解构师Beyond

GMGM Woke up and got liquidated again 🥲

Even though I didn’t get to buy much Uni Near—basic fundamentals–type old coins, and I also didn’t get any new coins like BP that are completely controlling the float, this ENA rally’s upside was still fully captured

From the first time I posted to interpret the collusion between Black and ENA until now, ENA has already surged 4x. Since I’ve been adding on the way up with unrealized gains, I’m roughly up 2x

It’s only been a little over a month, and I’m quite satisfied

Recently Ethena also brought more good news ⬇️

Ethena completed its SOC 2 Type II audit and received an independent auditor’s report of “Unmodified Opinion, No Exceptions”

For those who haven’t learned accounting/finance, here’s a quick explanation: audits are generally categorized into four tiers—
- Disclaimer of opinion
- Adverse opinion
- Qualified opinion
- Unmodified opinion

This time, Ethena received the SOC 2 designation from a credible authority: an unmodified opinion. You can understand it as, “We looked into you and found everything is totally fine.”

Type II means that over a period of observation, the controls are tested to see whether they’re consistently and effectively executed—going beyond merely reviewing the design (or an unreasonable) Type I

Take a look at what other projects have reached this stage: Circle, Chainlink, and Aave are all top-tier leaders in their respective niches—so the value of Type II is evident

What this audit reveals is Ethena’s determination to prioritize asset safety and transparency

And it just so happens that things are close to “Hack Szn.” Security is definitely the most important thing for all projects—no question about it

In addition, progress has also been made on the cooperation between Ethena and Binance, as well ⬇️

Ethena × Binance

- USDe basis expanded from crypto to stocks: buy bStocks, short the same stock perpetual, and run Delta-neutral

- Binance is the first venue; for neutral accounts, the ADL priority is lower

- Official: collateral expanded from ~2.5T crypto to 150T+ RWA

Ethena × Binance Wallet

- Hold to Earn: the first batch supports only U / USDe / USDS
USDe is ~4.75% APR—the highest among the three tiers

- Earn interest simply by holding—no staking, no lockups

In short, good news keeps coming one after another. For a project that plays this many cards so early in the bull run, it naturally has even more follow-up plans. I’ll keep holding

$ENA

A hot tip: Tron’s transaction fees are roughly dozens of times higher than ARB, OP, and other L2s, and hundreds of times higher than non-EVM networks like Aptos and Sui.

But many channels only accept TRC20 assets, while other channels don’t accept them at all.

Let’s talk with data. As shown by DeFiLlama, the total stablecoin supply on Tron is about $94.5 billion. That’s roughly 30% of the global stablecoin supply concentrated on this one chain—Tron can be said to be a battleground that stablecoins almost must fight for.

But among these $94.5 billion, the vast majority does not earn yield on its own.

USDT alone accounts for about $92.6 billion, or nearly 98%. Users are constantly transferring, paying, and settling every day, but simply holding it brings no yield.

Now all of this is being broken first by Ethena ⬇️

On September 11, Ethena and TRON DAO jointly announced that USDe and sUSDe are now live on Tron. You can bridge over via Stargate, then hold and transfer.

The scale of USDe fully matches Tron.

Tron has over 403 million accounts, more than 15 billion cumulative transactions, and on-chain USDT exceeding $94 billion. USDe’s own circulating supply is roughly $4.5–$4.7 billion. It’s already flowing steadily across more than a dozen chains.

Over the next few weeks, these things are expected to happen ⬇️

- JustLend DAO plans to turn USDe into a lending collateral asset

- SUNio plans to launch USDe/sUSDe liquidity pools

- After that, it will be wallets, exchanges, and payment apps

With these good news driving the market, ENA has been climbing steadily in recent days and is already nearing its short-term high. Does Old Hei’s call for trades—seeing it through halfway—seem likely to be realized?

Originally my profits were going to double and then a bit more. Later I felt I bought too little and kept topping up all the way. The right side still feels much more comfortable than the left.

$ENA

Last night I broke down the excellent EASY Residency S1–S4 projects. The article performed well and even got reposted by my cousin, CZ—so going forward I’ll further share my analysis of investment projects from YZi Labs.

Today I’ll break down the Infra project I like most: Primus.

If you ask about Primus, you might not have much of an impression. But if you mention Kaito Pulse—especially users active in the X creative community—then KOLs will be very familiar with it.

Primus is the underlying technology provider for Kaito Pulse. In other words, InfoFi leader Kaito is a commercial user of Primus.

What Primus is doing is crucial, yet not simple. One sentence can explain it:

👉 How can off-chain data be applied, verified on-chain, and used—without handing over the original data?

At its core, Primus uses zkTLS and FHE. The former deals with proving; the latter deals with how to compute after proving ⬇️

1/ zkTLS: prove off-chain facts without revealing the original text

Exchange balances, trading volume, and positions in prediction markets are all stored on the website servers. The application can’t get access via an interface, and users don’t want to provide accounts or screenshots.

zkTLS lets the user generate a proof locally: given that a certain fact is true, the counterparty only receives the proof. They can’t see passwords, invoices, or line-item details.

Kaito Pulse uses this layer—Yaps, send as much as you want; Pulse verifies whether what you claimed matches what you actually did, so you can’t just blow smoke.

👉 zkTLS is a bit like an envelope sealed with red wax. If you know, you don’t need to open it—you can tell the contents are genuine just from the seal.

2/ FHE: data stays encrypted, yet can still be computed

A proof only tells you something is true. Credit score, interest, and reserve coverage still require computation over the data. Putting the original data on-chain would also expose the details.

FHE makes it possible to add up, compare, and calculate interest while the data remains locked. After computing, it only outputs the result.

👉 FHE is like a vault where your bonds are stored. As long as you have the key, you can make use of the assets anytime—even without opening the vault—while they keep generating returns.

Not only Kaito—our industry’s top-tier investors also highly recognize the technology’s prospects, and they’ve voted with real money:

- Seed round investment totaling $7 million from VC firms such as Symbolic Capital and VanEck

- Selected for YZi Labs EASY Residency S4 and received investment from YZi Labs

- Selected as a BNB Chain Privacy Partner

There are way too many trading competitions after TermMax TGE. Excluding the two competitions that have already ended, there are another five still ongoing.

This article provides a full roundup. If you want to join TMX activities, just read this one first ⬇️

1/ Binance Alpha Trading Competition

Round ends: 2026-09-08 13:00 UTC (there will be a second round from 09-15)

Buy TMX with Alpha in the Binance Wallet (no private keys), and rank by the effective buy amount.

Effective amount = actual buy amount × early-bird bonus

Eligible new traders get an extra 1.2x (with a cap). The earlier you buy, the higher the bonus (about 3.0x in the first two days, then it decreases afterward).

The top 2,030 buyers by buy amount in each round split roughly 913,500 TMX (about ~450 TMX per person).

Suitable for those who already have Alpha trading eligibility and can complete the purchase within the window. Watch slippage and fees—calculate your cost first before you go for it.

2/ PancakeSwap Trading Competition (Random Draw)

Deadline: 2026-09-09 12:00 (UTC+8)

Trade TMX on the PancakeSwap web page or in the App’s Swap page. After you reach the cumulative trading requirement, you enter a random draw. Prize pool: ~833,333 TMX, split into three tiers:

- Trade $500: 200 people, ~1,108 TMX/person
- Trade $2,000: 100 people, ~3,324 TMX/person
- Trade $5,000: 41 people, ~6,813 TMX/person

One address can win only one tier. If you don’t get selected in a higher tier, your entry rolls down to a lower tier. Low barrier—go for it if you just want to hit the target with smaller capital.

3/ PancakeSwap Syrup Pool (Stake CAKE to Earn TMX)

Duration: 90 days starting from 2026-08-26

Deposit CAKE into the designated Syrup Pool. Earn TMX based on your staking. Prize pool: ~333,333 TMX. Per-address cap: 500 CAKE. This is intended to spread rewards across more people—not to let whales take it all.

This is a trading competition—no need to churn volume.

Best for people who already have CAKE and don’t want to watch the chart. Redeem according to the pool rules before the end date. The specific APY and withdrawal timing follow what’s shown on the Pancake page.

/

TMX, as a meme/alt coin, is also something I’m paying attention to. The reason is that in periods when market liquidity is scarce, retail users usually can only choose one route—either an airdrop or the secondary market—to get results.

More concentrated “chips” have greater manipulation value during the MM phase, similar to BTW and the like. So considering the current price is really sluggish, I’m not selling my TMX for now. I’ll wait and see if there’s a few-times opportunity later.

$TMX

Let's sort out some of Arthur Hayes’ most recent explicit ENA call bets ⬇️

- In a mid-August article, he said: In the next few months, there’s 5–10x upside

- On August 20, in a tweet he wrote directly: An ENA 5 bagger is just too easy — 5x is just too easy

- On August 21, he posted again: ENA to $1

- On August 25, he added: The basis trade is back; ENA will uniquely benefit, and the upside is huge

So it’s clear that “Old Black” is definitely involved with ENA. And just recently, the ENA fund has also rolled out a series of token incentive plans

With these initiatives in place, if ENA really can rise to $1 (a 7x move), it wouldn’t be surprising ⬇️

1/ Buy back early investors’ tokens

The foundation has repurchased some of the locked tokens from major seed-round investors, mainly targeting the group that sold ENA within the past 9 months

2/ Align tokens and equity completely

Foundation and Labs reached a framework agreement: the IP generated by the agreement and all its value belongs to the Foundation. ENA holders govern it, and Labs’ equity holders no longer have any residual cash flow rights

3/ Revenue buyback

A governance proposal has already been launched. The net revenue from all business lines under the Ethena brand will be used for a programmatic buyback of ENA. The risk committee has approved it, and it’s currently up for voting

4/ Cancel monthly VC unlocks

The foundation has agreed with the lead investors that any unvested VC tokens will no longer be unlocked on a monthly schedule—effectively eliminating part of the future selling pressure. Meanwhile, the team tokens remain locked according to the original vesting schedule

Honestly, in the next few months, if you’re trading mainstream altcoins, there’s basically nothing with more potential than ENA

That’s how I think, and that’s what I’m doing. Right now, there’s still a whole bag of ENA waiting for a good outcome

$ENA

HertzFlow trading contest, day one—I placed a trade and suddenly I ended up inexplicably getting a weird end-of-term rank of 2/100? 🤣

#HertzflowPNL

Finally, my cousin has noticed!

An unforgettable day forever

$BNB

The day is saved—ENA really skyrocketed

If you happened to be seeing this tweet on 8/7, and just happened to not be able to resist buying ENA...

Then exactly today half a month from now, you will reap a 60–70% surge

“Old Black” is that simple—buy for a week, shake out for a week, run it up for a week. If you can catch it, it’s really hard to end up with less than a doubling. Before it was HYPE and WLD—this time it’s $ENA

Every time it’s the same...

$SNDK This case is closed

I got into a small group of STRC holders, and the impression was really deep—on the night it fell below 80, the group was basically full-on screaming and howling.

Because arbitrage is different from speculation. If you go in, you usually do it with a big position.

The ones who chased the bottom around 90 must have been totally bewildered—hesitating whether to cut their losses. What’s even worse is buying at 100 to “eat interest.” I originally planned to make a risk-free pork-knuckle rice kind of profit… but ended up losing a lifetime’s worth of pork-knuckle rice in a single day.

Back then, how desperate it felt—now the surprise is just as big. In less than a month, STRC has already recovered its ground. It’s only one step away from returning to the anchor.

STRC’s return to the anchor directly benefits not only the asset itself, but also the yield-based stablecoin Saturn (@saturn_credit) that’s deeply linked to it.

After all, Saturn’s core business is to bring STRC’s 12% dividends into a permissionless Web3 on-chain world.

Given STRC’s solid performance, and Saturn’s mature risk management, the RWA track’s absolute elder brother has officially launched business cooperation with Saturn ⬇️

- Ondo will make a strategic investment in Saturn.

- Saturn will integrate Ondo’s tokenized stocks into its digital credit products. As the first batch, it will onboard STRCon as collateral into sUSDat, improving liquidity and redemption experience.

Boosted by the news, Saturn’s pre-market Key trade on Aspecta was pulled up all the way to nearly 35%, approaching 200m FDV.

The relationship between BTC, Strategy (STRC), and Saturn is really fascinating. If you’re bullish on BTC, there’s no reason not to be bullish on STRC. And if you’re bullish on STRC, you should more deeply participate in Saturn’s PreTGE build-up—so you can take a share of the upside.

Here’s the simple connection ⬇️

Participating in Saturn = STRC return-to-anchor yield + fixed annualized 12% yield + potential TGE airdrop gains.

For me, participating in Saturn means choosing to be bullish on—and to bottom-fish—BTC.

Only then did I find out that within the TopMint circle, people are no longer talking about A8A9; now they’re talking about C8C9.

A = Asset = Net household assets = real estate + equity + wealth management products - liabilities

C = Cash = cash you can withdraw anytime + highly liquid demand-deposit wealth management products

Someone with an A9 net worth might still live a tight, cramped life. But someone with a C9, regardless of the scale, is truly financially free in the real sense.

I’m using this example to show that there are differences between assets and assets.

Some assets look like the numbers are huge, but when you really need to use them, they take a long time to liquidate, come with big discounts, and you might even have to do a forced fire-sale at a “bone-breaking” loss. Some others, however, can be converted to cash instantly—making them the strongest reserve to handle unforeseen needs.

In the financial system, assets that can be used at any time and almost don’t lose value are usually put into a dedicated pool called a “Liquidity Buffer.”

Traditional finance has extremely strict requirements for this. According to the Basel Accord, only cash, central bank reserves, U.S. Treasury bills—things like those—can count as a bank’s liquidity buffer.

In the crypto world, top-tier projects are actually using the same logic. The assets that can serve as a liquidity buffer must be the most reliable, readily liquidatable assets—such as USDT and USDC.

Recently, top lending platform Maple Finance did something that very clearly illustrates this.

Maple has officially added Ethena’s USDtb into this buffer pool as one of its core holdings. It also became the first partner to use Ethena Whitelabel Liquidity, gaining high-quality, on-chain stablecoin liquidity 24/7 (7×24 hours).

When it comes to USDtb, most people may not be that familiar with it.

In Ethena’s lineup, USDe is more focused on DeFi capital efficiency, while USDtb is backed by U.S. Treasury bills and places more emphasis on compliance, stability, and acceptability for institutions.

Maple’s recognition and usage of it is undoubtedly another major milestone for Ethena’s business. For anyone holding USDe or USDtb, you should know that a lending project operating with tens of billions of dollars has also endorsed them.

$ENA

We’ve had meals a few times with friends from DAppOS

Tsinghua/CS background, high intelligence—makes you feel very reliable. People are like that too, and so are products.

The usual “we all know how it goes” harvesting model in the crypto world is typically: “tell a story, launch a token, dump the price, sell the bags, then tell the next story.”

But DAppOS (@dappOS_com) xBubble isn’t just usable—it’s actually great to use. It feels distinctly different. AI projects that acquire users through the product and earn revenue from the product are few and far between.

Many KOLs describe DAppOS xBubble like this ⬇️

xBubble = Web3 version of Codex + WorkBuddy

I won’t go into too many complex, technical comparisons. The images explain most of it clearly. And I think the way the KOL community performs is what best shows how amazing xBubble is.

Besides me—who isn’t quite used to AI image posts, and is also one of the conservative folks who still hand-crafts everything the old way—most of the KOLs I follow back have chosen AI-generated graphics. More than half of them are highly dependent on xBubble, with an eye on the air-drop, it’s cheap enough, and the output quality/completeness is high.

The data also shows the same. Since xBubble went live ⬇️

- Served 10,275+ paying OPC customers
- Cumulative subscription revenue exceeds $6.8M

Total funding exceeds $20M. Investors include ⬇️

- Polychain Capital, YZi Labs, Sequoia China, IDG Capital, and others

Just a few days ago, DAppOS officially announced the token DOS.

Generous enough to the point it feels like sunshine everywhere. Basically, anyone who has used the product before—or even just bound an account to claim an NFT—gets at least 333 DOS. And people who do deeper usage around $100 worth will get even more. As for buybacks, judging by the data, they also have sufficient funds to do it.

At the same time, someone from the community “hunts” and found that DOS deploys into Binance Alpha’s pool.

In short, TGE is imminent. On one hand, thanks for the airdropped tokens. On the other hand, the product will keep being used. And finally, I’m looking forward to DAppOS achieving a grand slam after it lists on the exchange.

Old Black has clearly set his sights on Ethena recently. Within the past week, he has been aggressively adding ENA—buying over $3 million—making it the largest net increase after ETH.

With recent changes to Ethena’s underlying yield sources, along with a series of bullish developments involving “courting” between it and Robinhood Chain, it’s likely that the coin price will pick up recently.

Old Black’s style of trading coins has always been known for its “buy-in—signal—pump—exit” pattern. Previously, with HYPE and WLD, this was the case: from quietly buying in to issuing signals, there was at least a 50%+ surge. I don’t know whether ENA can keep the momentum this time.

$ENA

Shandong learned this set is really gaining traction in the crypto world

Injective, the long-established North American chain I’ve been tracking, has recently been putting this into practice. I’ll use this opportunity to整理 what INJ has been doing lately.

The most noticeable move recently is that four U.S. congressmen appeared on stage together with the head of the Injective Policy Institute, discussing the U.S.’ financial advantages and onchain finance.

It’s rare for political figures at the congressman level to show up at a crypto project event. Objectively, this gives Injective a clearer tag of “U.S. home turf + policy communication.”

What’s moving forward in parallel is the regulatory path.

- In the U.S., Injective has already submitted a transfer agent registration application to the SEC. The goal is to move the official records of security holders onto the blockchain, achieving both sub-second settlement speed and compliance.

- In Europe, MiCA has released a white paper, clarifying INJ’s practical functions in Gas, Staking, governance, and community buybacks.

Combined with the already implemented CFTC-regulated futures oversight and the later-stage INJ ETF application, the U.S.-and-Europe “dual track” plus the derivatives channel forms a relatively complete regulatory narrative.

The retail side is opening up at the same time.

Robinhood has officially listed INJ. The token is now on a mainstream, U.S.-compliant retail platform, expanding reach further. In the short term, it should improve liquidity and price flexibility; in the long run, the key significance is the compliance entry point itself.

There are also tangible advances at the infrastructure and “on-ramp” layers.

- Native USDC has gone live on Injective via Circle’s CCTP, enabling true native stablecoin support.

- At the same time, Coinbase has completed native INJ deposit and withdrawal support. Under the MultiVM architecture, ERC-20 is automatically converted into native INJ, reducing friction for U.S. users entering the ecosystem.

These two developments complement the Robinhood launch: one solves the stablecoin-and-settlement base layer, and the other solves a direct entry point for mainstream exchanges.

In addition, POSCO International and LG CNS have completed trade finance pilot programs on Injective. They tokenize real trade receivables and review letters of credit via AI approval, attempting to move the roughly $500 billion-a-year trade finance market on-chain.

Overall, the most critical thing for INJ is still waiting for SEC approval. Actions like congressmen backing it can, to a certain extent, provide more mainstream legitimacy before the SEC approval is granted.

$INJ

The BTC fork airdrop eCash ECX mentioned earlier has just gotten new developments

eCash will launch 7 sidechains on the fork day as well. The last time someone did this was in the Cosmos ecosystem 😂

Each of the 7 chains has its own focus—basically covering most of the patches BTC urgently needs

Already launched sidechain projects ⬇️

- Thunder: a high-throughput sidechain designed for large-scale payments, focused on fast confirmations and ultra-low costs

- zSide: a sidechain based on Zcash privacy technology, enabling assets to be interoperable while also making transactions untraceable

- BitNames: a decentralized identity and DNS system. Usernames are fully controlled by individuals and can be used across applications

- BitAssets: issues tokenized assets on the Bitcoin network, as well as ERC-20–like tokens

- Truthcoin: a decentralized prediction market that will ultimately settle on Bitcoin

Projects in development ⬇️

- Photon: a post-quantum–resistant sidechain

- CoinShift: a decentralized exchange

It’s basically the Seven Zhiren Calabash Brothers of forks—if someone else said it, they’d almost certainly get blasted, but since this comes from seasoned Bitcoin developer and economist Paul Sztorc, it has to be taken seriously

Each of the seven chains has its own focus. Personally, I’m most interested in BitNames—three years ago I got into the Bitcoin ecosystem from here

eCash’s domain naming system works like this: users pay a small fee, register a unique name on the sidechain, and bind it to their public key. It’s very similar to ENS logic, so it’s easy to see that 1D, 2D, 3D, and so on will definitely be valuable

There are many similar cases in eCash as well. In short, besides moving BTC onto the chain in August to claim the fork coins, eCash’s early opportunity is also worth watching

Congratulations, Mr. Kong! Ten “small goals” taken down with ease!

According to publicly available information, Kong Jianping indirectly holds about 18.98 million shares of Longxin Technology through Yifang Changda Fund (subscribed capital of 21.34 million).

Based on today’s opening price of RMB 49.5, the shares you hold are worth about RMB 940 million, with a return of about 44 times.

Is this the power of a Web3 ancient giant whale? It’s truly astonishing 😭

Seeing Sego deeply dissect BTC’s new fork— as a “weed” that entered the market during the BTC ecosystem era, I’ve been naturally curious about this, so I did some in-depth research.

Speaking of BTC forks, if you’ve interacted with inscriptions, you’re definitely familiar with things like BCH, BSV, and others—these were all produced by BTC forks.

Although in terms of scale these fork coins can’t shake BTC’s position, each one’s price trajectory comes from what is essentially fair market behavior, and their technologies are different. It’s hard to say which faction truly follows Satoshi Nakamoto’s decentralized intent.

More realistically: each fork is a positive for BTC holders. The logic is easy to understand ⬇️

In the long run, BTC itself won’t be siphoned off by fork coins, but “holders” can, out of thin air, obtain another kind of token that is equal in amount and freely transferable.

I’m emphasizing “holders,” because in the context of “fork airdrops,” the BTC you hold on a centralized exchange doesn’t actually belong to you. Whether you can receive the fork coins depends on whether the exchange will distribute them. Only BTC in an on-chain wallet can be fully controlled by you.

Now another BTC fork is coming ⬇️

A seasoned Bitcoin developer and economist, the proposer and main driving force behind BIP300/BIP301, Paul Sztorc (@Truthcoin), will launch a new fork, eCash (ECX) (@BTCdrivechains), on August 22 this year.

At that time, all BTC holders will receive ECX in equal quantity.

In fact, as early as April this year, when Paul published the fork announcement, eCash already drew unprecedented attention in the English-speaking community and among the BTC developer circles—it's just that the Chinese community has always been trapped in an information bubble.

Regarding this fork, personally, I will move the BTC held on exchanges to an on-chain wallet around August 22 to receive the ECX airdrop. As for the specific steps afterward, eCash’s official team will likely provide guidance.

One more thing: eCash also has its own official wallet. As a plugin wallet, it’s necessary that it be open source and have undergone audits and time-tested reliability. I’ll keep an eye on it, but I’m not in a rush to use it.

I believe the underlying force that allows the crypto world to endure long-term is a “risk-free yield rate” that’s higher than in the traditional world—not some get-rich-quick story that gets spread every three days. Otherwise, it would have already ended in chaos, just like the hype of trading sneakers or tea leaves in a chain-reaction.

Of course, when I say “risk-free” here, I’m not using the strict definition from economics, but rather a relatively risk-free level within the environment in which we operate.

In the traditional finance world, the risk-free yield rate is usually benchmarked to U.S. short-term Treasury yields, and it has long hovered in the 2%–5% range, currently around 3.80%.

In the crypto context, we typically treat stable return methods with higher safety factors as risk-free or low-risk yield rates.

Taking USD1 as an example: a Trump family–associated issuance + 100% reserve-backed cash equivalents such as U.S. dollar deposits and U.S. Treasuries + the ability to redeem 1:1 all together have made USD1 one of the benchmarks for yields in the crypto space.

Over the past six rounds of activities, USD1 has continued to provide high-yield incentives, with annualized returns maintained in the range of 4.94%–15.56%.

Although it may not sound very high, it is still significantly higher than U.S. short-term Treasuries—and that’s without even mentioning other countries that adopt tightening policies.

To a large extent, the USD1 program has retained speculative capital that might otherwise flow back to traditional finance. If the crypto world wants to gain incremental growth and develop long-term, it is impossible to do without yield opportunities like this.