新的共識正在出現：PVP時代已暫時結束

新的共識越來越強烈：PVP時代暫時結束了。

Author: Nianqing, ChainCatcher

作者：Nianqing，Chaincatcher

Editor: TB, ChainCatcher

編輯：TB，ChainCatcher

A new consensus seems to be increasingly forming: the PvP era has temporarily come to an end.

似乎越來越多的共識正在形成：PVP時代已暫時結束。

Pump.fun's revenue has dropped by more than 90% over the past 24 hours compared to the historical peak of $15.38 million on January 25. The celebrity token craze is the last accelerator to push the memecoin crazy ride to its peak. The Libra incident may mark the end of the great era of Memecoins. The key point is that the mentality of the players has changed, and even the small "P" players can no longer "P" themselves.

與1月25日的歷史高峰相比，過去24小時的泵的收入在過去24小時中下降了90％以上。名人令牌熱潮是將Memecoin Crazy Ride推向其頂峰的最後一個加速器。天秤座的事件可能標誌著大型成員時代的終結。關鍵是玩家的心態已經改變，即使是小的“ P”玩家也無法自行“ P”。

As a result, Bitcoin has returned to the $8,000 range, and altcoins have collectively plummeted. There is a saying that ambition temporarily fades, and preserving oneself has become the current priority. This statement is particularly fitting for the current investment strategy in the crypto market. If the bull market's rising phase saw the market chasing hot money, in a downturn, investors prefer more stable annual yield products and prudent hedging strategies.

結果，比特幣恢復了8,000美元的範圍，而Altcoins統稱下降了。有一個言論雄心會暫時消失，維護自己已成為當前的優先事項。該聲明尤其適合加密市場中當前的投資策略。如果牛市的上升階段看到了追逐熱錢的市場，那麼在經濟低迷中，投資者更喜歡年度穩定的年收益產品和謹慎的對沖策略。

Although DeFi veteran Andre Cronje believes that those participating in meme coins are a group that is completely indifferent to DeFi or even blockchain, so meme coins have not stolen any attention. However, after the end of PvP, funds are indeed looking for other high-yield opportunities, and DeFi is beginning to show signs of recovery.

儘管德國資深人士安德烈·克朗傑（Andre Cronje）認為，參與模因硬幣的人是一個完全漠不關心甚至是區塊鏈的群體，因此模因硬幣並沒有偷走任何關注。但是，在PVP結束後，資金確實正在尋找其他高產機會，而Defi開始顯示恢復的跡象。

Sonic has achieved a rapid increase in on-chain TVL from $0 to approximately $700 million in just two months since its launch at the end of December last year. Its ecological Dex project, Shadow Exchange, has rapidly attracted capital through high annualized mining rewards, with token prices soaring from a few dollars to hundreds of dollars.

自去年12月底推出以來，Sonic的鍊鍊TVL從0美元迅速增加到了約7億美元。它的生態DEX項目Shadow Exchange通過高年度礦業獎勵迅速吸引了資本，而代幣的價格從幾美元飆升至數百美元。

Launching high APY DeFi liquidity has almost become one of the recent strategies for new public chains. According to Defillama data, besides Sonic, emerging high-performance public chains focused on DeFi, such as Berachain, Sei, and Soneium, have seen an increase in TVL over the past week despite the overall market downturn, thanks to high annual yield accumulation strategies. Additionally, yield products from protocols like Pendle and Morpho are also in high demand.

發起高級APY DEFI流動性幾乎已成為新公共連鎖店的最新策略之一。根據Defillama數據，除了Sonic之外，儘管總體市場下降，但在過去一周中，貝拉辛（Berachain），SEI和SONEIUM（例如Berachain，SEI和Soneium）的高性能公共連鎖店在過去一周中的增長增加了TVL。此外，Pendle和Morpho等方案的產物產品也很高。

Shadow Exchange: The "Golden Shovel" of the Sonic Ecosystem

影子交換：聲音生態系統的“金鏟”

The success of Shadow, in addition to Sonic's ecological incentives and subsidies, is largely due to its innovative gameplay. During the last DeFi Summer, Cronje proposed the ve(3,3) model, and this time, Shadow has improved upon the ve(3,3) model, proposing x(3,3).

除了Sonic的生態激勵和補貼外，Shadow的成功主要是由於其創新的遊戲玩法。在最後一個夏季，克朗傑提出了VE（3,3）模型，這次，Shadow在VE（3,3）模型上有所改善，提出了X（3,3）。

In simple terms, (3,3) is an agreement for everyone to work together to grow stronger:

簡而言之，（3,3）是每個人共同努力以增強強大的協議：

However, ve(3,3) has a problem: the locking time is too rigid, requiring several years to achieve high returns, which poses significant risks and inflexible rules. Thus, Shadow's x(3,3) adds some new twists to the old mechanism, with the core being "flexibility + incentives":

但是，VE（3,3）有一個問題：鎖定時間太僵硬了，需要數年才能獲得高回報，這帶來了重大的風險和不靈活的規則。因此，Shadow的X（3,3）為舊機制增加了一些新的曲折，其核心為“靈活性 +激勵措施”：

Currently, Shadow has already validated the explosive potential of the x(3,3) model in the liquidity track. The trading volume on the platform over the past week has exceeded $1.4 billion, and its TVL has surpassed $130 million. The liquidity pools have approached 2,000, with some early pools having an APR that is outrageously high.

當前，Shadow已經驗證了流動性軌道中X（3,3）模型的爆炸潛力。在過去一周中，該平台的交易量超過14億美元，其TVL超過了1.3億美元。流動性池接近2,000，其中一些早期池的APR非常高。

So, how does Shadow's high APY staking pool achieve this?

那麼，Shadow的高度APY Staging Pool如何實現這一目標？

Shadow's high APY pools primarily attract users by distributing the reward token xSHADOW. Initially, to incentivize more people to mine, the rewards were in a "high emission" phase, leading to high annualized returns, sometimes reaching hundreds or even thousands of points. Additionally, Shadow uses Uniswap V3's concentrated liquidity mechanism. The narrower the range for providing liquidity, the more concentrated the rewards, making the APY appear higher. However, as more participants and tokens enter, the rewards gradually get diluted, and the APY naturally declines.

Shadow的High Apy池主要通過分發獎勵令牌Xshadow吸引用戶。最初，為了激勵更多的人開採，獎勵處於“高排放”階段，導致高昂的年度回報，有時達到數百甚至數千點。此外，Shadow使用UNISWAP V3的集中流動性機制。提供流動性的範圍較窄，獎勵越集中，使APY顯得更高。但是，隨著越來越多的參與者和代幣進入，獎勵逐漸被淡化，而APY自然會下降。

Moreover, there is quite a bit of "water" behind the high APY. The staking rewards of xSHADOW have actual unlocking restrictions, with some rewards requiring a 6-month lock to be fully withdrawn. Additionally, you need to bear the risk of impermanent loss. If the pool's price fluctuates significantly, large holders selling off can also lead to loss risks. Furthermore, some users have complained that the APY displayed on Shadow's front end is calculated based on the narrowest price range, making it difficult for many investors to understand the actual returns, easily falling prey to "inflated" figures.

此外，高空APY後面有很多“水”。 Xshadow的放入獎勵具有實際的解鎖限制，有些獎勵需要6個月的鎖才能完全撤回。此外，您需要承擔無常損失的風險。如果游泳池的價格顯著波動，賣出的大型持有人也會導致損失風險。此外，一些用戶抱怨說，在影子前端顯示的APY是根據最狹窄的價格範圍來計算的，這使許多投資者難以理解實際收益，很容易被“膨脹”數字的獵物。

Shadow has been online for less than two months and is still in its early stages. Coupled with Sonic's ecological subsidies and airdrop expectations, it is challenging for the high APY to be sustained for long. As the locked amount (TVL) increases and more participants join, the rewards will

Shadow在上網不到兩個月，仍處於早期階段。再加上Sonic的生態補貼和氣盤期望，長期以來，高級APY持續很大。隨著鎖定金額（TVL）的增加，更多的參與者加入，獎勵將