Weekend Recommended Reading: 10.11 Night of Disaster, the Overlooked Automatic Deleveraging (ADL) Mechanism

CN
3 months ago

整理:Nona

This Week's Focus

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Through this flash crash event, crypto investors can also learn some lessons, needing to draw on experiences from the traditional financial sector rather than relying solely on market narratives and personal emotions to formulate investment strategies. In the current context where the industry is closely linked to the macro market, if the entire industry and investors cannot timely shift their thinking perspective, similar events may occur again.

]( Two co-founders suspected of "insider trading," former BitForex CEO merely a "scapegoat"?

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[]( Two co-founders suspected of "insider trading," former BitForex CEO merely a "scapegoat"?

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Binance, already criticized for some assets decoupling and amidst market discussions that DEX is challenging CEX, should not have made such a blunder. It's not that K-line data cannot be modified, but if it can be honestly stated whether the extreme prices in the spot market actually caused user losses, and clarify that adjustments to data are made to prevent distortion from extreme prices for certain indicators, explicitly stating when and which trading pairs' data will be adjusted, perhaps this public relations crisis could have been avoided.

]( Who is to blame for the K-line?

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[]( Who is to blame for the K-line?

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]( Trading Revisited: When Trump's "Coward Game" Became a Deadly Swing in the Crypto Market

The trigger for this storm was widely pointed to a post by U.S. President Trump on social media—claiming to impose a 100% tariff on all Chinese goods. However, as the script often repeats, after extreme market panic, Trump quickly shifted his tone, signaling "to negotiate with China." Market sentiment also warmed after the crash, with Bitcoin recovering above 11,000, and mainstream coins generally rebounding over 10%.

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[]( Trading Revisited: When Trump's "Coward Game" Became a Deadly Swing in the Crypto Market

The trigger for this storm was widely pointed to a post by U.S. President Trump on social media—claiming to impose a 100% tariff on all Chinese goods. However, as the script often repeats, after extreme market panic, Trump quickly shifted his tone, signaling "to negotiate with China." Market sentiment also warmed after the crash, with Bitcoin recovering above 11,000, and mainstream coins generally rebounding over 10%.

<p class=)[The industry generally recognizes that while the above achievements have temporarily helped Huaxing emerge from the trough, they essentially remain a repair and continuation of traditional business. To truly break the deadlock, a new track with immense imaginative space that can completely sever ties with the past must be found. Web3 and digital assets have become the chosen answer for Huaxing Capital in this context.

]( BNB: Self-redemption in the "Post-Bao Fan Era" and a Gamble on Web3

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[]( BNB: Self-redemption in the "Post-Bao Fan Era" and a Gamble on Web3

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Unlike the previous bull market led by traditional retail investors, this round of the bull market is driven by institutional funds, which have relatively stable holdings, thus reducing the risk of continuous selling to some extent. At the same time, this crash has more so cleared speculative capital and the bubble of excessive leverage (e.g., 50x long contracts), without destroying the fundamental capital chain of the market.

]( What positive factors remain in the crypto market after the October rate cut and the "10.11" flash crash? <p class=)

[Selected Recommendations]( What positive factors remain in the crypto market after the October rate cut and the "10.11" flash crash? <p class=)

[]( AI agents gaining freedom of action in a multi-chain world

The cross-chain agent infrastructure built by Tria reveals a trend: in the future of Web3, interwoven with multiple chains, multiple agents, and multiple scenarios, collaboration between technology and agents will become the core driving force.

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[]( AI agents gaining freedom of action in a multi-chain world

The cross-chain agent infrastructure built by Tria reveals a trend: in the future of Web3, interwoven with multiple chains, multiple agents, and multiple scenarios, collaboration between technology and agents will become the core driving force.

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[In this crisis, such opacity has bred market panic. Traders were unable to assess their actual risks, leading to a surge in preemptive liquidation actions, thereby amplifying the chain reaction of the market crash. This is a typical case where the lack of transparency causes more severe consequences than the risks themselves.](

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[In this article, I focus on everything about Prediction Market Agents (PMA), including how they work and why I believe they will develop into a massive market.]( Comprehensive Analysis of PMA

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[]( Insights from the 4-Year Cycle of Stocks and Crypto

If you have long been immersed in the Crypto market, experiencing extreme stress tests like "9.4," "3.12," "5.19," and the latest "10.11," you might arrive at an iron law: every crisis and pullback often marks the starting point for a cycle restart.

Compared to traditional financing channels, RWA, as an emerging model, does not have an advantage in financing costs. According to several industry insiders, the total cost of issuing RWA projects in Hong Kong is usually no less than 2.5 million HKD, depending on the complexity of the project. Some institutions charge a commission of 3% to 5% when sponsoring the issuance, but some institutions waive this fee. In addition, the issuer must also promise a certain investment return rate to investors.

<span style=)

[]( RWA: Financing or "Financing Power"?

Compared to traditional financing channels, RWA, as an emerging model, does not have an advantage in financing costs. According to several industry insiders, the total cost of issuing RWA projects in Hong Kong is usually no less than 2.5 million HKD, depending on the complexity of the project. Some institutions charge a commission of 3% to 5% when sponsoring the issuance, but some institutions waive this fee. In addition, the issuer must also promise a certain investment return rate to investors.

<span style=)

[]( RWA: Financing or "Financing Power"?

Compared to traditional financing channels, RWA, as an emerging model, does not have an advantage in financing costs. According to several industry insiders, the total cost of issuing RWA projects in Hong Kong is usually no less than 2.5 million HKD, depending on the complexity of the project. Some institutions charge a commission of 3% to 5% when sponsoring the issuance, but some institutions waive this fee. In addition, the issuer must also promise a certain investment return rate to investors.

<span style=)

[]( RWA: Financing or "Financing Power"?

Compared to traditional financing channels, RWA, as an emerging model, does not have an advantage in financing costs. According to several industry insiders, the total cost of issuing RWA projects in Hong Kong is usually no less than 2.5 million HKD, depending on the complexity of the project. Some institutions charge a commission of 3% to 5% when sponsoring the issuance, but some institutions waive this fee. In addition, the issuer must also promise a certain investment return rate to investors.

<span style=)

[]( RWA: Financing or "Financing Power"?

Compared to traditional financing channels, RWA, as an emerging model, does not have an advantage in financing costs. According to several industry insiders, the total cost of issuing RWA projects in Hong Kong is usually no less than 2.5 million HKD, depending on the complexity of the project. Some institutions charge a commission of 3% to 5% when sponsoring the issuance, but some institutions waive this fee. In addition, the issuer must also promise a certain investment return rate to investors.

<span style=)

[]( RWA: Financing or "Financing Power"?

Compared to traditional financing channels, the emerging model of RWA does not have an advantage in financing costs. According to several industry insiders from Yicai, the total cost of issuing RWA projects in Hong Kong is usually no less than 2.5 million HKD, depending on the complexity of the project. Some institutions charge a commission of 3% to 5% when sponsoring the issuance, but some institutions waive this fee. In addition, the issuer must also promise a certain investment return rate to investors.

<span style=)

[]( RWA: Financing or "Financing Power"?

Compared to traditional financing channels, the emerging model of RWA does not have an advantage in financing costs. According to several industry insiders from Yicai, the total cost of issuing RWA projects in Hong Kong is usually no less than 2.5 million HKD, depending on the complexity of the project. Some institutions charge a commission of 3% to 5% when sponsoring the issuance, but some institutions waive this fee. In addition, the issuer must also promise a certain investment return rate to investors.

<span style=)

[]( RWA: Financing or "Financing Power"?

Compared to traditional financing channels, the emerging model of RWA does not have an advantage in financing costs. According to several industry insiders from Yicai, the total cost of issuing RWA projects in Hong Kong is usually no less than 2.5 million HKD, depending on the complexity of the project. Some institutions charge a commission of 3% to 5% when sponsoring the issuance, but some institutions waive this fee. In addition, the issuer must also promise a certain investment return rate to investors.

<span style=)

[]( RWA: Financing or "Financing Power"?

Compared to traditional financing channels, the emerging model of RWA does not have an advantage in financing costs. According to several industry insiders from Yicai, the total cost of issuing RWA projects in Hong Kong is usually no less than 2.5 million HKD, depending on the complexity of the project. Some institutions charge a commission of 3% to 5% when sponsoring the issuance, but some institutions waive this fee. In addition, the issuer must also promise a certain investment return rate to investors.

<span style=)

[]( RWA: Financing or "Financing Power"?

Compared to traditional financing channels, the emerging model of RWA does not have an advantage in financing costs. According to several industry insiders from Yicai, the total cost of issuing RWA projects in Hong Kong is usually no less than 2.5 million HKD, depending on the complexity of the project. Some institutions charge a commission of 3% to 5% when sponsoring the issuance, but some institutions waive this fee. In addition, the issuer must also promise a certain investment return rate to investors.

<span style=)

[]( RWA: Financing or "Financing Power"?

Compared to traditional financing channels, the emerging model of RWA does not have an advantage in financing costs. According to several industry insiders from Yicai, the total cost of issuing RWA projects in Hong Kong is usually no less than 2.5 million HKD, depending on the complexity of the project. Some institutions charge a commission of 3% to 5% when sponsoring the issuance, but some institutions waive this fee. In addition, the issuer must also promise a certain investment return rate to investors.

<span style=)

[]( RWA: Financing or "Financing Power"?

Compared to traditional financing channels, the emerging model of RWA does not have an advantage in financing costs. According to several industry insiders from Yicai, the total cost of issuing RWA projects in Hong Kong is usually no less than 2.5 million HKD, depending on the complexity of the project. Some institutions charge a commission of 3% to 5% when sponsoring the issuance, but some institutions waive this fee. In addition, the issuer must also promise a certain investment return rate to investors.

<span style=)

[]( RWA: Financing or "Financing Power"?

Compared to traditional financing channels, the emerging model of RWA does not have an advantage in financing costs. According to several industry insiders from Yicai, the total cost of issuing RWA projects in Hong Kong is usually no less than 2.5 million HKD, depending on the complexity of the project. Some institutions charge a commission of 3% to 5% when sponsoring the issuance, but some institutions waive this fee. In addition, the issuer must also promise a certain investment return rate to investors.

<span style=)

[]( RWA: Financing or "Financing Power"?

Compared to traditional financing channels, the emerging model of RWA does not have an advantage in financing costs. According to several industry insiders from Yicai, the total cost of issuing RWA projects in Hong Kong is usually no less than 2.5 million HKD, depending on the complexity of the project. Some institutions charge a commission of 3% to 5% when sponsoring the issuance, but some institutions waive this fee. In addition, the issuer must also promise a certain investment return rate to investors.

<span style=)

[]( RWA: Financing or "Financing Power"?

Compared to traditional financing channels, the emerging model of RWA does not have an advantage in financing costs. According to several industry insiders from Yicai, the total cost of issuing RWA projects in Hong Kong is usually no less than 2.5 million HKD, depending on the complexity of the project. Some institutions charge a commission of 3% to 5% when sponsoring the issuance, but some institutions waive this fee. In addition, the issuer must also promise a certain investment return rate to investors.

<span style=)

[]( RWA: Financing or "Financing Power"?

Compared to traditional financing channels, the emerging model of RWA does not have an advantage in financing costs. According to several industry insiders from Yicai, the total cost of issuing RWA projects in Hong Kong is usually no less than 2.5 million HKD, depending on the complexity of the project. Some institutions charge a commission of 3% to 5% when sponsoring the issuance, but some institutions waive this fee. In addition, the issuer must also promise a certain investment return rate to investors.

<span style=)

[]( RWA: Financing or "Financing Power"?

Compared to traditional financing channels, the emerging model of RWA does not have an advantage in financing costs. According to several industry insiders from Yicai, the total cost of issuing RWA projects in Hong Kong is usually no less than 2.5 million HKD, depending on the complexity of the project. Some institutions charge a commission of 3% to 5% when sponsoring the issuance, but some institutions waive this fee. In addition, the issuer must also promise a certain investment return rate to investors.

<span style=)

[]( RWA: Financing or "Financing Power"?

Compared to traditional financing channels, the emerging model of RWA does not have an advantage in financing costs. According to several industry insiders from Yicai, the total cost of issuing RWA projects in Hong Kong is usually no less than 2.5 million HKD, depending on the complexity of the project. Some institutions charge a commission of 3% to 5% when sponsoring the issuance, but some institutions waive this fee. In addition, the issuer must also promise a certain investment return rate to investors.

<span style=)

[]( RWA: Financing or "Financing Power"?

Compared to traditional financing channels, the emerging model of RWA does not have an advantage in financing costs. According to several industry insiders from Yicai, the total cost of issuing RWA projects in Hong Kong is usually no less than 2.5 million HKD, depending on the complexity of the project. Some institutions charge a commission of 3% to 5% when sponsoring the issuance, but some institutions waive this fee. In addition, the issuer must also promise a certain investment return rate to investors.

<span style=)

[]( RWA: Financing or "Financing Power"?

Compared to traditional financing channels, the emerging model of RWA does not have an advantage in financing costs. According to several industry insiders from Yicai, the total cost of issuing RWA projects in Hong Kong is usually no less than 2.5 million HKD, depending on the complexity of the project. Some institutions charge a commission of 3% to 5% when sponsoring the issuance, but some institutions waive this fee. In addition, the issuer must also promise a certain investment return rate to investors.

<span style=)

[]( RWA: Financing or "Financing Power"?

Compared to traditional financing channels, the emerging model of RWA does not have an advantage in financing costs. According to several industry insiders from Yicai, the total cost of issuing RWA projects in Hong Kong is usually no less than 2.5 million HKD, depending on the complexity of the project. Some institutions charge a commission of 3% to 5% when sponsoring the issuance, but some institutions waive this fee. In addition, the issuer must also promise a certain investment return rate to investors.

<span style=)

[]( RWA: Financing or "Financing Power"?

Compared to traditional financing channels, the emerging model of RWA does not have an advantage in financing costs. According to several industry insiders from Yicai, the total cost of issuing RWA projects in Hong Kong is usually no less than 2.5 million HKD, depending on the complexity of the project. Some institutions charge a commission of 3% to 5% when sponsoring the issuance, but some institutions waive this fee. In addition, the issuer must also promise a certain investment return rate to investors.

<span style=)

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