水调歌头

这两天段永平的雪球访谈又火了，我负责任的讲，币圈除了比特币，唯一有投资价值的项目，只有一个，就是Hyperliquid ，如果巴菲特看加密赛道，他也会买，就这么简单。 $HYPE 堪称价值投资的典型标的，它把段永平与巴菲特反复强调的公司是股票唯一买家的理念，用区块链的技术语言重新解构，创造了一套前所未有的价值捕获范式。 上一段如果你看不懂，那么我展开解释。 他们只讲了传统股市的标准答案，却没告诉你币圈的特殊玩法。这里没有公司，只有协议；没有分红，只有通缩；没有财报，只有链上数据。 段永平最核心的投资哲学就是买股票就是买公司。 他真正想说的是：买公司的本质是买持续创造现金流的能力，而币圈里绝大多数代币，连公司的雏形都算不上——要么是靠融资款撑场面的空气项目，要么是靠营销拉盘的炒作标的，根本没有内生现金流。 你以为买平台币就是买公司？错了。 很多平台币的回购销毁是喊口号：今天说销毁50%手续费，明天就偷偷改成30%；要么销毁数据不透明，到底回购了多少、销毁了多少全靠嘴说，连个链上地址都查不到。这种伪回购，本质是割韭菜的套路。 巴菲特一辈子都在强调护城河，段永平也补充能力圈要懂商业模式的护城河，可他们没说：币圈里的护城河最容易被造假。很多项目靠首创XX概念、明星机构背书、海量空投拉盘就号称有护城河，可这些都是虚的。 真正的护城河是可持续的竞争优势+内生现金流闭环。你能做的别人做不了，你赚的钱能反过来巩固你的优势，这才叫护城河。放在币圈里，就是技术硬到别人抄不来，现金流能支撑代币持续通缩，而HYPE正好踩中了这两点。 很多人买代币，看的是有没有新热点、机构有没有增持、K线好不好看，却从不问这个项目靠什么赚钱？赚的钱会不会返还给持有者？这就是段永平说的思维模式错了用投机思维做价值投资，再努力也没用，方向已经错了。 而HYPE的存在，就是给币圈的价值投资者一个校准思维的标的，它的一切价值都能被量化、被验证，没有模糊的故事，只有清晰的数据。 - 现金流是真的：链上能查到每天的手续费收入，不是靠融资款撑场面 - 回购是真的：Assistantce Fund的地址公开，回购、销毁的每一笔交易都能追溯 - 需求是真的：机构交易者、量化团队、普通用户都在上面交易，不是靠锁仓挖矿、空投硬拉的虚假需求 HYPE的价值，不在于短期涨了多少，而在于它提供了一个用传统价值投资逻辑就能看懂的标的。你不用猜政策、不用盯消息、不用看K线，只要看它的交易量、手续费、销毁数据，就能判断它的价值，这就是思维模式切换的关键。 巴菲特说等好球。币圈里的好球是确定性+可验证，不是低价格。 你需要做的是买入、持有、在退休时卖出。 如果你对价格敏感，那么对于一家人类金融交易的基建，万亿企业来说，现在低于50的HYPE是强击球区，你在等什么？ Hyperliquid

About 13 hours ago, someone withdrew $3M USDC from OKX and split it across 19 wallets. Around 14:45 CET, he started longing millions worth of POPCAT, placing roughly $20M worth of buy orders at $0.21. The combined long position grew to around $30M across those 19 wallets. When he removed the 8 figs buy wall, he got liquidated on the entire $20M-$30M popcat long within seconds, causing HLP to take over the position. POPCAT then dumped further, resulting in a $4.9M loss for HLP. Hyperliquid later manually closed the position. Wallets: 0x612c3b26a1b01c3e50a91d7e1eb6ed0929cdd50f 0xb0281f80815b4e11da25d94e83eda0800b1c5765 0x2a22a55f34fa56c0065ad7af58bcc88d9b39b020 0x34e44ab9b64883c755ae075768a63702d3076fb1 0x19ea35089d5e11adc83608c9d35922f2bb8f85ea 0x049ad92bfacc446d2d2e1c3a6a06df9cefad80bb 0xc02d36ef51be98287b921965385e3d0d2f074d97 0xf576d94e6a620fed39cc86eed7cb133b249e1805 0x972691c21f16370bbd60e47cccb7d83e162587f2 0xa5748e571e6985edd9e657988ecb59bf8d4fe827 0x88f77bd33c12206aff364f347607315386ba713d 0x0767d84e423bf86dbc755eeda6b1ea6cee3f834a 0x5b3eec9baf85d37249ecdfdf458ce5f4b1e1ad55 0xc2350a8b2059796f2d5f38adca2571899103305 0xb5b5f6b75b770d4c5a815ff259672a22c2058227 0x4f6b4cd5133cfda7351c55a10f1376d4c965320a 0xe7f47c2679c02ce11436a040a6164385a66e6b87 0xc6e5be0973c9d89ed15522c949f111b0889e5338 0xa19d942e01df8a38b251297f755d5326931130ea This was clearly a deliberate attempt to mess with HLP /Hyperliquid. No one loses $3M in seconds just by being stupid or careless. The Arbitrum bridge is temporarily paused, but other deposits and withdrawals are unaffected. The issue should be resolved soon.

Uniswap fee switch proposal is killing the decentralized DAO model. Uniswap foundation activities move to Uniswap Labs, meaning... ...decision power moves from a non-profit organization governed by $UNI holders to a Delaware centralized corporation. - Most Foundation employees move to Uniswap Labs - The Foundation only keeps a tiny grants team - After the remaining ~$100M grants are deployed, the Foundation shuts down Thus $UNI token is no longer a DAO token but a token purely valued by buybacks/fees Uniswap will be able to generate. It's not a criticism but admitting the facts that: - The DAO model was indeed just pretending decentralization due to regulatory struggles - DAOs are inefficient at governing and allocating resources ---- Uniswap isn't the first to do it either: - Scroll fully shuts down the DAO and moved to centralized governance - Arbitrum's "Vision for the Future" moves many decisions to the core group of Arbitrum Foundation and Offchain Labs to 'fix inefficiencies' - Optimism Season 8 centralizes power by moving real decisions to curated stakeholder groups and councils while tokenholders only keep veto rights - Lido’s BORG model centralizes execution into legal foundations run by appointed directors while the DAO only sets high level direction ----- The famous a16z "Progressive Decentralization" model of finding PMF and exiting to the community for sufficient decentralization is dying. Or it was just simply pretending in the first place.

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