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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
Cryptobanking: Lending and Stablecoins
DeFi stablecoin issuers have long had a symbiotic relationship with lending activities
> Stablecoins not only originated from lending protocols, but lending protocols themselves can be seen as a type of stablecoin issuer.
> This article explore the intrinsic connections between lending protocols and stablecoin issuers.
Source: https://cryptobanking.network/lending-and-stablecoins/
Suhail Kakar: USDC ELI5
Source: https://x.com/SuhailKakar/status/1812404482631672156
Anders Elowsson: Sealed Execution Auction
This post presents a Vickrey auction of execution proposal rights.
> The idea is to rely on attesters to supervise a simple commit/reveal scheme facilitated by builders and beacon proposer.
Source: https://x.com/weboftrees/status/1812182201447948333?s=46&t=ywALktyM5ZCyt-zigN5Big
German Government Sold 42,000 BTC in 1 Week
250 BTC per hour, 168 hours
Source: https://x.com/0xjaypeg/status/1811835813669535812?s=52&t=txFAbiSPTdLLDlAYj9X_AA
July 12th~ Rollup
🐚 Research and Ideation 💡
- Messari: State of Solana Q2 2024
- NFX: Guided AI Agents: Turbocharging the SMB
- Suhail Kakar: Optimism ELI5
- Dewhales Research: Usual Explained - Stablecoin Infra for Un-tethered Era
- Pendle: Post Mortem - Domain Hijack Attempt
- Blockworks Research: Aerodrome - The Liquidity Hub of Base
- Bubbly Finance: How BUBBLY Redefine Pre-Market Trading Experience
- Apgdoesweb3: Summary For Chads That Couldn’t Make It to ETHcc
- Li.Fi: With Intents, It’s Solvers All The Way Down!
- Aligned is Experimenting With Adding TEE Attestation
- Arbelos Markets: Gold, War, and Perpetual Prediction Markets
- ZK Zhao: Crypto Consumer Dapps
- Dex: Current State of VC
- Mike McCoy: EthCC 2024 Recap
- Renegade: Solution To Solving On-Chain Privacy
🐚 News 📕
- Arkham: The German Government is Now Out of Bitcoin
- SEC Drops Investigation of Bitcoin L2 Stacks and Builder Hiro
🐚 Project Updates 🔔
- Gasp: Revolutionizing Cross-Rollup Swaps
- Hamster Kombat Founders Reveal Game's Origins, Plans For a Second Airdrop
- Drift Protocol Introduces Drift Earn
Renegade: Solution To Solving On-Chain Privacy
By matching orders via MPC, Renegade enables traders to swap liquidity peer-to-peer without disclosing any order information
> By unbundling pricing and execution, Renegade delivers true global best execution.
Source: https://x.com/renegade_fi/status/1811928972244222156?s=52&t=txFAbiSPTdLLDlAYj9X_AA
Dex: Current State of VC
few themes about the current state of VC that are incredibly clear:
> VC has never been more competitive
> Price is not a consideration set for perceived n of 1 assets
> We are in a period of low liquidity and somewhere toward the bottom of the market cycle.
> Application software has been the gift that keeps on giving, accounting for 8% of all IPOs since 1996, but it is maturing as a sub-sector of VC investment.
Source: https://apexventurestudio.substack.com/p/current-state-of-vc
ZK Zhao: Crypto Consumer Dapps
Categorized as: Degen, Crypto-savvy & Normie
> Market want it, as nothing like defi & nft in this cycle, and market want innovation badly
Source: https://x.com/zk7hao/status/1811924733430235489?s=46&t=2q9OLMlaobNlHLewOXT4uA
Aligned is Experimenting With Adding TEE Attestation
> Aligned will become an integrity layer that helps check ZK proofs and potentially attest TEEs in Ethereum. This will be built on Eigenlayer
> The reason for building on Eigenlayer is that it’s easier to boostrap a new distributed system with economic guarantees with it.
> The second reason is that it’s cheaper to rent economic security than to do it by ourselves.
Source: https://x.com/fede_intern/status/1811711838846874023?s=52&t=txFAbiSPTdLLDlAYj9X_AA
Apgdoesweb3: Summary For Chads That Couldn’t Make It to ETHcc
> Builders and believers are sick of memes and nihilistfi
> MEV, intents and solvers are cracking.
> Crypto AI isn’t really part of the zeitgeist.
> Infrastructure at most layers has already commoditized.
> Most people aren’t that psyched about the Ethereum roadmap
> VCs are jaded, bored and becoming more careful, but founders are lagging behind in realizing this.
> Consumer crypto feels pretty dead. Categories like web3 ecommerce & retail probably have <100 people left working on them
Source: https://x.com/apgdoesweb3/status/1811724497415758325?s=46&t=iFIZF7OmG6wpfrZaVnwcjQ
Hamster Kombat Founders Reveal Game's Origins, Plans For a Second Airdrop
> First airdrop slated for this month and also planning for a second airdrop
Source: https://www.theblock.co/post/304606/hamster-kombat-founders-reveal-games-origins-plans-for-a-second-airdrop
Pendle: Post Mortem - Domain Hijack Attempt
“Squarespace purchased all domain registrations and related customer accounts from Google Domains in June 2023, which forced the migration of domains.”
> At ~10.27pm GMT, Pendle’s bot detected that a new malicious DNS record was added to redirect Pendle’s dApp to a malicious site.
> Within 30 seconds, the team mobilised to shut down the app and started their countermeasures to defend against the attack.
> At ~11.07pm GMT, just 40 minutes after the domain hijack attempt, the dev team successfully regained full control of the domain
Source: https://x.com/pendle_fi/status/1811683909509558562?s=52&t=txFAbiSPTdLLDlAYj9X_AA
Dewhales Research: Usual Explained - Stablecoin Infra for Un-tethered Era
Usual is a secure and decentralized fiat stablecoin issuer that redistributes ownership and governance through the $USUAL token
> A decentralized stablecoin protocol fully backed by real-world assets (RWA) with ultra-short maturities (T-bills)
> Usual is built around the redistribution of power and ownership to users & third parties, akin to a scenario where Tether’s TVL providers would own the company and the associated revenues.
Source: https://dewhales.substack.com/p/usual-explained-stablecoin-infra?r=aaog1&utm_medium=ios&triedRedirect=true
NFX: Guided AI Agents: Turbocharging the SMB
A new generation of Guided AI Agents is about to turbocharge SMBs – the companies that employ nearly half of all American workers – and allow them to finally compete with large enterprises.
> SMBs are a huge share of the American economy, representing 44% of GDP, close to half of all employment & $370 billion in overall tech spending.
> These AI tools (Guided AI Agents) are the first time that SMBs are going to have access to tools needed to scale like large enterprises
Source: https://www.nfx.com/post/guided-ai-agents-turbocharge-smb
Gasp: Revolutionizing Cross-Rollup Swaps
Gasp is a cross-rollup protocol that operates as a Layer 2 on Ethereum using EigenLayer security.
> Gasp eliminates the need for wrapped tokens and trust in centralized authorities.
> It offers gas-free, MEV-protected, and lightning-fast swaps, ensuring trustless transactions and enhancing security.
Source: https://blog.gasp.xyz/introducing-gasp/
July 13th~ Rollup
🐚 Research and Ideation 💡
- Suhail Kakar: Solana ELI5
- 0xjaypeg: German Government Really Sold 42,000 BTC in 1 Week
- Anders Elowsson: Sealed Execution Auction
- 0x48.eth: LayerZero Overview
- Suhail Kakar: USDC ELI5
🐚 News 📕
- Donald Trump Reportedly Got Shot
0x48.eth: LayerZero Overview
The fragmentation of liquidity and attention across blockchains requires a solution that will pave the way between networks and do so safely, quickly, and affordably. This is where LayerZero comes in
This piece covers:
> What is LayerZero
> Its advantages over its competitors
> Evaluation of relevance/fundamentals
> Tokenomics/social activity
> Comparative analysis
Source: https://x.com/0x48_eth/status/1812390391825515006
Someone Appears to Have Shot a Gun at Trump
Unclear whether he was actually hit.
Someone yells “shooter down.”
Source: https://x.com/sawyerhackett/status/1812249339978265078?s=46&t=txFAbiSPTdLLDlAYj9X_AA
Suhail Kakar: Solana ELI5
Source: https://x.com/SuhailKakar/status/1812051493278634385
SEC Drops Investigation of Bitcoin L2 Stacks and Builder Hiro
“we received word from SEC staff that the investigation they opened into Hiro and the Stacks blockchain 3+ years ago is being closed without any action”
Source: https://www.hiro.so/blog/sec-investigation-concludes-with-no-action
Mike McCoy: EthCC 2024 Recap
> Brussels
> Conference Etiquette
> Attendees
> Liquidity Providers
> MEV, Airdrops
> Chain & Account Abstraction, and more
Source: https://mikemccoy.substack.com/p/ethcc-2024-recap
Drift Protocol Introduces Drift Earn
A super simple way to earn high yields in crypto
Source: https://x.com/cindyleowtt/status/1811812473600901154?s=46&t=2q9OLMlaobNlHLewOXT4uA
Arbelos Markets: Gold, War, and Perpetual Prediction Markets
Onchain Real World Assets (RWAs) like gold, oil, or copper can serve as early indicators and prediction markets for traditional assets
> The combination of both spot and perpetual contracts on RWAs opens up new strategies for predicting sentiment, event-based trading, and for executing cross-asset arbitrage strategies.
> This article explore the the interplay between gold, conflict, and prediction markets through the events surrounding PAXG, a tokenized version of gold, during the events of April 2024 and Nov 2022
Source: Twitter | https://arbelos.xyz/gold-war-and-perpetual-prediction-markets-2/
Li.Fi: With Intents, It’s Solvers All The Way Down!
Although intent-based bridges can speed up bridging UX, they are at risk of becoming centralized solutions due to a lack of solvers.
> This article define the structure of intent-based protocols and explore emerging solutions in the market that can potentially address the solver shortage problem by fixing the pain points for solvers
Source: https://blog.li.fi/with-intents-its-solvers-all-the-way-down-472e5c335cb0
Bubbly Finance: How BUBBLY Redefine Pre-Market Trading Experience
Bubbly Finance is a multi-chain protocol designed to effectively attract the attention and liquidity of native users, facilitating the shortest on-chain paths for trading and asset settlements.
> It features an innovative AMM model tailored for the pre-market, ensuring a trading experience as seamless as Uniswap’s
> Its Swaps feature sets it apart as the “ONLY” pre-market DEX currently available in the market.
Source: https://bubblyfinance.medium.com/how-bubbly-redefine-pre-market-trading-experience-13f5c6e9d50c
Blockworks Research: Aerodrome - The Liquidity Hub of Base
Aerodrome is a "MetaDEX" that combines elements of various DEX primitives such as Uniswap V2 and V3, Curve, Convex, and Votium.
> Since its launch on Base, it has become the largest protocol by TVL with more than $495B in value locked, doubling Uniswap's Base deployment.
> It’s success can be attributed to its unique architecture which aligns incentives between each category of protocol participant: traders, LPs, and protocols looking to seed liquidity for their token
Source: https://x.com/blockworksres/status/1811427222760329360?s=52&t=txFAbiSPTdLLDlAYj9X_AA
The German Government is Now Out of Bitcoin
The German Government just sent 3846.05 BTC ($223.81M) to Flow Traders and 139Po
> Now has 0 BTC ($0.00M) remaining.
Source: https://x.com/arkhamintel/status/1811831807282958723?s=52&t=txFAbiSPTdLLDlAYj9X_AA
Suhail Kakar: Optimism ELI5
Source: https://x.com/SuhailKakar/status/1811716831758971112?t=uawPcLgmhJCtQcHUMy8XMw&s=19
Messari: State of Solana Q2 2024
> Pumpdotfun, a gamified token launch platform, collected $48 million in total Q2 fees
> Dialect and the Solana Foundation launched Solana Actions and Blockchain Links (Blinks)
> Institutional builders are continuing to choose Solana for payments use cases
> Several Solana ecosystem teams unveiled scaling solutions that enable users to remain on the L1
Source: https://messari.io/report/state-of-solana-q2-2024
July 11th~ Rollup
🐚 Research and Ideation 💡
- Tom Dunleavy: Crypto x AI: Can Crypto Solve The AI Scalability Challenges?
- Suhail Kakar: Uniswap ELI5
- Michaelhanono: Understanding Agent Platforms
- Al-Meda Research: D/AI Projects Upcoming Launching (Q3 ~Early Q4)
- ahboyash: Advice For Founders
- Arxiv: Searcher Competition in Block Building
- Vecrorized | Eth Magicians: ERC-7739: Readable Typed Signatures for Smart Accounts
- JuhyukB: The “Dispute Module" That Story Protocol Proposes Cannot Be Trusted
- Jason Zhao (Story Cofounder) Reply to JuhyukB
- The Blockcrunch Podcast: On a Tangent: How We 4x'd Our Fund in the First Year
- Ethresearch: L2 Asset Interoperability via Two-way Canonical Bridges
- Arthur Hayes Speaks on US Election and Pro-Crypto Legislation
- VeradiVerdict: Super Computer: How Nexus is Revolutionizing Verifiable Computation
- Nick Tomaino: Consumer Crypto
- Berarodman: Kodiak (and Berachain) Ecosystem Mind Map
- IOSG Research: Are Rollups Overvalued or Undervalued? Analysis of Rollup’s Revenue & Cost Structure
🐚 News 📕
- SEC Has Dropped Investigation Into Paxos
🐚 Project Updates 🔔
- Coinbase Introduces Web App to Track Personal On-Chain Wallets
- Superteam Introduces Solana Summer Fellowship for Developers!
- Story Protocol Plans to Launch IP-Focused Layer 1 This Year