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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
IOSG Research: Are Rollups Overvalued or Undervalued? An Analysis of Rollup’s Revenue and Cost Structure
The ETH Rollup L2 ecosystem is thriving, with a total daily TVL surpassing $37B. However, the short-term price performance of Rollups hasn't met expectations.
> This article briefly analyzes the current economic structure of Rollups and looks forward to future possibilities.
Source: Twitter | https://medium.com/iosg-ventures/are-rollups-overvalued-or-undervalued-an-analysis-of-rollups-revenue-and-cost-structure-16a6481e9d15
Nick Tomaino: Consumer Crypto
“The next 10yrs we will see crypto consumer apps collide with news, politics, sports, health/fitness, music, live streaming video, podcasting, and more”
Thinking about the next generation of bleeding edge consumer crypto apps?
Four things to put in mind:
> It won't happen right away, focus on something you believe in beyond making money & persist over yrs
> The intersection of purist and tourist is key
> Go deep in understanding users and the culture of the market you're in
> Block out the existing tribal noise and create your own tribe
Source: https://x.com/ntmoney/status/1811436398693732496?s=52&t=txFAbiSPTdLLDlAYj9X_AA
Jason Zhao (Story Cofounder) Replies
“If the dispute process can’t be 100% accurate and 100% reliable, there is no point of creating another system that will produce arbitrary outcomes.”
> The dispute module creates a MARKETPLACE OF TRUST
> People can opt into dispute mechanisms that don’t involve any deliberation at all, but rather rely on voting or economic staking.
> Bitcoin with PoW and Ethereum with PoS are not “100% secure and 100% reliable”, and IP is a much more difficult problem than money with regards to consensus.
> The dispute module has 3 major steps: RAISE dispute, ARBITRATE dispute, RESOLVE dispute.
Source: https://x.com/jasonjzhao/status/1811306925386088567?s=52&t=txFAbiSPTdLLDlAYj9X_AA
Ethresearch: L2 Asset Interoperability via Two-way Canonical Bridges
> One key problem with the L2 scaling solutions is that assets natively minted on L2s can only be used on the L2 of issuance but it cannot be bridged back to L1 or other L2s, without utilizing external bridges, which creates fragmentation.
> This research propose two-way canonical bridges as a solution, where L2-minted assets can be reverse-canonically bridged to L1
Source: https://ethresear.ch/t/l2-asset-interoperability-via-two-way-canonical-bridges/20039
The Blockcrunch Podcast: On a Tangent: How We 4x'd Our Fund in the First Year
Guest: Jason and Darryl - co-founders of Tangent
They discuss:
> Why they started Tangent
> 4x'ing the liquid book
> Biggest wins & losses (so far)
> Long term venture thesis, and more
www.youtube.com/watch?v=d0Wy5cRnZRQ
Source: https://x.com/mrjasonchoi/status/1811426147244319223
Superteam Introduces Solana Summer Fellowship for Developers!
A hands-on 8-week program for top developers to learn and build on Solana while getting paid!
> $2000 stipend
> Curated cohort of 30 developers
> Global – open to everyone
Source: https://x.com/SuperteamDAO/status/1811148171952721990?t=Q1d7a88F6kuj20shdyv8-g&s=19
Arxiv: Searcher Competition in Block Building
This paper look at the distribution of MEV rewards between the validator and searchers. They model the interaction between all players using tools from cooperative game theory.
> For any coalition of players, they define a (maximum achievable) value the coalition can derive by creating the best block together.
> The validator is a special player, that is needed to create any value. i.e it has a veto power
Source: https://x.com/kakia1989/status/1811359432879575249?s=46&t=ywALktyM5ZCyt-zigN5Big
U.S. CPI and Core CPI
> U.S. CPI: +3% YEAR-OVER-YEAR (EST. +3.1%)
> U.S. CORE CPI: +3.3% YEAR-OVER-YEAR (EST. +3.4%)
Source: https://x.com/News_Of_Alpha/status/1811377413005455663?t=gTkiguthXjXCwhFzXqwAGw&s=19
Coinbase Introduces Web App to Track Personal On-Chain Wallets
All of your crypto and wallets in one place
Available on both desktops and mobile devices.
Source: https://x.com/CoinbaseWallet/status/1811432919224692803
Suhail Kakar: Uniswap ELI5
Source: https://x.com/SuhailKakar/status/1811327366410518550?t=riSK-VhwOTukuMe_DulqSQ&s=19
Tom Dunleavy: Crypto x AI: Can Crypto Solve The AI Scalability Challenges?
The democratization of the required resources to develop, train, and inference AI models can accelerate growth and innovation.
key components of the AI stack:
> Training data collection and processing
> Storage
> Workload
Source: https://x.com/dunleavy89/status/1811072586572251494
Decentralized Co: Are L2s predatory to their L1s?
Building L2s and lowering costs to transact on L2s by giving them cheaper data storage options on L1s has been beneficial for users but not so much for Ethereum, the L1.
> If most users want to transact on L2s, more data will be pushed on the L1.
> As L2s push more data & compete with each other for L1 blockspace, base fees on L1 increases
> This results in higher revenue for Ethereum.
> So, when the masses actually start using L2s, it can be a win-win for Ethereum and users.
Source: https://x.com/decentralisedco/status/1811275014806921290?s=46&t=2q9OLMlaobNlHLewOXT4uA
Notcoin, 1inch, and Sign Launch Accelerator for Telegram and TON Ecosystems– Triangle
Triangle aims to support the development of consumer apps bridging Web2 and Web3.
Source: https://www.theblock.co/post/304585/notcoin-1inch-and-sign-launch-accelerator-for-telegram-and-ton-ecosystems
Donald Trump to Speak at Bitcoin 2024 Conference
Source: https://x.com/tier10k/status/1811181781615345943?s=46&t=ywALktyM5ZCyt-zigN5Big
Sanctum’s $CLOUD Will Launch On Jupiter LFG On 18th July
> Users will be able to view allocations on Tuesday, 16th & also deposit into the alpha vault.
Source: https://x.com/JupiterExchange/status/1811061609374294238?t=Nu-JJ4fyqRBjUmzNfjhWPw&s=19
Kodiak (and Berachain) Ecosystem Mind Map
Source: https://x.com/berarodman/status/1811236284989423815?s=52&t=txFAbiSPTdLLDlAYj9X_AA
VeradiVerdict: Super Computer: How Nexus is Revolutionizing Verifiable Computation
Nexus is tackling the brave new world of scalable verifiable computation with a star-studded cast and ingenious technical design.
> Zero-knowledge proofs have historically been slow, not general-purpose, and have had a poor developer experience.
> Nexus has solved all three of these by combining the decades of innovations made in space with a highly parallelized and modular system
> Nexus is believed to be a fundamental step in humanity’s future to create a secure internet.
Source: Twitter | https://www.veradiverdict.com/p/verifiable-computation-machine
Arthur Hayes Speaks on US Election and Pro-Crypto Legislation
> He reveal Trump is burnishing his pro-crypto credentials by saying all the right things
> Crypto pundits who should know better are now blindly throwing fancy fundraisers for the his campaign
> Hayes created a model to analyze the ability of single-issue pro-crypto voters to decide congressional, senatorial, and presidential elections.
> If the Democrats still want to control the Presidency and Senate, they should ensure to enact this piece of pro-crypto legislation
> The hard work is convincing the majority of crypto holders to become single-issue voters and go vote
Source: https://cryptohayes.substack.com/p/hot-chick?r=aaog1&utm_medium=ios&triedRedirect=true
Story Protocol Plans to Launch IP-Focused Layer 1 This Year
Story is using an EVM-compatible blockchain together with a custom “Proof-of-Creativity” consensus algorithm.
Source: https://www.theblock.co/post/304847/story-protocol-plans-to-launch-ip-focused-layer-1-this-year
JuhyukB: The “Dispute Module" That Story Protocol Proposes Cannot Be Trusted
> Base assumption of Story Protocol to operate is to trust the protocol’s consensus as the source of truth
> But what is the truth? Nobody really knows.
> Logic stands nowhere in the process of disputing whatever IP belongs to who. It’s just all feelings.
> How do you know if something belongs to someone if that something is not tangible, yet only told by stories?
Source: https://x.com/JuhyukB/status/1811245183788613881
Vecrorized | Eth Magicians: ERC-7739: Readable Typed Signatures for Smart Accounts
> This proposal defines a standard to prevent signature replays across multiple smart accounts when they are owned by a single Externally Owned Account (EOA).
Source: https://ethereum-magicians.org/t/erc-7739-readable-typed-signatures-for-smart-accounts/20513
ahboyash: Advice For Founders
> Attacking other protocols is extremely negative especially if you don’t have a working product yet or haven’t build up a strong community
> People will not want to work with you as it reeks of arrogance. It is unprofessional and damaging to public image
> You should instead highlight your strengths and USP, publish pieces that showcase thought leadership, and collaborate rather than compete, the pie is huge
Source: https://x.com/ahboyash/status/1811290867002712426?s=46&t=2q9OLMlaobNlHLewOXT4uA
D/AI Projects Upcoming Launching (Q3 ~Early Q4)
Source: https://x.com/aimedaresearch/status/1811389555498762439?s=52&t=txFAbiSPTdLLDlAYj9X_AA
Michaelhanono: Understanding Agent Platforms
Breaking down the agentic stack into 3 sections:
> Orchestration: Agent coordination and using one another as tools
> Composability & Interop: Working together with dapps in a multi-chain world
> Ownership and monetization: Own, co-own, and earn revenue from the use of agents
Source: https://x.com/michaelhanono/status/1811398156115960230?s=52&t=txFAbiSPTdLLDlAYj9X_AA
SEC Has Dropped Investigation Into Paxos
Decides BUSD not a security
Source: https://fortune.com/crypto/2024/07/11/sec-busd-gary-gensler-paxos-stablecoin-binance/
July 10th~ Rollup
🐚 Research and Ideation 💡
- Suhail Kakar: Base ELI5
- 0xGumshoe: Potential Growth for Solana: A Hypothetical Analysis
- Madrona: The Rise of AI Agent Infrastructure
- Yashas Naik: Deep Dive Into MoveVM Technology
- PropellerSwap: EVIntent - Darkmatter in MEV
- Symmetric Research: Commodification of Compute
- Electric Market Crypto Market Map
- QwQiao: Crypto Industry Trends H1 2024
- Punk9059: Quick Thoughts on the Blast Distribution
- imajinl: On Attester Proposer Separation (APS) and the Builder Role
- Hunter Solaire: Why Most Gaming Tokens Have Flopped After Going Live in 2024
- Layergg: July-Sep Roadmap Calendar
- Ethresearch: MEV Resistant Dynamic Pricing Auction of Execution Proposal Rights
- Decentralized Co: Are L2s predatory to their L1s?
🐚 News 📕
- Donald Trump to Speak at Bitcoin 2024 Conference
- Goldman Sachs to Launch Three Tokenization Projects By End of Year
🐚 Project Updates 🔔
- Ostium’s Deposit Derby: Mainnet Vault is Live
- Starknet to Open Staking By End of Year
- Circle: EURC is Coming to Base
- Sanctum’s $CLOUD Will Launch On Jupiter LFG On 18th July
- Notcoin, 1inch, and Sign Launch Accelerator for Telegram and TON Ecosystems– Triangle
Ethresearch: MEV Resistant Dynamic Pricing Auction of Execution Proposal Rights
This post introduces a dynamic pricing auction with MEV resistance to sell execution proposal rights.
> Builders hold reserves in a debit account and place binding purchase order for a ticket (ET) or an execution proposal slot (similar to EA).
> The final price adapts dynamically based on the total outstanding as well as currently incoming orders/tickets, with some similarities to, e.g., EIP-1559, and the payment is burned.
Source: https://ethresear.ch/t/mev-resistant-dynamic-pricing-auction-of-execution-proposal-rights/20024
Pavel Paramonov: Solana is the Reason Why L2 Rollups Chaos Started on Ethereum
> Solana was able to become the only non-EVM blockchain that users care about.
> Blockchains can't compete for liquidity in the L1 space, so they stop fighting and benefit
> Liquidity fragmentation chaos on L2s, in reality, is social fragmentation.
> On Ethereum, people build rollups. On Solana, people build apps.
> The current stage of Solana is similar to Ethereum's previous stage.
> “There's no winner here. In the end, collaboration almost always beats competition”
Source: https://x.com/paramonoww/status/1811083786773483628
Layergg: July-Sep Roadmap Calendar
Wen mainnet ? Wen token?
Source: https://x.com/layerggofficial/status/1811011840476074014?t=u88lx8ARmgEZqG99T8STUQ&s=19
Hunter Solaire: Why Most Gaming Tokens Have Flopped After Going Live in 2024
> General market pullback in Q2
> Very high 12-18 month inflation outlooks
> Too many new tokens vs growth in crypto-pilled gamers
> Early launches like portal/mavia inflating valuations and expectations
> Games aren't feature-rich to where token ownership matters
Source: https://x.com/huntersolaire_/status/1808454473439703267?t=H2k5mYJ0NaswArYC_Ft4yQ&s=19