安正財經：從突破發行價到漲幅4倍，是新的Alpha機會還是一次性專案？

穩定幣賽道一直備受關注。開市前通常從0.25U上漲至0.8U。川普家族的加密項目World Liberty選擇投資ENA。

The stablecoin track has always attracted much attention. Usual rose from 0.25 U to 0.8 U before the market opened. The Trump family's crypto project World Liberty chose to invest in ENA. Binance bet on the Solana chain stablecoin infrastructure Perena, while the Base chain stablecoin seems to have been tepid.

穩定幣賽道一直備受關注。開市前通常從0.25U上漲至0.8U。川普家族的加密項目World Liberty選擇投資ENA。幣安押注於 Solana 鏈穩定幣基礎設施 Perena，而 Base 鏈穩定幣似乎一直不溫不火。

This article takes you through ANZ, from breaking the issue price to a 4-fold increase. Is it a new Alpha opportunity or a one-time project?

本文帶您走過ANZ，從突破發行價到漲幅4倍。這是一個新的 Alpha 機會還是一次性專案？

Starting from the wealth effect of FJO

從FJO的財富效應開始

In mid-November, the market rebounded, on-chain liquidity gradually overflowed, and funds began to look for speculative targets. The spillover effect of the on-chain new platform Fjord is particularly obvious, especially in hot tracks, such as: AI Agent, whose launch project odds are extremely high, with the highest increase of 33 times. The online projects are often sold out within minutes, and some scientists even booked the entire quota. With the overflow of the wealth effect of the platform's launch projects, the opening of pledges and potential airdrops have also increased its platform token FJO from 0.5 U to 1 U.

11月中旬，市場回暖，鏈上流動性逐漸溢出，資金開始尋找投機標的。鏈上新平台Fjord的溢出效應尤其明顯，尤其是熱門賽道，如：AI Agent，其上線項目賠率極高，最高漲幅達33倍。網路上的專案往往在幾分鐘之內就被搶購一空，有些科學家甚至預訂了整個配額。隨著平台上線項目財富效應的溢出，質押和潛在空投的開放也使其平台代幣FJO從0.5 U增加到1 U。

As a long-term hot spot for speculation, the stablecoin track attracted much attention on December 2. The Base chain (USDz) stablecoin project Anzen launched by Fjord has attracted much attention. The token was sold out as soon as it was launched. However, it was broken after its launch, from 0.01 U to 0.005 U. Is it a Rug project or an Alpha opportunity?

作為長期炒作熱點，穩定幣賽道在12月2日備受關注。該代幣一推出就被搶購一空。然而上線後就被打破了，從0.01U跌到了0.005U。

Anzen Finance Background Information

安善財經背景資料

Anzen is the issuer of USDz, which is in the RWA track. It is currently on 4 chains and will expand to more chains in 2025. USDz plans to be launched on platforms such as Movement, Berachain, Plume, Mantra, Monad, and Initia. Users holding USDz can obtain sustainable RWA income. Like projects such as Usual, its underlying is also treasury bond income. Users obtain sUSDz by staking USDz tokens. DeFi users have the opportunity to obtain sustainable returns and diversify their portfolios. It currently offers an annual interest rate of 14.8%.

Anzen 是 USDz 的發行者，USDz 處於 RWA 軌道。目前已在 4 條鏈上運行，並將於 2025 年擴展到更多鏈。持有USDz的用戶可獲得可持續的RWA收益。與Usual等項目一樣，其底層也是國債收益。用戶透過質押USDz代幣獲得sUSDz。 DeFi 用戶有機會獲得可持續回報並實現投資組合多元化。目前年利率為14.8%。

ANZ adopts the ve model, which will be used to manage and develop the Anzen protocol and ecosystem, including: liquidity incentives, ANZ holder functions, basic rewards, protocol fees and voting pool incentives. The public sale of ANZ was launched on December 2 through FJO Launchpad, with a fixed price of 0.006 U. The total supply of tokens is 10,000,000,000, with Launchpad accounting for 6.7%, community airdrops accounting for 5%, and ecological rewards accounting for 2.7%. Currently, its circulation is about 11.6%.

ANZ採用ve模式，將用於管理和開發Anzen協議和生態系統，包括：流動性激勵、ANZ持有者功能、基本獎勵、協議費用和投票池激勵。 ANZ於12月2日透過FJO Launchpad公開發售，固定價格為0.006 U，代幣總量10,000,000,000，其中Launchpad佔6.7%，社區空投佔5%，生態獎勵佔2.7 %。目前，其發行量約為11.6%。

Comprehensive Strength

綜合實力

According to The Block, Anzen Finance has now received $4 million in seed round financing to support the development of its RWA-backed stablecoin. Mechanism Capital, Circle Ventures, Frax, Arca, Infinity Ventures, Cherubic Ventures, Palm Drive Ventures, M31 Capital, Kraynos Capital and other companies participated in this round of financing.

根據 The Block 報道，Anzen Finance 現已獲得 400 萬美元種子輪融資，以支持其 RWA 支持的穩定幣的開發。 Mechanism Capital、Circle Ventures、Frax、Arca、Infinity Ventures、心元創投、Palm Drive Ventures、M31 Capital、Kraynos Capital等公司參與了本輪融資。

The Anzen Finance team is from Taiwan and consists of a credit investment team with more than ten years of experience in joint lending. Since 2018, the team has been studying the mechanism of putting credit assets on the chain. Its underwriting and custody partner is Percent, which has a transaction volume of 1.6 billion, an annual yield (APY) of 16%, and a default rate of 2% in the past seven years.

安正金融團隊來自台灣，由擁有十年以上聯合借貸經驗的信用投資團隊組成。自2018年以來，團隊一直在研究信貸資產上鍊機制。其承銷和託管合作夥伴為Percent，過去七年的交易量為16億，年收益率（APY）為16%，違約率為2%。

The ANZ project seems to have no shortage of cooperative resources, and it also has close relations with major KOLs and NFT communities. Doodles, PudgyPenguins, etc. all have its presence. The project seems to be well versed in operations. On December 16, it also changed its avatar to a fat penguin.

ANZ計畫似乎不缺乏合作資源，與各大KOL、NFT社群也有著密切的關係。 Doodles、PudgyPenguins等都有它的身影。該項目似乎很精通營運。 12月16日，它還把頭像換成了一隻胖企鵝。

In addition, according to the author's observation, the ANZ project has been continuously adding small amounts of funds to the pool since its launch, and smart money has been continuously buying. The price of its token ANZ has risen 4 times from the bottom.

另外，據筆者觀察，ANZ計畫自上線以來一直在持續在池子中添加少量資金，聰明的資金也不斷買入。其代幣ANZ的價格從底部上漲了4倍。

The TVL of the entire stablecoin track has grown from 130 billion at the beginning of the year to 203 billion. With the rise of Trump and the acceleration of the compliance process, the stablecoin track still has great development potential. At present, USDC still occupies the leading position in the Base chain stablecoin (TVL reaches 3.3 billion), and the third-ranked stablecoin DOLA has experienced multiple depeggings of more than 2% in history. Since its release, USDz has surpassed DOLA to become the second largest stablecoin in

整個穩定幣賽道的TVL已從年初的1,300億成長至2,030億。隨著川普的崛起和合規進程的加速，穩定幣賽道仍然具有巨大的發展潛力。目前，USDC 仍佔據 Base 鏈穩定幣龍頭地位（TVL 達到 33 億），排名第三的穩定幣 DOLA 歷史上曾經歷過 2% 以上的多次脫鉤。自發布以來，USDz已超越DOLA成為全球第二大穩定幣