Myron

From the data growth trend, the impact of xPoints on Byreal xStocks, is Microstrategy surprisingly the most popular?

On 3/18, after the RWA project xStocks went live with xPoints, it quickly attracted a new wave of liquidity for xStocks on the Solana chain.

The author compiled data from DeFiLlama from before the launch of xPoints (3/17) to the time of writing (3/23), and unexpectedly discovered:

1. Microstrategy and Circle ranked first and third in growth.
This may indicate that crypto users still prefer investment targets in familiar areas (cryptocurrency concept stocks), or that their research on mainstream stocks is not deep enough.

2. The major indices SPYx and QQQx ranked fourth and fifth in growth.
These are viewed as relatively stable indices and remain one of the preferred targets for most LPs (referring to the recommended participation method for xStocks LP). The characteristic of being easier to judge trends and having better liquidity compared to individual stocks may be key.

Overall, I am more surprised that the platform incentives provided by Byreal do not seem to particularly attract most funds to enter the market?

This issue's incentive focuses on TSLAx (200U/d), NVDAx (150U/d), SPYx (50U/d), QQQx (50U/d), with the rest being 20U/d.

It may also be affected by the higher TVL of these four xStocks LPs, resulting in a growth percentage that is not absolutely outstanding. However, I think it is still worth observing whether the funds will pursue the guaranteed returns of the incentives to provide liquidity.

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※xStocks xPoints 20% bonus is placed in the comment area, welcome to use.

※The above content does not constitute investment advice (NFA). Users are advised to operate according to their own risk tolerance, and DYOR cautiously participate in the investment market.
#xStocks #solana #RWA #Airdrops $SOL

Reminder | If you do not draw Points Boost from the xPoints Rewards Program daily, the speed of point accumulation will differ greatly.

First of all, I think xStocks should remove this daily random point multiplier effect.

xPoints can be spun once a day, offering a point multiplier of 100% to 1000%, applied to the points earned the previous day.

Like yesterday, I hit the lowest at 100%, which equals the original points, earning almost 4000 points in one day; today I hit 770%, and the points from the previous day inflated to nearly 30000 points?

For several reasons, I suggest removing this system:

1. The rich get richer
For large holders who earn more points in a single day, this may create a potential advantage, further amplifying the gap at both ends of the points spectrum.

2. Liquidity is king
The design of the xPoints system is based on three core principles: holding, lending, and providing liquidity, each method comes with its own risks or costs and should not be negated by the random multiplier effect.

3. Potential black box crisis
Although roulette systems are common in games and other everyday applications, in a finance-based system, people may worry about unseen interventions, making it difficult to prove the fairness of the roulette.

Summary:
It is recommended to remove it, or at least narrow the range of random multipliers, allowing users to focus on real activities and capital flow.

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※ xStocks xPoints 20% bonus placed in the comment section, welcome to use

※ The above content does not constitute investment advice (NFA), please operate according to your own risk tolerance, and participate in the investment market with caution, DYOR.

#xStocks #RWA #Airdrops #solana $SOL

Pantera Bets on Hyperliquid SuperApp - Based, can Ethena sENA stakers recover this time?

On February 23, Based announced the completion of its Series A financing led by Pantera, with participation from Coinbase Ventures, Wintermute, and Karatage.

Earlier, Based had announced the $BASED token economics and plans to complete the token issuance next month (March), with 7.5% of the total token supply belonging to Ethena sENA stakers ($ENA staked).

According to Based Prediction Market (Polymarket), Based FDV (one day after launch) predictions are:
▻100m: 59.5%
▻200m: 29.5%
▻300m: 17%
▻500m: 4.3%
▻800m: 3%
▻1b: 2%

If we estimate the value of the 7.5% tokens for sENA stakers based on the three highest predictions:
▻FDV 100m → 7.5m USD
▻FDV 200m → 15m USD
▻FDV 300m → 22.5m USD

However, since Ethena's airdrop data on Based does not show the proportion of individual users' total points, it is impossible to accurately calculate one's specific airdrop amount.

Nevertheless, based on my observations, if the sENA holdings remain unchanged, from Ethereal - Echelon - Strata, the proportion of points one occupies is increasing (reflecting the decrease in total staked amount), so one can actually slightly increase the proportion from Strata to estimate the airdrop ratio for Based.

Currently, it seems that the Based airdrop might be the most generous airdrop in the Ethena ecosystem, but constrained by the lock-up mechanism, it's hard to say how much recovery can actually be achieved.

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※ The above content does not constitute investment advice (NFA). Users are advised to operate according to their own risk tolerance and to DYOR with caution in the investment market.

#BASED #Hyperliquid #ethena #Airdrops $ENA $HYPE

Ethena sENA stakers can claim Echelon airdrop now

Ethena $ENA holders have once again deeply burdened the ecological project, and its 'ecological project airdrop' flywheel has been completely wasted.

Echelon Points Holders and veTHL Holders can fully unlock and claim the airdrop at 2/3 TGE, while second-class citizens: Ethena sENA stakers need to wait for a one-year unlocking period and can only claim 10% of the airdrop share today.

It is comforting to note that even Echelon Points Holders may face significant value depreciation.
The airdrop share for Echelon Points Holders is based on a 30m FDV, with an investment of $APT , subscribing to ELON.
The current price of ELON is about 0.15U, with FDV around 15m. In other words, Echelon Points Holders, if they still hold the tokens, have already recognized a -50% value loss.

What's even funnier is that Echelon seems to have very few trading venues.
On-chain, only ThalaSwap can trade ELON, and it is recommended to transfer the airdrop to CEXs to sell, as liquidity is better; currently, there are four CEXs available for deposits.

Binance Alpha also seems to be able to trade ELON, but it is on the BNB Chain, while the airdrop is claimed on Aptos. I don't understand the significance of it being on Binance Alpha? It appears that both trading volume and liquidity are extremely low.

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※ The above content does not constitute investment advice (NFA). Users should operate according to their own risk tolerance, DYOR and participate cautiously in the investment market.

※ Attached image taken from Echelon

#Aptos #APT #BinanceAlpha #ELON

The pioneer of tiered funds on the BNB Chain, Tranchess is about to end its fund operations.

With Binance announcing the delisting of $CHESS , Tranchess has also made the tough decision to gradually terminate its existing fund operations.

In these five years, we have witnessed Tranchess go through: tiered funds → validating nodes → airdrop seasons.
As early as when $CHESS completed 100% issuance, it was foreseeable that the end was approaching.

Thank you, Tranchess:
▻ The first DeFi Protocol I used
▻ I was first selected as a core community member (Trooper of the Month)
▻ Last year I attended the Tranchess Side Event at Token2049.

Thank you for everything.

#BNBChain #tranchess #CHESS #CHESSUpdate $CHESS

Ethena has now opened binding Aptos addresses for receiving Echelon $ELON airdrop

Users who stake $ENA (sENA) to earn ecosystem project points, remember to return to the Ethena dApp to bind your Aptos address (you can also prepare $APT as the gas fee for transactions after the airdrop), the path is as follows:

Rewards → Overview → Echelon Airdrop on Aptos "Delegate Now"

Simply paste your Aptos address manually and submit it, then a confirmation signing transaction will pop up in the EVM wallet, and after signing, it will be bound.
*Note: Be sure to double-check the correctness of the Aptos address, as it cannot be changed after binding

Additionally, you can see your Echelon points & ranking on the Delegate page, and it’s quite surprising how high the proportion of large holders of sENA is beyond imagination

The proportion of Echelon airdrop points I earned through sENA is about 0.015%, but in terms of ranking, I am surprisingly close to the top 1% (731st place, with a total of 67.44K addresses)

Perhaps later I can track some large holder addresses of sENA to understand their staking and airdrop operational tendencies, which will better judge the overall trends of Ethena and ecosystem projects

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*Opinions are solely my personal views and not financial advice (NFA), please do your own research (DYOR)

*Image source from Ethena

#ethena #Echelon #Aptos #ENA质押

Trust has collapsed, Ethena has set holding + trading requirements for the 1% Season 4 airdrop that has not yet been released.

Users with more than 200 million (200m) points in Season 4 must meet the holding & trading requirements to receive the remaining airdrop (uENA) on HyENA.

Holding requirement: 2 million points (2m) = 1 USDe; 1 billion (1b) = 500 USDe

Holding duration: Within two months of HyENA's launch, holding USDe or HLPe on HyENA must be continuous for at least two weeks.
*Within two months = to be completed by around the end of February next year

Trading requirement: Complete a transaction of any amount on HyENA

Airdrop distribution: Approximately once every two weeks, with the first distribution expected at the end of December

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Ethena's recent actions have severely impacted user confidence; the Season 4 airdrop is not only delayed but is also divided into two parts for distribution.

Now, adding holding & trading requirements forcibly introduces user funds to HyENA; even if the requirements are not high, it undoubtedly harms user trust again.

In my view, Ethena at least needs to provide more complete information, such as demonstration videos, to let users know the specific operational processes, expected wear, etc.

Just a simple announcement, asking everyone to transfer funds to a place they may not have originally wanted to interact with, what is the mindset behind this??

The last time the Season 4 airdrop information was announced, I began to waver in my confidence in Ethena's airdrop, so I later transferred most of my USDe to interest-bearing considerations (Strata's structured products), and I didn't expect them to be capable of such actions, it really opened my eyes.

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*Opinions are solely my personal views and not financial advice (NFA), please do your own research (DYOR)

*Image source: Ethena

#ethena #Hyperliquid #hyena #ENA走势分析

21shares Ethena ETP (EENA) represents the acceptance level of retail users for the price of $ENA .

Yesterday (12/3), 21shares officially listed the ETP product EENA, based on ENA single asset exposure, on the Swiss stock exchange (SIX Swiss Exchange).

Monitoring the trend of EENA might be better than keeping an eye on the price of StablecoinX (Ethena DAT)?

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StablecoinX is an ENA reserve company established through a collaboration between Ethena and a venture capital firm. It is traded as a U.S. stock and is not as pure as trading products like ETP.

Although StablecoinX will purchase ENA through the Ethena Foundation, it is more inclined to buy ENA within a specific price range during a specific time period, thus having a clearer cost price.
(According to DefiLlama, the average cost price corresponding to the two completed rounds of purchases is approximately: 0.29, 0.21)

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21shares' EENA is designed to be 100% physically backed and cannot be used for lending or other purposes, with assets stored at the custodian BitGo.

In other words, what EENA reflects is a purer retail user trading psychology, showing the price that buyers trust for ENA.
(Additionally, there is a management fee cost of 2.5%)

A 2.5% management fee is considered a standard setting in 21shares' single asset exposure type ETP.

For example, the two ETPs tracking $DOGE and $PYTH also have a fee of 2.5%.
Although ETHC and CBTC are 0.1%, it is mainly because they need to compete for market share with other competitors.

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EENA recorded an AUM of 1,293,770 on its first day, which should be considered a moderate performance for the ETP launched by 21shares.

I will treat EENA as another reference data point, as it more accurately reflects the price preferences of European market users for ENA assets.

Although 21shares mentioned in the document that the potential benefit of ENA lies in opening up a profit-sharing mechanism after cost conversion, the fact is that no one can predict when it will start, so current buying and selling are more based on the price fluctuations of the ENA asset itself.

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*Opinions are solely my personal views and not financial advice (NFA), please do your own research (DYOR)

*Image source: 21shares

#21Shares #ENA走势分析 #StablecoinX #DAT

Does the Ethena Leaderboard from Bantr show that the creators you follow are truly engaged in the ecosystem?

Bantr, which focuses on mindshare + product usage, makes it impossible for creators to hide whether they are actually using the product agreement, making it quite suitable for deciding which creators to follow!

Today, I unexpectedly found that I ranked in the Top 200 on Bantr's Ethena Leaderboard for 7 days, currently at 106.

Its score is mainly composed of two parts:
1. The impact share of the community account & mind share
2. On-chain interactions with the product agreement

Although my account only has five hundred followers, it might be because of my deep usage of the Ethena product that my Personal Multiplier is the highest among the top two hundred (1.35)

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This leaderboard reveals a lot of information, for example, accounts that frequently post Ethena-related data often have a Personal Multiplier that is mostly the basic value (1), but the product usage (Community Multiplier) of followers tracking these accounts can reach as high as 2.

In summary, through Bantr's leaderboard, we can better filter the creators we want to follow, whether they are deeply engaged in the agreement and using the product, or purely data analysis-oriented creators.

For instance, I found that J2's Personal Multiplier also reached 1.25, and I immediately followed them, haha.

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Applied to other projects, it can also distinguish between token grab accounts and actual users, effectively filling the gaps in on-chain behavior tracking that everyone thought InfoFi projects like Kaito were lacking.

However, the rewards provided by the Ethena and Bantr leaderboard activities are not financial products, but rather X Affiliate Badges (distributed to the top ten), which are project labels attached to accounts, so there shouldn't be any so-called token grab users participating.

The accounts on the leaderboard do not include all Ethena content creators; only those connected to X and Bantr will be counted.

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*The opinions are solely my personal views and not financial advice (NFA), please do your own research (DYOR)

*Image source: Bantr

#Bantr #Ethena #ENA走势分析 #InfoFi $ENA $KAITO

Share information, the growth rate of Ethereal Epoch 2 deposit points

After the Ethena ecosystem's Terminal (Spot DEX) announced that it will no longer operate, I guess a lot of USDe will flow to Ethereal (Perp DEX), sharing some information about deposit points

Last week (11/21), I deposited 1000 USDe, and during the cycle from 11/20 to 11/27, I earned 46 points

For those who have deposited in Season Zero before, you can roughly assess how much money needs to be deposited or how long it needs to be deposited to receive the Loyalty Boost (Season Zero Points 100% bonus)

I myself am preparing to achieve the progress of the Loyalty Boost through deposit points

However, this week Ethereal Alpha opened up the ability to gain full access (trading functions) through binding invitation codes. If you are eager to earn points, you can go to Discord to find invitation codes shared by whitelisted users

Last time, a friend shared their experience using Ethereal Alpha, during the trading phase, the price difference between buy and sell was relatively large, with higher wear and tear

I am not good at boosting trading volume, so I am still just depositing to earn points and do not plan to bind to the whitelisted invitation code

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※ The above content does not constitute investment advice. Users should operate according to their own risk tolerance, and DYOR to participate in the investment market with caution

※ Attached image taken from Ethereal

#ethena #Ethereal #terminal #Airdrops $ENA