Investment Research @0xuclub // @gate_ventures newbie // opinions are my own
Joined August 2020
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夥拍 @daoandinvest + Alvin哥代表 @0xUClub 參加，獲益良多，亦榮幸獲得 Open Research 組別冠軍，算是 2年投研生涯的一大里程碑。
分析寫這麼詳盡，到頭來不忘提自己 - 知行合一 - 到底長篇大論後，係咪能夠說服自己 ape in (?)
@HyperliquidX 亦是自己花費不少資金的地方，絕不紙上談兵🤣 基本面的確紮實 風險亦寫在投研裡面了 -metaera.hk/contents/212976
當然投研的主軸還是想從 HL 出發，檢視 PerpDEX 市場的轉型，文章最後亦會提到，希望大家睇到最後🤣
经过激烈角逐与专业较量，本届PKUBA首届全球行业研究竞赛圆满落幕！感谢所有参赛团队与选手为区块链和加密领域带来独到见解和前瞻研究。现将各赛道获奖名单公布如下：
🛤️ Meme文化与市场研究赛道
🥇 一等奖
选手： Clare
作品名称： 《AI Agent Meme已死？从Web2技术爆发到Web3链上文化迁移的信号》
🥈 二等奖
选手： 巫天骐，陈润楠
作品名称： 《洞察Memecoin发行平台：Pump.fun引领的变革与创新》
选手： ZengQi, YuXiaoxiao
作品名称： 《从玩笑到资产：Web3 迷因经济的崛起与未来趋势》
🥉 三等奖
选手： CruxZhou, Dyan
作品名称： 《解构“无锚化交易” : Memecoin 的底层共识机制》
选手： Treap
作品名称： 《Memecoin政治经济学批判》
选手： 杨俊豪
作品名称： 《注意力经济如何驱动MEME价值上涨——从孙宇晨4500万买香蕉谈起》
选手： 付齐双，项悦欣，张宝量
作品名称： 《Meme币生态的崛起与变革：如何在 Web3 时代走向公平与繁荣？》
选手： 汪宗勤，蕭子彥
作品名称： 《迷因幣之符號象徵、社群結構與情緒分析 –以Pepe、Trump為例》
🔍 宏观市场与加密货币研究赛道
🥇 一等奖
选手： 雷双Jessie
作品名称： 《从“草莽”到“华尔街化”：比特币定价逻辑的范式转移 ——基于宏观经济周期、美股联动与山寨币分化的结构性分析》
🥈 二等奖
选手： Harry
作品名称： 《日渐拥挤的比特币期现套利市场——影响与风险》
选手： 吴贝妮，张逸萍，陈亦维
作品名称： 《万物RWA的监管边界》
🥉 三等奖
选手： Freya
作品名称： 《从欧美加密监管体系看 <Genius Act>》
选手： 王宏，曹亚东，孙英杰
作品名称： 《宏观市场与加密货币分析——经济周期与股票波动率视角》
选手： QISheng
作品名称： 《山寨币价格波动影响因素研究》
选手： 张于海，Walter，Aryan
作品名称： 《去美元化浪潮下的加密资产：机遇、挑战与金融体系的未来》
选手： 缪超豪，王漱渤
作品名称： 《从宏观经济不相关到宏观经济相关——比特币的“登堂入室”之路》
⚡ 比特币生态赛道
🥇 一等奖
选手： Moose
作品名称： 《BTCFi范式重构：比特币再质押驱动的流动性革命》
🥈 二等奖
选手： Jelly
作品名称： 《当比特币的区块奖励消失会发生什么？》
🥉 三等奖
选手： Crypto绿头怪
作品名称： 《解密Bitlayer：破局BTCFi的基建之路》
选手： Chauncey Liu
作品名称： 《数字黄金的破茧之路：解码比特币生态的范式革命》
选手： Junli Deng
作品名称： 《从数字黄金到表情包画布：代币时代比特币的文化演进》
🔗 通用链技术赛道
🥇 一等奖
选手： Adrian, Larry
作品名称： 《多链时代的互操作性基础设施与用户需求变革》
🥈 二等奖
选手： D50，pzq，Sugar
作品名称： 《共识算法的自我进化：AI双模型驱动的PoW/PoS多链优化》
🥉 三等奖
选手： 陈伟
作品名称： 《TON生态机制与估值浅析》
选手： Jason Hu
作品名称： 《通用链技术的“前世今生”》
选手： 徐晟凯，邓峰，蒲泓宇
作品名称： 《传统以太坊区块链的改进——以太坊分片和有向无环图（DAG）》
💡 Open Research赛道
🥇 一等奖
选手： Ryan Tung，Oscar Chang，Alvin Ku
作品名称： 《深入剖析 Hyperliquid 及 HyperEVM生态的发展，审视去中心化衍生品交易平台的转型》
🥈 二等奖
选手： ziying
作品名称： 《去中心化科学(DeSci)：区块链技术驱动的学术研究新范式》
🥉 三等奖
选手： MaggieL
作品名称： 《Web3中的AI代理：自主程序的演进与未来》
选手： Aranna Dang，Derek Zhou
作品名称： 《蒙尘的珍珠：公共领域许可证的前世今生与未来》
💥 Exposure激励计划
🥇 一等奖： @JessieLeiShuang
🥈 二等奖： @0x_ARAY
🥉 三等奖： @harry_xymeng
再次衷心祝贺所有获奖团队和选手！期待大家在未来继续探索，推动行业向更高标准迈进！
再次感谢所有评委 @JunboPeng @0xkevinhe @jelly6617 @baby_fisherman @RomeoKuok 、阿佘对本次 PKUBA 首届全球行业研究竞赛的支持，让我们期待更多优秀的研报作品与创新！期待未来与大家携手前行，共同推动加密行业的发展与进步！
chingchalong♣️🇭🇰｜𝟎𝐱𝐔 retweeted
My current views on investing:
- Government will never stop printing money, so bitcoin / gold / land will all do well for 2 decades
- AI is drastically underestimated and the best AI companies are significantly undervalued
- Shorting individual stocks is very difficult, so I wouldn’t try it but the biggest indicator of whether a company survives or not is the internal speed of iteration now
- Bonds shouldn’t be in the conversation for anyone under age 50. Picking up pennies in front of steamroller
- Venture investing & public markets will blend in next 5 years, so private valuations will rise due to lots more capital chasing a few great companies
- Young people should look at assets & markets that Wall Street hasn’t adopted yet. This used to be bitcoin/crypto, but now private markets, prediction markets, compute markets, and data brokering
- every investor should be sovereign. You can use a financial advisor, but you have to know your numbers, your strategy, and your risk exposure. AI makes this too easy (Silvia .com)
- Everyone arguing over interest rates, oil, and other historical macro factors are not wrong, but these just have less impact today (thx @jvisserlabs)
- agents are coming for finance and things are going to rapidly change. Don’t fight it, embrace it and use to your advantage.
- Tesla / SpaceX merger will happen and create largest company in human history. My simple rule is to never bet against Elon.
There are many more, but what are yours?
chingchalong♣️🇭🇰｜𝟎𝐱𝐔 retweeted
Gate Ventures Podcast播客 | 第16期
“Uptober”行情还有戏吗？美联储10月议息会议前夕：谁在买入比特币，谁在卖出？
🌟 特邀嘉宾： Jason Huang, NextGen Digital Venture 创始合伙人 @Jhy256 @NextGen_Venture
🎤 主持人： Tiffany Chang, Gate Ventures @hella_tifficult
Welcome to our live show! xitter.cf/i/broadcasts/1DxLdZlmX…
chingchalong♣️🇭🇰｜𝟎𝐱𝐔 retweeted
What will drive the next wave of crypto valuations?
As institutional capital moves deeper into crypto, the market is shifting from narrative-driven valuations toward measurable fundamentals, real demand, and sustainable value capture.
In our latest Gate Ventures research, we explore three investment themes shaping this cycle:
🔹 Protocol Revenue & Token Value Capture — Why sustainable cash flows, buybacks, and tokenholder economics matter.
🔹 The Full Tokenization Stack — Why the next RWA opportunity goes beyond issuance to liquidity, lending, and structured financial markets.
🔹 Privacy as Financial Infrastructure — Why confidential execution, verifiable settlement, and selective disclosure are becoming essential for institutions and AI agents.
The key question is no longer just what can be tokenized, but what can generate real economic value — and capture it sustainably.
📖 Read the full Gate Ventures research for deeper insights, case studies, and investment implications: ⬇️🔗
TCG mullet
About $2m worth of TCG Gacha Packs have been opened on @Pumpfun app since its launch yesterday, attracting ~1.7k Pumpfun app users to pack opening.
The Gachapon integration powered by @Collector_Crypt underlying API accounted for ~20% of total Gachapon spend on CC yesterday.
chingchalong♣️🇭🇰｜𝟎𝐱𝐔 retweeted
Onchain TCG has become a proven PMF in crypto.
What’s interesting now is seeing exchanges and wallets begin to adopt it as a product layer.
A year ago, we saw the “DeFi mullet” become mainstream: DeFi protocols sit in the backend as the liquidity and infrastructure layer, while CEXs and neobanks own the frontend distribution.
TCG trading now seems to be developing along a similar path:
TCG infrastructure in the backend, exchanges / wallets / neobanks as the distribution layer.
Still early on the distribution side, but the pattern is already taking shape.
chingchalong♣️🇭🇰｜𝟎𝐱𝐔 retweeted
0/ @shayonsengupta and I out with another essay in our series about on-chain market structure. This one is called DeFi 2.0
multicoin.capital/2026/09/24…
chingchalong♣️🇭🇰｜𝟎𝐱𝐔 retweeted
Gate Ventures Podcast | Episode 15
From Equity Trader to Crypto VC: High Rates, Tokenized Stocks, DATs, and Robinhood Chain
🌟Guest: Balder Bomans, CIO at Maven 11 Capital @Maven11Capital @BalderBomans
🎤Host: Jeremy Wallis, Partner at Gate Ventures @fintechblocks
Tokenized T-bills now pay a real yield on-chain. Stock tokens are pulling huge volume. DATs let traditional PMs buy crypto through a listed ticker. But which of these would actually hold up as a position on a real equity desk?
Our guest Balder Bomans, CIO at Maven 11 Capital, spent eight years trading European cash equities at Kempen before co-founding the Amsterdam-based crypto VC. He joins us to break down how high rates, tokenized stocks and DATs are reshaping crypto investing.
We'll cover:
🔹What an equity desk teaches you about underwriting tokens — and what you have to unlearn
🔹Tokenized T-bills & the on-chain risk-free rate: who wins, who loses?
🔹xStocks, Robinhood Chain & the SEC exemption: are stock tokens really equities?
🔹DATs: a distribution layer that scales, or premium-to-NAV vehicles waiting to break?
🔹MiCA vs. the U.S. sandbox vs. Asia: where should companies actually build?
🗓️ September 30, 2026, 12 – 1 PM UTC | 8 – 9 PM GMT+8
📍Video livestream on Gate Ventures' X — also live on X Spaces. Set your reminder: xitter.cf/i/spaces/1wxWjlO…
chingchalong♣️🇭🇰｜𝟎𝐱𝐔 retweeted
🇭🇰 WPRC HK Session Recap | 24th Sept
TOPIC: Perpetualization of Everything? 萬物皆可上鏈？
WPRC Hong Kong EP5 wrapped up successfully - None of it would have been possible without:
Shout out to our very first Session Guide in Hong Kong @ChingChaLong02 for bringing us a smooth and knowledgeable evening!
Of course @MungLegal as our Co-host & Session Partner as always! 🫶🏻
📖 Give it a read - drive.google.com/file/d/1zsV…
📝 Topic Overview: Since perp trading emerged, any asset with a "price" can be traded, without needing the physical asset behind it. The group discussed GPU compute trading as an example still in its early stages, where market size remains too thin to support effective price discovery and consensus on price stays weak.
✍🏻 Funding Rate sits at the core of the entire perpetual mechanism - a long-short capital exchange system that keeps contract prices anchored to spot, replacing the periodic delivery model of traditional futures.
✍🏻 @Hyperliquid's HIP-3 lets users deploy their own Perp Dex on shared infrastructure. We also broke down how @tradexyz , built on HIP-3, sets Pre-IPO pricing, with Oscar walking the room through the underlying formula and how the design guards against malicious price manipulation.
✍🏻 As AI demand grows, GPU rental cost is increasingly becoming its own index, and Compute Perps are emerging as a hedge for AI startups and model labs against rising compute costs.
✍🏻The discussion also surfaced a regulatory grey zone around PerpDex: US investors can't buy Chinese stocks and vice versa, yet PerpDex creates new incentives for exactly these restricted investors.
💡Pre-IPO markets still lack effective oversight (allocation failures reaching retail investors have already happened), and PerpDex's stripped-down UX and no complex setup, high leverage available, no need to hold spot is what's pulling more non-native crypto users in.
📚 WPRC Hong Kong - Perpetualization of Everything? 萬物皆可上鏈？
📍 9 月 24 日 (星期四)｜時間：下午 7:00｜
🎟️ 立即報名 - luma.com/vbd0pmtv
每月一聚的Session又來了！Perpetual Futures (永續合約) 一直被視為加密原生嘅交易工具。去到 2026 年，隨著愈來愈多機構級企業入場，可供交易的永續合約種類已經遠遠超出加密貨幣本身。
導讀人 - Oscar Chang @ChingChaLong02 , Analyst @ @gate_ventures
特別嗚謝 @MungLegal - 香港首間專注於區塊鏈領域的律師事務所，成立於 2018 年，專門處理 Web3、數碼資產、金融科技及跨境相關法律事務;MUNG Legal 一直支持 Whitepaper Reading Club，早前曾支持我們在新加坡舉辦活動，最近亦再次支持我們在香港的活動。
📝𝗦𝗲𝘀𝘀𝗶𝗼𝗻 𝗧𝗟;𝗗𝗥
永續合約（Perpetual Futures）本質上只需要一個持續更新的可信價格來源即可成立，標的資產是否存在於鏈上、能否被託管等並非必要條件。本場討論將拆解這個機制如何由加密原生工具演變為適用於任何資產類別的金融結構。
本場將討論以下四個主題：
1）永續合約的起源與設計哲學 — Funding Rate 機制如何單靠資金費率，使一份沒有到期日的合約價格持續貼近現貨市場。
2）Hyperliquid 的無許可部署機制 — HIP-3 與 permissionless market creation 如何令交易所轉型為基礎設施層，並為永續合約市場建立新的行業標準。
3）Pre-IPO Perps 案例分析 — 比較不同資產在價格發現過程中出現的準繩度差異，並探討背後成因。
4）領域瓶頸與監管邊界 — 從 SK Hynix 合約引發的爆倉事件出發，探討 Oracle 錯誤的責任歸屬，以及 CFTC 目前的監管取態。
💡 如果一個資產類別長期只有 perp 而沒有現貨可以套利，這個市場最終會變成價格發現機制，還是純粹的對賭場所？
*這session會以廣東話和適量英語進行。
chingchalong♣️🇭🇰｜𝟎𝐱𝐔 retweeted
📚 WPRC Hong Kong - Perpetualization of Everything? 萬物皆可上鏈？
📍 9 月 24 日 (星期四)｜時間：下午 7:00｜
🎟️ 立即報名 - luma.com/vbd0pmtv
每月一聚的Session又來了！Perpetual Futures (永續合約) 一直被視為加密原生嘅交易工具。去到 2026 年，隨著愈來愈多機構級企業入場，可供交易的永續合約種類已經遠遠超出加密貨幣本身。
導讀人 - Oscar Chang @ChingChaLong02 , Analyst @ @gate_ventures
特別嗚謝 @MungLegal - 香港首間專注於區塊鏈領域的律師事務所，成立於 2018 年，專門處理 Web3、數碼資產、金融科技及跨境相關法律事務;MUNG Legal 一直支持 Whitepaper Reading Club，早前曾支持我們在新加坡舉辦活動，最近亦再次支持我們在香港的活動。
📝𝗦𝗲𝘀𝘀𝗶𝗼𝗻 𝗧𝗟;𝗗𝗥
永續合約（Perpetual Futures）本質上只需要一個持續更新的可信價格來源即可成立，標的資產是否存在於鏈上、能否被託管等並非必要條件。本場討論將拆解這個機制如何由加密原生工具演變為適用於任何資產類別的金融結構。
本場將討論以下四個主題：
1）永續合約的起源與設計哲學 — Funding Rate 機制如何單靠資金費率，使一份沒有到期日的合約價格持續貼近現貨市場。
2）Hyperliquid 的無許可部署機制 — HIP-3 與 permissionless market creation 如何令交易所轉型為基礎設施層，並為永續合約市場建立新的行業標準。
3）Pre-IPO Perps 案例分析 — 比較不同資產在價格發現過程中出現的準繩度差異，並探討背後成因。
4）領域瓶頸與監管邊界 — 從 SK Hynix 合約引發的爆倉事件出發，探討 Oracle 錯誤的責任歸屬，以及 CFTC 目前的監管取態。
💡 如果一個資產類別長期只有 perp 而沒有現貨可以套利，這個市場最終會變成價格發現機制，還是純粹的對賭場所？
*這session會以廣東話和適量英語進行。
chingchalong♣️🇭🇰｜𝟎𝐱𝐔 retweeted
NEW: Now tracking @pendle_fi data in our comprehensive new dashboard.
Pendle's Financials, PENDLE Token, Markets, Term Structure, Boros, PT Looping, and DeFi integrations, all in one place.
haha so its official now, kraken superapp
Payward 🤝 @HyperliquidX
We're building permissioned Hyperliquid HIP-3* markets for US clients.
