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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
Euler v2 is Live: Lend, Borrow and Build Without Limits
In the process of rebuilding people’s trust after the Euler v1 exploit last year, Eular CEO claimed that v2 has undergone one of the most expensive and comprehensive security processes for any DeFi protocol to-date.
Source: https://x.com/euler_mab/status/1831332296906932445?s=52&t=txFAbiSPTdLLDlAYj9X_AA
DeFi Active Loans Now at $13.3 Billion
A Level We Haven't Seen Since Early 2022
Source: https://x.com/JDSalbego/status/1828809908197679125
Analysis of the Penpie ~$27 million Exploit
Penpie - a yield optimizer and liquid locker built on Pendle, was exploited last evening for ~$27 million.
> The attacker created a fake market & counterfeit SY tokens on Pendle.
> While this is harmless to Pendle, Penpie failed to account for such adversarial scenarios, enabling the attacker to execute a re-entrancy attack.
> This resulted in the theft of $27m in rswETH, wstETH, agETH, and sUSDe from Penpie👇
Source: https://x.com/0xLouisT/status/1831277735823487473
Kamino Lend V2: Reshaping Lending on Solana
V2 will introduce a vastly improved borrowing and lending UX, alongside more sophisticated risk management infrastructure.
> V2 rollout is anticipated to start in Q4 2024
Source: https://x.com/KaminoFinance/status/1830991855497953413
September 3rd~ Rollup
🐚 Research and Ideation 💡
- donnoh_eth: TLDR of Eclipse Architecture
- 1kx: Blockchains as Worlds for Fun and Play
- IOSG Research: Prediction Markets of the Future - Challenges and Innovations
- Ebisu x Tokensight: LRT Infra Risk Framework
- Areta: Merger & Acquisition Case for DAOs and What is Happening in the Market
- The Rollup: The Billion Dollar Decision Every Builder Faces
- Arthur Hayes: Boom Times... Delayed
- AzFlin: Quick TLDR of Ethervista
🐚 News 📕
- SEC Charges Crypto-Focused Advisory Firm Galois Capital For Custody Failures
🐚 Project Updates 🔔
- Ethena Labs Partners with EigenLayer & EtherFi
- Taopill: A Hub for Discovering, Learning, and Staying Updated on Bittensor Subnets
- Fuse Wallet Introduces “Fuse Earn” – Powered by Drift
AzFlin: Quick TLDR of Ethervista
> Pump fun-esque product on mainnet, exploded overnight and at 27M now
> You must create your coin's contract yourself, they don't create coins for you
> What they do provide is "Launch" function.
> Supply any amount of your new coin, ETH, and they give you LP tokens for their proprietary DEX. It is up to you whether you want to burn these LP tokens, they are not auto burnt.👇
Source: https://x.com/azflin/status/1830671008795140297?s=52&t=txFAbiSPTdLLDlAYj9X_AA
The Rollup: The Billion Dollar Decision Every Builder Faces
Where is the best place to deploy my app?
This post presents the best 3 options as of today:
> General-purpose L2
> Solana
> Build an app-specific chain
> It discussed the pros and cons of each, and why upcoming tech improvements will make the choice easier than it is now.
Source: https://therollup.co/research/the-billion-dollar-decision-every-builder-faces
Ethena Labs Partners with EigenLayer & EtherFi
Ethena has partnered with EigenLayer and Ether.fi to introduce USDe as the first dollar-denominated token that can be used as security within its generalized shared security platform
Source: https://mirror.xyz/0xF99d0E4E3435cc9C9868D1C6274DfaB3e2721341/fgcC1lI9cyTw2U9ywzDp8NfAtSXCcsDiMb8va6Snv3A
Ebisu x Tokensight: LRT Infra Risk Framework - Informing Ebisu's Protocol Parameters
A comprehensive framework for infrastructure risk assessments based on Ebisu’s portfolio-selected Actively Validated Services (AVS) on EigenLayer.
Source: https://x.com/ebisu_finance/status/1830974664631521505?s=46
IOSG Research: Prediction Markets of the Future - Challenges and Innovations
As the 2024 election cycle ends, the future of prediction markets is at a crossroads:
> The bull case envision these platforms expanding into diverse areas like finance, tech, and science, driven by innovations such as AI integration and advanced market mechanisms.
> However, the bear case highlights significant challenges. This post discussed both cases👇
Source: https://medium.com/iosg-ventures/prediction-markets-of-the-future-challenges-and-innovations-34d683348fb5
TLDR of Eclipse Architecture
Users deposit into a 2/4 multisig – no other functionality.
> Eclipse is ethereum’s first SVM L2
Source: https://x.com/donnoh_eth/status/1830620166516072495?s=46&t=2q9OLMlaobNlHLewOXT4uA
Scroll Teases Something Coming Soon 👀
Token Issuance and Airdrop?
Source: https://x.com/scroll_zkp/status/1830925062683197729?s=46&t=2q9OLMlaobNlHLewOXT4uA
Pumpdotfun is the Fastest Crypto App to Hit $100m in Revenue Ever
Source: https://x.com/ryanwatkins_/status/1830630230568124675?s=46
Claude 3.5 Sonnet When Asked to Create Superstimulus for Itself (Left) and Humans (Right)
a hilariously condescending view of humans.
Source: https://x.com/repligate/status/1830331774875893925?s=52&t=txFAbiSPTdLLDlAYj9X_AA
September 1st~ Rollup
🐚 Research and Ideation 💡
- Nader Dabit: zkTLS ELI5
- 0xshack: zkTLS - Bringing Crypto Lending to a New Era
- zkintro: Programming ZKPs - From Zero to Hero
- Jonah B: What is Multiblock MEV (MMEV)
- Madhavan Malolan: The zk in zkTLS
- Joshua Baker: Go Sequence Yourself
- Min Choi: Examples of Projects Built with Cursor Since Gaining Attention
- DotKrueger: Positioning: BTC, ETH, SOL
- TheiaResearch: Don't overestimate the efficiency of Polymarket
Renegade: The First On-Chain Dark Pool, is Live on Arbitrum
Fully-private trading with zero MEV, slippage, or price impact.
Source: https://x.com/renegade_fi/status/1831384473524703311
Jito: Understanding Vault Receipt Tokens (VRTs)
VRTs are synthetic tokens that represent your restaking position, they give you an added layer of optionality and risk management.👇
Source: https://x.com/jito_sol/status/1831347756822098276
Bloomberg Terminal Has Integrated Polymarket
This marks Polymarket entry into mainstream news and finance field
Source: https://x.com/shayne_coplan/status/1830984489259901203
Kyle Samani: Thought Experiment on Centralization & Forking and BTC Purity
> The thought experiment explores the potential centralization risk in blockchain networks due to reliance on traditional financial systems like Circle and Tether.
> It suggests that government control over these entities could lead to control over blockchain forks
> Only blockchains excluding traditional financial assets, like Bitcoin, can maintain true decentralization and purity.
Source: https://x.com/kylesamani/status/1831034789002199406?s=52&t=txFAbiSPTdLLDlAYj9X_AA
Fuse Wallet Introduces “Fuse Earn” – Powered by Drift
Fuse Earn is a curated, wallet-native experience to earn yield on stablecoins.
Source: https://x.com/fusewallet/status/1830950699791737307
Arthur Hayes: Boom Times... Delayed
Hayes shared his thoughts on why Fed rate cuts won't initially lead to a pump in crypto assets.
Source: https://cryptohayes.substack.com/p/boom-times-delayed
Taopill: A Hub for Discovering, Learning, and Staying Updated on Bittensor Subnets
Taopill.ai connects you with everything you need to explore Bittensor subnets—dashboards, whitepapers, GitHub repos, and more.
Source: https://x.com/old_samster/status/1831008461083054347?s=46&t=2q9OLMlaobNlHLewOXT4uA
Areta: Merger & Acquisition Case for DAOs and What is Happening in the Market
This report show the typical drivers for M&A in DAOs and how other crypto projects have used M&A to strategically grow
> Case study explored include: Aave's acquisition of Sonar, Robinhood's acquisition of Bitstamp..👇
Source: https://x.com/areta_io/status/1830596654740758528?s=46&t=2q9OLMlaobNlHLewOXT4uA
SEC Charges Crypto-Focused Advisory Firm Galois Capital For Custody Failures
Source: https://x.com/tier10k/status/1830997475139731578
1kx: Blockchains as Worlds for Fun and Play
> Blockchains are an entirely new content medium for entertainment
> They are games naturally, and we already know how to play them.
> Digital physics (onchain games) as a new interface for blockchains👇
Source: https://mirror.xyz/1kx.eth/XpdOQvEwMmK-FQtVYrgABEWWKWOlB3SaQwwtxAUmlXI
September 2nd~ Rollup
🐚 Research and Ideation 💡
- Vitalik: Glue and Coprocessor Architectures
- Repligate: Claude 3.5 Sonnet When Asked to Create Superstimulus for Itself & Humans
- Doug Colkitt: Why Sequencing Will Always Outvalue DA in the L2 Fee Market
- 2077 Research: EIP-1559 - Separating Mechanisms From Memes
🐚 Project Updates 🔔
- Pumpdotfun is the Fastest Crypto App to Hit $100m in Revenue Ever
- Scroll Teases Something Coming Soon
2077 Research: EIP-1559 - Separating Mechanisms From Memes
A deep dive into Ethereum's EIP-1559 transaction fee mechanism design and its misunderstood value and potential
> Its misunderstanding which stem from how it was used as the poster child for a popular meme known as Ultrasound Money.👇
Source: https://research.2077.xyz/eip-1559-separating-mechanisms-from-memes
Opinion: Why Sequencing Will Always Outvalue Data Availability in the L2 Fee Market
> The argument suggests that data availability (DA) will never capture as much value as sequencing because DA lacks price discrimination power, leading to lower revenue.
> High-value transactions and arbitrage opportunities primarily benefit sequencers, while DA is constrained by fixed, low fees per transaction.👇
Source: https://x.com/0xdoug/status/1830090797552636209?s=52&t=txFAbiSPTdLLDlAYj9X_AA
Vitalik: Glue and Coprocessor Architectures
“You have some central "glue" component, which has high generality but low efficiency, which is responsible for shuttling data between one or more coprocessor components, which have low generality but high efficiency.”
> “Glue should optimize for being good glue, and coprocessors should optimize for being good coprocessors”
Source: https://vitalik.eth.limo/general/2024/09/02/gluecp.html
TheiaResearch: Don't overestimate the efficiency of Polymarket
“The problem is that Polymarket is still an inefficient and emerging market that cannot give you good information about <5% moves.”
> Polymarket experiences large price impact relative to small deviations from consensus
> While it has shown ability to predict large moves before being picked up by major media outlet
> This doesn’t mean it is a surgical prediction tool that can debate <5% moves like the liquid financial markets that many of us are used to.
Source: https://x.com/theiaresearch/status/1829116216151085329?s=52&t=txFAbiSPTdLLDlAYj9X_AA