小企鵝阿批 Penchan
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小企鵝阿批 Penchan
Sui 中文區大使 - 資深水家人 | 各類型 Sui 鏈科普 | 2017 以太坊老礦工 | 過去：MaiCoin 台灣最大交易所，計算機工程@政治大學，工程@清華大學
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🐂 2025 Bull Market Long Cycle DCA Position Review
In celebration of my birthday, little penguin's original plan was:
Start 12 months of regular investment in 2023 and sell in 2025.
The following results are indicated by average price.
$BTC 29,036 → Switch to public chain
$ETH 1,830 → Switch to public chain
$SOL Heavy position 22 → 196 (8.9x)
$BNB 237 → 1040 (4.3x)
$DOGE 0.07 → 0.217 (3.1x)
$SUI Pre-sale 0.1 Heavy position 1 → 2.07 (2.0x)
$TON 3 → 3 (0x)
——
1. Core Concept: Cycle
2. Strategy: Binance hourly regular investment + wealth management, combined with various mining during the bull market: DeFi on Sui/Solana/Ton and BNB gold shovel. Sell based on daily RSI in the bull market.
3. Switching mainstream coins among other alts: ARB OP MATIC AAVE PYTH OKB BLUR ORDI. The reason for switching is to increase certainty and changes in narrative, etc.
4. Still have SUI SOL staked nodes and LST.
5. Thoughts:
- Holding BTC has high stability and good multiples.
- It's hard to judge whether mainstream will take off, consider diversifying investments.
- Major narrative changes will always happen, always pay attention and maintain flexibility appropriately.
- Follow the strategy, don't fall in love with coins, go fall in love with your girlfriend!
In celebration of my birthday, little penguin's original plan was:
Start 12 months of regular investment in 2023 and sell in 2025.
The following results are indicated by average price.
$BTC 29,036 → Switch to public chain
$ETH 1,830 → Switch to public chain
$SOL Heavy position 22 → 196 (8.9x)
$BNB 237 → 1040 (4.3x)
$DOGE 0.07 → 0.217 (3.1x)
$SUI Pre-sale 0.1 Heavy position 1 → 2.07 (2.0x)
$TON 3 → 3 (0x)
——
1. Core Concept: Cycle
2. Strategy: Binance hourly regular investment + wealth management, combined with various mining during the bull market: DeFi on Sui/Solana/Ton and BNB gold shovel. Sell based on daily RSI in the bull market.
3. Switching mainstream coins among other alts: ARB OP MATIC AAVE PYTH OKB BLUR ORDI. The reason for switching is to increase certainty and changes in narrative, etc.
4. Still have SUI SOL staked nodes and LST.
5. Thoughts:
- Holding BTC has high stability and good multiples.
- It's hard to judge whether mainstream will take off, consider diversifying investments.
- Major narrative changes will always happen, always pay attention and maintain flexibility appropriately.
- Follow the strategy, don't fall in love with coins, go fall in love with your girlfriend!
《Clarity Act》 Stuck—Is It a Negative Signal or Just Noise?
The U.S. has a crypto bill called the “Clarity Act” (CLARITY Act). Recently, prediction markets (platforms that let people put real money on whether something will happen) have cut the probability of it passing by year-end to just 37%, the lowest level this year. JPMorgan has therefore shifted to a near-term bearish stance.
First, why this bill matters
The U.S. has a longstanding problem with crypto regulation: nobody can say clearly who is in charge. Project teams often don’t know whether the tokens they issue count as securities or commodities, and if they get it wrong, the SEC (U.S. Securities and Exchange Commission) may come knocking.
The Clarity Act is designed to draw a clear line—and also allow new projects to raise up to $75 million per year without completing SEC registration.
With clearer boundaries, big brokerage firms, exchanges, market makers, and banks—those “have the money but fear compliance risk” institutions—will finally dare to enter. Only then will capital and liquidity have a chance to move from offshore markets back into compliant U.S. markets. That’s why people treat it as a catalyst.
But the bill is stuck.
Before the Senate’s summer recess, it prioritized other legislation. Add in disagreements between the two parties, and there’s also a controversial clause: DeFi (decentralized finance) protocols may not fall under the jurisdiction of U.S. regulatory bodies. They can do business similar to banks and broker-dealers, but without having to meet anti-money-laundering requirements at the same intensity. Traditional financial institutions, of course, don’t like that. It’s also one of the reasons the bill can’t move forward.
JPMorgan’s pessimism has two layers. The first: the catalyst is delayed, slowing the pace at which institutional capital steps in. The second is tougher: if legislation keeps getting dragged out, the business value of tokenization may be captured first by traditional exchanges and banks. Then even if the bill eventually passes, the money might not necessarily flow into crypto assets.
My own take isn’t as bleak
With more than half a year passing and no real progress, market sentiment is clearly affected. But Bitcoin has been consolidating for a long time around the $60,000 level. During that period, the market likely already priced in the uncertainty of the legislation.
The bill is still on the table, and the debate is really about how to split interests between crypto institutions and traditional institutions. That balance will be discussed eventually. For long-term investors, what’s missing right now is only patience.
As for how long that patience will have to last—I can’t say for sure 🤔
The U.S. has a crypto bill called the “Clarity Act” (CLARITY Act). Recently, prediction markets (platforms that let people put real money on whether something will happen) have cut the probability of it passing by year-end to just 37%, the lowest level this year. JPMorgan has therefore shifted to a near-term bearish stance.
First, why this bill matters
The U.S. has a longstanding problem with crypto regulation: nobody can say clearly who is in charge. Project teams often don’t know whether the tokens they issue count as securities or commodities, and if they get it wrong, the SEC (U.S. Securities and Exchange Commission) may come knocking.
The Clarity Act is designed to draw a clear line—and also allow new projects to raise up to $75 million per year without completing SEC registration.
With clearer boundaries, big brokerage firms, exchanges, market makers, and banks—those “have the money but fear compliance risk” institutions—will finally dare to enter. Only then will capital and liquidity have a chance to move from offshore markets back into compliant U.S. markets. That’s why people treat it as a catalyst.
But the bill is stuck.
Before the Senate’s summer recess, it prioritized other legislation. Add in disagreements between the two parties, and there’s also a controversial clause: DeFi (decentralized finance) protocols may not fall under the jurisdiction of U.S. regulatory bodies. They can do business similar to banks and broker-dealers, but without having to meet anti-money-laundering requirements at the same intensity. Traditional financial institutions, of course, don’t like that. It’s also one of the reasons the bill can’t move forward.
JPMorgan’s pessimism has two layers. The first: the catalyst is delayed, slowing the pace at which institutional capital steps in. The second is tougher: if legislation keeps getting dragged out, the business value of tokenization may be captured first by traditional exchanges and banks. Then even if the bill eventually passes, the money might not necessarily flow into crypto assets.
My own take isn’t as bleak
With more than half a year passing and no real progress, market sentiment is clearly affected. But Bitcoin has been consolidating for a long time around the $60,000 level. During that period, the market likely already priced in the uncertainty of the legislation.
The bill is still on the table, and the debate is really about how to split interests between crypto institutions and traditional institutions. That balance will be discussed eventually. For long-term investors, what’s missing right now is only patience.
As for how long that patience will have to last—I can’t say for sure 🤔
Partly True
Sui Launches Official Token Buyback Mechanism!
Sui generates revenue through Gas transaction fees and income from stablecoin assets, and uses the stablecoin earnings to buy back SUI daily in the public market. After the buyback, the SUI is not burned; instead, it is allocated to DeFi, validators, and other ecosystem partners to support network growth and further expand the stablecoin circulation scale.
As of 2026 to date, Sui has repurchased approximately 282,600 SUI, with total accumulated revenue of about $2.1 million. The total stablecoin circulation is approximately $443 million, and the number of addresses holding stablecoins is about 3.6 million. Taking July 29 as an example, stablecoin revenue on that day was $7,300, and Gas transaction fees were $2,400, for total revenue of $9,700. It then used about $6,000 to repurchase 8,700 SUI.
The Little Penguin believes the buyback mechanism itself has little impact; it’s more like a pledge—an expression of support for its own chain.
Sui generates revenue through Gas transaction fees and income from stablecoin assets, and uses the stablecoin earnings to buy back SUI daily in the public market. After the buyback, the SUI is not burned; instead, it is allocated to DeFi, validators, and other ecosystem partners to support network growth and further expand the stablecoin circulation scale.
As of 2026 to date, Sui has repurchased approximately 282,600 SUI, with total accumulated revenue of about $2.1 million. The total stablecoin circulation is approximately $443 million, and the number of addresses holding stablecoins is about 3.6 million. Taking July 29 as an example, stablecoin revenue on that day was $7,300, and Gas transaction fees were $2,400, for total revenue of $9,700. It then used about $6,000 to repurchase 8,700 SUI.
The Little Penguin believes the buyback mechanism itself has little impact; it’s more like a pledge—an expression of support for its own chain.
Decoding DeFi Pools: Taking Cetus as an example, price impact is the difference between the current price and the execution price; slippage is the possible price movement that may occur while your order is waiting to be processed. Slippage tolerance sets a limit on the lowest you’ll receive or the highest you’ll pay—no single set of numbers fits every trade!
You can think of Sui’s epoch as Sui’s settlement shift
Within each period, the validator set and staking weights are fixed; only at the handover between periods are the delegation changes and rewards updated. The mainnet’s current epoch is about 24 hours, but that doesn’t mean all operations are completed at a fixed time.
Within each period, the validator set and staking weights are fixed; only at the handover between periods are the delegation changes and rewards updated. The mainnet’s current epoch is about 24 hours, but that doesn’t mean all operations are completed at a fixed time.
On Cetus CLMM, each liquidity position is an independent NFT that records the pool, position ID, upper and lower price ticks, and the liquidity amount.
It is a proof of ownership for claiming fees and participating in mining. It does not mean that positions are interchangeable like collectibles or without risk.
It is a proof of ownership for claiming fees and participating in mining. It does not mean that positions are interchangeable like collectibles or without risk.
If... I mean if
What if we start a monthly investment (DCA) for 1 year starting today $BTC to see?
What if we start a monthly investment (DCA) for 1 year starting today $BTC to see?
Delegate SUI storage—no need to set up your own servers or maintain verification software. Verifiers run the network, while coin holders provide staking weights. When using Haedal, underlying SUI is delegated, and the wallet receives haSUI credentials
How does Walrus manage to ruin a few nodes and still keep the data?
When Walrus stores a blob, it uses RedStuff to erase the encoding, splits the data into a primary and secondary sliver, and then distributes these encoded fragments across different shards. A complete file is not copied in full to every node as-is. After the overall encoding, the redundancy of the data is about 4.5 times the size of the original blob. This kind of splitting allows the data to be reassembled from a subset of shards.
During reads, the client does not need to fetch every piece of data. As long as it collects enough valid slivers, it can reconstruct the original blob. After reconstruction, it also verifies the content using authenticated metadata, and then returns the data to the user. This means that even if some nodes fail, there is still a chance the data can be restored from the remaining shards.
According to Walrus’s threat model, if more than two-thirds of the shards are operating honestly, the system can tolerate up to one-third of the shards being malicious or faulty within an epoch or during an epoch transition. This fault tolerance is based on specific assumptions; data may still be lost, and the service may still be interrupted. Understanding the path of “sharding, reconstruction, and verification” is closer to Walrus’s actual design than thinking of it as having a full backup on every machine.
When Walrus stores a blob, it uses RedStuff to erase the encoding, splits the data into a primary and secondary sliver, and then distributes these encoded fragments across different shards. A complete file is not copied in full to every node as-is. After the overall encoding, the redundancy of the data is about 4.5 times the size of the original blob. This kind of splitting allows the data to be reassembled from a subset of shards.
During reads, the client does not need to fetch every piece of data. As long as it collects enough valid slivers, it can reconstruct the original blob. After reconstruction, it also verifies the content using authenticated metadata, and then returns the data to the user. This means that even if some nodes fail, there is still a chance the data can be restored from the remaining shards.
According to Walrus’s threat model, if more than two-thirds of the shards are operating honestly, the system can tolerate up to one-third of the shards being malicious or faulty within an epoch or during an epoch transition. This fault tolerance is based on specific assumptions; data may still be lost, and the service may still be interrupted. Understanding the path of “sharding, reconstruction, and verification” is closer to Walrus’s actual design than thinking of it as having a full backup on every machine.
Based on inferences from Sui object ownership rules, receiving an unknown NFT itself does not affect other assets; the risk lies in malicious transactions that involve signing agreements that incorporate those assets. It’s important to: review the transaction details and purpose addresses item by item before signing
The same Cetus DLMM can also output different shapes: Spot average distribution, denser in the center of the Curve, and denser at the Bid-Ask edges. The configuration changes the liquidity within the price range, and there are still risks of going out of range, impermanent loss, and slippage.
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