Crypto 小钢炮

DeCaFi In-Depth Analysis: How to Break the "House Advantage" and Achieve Liquidity Democratization?

In traditional finance and entertainment models, being the "house" is a privilege at the top of the pyramid. But in the world of DeCaFi (Decentralized Casino Finance), this privilege is being dismantled by code.

The DeCaFi model proposed by HashEpoch centers on the redistribution of rights—deconstructing and returning the rule-making power, capital allocation rights, and profit distribution rights, which were originally monopolized by centralized platforms, back to the community.

1. Joint House LP (Liquidity Provider) Mechanism This is the most attractive financial model of DeCaFi. HashEpoch standardizes the act of being the "house" as a form of financial management behavior.

Openness: Any user who meets the basic conditions can inject funds into the smart contract pool and become a liquidity provider.

Profit Logic: The profits of LP come directly from the systematic gains generated during the gaming process, allowing ordinary users to gain opportunities for profits comparable to that of "market makers."

Automatic Settlement: All bets interact directly with the capital pool, and the smart contract automatically settles without the need for manual review.

2. A Truly Multi-Party Gaming Structure DeCaFi has evolved the ecosystem structure from a single "player versus platform" to a "multi-party free gaming." Furthermore, HashEpoch supports multi-asset parallelism, allowing other project parties to list their Tokens as chips. This means that the DeCaFi platform is not only an entertainment venue but also an amplifier for the liquidity and application scenarios of various Crypto assets.
In DeCaFi, the money you earn is no longer luck-based but is derived from liquidity and mathematics.

Web3's Next Trillion-Dollar Narrative: What is DeCaFi (Decentralized Casino Finance)?

After DeFi has restructured banking and GameFi has restructured gaming, where is the next explosion point for Web3? The answer may be DeCaFi (Decentralized Casino Finance).

What is DeCaFi? DeCaFi is a brand new industry framework pioneered by HashEpoch. It is not simply about 'moving slot machines onto the chain', but rather building a public, transparent, trustless financial entertainment ecosystem through the decentralized concept of blockchain, smart contract execution, on-chain governance, and token economic incentives.

What core problem does DeCaFi solve? The pain point of traditional markets lies in the 'trust black box': centralized management leads to data opacity and uncontrollable fund security. The core logic of DeCaFi is:

Code is law: All rules are automatically executed by smart contracts, funding flows are transparent and traceable, eliminating black box operations.

Hash is truth: Utilizing on-chain hash values as the sole basis for win/loss determination ensures that randomness cannot be tampered with, and the dealer cannot manipulate it.

Assets are freedom: Funds locked in smart contracts ensure 'rigid repayment' with decentralized asset management, without any human intervention in withdrawal restrictions.

From 'players' to 'financial participants', the most revolutionary aspect of DeCaFi is that it reconstructs pure 'consumption behavior' into 'financial behavior'. Under the framework of HashEpoch, users are no longer just passive participants; they can become co-builders of the ecosystem through governance and liquidity provision.

This is not just an upgrade in gameplay but a reconstruction of production relations. DeCaFi is providing a standardized decentralized reference system for the global entertainment industry.

DeCaFi (Decentralized Casino Finance)——Decentralized Entertainment Finance

Why is 'On-chain Hash' the ultimate solution for the betting industry?
For a long time, despite the massive scale of traditional betting markets, they have always faced an insurmountable pain point: the trust crisis. Whether it's black-box operations, opaque funds, or centralized platforms' absolute control over data, participants have always been in a passive position.

With the maturation of Web3 technology, we are witnessing a paradigm shift. The concept of DeCaFi (Decentralized Casino Finance) proposed by HashEpoch may offer a standardized decentralized solution for this trillion-dollar market.

1. Say goodbye to random number black boxes: Hash is justice
Traditional platforms often rely on centralized servers for random number generation, which carries the risk of human manipulation. The core innovation of HashEpoch lies in introducing an 'on-chain hash value draw mechanism.' The outcome of each round is entirely determined by blockchain height hash values. This means even the project team cannot predict or tamper with results, truly achieving open and immutable randomness.

2. Smart contracts ensure rigid payouts, eliminating 'withdrawal difficulties'
Trust is also about fund security. HashEpoch introduces a bonus pool smart contract payout mechanism. All market-making funds must be locked in the contract pool in advance, and every user interaction is settled atomically with the contract. This not only resolves the common 'red limit' issues seen in traditional platforms but also fundamentally prevents fund misappropriation, achieving 100% rigid payouts.

The essence of Web3 is decentralization. When the betting industry moves away from trusting 'people' and instead relies on code and mathematics, a permissionless, transparent, and fair global entertainment market will truly emerge!

$BTC In the first quarter, both the secondary and primary markets should perform well. However, it is increasingly difficult to make money in the market, and opportunities for retail investors are rare. Most retail investors look down on mainstream options, and engaging in counterfeit activities leads to various forms of exploitation. Trading now requires extreme caution, taking careful steps to make profits, one step at a time. The kind of rapid market surge is quite rare; it may exist in the primary market, but capturing it is also very difficult. For those looking at the secondary market, there may be only a few opportunities each year, with most of the time spent waiting in an empty position. #BTC

The U price has inverted for a while, the exchange rate of the US dollar to the Chinese yuan is 7.03, but USDT is at 6.85, which is 2.5% lower.

From the perspective of supply and demand: Previously, everyone was very FOMO, and as soon as they received their salaries, they rushed into the crypto market, causing the U price to be higher than the exchange rate; recently, the market has become stagnant, with many people withdrawing funds, leading to a drop in the U price.

From the regulatory perspective: Recently, China has strengthened C2C regulation, making it easier to freeze cards, and the risk is reflected in the discount on U.

But isn't USDT pegged to USD? Is there anyone who can arbitrage between U - CNY - USD?

1. U.S. November unemployment rate: Actual value 4.6% > Expected 4.4%

The unemployment rate is higher than expected, indicating that the recovery of the job market is weaker than market expectations, which generally reduces the probability of the Federal Reserve tightening monetary policy (easing expectations rise), thus it is considered "bullish" for gold and silver (the safe-haven attribute of gold and silver will be more favored).

2. U.S. November seasonally adjusted non-farm payroll employment: Actual value 64,000 > Expected 50,000

Non-farm employment exceeded expectations, indicating that corporate hiring activity is stronger than expected, the job market is relatively strong, which may raise the Federal Reserve's tightening expectations, thus it is considered "bearish" for gold and silver (a stronger dollar will suppress gold and silver prices).

The Bitcoin mining farms in Xinjiang have all been shut down.

As a result, Bitcoin's hash rate has dropped to 836.75 EH/s in the last two days, down 30% from the previous day's 1200 EH/s.

It is rumored that recently mining in Xinjiang has been cracked down again, with over 200,000 machines confiscated.

After the new round of crypto crackdowns by 13 domestic ministries, the mining machines were confiscated, and the mined coins flooded the market.
I wonder how the market has dropped so badly this month.
This time, it is completely finished.

Night should be one of the most "resilient" project parties I have seen this year. Have you seen what pressures it has recently experienced?

🔹 Flash profit: smashed out 400 million circulating
🔹 BOOST: smashed another 120 million
🔹 Binance Alpha: a supplement, tens of millions of dumped

But the project party has held on. Those who bought at launch are basically starting with several times. There are really not many project parties that can be this tough this year.

GM~Crypto Market Daily | December 12, 2025 (Friday)

📌 Key Points Today
• Market sentiment remains in the Fear zone, but the total market cap increased by +2.29% to $3.24T, indicating a test of buying interest.

• Dual benefits from regulation and technology: SEC approves DTCC to provide security tokenization services; YouTube supports U.S. creators to receive payments in stablecoins.

• Frequent institutional moves: BlackRock withdraws over $200 million in BTC and ETH from Coinbase; Grayscale transfers 6,400 ETH to Coinbase.
───
🔥 Trending
1. $AAVE - The Whales' Recursive Lending Game
• What happened: A whale borrowed 1,000,000 USDC again to buy 5,211 AAVE, with a total holding value of $69.08 million and liabilities of $30.8 million.
• Discussion focus: Is this aggressive leverage for a bullish position or an arbitrage strategy utilizing protocol rules?
• Potential opportunity: The whale's continued accumulation may indicate long-term optimism for the AAVE protocol or governance.
• Uncertainty: High leverage can easily trigger liquidation under market volatility, becoming a systemic risk point.
2. $BTC - Institutional Withdrawals and Whale Sell-offs Parallel
• What happened: While BlackRock made significant withdrawals, data shows that Bitcoin whale groups have sold or transferred 36,500 BTC this month.
• Discussion focus: Institutional accumulation and whale distribution are forming a hedge, intensifying market direction speculation.
• Potential opportunity: Traditional financial giants continuously moving assets off exchanges may signal long-term holding.
• Uncertainty: Continued whale sell-offs could impose heavy selling pressure on BTC prices.

───
🐋 Whale Movements
• Data: Another "circular bullish whale" sold 150 BTC within 3 hours to repay Aave loans → Implication: Some high-leverage players are choosing to deleverage to lock in profits or avoid risks amid market uncertainty, leading to a cautious short-term sentiment.
───
💡 Analyst Observations
The market is gently rebounding amid fear, with the narrative focus shifting from macro to specific applications and regulatory breakthroughs. The entry of DTCC is a milestone for traditional finance embracing tokenization, while YouTube's initiative makes stablecoin payments more accessible. However, the extreme long and short actions of whales on $AAVE and $BTC reveal significant strategic divergences among professional players, and retail investors should be wary of becoming the fuel for high-leverage games.

Hyena is online and needs to be closely monitored.

A perpetual contract platform jointly created by Ethena and @BasedOneX
Built on Hyperliquid and fully priced in USDe

1/ How does Hyena disrupt the current landscape?
The core pain point of the current stablecoin distribution model is the excessive "channel tax."
In 2024, Circle's annual revenue is $1.7 billion, yet it has to pay $900 million to distribution partner Coinbase.
More than half of the revenue is taken by the channel parties.

Ethena chooses to bypass traditional CEX channels and directly build a native USDe ecosystem on Hyperliquid.

2/ Where is the core innovation of Hyena?
A perpetual contract market fully priced in USDe brings three layers of combined benefits:
▌ When trading, USDe collateral automatically generates a 5.3% annual yield
▌ Normal funding rate income
▌ Profit and loss of the position itself

This means that even if your contract trading is flat, just holding USDe as collateral can yield stable income.

In terms of revenue distribution.
Ethena, as the deployer, receives 50% of the trading fees, with the other half going to Hyperliquid.
No middlemen to profit from the difference.

3/ Deeper strategic significance
Hyena is a key piece in Ethena's construction of a stablecoin empire.

If Hyena is successful, it will have a profound impact on the distribution model of the entire stablecoin industry.
The biggest beneficiaries are Hyperliquid and Ethena.
The second biggest beneficiary is Based.

Friendly reminder, Based has not yet TGE, and its points activity is ongoing.

With the recent frequency and intensity of Hasset's statements, the market doesn't even need to worry about what Powell will say after the FOMC on 12.10. Even if he takes a hawkish stance, the market will expect that everything will get better after Hasset takes office!

✅ Certainty of taking office maximized: Trump’s appointment + strong qualifications, Congress approval is a foregone conclusion​
✅ Dovish background solidified: Neutral interest rates may be pressed down to 2.5%, with 4 more rate cuts available + possibility of restarting QE​
✅ A big liquidity package is on the way: $45 billion in RMP bond purchases injected into the market each month, with 10-year US Treasury yields aiming for below 4%​
📈 Clear benefits: US tech stocks + real estate + gold will directly benefit, MBS spreads are expected to narrow by 20 basis points​
Powell's hawkish statements are just transitional noise ~ The window for buying rumors remains open, and it's correct to follow the policy shift in planning!

Binance is awesome!! Turns out reporting really pays off.

No wonder it's the best in the universe, from accepting user reports to responding and announcing actions, the whole process took less than 24 hours. Kudos to the big sister and the staff, what efficiency! 👍

Each person gets 25,000 U

Everyone is complaining on Twitter, forgot to send an email!

These users who reported received a reward of $100,000. As long as there's someone outside helping to transfer coins or doing insider trading, they can report to Binance, and reporting is rewarded! Truly effective!

Congratulations, the number of registered users of the Coin Security Ball has surpassed 300 million, breaking the historical milestone again 🚀$BNB

Looking back, it was only June 2024 when we just broke 200 million; this growth rate is truly impressive.
I remember downloading the app for the first time in 2018, the UI was basic, and it lagged terribly, I uninstalled it after a day.

I never expected that it has now grown into the world's leading cryptocurrency platform.
This is a milestone in the cryptocurrency industry.

Let's witness history together and welcome a new chapter!
Sister @heyibinance also made a statement:
Binance's next stop is — 1 billion users
#币安突破3亿

You can look forward to $ENA

Now there's a new trading pair on Hyperliquid - a perpetual contract priced in USDe.
This is the work of the Ethena project team, who set up their own perpetual contract market called Hyena Trade using the HIP3 mechanism in Hyperliquid. The key point is that half of the trading fees generated in this market go to the Ethena protocol.
So Ethena can not only make money from the USDe stablecoin itself but also has an additional source of income. Recently, Ethena has shifted its focus to expanding more usable scenarios for USDe and building a more comprehensive ecosystem.

$USDT $USDC
After three years, the Internet Finance Association has once again issued a statement, launching strict tightening controls and enhanced crackdown actions in the cryptocurrency sector.

This is the fourth concentrated rectification by the association targeting the cryptocurrency sector:
1. The first crackdown focused on OTC trading, ultimately concluding with the investigation of U merchants and triggering a wave of frozen accounts.

2. The second rectification targeted mining farms and token issuance businesses, ending with a large-scale exit of mining farms and the arrest of personnel related to exchanges.

3. The third crackdown focused on the NFT and digital collectibles sector, resulting in the legal seizure of multiple companies related to digital collectibles.

4. This latest action aims at stablecoin trading and the behavior of exchanges in attracting traffic, with the results of the rectification currently unclear.
#USDT

During the market downturn, a "whale" spent 35.7 million dollars to purchase 8 assets, including:

3,175 $ETH (10.13 million dollars)
557,937 $LINK (7.99 million dollars)
20.14 million $ENA (5.82 million dollars)
25,396 $AAVE (4.9 million dollars)
6.53 million $ONDO (3.27 million dollars)
340,849 $UNI (2.05 million dollars)
22.59 million $SKY (1.09 million dollars)
384,075 $LDO (244,000 dollars)

These assets have now been transferred to the on-chain wallet 0xBC64

What does this indicate?

On Thursday morning around 5 a.m. Beijing time, Nvidia will officially release its latest financial report, an event that has set off a countdown affecting global market nerves.

Yesterday, Bitcoin, as a leading indicator for the U.S. stock market, initiated a rebound; however, it failed to break through after reaching the 4-hour resistance line, and is currently in a 1-hour correction phase. From a technical perspective, if it can successfully stabilize above the critical resistance level of 94, Bitcoin is expected to gain momentum and attempt to reach the significant threshold of 100,000 dollars.

On the macroeconomic front, multiple positive signals have also emerged: the TGA account has opened up funding expenditures, injecting liquidity into the market; CME data shows that the probability of the Federal Reserve cutting interest rates in December has risen from the previous 42.9% to 48.9%, with expectations for easing continuing to heat up; coupled with Trump's recent revelation that he has selected the next Federal Reserve chairman, further reassuring the market and effectively alleviating concerns stemming from policy uncertainty.

Overall, the long-awaited financial report and macroeconomic catalysts are set to converge soon. What needs to be cautious is that if Nvidia's financial report ultimately falls short of expectations, combined with weak macro data performance, Bitcoin's support level at 89 may struggle to hold, and the market could face significant correction risks, necessitating investors to prioritize risk avoidance; however, based on the forward-looking signals and market sentiment currently being conveyed, the probability of Nvidia's financial report exceeding expectations is higher — after all, it carries the growth expectations of the entire market and is unlikely to exhibit a “disruptive” performance. If the final data meets expectations, the market is likely to welcome a period of respite, and risk appetite may further recover.

#BTC

When laying out investments, never gamble a large proportion of funds on a so-called certainty like $BLUR , $BOME . Last year, during the big bear market, some people were already suffering badly, and because they wanted to turn things around, they gambled on this so-called NFT leader, resulting in even worse outcomes. When planning investments, don't just think about what if you make a profit? Also think about what if you incur a loss? Don't only consider what if it doesn't drop any further? Also think about what to do if it does drop? Not all cryptocurrencies are Bitcoin.

The current market can be summed up in two words: Conflicted! 🤡

What is the conflict? To put it simply, it's just that the funds are too conflicted.

Funds are quite straightforward — in 2021 and 2022, they knew very well: when the Federal Reserve raises interest rates, they definitely have to avoid the dollar to make money, so they all flocked to other places.

As a result, the dollar now seems to be throwing a tantrum, sometimes it’s extremely strong, and other times it softens again, leaving the funds puzzled: weren't we supposed to lower interest rates? Why is the dollar still so strong?

So now the funds are just like us when we are conflicted, uncertain in their minds, and they must wait until the real release of money is solid before they can be sure. But right now, this wave of real monetary release is still nowhere in sight.

We really have to wait for easing to genuinely arrive~🚀