小企鵝阿批 Penchan
Sui & Walrus 中文區大使 - 資深水家人 | DA Capital | 2017 以太坊老礦工 | 過去：MaiCoin 台灣最大交易所，計算機工程@政治大學，工程@清華大學
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🐂 2025 Bull Market Long Cycle DCA Position Review
In celebration of my birthday, little penguin's original plan was:
Start 12 months of regular investment in 2023 and sell in 2025.
The following results are indicated by average price.
$BTC 29,036 → Switch to public chain
$ETH 1,830 → Switch to public chain
$SOL Heavy position 22 → 196 (8.9x)
$BNB 237 → 1040 (4.3x)
$DOGE 0.07 → 0.217 (3.1x)
$SUI Pre-sale 0.1 Heavy position 1 → 2.07 (2.0x)
$TON 3 → 3 (0x)
——
1. Core Concept: Cycle
2. Strategy: Binance hourly regular investment + wealth management, combined with various mining during the bull market: DeFi on Sui/Solana/Ton and BNB gold shovel. Sell based on daily RSI in the bull market.
3. Switching mainstream coins among other alts: ARB OP MATIC AAVE PYTH OKB BLUR ORDI. The reason for switching is to increase certainty and changes in narrative, etc.
4. Still have SUI SOL staked nodes and LST.
5. Thoughts:
- Holding BTC has high stability and good multiples.
- It's hard to judge whether mainstream will take off, consider diversifying investments.
- Major narrative changes will always happen, always pay attention and maintain flexibility appropriately.
- Follow the strategy, don't fall in love with coins, go fall in love with your girlfriend!
In celebration of my birthday, little penguin's original plan was:
Start 12 months of regular investment in 2023 and sell in 2025.
The following results are indicated by average price.
$BTC 29,036 → Switch to public chain
$ETH 1,830 → Switch to public chain
$SOL Heavy position 22 → 196 (8.9x)
$BNB 237 → 1040 (4.3x)
$DOGE 0.07 → 0.217 (3.1x)
$SUI Pre-sale 0.1 Heavy position 1 → 2.07 (2.0x)
$TON 3 → 3 (0x)
——
1. Core Concept: Cycle
2. Strategy: Binance hourly regular investment + wealth management, combined with various mining during the bull market: DeFi on Sui/Solana/Ton and BNB gold shovel. Sell based on daily RSI in the bull market.
3. Switching mainstream coins among other alts: ARB OP MATIC AAVE PYTH OKB BLUR ORDI. The reason for switching is to increase certainty and changes in narrative, etc.
4. Still have SUI SOL staked nodes and LST.
5. Thoughts:
- Holding BTC has high stability and good multiples.
- It's hard to judge whether mainstream will take off, consider diversifying investments.
- Major narrative changes will always happen, always pay attention and maintain flexibility appropriately.
- Follow the strategy, don't fall in love with coins, go fall in love with your girlfriend!
Little Penguin Notes | Good infrastructure should feel frictionless
In the second half of 2025, Cetus has put in a lot of effort in terms of experience:
- Merge Swap allows multiple tokens to be exchanged for a single asset at once
- LP positions can be directly rebalanced, reinvested, and merged within the interface
- DeepBook trading UI is smoother, making pool discovery easier
- Liquidity visualization and price reference tools have also been upgraded
Looking at their report on iteration cadence, I see that during Q3 and Q4, there were 130 working days in total, and Cetus had updates on 107 of those days, resulting in a total of 256 optimizations 😂
In terms of security, the long-term bug bounty program continues to operate, with audit partners including Asymptotic, Certik, MoveBit, Ottersec, etc., as well as Blockaid's real-time threat detection, Shield3's desktop drills, and ChainPatrol's anti-fraud collaboration
Ensuring that Cetus users can use the platform with peace of mind 🔒
In the second half of 2025, Cetus has put in a lot of effort in terms of experience:
- Merge Swap allows multiple tokens to be exchanged for a single asset at once
- LP positions can be directly rebalanced, reinvested, and merged within the interface
- DeepBook trading UI is smoother, making pool discovery easier
- Liquidity visualization and price reference tools have also been upgraded
Looking at their report on iteration cadence, I see that during Q3 and Q4, there were 130 working days in total, and Cetus had updates on 107 of those days, resulting in a total of 256 optimizations 😂
In terms of security, the long-term bug bounty program continues to operate, with audit partners including Asymptotic, Certik, MoveBit, Ottersec, etc., as well as Blockaid's real-time threat detection, Shield3's desktop drills, and ChainPatrol's anti-fraud collaboration
Ensuring that Cetus users can use the platform with peace of mind 🔒
Little Penguin Notes | Ecology and Community: Let's take a look at Cetus's key achievements in 2025
Business cooperation continues to expand:
- Cross-chain has completed a two-way integration with @mayan
- Wallet access has become broader through @WalletConnect
- Aggregated routing has also expanded support for #DLMM @ferra_protocol @Magma_Finance @FullSailFi, etc.
- Ecological integration has added projects like @NoodlesFi @Lotusfinance_io @PawtatoFinance @RaidenxOfficial @Official_NODO, etc.
In terms of community, Cetus launched Cetus Box, a community toolbox for traders, LPs, and builders
Along with the Cetus 100x Challenge and offline events during KBW and WebX
The goal is to cultivate an active and creative DeFi user base
Many foundations and transformations for 2025 have already been laid
As the 2026 Sui ecosystem continues to advance
I believe every new brick will stack towards the next breakthrough 🧱🧱
Looking forward to more good news from Cetus this year!
Business cooperation continues to expand:
- Cross-chain has completed a two-way integration with @mayan
- Wallet access has become broader through @WalletConnect
- Aggregated routing has also expanded support for #DLMM @ferra_protocol @Magma_Finance @FullSailFi, etc.
- Ecological integration has added projects like @NoodlesFi @Lotusfinance_io @PawtatoFinance @RaidenxOfficial @Official_NODO, etc.
In terms of community, Cetus launched Cetus Box, a community toolbox for traders, LPs, and builders
Along with the Cetus 100x Challenge and offline events during KBW and WebX
The goal is to cultivate an active and creative DeFi user base
Many foundations and transformations for 2025 have already been laid
As the 2026 Sui ecosystem continues to advance
I believe every new brick will stack towards the next breakthrough 🧱🧱
Looking forward to more good news from Cetus this year!
. @Dusk The Balance of Privacy and Compliance
The on-chain financial assets face a contradiction: institutions need privacy protection strategies, while regulations require auditability.
Dusk Network achieves "Privacy by Default, Compliance Optional" through zero-knowledge proofs. Transactions are private by default, but issuers can disclose specific account information to regulatory authorities when necessary.
It offers two trading models: Phoenix is responsible for private transactions, and Moonlight connects to exchanges. Users can switch freely, satisfying privacy needs while not being excluded by mainstream finance.
The mainnet has just launched, and institutional adoption along with regulatory details remains the biggest uncertainty.
$DUSK #dusk
The on-chain financial assets face a contradiction: institutions need privacy protection strategies, while regulations require auditability.
Dusk Network achieves "Privacy by Default, Compliance Optional" through zero-knowledge proofs. Transactions are private by default, but issuers can disclose specific account information to regulatory authorities when necessary.
It offers two trading models: Phoenix is responsible for private transactions, and Moonlight connects to exchanges. Users can switch freely, satisfying privacy needs while not being excluded by mainstream finance.
The mainnet has just launched, and institutional adoption along with regulatory details remains the biggest uncertainty.
$DUSK #dusk
Little Penguin Notes | HMM (Haedal Market Maker) is @Haedal🦦 , an engine that converts trading flow into profit
In just 2025, it handled a trading volume of 1.5 billion USD, generating approximately 850,000 USD in profit, all based on real trading flow, not supported by subsidies
The system operates through oracle pricing and dynamic balancing, and has since upgraded to an adaptive fee model to respond to market changes
These profits are directly returned to haSUI holders and the $HAEDAL ecosystem, making 'trading is mining' a sustainable cycle.
In just 2025, it handled a trading volume of 1.5 billion USD, generating approximately 850,000 USD in profit, all based on real trading flow, not supported by subsidies
The system operates through oracle pricing and dynamic balancing, and has since upgraded to an adaptive fee model to respond to market changes
These profits are directly returned to haSUI holders and the $HAEDAL ecosystem, making 'trading is mining' a sustainable cycle.
. @Plasma This blockchain is built for stablecoin settlement L1
Achieving second-level finality through PlasmaBFT, Reth execution layer is fully EVM compatible, and protocol-level Paymaster provides free USDT transfers
Mainnet launched with a TVL of $2 billion but declined by 72% to $550 million within three months
The tech stack is solid, but long-term sustainability remains to be verified
#Plasma $XPL
Achieving second-level finality through PlasmaBFT, Reth execution layer is fully EVM compatible, and protocol-level Paymaster provides free USDT transfers
Mainnet launched with a TVL of $2 billion but declined by 72% to $550 million within three months
The tech stack is solid, but long-term sustainability remains to be verified
#Plasma $XPL
. @Vanar （VANRY）：AI narrative under 97% plunge
Vanar Chain was originally the metaverse project Terra Virtua, which transformed into an EVM-compatible L1 in 2023, focusing on gaming and AI applications. It uses PoA consensus, with a constant transaction fee of $0.0005, and plans to launch AI Stack (Neutron Seeds + Kayon engine) in 2025 targeting RWA and PayFi.
Core risk: $VANRY tokens plummeted from $0.30 to $0.009 (a 97% drop), Beosin's audit pointed out centralization issues in PoA, flagship product Jetpack Hyperleague's user data is not disclosed, and the legal effectiveness of Kayon's compliance logic lacks precedent.
The market has voted with its feet; whether the technological transformation can restore confidence remains uncertain.
For research purposes only, not investment advice.
#vanar
Vanar Chain was originally the metaverse project Terra Virtua, which transformed into an EVM-compatible L1 in 2023, focusing on gaming and AI applications. It uses PoA consensus, with a constant transaction fee of $0.0005, and plans to launch AI Stack (Neutron Seeds + Kayon engine) in 2025 targeting RWA and PayFi.
Core risk: $VANRY tokens plummeted from $0.30 to $0.009 (a 97% drop), Beosin's audit pointed out centralization issues in PoA, flagship product Jetpack Hyperleague's user data is not disclosed, and the legal effectiveness of Kayon's compliance logic lacks precedent.
The market has voted with its feet; whether the technological transformation can restore confidence remains uncertain.
For research purposes only, not investment advice.
#vanar
Dusk Network: How Privacy and Compliance Coexist When Financial Assets Go On-Chain
In the blockchain world, we often hear two extreme voices. One side shouts, "Privacy is a fundamental human right," while the other believes, "Transparency is the only way to eliminate crime." As financial assets begin to go on-chain, these two seemingly contradictory demands have emerged simultaneously.
Background: Why Finance Needs Privacy
In the traditional financial world, privacy is the norm. When you buy a stock, other investors do not know your holdings, cost price, or trading time. This privacy protects the strategies of market participants and prevents targeted attacks.
However, on current public chains, all transactions are public. Imagine if you purchase tokenized real estate shares on Ethereum, the whole world can track your wallet address, holdings, and timing of trades. For institutional investors, this is like laying their cards on the table.
Background: Why Finance Needs Privacy
In the traditional financial world, privacy is the norm. When you buy a stock, other investors do not know your holdings, cost price, or trading time. This privacy protects the strategies of market participants and prevents targeted attacks.
However, on current public chains, all transactions are public. Imagine if you purchase tokenized real estate shares on Ethereum, the whole world can track your wallet address, holdings, and timing of trades. For institutional investors, this is like laying their cards on the table.
Plasma XPL: Design and Reality of L1 Dedicated to Stablecoin Settlements
.#Plasma is an L1 blockchain designed for stablecoin settlements, establishing a differentiated position through second-level finality, full EVM compatibility, and free USDT transfers. When the mainnet launched in September 2025, the TVL reached $2 billion, supported by Tether and Founders Fund, but within three months, the TVL dropped 72% to $550 million. The tech stack is solid, but long-term sustainability remains to be verified
Pain points: Three thresholds for stablecoin settlements
The core issues facing stablecoin transfers: costs, speed, and bridging complexity
TRON dominates the USDT transfer market (processing $7.9 trillion by 2025), but costs remain. Ethereum L2, while EVM compatible, requires finality in 13 minutes. Solana has high throughput but lacks native Bitcoin integration. These limitations place institutional-level settlements and retail payments in a dilemma of 'fast enough but not cheap enough' or 'cheap enough but not fast enough'
Pain points: Three thresholds for stablecoin settlements
The core issues facing stablecoin transfers: costs, speed, and bridging complexity
TRON dominates the USDT transfer market (processing $7.9 trillion by 2025), but costs remain. Ethereum L2, while EVM compatible, requires finality in 13 minutes. Solana has high throughput but lacks native Bitcoin integration. These limitations place institutional-level settlements and retail payments in a dilemma of 'fast enough but not cheap enough' or 'cheap enough but not fast enough'
From Metaverse to AI Infrastructure, How Vanar Redefines Itself After a 97% Plummet
. @Vanar In 2025, a radical thing was done: launched a five-layer AI Stack architecture, repositioning itself from a 'gaming entertainment chain' to an 'AI-native blockchain'. The problem is the market did not accept it, $VANRY the token plummeted from $0.30 in March 2024 to $0.009 in January 2026, a drop of 97%, and the market capitalization shrank from 400-500 million dollars to less than 20 million dollars.
What is Vanar
An EVM-compatible Layer 1 blockchain, formerly known as the Terra Virtua Kolect (TVK) metaverse project. Using PoA consensus, block time is 3 seconds, transaction fees are fixed at $0.0005, and the design goal is to allow Web2 gamers to seamlessly enter Web3. The total token supply is 2.4 billion, exchanged 1:1 from the original TVK in 2023, with no team token allocation.
What is Vanar
An EVM-compatible Layer 1 blockchain, formerly known as the Terra Virtua Kolect (TVK) metaverse project. Using PoA consensus, block time is 3 seconds, transaction fees are fixed at $0.0005, and the design goal is to allow Web2 gamers to seamlessly enter Web3. The total token supply is 2.4 billion, exchanged 1:1 from the original TVK in 2023, with no team token allocation.
welcome to cash. ether_fi 💳
This trip to Japan relied almost entirely on Etherfi for payments.
Every time I checked out, I requested touch payment (I want to pay with contactless).
However, there were always a few times when the staff would make a big cross gesture.
I had no choice but to honestly take out my Taiwan credit card to pay.
Fortunately, after returning to Taiwan, I received the package from Etherfi.
The metal card has a heavy weight, and the quality is really good.
From now on, I can experience the full U-card environment in my daily life.
Is everyone else also using U-card for daily expenses?🤔
This trip to Japan relied almost entirely on Etherfi for payments.
Every time I checked out, I requested touch payment (I want to pay with contactless).
However, there were always a few times when the staff would make a big cross gesture.
I had no choice but to honestly take out my Taiwan credit card to pay.
Fortunately, after returning to Taiwan, I received the package from Etherfi.
The metal card has a heavy weight, and the quality is really good.
From now on, I can experience the full U-card environment in my daily life.
Is everyone else also using U-card for daily expenses?🤔
🐳 Second half of 2025 $CETUS Updates on two products
- #DLMM Officially launched, a dynamic liquidity market-making method. The core mechanism is to structure liquidity into discrete price bins, allowing LPs to precisely allocate funds to specific price ranges. For more details, you can watch the video introduction by Cetus.
- #CLMM Officially open-sourced, transitioning from a single product to public infrastructure, allowing developers to integrate and researchers to audit extensions.
In simple terms, liquidity on Sui can now be programmed. The era of static holding is over 🫡
- #DLMM Officially launched, a dynamic liquidity market-making method. The core mechanism is to structure liquidity into discrete price bins, allowing LPs to precisely allocate funds to specific price ranges. For more details, you can watch the video introduction by Cetus.
- #CLMM Officially open-sourced, transitioning from a single product to public infrastructure, allowing developers to integrate and researchers to audit extensions.
In simple terms, liquidity on Sui can now be programmed. The era of static holding is over 🫡
Last month, the Mysten Labs team came to Taiwan
to bring in-depth Move training bootcamp for local developers
They also used the Sui tech stack: @Walrus 🦭/acc and Seal to build applications
No matter the market situation, the Water family continues to build 🫡
$WAL #walrus
to bring in-depth Move training bootcamp for local developers
They also used the Sui tech stack: @Walrus 🦭/acc and Seal to build applications
No matter the market situation, the Water family continues to build 🫡
$WAL #walrus
🐳 $CETUS : Cetus is the liquidity hub of Sui DeFi
According to data from the second half of 2025, the Cetus aggregator handles over 75% of swap volume on Sui, ranking among the top ten global DEX aggregators, and even reaching the top three during peak periods. Currently, it connects to 28 liquidity sources
In terms of individual DEXs, Cetus leads in fee revenue on Sui DEXs and maintains the largest share of TVL. Over 33,000 ecosystem participants are using Cetus's infrastructure
Liquidity, execution, and traffic all converge here—Cetus has become a foundational component in the Sui DeFi stack
According to data from the second half of 2025, the Cetus aggregator handles over 75% of swap volume on Sui, ranking among the top ten global DEX aggregators, and even reaching the top three during peak periods. Currently, it connects to 28 liquidity sources
In terms of individual DEXs, Cetus leads in fee revenue on Sui DEXs and maintains the largest share of TVL. Over 33,000 ecosystem participants are using Cetus's infrastructure
Liquidity, execution, and traffic all converge here—Cetus has become a foundational component in the Sui DeFi stack
Walrus Protocol and $WAL Token Economics: A Comprehensive Analysis of the Token Mechanism and Staking Strategies of the Walrus Protocol
(25.04.01)
Not just a decentralized storage solution, but also a critical infrastructure in the Web3 world, comparable to a blockchain version of AWS or Alibaba Cloud. This article will delve into Walrus's token economics, monetary mechanism, and staking system, helping us understand this innovative blockchain protocol.
What is Walrus Protocol
Walrus Protocol (commonly known as the Walrus Protocol) is a decentralized storage protocol launched by Mysten Labs, the development team behind the Sui blockchain. Compared to traditional blockchain-based storage solutions such as Filecoin and Arweave, Walrus offers higher efficiency and lower costs for storage services.
Not just a decentralized storage solution, but also a critical infrastructure in the Web3 world, comparable to a blockchain version of AWS or Alibaba Cloud. This article will delve into Walrus's token economics, monetary mechanism, and staking system, helping us understand this innovative blockchain protocol.
What is Walrus Protocol
Walrus Protocol (commonly known as the Walrus Protocol) is a decentralized storage protocol launched by Mysten Labs, the development team behind the Sui blockchain. Compared to traditional blockchain-based storage solutions such as Filecoin and Arweave, Walrus offers higher efficiency and lower costs for storage services.
Last month, the winners of the Walrus Global Hackathon were announced on the @Walrus 🦭/acc , but what you might have missed is...
This hackathon isn't just about being a blockchain competition
It's about projects that span into many real-life everyday scenarios
For example, this year's tracks extended into content, video, identity verification, inheritance, and even recruitment
This #Walrus Haulout hackathon showcased the cross-industry potential of decentralized data 💪
We believe that developers who master the Sui Stack will bring us even more surprises in the future
😄Looking forward to it!
$WAL
This hackathon isn't just about being a blockchain competition
It's about projects that span into many real-life everyday scenarios
For example, this year's tracks extended into content, video, identity verification, inheritance, and even recruitment
This #Walrus Haulout hackathon showcased the cross-industry potential of decentralized data 💪
We believe that developers who master the Sui Stack will bring us even more surprises in the future
😄Looking forward to it!
$WAL
Sui Loan Agreement实战: Mechanism Breakdown and Low-Risk Allocation Strategies
You have a lot of spot assets during a bear market—besides holding onto them waiting for a bull market, what else can you do?
The loan agreement might be the answer. As one of the most fundamental underlying financial services, loan agreements put idle assets to work, establishing a sustainable on-chain cash flow for long-term holders through the low-risk 'deposit and lend the same' strategy.
This article briefly introduces the mechanisms of loan agreements and shares low-risk allocation strategies suitable for diamond hands.
Mechanism breakdown: Essential loan knowledge for beginners
When users deposit collateral, they typically earn interest. Suilend, NAVI, and AlphaLend on Sui operate under this mechanism.
The loan agreement might be the answer. As one of the most fundamental underlying financial services, loan agreements put idle assets to work, establishing a sustainable on-chain cash flow for long-term holders through the low-risk 'deposit and lend the same' strategy.
This article briefly introduces the mechanisms of loan agreements and shares low-risk allocation strategies suitable for diamond hands.
Mechanism breakdown: Essential loan knowledge for beginners
When users deposit collateral, they typically earn interest. Suilend, NAVI, and AlphaLend on Sui operate under this mechanism.
🐳 $CETUS 2025 second half data is out, even more solid than expected
Cumulative transaction volume surpassed $93 billion, with daily transaction volume in the second half consistently above $160 million, processing over 180 million transactions and serving more than 17 million unique wallets
In a market driven by short-term narratives in 2025, Cetus chose to strengthen its infrastructure, ensure system stability under scale, and continuously iterate and deliver
For the Sui ecosystem, this represents a resilient liquidity foundation 🌊
Later we'll write about what Cetus did in the second half of last year, and why these efforts are crucial for 2026
#cetus
Cumulative transaction volume surpassed $93 billion, with daily transaction volume in the second half consistently above $160 million, processing over 180 million transactions and serving more than 17 million unique wallets
In a market driven by short-term narratives in 2025, Cetus chose to strengthen its infrastructure, ensure system stability under scale, and continuously iterate and deliver
For the Sui ecosystem, this represents a resilient liquidity foundation 🌊
Later we'll write about what Cetus did in the second half of last year, and why these efforts are crucial for 2026
#cetus
Sui Project Comprehensive Ranking
🥇 @Haedal🦦
🥈 Cetus
🥉 Bluefin
4⃣ NAVI
5⃣ Scallop
*Comprehensive ranking references CertiK Community Skynet scores, including project security, community atmosphere, and market performance. Feel free to visit the official CertiK Community website to check the latest rankings and evaluations!
Looking forward to the rankings of @Walrus 🦭/acc and $WAL continuing to rise~~ #walrus
🥇 @Haedal🦦
🥈 Cetus
🥉 Bluefin
4⃣ NAVI
5⃣ Scallop
*Comprehensive ranking references CertiK Community Skynet scores, including project security, community atmosphere, and market performance. Feel free to visit the official CertiK Community website to check the latest rankings and evaluations!
Looking forward to the rankings of @Walrus 🦭/acc and $WAL continuing to rise~~ #walrus
The chart is CoinGlass's statistics on last year's predicted market trading volume.
Interestingly, Polymarket and Kalshi are currently recognized as the top two in the market, while Opinion is new but has already reached a trading volume in December 2025 that can stand alongside them.
With many significant events approaching in 2026, the prediction market track is expected to see even more changes. It's quite exciting!
Interestingly, Polymarket and Kalshi are currently recognized as the top two in the market, while Opinion is new but has already reached a trading volume in December 2025 that can stand alongside them.
With many significant events approaching in 2026, the prediction market track is expected to see even more changes. It's quite exciting!
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