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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
Multicoin Capital: New Modalities for Issuance and Trading
A look at how crypto is reshaping asset issuance and trading experience through new interfaces
> New interfaces like Telegram bots, doomscroll feeds, Trading terminals, livestream tokens, and more
> It highlights the shift from traditional finance interfaces to creative, culture-driven trading experiences.
Source: https://multicoin.capital/2025/06/26/new-modalities-for-issuance-and-trading/
Anchorage Digital Publishes Stablecoin Safety Matrix, Enables Auto-Conversions to Safe Stables
> The Stablecoin Safety Matrix highlights clear differences in the regulatory oversight and reserve practices across leading fiat-backed stablecoins
> Stablecoins such as USDP, PYUSD, RLUSD, and USDG reflect stronger institutional alignment.
> AUSD, FDUSD, USDC, and USD0 exhibit greater structural risk and have thus been phased out.
> The auto-conversion enables clients shift to stablecoins that meet top industry standards.👇
Source: www.anchorage.com/insights/anchorage-digital-publishes-stablecoin-safety-matrix-enables-auto-conversions-to-safe-stablecoins
Computer Use Agents: Landscape, Training, Bottlenecks, and Pango as the Future of Data
> This article explore how Computer Use Agents (CUAs) are bringing AI beyond chatbots, transforming software interaction through vision, language, and action to automate complex digital tasks.
> It covers how platforms like Pango aim to scale their capabilities through real-world user data.
> Pango is a platform aimed at collecting massive amounts of high-quality, real user interaction data by paying everyday users to contribute their workflows.👇
Source: https://x.com/chakra_ai/status/1938308053398364402
Redstone: Real-World Assets in Onchain Finance Report With Gauntlet and RWAxyz
> RWA tokenization exploded from $5B in 2022 to $24B+ by June 2025 (+380%) with Private credit leading the charge with $14B tokenized so far👇
Source: https://blog.redstone.finance/2025/06/26/real-world-assets-in-onchain-finance-report/
Coinbase Derivatives will Launch US Perpetual-Style Futures On July 21
> A US futures product suite that will closely track spot prices, offer leverage, and remain compliant with CFTC regulations
Source: https://www.coinbase.com/blog/coming-july-21-us-perpetual-style-futures
June 25th Rollup
🐚 Research and Ideation 💡
- Decentralised Co: Hyper Liquid
- Blockworks: Public Dashboard for Pumpfun
- Sauers: Anthropic Purchased Millions of Physical Print Books to Digitally Scan them for Claude
🐚 News 📕
- Metaplanet Acquires Additional 1,234 BTC and Now Holds Total of 12,345 BTC
- Republic Launches SpaceX-Linked Token Open to All
🐚 Project Updates 🔔
- Byreal Introduces Reset Launch
- Fragmetric Announces $FRAG Token and Airdrop
- Asgard Public Beta is Now Live
- Kalshi Reaches $2B Valuation With $185M Raise Led by Paradigm
- Coinbase Launches cbADA and cbLTC on Base
- Google Introduces Gemini CLI
Binance Leverages Token Terminal’s Data Infrastructure to Power On-Chain Analytics
> Users will be able to access standardized onchain metrics directly on the Binance platform.👇
Source: https://tokenterminal.com/resources/articles/binance-leverages-token-terminal-s-data-infrastructure-to-deliver-on-chain-analytics-for-millions-of-users
Metaplanet Acquires Additional 1,234 BTC and Now Holds Total of 12,345 BTC
Source: https://x.com/Metaplanet_JP/status/1938070428443910522
Blockworks: Public Dashboard for Pumpfun
Over $750M revenue, $90B volume & 11M tokens launched. The dashbaord offer insights into its:
> Financials
> Trade Activity
> Token Stats
> Trader Breakdown
Dashboard: blockworks.co/analytics/pumpfun
Source: https://x.com/blockworksres/status/1937873890661007838
Prediction Market Kalshi Reaches $2B Valuation With $185M Raise Led by Paradigm
Source: https://www.wsj.com/finance/prediction-market-kalshi-hits-2-billion-valuation-in-new-funding-round-2d0c8b4c?st=4Vo15b
Fragmetric Announces $FRAG Token and Airdrop
> Max Total Supply: 1B FRAG
> Initial Circulating Supply: 202M FRAG
> 15% of FRAG is allocated to the airdrop
> 8% allocated to season 1 airdrop
> Season 1 airdrop will be fully unvested at launch.
> Eligibility Check: June 26, 2025
> Claim Window: Starting July 1
> Eligibility for Season 1 airdrop:
- Liquid (Re)stakers: fragSOL & fragJTO users
- yield-bearing BTC (fragBTC) participants
- Deposited fragAsset in partnered DeFi protocols
- Community Engagement (eg. Discord, DRiP)
- TOPU, Inc. & Mad Lads Holders
Source: https://blog.fragmetric.xyz/announcing-frag-token/
Coinbase Launches cbADA and cbLTC on Base
> cbADA and cbLTC are ERC-20 tokens backed 1:1 by ADA and LTC held in custody by Coinbase
Source: https://x.com/CoinbaseAssets/status/1937905846551183360
Investment platform Republic Launches SpaceX-Linked Token Open to All
> The initial Mirror Token offering is rSpaceX, a token tied to SpaceX's success.
> It mirrors the performance of SpaceX shares in the event of a potential future IPO or acquisition.
> The token is not affiliated with SpaceX
> rSpaceX token will be minted on Solana.
Source: https://www.businesswire.com/news/home/20250625314729/en/Republic-Launches-SpaceX-Linked-Token-Open-to-All
Helius x Para: Solana Passkeys - The Future of Crypto Wallet UX
> Built on the WebAuthn standard and FIDO2, passkeys enable biometric or hardware-based login without storing or exposing private keys.
> But Solana txns still require Ed25519 signatures, which WebAuthn passkeys can’t produce.
> Para solves this by using passkeys as an authorization primitive, not for signing transactions.
> The passkey unlocks a scoped session, which grants access to an Ed25519-compatible signing key managed by Para’s MPC.👇
Source: www.helius.dev/blog/solana-passkeys
ZKsync Airbender: The World’s Fastest Open-Source RISC-V zkVM
> “Airbender” is a high-performance ZK prover designed to meet the real-world demands of interoperability, decentralization, and scalability.
> It reaches ~21.8 MHz base proving speed, 3.45 MHz for SP1 Turbo and 1.1 MHz for RiscZero.
> ~6x faster than the closest contender.
> Drives proof costs down to $0.0001 per transfer, over ten times cheaper than previously possible.
Source: https://zksync.mirror.xyz/ZgRmbYA_EE3wfGcXWv81m-xcED-ppNKkRzkleS6YZRc
Galaxy Announces Final Close of Oversubscribed Galaxy Ventures Fund I at Over $175M
> The Fund closed with $175M+ in commitments, surpassing its $150M target.
Source: https://www.galaxy.com/newsroom/galaxy-announces-final-close-of-galaxy-ventures-fund-i
Kaito: The Distribution Layer of Crypto
> With Kaito, community-driven attention can now be measurable, targeted, and rewarded.
> Projects are turning attention into conversion and action in a measurable way.
> Kaito also plans to use AI analytics for capital formation soon with their capital launchpad.
> This post break down Kaito’s successful recent campaigns - what worked, why it worked, and how teams can take inspiration from their successes.👇
Source: https://x.com/sandraaleow/status/1938488526330565022
Coinbase Disables Trading for $MOBILE, $RNDR, $RBN, & $SYN
Source: https://twitter.com/CoinbaseAssets/status/1938297772622446986
Dune Introduces Sim IDX: End-to-End Multichain Indexing Layer For Onchain Apps.
A multichain end-to-end developer platform with APIs and Indexing across 60+ chains, simplifying the process of indexing blockchain data. It offers:
> Super-Fast Backfills
> Solidity-native enrichment
> Zero DevOps
> Streaming and historical
Source: x.com/Dune/status/1937511134741021153
US Federal Housing Finance Agency Issues Order to Count Crypto As An Asset for a Mortgage.
Source: https://x.com/pulte/status/1937944964656152800
World: A Mission Critical Identity Solution
> World is building a global, privacy-preserving identity and financial network using “Proof of Personhood” to verify each user is a unique human.
> This is done via an iris scan using the World Orb, then issues them a World ID on Worldchain.
> This piece explore World’s attempt to address the challenge of verifying unique human identities in an era of rapidly accelerating AI proliferation.👇
Source: https://panteracapital.com/world-a-mission-critical-identity-solution/
Byreal Introduces Reset Launch: A Smarter Way to Launch Tokens, Built for Real Users
> Designed to reward conviction, unlock price discovery, and align incentives at every step.
> Key features include: Smart Price Ladder, Fairshare Engine, and Price-based Allocation
> Fragmetric will be the first reset launch project
x.com/byreal_io/status/1937918894972539130
Source: https://x.com/byreal_io/status/1937782786641006901
Decentralised Co: Hyper Liquid
A breakdown of how Hyperliquid is solving DeFi's capital efficiency problem via shared infrastructure
> Hyperliquid is solving DeFi’s fragmented liquidity problem by enabling all apps to tap into a unified liquidity pool via builder codes, leading to:
> Access to deep liquidity + reduced execution risk.
> Permanent fee sharing
> Focused development efforts.
> cross-protocol synergies👇
Source: www.decentralised.co/p/hyper-liquid
Anthropic Purchased Millions of Physical Print Books to Digitally Scan them for Claude AI
Source: https://x.com/Sauers_/status/1937579878313852966
Asgard Public Beta is Now Live
> Asgard is a yield platform on Solana, unifying top trusted money markets into one powerful interface.
> Access the best token strategies and tools across markets like Kamino, Marginfi & Solend in one click.
> Get your access code👇
Source: https://x.com/asgardfi/status/1937908419614384337
Paradgm to Back Prediction Market Kalshi in $100M Funding Round at Over $1B Valuation
Source: https://www.bloomberg.com/news/articles/2025-06-25/paradigm-to-invest-in-prediction-market-kalshi-at-more-than-1-billion-value?embedded-checkout=true
Gemini CLI: Open-Source AI Agent That Brings the Power of Gemini Directly Into Your Terminal
> It excels at coding & handles tasks from content generation to deep research and task management
> It’s integrated with Gemini Code Assist, bringing AI-first coding to both VS Code and Gemini CLI
Source: https://x.com/googleaidevs/status/1937861646082515205?s=52&t=txFAbiSPTdLLDlAYj9X_AA
June 24th Rollup
🐚 Research and Ideation 💡
- Delphi Digital: Covalent: On-chain Data Meets Agency
- Bering Waters: The Future of Blockchain Oracles
- Haonan | Codex: Singleness of Money
🐚 News 📕
- Anthony Pompliano's ProCap BTC Acquires 3,724 Bitcoin
- Coinbase Assists the Secret Service Seize $225M in Stolen Crypto
🐚 Project Updates 🔔
- Drift Launches Zero-Fee BTC Perpetual Trading
- Chainlink Partners with Mastercard
- Gaunlet Introduces USD Alpha (gtUSDa)
- Codex Launches Blockchain for Stablecoins with Native USDC Support
- ZKsync Airbender: The World’s Fastest Open-Source RISC-V zkVM
Gaunlet Introduces USD Alpha (gtUSDa)
> Gauntlet USD Alpha (gtUSDa) is a vault providing institutional-grade, risk-adjusted, real yield on stablecoins.👇
Source: https://x.com/gauntlet_xyz/status/1937514514448085247
Haonan | Codex: Singleness of Money
> “The ideal money is single. Regardless of what form it's in, or where it’s kept, or who issued it, it's worth the same.”
> Codex aims to restore the singleness of money and become the stablecoin infrastructure layer.
> It aims to enable: T+0 Wholesale FX, Zero friction atomic off ramp, and Risk-free fiat delivery👇
x.com/HadickM/status/1937526658384212182
Source: https://x.com/haonan/status/1937500931765207417