"Weekly Editor's Picks" is a "functional" column of Odaily Planet Daily. Based on the extensive coverage of real-time information each week, the Planet Daily also publishes many high-quality in-depth analysis articles, but they may be hidden among the information flow and trending news, passing you by.
Therefore, our editorial team will select some quality articles worth spending time reading and saving from the content published in the past 7 days every Saturday, providing you with new insights from the perspectives of data analysis, industry judgment, and opinion output, as you navigate the crypto world.
Now, let's read together:
Investment and Entrepreneurship
Messari: Is the macro cycle peaking, and a decade-long bear market approaching?
The author reviews the period from the outbreak of World War II in 1939 to the potential re-election of Trump in 2024, during which the U.S.-led global economy experienced a super bull market driven by one-time events such as the post-war rise to superpower status, the entry of women and minorities into the labor market, and the victory in the Cold War. However, the author believes this feast has ended due to factors such as de-globalization trends, the non-repeatability of labor expansion, and the difficulty of further interest rate cuts; the future will face financial asset liquidation, capital controls, and fiscal suppression, making it hard for traditional markets to regain their glory.
Gold and Bitcoin, as non-traditional assets that are difficult for governments to control, will become safe-haven choices, especially as Bitcoin may rise in smaller countries due to its digital advantages, potentially reaching a market value of one million dollars, but it must first endure a bear market test.
The evidence is clear, we are entering a bear market
Researchers from The Defi Report qualitatively analyzed the crypto market cycle, showcasing some key bearish data, refuting common bullish viewpoints, and ultimately confirming that we have entered a bear market, which may last for 9 to 12 months, while also highlighting reversal indicators to watch: fiscal tightening/reversal efforts by the U.S. Department of Efficiency (DOGE); significant reductions in the Federal Reserve's quantitative easing; a massive influx of global liquidity driven by the Federal Reserve (not just China); major adjustments in the S&P 500/NASDAQ/"surrender."
U.S. Bitcoin reserve policy may be underestimated, interpreting the "budget-neutral strategy"
"Budget-neutral" does not mean not increasing BTC holdings, but rather being more flexible in increasing holdings, such as buying and selling.
New Bitcoin bill submitted, is a purchase of 1 million BTC on the way?
Holding 1 million BTC for at least 20 years, with the Treasury and the Federal Reserve possibly co-funding.
U.S. crypto regulation loosens, five sectors welcome spring
Bitcoin (BTC) and related ecosystems, dollar-pegged stablecoins, compliant DeFi projects, RWA, payment and cross-border transaction projects.
Jump fully resumes crypto business: a triumphant return or a difficult situation?
Jump chose to fully resume its crypto business at this time, not only due to the judicial resolution of the Terra incident but also because of the Trump administration's friendly attitude towards cryptocurrencies.
Jump still has the strength to make a comeback. Jump Trading still holds about $677 million in on-chain assets, with Solana tokens accounting for nearly half at 47%, holding 2.175 million SOL. Next is stablecoins, which account for about 30%.
However, with a troubled past, Jump fears it may be difficult to recover.
Users neither want VC coins nor meme coins, so what do users want?
The main issue with VC coins is that project teams lack the motivation for continuous development after their coins are listed, and both VCs and project teams often cash out and run away after listing.
Memecoins have evolved from early entertainment functions to mid-late stage PVP (Player versus Player), and later to PVB (Player versus Bot), becoming tools for a few experts to harvest retail investors. The lack of effective value injection into memecoins is a serious problem.
Projects need a more reasonable capital management mechanism and sustainable external value injection.
The author is optimistic about the native Web3 field and applications combined with AI.
The article analyzes the revenue models and patterns of some classic protocols, as well as several teams that recently announced buybacks or token burns.
Besides Aave, which mainstream DeFi protocols are actively empowering token value?
Aave, Ethena, Hyperliquid, and Jupiter are all accelerating the implementation of buyback plans, fee conversions, and new incentive structures to make their tokens more valuable, rather than just speculative.
We are rapidly approaching the critical point of excessive optimization. By the end of 2025, block space will become abundant, and performance will become a commodity. Once near-instant and free transactions become the norm, mere speed will no longer be the key to standing out.
Developers need to change their mindset. Cross-chain communication is also key. Standardized and shared liquidity and messaging tools remain crucial.
A market maker's confession: A dark forest self-rescue guide for project teams
Traditional market makers provide bid-ask quotes during IPOs to maintain market liquidity and relative price stability. However, due to strict compliance regulations, green shoe operations are a set of trading desk side businesses with little "profit."
In the crypto world, most active market makers are very low-key and lack names because they are inherently non-compliant. As the industry gradually standardizes, previously high-profile players like ZMQ and Gotbit have been named by the FBI and fallen into serious compliance troubles.
Passive market makers mainly place maker orders on centralized exchange order books to provide market liquidity. Their business models are mainly divided into two types: Token Loan (borrowing tokens) and Retainer (monthly fees).
In 2024, mid-tier tokens will struggle, and opening liquidity will become the most valuable resource for market makers. Bad tokens drive out good ones: on one hand, the number of market makers is increasing, and quotes have become absurdly competitive; on the other hand, the quality of service and professional ability varies greatly, often leading to various after-sales issues, the most common being the withdrawal of liquidity and defaulting on price crashes. The industry lacks standards, and project teams' understanding is also inadequate.
The author also includes considerations for project teams when choosing market makers.
The unilateral sell-off by market makers leading to price crashes specifically targets project teams and exchanges, forming an arbitrage pipeline that includes Spark Digital Capital (VC disguise) → Web3Port incubator (free tokens for services) → Whisper market makers (monetization outlet).
The turmoil triggered by the GoPlus and MyShell incidents has revealed deep-seated conflicts of interest and regulatory gaps in the crypto industry. Blaming the market chaos solely on individual market makers oversimplifies the issue, ignoring the roles of exchanges, VCs, project teams, KOLs, and others in the profit chain.
Confession of a crypto scam operator: I make money through "legal theft"
Mariana Van Zeller, host of National Geographic's "Trafficked," reveals a little-known side of the crypto world through this exclusive interview—scam operations that defraud ordinary investors of billions of dollars each year. From the designers of scams to the victims who lose everything, and to the federal agents dedicated to combating such crimes, it presents a panoramic view of the harsh realities behind an almost unregulated digital wealth era.
Also recommended: Trump's Economic Game: Is Recession the "Pass" for Rate Cuts?, Four Reasons Not to Rush to Bottom-Fish, According to Experienced Individuals, Sovereign Funds Deep Dive into the Crypto Market, Who Will Be the Next Heavyweight Player?, Examining the Crypto Industry from First Principles: How to Break the Nihilism Dilemma, a16z: How to Achieve Secure and Efficient zkVM in Phases (A Must-Read for Developers).
Airdrop Opportunities and Interaction Guide
A summary of zero-cost DePin mining projects
Join us for a 5-minute interaction with the upcoming token launch of Zora
Meme
Pump.fun's new DM feature: Can social transformation revive the Meme market?
On March 13, Pump.fun officially launched its new DM (Direct Message) feature, marking the platform's transformation from a "money-focused" token trading tool to a more human-centered social ecosystem.
Also recommended: A must-learn for P newcomers: How to check wallet types through GMGN.
Ethereum and Scalability
The Hidden War Between L2 and L1: Who Will Win the dApp Revenue?
L2 has an advantage over L1 in operational costs, as L2 only needs to pay for a single sequencer's cost, while L1 must pay for the security of all validators. L2 has unique advantages in speed and reducing MEV, and can support dApp revenue maximization through innovative economic models. Although L2 cannot compete with L1 in liquidity, its potential in the dApp economy will drive the crypto industry to transition from infrastructure to profit-driven long-term business models.
Also recommended: In-depth Research Report on Ethereum's Prague Upgrade: Technological Innovations, Ecological Impact, and Future Outlook, From "King of Shanzhai" to "Institutional Paradise"? Can the Pectra Upgrade Reshape the Ethereum Ecological Landscape?.
Multi-Ecosystem and Cross-Chain
In-Depth Analysis of Five AI Layer1 Projects
Bittensor, Vana, Kite AI, Nillion, and Sahara.
Super Intermediary or Business Genius? A Look Back at LayerZero's Year from V1 to V2
The ultra-light nodes and security risks introduced in V1 shifted the heavy burden of block synchronization and verification computation to oracles and relayers, keeping on-chain contracts extremely simple. While this offers efficiency advantages, it also presents significant security risks: traditional risks, unclear boundaries of responsibility, chain-level risks, and operational language and centralization issues with relayers.
The advantage of the DVN mechanism in V2 lies in diversified sources, allowing different cross-chain solutions to coexist and giving users the freedom to choose; however, the downside is the fragmentation of security strategies, with the final choice resting on applications, increasing system complexity.
From a business perspective, the identity of cross-chain bridges is shifting from independent service providers to underlying services (B-side for B2B). The launch of V2 has sparked more competition among DVN roles, effectively turning LayerZero into the A-side, while those executing bridge verification functions become the B-side. To secure better recommendations, the B-side will naturally alter the profit-sharing logic with the A-side. Additionally, LayerZero's positioning is unique; it serves as a public facility for cross-chain communication but is not the ultimate bearer of business responsibilities.
Many infrastructure projects offer incentive programs or subsidies to attract applications. LayerZero, however, prefers to bind interests (such as investing in each other's projects).
In terms of project valuation, the significant digestion of airdrop expectations post-token launch means that the final valuation must revert to revenue. Calculations suggest that gross revenue between 3-6 million is reasonable. Future shifts from cross-chain fees to asset management fees could also lead to substantial monetization, as traffic is always king in any era, and monopolies are always highly profitable.
DeFi
A Paradise for High-Risk Traders? Why Do Whales Choose to Trade on Hyperliquid?
Hyperliquid, a decentralized derivatives platform, has become a paradise for high-risk traders with up to 50x leverage, zero gas fees, and a fully transparent on-chain order book.
Hyperliquid's product matrix includes perpetual contract DEX, spot exchange, HLP (liquidity vault), Vaults (copy trading), and two innovative token standards.
Its token distribution prioritizes the community, and the established assistance fund creates a virtuous cycle: more trading → more fees → more buybacks → increased token value.
Also recommended: A More Suitable U-Based Financial Management Guide for the Lazy (Issue 3), Understanding DeFi Protocol 3Jane with the Introduction of Credit Loan Mechanics, Annualized 22.6%, How Falcon Finance, Backed by DWF Partners, Achieves High Returns.
Weekly Hot Topics Recap
In the past week, Hyperliquid whales self-exploded their positions (operation review);
Additionally, in terms of policy and macro markets, U.S. Treasury Secretary Scott Bessent stated: we will end the regulatory crackdown on crypto assets; the U.S. Congress voted to overturn IRS cryptocurrency tax reporting rules; the U.S. Senate Banking Committee voted to pass a bill regulating stablecoin issuers; Trump stated that in the future, the government's crypto assets will be stored in a new U.S. digital asset vault; David Sacks opposed cryptocurrency trading taxes; David Sacks expressed willingness to purchase more Bitcoin in a budget-neutral manner; David Sacks stated that Trump's crypto project is unrelated to industry regulation, with no evidence indicating Trump has personal investments in cryptocurrencies like Bitcoin; Cynthia Lummis announced the reintroduction of a new version of the Bitcoin bill; Japan's cryptocurrency reform bill will be submitted to Congress after cabinet approval; South Korea plans to lift the ban on institutional investors investing in crypto assets in Q3; an Argentine lawyer applied for an international arrest warrant to pursue key figures in the Libra scandal such as Hayden Davis;
In terms of opinions and statements, analysis: Trump intentionally crashing the market is to force the Federal Reserve to cut rates; U.S. Secretary of Commerce: even if tariff policies trigger a recession, it is worth it; Zhu Su: the establishment of a strategic Bitcoin reserve bill means BTC is no longer seen as a "dollar challenger"; Bitwise strategist: MicroStrategy stock is equivalent to "shanzhai coins" in TradFi; Vitalik: Ethereum's goal has never been unclear, and Ethereum's goal is to attract a large number of users; Alliance DAO founder: ETH is currently severely oversold, it's hard not to want to buy; trader Eugene: BTC is expected to find support at $74,000 to $76,000, ETH has been removed from the portfolio; Yuga's vice president: if this is the beginning of a bear market, ETH could drop to 200-400 dollars; Meteora and former founders published disclosures about the MELANIA and LIBRA manipulation, later claiming X was stolen; Bybit CEO BEN responded to Star clarifying Bloomberg's report: collaborating with OKX to track hacker funds; GMGN co-founder responded to previous rumors of "mismanagement"; CZ retweeted Kuai Dong's disclosure about market maker Web3Port; CZ: The Wall Street Journal's report distorts facts, did not discuss Binance US trading, but is glad to see WSJ thinks he should be pardoned;
In terms of institutions, large companies, and leading projects, MGX invested $2 billion in Binance, setting a new record in the crypto industry (Unveiling MGX); Amber has listed on Nasdaq; Grayscale launched the Digital Large Cap Fund GDLC, focusing on large digital assets; Wang Xiaowei joined the board of the Ethereum Foundation (Profile Introduction); the Solana SIMD-0228 proposal (Introduction) did not pass, receiving 43.6% of the votes in favor; Backed has now launched tokenized Coinbase stock wbCOIN (Arbitrage Opportunity Introduction); WLFI completed its token sale, raising a total of $550 million; Movement launched the public mainnet Beta version; Nillion opened NIL token airdrop distribution queries; the Yescoin team dispute escalated into a criminal case; GoPlus and MyShell's market maker accounts were banned by Binance (Interpretation);
Regarding memes, the owner of the DOGE prototype Shiba Inu KABOSU announced they have adopted a new dog, Cocoro;
In terms of security, Yu Xian stated: if you are still using multi-signature wallets like Safe, all signature steps must be verifiable and paired with hardware wallets; on March 11, X suffered a massive cyber attack…… well, it was another eventful week.
Attached is the Weekly Editor's Picks series.
See you next time~
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