98322！1

@zksync Wen buyback eth to zk ??

The investigation into the recent exploit has concluded and the final report has been published on the ZKsync blog. The ZKsync Association, the ZKsync Foundation, and Matter Labs are thankful to our technical partners, security experts, exchanges, and the ZKsync community for their support during the incident and investigation. We’re grateful that the funds have been recovered. Learnings from this incident will help strengthen security processes moving forward. Find the final incident report here: zksync.mirror.xyz/W5vPDZqEqf2Nuw…

Check out EIP-7918: Blob base fee bounded by execution cost. PFI in Fusaka. A simple if statement imposes that the price for target blobs is above the tx price for carrying them. The blob auction can then reach equilibrium relative to the price signal. ethereum-magicians.org/t/eip-7918-blo…

A few updates from me: This weekend I officially signed the contract with the EF. I have been waiting with some of the communication until this happened. There was a delay on my side, as I had to have my lawyers review all Nethermind and EF contracts in various jurisdictions, and it took much longer than I expected. Some more official announcements from the EF board, myself, and Nethermind will most likely be published later this and next week. Since the beginning of March, I have had around 150 calls and in-person meetings (plus attended the SF events), listened to feedback, and constructed a very broad strategy document. Until Thursday, my days will mostly still be filled with meetings, as I am also trying to have 1:1s with everyone at the EF in the first weeks. What I will do next is remain responsive on Telegram and Signal, but I will lock my Calendly for a while so we can start executing based on the feedback. I will now be working on converting my broad strategy exploration into a list of goals for the EF. I will also share some goals that we believe should be addressed by the ecosystem rather than the EF. I am discussing all of these daily with a group consisting of all EF team leads to ensure that we move quickly, with full transparency, understanding, and agreement. Thanks for your patience. In the meantime, both Hsiao Wei and I have already been executing many internal operational adjustments together with the team leads.

so many great things built on ethereum, too many to fit into one song. bid on the 1/1: songaday.world/5881

reading a deepseek paper and stumbled upon a very beautiful formula where they unify SFT and MOST RL TYPES (DPO, PPO, GRPO, etc.) into ONE FORMULA* *that requires additional reward functions to be defined. But the fundamental insight - that all these training methods can be framed as gradient ascent on observed logprobs - is beautiful.

AGI at home Running DeepSeek R1 across my 7 M4 Pro Mac Minis and 1 M4 Max MacBook Pro. Total unified memory = 496GB. Uses @exolabs distributed inference with 4-bit quantization. Next goal is fp8 (requires >700GB)

@VitalikButerin Some suggestions: 1. Staking all ETH owned by EF, and use rewards as budget. 2. Build an official rollup, part of the sequencer fee can be used as EF's budget, and burn the remaining part.

Possible futures of the Ethereum protocol, part 1: the Merge vitalik.eth.limo/general/2024/1…

@VV_watch 很感谢，对我查缺补漏很有帮助

接上条 2/2 收益率曲线倒挂有什么影响？ 正常情况下，长期债券由于承受更多不确定性风险，需要有更高的收益率补偿投资者，因此长期债券收益率往往要高于短期债券。长短期债券收益率曲线倒挂则指长期债券收益率低于短期债券收益率，出现收益率曲线倒挂。这通常被认为是衰退的前兆，因为大家对经济衰退存在预期，资金流向长期债券避险，造成长债需求增加，价格上涨，收益率下降。 常见的利率倒挂形态是短端快速上行超过长端，长端利率快速下行产生的倒挂，通常由增长预期下行或避险情绪触发，有可能会引发预防式降息。 收益率曲线倒挂至今已有十九个月，而据历史统计，收益率曲线倒挂平均十九个月后通常会发生衰退。然而我们至今仍未看到这一结果的发生。除了这一统计指标可靠性的概率问题，货币政策干预、全球经济环境、市场预期与行为都有可能使其失效。 而还有一种情况是收益率曲线倒挂修正，指长债收益率迅速回升涨幅超过短债，bear steepening，与之相对的是bull steepening，短债收益率下降速度快于长债。（倒挂修正对应图中红色部分上升的阶段） 我们假设美联储在此次缩表过程中出售更多的是长期国债而非短期国库券，财政部也继续发售长期国债，那么货币市场基金无法分担这部分新长债，只能靠一级交易商动用准备金去承接，就会造成流动性收缩。而长债供给增加需要增加收益率才能售出，但是在高利率预期和高通胀的环境下，如果投资者对经济发展的预期持悲观态度，不太愿意持有长期债券，如果长债流动性溢价得不到补偿（如财政部当前正在实施的美债回购计划，包括回购长期旧债券，用新发行的长债替代，就是为了补偿长债的流动性溢价），那么不仅财政部卖不动债，还有可能会出现收益率曲线倒挂修正。 美债收益率长久以来已经被美联储的公开市场操作控制，不顾后果不计代价地买入导致社会融资成本上升。而当财政部想要继续发债融资时必然需要提供比社融更高的收益率才能吸引投资者。这在通胀高企利率高企、且经济复苏企业发展阶段是很困难的。市场预期通胀还是会很高且经济强劲的时候会发生bear steepening。而bull steepening是大家预期通胀降低或经济衰退会发生的事情。 具体表现就是上周的通胀数据和经济数据显示通胀没有继续降温，但周二经济状况褐皮书发布显示经济依然强劲，所以长债收益率暴涨。但周四发布的GDP确实是下修了，且通胀也没有继续上涨，因此很难判断接下来经济状况和通胀水平是不是还会支持bear steepening。但美联储缩表还在继续，财政部还在继续发债并同步进行回购，战争还在继续，大选也即将来临，美债收益率的变化一周一个样，如果财政部加大短债供应量，或者加强回购计划，切换到bull steepening也是有可能的。因为债市的bear 和 bull预期处于博弈焦灼状态，毕竟5%已经是很多机构预期的顶峰。 减缓缩表是好事吗？ 通常情况下，相比QE，美联储缩表对大类资产的影响较为有限，QT声明的影响在绝大多数情况下都不显著。但减缓缩表的效果可以与QE相比。 截止目前，美联储已经停止加息，但仍在缩表。5月份公布的美联储4月货币政策委员会FOMC会议声明新增了缩减资产负债表计划的变动，将美国国债的月度缩表上限下调一半以上，降至250亿美元。 但这一进程目前并未有实质性进展：截至 5 月 28 日，美联储资产负债表规模为 7.284 万亿美元，相比 4 月底的 7.362 万亿美元，美联储 5 月实现缩表 781 亿美元，相比4月缩表770亿仍有扩大。 在利率高企的情况下，减缓缩表无疑又会给市场带来相对积极的信号，甚至会被认为是降息和QE的前奏，会对通胀预期、利率预期、资产价格和收益率曲线造成类似QE的影响。 假设本轮美联储货币政策正常化的顺序与2008年金融危机后的次序基本一致：放缓扩表-停止扩表-开始加息-开始缩表-停止加息-放缓缩表-（开始降息-停止缩表-重新扩表），一旦开始放缓缩表，离降息也就不远了。

缩表如何影响市场流动性 市场更关注利率的变化对流动性的影响，是因为不管扩表还是缩表，其主要的影响还是通过货币市场的利率来影响经济发展和物价水平。而缩表的影响也远不如扩表对金融资产的收益率曲线影响更快速和有效。在利率高企的情况下，减缓缩表无疑又会给市场带来相对积极的信号，甚至会被认为是降息和QE的前奏，会对市场预期、资产价格和收益率曲线造成深刻影响。 扩表是什么？ 扩表，顾名思义就是扩大资产负债表。当美联储购买资产时，向银行系统注入新资金，这些资金以准备金的形式存在于商业银行的准备金账户上。商业银行可以利用这些增加的准备金进行放贷，从而通过贷款创造更多的存款货币（M1）。银行通过放贷活动将基础货币乘数化，从而增加广义货币供应（M2）。 而对于负债端来说，准备金增加，流通中的现金增加，财政部发债融资的资金部分存在美联储的TGA账户上也会增加，如此便实现了资产端和负债端的共同增长。（作者已在多篇文章中科普过美联储资产负债表结构，不再赘述。可查阅先前的文章） 图：美联储资产负债表资产端。可以看出，美债始终是美联储的主要储备资产，2008年金融危机后才逐渐增加MBS资产抵押证券： 因此，尽管美联储购买资产确实会导致其资产负债表扩张，美联储扩表本身并不一定会立刻创造基础货币，而更无法直接决定市场上的M2流动性是否增加——这取决于金融机构是否会利用增加的准备金放大货币乘数增加放贷或其他金融活动。 扩表的直接影响是市场对通胀预期，直接反映在实体经济的物价水平中——市场预期流动性将回升，有利于资产价格回升和经济增长，收入提升，因此会更偏向于增加消费，刺激经济发展。 间接影响主要通过货币市场利率和金融资产收益率曲线来传导。美联储通过购买资产，释放更多基础货币，造成市场上美元更易得，压低美元指数，有利美国本土出口型企业发展，降低贸易逆差；银行贷款利率降低，促进更多资金拆借活动；同时，借款人因货币贬值预期而不得不寻找更优投资标的或增加消费，改变其投资偏好，进而改变资产负债表结构；而资产购买计划会影响国债和政府债券的供求，影响无风险利率、流动性溢价和期限溢价，对财政部的融资计划产生影响，影响宏观调控的效果。 以上最终都将反映在实体经济的发展和物价水平上。这也是货币政策传导机制的体现。 市场更关注利率的变化对流动性的影响，是因为不管扩表还是缩表，其主要的影响还是通过货币市场的利率来影响经济发展和物价水平。而缩表的影响也远不如扩表对金融资产的收益率曲线影响更快速有效。 缩表是什么？ 缩表，顾名思义就是减少资产负债表。缩表的目的和操作与扩表相反：需要同时减少资产端和负债端。 缩表主要通过三种方式减少资产端资产：停止或减少资产再投资，即不再用到期的国债或MBS的本金来购买新的债券，到期不续或减少购买；公开市场上主动出售资产；或动用逆回购协议，从金融机构借入隔夜资金，同时抵押出国债或其他资产，短期内缩表减少市场上的流动性。 而负债端的缩减要靠利率水平、财政部发债结构、货币市场基金共同配合才能够做到合理且有效。但国债的发行和货币市场基金的操作并不是美联储可以直接操作影响的因子。除此之外，其操作的复杂性，需要考虑市场条件、资产到期结构、市场接受能力等多种因素，减少资产购买可能会导致金融市场流动性紧缩，特别是对长期债券市场产生较大影响。因此，缩表的影响具有广泛性和不确定性。 缩表为什么会造成流动性短缺，对收益率曲线造成何种影响？ 通常我们认为加息缩表都是因为市场上流动性过剩，需要货币政策进行收水操作。但是如果对流动性的干预使其对于某些关键角色的供小于求，就会造成流动性的“整体过剩”但“结构性短缺”。 缩表期间导致市场流动性“结构性短缺”的主要原因之一是货币市场基金，我已经在之前的文章中做过分析，我们重温一下当时的结论： 如果货币市场基金承接了财政部发行的新债，则影响美联储的资产负债表结构但不影响市场的流动性（M0），如果货币市场基金未能承接新国债，且美联储仍处于缩表周期，则美联储负债端的准备金余额受到影响，美元流动性将受到冲击走低。 因为利率正常化取决于经济基本面和金融条件；而资产负债表正常化取决于存款机构的准备金的供求平衡。（具体分析请查阅之前的文章：6万亿美元的货币市场基金如何影响美元流动性） 由于货币市场基金的主要投资标的是短期国债，因此，美联储资产端中美债的期限结构比例对美联储缩表的结果也会产生一定影响： 如果美联储更多的抛售短期债券而非长期国债，且假设此时财政部也以发行短债为主，则市场上短债供给增加，因此只有收益率提升才有可能吸引货币市场基金的购买，而不会影响准备金创造流动性。 这也是本轮缩表过程中实际发生的情况——短期国债收益率（无风险利率和流动性溢价）提升，吸引货币市场基金投入，缓解了准备金压力，维持了较为宽松的市场流动性，但是也造成收益率曲线长期倒挂。（流动性溢价是指投资者为了补偿投资于流动性较差的资产所要求的额外收益率） 本轮缩表从2022年6月开始，缩表期间美联储资产端的变化：10年期以上长期国债不降反而有小幅扩张5%，约占资产总额22%；5-10年间的国库券减少36%，约占总资产9%；1-5年国库券减少27%，约占总资产22%；1年期以下短期国债减少34%，约占总资产8%；MBS减少12%，约占总资产35%。 因此，本轮缩表美联储并没有削减10年期及以上长期国债的数量，MBS减少的也相对较少，重点减少的是1年期以下短期国库券和2-10年期中期国库券数量。 根据图表可以看出，财政部从美联储缩表后不久就开始调整了发债结构，从长债为主转为短债为主。 由于短期美债收益率的飙升，这一阶段货币市场基金规模也迎来前所未有的爆发式增长。 我们来看一下缩表开始后短期和长期美债收益率如何变化的：以3个月期国债收益率为例，在美联储缩表开始之前2022年3月开始加息时已经开启上升通道，并于同年10月份（缩表开始4个月后）超过长期国债收益率，形成收益率曲线倒挂至今。 1/2 接下条

Very few Americans realize that, if Trump is NOT elected, this will be the last election. Far from being a threat to democracy, he is the only way to save it! Let me explain: if even 1 in 20 illegals become citizens per year, something that the Democrats are expediting as fast as humanly possible, that would be about 2 million new legal voters in 4 years. The voting margin in the swing states is often less than 20 thousand votes. That means if the “Democratic” Party succeeds, there will be no more swing states!! Moreover, the Biden/Harris administration has been flying “asylum seekers”, who are fast-tracked to citizenship, directly into swing states like Pennsylvania, Ohio, Wisconsin and Arizona. It is a surefire way to win every election. America then becomes a one-party state and Democracy is over. The only “elections” will be the Democratic Party primaries. This already happened in California many years ago, following the 1986 amnesty. The only thing holding California back from extreme socialism and suffocating government policies is that people can leave California and still remain in America. Once the whole country is controlled by one party, there will be no escape. Everywhere in America will be like the nightmare that is downtown San Francisco.

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@EmanAbio quest4？

Something is coming 👀

@zetachain @ZetaChain_KR Wen xp airdrop？

We're returning to @ZetaChain_KR next week and cordially invite you to an exclusive VIP Reception at one of Seoul's most prestigious venues. Register here, and we'll see you soon: lu.ma/4oclalc9

@SuiNetwork wen quest4?

📣 Attention #SuiOverflow builders! 🗓️ Remember to submit your project by May 31 at 11:59 p.m. UTC – 5 days from now! 📝 Submitted projects can keep editing their submissions until demo day, so be sure to submit what you can before the deadline. 👇 sui.io/overflow

@zetachain What when airdrop???

🌍 Much of the omnichain abstraction movement is community-led by Ambassadors and contributors around the world. Come read their stories from around the world. This is the inaugural ZetaChain Global Series: April Edition 👇

@zetachain when airdrop for 90 days xp

📻 ZetaRadio Backstage Edition with contributors across Community, Protocol, Engineering, DevX, Product, and Ecosystem! We'll see you live at 2pm UTC on May 7th: youtube.com/watch?v=srDzLK…

@SuiNetwork wen quest4？

Recently, there have been some misleading posts issued about Sui’s token supply. Let’s set the record straight, starting with the basics: locked tokens are locked by third-party custodians. They cannot be moved, and are safely custodied until they are unlocked according to Sui’s token emissions schedule. The founders of @Mysten_Labs do NOT control the @SuiFoundation treasury, the community reserve, stake subsidies, or any tokens allocated to investors. Further, there is no mystery about token ownership. Every token that will be released has been allocated. Sui Foundation is the largest holder of locked tokens, which will be unlocked in accordance with the public emissions schedule. These tokens are used to support builders, advance the Move programming language, increase network security, and grow the ecosystem through initiatives like developer grants, hackathons, bug bounties, academic research, and more. Staking rewards are already in circulation because they are composed of stake subsidies and network fees. Furthermore, 100% of staking rewards earned by the Sui Foundation are returned to the community, and included in the public emission schedule. To see Sui’s official token unlock schedule, which is the ONLY official and verified source for this information, along with links to other resources, visit sui.io/token-schedule. The Sui Foundation is committed to full transparency and serving its community.

@SuiNetwork @delicate_josh wen quest4？

Let's talk SPAM! Shoutout to @delicate_josh for this deep dive: