零点分析📈

$EIGEN 【$18 billion TVL can't hold back the price of 0.18】 EIGEN: $0.1876 The king of re-staking, down 96% in six months The market only sees the narrative for 2025 Ignoring the $10 billion infrastructure transformation in 2026 Data doesn't lie, I pulled up the chart—— 1. Current price $0.1876, barely braking at MA120 at $0.1839, opened high this morning at $0.1927 but was pushed back down, like a knee that has been kneeling too long suddenly goes soft. 2. For several weeks, it has been grinding at the $0.1746-$0.1927 range, market makers are only defending, not attacking, and both bulls and bears are asleep. 3. The daily MACD has been in a death cross underwater for several weeks, RSI stuck below 40, all moving averages are pressing down from above. It's not that it hasn't dropped enough, it's that no one is willing to buy in. 4. Total circulation of 16 billion tokens, circulating market cap approaching $30 billion, FDV crushing the price. Maximum supply is still increasing, it's not that the unlocking is so scary, it's that no one wants to enter before the supply side's hidden cards are revealed. I only understood after flipping through the on-chain data. EigenLayer has changed since mid-2025——after lifting the 96 ETH staking limit, TVL surged to $18 billion, with 1941 operators running simultaneously. It heavily relies on native ETH re-staking, with 87.2% of TVL stuck in one-way inflow, and the exit threshold hasn't been cleared. The protocol has been renamed EigenCloud, transitioning towards AI and cloud computing infrastructure. Vertical AVS is the only new narrative that can pull it up. EigenAI mainnet launch provides verifiable AI inference, EigenCompute mainnet Alpha version runs off-chain execution verification. Plus, EigenDA absorbs hundreds of Rollup data availability orders daily, already embedded in mainstream RaaS providers like AltLayer, Caldera, and Conduit. Over 280 crypto AI projects need trust-minimized model evaluations. Revenue is being generated, but the price is still like a coin that fell on the ground—it's made a sound, but it won't move. The token economics have always been the biggest knot. A16z has cumulatively injected $170 million since 2023, leading a $100 million Series B in 2024, and adding $70 million to directly buy EIGEN tokens in 2025. Token distribution: 15% for staking airdrop, 15% for community development, 15% for ecological R&D, 25.5% for early contributors, 29.5% for investors. The release is in progress, and there won't be a massive dump in the short term, but it can't stop the market's anxiety. The Eigen Foundation has proposed ELIP-12, aiming to kick passive staking out of mainstream rewards, requiring stakers to actively secure AVS to earn returns. The hardest part of the proposal is that 20% of AVS fees will be used for token buybacks, with 100% of EigenCloud's infrastructure revenue injected back into the buyback fund. But this won't be implemented today; it requires governance processes, and the time window itself has already discounted the market's valuation. On April 18, the Kelp DAO cross-chain bridge was attacked, losing 11,600 rsETH (approximately $29.2 million), with the attacker directly depositing into Aave to borrow WETH. The core contracts of EigenLayer were not breached, but the upper-level LRT projects suffered a series of impacts, indicating that the risks of re-staking stacks are not theoretical models, but a reality that has already occurred. Market pricing will not differentiate between EigenLayer and its upper structures; it is the foundation, and if the foundation is hurt, everyone is watching whether the whole building will collapse. The fear of a pullback is not the price itself, but the delayed assetization of AVS returns, the buyback money not entering the pockets of stakers, and the fact that after the Kelp attack, although TVL has returned to over $18 billion, user risk appetite has shifted downwards. This token is not the real issue; early investors and retail investors are both stuck waiting—waiting for EigenCloud's paying users to enter the network on a large scale, waiting for the buyback ceiling to shift from proposal to execution. I only look for one signal. Whether EigenCloud's actual paying enterprise clients can exceed 10 within the year. Before real AI inference orders flow in, the pricing of EIGEN is just a base price given by an infrastructure fund, not a market consensus. The above is organized based on public information and personal analytical framework, and does not constitute any investment advice. Cryptocurrency assets are highly volatile, and prices may fluctuate significantly or even go to zero. Please assess your own financial situation independently, DYOR (Do Your Own Research). #LayerZero promises over 10,000 ETH to support Aave

$SATS 【The Bitcoin Dream After the Decimal Point】 SATS: $0.00000001371 BRC-20's unit of measurement Turned into tokens I stared at this string of zeros Counted it three times Eight decimal places This is the scale of faith Data doesn't lie I pulled up the chart—— 1. Current price 1371 Satoshi Moving averages all stick around 1350-1390 MA120 at 1396 Pressing down from above 2. High point 1453 Low point 1308 Daily fluctuation 10% Trading volume 470,000 3. Supply of 34 trillion Equivalent to 470,000 dollars Liquidity is extremely thin 4. RSI stuck at 45 MACD underwater and converging Both bulls and bears are asleep The narrative is very rigid "The smallest unit of Bitcoin" Satoshi Nakamoto's vision But SATS is not Satoshi It's the air in the inscription track ORDI and SATS BRC-20's dual heroes ORDI dropped 95% SATS fell back to square one The biggest bias in the market Is treating SATS as a Bitcoin meme When Bitcoin rises It rises a bit When Bitcoin falls It plummets Is it overpriced? Falling from a high of 0.0000009 Dropped 98% The bottom of a Meme is zero 1371 Satoshi is not the bottom I took a glance at the order book Buy orders spread from 1300 to 1250 Sell orders pressed from 1400 to 1500 Depth as thin as paper SATS is not dead yet But it's living a tough life Like a reflection of Bitcoin Water moon, mirror flower I only look at one indicator BRC-20 daily active addresses Before breaking a thousand 1371 is not the bottom The above is organized based on public information and personal analysis framework, and does not constitute any investment advice. Cryptocurrency assets are highly volatile, and prices may fluctuate significantly or even go to zero. Please make independent judgments based on your own financial situation, DYOR (Do Your Own Research). #LayerZero承诺超1万枚ETH支持Aave

$RESOLV 【Stablecoin Yield Engine Hard to Start】 RESOLV: $0.03023 TVL surpasses 500 million Token price is still deep in the issuance price pit I have been watching this stablecoin project for four months, and USR has not yet scaled up, while the RLP yields have not been passed on to RESOLV holders. The protocol has a solid foundation, but the market's pricing logic for governance tokens is entirely based on the word "future." How long can the yields last, and who will bear the trust cost, is the real test of whether the price can rise. 1. Total supply of 1 billion tokens, currently circulating less than 400 million, with a circulation rate of less than 15% on the first day of launch. Most tokens are locked in the treasury, with the team and investors, released in batches, with a monthly quota that is neither too large nor too small, but in a bear market, every unlock is a sell order. 2. Secondary liquidity is concentrated in mainstream exchanges' spot markets, with a 24-hour volume of 500,000, and a turnover rate of 6%, with a price difference of over 2% between buying and selling prices. A few thousand U can create several points of slippage. 3. TVL has been maintained at 400 to 500 million USD long-term, with nearly 500 million locked in Ethereum. In the last 30 days, the protocol fee was about 4.24 million, and revenue was about 360,000, with a difference of over ten times between the two. Most of the fees earned by the protocol have not flowed to RESOLV. Delta neutral ≠ no risk. USR relies on the funding rate between spot ETH/BTC and perpetual contract short positions, with pricing power constrained by centralized exchanges. If the fee structure slightly reverses in 2026, RLP will have to bear the losses. Last week, RESOLV participated in voting to pass a proposal—to allocate 70% of the protocol fees to the staking pool. The staking weight is linked to the duration, with actual annualized returns for long-term holders being less than 5%. The governance token has not yet repurchased or burned, and the protocol fee income has gone into the staking pool, but the staking pool yields are far below expectations. Compared to USDe, Resolv has an additional layer of RLP, with more refined risk layering, and the expansion speed is noticeably slower. L2 interoperability has just started, with TVL on Base and Arbitrum being less than a fraction of the mainnet. In February, it just established a $100 million RWA credit line with Centrifuge, injecting it into Aave as JAAA collateral. The long-term significance of this path for the protocol's revenue sources is greater than the short-term, and the on-chain positive incentives have not yet taken effect. USR's yields mainly come from funding rates, which are variable. In 2024, during high yield periods, USR's annualized yield once approached 20%; with the current fee structure in both markets, it stabilizes at 5-10%. If long positions decrease in 2026, the yield center may further drop to around 3-5%, narrowing the gap with on-chain government bond tokens. As arbitrage space shrinks, the risk premium borne by RLP and actual returns may mismatch. The main contradiction is that both TVL and protocol fees are growing, while the direct value captured by RESOLV is approaching zero. Staking profit distribution relies on protocol fees, which are not entirely equivalent to income, and the price of governance tokens has not yet been directly tied to the yield pool. Until staking dividends form a stable annualized cash flow of over 8%, the current price can only be considered a sentiment zero line around $0.03. I only look for one signal—whether the actual monthly dividends from the staking pool divided by the average token price can stabilize at 8% annualized. Until it stabilizes, the $0.03 range is just an emotional zero line. The above is organized based on public information and personal analytical framework and does not constitute any investment advice. Cryptocurrency assets are highly volatile, and prices may fluctuate significantly or even go to zero. Please independently assess based on your financial situation, DYOR (Do Your Own Research). #LayerZero承诺超1万枚ETH支持Aave

$DYDX 【Textbook Bankruptcy】 DYDX: $0.15779 I have been watching the derivatives DEX for a whole year, and dYdX has played the role of "two steps back, hit as soon as it lands" most thoroughly among all the leading players. At the beginning of 2023, it took 73% of the decentralized perpetual contract market share, but by April 2026, this number will drop to below 1%. A textbook value capture model did not save it from a textbook market collapse. dYdX distributes 100% of trading fees to stakers, and 100% of net fees are used for buybacks, with clean and transparent data. Over the past year, the price has dropped by 82%, while Hyperliquid has risen by 193% with much less market maker support. The market has repeatedly told dYdX: income distribution is not the winning hand in the derivatives DEX space; the on-chain speed of L1 is what matters. Users would rather trust HyperCore's full-chain order book than believe that the sorting speed of Cosmos application chains is superior. The return of the founder did not stop the bleeding. Antonio Juliano made a high-profile return as CEO in early April, taking the reins of dYdX Trading again, just in time to launch a significant buyback experiment, with 100% of protocol income going to buybacks for the first three months. Before the announcement, the community had already pushed the price to $0.16, and now it has dropped back, indicating that market expectations have already been heavily discounted. A 100% net income buyback can fill the theoretical price in textbooks, but it is not enough in the face of dYdX's $1.2 billion annual trading volume. The gap continues to widen. On May 1, a batch of tokens will be unlocked from the community treasury and reward treasury, which will continue to flood the secondary market. dYdX Chain has been live on the mainnet for a long time, with daily trading volume reaching $280 million and impressive technical indicators. However, market share can be swallowed down, and restoring market share requires HYPE-level pumps. dYdX has chosen to convert 1/3 of its net income into buybacks, which cannot drive growth in the short term, and users are not coming in the medium to long term. The total daily trading volume of DeFi derivatives combined is less than 5%, and dYdX is still in the top three. But the story of the first quadrant has already been taken away; if you sell the v4 application chain narrative now, institutions have to choose between dYdX and HyperEVM's full-chain order book, and they chose HYPE. Currently, dYdX is caught between its former 73% market share and future recovery expectations, with every negative news being very standard and every buyback being a routine check-in. The gap between token unlocks and protocol income expansion is not a drop in price; it is the conditioned reflex that everyone has just formed after being high and low. I only look at whether the real amount of buybacks in the quarterly report can withstand the net outflow from unlocks. The above is organized based on public information and personal analytical framework and does not constitute any investment advice. Cryptocurrency assets are highly volatile, and prices may fluctuate significantly or even go to zero. Please make independent judgments based on your financial situation, DYOR. #LayerZero承诺超1万枚ETH支持Aave

$MERL 【Tuition for Bitcoin L2 has been paid】 MERL: $0.0336 Over half a year since the mainnet launch TVL has dropped back to square one The story of layer two is no longer compelling No fluff Let’s get straight to the indicators—— 1. Current price $0.0336 MA120 at $0.03499 Pressing down from above Above $0.036 is all trapped positions 2. High point $0.03654 Low point $0.03218 Daily fluctuation of 12% Trading volume $670,000 3. Trading volume 19.84 million coins Equivalent to $670,000 Selling $20,000 Can break through 5% 4. RSI stuck at 42 MACD is glued underwater Bulls are weak I looked at the on-chain data Merlin Chain's TVL Dropped from a high of $2 billion to $100 million Most ecological projects have run away Daily active addresses are less than 500 Where is the narrative misalignment? "Bitcoin L2 + ZK-Rollup" The concept is solid But the cross-chain bridge had issues User confidence collapsed The hacker attack at the end of last year Resulted in heavy losses The team lost money Trust was not restored The biggest bias in the market Is treating MERL as BTC beta When Bitcoin rises, it doesn’t follow When Bitcoin falls, it plummets Because liquidity is too poor Is it overvalued? From a high of $1.50 to $0.033 A drop of 98% Protocol revenue has gone to zero Another 2% is going to zero What’s the recovery path? Unless Bitcoin L2 explodes Or the official cross-chain bridge is redone The team is silent now I took a glance at the order book Buy orders spread from $0.032 to $0.030 Sell orders pressed from $0.034 to $0.036 MERL isn’t dead yet But it’s looking very grim Like a student who has paid tuition But hasn’t passed the course I only look at one indicator Whether the on-chain BTC locked amount can rebound Otherwise, $0.033 is not the bottom The above is organized based on public information and personal analysis framework, and does not constitute any investment advice. Cryptocurrency assets are highly volatile, and prices may fluctuate significantly or even go to zero. Please assess your own financial situation independently, DYOR (Do Your Own Research). #鲍威尔4·29议息：任期收官之战

$BLUR 【Liquidity Mining Has Stopped】 BLUR: $0.02806 Subsidies have ceased Big players are pulling out TVL has dropped by 80% Data doesn't lie I pulled up the charts — 1. Current price: 0.02806 High: 0.02829 Low: 0.02622 Daily fluctuation: 7.4% Trading volume: 390,000 2. MA60 at 0.02840 Pressing down The 0.028 level Is the starting point from last year 3. Trading volume: 14.55 million Equivalent to $390,000 Selling $10,000 Can push down 3% 4. RSI bounced to 52 MACD golden cross below zero The bars lack strength A rebound is not a reversal I flipped through the on-chain data Blur's TVL has dropped from a peak of $1.8 billion To $300 million Liquidity mining APY Has fallen from 20% to 2% Blend lending hasn't saved it either Total trading volume in the NFT market Is down 90% from its peak No matter how sharp the shovel is There's no mine to dig Where is the narrative misalignment? "NFT Liquidity Layer" NFTs have cooled off The liquidity layer has turned stagnant Token unlocks are a double-edged sword New coins are dumped every day Market makers can't handle it Retail investors are afraid to buy The biggest bias in the market Is treating BLUR as a bullish option on NFTs Blast L2 hasn't been able to drive The ecosystem is each playing its own game Is it overvalued? From a high of 1.5 to 0.028 A drop of 98% Protocol revenue is almost zero And 2% is heading to zero What’s the recovery path? Only waiting for the NFT sector to revive No signs of that right now I took a glance at the order book Buy orders spread from 0.027 to 0.026 Sell orders pressed from 0.028 to 0.029 BLUR isn't dead yet But it's looking very grim Like a halted printing press The paper is still there But no one is placing orders I only look at one indicator Blend's weekly lending volume Before breaking 100 million 0.028 is not the bottom The above is organized based on public information and personal analysis framework, and does not constitute any investment advice. Cryptocurrency assets are highly volatile, and prices may fluctuate significantly or even go to zero. Please assess your own financial situation independently, DYOR (Do Your Own Research). #LayerZero承诺超1万枚ETH支持Aave

$DOT 【Parachain auction suspended】 DOT: $1.222 Ecosystem suspended Only inflation will occur I’ve been following Polkadot for five years Parachain auctions have gone cold No one is building in the ecosystem Data doesn’t lie I pulled up the charts—— 1. Current price 1.222 MA120 at 1.226 Pressing down Above 1.26 there’s all resistance 2. High point 1.259 Low point 1.179 Daily fluctuation 6.5% Trading volume 1.66 million 3. Trading volume 1.36 million Turnover rate extremely low The pool isn’t deep 4. RSI stuck at 48 MACD underwater and sticking Both bulls and bears are asleep I looked at the on-chain data Polkadot daily active addresses Less than 2000 TVL dropped below 1 billion Parachain projects have all run away Where is the narrative misalignment? "Heterogeneous cross-chain" The concept is solid But execution is slow Kusama's favorite son Has also cooled down The biggest bias in the market Is treating DOT as the L0 leader The cross-chain track has changed its play LayerZero and Wormhole Have stolen the spotlight Is it overvalued? From a high of 55 to 1.22 A drop of 98% Protocol revenue dropped by 97% Still hasn’t fully dropped I took a glance at the order book Buy orders spread from 1.18 to 1.15 Sell orders pressed from 1.24 to 1.28 A downward trend structure DOT isn’t dead yet But it’s living in a rough state Like an abandoned train station The tracks are still there But no trains are coming I only look at one indicator Whether the parachain auction will restart Otherwise, 1.2 is not the bottom The above is organized based on public information and personal analysis framework, and does not constitute any investment advice. Cryptocurrency assets are highly volatile, and prices may fluctuate significantly or even go to zero. Please assess your own financial situation independently, DYOR (Do Your Own Research). #LayerZero承诺超1万枚ETH支持Aave

$ENJ 【NFT Infrastructure Rust】 ENJ: $0.05579 The metaverse is cooling down Its shovel is rusty too I’ve been squatting on Enjin for five years From ERC-1155 to Efinity Technology iteration N rounds Price has gone to zero Data doesn’t lie I pulled up the chart—— 1. Current price $0.05579 MA120 at $0.05769 Pressing down from above Resistance all above $0.059 2. High point $0.05958 Low point $0.05535 Daily fluctuation 7.2% Trading volume $790,000 3. Trading volume 13.84 million Equivalent to $790,000 Selling $20,000 Can break through 4% 4. RSI stuck at 38 MACD dead cross underwater Weak as can be I flipped through the on-chain data Enjin daily active addresses Less than 500 Efinity parallel chain Not many people using it Where is the narrative misalignment? "Game NFT Infrastructure" The track is cooling down Players have run away Developers have scattered The biggest bias in the market Is treating ENJ as a metaverse lottery The metaverse hasn’t arrived The lottery has turned to waste paper Is it overpriced? From a high of 4.8 down to 0.055 A drop of 98.8% Protocol revenue has gone to zero Another 1.2% going to zero Repair path? Unless NFT games explode Can’t see it now I took a glance at the order book Buy orders spread from 0.054 to 0.052 Sell orders pressed from 0.056 to 0.058 ENJ isn’t dead yet But it’s living a tough life Like a rusty old pair of pliers Thrown in the corner of the toolbox I only look at one indicator Can Efinity daily active users break a thousand? Otherwise, $0.055 is not the bottom The above is organized based on public information and personal analysis framework, and does not constitute any investment advice. Cryptocurrency assets are highly volatile, and prices may fluctuate significantly or even go to zero. Please assess independently based on your financial situation, DYOR (Do Your Own Research). #LayerZero承诺超1万枚ETH支持Aave

$ROBO 【AI Shell Without Core】 ROBO: $0.01862 New coin + AI dual label Price is rubbing against the issue price Data doesn't lie I pulled up the chart — 1. Current price $0.01862 MA120 at $0.01962 Firmly pressing down Above $0.02 is all trapped positions 2. High point $0.02096 Low point $0.01795 Fluctuated 15% all day Trading volume $740,000 3. Trading volume 38.63 million coins Equivalent to $740,000 Selling $20,000 Can break through 5% 4. RSI stuck at 45 MACD underwater and sticking Bulls have no strength Checked the project’s official website What is ROBO? "AI trading agent"? The field is crowded with competitors Can't see the differentiation Community Telegram group 300 people online Half are bots New accounts calling signals Narrative is blank Name riding the robot concept No white paper No roadmap Only code New coins love this set Stick an AI label Issue coins, pump, offload The three-piece set What the market fears most Is not the drop But that no one picks it up even if it drops $740,000 daily trading Buying $10,000 can pump 5% Is it overpriced? New coins have no bottom $0.018 is not the bottom Just hasn't crashed yet I took a glance at the order book Buy orders spread from $0.018 to $0.017 Sell orders pressed from $0.019 to $0.020 Depth as thin as paper ROBO is not dead yet But it's living in a bad way Like a toy with a plastic shell Buttons unresponsive Battery dead I only look for one signal When will the project team release the code If not released, it's just air Don't touch it Let it short circuit The above is organized based on public information and personal analysis framework, and does not constitute any investment advice. Cryptocurrency assets are highly volatile, and prices may fluctuate significantly or even go to zero. Please assess your own financial situation independently, DYOR (Do Your Own Research). #LayerZero承诺超1万枚ETH支持Aave

$APT 【Deflationary reform has started, but the price is still uncertain】 APT: $1.0127 Pulled up 4.5% with zero-knowledge privacy tokens $1 billion TVL in the ecosystem can't recover its valuation Data doesn't lie I pulled up the charts—— 1. Current price $1.0127 High $1.0145 Low $0.9467 Daily volatility 7.2% Trading volume $2.68 million Today's bullish candle is driven by the privacy narrative 2. The 200-day moving average is at $1.70 The price is 41% below it This is not an ordinary pullback This is a technical gap 50% probability on both sides 3. The moving average system is entirely bearish MA120 just held at $0.9818 RSI bounced to 51 MACD is stuck underwater A rebound is not a reversal Only after flipping through on-chain data did I see clearly. Aptos' TVL broke $1 billion a year ago, hitting a historical high, and has since retreated to $275 million by the end of the month. RWA assets have significantly shrunk from a peak of $540 million. The monthly trading volume of stablecoins remains unchanged at $60 billion. Institutional trading has never stopped. Archax just integrated a tokenization engine. Tria Financial OS is integrated, allowing 500,000 users to trade Aptos assets directly. DigiShares is integrating to issue security tokens. In early April, Mastercard announced a crypto payment plan with 85 institutions, and Aptos is on the list. Confidential APT just launched today. The governance proposal passed almost unanimously. It is pegged 1:1 to APT, with zero-knowledge proofs hiding balances and amounts, while the sender and receiver addresses remain public. It has a compliance mechanism with embedded audit keys, and details can only be viewed with governance authorization. It is not the same as Monero; it defaults to privacy while retaining KYC pathways—this is a privacy coin for enterprises. Decibel perpetual contract DEX, co-incubated by Aptos Labs, uses a central limit order book model, processing $6.4 million in trading volume after launch, with a TVL of $57 million. USDCBL is issued by Bridge as the default collateral asset. DeFi giants Echelon, Aries, and others account for over 60% of the market share. The deflationary reform will be officially announced on April 14. Staking yield has been cut from 5.19% to 2.6%, gas fees increased tenfold, and revenue from destruction has increased. A hard cap of 2.1 billion APT has been established. The four-year unlocking period for initial investors and core contributors will end in October 2026, with the annual supply unlocking reduced by 60%. This supply-side combination has created a structural economic turning point, but market pricing has yet to catch up—over $800 million in circulation, with a 0.8% daily turnover rate, indicating a lack of interest in funds. On-chain activity is real, but token liquidity is stagnant. The $1 mark has been consolidating for too long. $0.9467 is the recent bottom, and $1.0145 is today's top. Stabilizing above $1.30 could form a bullish structure, while a pullback to $0.80 is a worse scenario. I only watch one signal—after the launch of Confidential APT, the adoption rate of enterprise-level addresses is increasing. This value flywheel needs upstream payers to first open the valve. Aptos' code submission volume is nearing 10,000, with institutions ranking at the forefront, while token pricing is at a freezing point. A $1 billion TVL and 500 active developers have not supported a valuation of $1.20; is the market wrong or is the project value wrong? The economic model has changed, on-chain activity is real, and the price is waiting for the non-believers to start believing. The above is organized based on public information and personal analytical framework and does not constitute any investment advice. Cryptocurrency assets are highly volatile, and prices may fluctuate significantly or even go to zero. Please assess your financial situation independently, DYOR (Do Your Own Research). #马斯克vs奥特曼：$1300亿AI世纪庭审