Pinned Tweet
Life update:
Just over a month ago marked my last day at @sophon. I decided to take on a new challenge in my career, but leaving Sophon is definitely bittersweet.
Joining as a BD Associate just over a year ago, Sophon gave me the chance to grow far more than I could have imagined. I’m especially grateful to @EdC & @0xsseb for not only giving me the opportunity but also the space to learn, grow, and absorb so much from two of the sharpest minds in the industry. I’ll be cheering the team on in everything they build next.
As for what’s next, I’m excited to be joining the highly talented @Forgd_ team, where I’ll be focusing on BD and partnership operations. Couldn’t be more thrilled to work alongside @MolidorShane and the rest of the crew on this next chapter.
SB retweeted
8 月 26 日，
@Forgd_ 和 @DefiLlama 的 Universal Token Rating 框架上线，Uniswap 是唯一达到 AAA 标准的项目。
一个月后 $UNI 涨了 100%+。
巧合吗？也许。
目前已有 170 个项目在榜，会继续拓展覆盖。
Let teams with good practices shine :)
SB retweeted
We're hosting a DefiLlama event in Singapore for Token2049
Our previous event got oversubscribed by 5x, so get in now before we fill capacity
For 'Who invited you?' just write '0xngmi' so we know you're coming from my tweet
luma.com/685mx98g
SB retweeted
Updated: A short list of the upcoming TGEs, primary listings, product releases you should know about.
- solana:F1MZL6519HmuQgAejyaapsurDTgibxPoPDJMCcuc8iNj @linera_io ICO Sep 1-8
- $WHUF @ethos_network ICO Sep 1
- $UMIA @umia_finance TGE Sep 2
- $ARC @arc Mainnet Sep 16
- $CT @cityprotocolHQ TGE Sep 28
- $MULT @multiplifi TGE Sep
- $ALLOX @alloxdotai TGE Sep
- solana:FPR9Vi99YPp8cqzPMDm6B8R9kBxargmu2JkYoy1EAjGA @avantprotocol TGE Sep
- $GNOT @_gnoland TGE Sep
- $XDP @doppler_fi TGE Sep
- $PNT @PheasantNetwork TGE Sep
- $STRATA @strata_markets TGE Sep
- $XDAO @xdaoapp TGE Sep
- $TOWN @TownSquarexyz TGE Sep
- $RSGP @playcambria TGE Sep
- $VEERA @On_Veera TGE Sep
- $TREAD @tread_fi TGE Sep
- $BLOCK @magicblock TGE Sep
*All the dates are estimated based on previous projects' announcements. More here: icoanalytics.org/token-gener…
SB retweeted
I’m excited to announce the launch of a new newsletter from @TokenRelations and @Forgd_ focused on the state of the digital asset market, token performance and more.
Our first edition is live and focuses on some interesting August trends👇
We tracked 6 primary token launches in August, compared with a much quieter market earlier this year.
Binance Alpha emerged as the most common entry point, while ALIGN took a notably broader approach across major exchanges.
At the same time, activity around Robinhood Chain accelerated sharply, with memecoins bringing more traders and capital back into the market and a smaller group experimenting with tokenized stocks and treasury-backed structures.
The bigger takeaway is the token market is showing early signs of life again, but we’re not ready to call it a full reopening.
That’s exactly why we want this newsletter to track over time the data behind where the market is actually moving, rather than relying on sentiment alone.
Excited to build this with the Forgd team. Check out the full report and subscribe for free below:
SB retweeted
Thanks to @BanklessHQ for taking a look at Universal Token Ratings, now live on @DefiLlama!
Working hard to make UTR to become a go-to source of alpha for evaluating token quality and market structure 🚀
bankless.com/read/news/defil…
SB retweeted
The result of a neutral, unbiased ratings system
Hope you didn’t fall for the years of crypto twitter psyops and fud
🦄🥇
Our new Universal Token Ratings dashboard is live: the industry's first continuously updated token rating standard, built with @Forgd_.
100+ tokens now carry a single 0-100 score and AAA-CCC grade, live on DefiLlama.
SB retweeted
Introducing Universal Token Ratings (UTR) from @Forgd_ and @DefiLlama 📊📈
A new framework for evaluating digital assets across two fundamental dimensions:
Disclosures + Performance.
Here’s how UTR works — and why we built it. 🧵
Our new Universal Token Ratings dashboard is live: the industry's first continuously updated token rating standard, built with @Forgd_.
100+ tokens now carry a single 0-100 score and AAA-CCC grade, live on DefiLlama.
SB retweeted
Our new Universal Token Ratings dashboard is live: the industry's first continuously updated token rating standard, built with @Forgd_.
100+ tokens now carry a single 0-100 score and AAA-CCC grade, live on DefiLlama.
SB retweeted
A disclosure filed once goes stale the moment it's published. Checked continuously against live market behavior, it doesn't.
The new standard for scoring token disclosure and performance arrives this week, from DefiLlama and @Forgd_.
SB retweeted
A token project can publish every possible disclosure, including vesting schedules, audits, and which insiders hold tokens. But sometimes the market still falls apart.
That’s why we're building another 'first' for the crypto industry with @Forgd_.
SB retweeted
1/ Excited to see @Tokenomist_ai join @DefiLlama and a growing cohort of industry platforms hosting the Forgd Market Maker Leaderboard.
This is another meaningful step toward bringing greater transparency to market maker performance and trade activity across the industry.
The Market Maker Leaderboard is live on Tokenomist:
In partnership with @Forgd_
→ AAA–CCC grades across 40+ market makers
→ Depth, Volume, Spread, KPI Adherence, Uptime & Exchange Coverage
Free to explore: pro.tokenomist.ai/4hPIugH
Unlock schedules show the supply hitting the market.
This shows which market makers can actually absorb it.
SB retweeted
如果说 DefiLlama 是链上数据的基础设施
那么 Forgd 就是链下数据的导航仪
我们的做市商数据与排行榜，正式被 DeFiLlama 收录！
Forgd 花了近2年时间，通过深度集成 500+ 个代币项目与 35 + 家做市商，沉淀出一套完整的链下资本市场数据库，涵盖代币模型、做市条款、做市商绩效等核心数据。
在过去，这套数据更多服务于我们的咨询客户。
今天，你可以在 DeFiLlama 和 Forgd 平台上直接查阅！
任何人都能随时查阅心仪做市商的表现，也可以通过我们的 RFQ 匹配合适的做市商，无论是为了 Token/Product 的 Market Making，还是为了 Treasury Management。
为什么我们要把这些数据公开？
因为我们认为，选择合适的做市商应该是一个数据驱动的决策。而过去，这部分数据只能依赖做市商主动提供，或者完全依靠项目方自己的主观判断。
我们希望将我们收集到的数据作为一个公共设施开放给所有市场参与者使用，通过每天追踪几十个核心 KPI（涵盖 Spread、Depth、Uptime 与 Execution Quality等），我们从 500+ 代币项目中提取了具备统计显著性的数据，把它做成了一套做市商排行榜与数据仪表盘。
而这只是我们推动加密市场机构透明度的第一步！
More to Come!
Market maker performance is now a public metric.
Traders have always been able to analyze volume, TVL, fees, and unlocks. The firms actually providing a token's liquidity remained a black box.
Our Market Maker Leaderboard is now live on @DefiLlama, offering standardized data on spreads, depth, uptime, and execution quality, drawn from 500+ token projects and 35+ market-making firms.
Liquidity is only as reliable as the firms behind it. Now you can check.
First of many collaborations to come; excited for what's ahead.
@Forgd_ 🤝 @DefiLlama
Introducing the DefiLlama Market Maker Performance Index Leaderboard, built with @Forgd_.
40+ institutional liquidity providers graded by:
→ Depth
→ Volume
→ Spread
→ KPI adherence
→ Uptime & exchange coverage
Traders and token issuers can access transparent data in the most comprehensive dashboard of its kind.
SB retweeted
New partner, new data, another reason to make DefiLlama the only place for everything DeFi.
DefiLlama + @Forgd_, coming soon.
SB retweeted
Most teams underestimate how many structural choices determine a TGE's outcome. There's a reason why we've built free tools for token design, market maker analytics and exchange data intelligence in one integrated system.
This analysis of 125 launches from @ArrakisFinance puts real data behind what teams usually learn the hard way.
Have a read below👇
We analyzed 125 token launches and spoke with 25+ founders to learn why 85% of tokens launched in 2025 ended the year negative.
Only 9.4% of tokens that declined in their first week ever recovered. What drove Week 1 relied on decisions founders often overlooked.
The guide covers the decisions that actually mattered, how to model them, and a framework for keeping your token out of the 85%.
👉 Read the Practical Guide to TGE: arrakis.finance/tge-guide
SB retweeted
借此机会，一些 personal update
新一年，我将加入 @Forgd_ 负责亚洲地区的业务
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对我个人来说，这既是新篇章，也是一次老友重聚， @MolidorShane 是我入行后最重要的导师，我很多的做事习惯，都是当年和Shane一起在BitMax时期共事所养成的，直到今天仍旧受益匪浅。
回看 21 年后的这几年，做过产品，做过投资，也顾问过一些项目。小成绩有一些，大功绩谈不上。 如果一定要说收获，大概是终于能够与自己和解，知道自己适合什么，不适合什么。
我不适合去创业，因为我不擅长在噪音中抢夺注意力，更过了那个年龄。 我更擅长和人一起坐下来，把东西推敲清楚，因而更适合帮助创业者。
这一次，也是备战下一个周期。
我想重启当年的那个自己，彻底重置自己经验，和最熟悉、曾经一起战斗过的人，再打一轮。也和新的战友并肩，和同样不愿意放弃加密，有执念的人背靠背入局。
cc：
@imajinl
ScottByron
@DeFiBrum
and many others.....
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关于 @Forgd_ ：中文区很多人可能还不太熟悉
它不是传统意义上的顾问机构，也不是单纯的垂直类 SaaS 工具（比如 Glass Markets、Coinwatch 那种）。
准确点说，它是一套由数据驱动的、专注 Web3 领域的资本市场全栈基础设施，并为加密资产发行和交易链条上的所有参与者都提供服务。
正如我上一篇所说，优质加密资产的引入，从来不能只寄托在交易所的单点决策上，靠的是一整套行业协作的结果。在传统金融里，这一层工作由投行、审计、评级、律师、法律体系、监管机构、做市商、机构共同完成；而在 Web3 领域，这一块长期是碎片化的，甚至是缺位的。
而Forgd 正在做的，恰恰是这件事，
并把这些碎片拼成一套可以被复用的框架。
过去几年，已经有上千个项目在使用 Forgd 的工具体系。Forgd团队也深度参与了不少大型项目，尤其是 @solana 生态里多个头部项目的完整生命周期，并逐步沉淀出一套相对成熟的 good practices。
我想要把这一套能力带到中文区的创业者身上，并充当链接中西方智慧和思维交互的桥梁。
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我一直是研究出身，也是个对产品有审美洁癖的人。
我习惯先看：
业务逻辑是否成立
产品商业模式是否自洽
代币是否有存在的必要
然后才去讨论流动性、注意力和筹码结构。
我不认为我们需要否认，“价格 = 流动性 × 注意力 × 筹码结构”，但我们必须知道那是“术”。
在 Web2 里，
财务策略/结构是“术”，
商业模式才是“道”。
商业模式决定的是如何创造价值；财务策略/结构只是如何通过负债与所有者权益的分配设计，最大化股东权益。
同样的道理，在 Web3 里：
协议设计与价值捕获是“道”，
token结构/分配与流动性是“术”。
所谓的术（金融）与道（经济）
本就是一体两面。
本就代表了资产负债表的左端和右端。
在 Web2 如此，在 Web3 也是如此。
这也是我选择 @Forgd_ 的原因。
不迷信“术”，也不只沉溺于“道”。
满屏都是 ex-Binance 上币经理 Chase 的采访。
在这样一个长期主义都快被当成笑话的行业里，“价格 = 流动性 × 注意力 × 筹码结构” 这条等式，基本就等于是在打所有专注于PMF，收入，以及现金流团队的脸。
不过这些道理其实行业里的人或多或少都懂。很多人不一定就是惊讶道理本身，而是在于它从币安这样的平台口中说出来：啊，原来行业头部平台里的人，也不看长期。
但其实大可不必神话CEX在筛选资产上的能力
CEX上币，很多时候其实也是被裹挟的
是身不由己的，是被市场推着走的
@cz_binance 说的有一个观点没错：
交易所本质上是中性的，它只是一个交易基础设施，提供各种资产，尤其是热度资产给用户，本就天经地义，更何况交易所的商业模式就是赚取手续费，上线有热度的资产，也符合交易所业态的本质。
但与此同时，交易所又事实上承担了某种“保护用户”的责任，尤其在这个监管缺位的行业，所以它不得不对团队、项目做尽调，尽量筛选不作恶的团队。然而现实是，有些项目交易所也知道它只是短期热度，但最终在市场端强烈的呼声、用户交易需求、资产补齐压力之下，被迫上线，当初的meme不就是这样的吗？
作为曾经也在上币组待过很久的人，作为一个对资产有审美癖好的研究出身的人，太能理解这种长期主义与短期利益之间的冲突了，也见过部分交易所内部很现实的心态：既然大多数资产最终都会归零，那不如上线短期内能有一波的热度资产，让一部分人至少能赚一波钱，也算是给用户和市场一个交代。
很多人对Binance有期待可以理解。毕竟它是行业第一，是最大的流动性入口，承担定价作用。能力越大，责任越大，大家自然会希望它在“赚钱”外，也承担某种方向性的引导。但其实光靠Binance自身，是没法解决问题的：
1）传统金融领域，承担资产筛选的也并不是交易所，而是由投资银行，证监会，以及一众法律法规来共同完成。但在crypto领域，这些其实是长期缺位的。
2）从资产的本质出发，无论是不是 crypto，只要是资产，就必然会受到流动性、注意力与筹码结构的影响，只是或多或少而已，君不见中国A股的妖股作妖吗？这并不是 crypto 的专利。只是因为大部分 crypto 资产处在企业生命周期的极早期，它们锚定的要么是初创企业，要么就是叙事本身，所以“归零”才是常态啊，没必要把它上升成“crypto或者山寨币的原罪”，山寨币惹你了啊？
交易所不是VC，更不是神，
它没法替任何资产保证长期胜率。
更何况VC的胜率就高吗？低的可怜。
我想说的：
Crypto 只是资产的一种形式。如果它锚定的主要是情绪、叙事或者想象力，那流动性和情绪的波动自然就会被放大。如果未来，它逐步锚定的是股权、是某种可成长业务的现金流，那么它的定价逻辑也会随之改变。
我们真正需要回答的问题是：一个项目是否应该 issue crypto？为什么下一个时代，issue crypto 可能比传统 equity 更优？以及我们要如何让更成熟、更高存活率的业务、公司和资产，愿意来到 crypto 世界。
job is not done!
get back to work
SB retweeted
1/ millennials and gen-z are extremely cooked.
despite being the largest cohort, millennials have more than an order of magnitude less wealth (in the U.S.) than baby boomers.
saddled with student loan debt. priced out of the real estate market. priced out of having kids.
