安正财经：从突破发行价到涨幅4倍，是新的Alpha机会还是一次性项目？

稳定币赛道一直备受关注。开市前通常从0.25U上涨至0.8U。特朗普家族的加密项目World Liberty选择投资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.

稳定币赛道一直备受关注。开市前通常从0.25U上涨至0.8U。特朗普家族的加密项目World Liberty选择投资ENA。币安押注于 Solana 链稳定币基础设施 Perena，而 Base 链稳定币似乎一直不温不火。

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?

本文带您走过ANZ，从突破发行价到涨幅4倍。这是一个新的 Alpha 机会还是一次性项目？

Starting from the wealth effect of FJO

从FJO的财富效应开始

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，市场回暖，链上流动性逐渐溢出，资金开始寻找投机标的。链上新平台Fjord的溢出效应尤为明显，尤其是热门赛道，如：AI Agent，其上线项目赔率极高，最高涨幅达33倍。网上的项目往往在几分钟之内就被抢购一空，一些科学家甚至预订了整个配额。随着平台上线项目财富效应的溢出，质押和潜在空投的开放也使其平台代币FJO从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?

作为长期炒作热点，稳定币赛道在12月2日备受关注。Fjord推出的Base链（USDz）稳定币项目Anzen备受关注。该代币一推出就被抢购一空。然而上线后就被打破了，从0.01U跌到了0.005U。这是Rug项目还是Alpha机会？

Anzen Finance Background Information

安善财经背景资料

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 的发行方，USDz 处于 RWA 轨道。目前已在 4 条链上运行，并将于 2025 年扩展到更多链。USDz 计划在 Movement、Berachain、Plume、Mantra、Monad 和 Initia 等平台上推出。持有USDz的用户可获得可持续的RWA收益。与Usual等项目一样，其底层也是国债收益。用户通过质押USDz代币获得sUSDz。 DeFi 用户有机会获得可持续回报并实现投资组合多元化。目前年利率为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采用ve模式，将用于管理和开发Anzen协议和生态系统，包括：流动性激励、ANZ持有者功能、基本奖励、协议费用和投票池激励。 ANZ于12月2日通过FJO Launchpad公开发售，固定价格为0.006 U，代币总量10,000,000,000，其中Launchpad占比6.7%，社区空投占比5%，生态奖励占比2.7 %。目前，其发行量约为11.6%。

Comprehensive Strength

综合实力

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.

据 The Block 报道，Anzen Finance 现已获得 400 万美元种子轮融资，以支持其 RWA 支持的稳定币的开发。 Mechanism Capital、Circle Ventures、Frax、Arca、Infinity Ventures、心元创投、Palm Drive Ventures、M31 Capital、Kraynos Capital等公司参与了本轮融资。

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.

安正金融团队来自台湾，由拥有十年以上联合借贷经验的信用投资团队组成。 2018年以来，团队一直在研究信贷资产上链机制。其承销和托管合作伙伴是Percent，过去七年的交易量为16亿，年收益率（APY）为16%，违约率为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项目似乎并不缺乏合作资源，与各大KOL、NFT社区也有着密切的关系。 Doodles、PudgyPenguins等都有它的身影。该项目似乎很精通运营。 12月16日，它还把头像换成了一只胖企鹅。

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，据笔者观察，ANZ项目自上线以来一直在不断向池子中添加少量资金，聪明的资金也在不断买入。其代币ANZ的价格已经从底部上涨了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

整个稳定币赛道的TVL已从年初的1300亿增长至2030亿。随着特朗普的崛起和合规进程的加速，稳定币赛道仍然具有巨大的发展潜力。目前，USDC 仍占据 Base 链稳定币龙头地位（TVL 达到 33 亿），排名第三的稳定币 DOLA 历史上曾经历过 2% 以上的多次脱钩。自发布以来，USDz已超越DOLA成为全球第二大稳定币