The big waves sift the sand; many still can't hold on or persist until the bull market. It's no longer just about shutting down exchanges; now chains themselves are starting to shut down. The once wildly hyped ZetaChain passed the proposal to migrate ZETA to Solana with 99.4% support. They are going to shut down their own chain. If you received the airdrop back then and have been diamond-holding, be sure to migrate. If it’s not worth much anymore, then just toss it. Collapse

Damn! Avalanche is defying the odds! I sell once and you go up once, absolutely no pullback to give me a swing trading chance, is this going to fly high?

The surge these past two days has been pretty intense, it's making me a bit dizzy. What surprised me the most is that the long-dormant Avalanche Avax actually led the rally, shooting up over 20 centimeters in a day. My position bought at over 8u and held for two months actually made a small profit, so I'm satisfied to exit and take a break for now. I'll wait for a deeper pullback before making another move.

What does the desktop AI assistant you imagine look like? Is it like this?

#美联储三年来首次加息25个基点 Don't sleep, brothers, get up and chase the rally! Everyone's guess yesterday was right, as expected, the bad news is fully priced in and turns into good news. The Federal Reserve is naturally rebellious and just won't listen to the president; they went ahead and raised rates, but didn't dare to go too far, only a 25 basis point hike, which is within market expectations. The crypto market didn't fall but rose instead, probably blowing up a lot of speculators trying to short last night. The biggest recent bad news, the rate hike, landing is actually a good thing, we can finally catch a bit of a breather. By the way, this $ZEC is really strong, it feels like it's truly Bitcoin now. Such a big coin just surged 20 centimeters straight up. Thinking back to when it dipped below 200 not long ago, why didn't I buy the dip? Sigh.

Liang Wenfeng rumored to have "1.7 trillion liquidation", the truth is more heartbreaking than the rumor These days, a piece of news has been spreading wildly online: Liang Wenfeng's 1.7 trillion liquidation. Don't rush to believe it. This number has no official source, and the management scale of Magic Square Quantitative has never reached the trillion level, let alone 1.7 trillion. It seems more like an exaggerated headline that has been repeatedly forwarded. But the headline is false, the story is true. What really happened is more worth pondering than the rumor. In July 2026, Liang Wenfeng's old business, the quantitative investment empire, suffered a rare major drawdown. In the same month, his new venture DeepSeek's valuation was heading towards 500 billion. The quantitative empire collapsed in one month Let's talk about what really happened. According to data from Private Placement Ranking Network, as of July 31, 2026, among the 9 displayed products under Liang Wenfeng's Magic Square Quantitative, 8 had negative returns for the year, with only one barely holding a positive return of 0.04%, which is almost negligible. In July alone, all 9 products dropped more than 20%, with the core product's maximum drawdown reaching 22.15%. What does this mean? It means if an investor put one million into Magic Square at the beginning of July, by the end of the month, it might only be seventy-something thousand left. In one month, it lost the amount typical of a deep bear market. More heartbreaking is the time span. Over the past five years, Magic Square Quantitative had an average annualized return exceeding 100%, a godlike existence in the industry. The myth built over five years collapsed in one month, and the profits earned in the first half of the year were all given back in one month. The AI empire is expanding wildly In June 2026, DeepSeek completed its first round of external financing since its establishment, raising over 50 billion yuan, with Liang Wenfeng personally contributing 20 billion, making him the largest single investor. Tencent invested 10 billion, CATL system 5 billion, JD.com, NetEase, and IDG each 3 billion, and the national team fund 1 billion. This round of financing set a record in China's AI industry. In early August, Caijing reported that DeepSeek restarted its second round of financing, planning to raise 50 billion yuan with a pre-investment valuation of about 500 billion yuan, aiming to sign the deal in late August. On September 9, news came that DeepSeek had hired CITIC Securities to prepare for a STAR Market IPO, planning to start the listing process within the year. Just a quarter ago, Liang Wenfeng was saying "no financing, no listing," but now financing rounds are coming one after another, and listing is on the agenda. The man who once relied on his own funds to tough it out has finally opened the door to the capital market. Two legs, one is weakening Liang Wenfeng's story has always relied on two legs. One is quantitative. Magic Square Quantitative made huge profits in recent years, and these profits were continuously injected into DeepSeek to buy computing power, support the team, and conduct research. The outside world calls it "quantitative blood transfusion to AI," which was also DeepSeek's biggest confidence to persist without financing. The other is AI. In January 2025, DeepSeek R1 emerged suddenly, wiping out $589 billion of Nvidia's market value in a single day, shaking Silicon Valley. Since then, DeepSeek became China's AI business card and a target for capital pursuit. The drawdown in July caused cracks in the first leg. The safety cushion of quantitative blood transfusion is thinning, and the market is starting to ask: how much money does Liang Wenfeng still have, and is it enough to keep burning? The answer lies in the timeline. While quantitative suffered, DeepSeek's second round of financing started, valuation at 500 billion, IPO preparations followed. This is not a coincidence but an active switch: from relying on his own money to relying on market money. The most ironic comparison Putting the two report cards together, the irony is overwhelming. Among Magic Square's 9 products, 8 lost money this year, all dropped over 20% in July, losing real money and the trust accumulated by countless investors over five years. On DeepSeek's side, valuation is 500 billion, oversubscribed financing, IPO in queue, and Liang Wenfeng's personal net worth rises with the expansion of the AI empire. The same account, two ledgers: the money lost in quantitative is earned back in AI's valuation. Retail investors losing money in Magic Square may be, in another form, part of DeepSeek's valuation. Netizens' jokes are more straightforward: "If you don't make money in A-shares, make money in API; Liang Wenfeng never loses." On August 6, DeepSeek just announced an overall API price increase, charging global developers more "Token tax." While quantitative is bleeding, AI is raising prices, Liang Wenfeng's calculations are sharper than anyone's. Liang Wenfeng's real trouble Of course, switching is not without cost. Financing means dilution, listing means transparency. The Liang Wenfeng who once said "no financing, no roadshows, no listing" will have to accept market pricing, shareholder scrutiny, and quarterly report interrogations once entering the capital market. DeepSeek's past mystery will be thoroughly dismantled by prospectuses and financial reports. A more realistic problem is that AI is a money-eating beast. Hundreds of billions in computing power investment, doubling team size, continuously rising R&D costs, 50 billion financing sounds scary but may only last a few quarters at AI's burn rate. Whether the quantitative leg can recover determines if he still has private funds; whether the AI leg can generate its own cash flow determines if he can remain composed in front of the capital market. Liang Wenfeng, with two legs, has never needed to stand firm on both as much as today. What to watch next Putting aside the rumor of "1.7 trillion liquidation," there are three real observation points. Can quantitative stop the bleeding? Whether Magic Square's July drawdown was due to strategy failure or extreme market conditions, and whether net value can recover in August and September, will decide how much strength remains in the old "quantitative blood transfusion" model. Can financing and IPO land? When will the 50 billion second round financing be officially announced, and whether the STAR Market IPO really starts or remains rumor, once confirmed, DeepSeek's valuation anchor will be officially established. Can the price increase be accepted? After the API price hike, will developers vote with their feet, will competitors seize the opportunity, this is a direct test of commercialization quality. From a small-town youth in Zhanjiang, to a quantitative giant, then to the helm of an AI unicorn, every step of Liang Wenfeng has ridden the wave of the times. Now with one leg weak and one strong, he needs to prove not only how valuable AI is but also whether he can manage two empires simultaneously. Rumors will fade, stories won't. 1.7 trillion is false, but the coexistence of drawdown and valuation in the report card is true.

Doubao, why did you just shut down my device directly?

Thanks for the analysis