今天的电子邮件是由 MilkyWay 为您带来的 - Celestia 的第一个重质协议

使用 MilkyWay 质押和重新质押您的 TIA！在今天的时事通讯中：

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

今天的电子邮件是由 MilkyWay 为您带来的 - Celestia 的第一个重质协议

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

重新抵押一直是增长最快的 DeFi 领域之一。仅在过去 12 个月内，Eigenlayer TVL 就从 1.4 亿美元增至超过 14 亿美元。现在，一个项目正在为模块化生态系统带来重新抵押。进入 MilkyWay - 模块化质押门户，支持质押和重新质押 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 之于 MilkyWay 就像 ETH 之于 Eigenlayer - 一种资产，可用于为 Celestia 生态系统 dApp 提供安全性，以换取收益

Through the MilkyWay platform, you can:

通过MilkyWay平台，您可以：

liquid stake TIA

流动股权TIA

liquid restake TIA to secure AVSs automatically

液体重新注入 TIA 以自动保护 AVS

find yield opportunities for its liquid staking & restaking tokens

为其流动性质押和重新质押代币寻找收益机会

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

随着模块化生态系统的不断发展，从 TIA 重新参与者借用担保的需求将呈指​​数级增长。更不用说 $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，已确认 $MILK 代币供应量的 10% 将空投给那些通过 MilkyWay 质押或重新质押 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.

鉴于 AVS 拥有庞大的合作伙伴网络，预计 $MILK 会提供独家奖励和 AVS 原生代币空投，这将是一个安全的赌注。

Check out MilkyWay today!

今天就来看看银河吧！

In today’s newsletter:

在今天的时事通讯中：

🔎Some market thoughts

🔎一些市场想法

📊On-chain alpha

📊链上阿尔法

😂Crypto meme of the week

😂本周加密模因

🗞️The latest DeFi news

🗞️最新的 DeFi 新闻

🔎Some market thoughts

🔎一些市场想法

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.

这又是疯狂的一周。周一，加密推特上的大多数人都在争论比特币是否触及周期顶部。周二，在小幅上涨之后，大家突然再次看涨。

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

我发现这个领域的情绪变化之快令人着迷。

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

事实是，在像加密货币这样高度波动的市场中，没有人能够完全无动于衷。

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

但理想情况下，你不应该让情绪左右你的决定。

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，我将根据历史数据和其他因素分享我认为接下来会发生的事情，并涵盖看涨和看跌的论点。

Let’s dive in 👇

让我们一起潜入👇

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

在减半后的一年里，二月对 BTC 来说历来都是伟大的时期

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牛市周期中，BTC都在1月份下跌，最终在2月初恢复了上涨趋势。

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:

如果今年发生同样的事情，我不会感到惊讶。市场一直是周期性的，还有一个关键的事情需要考虑：

Donald Trump’s inauguration is scheduled for January 20.

唐纳德·特朗普 (Donald Trump) 的就职典礼定于 1 月 20 日举行。

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

据《华盛顿邮报》报道，特朗普预计将在其执政的头几天签署与比特币相关的行政命令。

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

这可能是引发二月份市场反弹的催化剂。

Bitcoin Dominance is still at local highs

比特币主导地位仍处于局部高位

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.

我知道我在过去几个月里多次提到这个指标，但我这样做只是因为我认为它是一个关键指标。

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

正如你们中的一些人已经知道的那样，历史上真正的山寨季只有在 BTC 的主导地位开始以非常快的速度下降之后才会发生。

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

有趣的是，在2017年和2021年，同样的事情发生了：

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

BTC 的主导地位在 2 月底/3 月初开始大幅下降。

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，比特币的主导地位目前仍接近局部高点，而且我们还没有看到适当的山寨币季节，这一事实并不罕见。

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.

如果这个时间没有不同（通常情况下也没有），山寨币的最佳市场阶段可能会在二月底或三月初开始。

Trump is allegedly considering creating a US reserve for altcoins

据称特朗普正在考虑建立美国山寨币储备

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

目前这只是一个谣言，所以请持保留态度。

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.

但想象一下，如果美国建立山寨币储备，会对山寨币价格产生影响。大多数普通人仍然将加密货币视为一个巨大的庞氏骗局。

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

如果世界上最大的国民经济体建立国家加密货币储备，这将大大有助于加密货币行业的合法化。

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:

我可以继续列举许多其他支持看涨论点的论点，但我们也来谈谈一些看跌论点：

A huge amount of altcoins is being unlocked every month

每个月都有大量山寨币被解锁

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.

据 Tokenomist 称，仅在 2024 年最后两个月就解锁了价值 200 亿美元的代币。 Tokenomist 仅追踪 383 个代币。

This is because of the low float high FDV meta.

这是因为低浮动高 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.

为了在发行时达到较高的完全摊薄估值（FDV），许多风投支持的代币在发行时只占其流通总量的极小部分。

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.

从长远来看，这会造成很大的抛售压力，即使有新的流动性流入市场，大多数山寨币也更难流通。

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

这就是为什么我相信过去 1 推出的许多代币的原因之一