EVA 生態系負責人 Rafael Castaneda：比特幣支撐型代幣的真諦

0:002021年牛市的瘋狂與幻滅

0:00我們來聊聊代幣吧，好嗎？大家還記得2021年那波牛市嗎？那一年真的很瘋狂。你甚至可以讓你的貓在鍵盤上亂踩，隨便買個什麼，價格都會漲。沒錯吧？2021年什麼都在漲。從那之後，我們一直在追尋下一波 alt season（山寨幣季），大家都在等著小幣暴漲10倍、100倍、甚至200倍。但自從2021年後，這種事就再也沒發生過了。Let's talk about tokens, okay? Let's talk about tokens. Who here was in the market in the year of 2021? Anyone was here? Woo, that was the year, man. In 2021, you could literally get your cat, let your cat walk over the keyboard, and whatever the hell your cat typed, if you bought it, it would go up. It's true, right? Everything went up in 2021. And ever since those years, we have been chasing the Everlasted dream of the next alt season. Oh my God, the alt season is coming. The alt season is coming. We are looking for the next generation of small penny tokens that will go to the moon and make 10x, 100x, 200x. But since 2021, that... Has not happened again.

1:08我們一直在追這個夢，卻好像永遠回不去了。這都已經是五年前的事了，一整個週期過去了，還是沒看到像2021年那樣的 alt season。這背後其實有原因，而且我們可能也不會再看到那種盛況了。We are chasing this dream, and it seems that we are never going back to it. We're talking about like five years ago. One whole cycle has passed, and we still did not witness another alt season like we had in 2021. And there is a reason for why we did not have one, and there is a reason for why we shall not have. Another one.

1:32稀缺性與加密貨幣的矛盾

1:32這一切都跟『稀缺性』有關。我們總愛說比特幣有價值，因為它稀缺。那為什麼我們的魔法代幣應該比美元值錢？因為美元不稀缺，法幣都會一直印、一直膨脹。但我們自己在市場裡做什麼？我們每天都在創造無限多的新代幣，每天大概有五萬個新代幣，總數超過兩千五百萬種，每一種還有數十億、數兆的供應量。And it has to do with scarcity. We love to talk about scarcity. Why Bitcoin has value? Ah, because Bitcoin is scarce. We love to talk about scarcity. Why should our magic tokens be worth more than the plain dollar? Because the dollar is not scarce. Dollar, another fiat money. It's like a never expanding situation. We will always have more dollars, more yuan, more real, I'm Brazilian, more pesos. But we say that, oh, we don't, we like scarcity. We don't like fiat money because fiat money is always expanding itself. But what we do inside our market. We make infinite amounts of new tokens. We have about 50,000 new tokens every day. We have more than 25 million tokens. We're not talking about the units of each token, about tokens. Each one of those 25 million tokens have trillions in their supply, billions in their supply.

2:43所以我們白天批評美元亂印，晚上自己卻在亂印代幣。我們把自己稀釋掉了，創造出一堆毫無意義、憑空印出來的代幣，只是想從美元那邊搶點價值。雖然美元也是憑空印，但至少你還能拿去買東西，買食物、房子、車子。大多數加密專案現在都死光了，我這樣說還算客氣。其實超過一半的代幣都已經沒用了，有些甚至像殭屍一樣半死不活。So. What good does it do if we talk bad about the dollar in the day? Oh, these guys are printing the money, and at night we are printing new tokens every day. We have diluted ourselves. We have created an infinity of tokens that have absolutely no meaning at all. They were created and printed out of the nothing. To try to capture value from the dollar, which, by the way, is also printed out of nothing, but at least we can use it on the market to buy stuff, like food and a house and other stuff that we like, cars. Well, most of the crypto projects are dead by now, and I'm being nice here. It's like I'm being really, really nice to say that more than half of the tokens are dead. is to be really kind to them, because these are really dead. You have others that are on this kind of like zombie state, half living, half dead.

3:41你去看 Harmony One 這種鏈，還會產生區塊，表面上還活著，但其實什麼事都沒發生，根本死了。我們現在的狀況就是，大部分加密專案都已經死掉，還會繼續死下去。每一秒鐘就有一個專案死掉，就像戒菸廣告說每秒有一個人因吸菸死亡一樣。你如果在2021年那些明星代幣的高點投100美元，現在大概什麼都不剩了。You go check the Harmony One blockchain, it produces blocks, so it's alive, but nothing happens on any of the blocks, so it's dead. But we are in a situation where most of the projects that we made in crypto are dead and will keep dying. One project. One crypto project dies every second. It's like those stop smoking ads. Like one person dies of smoking every second. Like one crypto project dies or stops being worth anything, stops having meaning each second, if you get like the last quarter of the last year. If you put $100 at the top of any of these tokens, this is what you have left right now. And these guys were stars of the 2021 alt season. Projects that five years ago we thought, well, this thing is going to be worth a lot more in the future. But this has not happened.

4:33代幣價值的本質：有無實質支撐

4:33重點來了：光有代幣是不夠的，如果沒有任何東西支撐它的價格，最終就會被炒到歸零。因為它沒有任何金融實質、沒有理由值錢。從2021年到現在，有一個很明顯的趨勢：穩定幣成長了，Bitcoin 也成長了33%，其他的都跌了。這其實有點諷刺，因為加密圈的人都很愛冒險，覺得風險越大報酬越高，但這一輪下來，保守派反而贏了。The key takeaway is that it is not enough to have a token if there is nothing that makes any meaning on the price of the token. If the token is free to be speculated, it will eventually be speculated to zero, because it has no financial substance, no reason, whatever, to be worth anything. If you look at some key takeaways also from the 2021 cycle to here, stablecoins grew. Stablecoins grew more than, like— 100%, Bitcoin grew 33%, everything else drawdown. And it's kind of sad because crypto lovers are also risk takers. And we have this mentality in crypto that if you take risk, you get more reward. And history has shown that from the last cycle to this one, the conservatives got the better hand. Versus the risk takers.

5:37有實質支撐的代幣才會成長。穩定幣有債務支撐，Bitcoin 則有稀缺性。如果你的代幣背後有東西，市場就有一個價格錨點可以套利。舉例來說，市場價格如果低於支撐價，就會有人套利把價格拉回來。這就是穩定幣能維持穩定的原因，只是穩定幣的支撐不會增值，只是維持而已，你拿到的只是更多的穩定幣，而不是更貴的穩定幣。The thing is that tokens with something behind them grew. Stablecoins have debt. Well, Bitcoin has its own scarcity set. If you have some backing behind the token, that's the magic. If you have something behind the token, the market has an anchorage of price to arbit. To make an arbitrage on the price of the token. Of course, white means the market price. It fluctuates. Yellow means something backing it, something behind. If the market speculates below the backing price or the backing assets, then you can arbitrage something back and revive the price back to its track. That's what makes a difference. That's why stablecoins keep stable. The difference is that a stablecoin backing does not rise, it's only maintained. What you get is more stablecoins instead of, like, an expensive stablecoin.

6:28什麼才是真正的『有支撐』？

6:28每次有人說『這個代幣有支撐』，你要問四個問題：第一，裡面到底是什麼？第二，我能不能把支撐物拿出來？比如說標榜黃金支撐的代幣，你能不能真的兌換成黃金？如果不能，那就只是嘴上說說而已。只有能無許可提領或兌換的，才算真的有支撐。Whenever you're talking about backed by any fiat tokens, four good questions. If it's backed by something, what is inside? What's backing? Can I get the backing out? Well, it's a token backed by gold. Can I redeem the gold? It's a token backed by silver. Well, can I redeem the silver? Well, if you can get it out, then it's good. If you cannot, then it's bad. It's just word mouth. You only have a token backed by anything if you have permissionless withdraw or redeem.

7:02第三，誰掌控支撐物？專案方能不能直接把抵押品拿走跑路？如果可以，那就不安全。支撐必須是無許可、不可被凍結、不可被篡改的。第四，支撐物會不會增值？如果會增值，那代幣的內在價值也應該會一起成長。這些都是你在評估『有支撐』代幣時該問的問題。What else? It's backed by a set of silver. Well, who has the hand on the silver or the gold? Can the owner of the project get all of the collateral and run away with it? If he can, or she can, or they can, not a good idea. So you should have a backing that is permissionless, that is safe, that is anti-tempering, that is not, like, freezable or something like that. And another good question. If it is backed by something, does that something grow? Because if the backing of the token grows, then the underlying value of the token should grow together. These are good questions to ask about backed by anything tokens.

7:47比特幣支撐的代幣有什麼特別？

7:47那如果是比特幣支撐的代幣呢？黃金、白銀、美元債券大家都懂，但比特幣支撐有什麼特別？比特幣是完全數位化的，市值透明，通膨即將結束，一切都在鏈上，非常容易審計。你可以用智能合約（至少用 Wrapped Bitcoin）來設定所有你想要的權限和無權限條件。And of course, we would talk about, what about backed by Bitcoin? Backed by... Backed by gold, we understand. Backed by silver, okay. Backed by U.S. debt, Tether, Circle, okay. But what about if a token was backed by Bitcoin? Why Bitcoin would be a good backing? Because it is fully digital. That is good. We know the market cap. We know the inflation is going to end soon, and everything is on chain. It's easy to audit. You can make smart contracts on wrapped Bitcoin, at least, and set up all of those permissions and no permissions that we want to do.

8:26這就是我們 EVA 專案的核心：我們做的是比特幣支撐的代幣。但我們不是把投資人的錢拿去買比特幣來支撐代幣，那只是做一個鏈上的國庫公司。我們不是這樣。我們是礦場營運方，發行的代幣是以我們挖礦收入支撐的。That's what our project EVA is about. It's a project that does a backed by Bitcoin token. But the funny part, and what we like the most, is that it's not just about, well, I'm going to buy Bitcoin and make EVA. Backed by the Bitcoin that are bought, because that would be doing some kind of treasury company on-chain, and that's not what we are. We are not a strategy company. What we do is that we are a mining facility, and we made a token that is backed by the revenue of the mining operation.

8:58EVA 的設計與運作機制

8:58我們的代幣總量2100萬，全部一次性鑄造，沒有解鎖期，但有銷毀機制。支撐我們專案的不是一般的 BTC，而是我們礦場每天新挖出來的比特幣。我們不是拿投資人的美元去買比特幣，而是自己挖礦，把新產出的比特幣鎖進保管庫。First about the token: 21 million cap, no mint, everything is mint, no unlocks, but we have burns. The backing of our project is not only BTC, it's BTC mined by our mining operation. So it's new BTC. We're not using dollars that comes from the investors to buy. We are mining those Bitcoin and locking it up on a vault.

9:19我們用智能合約來管理，因為比特幣本身沒辦法編程，所以我們用 Wrapped Bitcoin 部署在 Arbitrum 上。我們在巴拉圭有近3000台最新一代水冷 ASIC 礦機，因為那邊水力發電便宜又環保。我親自去過現場，也拍了紀錄片。We use, of course, a smart contract. Bitcoin is not programmable, so we use wrapped Bitcoin on the Arbitrum network. That's a little about our mining facilities. We have almost 3,000 ASICs, last generation hydro-cooled ASICs, like top of the line. Our operations are on Paraguay because you have abundant cheap energy there, like hydro energy, so it's also a green operation. I have visited all of those sites in Paraguay. I have documentaries about it.

9:51我們每天用礦池挖礦，像是 ViaBTC 這種，然後每天晚上把當天挖到的比特幣收入存進保管庫。保管庫會把所有新注入和已存在的比特幣，按 EVA 持有比例分配。所以你持有 EVA，就是持有我們礦場的一部分，也是這個比特幣保管庫的股份。And the way it works, we mine with pools, so we are adherent to like some ViaBTC pool, something like that. Our machines mine. Each day at night, we get the revenue from the day of mining and deposit that revenue on the vault. And what the vault does is that it splits. All of the injected Bitcoin and the already present Bitcoin, and divides that by all of the available EVA. So if you have EVA, what you have essentially is a portion of our operation and a share of this ever-increasing vault of Bitcoin.

10:30我們每天這樣做，EVA 的底價（支撐價）就會一直上升。自從開始運營以來，EVA 的比特幣底價已經成長了6倍，連續800多天每天都有存入，沒有一天中斷。結果就是，EVA 代幣的價格會跟著支撐價走，因為你可以直接去保管庫兌換比特幣。Of course, if we do that every day, what happens to the floor or to our backing is that the backing is ever grown. Since we started the operations, we have, like, increased the floor, Bitcoin floor price of EVA by 6x, and we have more than 800 days with strictly daily deposits. We have not missed one single day since we started. And the result is that, of course, The token follows the price because the token is backed and you can, like, essentially go to the vault and get the BTC yourself.

11:14EVA 的安全性與提領機制

11:14我們挖到的比特幣會鎖進保管庫，經過 CertiK 和 Hacken 審計，沒有人能動保管庫。唯一能拿出比特幣的方法，就是燒毀 EVA 兌換。你持有 EVA，就是保管庫的股份，不想賣 EVA，可以直接燒毀換比特幣，完全無需信任我們，也不能增發新 EVA。We mine Bitcoin, we lock it in a vault. It's audited by the CertiK and hacking guys. We cannot tamper the vault. The only way to access Bitcoin in the vault is to burn IVA against the vault. So I say, you have IVA, you have a share of the vault. I don't want to sell my IVA. I want the Bitcoin that I'm the owner. If I own IVA, I own the Bitcoin. You own the Bitcoin. Burn your IVA, get your Bitcoin, be happy. So, EVA is ever decreasing when you withdraw it against Bitcoin, and we cannot mint new EVA. That's an important part of the game.

11:47我們有兩種保底機制：一種是絕對底價，任何 EVA 都能兌換；另一種是較高的支撐價，覆蓋大部分 EVA，價格更接近市場價。這兩種每天都會動態平衡。現在來回答四個問題：我們的代幣裡面是什麼？比特幣，現在超過400顆。能不能拿出來？可以，燒毀 EVA 就能兌換。誰能動保管庫？沒有人，只有 EVA 持有者能燒毀兌換。怎麼成長？每天挖礦、每天存入，日復一日。You have two contracts or two set of floors, one that pays less, but we can pay for any EVA, so an absolute floor price backed by Bitcoin, and a more aggressive backing that does not cover all of the amount of EVA, but a good amount. At a fair price that's closer to the market price. These two are combined and balanced together every day. Now, four questions. What's inside our token? Bitcoin. Right now, more than 400 Bitcoin. Can I get out the Bitcoin of the vault? You can. You burn EVA against our vaults. We give you your Bitcoin, which you are eligible to. Who can mess with the vault? No one. Only EVA owners can get Bitcoin out of the vault, and that is by burning EVA. How do we grow? Every day we mine, every day we deposit, rinse, repeat, wake up, do it again.

12:33EVA 的保證與風險

12:33我們能保證什麼？EVA 的比特幣底價永遠不會下降，隨時都能兌換，沒有鎖倉、沒有歸屬期、沒有人會問你為什麼。你可以直接到網站或智能合約自己提領。供應量固定，銷毀永久，只有燒毀才能提領。我們不能保證什麼？底價成長的速度，因為比特幣挖礦難度會調整，未來可能越來越難挖。What can we guarantee you guys? We have a floor in Bitcoin that never decreases, that is assured. You can redeem at any time, no lockup periods, no vesting, no questions asked. Go to the website or go directly to the smart contract. If you are savvy enough, do the withdraw. Redeem yourself. Fixed supply assured by the contract. Permanent burns assured. No withdraw can happen without a burn. What we cannot guarantee? Well, how fast we rise the floor. Bitcoin mining is difficult adjusts itself, so it may be harder to mine. Tomorrow than it was before.

13:09我們也無法控制市場給 EVA 的溢價，有時候價格高於底價，有時候接近底價，這完全是市場的無形之手。我們也不知道 EVA 兌美元的價格，因為我們是比特幣支撐，BTC 漲跌 EVA 也會跟著波動。我們也無法左右 Arbitrum 的運作，但我們對他們有信心。So we do not know how fast the floor rises, although it rises. There is a premium that the market puts on our token. Sometimes it trades very well above the floor, sometimes closer. We cannot control that. It's to the invisible hand of the market. We do not know how much we are worth in dollars because we are Bitcoin-backed. So if the Bitcoin price fluctuates, our price in dollar. Fluctuates together. And we cannot rule how Arbitrum works, but we are confident that they make a good enough job.

13:41結語：問清楚支撐才是關鍵

13:41歡迎大家來我們的攤位 PB4 651（樓下），有小禮物送給大家。我們年底會推出質押計畫，敬請期待。最後提醒大家，在這個稀缺性已經沒什麼意義的時代，不要只問一個代幣能值多少，請先問清楚裡面或背後到底是什麼。謝謝大家！Well, we invite you all guys to get to know our stand. We are the PB4 651 floor below. We have some swags for you guys if you want to join us, some news, making a staking program to be launched at the end of this year, and to give you a final word. In these times where scarcity stopped meaning anything, don't ask what a token could be worth. Only ask what's inside or what's behind it. Thank you, guys.