Just in the small group I reviewed the chat history, and it was all critical voices at that time. Once again, I feel: Trading is a very lonely thing. Congratulations @xiaomaodou_

A few days ago, we talked about Tether's new chain, Stable, and now USDC is also set to launch its L1 chain, Arc, which will similarly use USDC for gas fees. Tether's CEO even made a post with implied criticism. The competition for stablecoin market share between USDC and USDT is heating up. In 2022, USDC was closest to USDT's market share, emphasizing compliance and transparency. On the other hand, USDT has faced ongoing questions about undisclosed reserves, and with the market share of other stablecoins like BUSD also rising, USDT's share has been significantly squeezed. However, with the decline of BUSD, along with Circle's losses due to the Silicon Valley Bank incident and the increased transparency of USDT itself, USDT has once again left other stablecoins far behind. The first-mover advantage and network effects have created a deep moat for USDT, but the second half of the competition will focus on customer resources, as the use cases for stablecoins are expanding into real-world payments, not just in CEX and DeFi. Since the beginning of this year, USDC's market share has been increasing, successfully attracting attention from outside the circle with its IPO, launching CPN and Circle Gateway, and securing many institutional clients. Recently, USDC has been running a high-yield investment program on Binance for a month to attract users, increasing USDC trading pairs, and quickly pushing Arc. It is clear that Circle is indeed focusing its efforts this year, and after going public in the US, it is not short on funds. Of course, Tether has not been idle either. Its core work is to enhance reserve transparency and compliance. After the Genius Act, it plans to launch a US-specific stablecoin as a basic defense, as its position is hard to shake in the short term. Additionally, it is trying to diversify investments through Tether Investments, from streaming application Rumble to Bitcoin mining company Twenty One Capital, and even to Juventus Football Club, aiming to expand its business footprint. Recently, it also launched its own dedicated chain, Stable. It is clear to see the strategic differences between the two companies: Circle is more focused on the blockchain and financial sectors, while Tether is continuously trying to expand beyond its core position. With the implementation of the Genius Act and Hong Kong's proactive stablecoin policies, the entry of large-scale players is increasing, and it is hard to predict how the future landscape will look.

Damn, the alts have dropped hard. Institutions were at 7.5 per share, now it's 5.4, you can buy it anywhere.

Institutional cost is 7.5, buy 10 USD to ease the shock.

Recently, there have been news reports saying that Tesla has put the production line revenue rights of its Berlin factory on-chain. Although I couldn't find an official source, the authenticity is questionable. However, this matter is indeed worth discussing. Heavy asset industries do face challenges with asset liquidity. For instance, many companies choose to indirectly finance and reduce costs through methods like financing leases or pledge financing. Some heavy asset companies are also attempting asset securitization, such as REITs, ABS, and ABN, which generally involve assets that can generate stable cash flows. Now, using RWA to publish these assets on-chain aligns with that thinking. However, there are still common issues with RWA: How to ensure consistency between offline and online, as well as the safety and reasonable valuation of offline assets, not to mention the regulatory risks. Additionally, investors' interest in the revenue rights of these types of assets is much lower compared to other major asset classes, and liquidity may also be an issue. Nevertheless, at least it provides ordinary users with an additional investment opportunity.

BTC 12-hour level, the candlestick has currently broken through the resistance line and is testing the pullback. After the pullback, it will continue to rise and test the previous high. If the body breaks below 11400, it will continue to decline.

Looking at the 12-hour chart, BTC has reached a critical time again, currently forming a bottom. If the candlestick body does not break below 112,500, then the bottom formation will be successful, and the market will reverse upwards. If the candlestick body breaks below 112,500, it will continue to decline. If the candlestick body breaks through the resistance line, it will reach a new high.

Looking at the polymarket data, a 25 bps rate cut in September is highly likely. So what specific impacts will there be on the market before and after the rate cut? In fact, it can't be said that a rate cut will definitely lead to an increase; it also needs to be considered in conjunction with the economic fundamentals, which is the game between the market's concerns about recession and the benefits of liquidity easing. In this case, although the non-farm data doesn't look good, the overall economic fundamentals are still quite resilient. The biggest risk now is that both the US stock market and cryptocurrencies have already reached high asset prices. In the short term, look at the 12-hour line of BTC. If it successfully builds a bottom below and breaks through the pressure line in the chart, it will continue to rise near the previous high. If it doesn't build a bottom, it won't be able to break through the pressure line and will continue to adjust downwards until it successfully builds a bottom. One possibility is a second retest of the CME gap, inducing shorts to let retail investors cut losses, while the big players accumulate chips, and then rise. So in the near term, it should first induce a long position before crashing down for a second retest.

Give me back my money, you've broken the law！ @hugofurn @JonHook @play_ember

Recently, I've been looking at fewer projects, but it's still important to pay attention to Binance spot trading. If the Treehouse product had come out last year, it would have definitely been much more popular than it is now. Last year, with the ETH staking craze combined with an additional layer of Market Efficiency Yield (MEY), it would have been quite powerful. For example, if you staked one ETH on platforms like that before, you could earn ETH2.0 rewards + Eigenlayer staking rewards + protocol rewards, all while maintaining liquidity; whereas if you stake ETH on Treehouse, you can earn ETH2.0 rewards + Eigenlayer staking rewards + protocol rewards (Nuts) + Market Efficiency Yield (MEY). Haven't heard of "Market Efficiency Yield"? That's normal; I hadn't heard of it before either. This term was coined by Treehouse itself. However, you might have heard of "interest rate arbitrage." For example, if the interest rate in Pool A is higher than that of Lending Protocol B, you would borrow from B and deposit into Pool A to take advantage of the interest rate difference, which is a common arbitrage operation. The difference is that Treehouse achieves arbitrage through a decentralized method (Operators coordinating data flow + Panelists staking TREE or tAssets to provide interest rate information). The advantages are: 1. Adds an extra layer of yield to tETH, automating arbitrage; 2. Helps smooth out interest rate market fluctuations or reduce decoupling risks. Especially during short-term decoupling, it should yield considerable returns. However, there are risks as well. Similar to the previous "machine gun pools," the safety and real-time nature of the protocols chosen for arbitrage are very important. Treehouse primarily selects well-established protocols like Aave, Compound, and Curve, which have stood the test of time. They also have their own risk assessment model and diversify investments, using Chainlink for oracle services, covering the basic safety practices in DeFi. Another risk is the decoupling risk of tETH itself, so Treehouse has also designed a PPP mechanism, which simply means establishing an insurance fund that buys back during decoupling, with the fund's money coming from a portion of MEY earnings. For retail investors, the additional MEY yield from Treehouse is the greatest value; but for the entire DeFi ecosystem, a stable interest rate environment is more conducive to risk control and institutional adoption. Binance's spot trading selection is still quite good. The Holder airdrop distributed a total of 1.25% of the tokens, which might not amount to much for each BNB, but BNB itself has a solid foundation, and the holding experience during market uptrends is quite good. Recently, the market has been unstable, so be cautious of risks in the short term. If it really drops into a golden pit, I will accumulate more BNB. You can check the Holder benefits here: