"SPIRAL"

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The success of Ethena as a CeFi product lies in its provision of short-selling liquidity for perpetual contract markets on centralized exchanges. However, caution is needed regarding the risk of a death spiral in the mechanism design.

The article delves into a thorough analysis of the success factors and potential risks of the Ethena stablecoin protocol. Ethena achieves tokenization of arbitrage trading against ETH's Delta neutrality through the issuance of the stablecoin USD, offering attractive annualized returns. Its success lies in providing short-selling liquidity for perpetual contract markets on centralized exchanges, reducing funding rates, and enhancing market vitality. However, the article points out the risk of a death spiral caused by a widening basis, which could amplify losses during market panics and runs, triggering broader redemption waves. While negative rate environments are uncommon, basis issues may render Ethena vulnerable to runs.

The Solana governance forum recently introduced the SIMD-0228 proposal, which aims to dynamically adjust the inflation rate, reducing SOL's annual issuance by 80% to direct capital toward the DeFi ecosystem. However, the proposal has sparked heated discussions within the community regarding the "inflationary spiral" and conflicting interests.

Trident DAO is a 2D MMO infinite universe game on the Arbitrum network. Trident introduces a novel "Risk to Earn" approach in an attempt to solve the death spiral problem in GameFi.

Usual recently garnered market attention due to the USD0++ depegging incident. USD0++ is an enhanced stablecoin backed by RWA assets, offering up to 50% APY. On January 10, Usual modified its redemption rules, reducing the unconditional redemption rate to 0.87, which triggered market panic and caused the USD0++ price to drop to around $0.9. This move is seen as a strategic effort by the project team to accurately trigger the liquidation of high-leverage circular loan positions through a set redemption floor and liquidation line while attempting to control the circulation of the USUAL token and curb the death spiral. However, the centralized and governance-lacking process of the rule changes raised concerns among users. This incident reflects the participation risks in complex DeFi products and the dynamic adjustments in market development.

This article provides a detailed analysis of the safety and regulation of stablecoins based on on-chain data.

This article provides a detailed account of the Ethereum Foundation (EF) facing a community crisis. With ETH's underperformance, community dissatisfaction has erupted, prompting founders of several major ecosystem projects to voice their criticisms. The founder of Synthetix suggested pressuring Layer 2 (L2) networks, the Curve founder advocated abandoning the L2 strategy, and the Aave founder proposed a 12-point reform plan. Amid the collective backlash from the community, EF sold another 100 ETH, sparking even greater controversy. The article highlights the governance challenges and divisions currently facing the Ethereum ecosystem.

This article analyzes the success factors and potential risks of the Depin Circuit Helium Mobile project.

This article delves into the features, pros, and cons, and real-world applications of the P2E single-token, dual-token, and other extended variant models. It aims to help players understand how project teams design the economic models of blockchain games, enabling them to strategize their gameplay accordingly.

Algorithmic stablecoins use complex mechanisms to make them keep the peg with the dollar, without the need for centralized tools.

The article analyzes key factors contributing to the success of crypto projects, including having an excellent team background, unique market positioning, the ability to secure funding from top institutions, ecosystem development, and innovative products addressing market sticking problems.

The article reveals the irrationality and one-sidedness of these conspiracy theories through detailed rational rebuttals and factual analysis, while also exploring the reasons for the growth and dissemination of conspiracy theories, emphasizing the importance of maintaining rationality, evidence, and critical thinking in the face of complex market phenomena.

This article provides an in-depth analysis of THORChain's unique lending model, examining its features such as interest-free, liquidation-free, and no maturity terms, and how these characteristics offer a competitive advantage in the blockchain lending sector.

The core narrative of ServerFi lies in the privatization of assets through synthesis. How does ServerFi compare to GameFi, and what innovations does it bring? This article will start by defining ServerFi, examining the development of GameFi and the issues it faces, and then analyzing the advantages and challenges posed by the ServerFi model.

The new stablecoin project USDe has quickly emerged in the stablecoin market, increasing its total supply from zero to over $2.3 billion in just two months. Its high yield features have garnered significant attention.