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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
a16z: 6 Use Cases for DePIN
> Energy: Decentralized solar grids & virtual power plants enable user-owned, resilient energy sharing.
> Telecom: Community hotspots (e.g. Helium) enable cheaper, censorship-resistant internet
> Transportation: Decentralized ride-sharing & mapping cut fees and crowdsource real-time data.
> AI: Tokenized GPU marketplaces reduce costs and prevent Big Tech monopolies on AI training.
> Robotics: Crowdsourced robot training data and machine-to-machine payments for automation.
> Healthcare: Wearables tokenize health data for insurance discounts and medical research.👇
Source: https://a16zcrypto.com/posts/article/6-use-cases-for-depin/
Theia Research | Token Transparency Framework: A Credible Signal for Token Markets
By Theia x Blockworks x L1D
> The Token Transparency Framework introduces a credible signal into the market to address adverse selection in token markets.
> It allows good teams to disclose core information around tokens and tokenholder rights.
> It answers questions like whether the team is selling OTC (and, if so, how much) and more👇
Framework: blockworks.co/token-transparency
Source: https://x.com/TheiaResearch/status/1935338529560662527
Top Content Creators and Research Voices to Watch in Crypto
Shoal Research 🫡
Source: https://twitter.com/jaylovespotato/status/1935219666357784958?s=52&t=txFAbiSPTdLLDlAYj9X_AA
Unchained Podcast: Arthur Hayes and Hanson Birringer on Hyperliquid’s Success and Dangers
Hayes (Maelstrom), Hanson Birringer (Flowdesk)
Discussion:
> What actually fueled Hyperliquid’s rise
> Why the Wynn saga looks like a clever farm
> How Robinhood & Coinbase could be a real threat
> Why HIP-3 is the DEX “holy grail”👇
Source: https://www.youtube.com/watch?v=haaqHK6Axzg
OpenHands CLI: A New Way to Use Software Development Agents Directly from Your Terminal.
> It is completely open source, MIT licensed, model agnostic, top accuracy, and simple to install & run
> This CLI can add a new feature,fix a bug, add tests, refactor code, document code, and more
Source: https://x.com/allhands_ai/status/1934990437627936949?s=52&t=txFAbiSPTdLLDlAYj9X_AA
Rethinking Liquid Token Valuations: The Raydium Case Study
> This post argues traditional metrics like market cap and FDV don't capture the full picture for revenue-generating protocols with active capital allocation strategies, as seen in Raydium ($RAY).
Crypto needs frameworks that account for:
> True float (not just "circulating supply")
> Direct yield through buybacks/revenue sharing
> Balance sheet value in treasury assets
> Net issuance rates vs. buyback rates
> Raydium's aggressive buyback program and revenue distribution model show why we need better frameworks for valuing liquid tokens like EPT (Earnings Per Token)👇
Source: https://x.com/0xinfra/status/1935009490509950988?s=52&t=txFAbiSPTdLLDlAYj9X_AA
Pine Analytics: Competitive Analysis of Token Launchpads on Solana
This post analyzes major launchpads, comparing their mechanics, trade-offs, and strategic fit.
key findings:
> Most platforms are variations on Pumpfun's bonding curve model
> Meteora is for serious projects. It stands alone as the premier platform for thoughtful token launches.
> MetaDAO offers the best model for fair community governance
> Bio Protocol demonstrates how specialized curation can connect crypto capital with quality projects from specific sectors.👇
Source: https://pineanalytics.substack.com/p/competitive-analysis-of-token-launchpads
AI Agent Startups Make Up Nearly 50% of Latest YC Batch
Source: https://x.com/0xprismatic/status/1934988154429374545?s=52&t=txFAbiSPTdLLDlAYj9X_AA
Polymarket: 80% Chance US Joins Israel's Wartime Operations Against Iran
Source: https://x.com/polymarket/status/1935068059112489434?s=12&t=txFAbiSPTdLLDlAYj9X_AA
The Senate Has Officially Passed the GENIUS Act as of Today, June 17th.
Source: https://x.com/SenatorHagerty/status/1935086090869731470
JPMorgan is Launching JPMD, a USD Deposit Token for Institutional Clients, on Base.
> JPMD is a permissioned bank deposit token, issued by J.P. Morgan, and will be available exclusively to approved institutional clients.
Source: https://x.com/base/status/1935055475252543823
Your Moat is Not Your AI Prompt. It's Your Evaluations
> The real competitive moat in AI isn't your prompt engineering or model selection
> The real competitive advantage lies in building evaluation systems that capture why your AI works and how to make it continuously better.
> “Each evaluation captures judgment calls, edge cases, and domain expertise that takes years to develop and can't be easily reverse engineered by competitors.”👇
Source: https://x.com/drmelseidy/status/1934990504111792558?s=52&t=txFAbiSPTdLLDlAYj9X_AA
Proactor: A Real-Time Proactive AI Agent that Joins Conversations Without Waiting for Prompts
> Proactor is context-aware, memory-augmented, and acting in real time before you ask.
> It joins your conversation to deliver instant transcription, summaries, and executes tasks based on implied or stated needs👇
Source: https://x.com/proactor_ai/status/1934967361070866747?s=52&t=txFAbiSPTdLLDlAYj9X_AA
Ostium’s Liquidity Evolution: Splitting Settlement from Market Making
Exploring how Ostium is shifting from a single-USDC vault to a dual-vault design that separates passive settlement liquidity from an active hedging vault. Ostium is transitioning:
From
> A single vault bearing both settlement and directional exposure
> No hedging infrastructure
> Unpredictable LP returns and capped capital efficiency
To
> Dual vault architecture with clean separation of functions
> Dynamic hedging of directional deltas
> Higher capital efficiency and better yield predictability
Source: https://twitter.com/kaledora/status/1934665928903430162
Blockworks | Token Transparency Framework: New Standard that Levels the Playing Field
> This framework enables token projects to communicate a standardized set of essential information to the market.
> Open source, grass roots, and collaborative
It focuses on core criteria including:
> Supply schedules
> Market maker & exchange listing agreements
> Related party transactions
> Revenue streams
> The relationship between equity & token
> Foundation token allocations, and more👇
👉 blockworks.co/token-transparency
Source: https://x.com/Blockworks_/status/1935321626788380714
June 17th Rollup
🐚 Research and Ideation 💡
- Arthur Hayes New Article “Assume The Position”
- Rob Hadick: Stablecoins and the Collapse of the Legacy Payment Model
- Suhail Kakar: Crypto Doesn’t Need More Apps. It Desperately Needs Developers
- Four Pillars: Inevitable Expansion of the Bitcoin Ecosystem
- Presto Research: How To Lose $85MM - James Wynn’s $1.27B BTC Long
- Knower: Unpacking Decentralized Training
- Kaledora: Ostium’s Liquidity Evolution: Splitting Settlement from Market Making
- DiogenesCasares: DeFi Derivatives: Everything You Need To Know
- Mohamed ElSeidy: Your Moat is Not Your AI Prompt. It's Your Evaluations
- 0xprismatic: AI Agent Startups Make Up Nearly 50% of Latest YC Batch
- Four Pillars: Fragmetric's Evolution - From Liquid Restaking Towards Universal Asset Management
- Pine Analytics: Competitive Analysis of Token Launchpads on Solana
🐚 News 📕
- Israeli Media Says US Has Joined the War
- Trump Claims U.S. Has "Complete and Total Control" of Iranian Skies
- Senate Passes GENIUS Act, in a 51-23 Vote, Turning Focus to House
- Polymarket: 80% Chance US Joins Israel's Wartime Operations Against Iran
🐚 Project Updates 🔔
- Dexari: The Mobile Gateway to Hyperliquid
- Pye launches Docs V2 with User Guide, Protocol Design and Audit
- EigenLayer Introduces ‘EigenCloud
- Proactor: Real-Time Proactive AI Agent that Joins Conversations Without Waiting for Prompts
- Agra: Composable Credit and Collateral for DeFi’s Derivative Layer
- JPMorgan is Launching JPMD on Base.
- DTCC Lists VanEck's Proposed Spot SOL ETF
- Hyperlane-MCP: Interoperability for AI Agents
Attention vs. Social Capital Markets
> Attention capital is about what people are seeing, clicking, or reacting to in the moment.
> It is driven by virality and trends and manifests through short-term engagement metrics
> Social capital reflects who people actually believe, respect, or want to be associated with.
> It moves slowly and accrues through consistent behavior and community validation.
> Together, they can redefine value in the digital age by fusing trust, attention, and reputation into more accountable, human-centered systems.
> Attention provides the surface signal, and social capital offers the depth and credibility👇
Source: https://x.com/blendino_/status/1934636931838578897?s=52&t=txFAbiSPTdLLDlAYj9X_AA
ZachXBT: Iranian Crypto Exchange Nobitex Seemingly Exploited for over $80 Million
> The Iranian crypto exchange Nobitex appears to have been exploited for $81.7M across Tron, Doge, Bitcoin, and EVM chains after suspicious outflows were observed from many wallets linked to them.
The attacker used the vanity address: TKFuckiRGCTerroristsNoBiTEXy2r7mNX
0xffFFfFFffFFffFfFffFFfFfFfFFFFfFfFFFFDead
1FuckiRGCTerroristsNoBiTEXXXaAovLX
DFuckiRGCTerroristsNoBiTEXXXWLW65t
> The funds were burned permanently and cannot be touched unless stablecoin issuers reissue the centralized tokens.
https://x.com/nobitexmarket/status/1935222149989519671
Source: Investigations by ZachXBT
Polymarket Analytics: Explore Prediction Markets Across Polymarket, Kalshi, and Limitless
Source: https://polymarketanalytics.com/markets
Hyperlane-MCP: Interoperability for AI Agents
> Hyperlane-mcp allow agents to deploy contracts, transfer assets, run validators, and coordinate workflows across multiple blockchains, all through natural language.
> It acts as the bridge between an AI agent and the Hyperlane protocol👇
Source: https://x.com/hyperlane/status/1934988329516208638?s=52&t=txFAbiSPTdLLDlAYj9X_AA
Four Pillars: Fragmetric's Evolution - From Liquid Restaking Towards Universal Asset Management
> Fragmetric is evolving from a liquid restaking solution into a universal asset management protocol on Solana, powered by FRAG-22 standard.
FRAG-22 provides the following strengths:
> Unified Multi-Asset Deposits: Normalize token values & simplify complex multi-asset management
> Precision Real-Time Multi-Reward Distribution
> Modular Yield Integration Framework: Easily adopted by any yield source that generates interest
> Fragmetric’s structure creates a flywheel where higher yields → more assets restaked → stronger security and reliability.👇
Source: 4pillars.io/en/articles/fragmetric-evolution
DTCC Lists VanEck's Proposed Spot SOL ETF on List of ‘Active and Pre-launch' Funds
> The DTCC notes the fund cannot be created or redeemed; however, VSOL’s presence indicates it may soon be approved by the U.S. Securities and Exchange Commission.
https://www.dtcc.com/charts/exchange-traded-funds?utm_source=chatgpt.com
Source: https://www.theblock.co/post/358660/dtcc-vaneck-spot-sol-etf-pre-launch-funds?utm_source=twitter&utm_medium=social
Senate Passes Stablecoin Bill GENIUS Act, in a 51-23 Vote, Turning Focus to House
> The House must now decide whether to push its own stablecoin legislation or to take up the Senate’s GENIUS bill.
Source: www.theblock.co/post/358429/senate-passes-stablecoin-bill-turning-focus-to-house
Western Sources Indicate Imminent U.S. Strike on Iran – Kann News
Source: https://x.com/sentdefender/status/1935077874828296357?s=19
Trump Claims U.S. Has "Complete and Total Control" of Iranian Skies
Source: https://x.com/realDonaldTrump/status/1935016454644023767
[unconfirmed] Israeli Media Says US Has Joined the War
Source: /channel/NitzanShapira12/2980
Agra: Composable Credit and Collateral for DeFi’s Derivative Layer
> Agra aims to unlock the full power of composability and a system where capital moves freely.
> Capital Coordination: Agra enables seamless, portfolio-level coordination.
> Adaptive Credit Layer: Agra is a modular credit layer that adapts to user needs and market conditions.
> A Collateral Gateway to HypeEVM: Agra makes collateral fully composable and accessible in both HyperCore and HypeEVM.👇
Source: https://twitter.com/0xtoki_/status/1934923550412165143
DeFi Derivatives: Everything You Need To Know
> This article breaksdown the fundamentals of perpetuals and options, from base level execution (chain) to orderbook / price discovery, oracles, liquidations, fees, etc.
> Also discuss differences between existing DEX infrastructure and what is seen in TradFi👇
Source: https://x.com/DiogenesCasares/status/1934993163191718006
EigenLayer Introduces ‘EigenCloud’: A Developer Platform to Unlock Crypto's App Era
> EigenCloud extends trust and verifiability to any application, on or offchain.
> Built on EigenLayer & powered by EIGEN token
> EigenCloud unifies EigenLayer’s third-party AVSs and core primitives like EigenDA (data), EigenVerify (dispute resolution), and EigenCompute (execution) into a single cloud platform.👇
Source: https://x.com/eigenlayer/status/1934968112904020381