I. Outlook

1. Macroeconomic Summary and Future Predictions

This week (April 6 ~ April 12), the macroeconomic theme is the rapid switch between geopolitical conflicts and inflation expectations. At the beginning of the week, the escalation of the Middle East situation pushed oil prices to around $111, and the market briefly traded on "stagflation + continued tightening." Subsequently, as ceasefire expectations warmed, oil prices quickly fell back to around $94~96 (a drop of about 13%), coupled with a softer U.S. CPI, leading the market to swiftly shift to "easing expectations." U.S. Treasury yields fell back to around 4.2%, risk assets rebounded, but overall volatility significantly increased, showing clear event-driven characteristics.

Looking ahead to next week, the core variables remain the continuity of the Middle East situation and inflation data: if the situation remains calm, oil prices are likely to operate in the $90--$100 range, and the market will continue to strengthen the trading logic of "no interest rate hikes this year, or even early rate cuts"; however, if conflicts recur and oil prices rise again to $105+, it will quickly suppress risk assets. The overall judgment is: we are currently in a phase where a short-term easing window and high volatility tail risks coexist, and market direction remains unstable.

2. Market Changes and Warnings in the Crypto Industry

This week, BTC was entirely driven by macro factors, showing a fluctuating structure: starting from about $69K on April 6, it quickly surged to $71K--$72K on April 7 due to ceasefire stimuli, then fell back to around $68.5K under the influence of about $250 million net outflow from ETFs and fluctuating risk appetite, and after failing to break $73K over the weekend, it fell back to around $71K. Overall, the structure shows that $73K--$74.5K is a strong resistance zone, $67K is a short-term support, and $64K--$65K is a key defense line, with the funding situation reflecting a game of existing stock rather than incremental drivers.

Next week provides a clear path: it is highly likely to maintain a fluctuation range of $67K--$73K (main path); if the macro environment continues to warm and breaks through $73K, the upper space looks to $75K--$77K; but if geopolitical risks rise or oil prices rebound, one should be wary of a rapid drop to $67K, and if broken, it may test $64K--$65K. The core conclusion is: the current crypto market is still in a macro-driven range market phase, the trend has not yet been confirmed, and attention should be focused on capital flow and event changes.

3. Industry and Sector Hotspots

This week’s content focuses on two main lines: first, underlying architecture innovation (Unicity), which reconstructs blockchain from a "global state machine" to a "peer-to-peer verifiable system" through non-shared ledgers + self-verifying assets + unique oracles, theoretically achieving infinite parallelism, high throughput, and default privacy, but at the cost of sacrificing composability and development complexity; second, the fusion of AI + DeFi (Pluton AI), centered around AI Agents, from Agent creation → DeFi AI automated trading → Agent tokenization, building an "agent-driven financial and economic system," emphasizing lowering the entry threshold and commercial closed loops, but facing technical complexity, security, and regulatory risks.

II. Market Hotspot Tracks and Potential Projects of the Week

1. Overview of Potential Projects

1.1. Analysis of Unicity Protocol, led by BlockChange, with Tawaso Superapp and Outliers Ventures participating—Reconstructing Blockchain's Non-Shared Ledger Architecture

Introduction

The Unicity blockchain solves transaction-level challenges by completely eliminating shared ledgers. It enables peer-to-peer value transfer without intermediary verification. Assets become self-contained cryptographic objects that can be directly transferred between parties and are verified solely by the recipient. There is no collection of validators processing transactions, no exposed memory pool (mempool) for pending operations, and no public ledger recording transactions. Therefore, the result is nearly unlimited throughput, instant finality, and default privacy protection.

Core Mechanism Overview

1. Overall Architecture Concept: A Blockchain without a "Shared Ledger"

The core innovation of Unicity lies in completely abandoning the shared ledger model. Traditional blockchains (Bitcoin/Ethereum/Solana, etc.) are based on the architecture that "all transactions must be verified and written into a public ledger," while Unicity compresses on-chain functions to only be responsible for "uniqueness proof."

The blockchain is only used to prove the absence of double spending, does not store transactions, has no mempool, and does not have a global shared state.

The core idea is:

• Assets are not on-chain
• Assets are "self-verifying cryptographic objects"
• Assets flow peer-to-peer
• The recipient is responsible for verification
• The chain only anchors the "uniqueness state root"

This constitutes a "Non-Shared Ledger Blockchain."

2. Three-Layer Hierarchical Architecture

Unicity adopts a three-layer structure:

1️⃣ Consensus Layer

• Proof of Work (RandomX, ASIC resistant)
• BFT finality
• Only stores SMT state root
• Does not record transactions
• Block time is about 2.4 hours
• Annual chain growth < 1MB

Function:

• Provides root trust
• Anchors Uniqueness Oracle state
• Generates Unicity native currency

Its design goal is to be an extremely lightweight trust anchor.

2️⃣ Uniqueness Oracle

This is the core innovation layer of Unicity.

Structure:

• Sharded Sparse Merkle Tree (SMT)
• Iterative updates
• Recursive ZK consistency proofs
• Only records state transition hashes

It generates three types of proofs:

• Inclusion Proof (registered)
• Exclusion Proof (not registered)
• Unicity Proof (SMT uniqueness proof)

Key Features:

• Does not record transaction content
• Only proves that a state "uniquely occurs"
• Prevents double spending
• Supports sharded parallelism
• Can scale to infinitely parallel partitions

3️⃣ Token Layer (Asset Layer)

Tokens are not smart contract accounts but are: "independent blockchain-style asset objects."

Each Token internally contains:

• Genesis data
• Historical transaction chain
• All Uniqueness Proofs
• Execution proofs

Transfer Process:

1. The sender creates a state transition
2. Requests the Uniqueness Oracle
3. Obtains the Unicity Proof
4. Sends the updated Token to the recipient
5. The recipient verifies locally

Features:

• No mempool
• No gas competition
• No global ordering
• The recipient is responsible for verification
• Parallel and infinite

This resembles the design philosophy of "digital cash."

3. Agents = Smart Contracts without Shared State

Unicity does not have shared state smart contracts but:

• Tokens can be locked via Predicate
• Agents receive Tokens
• Execute logic
• Generate execution proofs
• Release new Tokens

Workflow:

1. Lock (lock assets)
2. Execute (execute logic)
3. Prove (generate execution proof)
4. Release (release assets)

Features:

• No global state
• No shared storage
• Privacy by default
• Atomic swaps guaranteed by Predicate
• Fully parallel

1. Verifiable Execution

Supports various execution verification mechanisms:

• Re-execution
• Zero-knowledge proofs
• Fraud proofs
• TEE
• Validator committees

Core Idea:

Execution and verification are separated
Only economically relevant parties verify
No need for the entire network to re-execute

5. Agentic Internet (AI Layer)

The structure includes:

• Verifiable Agents
• Intelligent Agents (neuro-symbolic)
• Agent Runtime
• Decentralized storage
• Overlay network
• Infrastructure market
• Micropayment systems

Neuro-symbolic Architecture

• Neural networks are responsible for semantic understanding
• Symbolic systems ensure type safety and execution
• All executions generate verifiable state transitions

Goal:

Extend "verifiable computation" to the AI reasoning layer.

Tron Commentary

Unicity's core advantage lies in its non-shared ledger architecture: the chain only serves as a "uniqueness proof anchor," with assets flowing peer-to-peer in the form of self-verifying cryptographic objects, theoretically achieving infinite parallelism, high throughput, default privacy, no gas congestion, and no MEV, while providing double spending protection through Uniqueness Oracle + recursive ZK compression, and supporting a verifiable execution agent system, providing infrastructure for machine-scale and AI autonomous economies; however, its disadvantage lies in the limitations of composability due to the abandonment of global shared state (no global atomic operations, no Flash Loans, etc.), users must bear the complexity of client-side verification, the system structure is relatively complex (SMT sharding + ZK + PoW + BFT overlay), high requirements on developer paradigms, and the ecological migration costs and practical feasibility still need time to verify.

1.2. Briefly Describing the Total Financing of $2.7 Million, Kitchen Leading the Seed Round—Intelligent DeFi Infrastructure Driven by Autonomous AI Agents Pluton AI

Introduction

Pluton AI is an advanced ecosystem that integrates artificial intelligence and decentralized finance (DeFi), aiming to provide a seamless Web3 experience. Its core consists of AI Agents, which are autonomous and adaptive programs designed to enhance efficiency for users, businesses, and developers. From personalized AI-driven services to automated financial processes, Pluton AI is pushing intelligent digital solutions into a new stage of development.

Product Architecture Analysis

Phase One: Personal AI Agent Creation and Listing on the Pluton AI Platform

Empowering individual users to create exclusive AI Agents and seamlessly integrate them into Telegram, while showcasing them on the Pluton AI platform for broader reach and commercialization.

Core Functions

1️⃣ User-Friendly AI Agent Building Tool

• Provides a no-code interface, allowing users to design and train AI Agents with specific functions (e.g., customer support, knowledge Q&A, personal assistants).
• Offers preset templates for different industries, such as e-commerce, education, gaming, etc., lowering the entry barrier.

2️⃣ Deep Integration with Telegram

• Each AI Agent automatically generates a dedicated Telegram bot, which can interact with users once launched.
• Supports multilingual functionality to meet global user needs.

3️⃣ Listing on the PlutonAI Market

• A centralized AI Agent market for discovering, evaluating, and hiring AI Agents.
• Rating and review systems enhance credibility and exposure.
• Search and filtering tools help users match their needs accurately.

Revenue Model

• Subscription-based: Users can subscribe to premium AI Agent services.
• Revenue sharing: Creators and the PlutonAI platform share profits proportionally.

Innovative Points

This phase creates a closed-loop model for personal AI creation and commercialization, enabling users to easily monetize their AI capabilities while forming an active, sustainably growing AI market system within the Telegram ecosystem.

Phase Two: DeFAI Agents—Decentralized Crypto Financial Intelligent Execution Layer

Building AI Agents (DeF AI Agents) with decentralized financial operation capabilities, achieving automated crypto asset management and trading execution through intelligent and secure interactions.

Core Functions

1️⃣ Market Analysis AI Agents

• Real-time aggregation and analysis of on-chain data from decentralized exchanges (DEX).
• Using predictive algorithms to assess price trends and market dynamics.
• Providing opportunity alerts, risk warnings, and investment portfolio updates.

These AI Agents act as "on-chain intelligent analysts," offering data-driven decision support to users.

2️⃣ AI Automated Trading Agents

• Supports users in customizing trading parameters and risk management rules.
• Deep integration with mainstream DEX and wallets for secure, real-time trading.
• Provides portfolio optimization and automatic rebalancing suggestions.

Users can set strategies, and the AI automatically executes them on-chain, achieving semi-automated or fully automated trading management.

3️⃣ DeFi Conversational Interaction Interface

• Executes trades through natural language commands, e.g., "Help me buy 1 ETH when ETH drops below $2800."
• Supports yield farming recommendations, staking operations, and liquidity management.
• Supports multi-chain operations and cross-chain interoperability.

Users can complete DeFi actions through chat without complex operational interfaces.

4️⃣ Compliance and Security Mechanisms

• Strengthened trading approval security mechanisms.
• Integrated decentralized identity (DID) systems.
• Enhanced transparency and compliance.

Ensures automated execution operates within a secure and regulatory framework.

Innovative Significance

By integrating AI and DeFi, Pluton AI constructs a new paradigm of DeF AI (Decentralized Finance + AI):

• Lowers the entry barrier for DeFi usage.
• Enhances on-chain operational efficiency.
• Achieves conversational finance.
• Allows both novices and professionals to participate easily.

PlutonAI is upgrading decentralized finance from "tool-driven" to "agent-driven."

Phase Three: AI Agent Tokenization and Bonding Curve Mechanism Integration

By introducing a tokenization mechanism for AI Agents, it builds a scalable economic ecosystem, enhancing user engagement and providing long-term incentives for developers and the community.

Core Functions

1️⃣ Exclusive Token Issuance for AI Agents

• Each AI Agent created on Pluton AI can issue an exclusive token.
• Tokens represent the service value and ecological rights of that Agent.

Token uses include:

• Access rights (unlocking premium features)
• Staking rewards
• Governance voting rights

Realizing "each Agent is an independently operating economic entity."

2️⃣ Bonding Curve Mechanism

• Tokens are issued through a Bonding Curve model.
• Dynamically priced based on supply and demand.
• Automatically forms initial liquidity.
• Reduces price manipulation and liquidity risks.

This mechanism ensures:

• Early participants receive reasonable incentives.
• Prices grow naturally with demand.
• The issuance process is transparent and predictable.

3️⃣ Deep Integration with PlutonAI Market

• Tokens can be traded within the platform.
• Can be used for staking.
• Can unlock premium features.
• Token holders can receive rewards and ecological incentives.

Forming a complete usage-value-incentive closed loop.

4️⃣ Decentralized Governance

• Token holders participate in the development decisions of AI Agents.
• Includes feature upgrades, parameter adjustments, and ecological direction.

Realizing a community-driven AI evolution mechanism.

Innovative Significance

Through AI Agent tokenization, Pluton AI:

• Constructs an "Agent economic layer."
• Aligns the interests of creators, users, and investors.
• Enhances ecological scalability.
• Upgrades AI services from "tools" to "self-growing digital assets."

This phase transforms Pluton AI from an AI tool platform into a decentralized intelligent ecosystem with a complete token economic system.

Tron Commentary

Pluton AI's advantages lie in its clear path and complete narrative, gradually building an ecological closed loop from "personal AI Agent creation → DeFi AI automated finance → Agent tokenized economy," combining AI, DeFi, Telegram traffic entry, and token economic design, with strong market appeal and scalable imagination; especially the conversational DeFi and Agent economic model, which is innovative in lowering entry barriers and enhancing participation incentives.

However, its challenges are also evident: the complexity of technical implementation is high (multi-chain integration, automated trading security, Bonding Curve design, DID compliance), AI execution risks and capital security issues need strict control, the tokenization model may face regulatory and speculative volatility pressures, and the ecological cold start relies on the growth of both creators and users. If real usage scenarios and long-term value capture are insufficient, the token and Agent market may fall into short-term speculation rather than sustainable growth.

2. Detailed Explanation of Key Projects of the Week

2.1. Detailed Explanation of Total Financing of $10.18 Million, led by Consenseys, Linea, and HSG, with participation from OKX, Hashkey, etc.—Reconstructing On-Chain Liquidity with a High-Performance Decentralized Trading Engine MYX Finance

Introduction

Driven by its proprietary Matching Pool Mechanism (MPM), MYX provides an exceptional on-chain derivatives trading experience.

MYX offers perpetual contracts with USDC as collateral, supporting up to 50x leverage.

As an innovative decentralized perpetual contract trading platform, MYX achieves zero slippage trading through its unique MPM mechanism. By seamlessly matching long and short positions, MYX enhances capital efficiency to a maximum of 125 times, providing traders with broader opportunities.

Core System Architecture Analysis

Order Types

Buy-to-Open
Buy index tokens to establish long positions; ➡ Increase long open interest (Long OI)

Sell-to-Close
Sell index tokens to close existing long positions; ➡ Decrease long open interest

Sell-to-Open
Sell index tokens to establish short positions; ➡ Increase short open interest (Short OI)

Buy-to-Close
Buy index tokens to close existing short positions; ➡ Decrease short open interest

How Does the Liquidity Pool Facilitate Trading?

Under MYX's non-order book architecture, there naturally exists asymmetry in long and short open interest.
The liquidity pool (Liquidity Pool, LP) acts as the counterparty and gradually transfers positions between long and short traders under a delay mechanism.

Liquidity Pool Passively Assumes Positions

The liquidity pool passively holds positions as the counterparty for instant transactions. The LP reserves sufficient collateral to bear potential maximum loss obligations.

Example 1 (Long Scenario)

The market is in a balanced state. If Alice goes long 1 BTC:

• The liquidity pool passively assumes a short position of 1 BTC.
• Simultaneously reserves 1 BTC as collateral.

Alice's theoretical maximum profit ➡ When the BTC price tends towards infinity, the maximum profit is 1 BTC.

Example 2 (Short Scenario)

The market is in a balanced state.
If Alice shorts 1 BTC at $30,000:

• The liquidity pool passively assumes a long position of 1 BTC.
• Reserves $30,000 USDC as collateral.

Alice's theoretical maximum profit ➡ When the BTC price drops to $0, the maximum profit is $30,000 USDC.

Delayed Matching Mechanism

When new trades reduce market imbalance:

• The LP will close its existing positions.
• Release funds.
• Allow existing long and short traders to become counterparties to each other.

Until one party is liquidated or actively closes their position.

Example

Assuming the market is long-biased by 10 BTC.

If Alice shorts 1 BTC:

• The LP closes a short position of 1 BTC.
• Transfers the short risk to Alice.
• The LP bears the corresponding profit and loss due to the closing action.

Funding Rates, Market Balance, and Capital Efficiency

Funding rates are settled every hour:

• Paid by the advantageous side to the disadvantaged side.
• For example: when longs are dominant, longs pay shorts.

Under reasonable management:

• Market makers (LP) can earn funding fees by providing liquidity.
• While hedging the price risk of the underlying asset.

Statistical results show:

• Funding fee mechanism + market-making behavior ➡ Can maintain approximately 50:50 long-short balance in the long term.

In a balanced market:

• LP bears minimal risk.
• Capital utilization is low.
• Can support higher trading volumes.

In an unbalanced market:

• The MPM mechanism still has high capital efficiency.
• In a balanced market environment, capital efficiency is significantly better than traditional P2 Pool models.

Automatic Deleveraging Mechanism (ADL)

When trading volume expands and the market is balanced:

• Open interest (OI) may far exceed the liquidity pool size.
• While increasing LP earnings.
• It also brings systemic risks.

When the funding pool utilization reaches its limit:

• All new opening orders will be rejected.
• Closing and liquidation orders are unaffected.

If the LP cannot bear more positions:

• Closing or liquidation may exacerbate market imbalance.

MYX's solution: Automatic Deleveraging (ADL)

ADL Mechanism:

• Forcefully closes the most profitable counterparty positions.
• Simultaneously reduces long and short OI equally.
• Does not rely on new funds.
• Automatically restores system balance.

Tron Commentary

MYX's core advantage lies in its unique Matching Pool Mechanism (MPM), achieving zero slippage transactions and instant trading experiences through passive liquidity pools acting as counterparties, while enhancing capital efficiency under gradual long-short re-matching and funding fee adjustment mechanisms (efficiency is particularly prominent in balanced markets), and supporting up to 50x leverage with USDC collateral structure, with clear mechanism design and defined risk boundaries;

However, its disadvantage lies in its strong dependence on the liquidity pool's capital scale, which may reach utilization limits and trigger ADL forced deleveraging risks in extreme one-sided markets, requiring LPs to actively hedge to control exposure, and the overall model complexity is high, with certain structural dependencies on market balance and funding fee adjustments.

III. Industry Data Analysis

1. Overall Market Performance

1.1. Spot BTC vs ETH Price Trends

BTC

ETH

2. Summary of Hot Sectors

AI Infrastructure: Computing Power/Data Centers Become the New "Mining Narrative"

• Original crypto mining companies (Core Scientific, TeraWulf, etc.) fully transform into AI data centers.
• Industry market value: $2B → $48B (explosion within two years).
• Core logic:
• Power resources + data centers = AI computing power as a scarce asset.
• Contracts signed with Google/AWS for computing power.

Essential Change:

"Mining assets → AI computing power infrastructure assets."

Market Mapping:

• AI computing power chains (power/GPU/IDC) become new focal points for capital.
• Crypto gradually embeds into the AI infrastructure value system.

IV. Macroeconomic Data Review and Key Data Release Nodes for Next Week

1) Review of Macroeconomic Data This Week (4/6--4/12)

U.S. CPI: about 2.4% (core 2.5%)

Eurozone PPI remains negative (about -2.1%)

Signals:

U.S. inflation remains "sticky," making it difficult to further advance rate cut expectations.

Europe is still on the edge of deflation.

2) Key Macroeconomic Data Nodes for Next Week (4/13--4/19)

Key focus:

• U.S. PPI (4/14)
• Judgment: Whether inflation is re-emerging from upstream (affecting rate cut path).
• Japan M2 (4/13)
• Observing liquidity changes (in conjunction with Bank of Japan policy).

V. Regulatory Policies

This week saw almost no new significant legislation/regulatory implementation, remaining in a phase of executing existing frameworks/transitional periods rather than new policy phases.

However, there is a structural change worth noting:

1) EU MiCA Enters Substantive Execution Impact Phase (Continuity Change)

Although not legislated this week, the market impact has continued to strengthen:

• Several stablecoins (such as USDT) have been delisted for non-compliance with regulatory requirements.
• Compliant stablecoins (such as USDC) have obtained licenses and dominate the market.
• Exchanges guide users to migrate to compliant assets.

Essential Change:

• Regulation is moving from "legislative phase → actual clearing phase."
• The stablecoin sector is experiencing a "regulation-driven supply-side restructuring."

2) Summary of Regulatory Trends (No new additions this week, but trends are strengthening)

• Globally entering:
• Strong regulation of stablecoins (reserves + licenses).
• Compliance of exchanges.
• Regional differentiation:
• EU: strictest (MiCA implementation).
• U.S.: rules are still being refined (no new additions this week).
• Asia: accommodating some liquidity (relatively flexible regulation).