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Decentralized Capital Markets Research & Articles: www.shoal.gg Twitter: https://twitter.com/Shoalresearch TG link: https://t.me/shoalresearch Website: Shoalresearch.xyz
Open Cap Table Protocol (OCP): The Onchain Infrastructure Making Equity Programmable.
OCP introduces a blockchain-based framework for recording and managing equity ownership in a programmable, interoperable & composable way:
> Turns equity into smart contracts
> Enforces transfer rules at the protocol level
> Keeps cap tables accurate in real time
> Gives investors self-custody, verifiable ownership
https://www.fairmint.com/whitepaper/open-cap-table-protocol - whitepaper
Source: https://x.com/FairmintCo/status/1923382874717209086
Ethresearch: A Local-Node-Favoring Delta to the Scaling Roadmap
Vitalik proposes ways to make Ethereum L1 scaling more friendly to users running local nodes for personal use, which include:
> A full rollout of EIP-4444
> A distributed history storage solution
> Stateless verification
> A new “partially stateless” node👇
https://x.com/VitalikButerin/status/1924327024044253547
Source: https://ethresear.ch/t/a-local-node-favoring-delta-to-the-scaling-roadmap/22368
How a Fake “Replacement” Ledger Hardware Wallet Drained an Entire Crypto Portfolio
> Scammer sent a fake Ledger device to a victim, claiming it was a replacement after the data breach
> The package looked official and used leaked personal data from the 2020 Ledger breach.
> He was tricked into entering his 24-word recovery phrase into a malicious app.
> Entire crypto wallet was drained within minutes
⚠️ Ledger will never ask for your recovery phrase.
⚠️ Don’t enter it into a new device you didn’t order
Source: https://x.com/intell_on_chain/status/1924053862203212144
May 17th~ Rollup
🐚 Research and Ideation 💡
- Plasma: Five Core Categories of Stablecoins
- Tulip King: The Old Man Regiments - Who's Your Counter Party?
- Fireblocks: State of Stablecoins 2025 Report
🐚 Project Updates 🔔
- Cryptopunk #3609 Sold for 440 ETH (~$1.1M)
Tulip King: The Old Man Regiments - Who's Your Counter Party?
The piece argues that today’s crypto market is dominated by seasoned traders and institutions, not fresh retail money. It advises “veterans” to follow consensus bets like Bitcoin and Hyperliquid while hunting early gems, rather than making contrarian plays.👇
Source: https://x.com/mikeykremer/status/1923408230861930695?s=46&t=2q9OLMlaobNlHLewOXT4uA
Five Core Categories of Stablecoins
> Fiat-Backed: USDT, EURC, PYUSD
> Crypto-Backed: DAI, CrUSD, LUSD
> Algorithmic: UST, USDD
> Hybrid: FRAX
> Yield-Bearing: USDe, USDY
Source: https://x.com/PlasmaFDN/status/1923400639691751460
SOON Network Unveils the SOON Foundation and Takes Snapshot for Red Pill Mission
$SOON is coming
x.com/soon_svm/status/1923687590752026667
Source: https://x.com/SOON_FDN/status/1923331745518424081
OpenAI Launches a Research Preview of “Codex”
A cloud-based software engineering agent that can work on many tasks in parallel, powered by codex-1
> Codex independently navigates your codebase, implements and tests code changes, and proposes pull requests for you to review.
> Available to ChatGPT Pro, Team, and Enterprise users, and Plus users soon.
Source: openai.com/index/introducing-codex/
Chainlink Launches Build on Solana
> “Build on Solana” is a new startup program from Chainlink to help leading teams build, launch, and grow in the Solana ecosystem.
Source: https://x.com/chainlink/status/1923415326059872712
Fragmetric: Unlocking Composable Restaking with Solana’s Token-2022 Standard
Fragmetric leverages Solana’s Token-2022 transfer hook to enable fully on-chain, real-time reward distribution for restaking.
> By embedding logic directly into tokens like fragSOL, Fragmetric introduces a programmable, composable architecture for liquid restaking that supports precision tracking, fair slashing enforcement, and seamless integration with DeFi.
> In our latest report, we explore how Fragmetric is setting a new standard for modular, capital-efficient restaking on Solana👇
https://www.shoal.gg/p/fragmetric-unlocking-composable-restaking
Source: https://x.com/Shoalresearch/status/1923392124537712761
Grass: Business Line and Revenue Model
A report covering the $GRASS business and the economics behind its current data sales as well as upcoming products
https://docsend.com/view/tdg4x2z2jz5zynz2
Source: https://x.com/Daveeemor/status/1922544855705600390
S.E.C. Investigating Whether Coinbase Misstated Its User Numbers
Source: https://www.nytimes.com/2025/05/15/technology/coinbase-sec-investigation.html
Malone: DeFi's First Peer-to-Agent Loan Provider
> Malone act as your personal AI loan agent
> Knows your complete financial history
> Instantly evaluate almost any on-chain asset.
> Negotiates terms based on your on-chain history
> Distributes loans from its own wallet.
Source: https://blog.tren.finance/malone
0x Acquires Competitor Flood in Push to Boost Share of $2.3B DEX Aggregator Market
x.com/0xProject/status/1923054857482535234
Source: https://www.coindesk.com/business/2025/05/15/0x-acquires-competitor-flood-in-push-to-boost-share-of-usd2-3b-defi-aggregator-market
Mastercard and MoonPay Team Up to Enable Stablecoin Payments and Spending at 150 Million Global Businesses
Source: https://www.mastercard.com/news/press/2025/may/mastercard-and-moonpay-team-up-to-mainstream-stablecoin-payments/
Variant: Building Collective-Intelligence Systems
Bitcoin showed us how to coordinate resources at massive scale, by leveraging that playbook, we can build collective-intelligence networks that grow smarter and stronger.
Building collective-intelligence systems depends on four principles:
> Horizontal Scaling
> Verifiable Fault Tolerance
> Mission-Aligned Incentives
> Emergent Outputs👇
Source: https://blog.variant.fund/building-collective-intelligence-systems
AI Makes Crypto Work, Crypto Makes AI Safe
Source: https://x.com/0xPrismatic/status/1924265002871226708
Moody’s Issues First-Ever Downgrade of U.S. Credit Rating Amid Surging Debt Concerns
interest on US debt set to hit 30% of REV by 2035.
> This post reviews similar downgrades by S&P (2011), Fitch (2023), and effect on stocks & bonds
Source: https://x.com/KobeissiLetter/status/1923721585631891660
Fireblocks: State of Stablecoins 2025 Report
Based on a survey of 295 executives, this report explains how banks, fintechs, and payment service providers are scaling real stablecoin infrastructure.
> Findings show stablecoins are no longer a fringe innovation & are fast becoming core infrastructure for payments, treasury, and liquidity strategy. 👇
Source: https://www.fireblocks.com/report/state-of-stablecoins/
Cryptopunk #3609 Sold for 440 ETH (~$1.1M)
Source: https://x.com/DegenerateNews/status/1923897717983429102 | etherscan
May 16th~ Rollup
🐚 Research and Ideation 💡
- Shoal Research: Fragmetric: Unlocking Composable Restaking with Solana’s Token-2022 Standard
- Coinbase Ventures: The Rise of Onchain AI - Agents, Apps, and Commerce
- Helius x Sphere: Stablecoin Payments Guide for Fintechs & Financial Institutions
- Nillion: The Nillion Standard: The Intelligent Internet
🐚 Project Updates 🔔
- Chainlink Launches Build on Solana
- OpenAI Launches a Research Preview of “Codex”
- SOON Network Unveils the SOON Foundation and Takes Snapshot
The Nillion Standard: The Intelligent Internet
> “The software we use is starting to do more than follow instructions, it’s learning, adapting, and making decisions.”
> “Intelligence is no longer locked in tools, it’s moving into agents and infrastructure.”
> However, intelligence can’t scale on surveillance, privacy must be the base layer.
> This is what Nillion’s standard is all about👇
https://nillion.pub/the_nillion_standard.pdf
Source: https://x.com/nillionnetwork/status/1923348173516644829
Helius x Sphere: Stablecoin Payments Guide for Fintechs & Financial Institutions
An excellent guide to the global payments market, opportunities for stablecoin companies & use cases
> It breaks down where stablecoins add value, how to integrate them, and decisions to make in order to truly harness the power of digital dollars.👇
Source: www.helius.dev/blog/stablecoin-payments
Coinbase Ventures: The Rise of Onchain AI - Agents, Apps, and Commerce
A look at how the convergence of crypto and AI is giving rise to a burgeoning Onchain AI economy, and why Onchain AI is signaling the next phase of rapid innovation at this intersection.
Source: cbventures/the-rise-of-onchain-ai-agents-apps-and-commerce" rel="nofollow">https://paragraph.com/@cbventures/the-rise-of-onchain-ai-agents-apps-and-commerce
May 15th~ Rollup
🐚 Research and Ideation 💡
- Alea Research: Believe - Internet Capital Markets
- HUSD: What Does it Mean to Be a Hyperliquid-aligned Fiat Stable?
- DMD: Grass - Business Line and Revenue Model
🐚 Podcast 🎙️
- The Chopping Block: How Bad Tokens Win: The Structural Flaw No One Wants to Fix with Mosi
🐚 News 📕
- Coinbase Discloses Data Breach, Refuses Ransom, Offers $20M Reward to Catch Insider Data Thieves
- S.E.C. Investigating Whether Coinbase Misstated Its User Numbers
🐚 Project Updates 🔔
- 10K - First Watch-to-Earn App on Solana
- 0x Acquires Flood DEX Aggregator
- Aave's TVL Hits a New $25B Peak
- Malone: DeFi's First Peer-to-Agent Loan Provider
- Mastercard x MoonPay Team Up to Enable Stablecoin Payments
- Luganodes Announces New Validator Ops CLI Tool — Built for Ethereum’s Pectra Era.
From DraftKings to DeFi: Why the Future of Betting is On-Chain
Crypto fundamentally changes the gambling experience in four key ways:
> Fast, Private Payments
> Fair & Open Pools
> Easy P2P Wagering
> Own the Casino: Shuffle & Betswirl share profits with token stakers, turning players into co-owners
Source: https://x.com/decentralisedco/status/1897643800295612736?s=46&t=ywALktyM5ZCyt-zigN5Big
The Chopping Block: How Bad Tokens Win: The Structural Flaw No One Wants to Fix with Mosi
Discussion:
> Market maker games, OTC dumps
> $60M Movement Labs Meltdown
> Hallucination yield driving this cycle’s worst bets
> Why Retail Gets Burned
> Why crypto’s market structure is broken
> What it’ll take to fix it, and more
Source: https://www.youtube.com/watch?v=8e9fAd98RnY
Aave's TVL Hits a New $25B Peak
Source: https://x.com/StaniKulechov/status/1921478583337312339
What Does it Mean to Be a Hyperliquid-aligned Fiat Stable? A Look at HUSD
HUSD is a stablecoin for the Hyperliquid ecosystem that leverages M0’s collateralization framework, which backs over 100% of stablecoin issuance by eligible U.S. treasury bills
> It fuses two insights: put the quote asset and its cash‑flows under the same roof as the trading venue.
> The result is a public‑good stablecoin that turns passive reserve interest into active, compounding growth for the Hyperliquid ecosystem.
> Every time you use HUSD, you create buy pressure for HYPE and invest back into Hyperliquid.
Source: https://twitter.com/husd_fiat/status/1923017204045406416
10K - First Watch-to-Earn App on Solana
Like a crypto-powered TikTok where creators and viewers earn
> Creators launch their own presales
> Must sell $10K in their presale to unlock posting.
> 24-hour fair-launch timer – after $10K is hit
> Coins are earned by watching creator’s videos
Now available on iOS & Android
Source: https://x.com/10KWorld_/status/1922756533273743807