usdt

USDC

steth

doge

wbtc

wbeth

HYPE

usds

link

USDE

avax

hbar

shib

WLFI

pyusd

aave

USD1

JITOSOL

near

xaut

ASTER

pepe

PUMP

ondo

BFUSD

paxg

USDtb

RETH

RLUSD

algo

USDG

TRUMP

atom

LBTC

nexo

fdusd

RENDER

MORPHO

bonk

cake

METH

dash

PENGU

STRK

aero

virtual

SOSO

DeFi

SoSoScholar

<div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="aeb857a5-6e73-4ddf-b38d-7b631e3997cf"><div class="bn-block" data-node-type="blockContainer" data-id="aeb857a5-6e73-4ddf-b38d-7b631e3997cf"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Ồ, đúng rồi! Bitcoin đang thực sự "bùng nổ" vào lúc này, và không phải là kiểu tăng nhẹ nhàng đâu – nó đang lao vút như tên lửa sau một tuần khá im ắng. Hãy để tôi cập nhật cho bạn tình hình mới nhất dựa trên dữ liệu thời gian thực (ngày 29/11/2025):Giá Bitcoin hiện tại</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="d69924e8-3304-42dd-aeb3-5e799535a5ca"><div class="bn-block" data-node-type="blockContainer" data-id="d69924e8-3304-42dd-aeb3-5e799535a5ca"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Giá BTC/USD: Khoảng $90,900 (dao động nhẹ giữa $90,763 - $91,294 tùy nguồn, với mức trung bình khoảng $90,912).</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="771c78bc-8c7a-4242-a1fe-b8456539e196"><div class="bn-block" data-node-type="blockContainer" data-id="771c78bc-8c7a-4242-a1fe-b8456539e196"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><a target="_blank" rel="noopener noreferrer nofollow" href="http://coinbase.com">coinbase.com</a> +2</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="198cddbd-5076-4132-9689-48b8dd646cea"><div class="bn-block" data-node-type="blockContainer" data-id="198cddbd-5076-4132-9689-48b8dd646cea"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">So với tuần trước: Tăng 8% từ $84,842.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="162f2100-3d26-4dae-8aab-1fc9564d823a"><div class="bn-block" data-node-type="blockContainer" data-id="162f2100-3d26-4dae-8aab-1fc9564d823a"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><a target="_blank" rel="noopener noreferrer nofollow" href="http://coinbase.com">coinbase.com</a></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="8e04ab56-39d9-46d3-8449-d41d939af955"><div class="bn-block" data-node-type="blockContainer" data-id="8e04ab56-39d9-46d3-8449-d41d939af955"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Tháng 11 này, Bitcoin đã trải qua một đợt "rung lắc" – từng chạm ATH mới rồi giảm xuống dưới $100k do rút vốn từ ETF, nhưng giờ đang phục hồi mạnh mẽ với dòng tiền đổ vào kỷ lục.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="c2c2e7bb-6882-4537-bc8f-8ce832703c84"><div class="bn-block" data-node-type="blockContainer" data-id="c2c2e7bb-6882-4537-bc8f-8ce832703c84"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><a target="_blank" rel="noopener noreferrer nofollow" href="http://coindcx.com">coindcx.com</a></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="f7563783-d631-4c6e-99ea-7c2cc04670f7"><div class="bn-block" data-node-type="blockContainer" data-id="f7563783-d631-4c6e-99ea-7c2cc04670f7"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"> Cụ thể, chỉ trong tuần qua, có $1 tỷ USD mua FOMO (fear of missing out) từ các nhà đầu tư lớn, đẩy giá vọt từ $80k lên $92k chỉ trong vài ngày.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="02374161-dab5-43ea-8c9a-fd1fe2cd8b03"><div class="bn-block" data-node-type="blockContainer" data-id="02374161-dab5-43ea-8c9a-fd1fe2cd8b03"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">@Perfectnwadike</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="6764a8d6-ce37-401f-89c3-5466b400601f"><div class="bn-block" data-node-type="blockContainer" data-id="6764a8d6-ce37-401f-89c3-5466b400601f"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Lý do đằng sau sự "bùng nổ" nàyDựa trên các nguồn tin tức và phân tích gần đây, đây là những yếu tố chính đang "châm lửa" cho Bitcoin:</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="68216d45-ab1f-4ac1-9d37-8d6fe463ac11"><div class="bn-block" data-node-type="blockContainer" data-id="68216d45-ab1f-4ac1-9d37-8d6fe463ac11"><div class="bn-block-content" data-content-type="numberedListItem" data-index="1"><p class="bn-inline-content">Dòng vốn tổ chức khổng lồ: Wall Street đang "đổ xô" vào crypto với $25 tỷ USD đầu tư mới, dẫn đầu bởi các quỹ ETF Bitcoin. BlackRock's IBIT vừa hút thêm $60 triệu chỉ trong một ngày, và tổng inflow ETF đạt $151 triệu vào altcoin liên quan.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="3d15f973-a68b-4040-a06e-3d3d6b8787cf"><div class="bn-block" data-node-type="blockContainer" data-id="3d15f973-a68b-4040-a06e-3d3d6b8787cf"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"> Các "cá mập" như MicroStrategy đang tích lũy thêm, đẩy tổng holdings lên hơn 641k BTC (khoảng $56 tỷ).</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="2b4c0eda-a7ed-42c0-9bc5-2b8c99c55cdf"><div class="bn-block" data-node-type="blockContainer" data-id="2b4c0eda-a7ed-42c0-9bc5-2b8c99c55cdf"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">@arkham</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="b82d0ab0-577c-4aec-a8b6-1400298e17ab"><div class="bn-block" data-node-type="blockContainer" data-id="b82d0ab0-577c-4aec-a8b6-1400298e17ab"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"></p></div></div></div></div>

Daily Roast

Bitcoin thật sự đang bùng nổ.

Bitcoin est vraiment en plein essor.

<div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="4d02617b-cf4c-4550-9d19-851d35b8c145"><div class="bn-block" data-node-type="blockContainer" data-id="4d02617b-cf4c-4550-9d19-851d35b8c145"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"> Web3 is about owning what you create and earn.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="db381e44-76d7-467e-adbb-5a137a9ae24c"><div class="bn-block" data-node-type="blockContainer" data-id="db381e44-76d7-467e-adbb-5a137a9ae24c"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"></p></div></div></div></div>

Digital Freedom

Liberté numérique

Alliance DAO co-founder QwQiao posted on X to clarify that he is not shorting L1 tokens, but also cannot regard them as "high-quality investments." He stated that L1 tokens are not "bad investments," but given the thousands of available assets, it's easier to find truly superior opportunities with lasting competitive advantages.

QwQiao pointed out that the L1 sector lacks moats and is prone to commoditization, making it difficult to capture meaningful long-term value. He believes betting on the application layer may be a more certain direction, and noted that his current holdings all possess long-term competitive advantages and operate in fields experiencing exponential growth.



Layer1

Couche 1



This latest drop was far more brutal under the hood than the February flush -- even though price is still above the 2025 ATL.

📉 Price broke below every major AVWAP except one
-- The AVWAP from Trump’s election, a level buyers defended for months, finally failed again.
-- The AVWAP from the 2025 ATL also failed to hold as support.

📊 7M BTC now sitting at a loss
That’s 2M more than the 2025 ATL.
The last time this many coins were underwater after an ATH was January 2022.

🐋 New Whales are underwater too
For the first time since April 2022, price closed below the Realized Price of New Whales, a clear sign of capitulation pressure.

⚙️ But one thing did hold:
The AVWAP anchored to the Bitcoin halving caught price again, the same structure that marked the March bottom.

Everything here screams undervaluation. Structurally, this is where long-term DCA strategies thrive, historically the zone where new cycles reload.

📸 OnChain
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BITCOIN JUST ENTERED “MAX VALUE” TERRITORY

Cette dernière chute a été bien plus brutale en profondeur que la purge de février, même si le prix est toujours au-dessus de l'ATL de 2025.

📉 Le prix est passé sous tous les AVWAP majeurs sauf un
-- L'AVWAP de l'élection de Trump, un niveau que les acheteurs ont défendu pendant des mois, a finalement échoué à nouveau.
-- L'AVWAP de l'ATL de 2025 n'a pas non plus réussi à se maintenir comme support.

📊 7M BTC sont maintenant en perte
C'est 2M de plus que l'ATL de 2025.
La dernière fois qu'il y a eu autant de pièces sous l'eau après un ATH, c'était en janvier 2022.

🐋 De nouvelles baleines sont également sous l'eau
Pour la première fois depuis avril 2022, le prix a clôturé en dessous du prix réalisé des nouvelles baleines, un signe clair de pression de capitulation.

⚙️ Mais une chose a tenu bon :
L'AVWAP ancré au halving de Bitcoin a de nouveau rattrapé le prix, la même structure qui a marqué le creux de mars.

Tout ici crie à la sous-évaluation. Structurellement, c'est là que les stratégies de DCA à long terme prospèrent, historiquement la zone où les nouveaux cycles se rechargent.

📸 OnChain
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BITCOIN vient d'entrer dans le territoire de la « valeur maximale »

<div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="80072fe4-ca98-4443-80f5-92f0b87cd579"><div class="bn-block" data-node-type="blockContainer" data-id="80072fe4-ca98-4443-80f5-92f0b87cd579"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"> Trust is essential.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="c2878ffc-8d45-47c9-bcb1-90e93c4c48d1"><div class="bn-block" data-node-type="blockContainer" data-id="c2878ffc-8d45-47c9-bcb1-90e93c4c48d1"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"></p></div></div></div></div>

The Importance of Transparency in Projects

L'importance de la transparence dans les projets

🔸 HMRC introduces a “no gain, no loss” mechanism, meaning activities such as lending tokens, borrowing, or adding tokens to liquidity pools are not taxed immediately, as long as users receive back the same type of asset.
🔸 Capital gains tax only applies when users withdraw from the pool and exchange tokens, based on the difference between the tokens received and the tokens originally deposited.
🔸 Previously, simply depositing tokens into a protocol (whether staking, lending, LP, etc.) could trigger taxation, at rates of 18%–32% depending on the action.
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⚡️ The UK proposes a new tax framework for DeFi, deferring capital gains tax until users actually sell their tokens — a move welcomed by the UK crypto industry.

⚡️ Le Royaume-Uni propose un nouveau cadre fiscal pour la `DeFi`, reportant l'impôt sur les plus-values jusqu'à ce que les utilisateurs vendent réellement leurs tokens — une initiative saluée par l'industrie crypto britannique.

<div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="39acc555-518e-4f63-8c7c-7c843cb7e1cf"><div class="bn-block" data-node-type="blockContainer" data-id="39acc555-518e-4f63-8c7c-7c843cb7e1cf"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"> The future of trading.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="23d72642-e5f3-45c6-98e0-ff9170194e9d"><div class="bn-block" data-node-type="blockContainer" data-id="23d72642-e5f3-45c6-98e0-ff9170194e9d"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"></p></div></div></div></div>

The Role of Decentralized Exchanges

Le rôle des échanges décentralisés

Arbitrage Dominance in Bitcoin Markets: Understanding the 2025 Dislocation Between Buying Pressure and Price Outcomes

Domination de l'arbitrage sur les marchés Bitcoin : comprendre le décalage de 2025 entre la pression d'achat et les résultats en matière de prix

<div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="e47a9252-26c6-46c1-8508-e8209026a207"><div class="bn-block" data-node-type="blockContainer" data-id="e47a9252-26c6-46c1-8508-e8209026a207"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">In the previous update, I marked the $92.6K – $93.6K supply zone as the area to close long positions and BTC is now pressing right into that critical range. This zone can easily trigger a sharp rejection if buyers don’t show real strength, so I’m watching every candle and every push to see whether bulls actually have momentum or are just testing the ceiling.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="9260a244-8f9c-4dd1-927f-769adb3cdde6"><div class="bn-block" data-node-type="blockContainer" data-id="9260a244-8f9c-4dd1-927f-769adb3cdde6"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">If <a target="_blank" rel="noopener noreferrer nofollow" href="https://x.com/hashtag/BTC?src=hashtag_click">#BTC</a> gets rejected here, the nearest demand zone sits at $87K–$86K, where the market could reload before attempting another breakout. But if price can break and sustain above $93.6K, then the path toward $99K–$100K opens up fast.  The keyword remains: break + sustain. Only then does the trend become truly convincing.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="518c41b4-501f-4e3d-bfc7-de682d1bba07"><div class="bn-block" data-node-type="blockContainer" data-id="518c41b4-501f-4e3d-bfc7-de682d1bba07"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"></p></div></div></div></div>

$BTC  Is it finally time to hit the long button? 🚀👀 Let’s break the setup down with a bit more nuance.

$BTC Est-il enfin temps d'appuyer sur le bouton long ? 🚀👀 Décomposons la configuration avec un peu plus de nuances.

<div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="ba4bc43d-2990-416c-98f2-ba6288dc151e"><div class="bn-block" data-node-type="blockContainer" data-id="ba4bc43d-2990-416c-98f2-ba6288dc151e"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">UNI dip tempting, but assess the bar's liquidity. Governance proposals and tokenomics may impact future yields.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="4dfe304d-4725-42bd-b772-446c0d3dc425"><div class="bn-block" data-node-type="blockContainer" data-id="4dfe304d-4725-42bd-b772-446c0d3dc425"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="c5dac209-cf53-4fb3-9f4f-f5e4330fb590"><div class="bn-block" data-node-type="blockContainer" data-id="c5dac209-cf53-4fb3-9f4f-f5e4330fb590"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"></p></div></div></div></div>

UNI bar wait, or ape?

UNI bar wait, ou singe ?

The whale decelerated all over the place when i was trying to buy.  been going on for hours... you are gonna lose it soon


SAFE

Sorry guys, there is clearly an insider that big money too much

Désolé les gars, il y a clairement un initié qui a trop d'argent.
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<div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="aa1277a4-e38a-423c-a98e-10fdf549fa68"><div class="bn-block" data-node-type="blockContainer" data-id="aa1277a4-e38a-423c-a98e-10fdf549fa68"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Stablecoin, đặc biệt là các loại được <strong>pegged với USD</strong>, đóng vai trò quan trọng trong thị trường crypto như <strong>công cụ lưu trữ giá trị, phương tiện giao dịch và thanh khoản tạm thời</strong>. Phân tích <strong>dòng chảy stablecoin</strong> trên các sàn giao dịch, ví tổ chức và hệ sinh thái DeFi cung cấp <strong>tín hiệu sớm về stress thị trường và biến động giá</strong>.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="cae40a9e-fc4b-4d27-b553-262cd6c5b420"><div class="bn-block" data-node-type="blockContainer" data-id="cae40a9e-fc4b-4d27-b553-262cd6c5b420"><div class="bn-block-content" data-content-type="heading"><h3 class="bn-inline-content"><strong>1. Nguyên lý theo dõi dòng stablecoin</strong></h3></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="4e769eb6-1614-41e2-9759-0a2e4e2d2f95"><div class="bn-block" data-node-type="blockContainer" data-id="4e769eb6-1614-41e2-9759-0a2e4e2d2f95"><div class="bn-block-content" data-content-type="numberedListItem" data-index="1"><p class="bn-inline-content"><strong>Dòng vào sàn giao dịch (exchange inflow)</strong></p></div><div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="3db3d524-69b8-491d-a078-ba11f75988fe"><div class="bn-block" data-node-type="blockContainer" data-id="3db3d524-69b8-491d-a078-ba11f75988fe"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Lượng USDT, USDC, BUSD chuyển vào sàn → dự báo <strong>áp lực mua altcoin hoặc BTC tăng</strong>.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="777efaa5-2887-4015-83cb-7e0a874cfdb3"><div class="bn-block" data-node-type="blockContainer" data-id="777efaa5-2887-4015-83cb-7e0a874cfdb3"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Lượng inflow đột biến cũng có thể báo hiệu <strong>nhà đầu tư chuẩn bị tháo chạy</strong> nếu kết hợp với sell pressure.</p></div></div></div></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="4efe520d-44a2-497e-948c-db3828e47f15"><div class="bn-block" data-node-type="blockContainer" data-id="4efe520d-44a2-497e-948c-db3828e47f15"><div class="bn-block-content" data-content-type="numberedListItem" data-index="2"><p class="bn-inline-content"><strong>Dòng ra sàn (exchange outflow)</strong></p></div><div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="0184f2e0-25bb-4fc5-9042-3dbc9f990160"><div class="bn-block" data-node-type="blockContainer" data-id="0184f2e0-25bb-4fc5-9042-3dbc9f990160"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Stablecoin rút khỏi sàn vào ví cá nhân hoặc DeFi → tín hiệu <strong>hạ nhiệt thị trường, giảm thanh khoản</strong>, holder muốn giữ giá trị ngoài sàn.</p></div></div></div></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="5c82364d-dca1-488f-aceb-74d987863ff3"><div class="bn-block" data-node-type="blockContainer" data-id="5c82364d-dca1-488f-aceb-74d987863ff3"><div class="bn-block-content" data-content-type="numberedListItem" data-index="3"><p class="bn-inline-content"><strong>Dòng trong DeFi và liquidity pool</strong></p></div><div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="3c15d043-ab68-4804-99f9-5027e9355c19"><div class="bn-block" data-node-type="blockContainer" data-id="3c15d043-ab68-4804-99f9-5027e9355c19"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Stablecoin lock vào lending/staking → giảm supply sẵn sàng trên thị trường → tăng khả năng <strong>volatility khi thị trường có shock</strong>.</p></div></div></div></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="bdf3fe9a-7c30-41ea-ab48-d8a4d29091c1"><div class="bn-block" data-node-type="blockContainer" data-id="bdf3fe9a-7c30-41ea-ab48-d8a4d29091c1"><div class="bn-block-content" data-content-type="numberedListItem" data-index="4"><p class="bn-inline-content"><strong>Velocity và turnover của stablecoin</strong></p></div><div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="f5405c65-078f-4100-b96b-8aa92b65f969"><div class="bn-block" data-node-type="blockContainer" data-id="f5405c65-078f-4100-b96b-8aa92b65f969"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Dòng stablecoin quay vòng nhanh → thị trường speculative mạnh → biến động cao.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="65f852f7-104c-4c6f-95ce-9eb9a7e2ccc0"><div class="bn-block" data-node-type="blockContainer" data-id="65f852f7-104c-4c6f-95ce-9eb9a7e2ccc0"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Dòng chậm → accumulation phase, thị trường tương đối bình ổn.</p></div></div></div></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="a96c510c-3b62-4251-961d-1de114749fba"><div class="bn-block" data-node-type="blockContainer" data-id="a96c510c-3b62-4251-961d-1de114749fba"><div class="bn-block-content" data-content-type="heading"><h3 class="bn-inline-content"><strong>2. Tín hiệu stress thị trường</strong></h3></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="c1620dae-d2fa-40a1-b7c7-11a4125fb444"><div class="bn-block" data-node-type="blockContainer" data-id="c1620dae-d2fa-40a1-b7c7-11a4125fb444"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content"><strong>Inflow stablecoin cao + altcoin/BTC giảm giá:</strong></p></div><div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="bca4add1-2298-40b5-90cb-8d525fcf9e06"><div class="bn-block" data-node-type="blockContainer" data-id="bca4add1-2298-40b5-90cb-8d525fcf9e06"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Holder chuyển token sang stablecoin → bán mạnh → stress market signal.</p></div></div></div></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="e2cc2f04-bef2-442b-b7a5-15bf38ff5406"><div class="bn-block" data-node-type="blockContainer" data-id="e2cc2f04-bef2-442b-b7a5-15bf38ff5406"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content"><strong>Outflow stablecoin mạnh + thị trường sideways:</strong></p></div><div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="a6f27a55-a28f-45d6-ac09-4d526b7aa063"><div class="bn-block" data-node-type="blockContainer" data-id="a6f27a55-a28f-45d6-ac09-4d526b7aa063"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Nhà đầu tư rút vốn khỏi sàn → liquidity thấp → rủi ro flash crash hoặc biến động đột ngột.</p></div></div></div></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="4d3d7e13-2a58-427d-be39-dcd55758d2e9"><div class="bn-block" data-node-type="blockContainer" data-id="4d3d7e13-2a58-427d-be39-dcd55758d2e9"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content"><strong>Shift từ algorithmic stablecoin sang fiat-backed:</strong></p></div><div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="471ade66-d394-426e-819f-3d1d13363fa8"><div class="bn-block" data-node-type="blockContainer" data-id="471ade66-d394-426e-819f-3d1d13363fa8"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Tín hiệu mất niềm tin vào stablecoin thuật toán → panic sell → thị trường chịu stress.</p></div></div></div></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="0317f98c-f02b-41af-aaac-795a6589706a"><div class="bn-block" data-node-type="blockContainer" data-id="0317f98c-f02b-41af-aaac-795a6589706a"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content"><strong>Tăng velocity stablecoin:</strong></p></div><div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="f35c289e-c6c3-4712-8e03-1d2289e30ab1"><div class="bn-block" data-node-type="blockContainer" data-id="f35c289e-c6c3-4712-8e03-1d2289e30ab1"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Giao dịch nhiều nhưng không lock vào staking hoặc LP → speculative activity tăng → dễ dẫn đến <strong>short-term volatility cao</strong>.</p></div></div></div></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="66ecab3b-4071-4b83-a450-17c37dc488c6"><div class="bn-block" data-node-type="blockContainer" data-id="66ecab3b-4071-4b83-a450-17c37dc488c6"><div class="bn-block-content" data-content-type="heading"><h3 class="bn-inline-content"><strong>3. Ứng dụng phân tích dòng stablecoin</strong></h3></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="73bb3dfc-2e79-47d2-85e0-86a2fdbb0366"><div class="bn-block" data-node-type="blockContainer" data-id="73bb3dfc-2e79-47d2-85e0-86a2fdbb0366"><div class="bn-block-content" data-content-type="numberedListItem" data-index="1"><p class="bn-inline-content"><strong>Dự báo biến động giá ngắn hạn</strong></p></div><div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="f8f86931-2523-4708-b370-4dfed12a0674"><div class="bn-block" data-node-type="blockContainer" data-id="f8f86931-2523-4708-b370-4dfed12a0674"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Tracking inflow/outflow trên các sàn lớn → xác định vùng <strong>stress hoặc accumulation</strong>.</p></div></div></div></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="f2ed2f09-2095-4e29-b482-ff7ccfc1c3ce"><div class="bn-block" data-node-type="blockContainer" data-id="f2ed2f09-2095-4e29-b482-ff7ccfc1c3ce"><div class="bn-block-content" data-content-type="numberedListItem" data-index="2"><p class="bn-inline-content"><strong>Quản lý thanh khoản và risk</strong></p></div><div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="54822d25-f8c4-4b15-8bc3-7386a3476700"><div class="bn-block" data-node-type="blockContainer" data-id="54822d25-f8c4-4b15-8bc3-7386a3476700"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Quỹ đầu tư và dự án có thể điều chỉnh <strong>LP, staking reward, treasury</strong> để giảm rủi ro biến động.</p></div></div></div></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="95f26be5-f6e4-4d11-9a81-d3e0d45f7253"><div class="bn-block" data-node-type="blockContainer" data-id="95f26be5-f6e4-4d11-9a81-d3e0d45f7253"><div class="bn-block-content" data-content-type="numberedListItem" data-index="3"><p class="bn-inline-content"><strong>Kết hợp với on-chain metrics khác</strong></p></div><div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="764d9040-1ca2-41a6-9d8a-ba0acfa031ad"><div class="bn-block" data-node-type="blockContainer" data-id="764d9040-1ca2-41a6-9d8a-ba0acfa031ad"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Funding rate, Token Age Consumed, velocity của altcoin → phân tích đồng bộ → dự báo <strong>short-term stress chính xác hơn</strong>.</p></div></div></div></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="5f23f55e-ce4c-432e-8373-0429c741fbf4"><div class="bn-block" data-node-type="blockContainer" data-id="5f23f55e-ce4c-432e-8373-0429c741fbf4"><div class="bn-block-content" data-content-type="heading"><h3 class="bn-inline-content"><strong>4. Ví dụ thực tế</strong></h3></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="3397830b-2431-4a8a-83a7-3908319ce37b"><div class="bn-block" data-node-type="blockContainer" data-id="3397830b-2431-4a8a-83a7-3908319ce37b"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Tháng 3/2020, USDT inflow đột biến vào sàn Binance và Huobi → đồng thời BTC giảm mạnh → báo hiệu <strong>stress thị trường</strong>.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="c2617d87-24bf-459a-ac09-684671a8a7c3"><div class="bn-block" data-node-type="blockContainer" data-id="c2617d87-24bf-459a-ac09-684671a8a7c3"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Trong bull run 2021, stablecoin lock vào DeFi tăng → giảm velocity → giảm short-term volatility → trend bền hơn.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="c17dec45-d03d-4602-987d-e1b859d9bba2"><div class="bn-block" data-node-type="blockContainer" data-id="c17dec45-d03d-4602-987d-e1b859d9bba2"><div class="bn-block-content" data-content-type="heading"><h3 class="bn-inline-content"><strong>5. Kết luận</strong></h3></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="936f00b9-b16e-4b00-a81e-c0e7b48631c2"><div class="bn-block" data-node-type="blockContainer" data-id="936f00b9-b16e-4b00-a81e-c0e7b48631c2"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Dòng stablecoin là <strong>chỉ số thanh khoản và tâm lý thị trường</strong> cực kỳ hữu ích để dự báo stress. Phân tích on-chain và cross-chain cho thấy:</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="fda71136-6f26-48e5-870c-aad957e05f25"><div class="bn-block" data-node-type="blockContainer" data-id="fda71136-6f26-48e5-870c-aad957e05f25"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Inflow stablecoin lớn → khả năng bán ra, thị trường stress.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="485e4b30-ff94-41c1-b42e-08e3dedd074e"><div class="bn-block" data-node-type="blockContainer" data-id="485e4b30-ff94-41c1-b42e-08e3dedd074e"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Outflow stablecoin lớn → thanh khoản giảm, giá dễ biến động mạnh.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="189c3a15-2f8c-47fb-967c-3590fab1427a"><div class="bn-block" data-node-type="blockContainer" data-id="189c3a15-2f8c-47fb-967c-3590fab1427a"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Velocity và phân phối stablecoin giữa sàn, DeFi, và ví cá nhân → đo lường sức khỏe thị trường.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="a63f8bb3-17d8-4f44-9520-f4bb502699c1"><div class="bn-block" data-node-type="blockContainer" data-id="a63f8bb3-17d8-4f44-9520-f4bb502699c1"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Kết hợp <strong>dòng stablecoin với các on-chain metrics khác</strong> giúp nhà đầu tư, quỹ và dự án crypto dự báo <strong>nguy cơ biến động, quản lý rủi ro và hoạch định chiến lược hiệu quả</strong> trong môi trường thị trường phức tạp.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="58a9e1b9-ff02-4ac8-bdd2-70d2a3241c29"><div class="bn-block" data-node-type="blockContainer" data-id="58a9e1b9-ff02-4ac8-bdd2-70d2a3241c29"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"></p></div></div></div></div>

Phân tích dòng stablecoin để dự báo stress thị trường

Analyse des flux de stablecoins pour prévoir le stress du marché

<div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="7fdfae57-99a3-41d5-bd12-c593ae44a142"><div class="bn-block" data-node-type="blockContainer" data-id="7fdfae57-99a3-41d5-bd12-c593ae44a142"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"> Don’t put all your eggs in one basket.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="426293df-6cff-4aad-a29c-b38e266bf7e2"><div class="bn-block" data-node-type="blockContainer" data-id="426293df-6cff-4aad-a29c-b38e266bf7e2"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"></p></div></div></div></div>

The Importance of Diversification

L&#39;importance de la diversification

<div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="794b0637-2ecb-4fff-9ef5-ec73392c8b35"><div class="bn-block" data-node-type="blockContainer" data-id="794b0637-2ecb-4fff-9ef5-ec73392c8b35"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"> Shaping public perception.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="7bec873c-4888-4962-a048-fb35918bbefb"><div class="bn-block" data-node-type="blockContainer" data-id="7bec873c-4888-4962-a048-fb35918bbefb"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"></p></div></div></div></div>

The Role of Influencers in Crypto

Le rôle des influenceurs dans les cryptomonnaies

<div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="054b6239-9a0f-4e13-92c5-e56050b1ff34"><div class="bn-block" data-node-type="blockContainer" data-id="054b6239-9a0f-4e13-92c5-e56050b1ff34"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"> Every correction brings new opportunities.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="9638458a-e391-4a2c-83c0-44461b590b93"><div class="bn-block" data-node-type="blockContainer" data-id="9638458a-e391-4a2c-83c0-44461b590b93"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"></p></div></div></div></div>

Market Insights

Aperçu du marché

I may be down in the red at the moment but i'm still here.  what about y'all?   let's go up!!! uwah!!!!

things can only get better!!!! 

up and away, pippin!!!


PIPPIN

PIPPIN HODL !!!

<div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="f425f2c4-1480-47e9-8b18-2a65f71a9aa1"><div class="bn-block" data-node-type="blockContainer" data-id="f425f2c4-1480-47e9-8b18-2a65f71a9aa1"><div class="bn-block-content" data-content-type="heading"><h3 class="bn-inline-content">📈 当前市场态势分析</h3></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="fd790407-cbfe-448a-b41c-eec81e3f23b2"><div class="bn-block" data-node-type="blockContainer" data-id="fd790407-cbfe-448a-b41c-eec81e3f23b2"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">基于 SoSoValue 提供的最新新闻和见解，市场对于2025年牛市是否结束存在明显分歧。一方面，有分析师在11月底指出“山寨季不会到来”，并提示牛市可能接近尾声；另一方面，更多声音认为牛市周期尚未结束，例如投资机构Bernstein在8月曾表示“比特币牛市不会在2025年结束”。同时，进入11月以来，多次出现“山寨季重回火熱？”、“分析师信号暗示看跌周期结束！”等乐观标题，表明市场情绪正在波动中寻找方向。</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="ff81512e-a184-4d76-b4e5-52b13efc8af7"><div class="bn-block" data-node-type="blockContainer" data-id="ff81512e-a184-4d76-b4e5-52b13efc8af7"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">从 SoSoValue 提供的全面市场数据来看，部分山寨币近期表现极为强劲。在截至11月29日的24小时内，多个山寨币录得大幅上涨，例如 MovieBloc (MBL) 上涨62.92%，Lisk (LSK) 上涨36.93%。这种广泛的山寨币普涨现象，通常是市场资金从比特币向外扩散的信号，可能预示着山寨季的早期阶段正在酝酿。</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="707ba5ee-214b-475f-8995-bedf2689750d"><div class="bn-block" data-node-type="blockContainer" data-id="707ba5ee-214b-475f-8995-bedf2689750d"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Altcoin Market Cap &amp; Volume</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="5c80be62-3bf2-4f62-9c4a-d6d543f92033"><div class="bn-block" data-node-type="blockContainer" data-id="5c80be62-3bf2-4f62-9c4a-d6d543f92033"><div class="bn-block-content" data-content-type="heading"><h3 class="bn-inline-content">🤔 2025年牛市结束了吗？</h3></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="bb663cb9-21b5-42aa-904a-f331b396c5b2"><div class="bn-block" data-node-type="blockContainer" data-id="bb663cb9-21b5-42aa-904a-f331b396c5b2"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">综合来看，<strong>目前并不能断定2025年牛市已经结束</strong>。新闻分析显示，尽管市场在年底前出现波动和调整，但许多观点认为牛市周期仍有延续的空间。关键指标，如比特币 dominance（ dominance）的走势，仍是观察重点。有分析指出，若比特币 dominance 见顶回落，资金将更可能流向山寨币市场。</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="1bb460c3-c751-440e-9e81-317a2971cbcd"><div class="bn-block" data-node-type="blockContainer" data-id="1bb460c3-c751-440e-9e81-317a2971cbcd"><div class="bn-block-content" data-content-type="heading"><h3 class="bn-inline-content">⏰ 山寨季何时爆发？</h3></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="b493ab45-095f-4150-bfa7-3dc59dfed863"><div class="bn-block" data-node-type="blockContainer" data-id="b493ab45-095f-4150-bfa7-3dc59dfed863"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">关于山寨季的爆发时间，市场预期多集中在<strong>2025年第四季度末至2026年初</strong>。新闻分析中多次提到11月、12月是关键观察窗口，甚至有观点（如Bitwise高管）认为2026年才是加密市场的“真正牛市年”。当前部分山寨币的强劲表现和看涨的期权活动都支持这一预期，但最终爆发仍需观察比特币走势和市场整体情绪的变化。</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="711538be-6e07-4675-824e-d798fec89eb7"><div class="bn-block" data-node-type="blockContainer" data-id="711538be-6e07-4675-824e-d798fec89eb7"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>总结</strong>：基于当前信息，2025年牛市尚未被确认结束，而山寨季的爆发可能已处于倒计时阶段，未来1-2个月是至关重要的时期。投资者应密切关注市场动态和资金流向。</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="eda6e653-e74e-49e0-b8d6-7ec2ab5eebd6"><div class="bn-block" data-node-type="blockContainer" data-id="eda6e653-e74e-49e0-b8d6-7ec2ab5eebd6"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"></p></div></div></div></div>

2025年牛市结束了吗，山寨季何时爆发？

Le marché haussier de 2025 est-il terminé, quand la saison des altcoins va-t-elle éclater ?

Arbitrage Dominance in Bitcoin Markets: Understanding the 2025 Dislocation Between Buying Pressure and Price Outcomes
Explore more key information on SoSoValue:

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Arbitrage Dominance in Bitcoin Markets: Understanding the 2025 Dislocation Between Buying Pressure and Price Outcomes
Explore more key information on SoSoValue:

Domination de l'arbitrage sur les marchés Bitcoin : comprendre le décalage de 2025 entre la pression d'achat et les résultats de prix
Explorez plus d'informations clés sur SoSoValue :

<div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="826c623d-dcb0-4ade-8e69-3862da5e05e5"><div class="bn-block" data-node-type="blockContainer" data-id="826c623d-dcb0-4ade-8e69-3862da5e05e5"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Staking là cơ chế trọng tâm trong các blockchain PoS (Proof-of-Stake), không chỉ cung cấp bảo mật cho mạng lưới mà còn tạo ra <strong>động lực kinh tế cho validator và delegator</strong>. Hiểu cơ chế này dưới lăng kính <strong>lý thuyết trò chơi và chiến lược Nash</strong> giúp phân tích hành vi tối ưu của các participant, rủi ro chiến lược và cân bằng bền vững của mạng lưới.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="1af10620-4cec-4b33-99e0-03c52879a7ab"><div class="bn-block" data-node-type="blockContainer" data-id="1af10620-4cec-4b33-99e0-03c52879a7ab"><div class="bn-block-content" data-content-type="heading"><h3 class="bn-inline-content"><strong>1. Staking như một trò chơi chiến lược</strong></h3></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="724b5b57-d7f5-4d95-8822-63304a45d918"><div class="bn-block" data-node-type="blockContainer" data-id="724b5b57-d7f5-4d95-8822-63304a45d918"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Trong cơ chế staking:</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="049a6c6b-71bc-467b-9fa0-ef096c55844c"><div class="bn-block" data-node-type="blockContainer" data-id="049a6c6b-71bc-467b-9fa0-ef096c55844c"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content"><strong>Người chơi:</strong> validator, delegator, attacker.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="15436342-f68e-4458-a816-c26ed82bcf4e"><div class="bn-block" data-node-type="blockContainer" data-id="15436342-f68e-4458-a816-c26ed82bcf4e"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content"><strong>Hành động:</strong> stake nhiều hay ít token, tham gia xác thực, rút sớm, cố tình tấn công (double-signing), hoặc giữ stake.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="eb30ccda-d0b3-4393-9874-9ff7fb0bcf19"><div class="bn-block" data-node-type="blockContainer" data-id="eb30ccda-d0b3-4393-9874-9ff7fb0bcf19"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content"><strong>Phần thưởng / rủi ro:</strong> reward theo phần trăm stake, nguy cơ slashing nếu vi phạm quy tắc.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="6aa1a5f1-4738-4b94-b23b-3ad4bc7ea393"><div class="bn-block" data-node-type="blockContainer" data-id="6aa1a5f1-4738-4b94-b23b-3ad4bc7ea393"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Tổng thể tạo nên <strong>trò chơi nhiều người chơi phi hợp tác</strong>, nơi mỗi hành vi ảnh hưởng đến lợi ích của người khác và đến bảo mật toàn mạng.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="a9ca9cd5-2bf2-4dc6-9f81-0389fcbcf543"><div class="bn-block" data-node-type="blockContainer" data-id="a9ca9cd5-2bf2-4dc6-9f81-0389fcbcf543"><div class="bn-block-content" data-content-type="heading"><h3 class="bn-inline-content"><strong>2. Chiến lược Nash trong staking</strong></h3></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="d3052801-86c5-4d7c-b6be-966136a1f103"><div class="bn-block" data-node-type="blockContainer" data-id="d3052801-86c5-4d7c-b6be-966136a1f103"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"><strong>Chiến lược Nash</strong> là tình huống mà <strong>không người chơi nào có động cơ thay đổi chiến lược đơn phương</strong>, vì làm vậy không mang lại lợi ích cao hơn. Áp dụng vào staking:</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="36c8f7c9-66fe-4283-9188-6ec37f15eef4"><div class="bn-block" data-node-type="blockContainer" data-id="36c8f7c9-66fe-4283-9188-6ec37f15eef4"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Validator tối ưu hóa <strong>staking amount</strong> để tối đa reward, đồng thời tránh rủi ro slashing.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="07dcec21-727b-472e-833b-df181f0abbda"><div class="bn-block" data-node-type="blockContainer" data-id="07dcec21-727b-472e-833b-df181f0abbda"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Khi tất cả validator hành xử theo chiến lược Nash:</p></div><div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="8e6590c7-9e32-4647-935a-59f1f223dba8"><div class="bn-block" data-node-type="blockContainer" data-id="8e6590c7-9e32-4647-935a-59f1f223dba8"><div class="bn-block-content" data-content-type="numberedListItem" data-index="1"><p class="bn-inline-content"><strong>Stake đủ để tối đa bảo mật mạng mà vẫn tối ưu ROI.</strong></p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="75e25167-ffd5-4edd-835b-29330b209775"><div class="bn-block" data-node-type="blockContainer" data-id="75e25167-ffd5-4edd-835b-29330b209775"><div class="bn-block-content" data-content-type="numberedListItem" data-index="2"><p class="bn-inline-content"><strong>Không ai cố gắng cheat</strong>, vì slashing penalty &gt; lợi ích ngắn hạn.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="655b6aec-910b-41b4-891c-2e16ba5327e5"><div class="bn-block" data-node-type="blockContainer" data-id="655b6aec-910b-41b4-891c-2e16ba5327e5"><div class="bn-block-content" data-content-type="numberedListItem" data-index="3"><p class="bn-inline-content"><strong>Cân bằng giữa tập trung – phi tập trung</strong>, tránh quá nhiều hoặc quá ít token bị stake.</p></div></div></div></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="ab7a30cc-ca62-4fd2-a4ba-bfcbc8813034"><div class="bn-block" data-node-type="blockContainer" data-id="ab7a30cc-ca62-4fd2-a4ba-bfcbc8813034"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Ví dụ, nếu validator A giảm stake để tăng lợi nhuận ngắn hạn, mạng yếu → risk attack tăng → validator A có thể bị tổn thất khi network điều chỉnh reward hoặc bị slashing. Chiến lược Nash là <strong>tất cả giữ stake hợp lý để reward ổn định và rủi ro tối thiểu</strong>.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="b42546bf-5d5e-45b3-90c8-6a90c3548ea7"><div class="bn-block" data-node-type="blockContainer" data-id="b42546bf-5d5e-45b3-90c8-6a90c3548ea7"><div class="bn-block-content" data-content-type="heading"><h3 class="bn-inline-content"><strong>3. Incentive alignment và stability</strong></h3></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="2822b111-0be9-4357-8ae1-21886cbb7ca0"><div class="bn-block" data-node-type="blockContainer" data-id="2822b111-0be9-4357-8ae1-21886cbb7ca0"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Mục tiêu của cơ chế staking là:</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="f36aff12-ca6d-4c7b-9f18-f43660cc3ccf"><div class="bn-block" data-node-type="blockContainer" data-id="f36aff12-ca6d-4c7b-9f18-f43660cc3ccf"><div class="bn-block-content" data-content-type="numberedListItem" data-index="1"><p class="bn-inline-content"><strong>Khuyến khích hành vi tốt (honest behavior)</strong></p></div><div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="dd0c8c0e-c99e-4b8d-9e9d-1e8cec9da057"><div class="bn-block" data-node-type="blockContainer" data-id="dd0c8c0e-c99e-4b8d-9e9d-1e8cec9da057"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Reward + slashing tạo payoff mà chiến lược Nash tương ứng với hành vi trung thực.</p></div></div></div></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="89824040-6341-4e85-b094-f8876cd6fb5e"><div class="bn-block" data-node-type="blockContainer" data-id="89824040-6341-4e85-b094-f8876cd6fb5e"><div class="bn-block-content" data-content-type="numberedListItem" data-index="2"><p class="bn-inline-content"><strong>Giữ cân bằng mạng lưới</strong></p></div><div class="bn-block-group" data-node-type="blockGroup"><div class="bn-block-outer" data-node-type="blockOuter" data-id="179bd7c9-febc-4770-b3d6-37921cdf713d"><div class="bn-block" data-node-type="blockContainer" data-id="179bd7c9-febc-4770-b3d6-37921cdf713d"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Nếu phần thưởng quá cao → validator stake quá mức → lạm phát token → rủi ro giá.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="8f4fc735-0f25-4049-b3b4-5db4f7e7c308"><div class="bn-block" data-node-type="blockContainer" data-id="8f4fc735-0f25-4049-b3b4-5db4f7e7c308"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Nếu reward quá thấp → validator rút → bảo mật giảm.</p></div></div></div></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="75235aff-5eff-4c7d-bafe-18dd9d3ccc06"><div class="bn-block" data-node-type="blockContainer" data-id="75235aff-5eff-4c7d-bafe-18dd9d3ccc06"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Vậy thiết kế staking cần tạo <strong>equilibrium payoff</strong>, nơi honest strategy là Nash equilibrium.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="86aec733-fbd9-44f2-acc4-604d35ce2488"><div class="bn-block" data-node-type="blockContainer" data-id="86aec733-fbd9-44f2-acc4-604d35ce2488"><div class="bn-block-content" data-content-type="heading"><h3 class="bn-inline-content"><strong>4. Rủi ro chiến lược</strong></h3></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="b62b3121-2c37-4800-9d7e-c14f7f864b7e"><div class="bn-block" data-node-type="blockContainer" data-id="b62b3121-2c37-4800-9d7e-c14f7f864b7e"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content"><strong>Free-riding:</strong> validator nhỏ không stake nhiều nhưng lợi dụng security từ stake của người khác.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="f230d24e-687b-4488-b65c-1f619ff1141f"><div class="bn-block" data-node-type="blockContainer" data-id="f230d24e-687b-4488-b65c-1f619ff1141f"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content"><strong>Coordination failure:</strong> nếu nhiều validator rút stake cùng lúc → mạng mất cân bằng → Nash equilibrium phá vỡ tạm thời.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="477db4ba-0c03-4c7c-8cf6-69fadb1f0dfb"><div class="bn-block" data-node-type="blockContainer" data-id="477db4ba-0c03-4c7c-8cf6-69fadb1f0dfb"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content"><strong>Attack incentive:</strong> attacker cân nhắc payoff từ tấn công so với penalty → nếu thiết kế không hợp lý, tấn công trở thành chiến lược Nash.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="1e2f33fb-02db-447a-98de-1fe7425d2c0a"><div class="bn-block" data-node-type="blockContainer" data-id="1e2f33fb-02db-447a-98de-1fe7425d2c0a"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Như vậy, staking mechanism phải <strong>đảm bảo honest strategy &gt; attack hoặc rút sớm</strong>, để mạng duy trì ổn định.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="bef916d7-b0f5-4c26-85e5-03171bac6aa5"><div class="bn-block" data-node-type="blockContainer" data-id="bef916d7-b0f5-4c26-85e5-03171bac6aa5"><div class="bn-block-content" data-content-type="heading"><h3 class="bn-inline-content"><strong>5. Tích hợp Nash analysis vào thiết kế staking</strong></h3></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="68339533-2683-48cf-9c2f-95883af8d99a"><div class="bn-block" data-node-type="blockContainer" data-id="68339533-2683-48cf-9c2f-95883af8d99a"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Các yếu tố cần cân nhắc:</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="58816b66-c092-438c-9c44-52f9ea0b57fd"><div class="bn-block" data-node-type="blockContainer" data-id="58816b66-c092-438c-9c44-52f9ea0b57fd"><div class="bn-block-content" data-content-type="numberedListItem" data-index="1"><p class="bn-inline-content"><strong>Reward function:</strong> tuyến tính hay logarithmic theo stake.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="f6c452ee-169b-480d-aeb1-290ba1fea5d6"><div class="bn-block" data-node-type="blockContainer" data-id="f6c452ee-169b-480d-aeb1-290ba1fea5d6"><div class="bn-block-content" data-content-type="numberedListItem" data-index="2"><p class="bn-inline-content"><strong>Slashing penalty:</strong> đủ mạnh để disincentivize hành vi xấu.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="ca78eb94-875a-4d7f-bf75-13c97c922f31"><div class="bn-block" data-node-type="blockContainer" data-id="ca78eb94-875a-4d7f-bf75-13c97c922f31"><div class="bn-block-content" data-content-type="numberedListItem" data-index="3"><p class="bn-inline-content"><strong>Dynamic adjustment:</strong> reward và penalty điều chỉnh theo tổng stake, bảo mật mạng và hành vi thị trường.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="d03dda7b-824e-429c-9eae-46fd10d353e9"><div class="bn-block" data-node-type="blockContainer" data-id="d03dda7b-824e-429c-9eae-46fd10d353e9"><div class="bn-block-content" data-content-type="numberedListItem" data-index="4"><p class="bn-inline-content"><strong>Delegation dynamics:</strong> khi delegator chọn validator, Nash equilibrium hình thành dựa trên ROI kỳ vọng và rủi ro.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="adbd574d-3907-4946-a10a-f80e32338adb"><div class="bn-block" data-node-type="blockContainer" data-id="adbd574d-3907-4946-a10a-f80e32338adb"><div class="bn-block-content" data-content-type="heading"><h3 class="bn-inline-content"><strong>6. Kết luận</strong></h3></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="3790eeb8-8a7f-43f3-8933-3a0467bfa511"><div class="bn-block" data-node-type="blockContainer" data-id="3790eeb8-8a7f-43f3-8933-3a0467bfa511"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Xem staking dưới góc độ chiến lược Nash giúp:</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="a3d2a263-cee8-4970-a289-ed3a9552a2e6"><div class="bn-block" data-node-type="blockContainer" data-id="a3d2a263-cee8-4970-a289-ed3a9552a2e6"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Phân tích <strong>hành vi tối ưu của validator và delegator</strong>.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="80ff9397-eb29-41e3-b9da-18fe1b702718"><div class="bn-block" data-node-type="blockContainer" data-id="80ff9397-eb29-41e3-b9da-18fe1b702718"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Thiết kế <strong>reward &amp; penalty</strong> để honest behavior trở thành Nash equilibrium.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="743cf3f0-8a24-421c-a8b0-c04117e7e2af"><div class="bn-block" data-node-type="blockContainer" data-id="743cf3f0-8a24-421c-a8b0-c04117e7e2af"><div class="bn-block-content" data-content-type="bulletListItem"><p class="bn-inline-content">Dự đoán <strong>tính ổn định và bền vững của mạng lưới</strong> khi stake tăng hoặc giảm.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="301e693f-1b33-4d42-b403-04c7c0e65b62"><div class="bn-block" data-node-type="blockContainer" data-id="301e693f-1b33-4d42-b403-04c7c0e65b62"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content">Nhìn chung, cơ chế staking hiệu quả không chỉ là phần thưởng kinh tế, mà là <strong>cân bằng chiến lược, nơi hành vi trung thực đồng thời là chiến lược tối ưu cho tất cả participant</strong>. Đây chính là nền tảng để bảo mật mạng PoS vận hành lâu dài và ổn định.</p></div></div></div><div class="bn-block-outer" data-node-type="blockOuter" data-id="94cb87f0-aa89-4969-8281-1611dfcdebce"><div class="bn-block" data-node-type="blockContainer" data-id="94cb87f0-aa89-4969-8281-1611dfcdebce"><div class="bn-block-content" data-content-type="paragraph"><p class="bn-inline-content"></p></div></div></div></div>

Nghiên cứu cơ chế động lực staking dưới góc nhìn chiến lược Nash

Étude du mécanisme de dynamique de staking sous l'angle stratégique de Nash

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The Future of Airdrops

L'avenir des Airdrops