When Wall Street turns its eyes to Snow Mountain, AVAX finally welcomes a “suit-wearing buying spree” If ETFs are the “coming of age” for crypto assets, then VanEck’s offering of this glass of wine to AVAX is no small feat. After all, being named by traditional asset management giants to launch a spot ETF indicates one thing: AVAX has moved beyond “tech circle self-indulgence” and officially entered the list of “institutions can understand and compliance can explain.” AVAX’s advantages have always been “anti-influencer.” Not relying on jokes or memes, but on subnet architecture, high throughput, and low latency, with a focus on one thing: I may not be sexy, but I get the job done. And ETFs happen to favor this kind of “steady performer.” This time, VanEck’s move is more like sending a signal to the market:
 ETH is not the only one, Solana is not everything, the Layer1 story is far from over. Of course, will the short-term price skyrocket? Not necessarily.
 But in the medium to long term, the significance of ETFs is not about pumping the price, but about reshaping valuation anchors. From “crypto project” to “configurable asset,” this step, AVAX finally has someone leading the way.

the ethereum foundation achieved AGI on a L2, @base@clawdbotatg by @austingriffith

#RIVER一个月暴涨50倍 What is RIVER? From "Chain Abstraction" to "Sun哥 Concept Coin" What is River? Before stripping away the outer layer of financial gaming, let's first see what kind of disguise River is wearing. Project Narrative: The high-end "Chain Abstraction" River Protocol (Token: $RIVER) is officially positioned as "the first Chain-Abstraction Stablecoin System." Its core selling point is solving the problem of fragmented liquidity across multiple chains. Through its native stablecoin satUSD, users can share collateral and liquidity across different ecosystems (such as Ethereum, Tron, Solana) without cross-chain bridging. Sounds great, right? "Chain abstraction" is one of the hottest narratives for 2025-2026. It tries to tell investors: River is infrastructure, the "road" of the future, not weeds by the roadside. Key Turning Point: $8 million "Vow of Investment" River truly entered the public eye and stirred up chaos in the secondary market starting with a major announcement in mid-January 2026: Justin Sun, founder of Tron, announced a strategic investment of $8 million in River. This money is not just capital; it’s a "signal." In the crypto world, "Sun哥's" involvement usually means two things: Extreme hype: traffic, funds, and attention will instantly peak. Extreme gaming: Sun哥's projects are never born for so-called "value investing," but for "trading." After this investment was announced, River's valuation (FDV) skyrocketed to over $2 billion. The token price, which was quietly around $1.6, surged to over $40 within a few days, an increase of more than 20 times. It is this 20-fold increase that laid the foundation for all subsequent tragedies. What is "Progressive Demonstration"? This is not a term from financial textbooks, but in the River game, it precisely describes the art of market manipulation (Zhuang) and the psychological breakdown of retail investors (Leeks). 1 The "Staircase" that Lures Enemies Deeper Ordinary retail traps usually involve a "single spike" that quickly returns to zero. But River is different; it has developed a despairing "gradual rise" pattern. Stage 1 ($1.6 -> $10): The market believes this is profit-taking, retail investors start shorting, thinking the doubling is the limit. Stage 2 ($10 -> $25): Short sellers get caught, start adding margin. At this point, market disagreement arises, rational analysts point out "overvaluation," and more "smart money" enters to short (including those hedging). Stage 3 ($25 -> $80+): This stage is no longer driven by buy orders but by **"liquidation orders"** pushing prices higher. The market maker doesn't need to spend much money; just maintaining the price causes forced liquidations of shorts to automatically push the price to new highs. This is "Progressive Demonstration": each step up, the market maker "shows" you—shorting is a dead end, but you always think the next step is the top. 2 The Psychological War of Boiling Frogs in Warm Water "Gradual" The most terrifying part is that it gives shorts "hope." If the price jumps 100x in a minute, you will be liquidated immediately and exit happily. But River pulls it slowly, charging you 1.5%+ per hour. Watching your account balance slowly decrease, you think: "Just one more hour, maybe it will collapse?" This psychology is what the market maker loves most. They don't need you to die immediately; they need you alive to provide cash flow**. 1.5%+ per hour—The Deadly Spiral of Funding Rate This is the core and most dangerous killer move in the River game. 1 What is the Funding Rate? In perpetual contracts, to prevent the contract price from deviating from the spot price, exchanges design a funding rate mechanism. When the contract price > spot price (positive premium): longs pay shorts (encouraging shorting). When the contract price < spot price (negative premium): shorts pay longs (encouraging longs). 2 River's Anomaly: Negative Premium Liquidation In River's case, an extremely abnormal phenomenon occurred: the spot price was extremely high (e.g., $40). Because the market maker controls most of the spot tokens and has cut off deposit/withdrawal or borrowing channels, there is no selling pressure on the spot. The perpetual contract price: lower (e.g., $30). Because retail investors and hedgers are frantically shorting, trying to profit from the bubble. This results in a huge negative premium. To force the contract price "toward" the spot price, the exchange adjusts the funding rate to extreme values. River's funding rate reached an astonishing -1.5%+ per hour (note, per hour, not every 8 hours). 3 Calculating a Shocking Bill Suppose you open a 10,000 USDT River short position (1x leverage): hourly expenditure: $10,000 × 1.5% = 150 USDT daily (24 hours) expenditure: $150 × 24 = 3,600 USDT three-day expenditure: $3,600 × 3 = 10,800 USDT Conclusion: As long as the market maker maintains the spot price without falling (which is easy for them), even if the contract price doesn't rise a penny, your principal will be completely eaten up by the fee rate in 3 days. This is not trading; it’s outright theft. Longs (market makers) don't even need to push the price up; they just need to hold a long position in the contract and collect money from shorts every hour. Why "Hedging Short" Fails? (Arbitrage) logic is: buy spot, short the contract, earn the funding rate. But in the River game, the hedging logic is reversed or completely invalid. 1 The Graveyard of Traditional Hedgers Normal "cash-and-carry arbitrage" earns a "positive rate" (longs pay shorts). Now, River is "negative rate" (shorts pay longs). If you want to do "reverse arbitrage" (long the contract, sell spot): Long the contract: you can earn the rate, but you risk a sudden crash in the coin price (contract price could collapse instantly). Sell the spot: you can't borrow the coins. The market maker monopolizes the spot, and there are no coins available to borrow for shorting. 2 Why Can't You Simply Short? Many retail investors think: "River is only worth $1, now at $40, I short and wait for it to go to zero." The logic is correct, but operationally wrong due to time cost. Because before it hits zero (maybe a week, maybe a month), the fee rate will have already wiped out your margin, turning it negative. This is the so-called "bet on the right direction but lose all principal." Market Maker's "Harvest Script" To make you die clearly, let's review the complete script of the market maker (River team + market makers + behind-the-scenes capital). 1 Building and Locking Positions (The Lock-up): Before pushing the price, the market maker has already, through on-chain operations, accumulated most of the circulating $RIVER tokens into their controlled wallets. The liquidity in the exchange's spot market is extremely poor; the so-called "buy" and "sell" orders are actually the market maker's own left hand and right hand. 2 Creating the Premium (The Gap): Using Sun哥's investment news, they aggressively push up the spot price. At this point, retail traders in the contract market, feeling the large increase, start inertially shorting. This results in a situation where: spot $40 vs contract at $30. 3 Closing the Trap (The Squeeze): At this point, the market maker switches to "vampire mode." They don't need to continue pushing the spot higher; just place orders to defend the price and prevent it from falling. They hold large long positions in the contract market. Every hour, the exchange settles, transferring 1.5%+ of the short position value to the market maker’s long account. This is a more advanced form of harvesting than "pushing the price out"—"Fee Rate Bloodsucking." Pushing the price out requires someone to take the other side in spot; fee rate bloodsucking only needs someone to hold the short position stubbornly. 4 The Final Harvest (The Crash): When does this mode end? Usually at two points: shorts are wiped out: when the last stubborn short closes (buys to close) or gets liquidated, the contract price spikes instantly, even surpassing the spot price. Approaching unlock day: River's tokenomics show that tokens will unlock in January, February, and March. Especially on March 22, when a large amount of tokens unlock. The market maker will maintain a high price before the large unlock, drain the fee rate, then reverse short on the unlock day to dump. Countermeasures and Self-Protection If you are currently caught in this game or want to avoid being caught next time, remember these points: 1 Being in the game: "Cut off your arm to survive" If you hold a River short: don't try to break even; every second now is a loss. Don't add margin: any additional margin is just meat for the dog. Operation: close at market price immediately. No matter how much you lose, close it now. Even losing 50% is better than going to zero. 2 Bystanders: Don't try to pick up the fire and don't try to earn the fee rate (going long): You might think: "Since shorts pay, can I go long and collect?" Risk: very high. The market maker can withdraw spot orders in a second. Once the spot plunges, the contract will crash along with it. To earn 1.5%+ fee rate, you might lose 50% of your principal. Don't bottom fish: the final fate of such coins is zero (or extremely low value). Don't buy when it falls. 3 Indicators to Recognize Traps Next time you see coins with these features, steer clear: Extremely high negative fee rate: sustained below -0.5%, even reaching -2.0%. Huge gap between spot and contract: spot price over 10% higher than the contract. Single-exchange coins: only listed on one exchange, or spot volume is extremely shrinking, with K-line showing a staircase pattern. From a technical or ecological perspective, River may have some "chain abstraction" value in the future (though with very low probability). But at this current point in time, it is a gaming machine disguised as Web3. The so-called "progressive demonstration" is not only about price movement but also about the brutal rules of the crypto circle: in a game where the rules are set by one side, do not try to challenge the market maker's "arbitrariness" with your "rationality." When you see the hourly -1.5%+ fee rate being deducted, remember: this is the price of greed and the tax of cognition. The current River is not a river but a meat grinder. Stay away from it.