今天的電子郵件是由 MilkyWay 為您帶來的 - Celestia 的第一個重質協議

使用 MilkyWay 質押和重新質押您的 TIA！在今天的通訊中：

Today’s email is brought to you by MilkyWay - Celestia’s First Restaking Protocol

今天的電子郵件是由 MilkyWay 為您帶來的 - Celestia 的第一個重質協議

Restaking has been one of the fastest-growing DeFi sectors. In the last 12 months alone, Eigenlayer TVL went from $1.4b to over $14b. Now a project is bringing restaking to the modular ecosystem. Enter MilkyWay - The Modular Staking Portal that enables staking and restaking TIA

重新抵押一直是成長最快的 DeFi 領域之一。光是過去 12 個月內，Eigenlayer TVL 從 1.4 億美元增加到超過 14 億美元。現在，一個項目正在為模組化生態系統帶來重新抵押。進入 MilkyWay - 模組化質押門戶，支持質押和重新質押 TIA

TIA is to MilkyWay what ETH is to Eigenlayer - An asset that can be used to provide security to the Celestia ecosystem dApps in exchange for a yield

TIA 之於 MilkyWay 就像 ETH 之於 Eigenlayer - 一種資產，可用於為 Celestia 生態系統 dApp 提供安全性，以換取收益

Through the MilkyWay platform, you can:

透過MilkyWay平台，您可以：

liquid stake TIA

流動股權TIA

liquid restake TIA to secure AVSs automatically

液體重新註入 TIA 以自動保護 AVS

find yield opportunities for its liquid staking & restaking tokens

為其流動質押和重新質押代幣尋找收益機會

As the modular ecosystem continues to grow, the demand for borrowing security from TIA restakers will exponentially increase. Not to mention the $INIT restaking!

隨著模組化生態系統的不斷發展，從 TIA 重新參與者藉用擔保的需求將呈指數級增長。更不用說 $INIT 重新抵押了！

On top of that, it’s confirmed that 10% of the $MILK token supply will be airdropped to those who stake or restake their TIA via MilkyWay.

最重要的是，已確認 $MILK 代幣供應量的 10% 將空投給那些通過 MilkyWay 質押或重新質押 TIA 的人。

Given the vast network of partners with AVSs, it will be a safe bet to expect exclusive rewards and airdrops of AVS native tokens coming from $MILK.

鑑於 AVS 擁有龐大的合作夥伴網絡，預計 $MILK 將提供獨家獎勵和 AVS 原生代幣空投，這將是一個安全的賭注。

Check out MilkyWay today!

今天就來看看銀河吧！

In today’s newsletter:

在今天的通訊中：

🔎Some market thoughts

🔎一些市場想法

📊On-chain alpha

📊鏈上阿爾法

😂Crypto meme of the week

😂本週加密迷因

🗞️The latest DeFi news

🗞️最新的 DeFi 新聞

🔎Some market thoughts

🔎一些市場想法

It’s been another crazy week. On Monday, most people on Crypto Twitter debated if BTC hit its cycle top. On Tuesday, after a small pump, everyone suddenly turned bullish again.

這又是瘋狂的一周。週一，加密推特上的大多數人都在爭論比特幣是否觸及週期頂部。週二，在小幅上漲之後，大家突然再次看漲。

I find it fascinating how quickly the sentiment in this space can change.

我發現這個領域的情緒變化之快令人著迷。

The truth is that no one can be fully emotionless in a highly volatile market like crypto.

事實是，在像加密貨幣這樣高度波動的市場中，沒有人能夠完全無動於衷。

But ideally, you should never let emotions drive your decisions.

但理想情況下，你不應該讓情緒左右你的決定。

In this issue, I’ll share what I believe will happen next based on historical data & other factors and cover both the bullish and the bearish arguments.

在本期中，我將根據歷史數據和其他因素分享我認為接下來會發生的事情，並涵蓋看漲和看跌的論點。

Let’s dive in 👇

讓我們一起潛入👇

February is historically great for BTC in the post-Halving year

在減半後的一年裡，二月對 BTC 來說歷來都是偉大的時期

In both sq7 and the 2021 bull cycles, BTC dipped in January, and it eventually resumed the uptrend at the beginning of February.

在sq7和2021多頭週期中，BTC都在1月下跌，最終在2月初恢復了上漲趨勢。

I wouldn’t be surprised if this year the same thing happens. Markets have always been cyclical and there’s one more key thing to consider:

如果今年發生同樣的事情，我不會感到驚訝。市場一直是週期性的，還有一個關鍵的事情要考慮：

Donald Trump’s inauguration is scheduled for January 20.

唐納德·川普 (Donald Trump) 的就職典禮定於 1 月 20 日舉行。

And according to the Washington Post, Trump is expected to sign executive orders related to Bitcoin in the first few days of his administration.

根據《華盛頓郵報》報道，川普預計將在執政的頭幾天簽署與比特幣相關的行政命令。

This could be the catalyst that triggers a market rally in February.

這可能是引發二月市場反彈的催化劑。

Bitcoin Dominance is still at local highs

比特幣主導地位仍處於局部高位

I know that I’ve mentioned this metric many times in the past few months, but I’ve done it only because I consider it a key indicator.

我知道過去幾個月我多次提到這個指標，但我這樣做只是因為我認為它是一個關鍵指標。

As some of you already know, the real altseason historically happens only after the BTC dominance starts decreasing at a very fast rate.

正如你們中的一些人已經知道的那樣，歷史上真正的山寨季只有在 BTC 的主導地位開始以非常快的速度下降之後才會發生。

Interestingly, in 2017 and 2021, the same thing happened:

有趣的是，在2017年和2021年，同樣的事情發生了：

BTC dominance started dropping significantly in late February / early March.

BTC 的主導地位在 2 月底/3 月初開始大幅下降。

So the fact that the BTC dominance is currently still close to local highs and that we haven’t seen a proper altseason yet isn’t unusual.

因此，比特幣的主導地位目前仍接近局部高點，而且我們還沒有看到適當的山寨幣季節，這一事實並不罕見。

If this time isn’t different, and it usually isn’t, the best market phase for altcoins could start at the end of February or in early March.

如果這個時間沒有不同（通常也沒有），山寨幣的最佳市場階段可能會在二月底或三月初開始。

Trump is allegedly considering creating a US reserve for altcoins

據稱川普正在考慮建立美國山寨幣儲備

This is just a rumor for now, so take it with a grain of salt.

目前這只是一個謠言，所以請持保留態度。

But imagine the impact on the altcoin prices if a US reserve for altcoins is established. Most regular ppl still see crypto as a giant ponzi scheme.

但想像一下，如果美國建立山寨幣儲備，會對山寨幣價格產生影響。大多數普通人仍然將加密貨幣視為一個巨大的龐氏騙局。

If the world's largest national economy would launch a national crypto reserve, this would significantly contribute to legitimizing the crypto industry.

如果世界上最大的國民經濟體建立國家加密貨幣儲備，這將大大有助於加密貨幣產業的合法化。

I could go on and on with dozens of other arguments that support the bullish thesis, but let’s also talk about a few bearish arguments:

我可以繼續列舉許多其他支持看漲論點的論點，但我們也來談談一些看跌論點：

A huge amount of altcoins is being unlocked every month

每個月都有大量山寨幣解鎖

According to Tokenomist, $20 billion worth of tokens have been unlocked in the last two months of 2024 alone. And Tokenomist tracks only 383 tokens.

據 Tokenomist 稱，僅在 2024 年最後兩個月就解鎖了價值 200 億美元的代幣。 Tokenomist 僅追蹤 383 個代幣。

This is because of the low float high FDV meta.

這是因為低浮動高 FDV 元。

To reach a high fully diluted valuation (FDV) at launch, many VC-backed tokens have launched with a very small % of their total supply in circulation.

為了在發行時達到較高的完全稀釋估值（FDV），許多創投支持的代幣在發行時只佔其流通總量的極小部分。

In the long run, this creates a lot of selling pressure and makes it harder for most altcoins to pump even when new liquidity flows into the market.

從長遠來看，這會造成很大的拋售壓力，即使有新的流動性流入市場，大多數山寨幣也更難流通。

That’s one of the reasons why I believe that many of the tokens that were launched in the past 1

這就是為什麼我相信過去 1 推出的許多代幣的原因之一