# kkdemian

> Web3 Product Engineer, digital nomad, and crypto researcher. Founder of iBuidl, TPM at Yamaswap.

Web3 Product Engineer, digital nomad, and crypto researcher. Founder of iBuidl, TPM at Yamaswap. Building market tools and publishing research across DeFi, exchanges, stablecoins, AI x Crypto, and capital allocation.

## Pages

- [Home](https://kkdemian.com/): Personal portfolio, current roles, work history, projects, and philosophy
- [Research](https://kkdemian.com/research): Deep-dive investment research on crypto projects across exchanges, DeFi, L1/L2, ZK, AI/DePIN, RWA, and market structure
- [Oscillator](https://kkdemian.com/oscillator): Altcoin strength monitor using ALT/BTC oscillator thesis
- [Watch](https://kkdemian.com/watch): Exchange listing intelligence across major crypto venues
- [Pulse](https://kkdemian.com/pulse): Web3 market intelligence dashboard synced from local content snapshots
- [Fear](https://kkdemian.com/fear): Bitcoin and crypto market regime dashboard
- [Fund](https://kkdemian.com/fund): Live capital map and conviction tracker
- [Blog](https://kkdemian.com/blog): Technical articles and market analysis
- [Thoughts](https://kkdemian.com/thoughts): Short-form crypto market notes and observations
- [Stack](https://kkdemian.com/stack): Personal workflow, books, data sources, crypto tools, and AI stack

## Recent Blog Posts

- [主流公链上的新 DEX / Perp DEX：长期选链研究](https://kkdemian.com/blog/mainstream-chain-dex-perp-dex-long-term-chain-selection-research): 新现货 DEX 应优先评估 Solana 与 Base，新 Perp DEX 更适合 Base、Solana 或 Hyperliquid HIP-3；真正决定长期胜率的不是 TPS，而是交易流、稳定币、做市商、分发与风险管理。
- [Sui DEX and Perp DEX Ecosystem Research Report](https://kkdemian.com/blog/sui-dex-perp-dex-ecosystem-project-research-en): Sui spot liquidity has consolidated around Cetus, DeepBook, and Bluefin, while perpetual markets remain fragmented. The strongest opportunities are aggregation, unified margin, risk infrastructure, and new-asset trading loops.
- [Sui DEX 与 Perp DEX：生态项目研究报告](https://kkdemian.com/blog/sui-dex-perp-dex-ecosystem-project-research): Sui 现货市场已形成 Cetus、DeepBook 与 Bluefin 等分层格局，Perp 市场仍较分散；新团队更值得切入聚合路由、统一保证金、风险管理与新资产交易闭环。
- [DEX / Perp DEX 长期选链：先选分发，再选性能](https://kkdemian.com/blog/dex-perp-dex-chain-selection-distribution-before-performance): 公链选型不应先比较 TPS，而应先确认交易流、稳定币、做市商、分发入口和风险能力。对新团队而言，Solana、Base 与 Hyperliquid HIP-3 对应三条不同的创业路径。
- [Crypto Market Over the Past 24 Hours: Macro, Onchain, and Microstructure Monitor](https://kkdemian.com/blog/crypto-market-past-24-hours-macro-onchain-microstructure-monitor-en): Prices and spot ETF inflows point to improving risk appetite, but rates and the dollar remain restrictive. Exchange balances are falling and funding rates are mild, making the move look more spot-driven than leverage-driven.
- [过去 24 小时加密市场：宏观、链上与微观结构监测](https://kkdemian.com/blog/crypto-market-past-24-hours-macro-onchain-microstructure-monitor): 价格与现货 ETF 流入偏风险偏好，但利率和美元仍构成压制；交易所余额下降、资金费率温和，整体更接近现货驱动上涨，而非高杠杆追涨。
- [Global Web3 and Crypto Institutional Research: September 2026 Update](https://kkdemian.com/blog/global-web3-crypto-institutional-research-september-2026-update-en): The market has shifted from a slow bear phase to an early ETF-driven risk-on recovery, but stablecoin supply grew only 1.1%. Capital continues to favor trading, compliance, data, and tokenization, while prediction-market valuations are running ahead of usage.
- [全球 Web3 与 Crypto 机构研究：2026 年 9 月更新](https://kkdemian.com/blog/global-web3-crypto-institutional-research-september-2026-update): 市场从慢熊转向 ETF 驱动的早期风险偏好回升，但稳定币供应仅增长 1.1%；资本继续流向交易、合规、数据和 Tokenization，预测市场估值则开始跑在使用量前面。
- [年付约 7 美元，获得一个美国手机号：Saily eSIM 开通教程](https://kkdemian.com/blog/saily-esim-us-phone-number-annual-7-dollar-guide): 使用 Saily 申请一个长期备用的美国 +1 号码：介绍当前约 6.99 美元年付活动、KYC、eSIM 安装、iPhone 多线路限制，以及短信、通话和银行级 OTP 的适用边界。
- [Circle / Arc：USDC 能否形成长期结算护城河](https://kkdemian.com/blog/circle-arc-usdc-long-term-settlement-moat): Arc 可以强化 USDC 的网络型结算护城河，但护城河不来自单一主网，而来自合规信任、跨链流动性、机构分发与支付网络的共同绑定。
- [Hyperliquid 借贷与 Circle：流动性护城河还是场景依赖](https://kkdemian.com/blog/hyperliquid-lending-circle-liquidity-moat-scenario-dependence): Hyperliquid 借贷强化了 USDC 的局部流动性优势，但跨平台比较显示 USDC 尚未成为永续市场的统一标准；真正的护城河取决于它能否成为跨协议、跨链复用的现金与抵押品层。
- [Polymarket 中期选举信息流：能否进入机构工作流](https://kkdemian.com/blog/polymarket-midterm-election-information-flow-institutional-workflow): Polymarket 已通过 ICE 打开机构数据分发入口，但中期选举盘口的低周转、成交集中与概率偏差表明，它更适合作为情绪和资金定位信号，而非校准后的机构级概率。
- [Arcus: Reviewing the Research Brief Against Live Data](https://kkdemian.com/blog/arcus-research-brief-live-data-watchlist): Arcus is a live Robinhood Chain perps and tokenized-stock venue with real growth, but live data weakens the high-conviction moat case: distribution is shared, Lighter is larger on the same chain, and the asset remains a watchlist candidate until scale, token design, and adoption improve.
- [Flap（flap.sh）：BNB Chain 可编程发射台深度研究](https://kkdemian.com/blog/flap-bnb-chain-programmable-launchpad-research): Flap 是 BNB Chain 上最赚钱的代币发射台之一，也是「代币税 + 代币化美股」叙事的大规模实验；但增长高度依赖 bStocks 热潮和 BNB Chain 活动，且无平台币承接现金流。
- [pons.family Launchpad：机制拆解、单位经济与 $PONS 估值](https://kkdemian.com/blog/pons-family-launchpad-mechanism-unit-economics-pons-valuation): pons 已经是全球手续费规模第一的代币发行平台，但收入质量弱于 pump.fun；$PONS 的价格核心来自回购销毁反身性，而不是可持续现金流折现。
- [六协议 Revenue Engine 拆解：钱从谁口袋出，最后流进谁账户](https://kkdemian.com/blog/six-protocol-revenue-engine-money-flow): Pons、up、Fables、Arcus、Lighter 与 Morpho 代表三种完全不同的赚钱哲学：原生费用机器、专业账户收费漏斗，以及主动零抽成换规模的基础设施。
- [Ethena 进军股票永续基差：是压缩收益空间，还是强化结构位置](https://kkdemian.com/blog/ethena-equity-perp-basis-yield-compression-structural-position): Ethena 扩张到股票永续基差，更像是容量续命和叙事换挡，而不是收益率升级或基础设施升维；单位收益空间正在被压缩，真正强化的是规模化中性套息资产管理人的位置。
- [代币化股票平台：龙头、盈利与护城河深度对比](https://kkdemian.com/blog/tokenized-stock-platform-leaders-profit-moats): 代币化股票赛道名义龙头仍是 Ondo，但真实交易和用户触达正在向 xStocks 与 bStocks 转移；当前赛道还没有靠代币化股票本身赚到大钱的赢家，真正的护城河是交易所分发。
- [边际买家耗尽：从牛熊周期到 NVIDIA 信用利差预警](https://kkdemian.com/blog/marginal-buyer-exhaustion-nvidia-credit-spread-framework): 金融资产的需求不是价格的静态函数，而是预期收益、风险偏好、可用资本、仓位和杠杆共同决定的动态函数；真正决定拐点的不是有多少人看多，而是下一单位资产还有谁愿意以什么价格交易。
- [Dolomite ($DOLO) — Research Brief Review & Live Baseline](https://kkdemian.com/blog/dolomite-dolo-wlfi-concentration-live-baseline): Dolomite looks cheap on revenue multiples, but the updated baseline reframes that cheapness as a WLFI concentration and dilution discount rather than a clean mispricing.

## Research Coverage

Exchanges: Binance, OKX, Bybit, Coinbase, Hyperliquid
DeFi: Uniswap, Aave, Curve, Pendle, GMX, Ethena, Morpho
L1/L2: Ethereum, Solana, TON, ICP, Base, Arbitrum, Optimism, Sui, Aptos
ZK: zkSync, Starknet, Scroll, Polygon zkEVM
AI/DePIN: Render, Akash, io.net, Bittensor, Grass
RWA: Ondo, Maple, Centrifuge

## Projects

- [iBuidl](https://ibuidl.org/): Web3 digital nomad community
- [Yamaswap](https://yamaswap.com/): Permissionless ETF dApp on Solana and BASE
- fCurrency: Farcaster mini app for fiat/crypto conversion
- [AnkiRin](https://rin.kkdemian.com/): AI-powered Japanese vocabulary flashcard tool

## Skills & Expertise

Next.js, React, TypeScript, Tailwind CSS, Solana, Solidity, Go, Rust, Python, Product Strategy, Crypto Research

## Social & Contact

- GitHub: https://github.com/chuhemiao
- X: https://x.com/0xkkdemian
- Telegram: https://t.me/kkdemian_laobai
- Telegram Channel: https://t.me/kkdemian2050
- YouTube: https://www.youtube.com/@kkdemian
- RSS Feed: https://kkdemian.com/rss.xml