Crypto Wesearch 每日幣研

血流成河！美股單日蒸發近 3 兆美元、韓股開盤熔斷，BTC 守住 7.5 萬｜1106 幣研週報 ⚠️ 本期重點 民主黨橫掃期中選舉後，Dow 11/4 大漲 1,569 點；隔天全數吐回，Nasdaq 100 跌 6.4%，是 2020 年以來最大單日跌幅，費半單日跌 12.2%。 11/6 亞股接棒，KOSPI 開盤熔斷，台積電開盤跌停。BTC 一週只跌 2.74%，11/6 清晨最低 75,208 美元，仍守在 7.5 萬之上。 📌 Alvin × 168X：香港金融科技週人很多，傳統資金還沒急著買幣 📌 Alvin：美股大跌，幣圈相對抗跌 📌 Citrini：AI 硬體曝險 6 月就從五成降到一成以下 📌 Anthropic 盤前合約：看似有價差，關鍵在還沒公布的股數 🪙 熱點幣種：ZEC、NEAR、HYPE 預測市場熱門關注事件 🔭 AI 泡沫會在 2027 年 6 月前破滅嗎？ 🔭 Fed 12 月還會升息嗎？ 🔭 BTC 年底前會跌破 7 萬嗎？ 內容精選：Arthur Hayes｜AI 巨頭上市後的股權稀釋，會怎麼拖累加密貨幣？ 幣研新一期週報，往下看 👇

User funds are safe! It does look like a hack on Binance. Appreciate the quick freeze from Tether (~$971m) and Circle (~$823m). I don't manage Binance (.com) anymore, but as a shareholder, I expect all user funds will be fully covered.

Anthropic 即將 IPO；Fed 決議、科技巨頭財報接連登場，期中選舉倒數一週 ｜1027 幣研週報 ⚠️ 本期重點 Anthropic 遞交 S-1，上半年營收 162.9 億美元、淨損 807 億美元，其中 724 億是可轉債公允價值變動；Meta 擬賣股籌資 350 億美元投入 AI，Musk 則警告 200 多家 AI 雲端業者恐倒閉或整併。 BTC 週末一度跌到 79,220 美元，仍比歷史高點低約 36%，現貨 ETF 一週淨流出約 1.15 億美元；Fed 台北時間 10/29 凌晨公布決議，Polymarket 押注維持利率不變的機率約 94%。 📌 科技股賣壓兩年來最集中，半導體估值退回三年前 📌 Metric：Robinhood Chain 上用預言機調價的 DEX 📌 RWA Perp：股票、黃金永續合約為何快速成長？ 預測市場熱門關注事件 🔭 民主黨能拿下參議院嗎？ 🔭 Fed 這次會按兵不動嗎？ 🔭 美伊戰事升溫，WTI 十月會上探 105 美元嗎？ 內容精選：Galaxy 為什麼認為現在適合加碼、持有 BTC？ 幣研新一期週報，往下看 👇

你们要不要再听听你们自己再说什么？

買 $BNB 不如買 $BNC ? YZi Labs 入主 BNC！ 結束代理權爭奪戰， gstock:native 單日暴漲 90% 📈 前身為 CEA Industries 的 $BNB 財庫公司當前已改名 BNB Standard （股票代號仍為 $BNC ） 💡 $BNC 定位進一步強化為 BNB 金庫公司 BNB Standard 治理層改動｜Yzi Labs 關鍵人物紛紛入主 - Ella Zhang @ellazhang516 （YZi Labs Managing Partner）→ 進入董事會 - Alex Odagiu @odagius （前 YZi Labs，高盛背景）→ Interim President → 正式升任 CEO（已辭去 YZi Labs 職務） - Matthew Roszak @MatthewRoszak → 進入董事會 Matthew 本身為 The Digital Chamber 顧問委員會主席，曾在美國國會就數位貨幣與區塊鏈作證，同時也是 @hemi_xyz Hemi Labs 共同創辦人 🎯 近半年關鍵進展 2026年6月： 協議結束代理權爭奪戰，Ella Zhang、Alex Odagiu 進入董事會，Alex 擔任 Interim President 2026年10月19日 Alex Odagiu 正式升任 CEO，辭去 YZi Labs 職務 2026年10月26日（預定） 納斯達克敲開市鐘，新 CEO 帶隊亮相 在短短一週時間，股價、幣價也都有了反應 $BNC 3 天漲幅最高來到了 30% gstock:native 2 天漲幅最高來到了 90% --- 敘事層｜GSTOCK 閉環想像 GSTOCK 與 BNC 治理事件屬於同一敘事線 CZ / YZi Labs 參與投資 @GeniusTerminal → 💡 GSTOCK （本身以 BNCB 為底池）→ 交易費累積至 Genius Foundation → 目前已累積約 17 萬股 BNCB 這也是為何市場上當前認為 $BNC 為繼 $BNB 第二個幣安系的生態強關聯代幣

A note on transferability. Papertrade is a complicated primitive, and managing it from a risk standpoint is a complicated problem. The PAPER token is far more integrated into the economics of the primitive than most tokens are in their respective protocols today, and, broadly, was designed to act as a counter insolvency incentive coupled with a rebate mechanism to losing traders. Market makers and exchanges are by far the two most profitable businesses in crypto, and our goal was to try and externalise as much of their margins back to users as possible. We are now just over a week into the life of papertrade and we are becoming increasingly confident that this is both possible, but also a likely outcome as agentic led software becomes the norm. As it stands, the paper token traded as a perp becomes a leveraged bet on bankroll solvency - and being able to short bankroll solvency materially changes the payoff curve of a manipulation attack. The target number goes from the bankroll, to the bankroll + short side exposure on paper. We can, and do limit bankroll size specifically to control this payoff curve and ensure it never becomes existentially problematic, but external perp markets are not something we would have any control over if left to float of their own accord. For example, if our bankroll is $10m, an attack costing $15m manipulating the price of bitcoin or ether is not viable. You simply lose money. If however you were also able to put on $10m of PAPER short side exposure, suddenly an attack costing $15m is very viable indeed. If we were to make the token transferable at this point, we are confident we would quickly enter a state too dangerous to allow any material exposure to be taken on papertrade, an end result that benefits no party beyond the wolves who have done the math on the short and are waiting in the wings with sharpened knives. We would also like to thank the various perps teams who have reached out about pre-market listings for their understanding and patience regarding this issue, and especially to the paragon team who, despite jumping the gun on us, have behaved with the utmost integrity and transparency once a dialogue was opened. Perps on PAPER will always act as a self-limiting exposure ceiling for a token with this type of utility, and we think it would be a shame to limit the growth of papertrade to the extent that allowing perps would necessitate. As such, at this juncture we do not have plans to allow off-contract token transferability. Structurally, papertrade is limited by the quality of the data it receives from hyperliquid, but we strongly believe that hyperliquid has a very large part to play in the future of global exchanges, and expect their books to continue to thicken and strengthen over time. A note on fees. Papertrade launched with a deadband fee from entry of 0.2bps. This means you don't earn anything until the price has moved by 0.002% in your favour. Over the months before launch, we played around with many different curves and fee structures affecting exclusively positions closed very close to entry price in order to try and devise a structure that removed the edge against the bankroll low time frame scalp bots have, whilst also minimally impacting the traders around which and for whom the product was devised. We were never able to find anything we were absolutely happy with and so decided to stay with the 0.2bp deadband fee through launch. This has however meant we have had to be very restrictive when it came to certain parameters, such as OI caps. Now, however, we have enough live data to fully understand exactly which strategies work, and to make the necessary changes to stop them. The changes we are making will have an on hours and off hours fee mode to account for the relative differences in liquidity the hyperliquid books see between these two time periods, and the ease with which low time frame moves are signalled. The changes we are making will only affect positions closed within 6bps of entry (0.06%) in on hours, and 10bps (0.1%) in off hours. Any trades closed above these threshold price shifts will see no change to their fees at all. On a look back to launch basis, these changes affect the profitability of bot strategies roughly 15x more than they do normal traders, for whom a very small proportion of overall winnings come from within this band. These changes should serve to flatten much of the edge our microfee structure necessarily creates on low time frames, and will help with long term exchange sustainability. This should hopefully allow us to open up parameters such as OI caps a little more so those of you who wish to can put on the size you want to, when you want to. It is possible these changes are still too lax, and that further revisions to this structure may be necessary going forwards. If so, we will notify users ahead of time. A note on paper tokenomics. In conjunction with the fee changes, we will also be implementing a change to the token issuance curve. Going forward, every $1 lost mints a fixed share of PAPER's supply at that moment, roughly 0.1% of supply per $1M lost (the exact number depends on the mint rate at the time the contracts are upgraded). PAPER minting in and near insolvency will also change, switching from a flat 100 per $1 of loss, to a time weighted multiplier on the curve growing over time, effectively acting as the house running a discounted auction on its own future cash flows. This change also removes the risk of the paper-mint-straddle-attack, temporarily pushing the protocol insolvent by closing only the winning side of a large straddle position and then attempting to mint as much paper as possible. In the immediate term these changes will only have a very subtle effect on PAPER minting, but in the long run will structurally change the outlook of the system beyond the first few weeks, serving to slowly dilute out older holders and leaving more recent users with an advantage. Reconstituting the PAPER system into something much closer to the exchange rakeback it was intended to be. We have been very reticent to touch this particular aspect of the system for obvious reasons, but ultimately we believe that these changes provide all users with the optionality to take a smaller piece of a potentially much larger pie than the current dynamic might necessarily allow. Other, miscellaneous notes. These contract upgrades will include a few other contract changes, including the addition of builder codes so that builders can utilise papertrade in whatever capacity they choose to. This will be a whitelist only to begin with and we will have more for you later in the week on where/how this will be rolled out. A small change to contract permissions on the reward distributor and a change on how below bust closes are processed by the exchange are also included, largely to block gas griefing attacks. These changes will be pushed to docs in full over the coming day, and we will further announce once the changes are queued into the timelock pending final security passes, scheduled to go live 24 hours after that point. Final note. We'd like to thank everyone that has tried out papertrade over the last 10 days. It has been a labour of love building this product and both of us have been taken aback at all of the positive feedback we have received. We'd also like to thank all those of you who have spent considerable time musing on the system we have built, and much of your advice has been taken onboard and will likely affect the colour of what papertrade becomes going forward. We know some of these changes will be unpopular with some, but we would not be making them if we did not feel them to be absolutely necessary. - blurr, jez

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這週 token2049 最直接跟市場有關的 alpha 除了開始有人在說的 Pealrs @prlnet 之外 , 或許就是 Papertrade 了？ 👀 預存款倒數 2 小時, 我也會參與一點 1. 當前存款已經超過 100M , 許多 Hyper whales 已加入 , 光 @0xRay518 @Cbb0fe 的存款加起來已經超過 7M 😂 2. Tracked LP / Martingaler LP , 從 $0 開始，只靠實際交易虧損（或清算）累積 , 來 mint $PAPER , 早期（LP 未到 $2M 時）鑄造成本約 $0.01 / PAPER , 根據 @Sumcap 的模擬，前 5% 虧損者拿走約 39% staker 費用，前 25% 拿走約 85.4%；滿流量下約 43.6% PAPER 在前 30 天鑄完，72.6% 在前 90 天 來看看 @izebel_eth 的團隊是否能夠在市場上激起一些水花