解构师Beyond

Can a high degree not become a KOL...?

This is the opinion of Master Pang, but I believe it is completely wrong, even catering to populist traffic.

First, it must be clear: the KOL I refer to is a key opinion leader who can earn money through their own content and abilities, can make money with fans, and provides a wealth of information; not someone who spends dozens of yuan to buy followers, uses AI to write articles for AI to read, or relies on shady tricks to deceive small exchanges.

Under this standard, high-degree KOLs are everywhere. I can name dozens just from Hong Kong's third new second, and I have many friends with backgrounds from 985, 211, and even prestigious overseas schools.

In the image, I selected one or two representatives from each school, who are around my age and relatively familiar to me; this is just the tip of the iceberg.

I myself graduated with a finance bachelor's degree from 985. When I first entered the circle, I thought this was an advantage, but later I found out that the crypto world is full of hidden talents, and there are plenty of high-degree KOLs. The real reason is that they do not flaunt their degrees because achievements are the strongest business cards.

The actual situation in the cryptocurrency circle, especially in the KOL industry, is:

No one really cares which school you graduated from, so there is naturally no degree discrimination or degree threshold.

So please, if you can't do it, you can't do it; a nerd is just a nerd. Please stop saying that you can't become a KOL because of your high degree; such displays of superiority only make people feel childish.

Moreover, there is almost no threshold for KOLs; if you can't even do KOL, then don't even mention other things. $BNB

If during a bear market, crypto projects could achieve half the operational level of Ethena, we wouldn't be getting drained by the US stock market continuously.

Recently, Ethena has been skyrocketing down the RWA path, officially announcing deep collaborations with Janus Henderson and Centrifuge.

- Janus Henderson is a global asset management giant managing around $480 billion, focusing on active management of equities, fixed income, multi-asset, and alternative investment strategies.

- Centrifuge is a leading RWA tokenization infrastructure platform, focusing on bringing traditional financial assets onto the blockchain in a compliant way, providing tokenization, liquidity, and DeFi integration services to institutions.

This collaboration involves tight coordination among the three parties ⬇️

- Janus Henderson is bringing its renowned AAA-rated CLO strategy, JAAA, as a real-world asset.

- Centrifuge will create an on-chain tokenized version of Janus Henderson's JAAA strategy, enabling traditional assets to enter the blockchain in a compliant and efficient manner.

- Ethena will incorporate the tokenized JAAA into the collateral framework of USDe, marking the first non-T-Bills RWA collateral.

This inclusion has undergone independent due diligence by Ethena's risk committee, meeting the four standards of liquidity, credit quality, drawdown characteristics, and pricing transparency.

This collaboration marks Ethena's first inclusion of institutional-grade RWA that isn't T-Bills into the USDe collateral framework, and its significance is extraordinary.

In layman's terms, Ethena has stepped outside the traditional crypto industry's self-congratulatory bubble, with a traditional asset management company managing $480 billion putting real money on the line to say,

"We endorse this model, not only have we invested ourselves, but we're also ready to use it extensively."

$ENA

I've been diving deep into trading U.S. stocks on Binance for several days now, and here's my take.

I've gathered and organized the trading fees for Binance and traditional U.S. brokerage firms, comparing them as shown in the image ⬇️

Overall, I found Binance to be more suited for mid to small-scale traders and crypto users as a primary platform for U.S. stock trading.

1/ Binance has no fixed platform fee and supports fractional shares, meaning you can trade with just a few bucks, making the entry barrier super low.

2/ There's no complicated U.S. dollar deposit process; you can buy and sell using USDC, which is a no-brainer for crypto users, easing the transition.

3/ The UI/UX is straightforward. If you've ever used the overly complex and hard-to-navigate IBKR, you'll really appreciate this point.

4/ Opening an account is easy, with no need for overseas funds or proof of address.

But to be honest, as a newcomer, Binance's U.S. stock trading still has a long way to go and should learn from traditional brokers.

For instance, for larger traders, the commission structure based on a fixed percentage of the trade amount isn’t cheaper than firms like Tiger, Cow, Bridge, or IBKR. The current commission reduction event is a good start for future improvements.

From another perspective, Binance's intention to enhance U.S. stock trading functionality isn't just to catch up to giants like IBKR in the brokerage space.

It's about niche competition, aiming to create a super financial complex that integrates crypto, stocks, and ETFs.

(This article is purely personal investment thoughts and does not contain any advice. Please comply with local laws and regulations.)

Not sure when RWA seemed to have reached parity with TradFi, but it feels like mentioning RWA only brings up tokenized US Treasuries, US stocks, and ETFs.

In reality, it's much broader than that; RWA encompasses the use of crypto to trade real assets across regions, including real estate, art, intellectual property, and more.

Since I hold a position in Ethena, I'm always keeping an eye on its developments.

Recently, Ethena officially announced a new white-label partnership ⬇️

VanEck and ALLIANCE Investments' "US Real Estate RWA" company Manifest has officially chosen Ethena to support its real estate collateralized token, USH.

What does this mean?

Manifest is tokenizing US residential property rights (HEIs) into USH, allowing global liquidity to participate in this $35 trillion market just like buying stablecoins.

- During the launch phase, 100% liquidity reserves are provided by USDe, and sUSH holders can immediately start earning rewards without waiting for the real estate portfolio to be fully established.

- Later, it will gradually adjust to 80% HEIs + 20% USDe, preserving the long-term appreciation of real estate while maintaining on-chain capital efficiency and composability.

- It addresses the common RWA issue of quick cash flow but slow asset realization; initial yields come from USDe with real estate gains to follow.

Additionally, Ethena's tokenized dollars have become the fastest-growing RWA asset on Solana, with its market cap recently surpassing $560 million.

$ENA

I've been keeping an eye on three news pieces and noticed Ethena is making low-key strides.

1/ Jupiter Lend launched an isolated Ethena market.

- This is Jupiter Lend's first time bringing in traditional asset management curation, designed specifically for large-scale institutional capital, supporting USDe deposits, lending, and leverage strategies.

- After the market opened, it rapidly expanded to about $570 million, compared to just $50 million thirty days ago.

- Jupiter Lend's overall TVL has now surpassed $1 billion, boosted by the Ethena market.

2/ Kamino provides leverage strategies with liquidation protection for Ethena.

- Specifically, think USDe/USDG Multiply cycles, and so on, accelerating the adoption of USDe within the Solana ecosystem.

- This Ethena market has become Kamino's fastest project to break $500 million in TVL.

3/ Solana's official Twitter clearly supports ENA's launch, further confirming ecosystem consensus.

Connecting these three seemingly unrelated news pieces reveals a clear narrative.

Ethena's synthetic dollar is quickly becoming the core collateral in Solana DeFi, and Ethena is becoming an important capital choice for institutions participating in the Solana ecosystem.

In fact, with the rapid growth in TVL, Solana has already become the second largest public chain supporting Ethena after ETH.

As we move through this bear market, while BTC hasn't yet broken through the psychological barrier for most, the metrics like DeFi scale indicate that many retail traders have already thrown in the towel.

In this market backdrop, Ethena's ability to deeply integrate with the Solana ecosystem and see TVL growth is particularly impressive, inevitably backed by strong institutional support.

$ENA

For a long time, Web3 has been all about the narrative of absolute decentralization and resisting sovereign control, and the market has been pretty bullish on it.

But the reality is harsh; when the self-congratulatory narrative bumps into the machinery of sovereign states, the consequences can range from minor losses to severe repercussions.

- Tornado Cash, which was hailed as a paragon by the black-hat and gray-hat communities, faced the iron fist of the U.S. Treasury in 2022. Two core founders are looking at 5 years or more in the slammer.

- Ripple, which was among the top five by market cap, has been in a tug-of-war with the SEC from 2020 to 2024, ultimately slapped with a massive $125 million civil penalty, alongside hundreds of millions in legal costs and wasted time, which really hurt the ecosystem.

- TON had plans to launch the largest ICO ever, but just before the mainnet went live, the SEC dropped an emergency injunction to shut it down. The founders were forced to abandon the project, refunding $1.2 billion to investors, and coughing up a $18.5 million fine—talk about a grand narrative going belly-up.

There are countless similar cases; while tech can be decentralized, teams can't be, and projects stand no chance against the state machinery.

So, cozying up to the government and striking deals with regulators isn't a retreat—it's actually a pragmatic mindset that should be embraced.

In this regard, IOTA, being an old-school project, has been doing quite well.

IOTA ditched the fantasy of decentralization and anarchy early on, focusing instead on reshaping itself into a foundational infrastructure that can integrate with traditional finance and government governance.

- Middle East Compliance Hub: Established a rigorously regulated IOTA Foundation, securing $100 million in backing from the UAE Trade and Technology Fund, targeting tokenized trade finance.

- International Collaboration: Partnered with organizations like the World Economic Forum to build the TWIN global trade network, making digital trade pilots in the UK and East Africa truly run on-chain—even having several UK government officials stationed full-time for up to 12 months.

- National-Level Cooperation in Three African Countries: The announced ADAPT plan designates Kenya, Morocco, and Nigeria as the first implementation countries, driven by the African Free Trade Area Secretariat, after rigorous selection across political commitments and regulatory readiness.

With these strategies in place, the risk of being hammered by sovereign entities has significantly decreased.

By strategically positioning itself in the payment and identity layers in the Middle East, Europe, and Africa, IOTA seemed to predict the global regulatory acceleration well in advance.

Those who can play with AI are practically becoming giants, you know?

In China's billion-dollar quantitative fund scene, Huanfang Quant has ranked second on the performance leaderboard with an average return of 56.6% in 2025.

Industry estimates suggest that Huanfang's potential management fees and performance bonuses exceeded $700 million last year.

Back in 2017, Huanfang fully pivoted to deep learning, applying AI algorithms to fully automated quantitative trading.

In Huanfang's strategy system, traditional fund managers are a thing of the past; decisions are entirely automated by models.

Coincidentally, on the other side of the world, Jane Street is raking in profits through high-frequency trading, ETF market-making, and statistical arbitrage deeply integrated with AI.

In 2025, Jane Street recorded a staggering $39.6 billion in net trading income, completely overshadowing traditional Wall Street giants like JPMorgan and Goldman Sachs, becoming the first non-bank institution to crush top-tier banks in trading income.

On a per-employee basis, Jane Street generated over $11 million in revenue for each employee in 2025.

These two examples are just to illustrate a point.

Leveraging AI for trading is akin to running a money-printing factory; it's an absolute game-changer for humanity, especially for the average Joe.

So far, the crypto space hasn't seen a particularly mature AI trading platform. Aside from a few smug scientists and the eye-catching AI Arena, the average person has barely been able to tap into the rewards of AI trading.

Scrolling through Twitter, I saw that the prediction market NeoSoul has launched EvoEvo, which has surprisingly filled this gap first.

While it may not be traditional AI-driven trading, using AI for trading predictions can still be profitable—different paths lead to the same destination, so let’s chat about it.

From my understanding, EvoEvo is an ‘AI Prediction Bootcamp.’

Prediction -> Training -> Calibration -> Settlement.

Although the initial AI might just be some silly form that provides only emotional value, with continuous subjective tuning, mimicking high-win-rate AI parameters, and distilling insights from the pros, it may eventually evolve into a trading bot that can consistently profit and provide ‘sleep income.’

I've opened an Agent in each of the three fields: ‘cryptocurrency, sports, and geopolitics’ to test the waters.

So far, the prediction accuracy is leagues ahead of mine. I'll give it another week to assess the results, and if it holds up, I'm ready to follow suit with a cash experiment.

The crypto space is a high-cost financing environment.

What I mean is, even if you do nothing, as long as you stay in the crypto game long enough, you can outperform most others in the same timeframe.

Let's say you deposited $100,000 at the start of the first round of the Binance USD event, and just by clicking a few buttons every week to harvest your gains, without doing anything else.

In less than half a year, you could net nearly $3,600, which is about a 9.64% annualized return.

In other words, if you have $100,000 and you haven't made $3,600 or even ended up in the red this past six months, that's just not cutting it.

Like Charlie Munger said,

"What we need to do is not to look smart, but to avoid stupid decisions. Sometimes, doing nothing is the smartest move."

$WLFI

Right now, 78% of people in the world have never dabbled in AI. It's just that remaining 0.12%—the pro users in those three little squares—who are shaking up the entire industry.

What does this mean? The real penetration of AI hasn't even started yet.

What has always bridged this gap is not the strength of AI itself.

Tools like Doubao and GPT have been within reach for ages; the real hurdle lies in whether you can turn a vague demand into commands that AI can execute reliably.

This task requires pro users to spend a ton of time experimenting, while regular folks are left in the dark.

Speaking of which, I have to mention a project that's been covered by Xinzhi Yuan, Machine Heart, Geek Park, and Quantum Bit.

xBubble is an AI project launched by the DappOS team, which has received backing from Sequoia China and Yzi Labs, making it one of the hottest Web3 background AIs out there.

It positions itself as a Low-prompt AI Agent, meaning it's designed to teach AI how to use AI, allowing you to accomplish complex tasks with shorter requests.

When you look at a comparison of xBubble against other AIs for the same brief prompt, it’s easy to see that xBubble is more professional, clearly utilizing well-tuned SOPs to deliver results.

xBubble’s processing flow relies on two main components: Bubble Pilot and Bubble Engine.

Bubble Pilot: Smart Execution Hub

- Responsible for task delegation; once it receives a command, the Pilot matches SOPs in the background and selects the optimal path to complete the task. If no matching process is found, it automatically switches to a universal Agent as a fallback, ensuring responses are never empty.

Bubble Engine: Automated Evolution Engine

- Responsible for skill learning; for unknown tasks, the Engine generates multiple solutions through AI programming and tests them against each other. Once a quality-verified optimal path is established, it solidifies that as a reusable SOP/Skill, enabling continuous self-expansion of capabilities.

When the internet bubble burst, many concept stocks fell due to the inability to scale.

But now, AI is achieving self-iteration through projects like xBubble, meaning AI is learning from AI and even using AI.

Back to that initial 78%, the enhancement of productivity through AI shouldn't only belong to that 0.12%.

What xBubble aims to do is to enable those remaining folks who have never encountered AI to achieve professional-level output with just a simple statement of goals.

I wasn't fully awake this morning, and my alerts kept flashing. The early Alpha bloggers like Mirro, who are monitoring things like street trading and stir-fried noodles, are continuously piling into elizaOK. It looked familiar, so I grabbed a bit myself.

Later, I got up and remembered I had met Dev once in Hong Kong. Back then, their team took a photo with the big sister, striking an 'OK👌' pose, and she played along gracefully.

This was so funny that it left a strong impression on me 😂

Now, back to the asset itself, here are a few reasons supporting my buy-in for a gamble:

1/ The official Twitter face, Dev Baoger, is a core developer in the ai16z community.

2/ Shaw previously retweeted and CX'd about elizaOK.

3/ There's a clear strong whale; on-chain evidence shows bundled buys. Many criticize this, but I don’t see it as a bad thing. The experience brought by a powerful market maker far exceeds endless PvP. Whether elizaOK has a strong market maker is subjective.

4/ elizaOK took first place in the Fourmeme AI group.

I’m not shy about high control; it means someone has a strong interest tied to the project, and I prefer teams that are inclined to work long-term.

To put it bluntly, if I come across a team that’s publicly verified and hustled for a few months just to pull out a couple of grand, I’d accept that.

Based on the above reasons, I bought a few thousand, hoping for a breakout on a small exchange.

(This article is merely personal investment thoughts and does not contain any advice.)

I only realized it after seeing some banter that Trump is also getting into the game as a middleman

Speaking of middlemen, it’s definitely the hottest business these days, with OpenRouter, led by the co-founder of OpenSea, taking the lead, followed by Sun's new venture BAI

It seems like the big players looking to cash in on the new wave of AI are all eager to dive into the middleman scene

Considering my readers might not all be pros, let’s break down what an AI middleman does in simple terms

An AI middleman, also known as an LLM Router or API aggregator

In the past, ordinary players wanting to use various AIs (Claude, GPT, Gemini, etc.) had to register accounts on each platform, load funds, configure Keys, and switch back and forth, which was a hassle

The middleman's function is just as its name suggests:

- Register in one place, load funds once, and you can directly access hundreds of different AI models
- It automatically routes requests to the most suitable official model behind the scenes
- Due to the wholesale pricing of Tokens, it's usually cheaper than going directly through the official channels

For developers or heavy users, the biggest value of a middleman is saving time, cutting costs, and stability

Back to the Trump middleman mentioned at the start, it actually refers to the newly launched project WorldClaw (@WorldClawAI) within the WLFI ecosystem

It’s clear that the officials are taking this lane very seriously, with Trump Jr. and Eric Trump both publicly promoting the ecosystem

Within the WorldClaw system, the core powerhouse is called WorldRouter, which directly integrates over 300 mainstream models including Claude Opus 4.7, GPT-5.5, Gemini 3.1 Pro, and Qwen 3.6 Plus

Since it’s all about business, price is the most crucial factor, and the calling price for WorldRouter is directly 30% cheaper than that of Anthropic or OpenAI

The subscription prices offer four tiers: Token Plan $9.9 / $99 / $999 / $9,999 for users to choose from

Considering potential security and privacy issues with middlemen, I can give a solid endorsement to WorldRouter, which has a strong background and is still 30% cheaper

Additionally, it's worth noting that WorldRouter supports USD1 payments, undoubtedly contributing a real, massive consumption scenario for the WLFI ecosystem

You all need to short this ASAP, or how am I gonna make my profits?

$LAB

1/ No leverage on the meme coin

2/ Don't go against the trend

3/ Abandon all judgments based on market cap

Observing the issuance of USD1, some interesting details are found

1/ The earliest single issuance of about 2 billion on BNBChain, after which the issuance volume remained stable with no additional issuance, consistently ranking first for the majority of the time

2/ After late August last year, large-scale issuance began on the ETH chain, and by around February this year, the issuance volume exceeded that of BNBChain, temporarily becoming the public chain with the highest issuance volume

3/ The issuance volume on the Solana chain has been steadily increasing, making it the third-ranked public chain in terms of issuance volume

So, which public chains have value, and which have real liquidity? The USD1 team has demonstrated this with hard data, which is more practical than the self-promotion comparisons made by various public chains from a performance perspective

To some extent, this has reference significance for diversifying portfolio investments in the cryptocurrency space and grasping core assets across cycles.

Until now, I still hold a large amount of USD1

I have previously written a lengthy analysis about USD1, and the conclusion is that as a fully compliant collateral asset, the safety factor of USD1 may be higher than what you often hear about DeFi

But it must be acknowledged that the safety of USD1 and the rise of WLFI are completely independent events; holding USD1 does not equate to being bullish on WLFI

Recently, WLFI passed a new governance proposal, the core of which is "lock 6.228 billion tokens, destroy 450 million tokens"

From the performance of USD1 and WLFI, this destruction proposal has significantly boosted market confidence

Just this week, Trump's meeting conference is about to be held again, and World Liberty should also take this opportunity to clarify the development goals for the next phase.

Binance can be called the universe for a reason

In the morning, along with more than thirty BNB holders, we checked in at Lion Rock in Hong Kong, experiencing the power of #upwards. All the companions were humble, wealthy, and capable teachers.

Each one is a mainstay in a certain track, and everyone we met along the way is a role model.

In the evening, we attended an event for BNB Chain, where literally everyone was shoulder to shoulder, and we had the chance to meet all the friends we needed to see tonight.

I heard that the top influencer is coming, and at least a thousand people will pour into the venue.

The elite style of project founders, the older generation from the grassroots, and influencers with exceptional charisma; Binance has also presented itself with the stature of an elder brother, treating everyone with the highest etiquette and fine food.

Who says there’s no one left in crypto or that it’s doomed? I have never seen the industry so full of hope.

It can be said that you can skip the main venue and the side events, but you absolutely cannot miss Binance’s events.

Because Binance is the greatest common divisor for all crypto believers.

$BNB

Have you ever thought about a question, what is WLFI spending so much money for, or what role does it actually play?

First, let's review the specific data of the "WLFI x USD1 x Binance Phase III Incentive Program" so far.

Phase One: The extravagant "Opening Red"

- Duration: January 23 - February 20 (4 weeks total)
- Total amount distributed: WLFI tokens worth a total of 40 million USD

Phase Two: The token-based "Large Water Release"

- Duration: February 20 - March 20 (4 weeks total)
- Total amount distributed: 235 million WLFI
- Approximate value: Based on an average price of about $0.103 during this phase, the total value is approximately 24.2 million USD

Phase Three: The refined operation "Endurance Period" (currently ongoing)

- Duration: March 20 - April 17 (4 weeks total)
- Total amount distributed: 135 million WLFI
- Approximate value: Based on the current market price of about $0.093, the total value is approximately 12.55 million USD

Overall, WLFI has airdropped tokens worth at least 76 million USD, which is already larger than most TGE airdrops.

Of course, the returns have been immediate.

USD1 went from 3 billion tokens before the event started to directly breaking through 5.4 billion tokens at the end of the first phase, completing in just one month what many stablecoins take years to achieve.

In other words, WLFI used 76 million USD worth of tokens to create a pressure that led to a growth of 2 billion stablecoins; such a large move can only be done by WLFI.

The president is serious about creating stablecoins!

$WLFI