跨越牛熊周期的勇士：加密做市商

Although the market-making business in crypto is not inherently distinct from that in traditional finance, there is a world of difference in terms of operations, technology, risk management and regulation.

The Arbitrum solution was proposed and created by Offchain Labs. It was originally a purely research-based academic project, and then gradually turned into practice after continuous optimization and improvement.

This report will mainly discuss the withdrawal design and related risks of Ethereum and LSD protocols after the Shanghai Upgrade, as well as the impact on the price of ETH and other tokens related to the LSD protocol.

一旦用户能够重新选择质押协议，新一轮的以太坊质押又开始重新洗牌。

Bitcoin’s price collapsed in the first half of March after intense distribution throughout Feb, triggered by bad news catalysts.

The NFT market is still gloomy this month under the influence of the bear market.

2023年初表现最亮眼的赛道莫过于Layer2，这也符合大部分机构和影响力人物的预测。

This report will focus on development of Arbitrum based on technical upgrades and future possibilities. Meanwhile, from the perspective of the Arbitrum ecosystem, reasons for the success and future development of the burgeoning projects in DeFi and gaming are analyzed and concluded.

Bitcoin's price entered a consolidation phase in late Jan and early Feb. Further evidence is needed to judge whether it's are-accumulation phase or a distribution phase.