GasFeeNightmare

Recently, I've been closely watching the data of the U.S. stock market and discovered a phenomenon worth warning about. The trading volume of call options on the S&P 500 index surged to $2.6 trillion on Wednesday, accounting for 60% of the entire options market. This scale is nearly equal to the total market capitalization of the cryptocurrency market, which is $2.73 trillion. Simply put, everywhere you look, people are betting on the stock market continuing to rise through call options, and this optimism has become completely one-sided.
Wall Street is playing a high-stakes game of risk-taking

I recently came across a quite shocking scam where someone impersonated Iranian authorities in the Strait of Hormuz, demanding shipping companies pay in Bitcoin or USDT as "toll fees" in exchange for passage permits. I have to say, this USDT scam method is really bold.
The background is as follows. Since the U.S. and Israel took military action against Iran in February, Iran has blocked shipping through the Strait of Hormuz, trapping about 20k oil tankers and cargo ships in the Persian Gulf. Shipowners are frantic, and various rumors are flying everywhere.
The scam groups seized this chaos as

Just saw Nets owner Joe Tsai say on Twitter that he likes cryptocurrencies—it feels kind of interesting. This guy isn’t just the vice chairman of Alibaba; he also plays in the NBA, and now he’s looking to enter the crypto circle? In 2017, Joe Tsai invested $1 billion to buy a 49% stake in the Nets, then later spent $1.35 billion to acquire the entire ownership, and he now also owns a WNBA team and a hockey team—he really does everything.
What’s interesting is that the CEO of a major exchange immediately replied, saying “I like Joe,” and then Joe Tsai invited him to watch a Nets game, even chan

Recently, I saw someone ask about flash loans again, so I might as well have a good discussion on this topic.
In fact, flash loans have been around in DeFi for some time. Aave first introduced this concept in 2020, and it was subsequently adopted by other lending protocols. Many people were initially attracted to it because it broke the limitations of traditional finance—no collateral required, no credit checks, and large sums of funds can be borrowed. It sounds appealing, but the underlying mechanism is actually quite clever.
Simply put, a flash loan is a collateral-free loan executed within

Oh my god, Huang Licheng has recently lost big again on Hyperliquid... Just a few days ago, he cut his losses and closed positions on XPL, ASTER, and PUMP—he lost $21.53 million in one go—then he turned around and used 5x leverage to go long on XPL again. He can’t seem to stop.
Even worse, his unrealized losses over these 20 days have already reached $42 million. His total profit has shrunk from the hundreds of millions down to just $1 million. But this guy is still holding long positions worth $150 million on Hyperliquid, with leverage set to 12x. In a market this volatile, it’s really like l

Recently, while examining DeFi data, I noticed an interesting phenomenon: the same TVL (Total Value Locked) means completely different things across various projects. The story behind this is quite complex.
It all started when a developer on Solana stacked 11 identities to inflate protocol TVL artificially. After the incident broke out, Defi Llama changed its calculation method in August 2024, defaulting to exclude double counting between protocols. This change directly burst many "bubbles" and gave us a chance to rethink what TVL really is.
Starting from the basic definition, TVL (Total Value

Recently, Bitcoin's price movement has indeed sparked quite a bit of discussion. After months of stagnation, this strong rebound has caused many to reevaluate the market. Analysts on Wall Street point out that from October last year to February this year, the crypto market experienced a 44% sharp pullback, but now it seems this downward trend has come to an end.
I’ve noticed that there are indeed many factors supporting this rebound. First, positive news from policy developments, with the US regulatory stance clearly shifting towards friendliness, significantly increasing the likelihood of rel

Recently, I came across a quite interesting market phenomenon. The U.S. stock market closed in the red on Monday amid the gloomy Middle East situation, with the Dow Jones down 1.13% and the S&P 500 slipping 0.41%, but cryptocurrency concept stocks surged against the trend. The driving force behind this came from a legislative development in Washington.
Maryland Democratic Senator Angela Alsobrooks and North Carolina Republican Senator Thom Tillis finally reached a compromise last Friday on the most controversial "stablecoin yield" clause in the Digital Asset Market Clarity Act. As soon as this

Trump is doing NFTs again, this time the 4th series! The previous ones sold out super quickly, and this time it's the same routine, each one priced at $99. Recently, he announced on his own social platform TRUTH Social, saying things like "Sold out instantly" and "You're going to love it," typical marketing hype.
This batch of Trump NFTs is called "The America First," designed with 50 different styles, with a total of 360k available for purchase, issued on the Polygon blockchain. Interestingly, they offer various packages, with the most aggressive being a purchase of 250 pieces (costing $24,75

Recently, I saw someone ask about Ethereum's scaling solutions, so I might as well organize my understanding.
The core problem Ethereum faces is actually quite simple—only able to process 15 transactions per second, which is a joke for a thriving public chain ecosystem. As a result, gas fees skyrocket, making it unaffordable for ordinary users, and it feels like a playground for the rich. But this is clearly not the original vision of Ethereum.
So how to solve this? Directly expanding the main chain blocks? No, that would cause node operation costs to skyrocket, making the network more central

There’s an interesting phenomenon lately: many people, when discussing WLD, are still obsessing over FDV as if it’s the only metric—but in reality, this already reflects a divergence in everyone’s understanding of market logic.
First, let’s look at the current situation of WLD. At its peak, the project really did attract a lot of attention. However, if you’re still using FDV to judge its value now, you may be a bit outdated. WLD’s current circulating supply is roughly over 3.3 billion tokens, total supply is 10 billion, its circulating market cap is around $940 million, and its fully diluted m

I’ve been mulling over the logic behind the sharp drop in 519, and I’ve found some pretty interesting things.
You know, since 312 last year, BTC has climbed from 3,800 to 65,000—up 17x—with almost no decent shakeouts in between. This means that the vast majority of investors are sitting on profit, and the cost basis of institutional holdings is mostly in the $20,000–$30,000 range—often even higher than many retail investors.
The 519 crash looks like it’s clearing leverage, but in reality it’s carrying out a thorough reshuffling of hands. Those who had been holding from the bottom were forced t

I just came across a pretty shocking story. A 35-year-old programmer went through the darkest week of his life in the crypto world—nearly 10 million yuan in assets almost vanished in just 3 days. He took leave from work, couldn’t sleep every day, and could only eat under his wife’s forced insistence. Staring at his phone screen, he watched Luna tumble from $50, $20, $1 all the way down to $0.00000112… This “star coin,” once ranked No. 4 by market cap, created countless people’s wealth dreams in 2021, yet in just a few days, the numbers across all accounts evaporated.
Behind it is a very intere

Recently, a fairly noteworthy development has attracted attention. The People’s Bank of China recently convened a meeting with 13 departments, including the Public Security Bureau, the Cyberspace Administration, and the Financial Office, to reiterate that it will resolutely crack down on virtual currency trading speculation. The firmness of the stance is arguably the most weighty statement since the comprehensive ban in 2021.
When it comes to China’s cryptocurrency policy, in fact a comprehensive ban on trading was already imposed in 2017, and by 2021, even mining was prohibited. Over these ye

I recently came across an interesting Trump poll data set about American voters' views on his management of cryptocurrency regulation. The results were somewhat surprising.
According to the latest poll commissioned by CoinDesk, as many as 62% of American voters do not trust the Trump administration's regulation of the crypto industry. The deeper issue reflected behind this number is that 45% of respondents are aware that the president's family has personal interests in the crypto sector, including holdings related to global free finance. Even more painfully, 73% of the public oppose high-ranki

Recently, I’ve been comparing Web 2.0 and Web 3.0, and I realize that many people still have some confusion about these two generations of the internet.
Speaking of which, Web 2.0 has actually been with us for nearly 20 years. Its core is connecting people with content—social media, video sites, blogs—these are all products of Web 2.0 that we use every day. But there’s a hidden risk: all the data, content, and even behavioral records you generate on these platforms are ultimately controlled by the platforms. You are just a participant; the ownership of the data is never truly yours.
Web 3.0 is

I looked at a poll result from CoinDesk, and I was a bit surprised. In a survey about the issues American voters care about most in the 2026 midterm elections, cryptocurrency only accounted for 1%, basically at the bottom. In comparison, people care more about the cost of living (36%) and employment and the economy (13%), which are the real livelihood issues.
Interestingly, although cryptocurrency is not a focus of the election, American voters' attitudes toward this topic are still divided. According to the same survey, only 27% have actually invested in or traded cryptocurrencies, while anot

Recently, I’ve been looking at some market data, and there are a few signals worth paying attention to. The National Development and Reform Commission has issued a decision prohibiting foreign investment in a project involving critical infrastructure, and these kinds of regulatory actions have clearly increased in recent times.
Interestingly, at the same time, stablecoin fund flows have shifted noticeably. Last month, a major exchange attracted $6 billion in stablecoin inflows in just March and April—nearly $3.5 billion in April alone—which forms a stark contrast to the net outflows seen earli

I recently watched an interview with DeepMind founder Hassabis at YC, and some of his viewpoints hit close to home. He said that if you start a deep technology project with a ten-year horizon now, you must plan for the emergence of AGI along the way. This is not alarmism; his personal timeline is around 2030.
Listening to his technical details, I understood why AGI is still missing one or two puzzle pieces. Large-scale pretraining, RLHF, and chain-of-thought techniques have already been validated, and he’s confident they will become part of the final AGI architecture. But continual learning, l