Empire Newsletter: Uniswaps SEC woes drag DeFi below CeFi

Party pooper in chief

扫兴之首

There are concerns over whether the SEC‘s targeting of Uniswap Labs will rain on DeFi’s parade heading into the next potential phase of the current bull market.

人们担心，sec 针对 uniswap labs 的行动是否会给 defi 在当前牛市进入下一个潜在阶段的进程带来不利影响。

Gensler‘s legal threats may chase innovators offshore and trigger a Web3 brain drain. Or perhaps crypto projects, which may have launched in the US, simply won’t debut at all, for fear of a Wells notice — or worse.

gensler 的法律威胁可能会迫使创新者离开海外，并引发 web3 人才流失。或者，加密项目可能已经在美国启动，但由于担心收到 wells 通知（或更糟的情况），它们根本就不会首次亮相。

Uniswap Labs CEO Hayden Adams swore to fight any lawsuit that comes its way, but the market has still sharply reacted. UNI — the native crypto of the Uniswap exchange which doubles as a DAO governance token — sank as much as 45% after the notice was disclosed last week and has barely bounced back.

uniswap labs 首席执行官 hayden adams 发誓要对抗任何可能出现的诉讼，但市场仍然做出了强烈反应。uni——uniswap 交易所的原生加密货币，兼作 dao 治理代币——在上周通知披露后下跌了 45%，而且几乎没有反弹。

UNIs losses were enough to pull the DeFi sector below centralized finance (CeFi) in terms of market dominance for the first time in over three years, per data from The Tie.

根据 the tie 的数据，uni 的损失足以让 defi 领域在市场主导地位三年多来首次低于中心化金融（cefi）。

Each line shows indexed market dominance for different sectors, based on capitalizations of cryptocurrencies related to those segments. CeFi consists of native tokens for exchanges including OKX‘s OKB and Bitfinex’s LEO, alongside those for centralized lending platforms like Nexo, and many more.

每条线都显示了不同行业的市场主导地位，这些市场主导地位基于与这些行业相关的加密货币的市值。cefi 包括交易所的原生代币，包括 okx 的 okb 和 bitfinex 的 leo，以及 nexo 等中心化借贷平台的代币，等等。

DeFi is otherwise made up of cryptocurrencies tied to DAOs and protocols including Uniswap, Maker, Athena, and Aave, among others. CeFi is currently about 4.3% of the total crypto market while DeFi represents nearly 3.6%.

defi 由与 dao 和协议绑定的加密货币组成，包括 uniswap、maker、athena 和 aave 等。cefi 目前约占整个加密市场的 4.3%，而 defi 则占近 3.6%。

Despite their outsized mindshare, memecoins are only 2% of crypto. Memecoins held practically the same dominance in April 2021, as bitcoin neared its first major peak of that year. So, memecoins arent exactly bigger today than during the last bull market.

尽管 memecoins 的市场份额非常大，但它仅占加密货币的 2%。2021 年 4 月，当比特币接近当年的第一个主要峰值时，memecoins 几乎占据了同样的主导地位。因此，今天的 memecoins 并不比上一次牛市期间更大。

Dogecoin‘s lackluster performance against bitcoin is largely to blame for the segment lagging behind. A raft of new memecoins have indeed exploded in value, but that hasn’t been enough to make up for dogecoins underperformance.

狗狗币相对于比特币的平淡表现是导致该领域落后的主要原因。大量新 memecoin 的价值确实出现了爆炸式增长，但这还不足以弥补狗狗币表现不佳的缺陷。

Other big plays of this cycle — DePIN, real-world assets and decentralized social media — are seeing varied success. DePINs dominance has actually been cut by more than half over the past three years, from 1.85% to 0.72%.

这一周期的其他大动作——depin、现实世界资产和去中心化社交媒体——都取得了不同的成功。depin 的主导地位在过去三年中实际上已经减少了一半以上，从 1.85% 降至 0.72%。

But again, a segment leader has dragged the rest down with it, with filecoin (FIL)s bitcoin ratio collapsing by more than 65% over the past year. Render, which powers the decentralized computing marketplace of the same name, is now practically tied with FIL for largest DePIN cryptocurrency by market cap, after its bitcoin ratio more than doubled in the past year.

但再次，细分市场的领头羊拖累了其他市场，filecoin (fil) 的比特币比率在过去一年中暴跌了 65% 以上。render 为同名的去中心化计算市场提供支持，在过去一年中，其比特币比率增长了一倍多，目前实际上已与 fil 并列成为市值最大的 depin 加密货币。

SocialFi has meanwhile tripled its market dominance in three years, from 0.03% to 0.09%. Tokens tied to real-world asset platforms like Centrifuge, Goldfinch and Ondo have gained even more, blowing past SocialFi, as well as last cycles favorites move-to-earn and fan tokens.

与此同时，socialfi 的市场主导地位在三年内增长了三倍，从 0.03% 增长到 0.09%。与现实世界资产平台挂钩的代币（如 centrifuge、goldfinch 和 ondo）涨幅更大，超过了 socialfi，以及上一轮周期的热门 move-to-earn 和粉丝代币。

All this goes to show that finding success in crypto markets isnt just about picking the next big narratives. It also takes backing the right horses in each race, with age seemingly often working against former front-runners.

所有这些都表明，要在加密货币市场取得成功，不仅仅是选择下一个大事件。它还需要在每场比赛中支持正确的马匹，而年龄似乎往往对前领跑者不利。

The same cant be said for bitcoin. Its market dominance is near its three-year highs, now 54%, as rival layer-1s lose ground on the whole.

但比特币的情况并非如此。比特币的市场主导地位接近三年来的最高点，目前为 54%，而竞争对手的第一层货币则整体上处于劣势。

— David Canellis

— 大卫·卡内利斯

Data Center

数据中心

• The total ETH locked in Ethereum mainnet DeFi is up to 16.32 million ETH ($48.62 billion), the most in over a year. SOL in Solana DeFi has so far stayed flat in April.

  以太坊主网 defi 中锁定的 eth 总量高达 1632 万 eth（486.2 亿美元），为一年多以来的最高水平。4 月份 solana defi 中的 sol 到目前为止保持平稳。

• Meanwhile, nearly 21,909 validators are queued to join the Ethereum blockchain — a six-month high.

  与此同时，有近 21,909 名验证者正在排队加入以太坊区块链——创下六个月以来的最高水平。

• Base now has more native stablecoins than Avalanche: $2.05 billion to $1.72 billion. Most of it is USDC, after a recent pledge to move Coinbase customer deposits to the network.

  base 现在拥有的原生稳定币比 avalanche 还多：20.5 亿美元对 17.2 亿美元。在最近承诺将 coinbase 客户存款转移到该网络后，大部分是 usdc。

• Margin.fis bleeding has slowed since its founder quit. It lost one-third of its total SOL stake in the days following, dropping from around 4.4 million SOL to 2.84 million SOL.

  自从创始人辞职后，margin.fi 的亏损速度已经放缓。在接下来的几天里，该公司损失了三分之一的 sol 股份，从约 440 万 sol 跌至 284 万 sol。

• $256.6 million in longs have been liquidated on centralized exchanges in the past 24 hours.

  过去 24 小时内，中心化交易所已清算 2.566 亿美元的多头仓位。

All aboard the ETF train

全力搭上 etf 列车

Its 13F szn.

是 13f szn。

The SECs 13F form requires institutional investment managers to disclose their holdings quarterly if they manage over $100 million in assets.

sec 的 13f 表格要求，如果机构投资经理管理的资产超过 1 亿美元，则必须每季度披露其持股情况。

Throughout our reporting since January, multiple analysts and experts have highlighted the 13F filing because this batch is our first look at whos investing in the newly launched funds on an institutional level.

自一月份以来的整个报道过程中，多位分析师和专家都重点关注了 13f 文件，因为这批文件是我们首次从机构层面了解谁在投资新推出的基金。

On the other hand, its still early for a lot of institutional investors. So we may not see a lot of funds with a lot of assets under management (AUM) disclose holdings in a spot bitcoin ETF…yet.

另一方面，对于许多机构投资者来说，现在还为时过早。因此，我们可能不会看到很多拥有大量资产管理规模 (aum) 的基金披露现货比特币 etf 的持股情况……目前还不会。

Valkyrie‘s Steven McClurg told Blockworks in February that the firm had spoken to financial advisers and “overwhelmingly, the response is that they’re not ready yet.”

valkyrie 的 steven mcclurg 在二月份告诉 blockworks，该公司已经与财务顾问进行了交谈，但“绝大多数的答复是他们还没有准备好”。

Because the quarter only ended last month, its still early for some of these firms to file their 13Fs, and many of the larger positions will likely be reported closer to May. But the early bird gets the worm, right？

由于本季度上个月才结束，因此对于其中一些公司来说，提交 13f 报告还为时过早，许多较大的头寸可能会在 5 月前报告。但早起的鸟儿有虫吃，对吧？

So who is already in this space？ There are a lot of smaller financial planner offices with exposure to various bitcoin ETFs. One of the first such firms to disclose holdings was Burkett Financial Services, which holds roughly 600 shares of BlackRocks IBIT.

那么谁已经进入这个领域了？有很多规模较小的理财规划师办公室接触过各种比特币 etf。最早披露持股情况的公司之一是 burkett financial services，该公司持有约 600 股 blackrocks ibit 股票。

Then you have firms like LexAurum, which holds nearly 12,000 shares of IBIT worth roughly $430K at current prices.

然后还有像 lexaurum 这样的公司，它持有近 12,000 股 ibit 股票，按当前价格计算价值约为 43 万美元。

Brookstone Capital Management owns 85,000 shares of Fidelity‘s bitcoin ETF and roughly 9,000 of Bitwise’s ETF, according to SEC filings.

根据美国证券交易委员会 (sec) 的文件，brookstone capital management 拥有富达 85,000 股比特币 etf 和 bitwise 约 9,000 股 etf。

These numbers may not be flashy or as big as some in crypto want. But they show that institutions are slowly entering the market and, if this trend continues, the appetite for bitcoin ETFs — and potentially other crypto-based ETFs — is poised to grow.

这些数字可能并不引人注目，也不像加密行业人士所希望的那样巨大。但它们表明，机构正在慢慢进入市场，如果这种趋势持续下去，对比特币 etf（以及其他潜在的基于加密的 etf）的需求将会增加。

— Katherine Ross

— 凯瑟琳·罗斯

Tax man inbound

税务人员入站

Hopefully everybody filed their taxes yesterday, or at least sought an extension. The IRS is betting a lot of crypto players probably didnt, however.

希望大家昨天都报了税，或者至少申请延期。然而，美国国税局打赌很多加密货币玩家可能没有这样做。

Guy Ficco, the IRSs chief investigating officer, said over the weekend that the agency is preparing to battle more crypto tax crimes this year.

美国国税局首席调查官盖伊·菲科 (guy ficco) 上周末表示，该机构正准备今年打击更多的加密税收犯罪。

2024 may be one of the final years under the current US crypto-tax policy framework. In March, the Department of Treasury released its 2025 revenue proposals, including new ideas on how to cash in on crypto trading and related activities.

2024 年可能是美国现行加密税收政策框架的最后几年之一。今年 3 月，财政部发布了 2025 年收入提案，其中包括如何从加密交易和相关活动中获利的新想法。

The IRS says its finally time to bring all digital assets under existing wash trading rules, a change that, if passed, would nix a popular — and oftentimes lucrative — trading strategy already banned in equity markets.

美国国税局表示，现在是时候将所有数字资产纳入现有的虚假交易规则了，这一变化一旦通过，将会废除一种已被股票市场禁止的流行且往往有利可图的交易策略。

The Department wants to add a 30% excise tax on electricity used for any companies that mine crypto. If the proposal is adopted, miners would be required to report the amount and type of electricity used and the cost, when purchased externally.

该部门希望对任何开采加密货币的公司使用的电力征收 30% 的消费税。如果该提案被采纳，矿工在外部购买时将被要求报告所用电量和类型以及成本。

Miners that lease equipment would also be responsible for reporting electricity values and firms that use off-grid power would have to pay 30% of estimated costs.

租赁设备的矿工也将负责报告电力价值，而使用离网电力的公司则必须支付估计成本的 30％。

The Biden Administration first proposed excise taxes — along with a slew of other crypto tax rules — on miners last year, citing environmental concerns.

拜登政府去年首次以环境问题为由，提议对矿工征收消费税以及一系列其他加密税规则。

The plans havent gotten off the ground yet, so no need to rush to learn any new rules. In the meantime though, there are some things you can do now to make next April 15 a little easier.

计划尚未开始实施，因此无需着急学习任何新规则。不过，与此同时，您可以做一些事情，让明年 4 月 15 日变得更容易一些。

Keep a record of everything. If you made a trade (even if it‘s crypto to crypto) it’s probably a taxable event, so write it down. Airdrops have a tax burden, too, so don‘t forget to record the initial value of whatever you received. There’s no such thing as free money!

记录一切。如果你进行了交易（即使是加密货币对加密货币），这可能是一项应税事件，所以把它写下来。空投也有纳税负担，所以不要忘记记录你收到的任何东西的初始价值。没有免费的钱！

— Casey Wagner

— 凯西·瓦格纳

The Works

作品

• The Bank of Englandstill hasnt made up its mind on whether to issue a CBDC, Yahoo Finance writes.

  《雅虎财经》写道，英格兰银行仍未决定是否发行 cbdc。

• Franklin Templetonscrypto team explored Runes, the upcoming token standard built on Bitcoin.

  富兰克林邓普顿的加密团队探索了即将基于比特币构建的代币标准runes 。

• A group of banks and payment firms are testing tokenized depositsin the UK, according to Bloomberg.

  据彭博社报道，英国一些银行和支付公司正在测试代币化存款。

• Microsoft bought a $1.5 billion stake in G42, an AI startup based in the UAE, Reuters reports.

  据路透社报道，微软以 15 亿美元收购了位于阿联酋的人工智能初创公司 g42 的股份。

• Sullivan & Cromwellmay lose out on a job working with the DOJon Binanceoversight because of the law firms work for FTX, per Bloomberg.

  据彭博社报道，由于sullivan & cromwell律师事务所为 ftx 工作，它可能会失去与美国司法部合作监管币安的工作。

The Morning Riff

晨间即兴重复乐曲

Leave it to FTX to generate some bipartisan unity in Congress.

让 ftx 在国会中实现两党团结。

Senators Elizabeth Warren, D-Mass., and Chuck Grassley, R-Iowa, are about as far apart politically as two lawmakers in Washington can get.

马萨诸塞州民主党参议员伊丽莎白·沃伦 (elizabeth warren) 和爱荷华州共和党参议员查克·格拉斯利 (chuck grassley) 是华盛顿两位政治立场相差最远的议员。

But when it comes to prying details out of the CFTC on their meetings with disgraced FTX CEO Sam Bankman-Fried, its time to link arms.

但当需要向 cftc 打探有关他们与声名狼藉的 ftx 首席执行官 sam bankman-fried 会面的细节时，是时候联手了。

Specifically, the pair want to know what was said between SBF and agency Chair Rostin Behnam, who reportedly messaged directly with the recently convicted crypto mogul.

具体来说，两人想知道 sbf 和该机构主席 rostin behnam 之间谈论了什么，据报道，后者曾与这位最近被定罪的加密货币大亨直接交流。

Warren (perhaps rightfully) is viewed as an enemy of crypto. But digging into possible coziness between the US government and one of the industrys most infamous scammers？ Sounds good to me.

沃伦（也许这是正确的）被视为加密货币的敌人。但挖掘美国政府与业内最臭名昭著的骗子之一之间可能存在的亲密关系？对我来说听起来不错。

— Michael McSweeney

— 迈克尔·麦克斯威尼