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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
All You Need to Know About Goldfinch
Goldfinch is a DeFi and RWA protocol that aims to democratize access to capital by enabling crypto lending without requiring crypto collateral
> Its community-driven governance, innovative financial products, and robust risk management strategies make it a promising platform for both borrowers and lenders.
Source: https://x.com/0xelonmoney/status/1816810570328289636?s=52&t=txFAbiSPTdLLDlAYj9X_AA
Ledger Introduces Ledger Flex
This marks the new standard for Ledger devices
> It features a secure E Ink touchscreen, NFC, and new Security Key app that allow you go from painful logins to passwordless ease
Source: https://x.com/Ledger/status/1816855104353427753
KyleSamani: Thoughts on predictions markets (PM)
TLDR - what matters is regularity
> Most are focused on market structure mechanics (eg scalar markets, CLOBs, other derivs structures)
> What matters most is finding a set of *regular* markets that people can bet on that are currently underserved
Source: https://x.com/KyleSamani/status/1816712513817350425
Pavel Paramonov: Solana's Transaction Flow
Some points to consider while studying the picture:
> “User + Wallet” defines that a user signs a transaction through a wallet app.
> The wallet sends the transaction to an RPC server, which can be run by any validator👇
Source: https://x.com/paramonoww/status/1816747431553544354
Ceteris: Returns From Eth Etf Announcement
sol/eth basically flat, most of the rest down bigly
> Entire eth move was also in a single candle, if you rotated after the announcement you're down a lot
Source: https://x.com/ceterispar1bus/status/1816803996968849746
DiogenesCasares: Review of Ethereum's Order Flow Landscape
This piece explore the benefits of auction-based order execution in DeFi, highlighting how it improves user profits and market efficiency by redirecting MEV profits to users.
> It also discusses the potential pitfalls of auction systems, such as the centralization risks, and emphasizes the need for decentralization to prevent collusion.
https://writings.flashbots.net/illuminate-the-order-flow
Source: https://x.com/DiogenesCasares/status/1816600848610603377
BlockFi Estate Plans to Return 100% of Eligible Claims
“Clients can now expect to receive 100% of your eligible claim from the BlockFi Estate”
Source: https://x.com/blockfi/status/1816608998763688300
2077 Research: The State Of Rollup Interoperability Solutions In 2024
> This article is written around ZK rollups and ZK technology.
> This is because optimistic rollups cannot fundamentally have fast objective finality, and such a property is only reachable using ZK.
> Optimistic design is fundamentally restrictive, it will never handle interoperability with other rollups
> The primary technology for making optimistic rollups interoperable with each other is shared sequencing
> We have to embrace ZK and its limitless benefits.
> We have to use them to our advantage to build things that get us closer to making Web3 a place for everyone in the world.
Source: https://research.2077.xyz/blog/some-steps-towards-interoperability/
The Rollup: How Caldera is Becoming The Distribution Channel for Modular Infra
Guest: 0xkatz - CEO of Caldera
They discussed:
> What it actually looks like to provide their services for projects, who their customers are?
> Their non-crypto native marketing strategy
> The technicals behind their recent metalayer announcement
Source: https://x.com/therollupco/status/1816549533611933823
Yh: Chain Abstraction and MPC Protocols
Chain abstraction’s goal is for users to interact with apps without realizing they are using a blockchain or knowing which specific blockchain is being used.
> Multi-Party Computation (MPC) – a cryptographic protocol allowing multiple parties to jointly compute a function while keeping their inputs private
> Among the MPC protocols, Lit Protocol stands out as the most mature & production-ready option
Source: https://medium.com/yonseiblockchainlab/chain-abstraction-and-mpc-protocols-35ac25b23dea
OpenAI is Testing SearchGPT, A Temporary Prototype of New AI Search Features
SearchGPT gives fast and timely answers with clear and relevant sources
Source: https://x.com/openai/status/1816536290822881780?s=46&t=2q9OLMlaobNlHLewOXT4uA
NodeOps: Understanding Actively Validated Services (AVS) & its Impact on Decentralization
AVS, coined by EigenLayer, refers to services or apps built on top of the Ethereum blockchain and used for security and validation mechanisms.
Impact of AVS on Decentralization:
> Unlocking permissionless innovation
> Interoperability and scalability
> Economic incentivization
> Lower barrier to entry
> Distributed validator network
> This blog explores AVSs, their benefits to decentralized networks, and their landscape
Source: https://x.com/NodeOps_App/status/1816432365163454501
Marginfi Introduces ‘The Arena’ – Allowing Users to Long/Short Any Token on Solana with Leverage
Source: https://x.com/solanafloor/status/1816427866361626781?s=52&t=txFAbiSPTdLLDlAYj9X_AA
Jito Announces Jito Restaking, A Next-Gen Infrastructure Platform
Jito Restaking consists of two main components:
> The Vault Program
> The Restaking Program
> These work together to provide a flexible, scalable infrastructure for creating and managing staked assets, LRTs, and AVS
Source: https://x.com/jito_sol/status/1816488798374830164?s=52&t=txFAbiSPTdLLDlAYj9X_AA
Arjun: Quick Notes From the 'The Solver Games' Panel
> What makes a good solver? Passion for execution over impact
> Searchers and solvers are practically the same thing, but this might be a short-term perspective.
> Decoupling solvers from capital promotes competition, commoditizes solvers & creates efficient market
> Solvers tend to bring their own capital and have an edge but if you isolate the solving from the capital, you can take away the edge that big market makers like Wintermute have today.
https://www.youtube.com/live/o4gbaqdqO9Q?t=17084s
Source: https://x.com/arjunnchand/status/1816140464346525903?t=2wSzDZtkRbY-pFCSZp3lPg&s=19
Dinero Introduces Institutional pxETH (ipxETH)
in collaboration with Galaxy & Laser Digital
> It’s designed to meet the needs of institutional investors seeking enhanced ETH staking yield and to mitigate the perceived risks and complexities typically associated with DeFi and ETH staking.
Source: https://x.com/dinero_xyz/status/1816847815047266620
EigenLayer Introduces AVS Rewards & EIGEN Programmatic Incentives (Coming Soon)
AVSs will gain ability to reward stakers & operators
> At least 4% of EIGEN's total supply will be distributed to stakers and operators via upcoming programmatic incentives.
Source: https://x.com/eigenlayer/status/1816867158032548136
Drift Set to Launch Prediction Markets on Solana
Source: https://x.com/DriftProtocol/status/1816851169354063972?t=02X_J761Mat6bi7pGv-HnQ&s=19
July 25th~ Rollup
🐚 Research and Ideation 💡
- Arjun: Quick Notes From the 'The Solver Games' Panel
- Nansen: Track ETF Flows on Nansen
- Lagrange: ZK Coprocessor 101 - The Basics
- Decentralised Co: The Power of Aggregation
- NodeOps: Understanding Actively Validated Services (AVS) & its Impact on Decentralization
- 0xNairolf: Zama Explained in Simple Terms
- Yh: Chain Abstraction and MPC Protocols
- Flashbots: Report on Privacy Tech for Building a Dark Pool in DeFi
- The Rollup: How Caldera is Becoming The Distribution Channel for Modular Infra
- 2077 Research: The State Of Rollup Interoperability Solutions In 2024
- ON–254: Zoomed-in on Layer3
- Jim: Relayer Extractable Value (REV)
- DiogenesCasares: Review of Ethereum's Order Flow Landscape
- Ceteris: Returns From Eth Etf Announcement
🐚 Project Updates 🔔
- Jito Announces Jito Restaking
- Marginfi Introduces ‘The Arena’ – Long/Short Any Token on Solana with Leverage
- OpenAI is Testing SearchGPT, AI Powered Search Engine
- LI.Fi is Live on Solana!
- Berachain: First Liquid EVM, Powered by PoL
- BlockFi Estate Plans to Return 100% of Eligible Claims
🐚 Raises 💰
- aPriori Announces $10M Total Fundraise Led by Pantera
Jim: Relayer Extractable Value (REV)
REV, defined as “the maximum value that a relayer can extract from being a privileged actor in the cross-chain transaction flow”
> Relayers have the privileged role of being a “transaction initiator” on the destination chain.
> They shift from being “dumb” entities that naively move messages to an intelligent combined relayer-searcher entity.
Source: https://twoblocks.substack.com/p/relayer-extractable-value-rev
ON–254: Zoomed-in on Layer3
Layer3 is an omnichain identity and distribution protocol addressing the dual challenges of attention and distribution in web3.
> Protocols such as Uniswap and Polygon have leveraged Layer3 to reach more than 4M unique users across 120 countries and 30 blockchains via highly targeted and efficient token distributions.
Source: https://www.ournetwork.xyz/p/on-254-zoomed-in-on-layer3
Berachain: First Liquid EVM, Powered by PoL
For the first time, a chain's block rewards and distribution of incentives are fundamentally tied to the liquidity flowing across the network, aligning liquidity and security at the protocol level.
Source: https://x.com/smokeythebera/status/1816166758962627039?s=46&t=2q9OLMlaobNlHLewOXT4uA
aPriori Announces $10M Total Fundraise Led by Pantera
aPriori is building the MEV-powered liquid staking platform for Monad
Source: https://x.com/aprMEV/status/1816487728285979074
Flashbots: Report on Privacy Tech for Building a Dark Pool in DeFi
Exploring the tradeoffs of using different privacy-enabled technologies (TEE, ZKP, FHE, and MPC) in designs for dark pools. This write-up covered:
> Different types of trading systems that can be put into a dark pool
> The characteristics of the dark pool we care about
> An example of the architecture of a dark pool
> The tradeoffs of using different privacy tech for implementations.
Source: https://collective.flashbots.net/t/dark-pool-researchathon-privacy-tech-for-building-a-dark-pool-in-defi/3705
LI.FI is Live on Solana!
LI.Fi REST API offers seamless integration with the Solana blockchain through Allbridge, Mayan and Jupiter.
> Bridging via Allbridge
> Bridging via Mayan
> USDC bridging via Circle CCTP
> Swaps via Jupiter
https://docs.li.fi/li.fi-api/solana
Source: https://x.com/arjunnchand/status/1816438556513989028?t=ojqAMGa2Bjc7Jz7cpG18gQ&s=19
0xNairolf: Zama Explained in Simplr Terms
FHE allows user data to be processed without decryption, enhancing privacy and security.
> Zama is developing several open-source FHE solutions, including the fhEVM, which enables developers to build confidential on-chain applications in Solidity.
Source: https://x.com/0xnairolf/status/1816440569637282086?s=46&t=2q9OLMlaobNlHLewOXT4uA
Decentralised Co: The Power of Aggregation
This piece dives into one of the fastest-growing consumer applications within Web3 –Layer3
> Layer3 has crossed the chasm from needing to retain users to one that has developed habits among its user base
> Many new users sees it as Google-for-crypto
> This research explore how Layer3 is taking crypto to the masses
Source: https://www.decentralised.co/p/the-power-of-aggregation
Lagrange: ZK Coprocessor 101 - The Basics
Lagrange’s Coprocessor pre-processes blockchain data into an optimized, offchain ZK-friendly format
> By lifting heavy computations offchain & verifying their integrity onchain, the ZK Coprocessor makes computing large data sets efficient and verifiable
Source: https://x.com/lagrangedev/status/1816148867366412324?t=RFA0U4hSCMKbhPNZE7wgEA&s=19
Track ETF Flows on Nansen
Source: https://app.nansen.ai/eth-etfs
July 24th~ Rollup
🐚 Research and Ideation 💡
- ELI5: Fully Homomorphic Encryption
- Sequoia: The Arc Product-Market Fit Framework
- Proton Wallet User Experience & Security Model
- Cygaar: Beginner’s Guide to Account Abstraction
- Coinlist: How Sybils Harm Token Launches
- Farcaster Ecosystem Map
🐚 News 📕
- Kamala Harris will not be speaking at the Bitcoin Conference
🐚 Project Updates 🔔
- OpenEden Crosses $75 Million in Tokenized US Treasury Bills
- Drift Unveils Election Center Swaps on Solana
- Coinbase Will Add Support for BLOCKLORDS $LRDS on the Ethereum Network
- Solend Rebrands to “Save”
- Avail DA Mainnet & Token Are Now Live