平均兑现收益，通过这些指标，区分该地址是短线快进快出风格，还是纪律性较强的波段交易者。
第四步：等待多只优质钱包同步布局
单一钱包的买入，大概率只是试仓行为；多个高收益钱包集中买入同一个币种，才是高参考价值信号。
实操中可以通过抓包提取FOMO榜单优质交易者的钱包地址，批量导入GMGN开启实时监控。重点关注同时上榜7天、30天榜单的地址，短时间内多个独立地址共同建仓某一币种，信号有效性会进一步提升。
这个阶段行情大多尚未爆发，散户还没有大批量涌入，我们要做的就是抓住这个时间窗口择机介入。
第五步：GMGN深度核验钱包底层风险
FOMO的数据颗粒度有限，GMGN能够进一步挖掘钱包的完整底牌。
需要重点核对的数据包含：链上完整盈亏（已实现+未实现）、持仓变动、历史胜率、代币部署记录、平均建仓成本。GMGN自带钓鱼风险检测，可以统计该地址触碰黑名单、貔貅合约的次数，如果次数偏高，大概率属于项目方的钓鱼钱包。另外卖出规模远超买入、数秒内完成完整买卖等异常行为，也要保持警惕。
🔗 GMGN：gmgn.ai/r/bY0BW02w
第六步：依托流动性、成交量二次过滤标的
直接放弃流动性严重不足的代币；成交量刚刚开始放大，但价格尚未出现大幅拉升的标的，重点跟进。
如果币种已经上涨10%-20%，克制追涨冲动，只吃行情刚启动的这一段，后续利润留给其他参与者。跟单还有一个容易踩坑的点：部分钱包习惯在市值数百万到千万级别重仓，完全不设置止损，这类交易盈亏比很差，不适合跟随。
第七步：坚持快进快出，拒绝死扛亏损仓位
Meme币种行情变化极快，反转往往就在一瞬间。入场之前就要定好离场标准，触发条件果断离场。不要对币种抱有主观执念，切忌长期被套扛单。
行业实操经验建议：跟单交易整体资金，不宜超过个人投资组合的20%；跟随单个钱包分配的资金，不能超过跟单总仓位的五分之一。同时打开工具自带的止盈止损，提前设定最大亏损阈值。
总结
整套策略核心逻辑可以概括：FOMO捕捉资金异动，GMGN核验钱包真伪，在散户集体进场之前完成布局。市场机会源源不断，但本金只有一次，风控永远优先。