CINXE.COM

<!DOCTYPE html><html lang="en"><head title="Blockworks: News and insights about digital assets."><meta charSet="UTF-8"/><meta name="viewport" content="width=device-width, initial-scale=1.0, maximum-scale=1.0, user-scalable=no"/><link rel="apple-touch-icon" href="https://blockworks.co/apple-touch-icon.png"/><link rel="icon" type="image/png" sizes="32x32" href="https://blockworks.co/favicon-32x32.png"/><link rel="icon" type="image/png" sizes="16x16" href="https://blockworks.co/favicon-16x16.png"/><link rel="icon" href="https://blockworks.co/favicon.ico"/><link rel="manifest" href="https://blockworks.co/site.webmanifest"/><link rel="mask-icon" href="/safari-pinned-tab.svg" color="#fff"/><meta name="twitter:card"/><meta name="twitter:creator"/><meta name="msapplication-TileColor" content="#ffffff"/><meta name="theme-color" content="#ffffff"/><title>0xResearch Newsletter News & Insights - Blockworks</title><meta name="robots" content="max-snippet:-1, max-image-preview:large, max-video-preview:-1, index, follow"/><link rel="canonical" href="https://blockworks.co/category/0xresearch-newsletter"/><meta name="description" content="There are a total of 96 articles associated with 0xResearch Newsletter."/><meta name="keywords" content=""/><meta property="og:locale" content="en-US"/><meta property="og:type" content="website"/><meta property="og:site_name" content="Blockworks"/><meta property="og:title" content="0xResearch Newsletter News & Insights - Blockworks"/><meta property="og:description" content="There are a total of 96 articles associated with 0xResearch Newsletter."/><meta property="og:url" content="https://blockworks.co/category/0xresearch-newsletter"/><meta property="article.published_time" content="Mon, 17 Feb 2025 08:56:18 GMT"/><meta property="article.modified_time" content="Mon, 17 Feb 2025 08:56:18 GMT"/><meta property="og:image" content="https://blockworks.co/images/Blockworks_Meta_Logo.png"/><meta property="og:image:alt" content="Blockworks"/><meta name="twitter:title" content="0xResearch Newsletter News & Insights - Blockworks"/><meta name="twitter:description" content="There are a total of 96 articles associated with 0xResearch Newsletter."/><meta name="twitter:image" content="https://blockworks.co/images/Blockworks_Meta_Logo.png"/><meta name="twitter:image:alt" content="Blockworks"/><script type="application/ld+json">{"@context":"","@graph":[]}</script><meta name="next-head-count" content="32"/><link rel="preload" href="/fonts/tiempos-headline-semibold.woff2" crossorigin="anonymous" as="font" type="font/woff2"/><link rel="preload" href="/fonts/soehne-web-400.woff2" crossorigin="anonymous" as="font" type="font/woff2"/><link rel="preload" href="/fonts/soehne-web-700.woff2" crossorigin="anonymous" as="font" type="font/woff2"/><link rel="preload" href="/_next/static/css/c7bde992df64a346.css" as="style"/><link rel="stylesheet" href="/_next/static/css/c7bde992df64a346.css" data-n-g=""/><noscript data-n-css=""></noscript><script defer="" nomodule="" src="/_next/static/chunks/polyfills-42372ed130431b0a.js"></script><script src="/_next/static/chunks/webpack-29fb0422f1462522.js" defer=""></script><script src="/_next/static/chunks/framework-4044ab86b589b7c3.js" defer=""></script><script src="/_next/static/chunks/main-785ad1b8f8a33aa2.js" defer=""></script><script src="/_next/static/chunks/pages/_app-64a572adfa466397.js" defer=""></script><script src="/_next/static/chunks/e999873e-4c8d55d561c71c11.js" defer=""></script><script src="/_next/static/chunks/a29ae703-6ad291230e73aeae.js" defer=""></script><script src="/_next/static/chunks/4972-9283aafdb86fb650.js" defer=""></script><script src="/_next/static/chunks/4116-ab39a4ac9f3b4b4d.js" defer=""></script><script src="/_next/static/chunks/1932-b6862e8947fe5254.js" defer=""></script><script src="/_next/static/chunks/pages/category/%5Bslug%5D-3199bee66c886640.js" defer=""></script><script src="/_next/static/HTyke-WPzbxNzLAq6-voD/_buildManifest.js" defer=""></script><script src="/_next/static/HTyke-WPzbxNzLAq6-voD/_ssgManifest.js" defer=""></script></head><body><div id="__next"><div class="relative flex flex-col justify-start items-start 2xl:border-l 2xl:border-r border-gray-200 max-w-screen-2xl mx-auto"><header class="w-full border-b border-gray-200"><div class="text-xs"><div class="top-bar bg-primary min-h-[1rem]"></div><div class="flex lg:justify-between lg:items-center w-full relative p-6 border-b border-gray-200"><div class="flex basis-auto lg:basis-1/3"><div class="relative" data-headlessui-state=""><div class="lg:hidden -p-2 -m-1.5"><button class="p-2 inline-flex items-center justify-center text-black hover:text-gray-700 hover:bg-gray-100 focus:outline-none focus:ring-2 focus:ring-inset focus:ring-primary rounded-md" type="button" aria-expanded="false" data-headlessui-state=""><span class="sr-only">Open menu</span><svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 24 24" stroke-width="1.5" stroke="currentColor" aria-hidden="true" data-slot="icon" class="h-6 w-6"><path stroke-linecap="round" stroke-linejoin="round" d="M3.75 6.75h16.5M3.75 12h16.5m-16.5 5.25h16.5"></path></svg></button></div></div><div hidden="" style="position:fixed;top:1px;left:1px;width:1px;height:0;padding:0;margin:-1px;overflow:hidden;clip:rect(0, 0, 0, 0);white-space:nowrap;border-width:0;display:none"></div><div class="flex justify-end items-center relative gap-3"><div class="gap-1 hidden lg:block"><div class="relative" data-headlessui-state=""><button class="text-black group bg-white rounded-md inline-flex items-center font-medium hover:text-gray-900 focus:outline-none" type="button" aria-expanded="false" data-headlessui-state=""><span class="uppercase hover:text-light-gray">news</span><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" aria-hidden="true" data-slot="icon" class="text-gray-400 ml-0.5 h-5 w-5 group-hover:text-black"><path fill-rule="evenodd" d="M5.22 8.22a.75.75 0 0 1 1.06 0L10 11.94l3.72-3.72a.75.75 0 1 1 1.06 1.06l-4.25 4.25a.75.75 0 0 1-1.06 0L5.22 9.28a.75.75 0 0 1 0-1.06Z" clip-rule="evenodd"></path></svg></button></div><div hidden="" style="position:fixed;top:1px;left:1px;width:1px;height:0;padding:0;margin:-1px;overflow:hidden;clip:rect(0, 0, 0, 0);white-space:nowrap;border-width:0;display:none"></div></div><div class="gap-2.5 hidden lg:block"><a target="" class="block uppercase hover:text-light-gray" href="/newsletter">newsletters</a></div><div class="gap-2.5 hidden lg:block"><a target="" class="block uppercase hover:text-light-gray" href="/podcasts">podcasts</a></div><div class="gap-2.5 hidden lg:block"><a target="" class="block uppercase hover:text-light-gray" href="/events">events</a></div><div class="gap-2.5 hidden lg:block"><a target="" class="block uppercase hover:text-light-gray" href="/roundtables">roundtables</a></div></div></div><div class="mx-6 grow -mt-0.5 lg:mx-0 basis-auto lg:basis-1/3"><a aria-label="Homepage" href="/"><svg width="204" height="32" xmlns="http://www.w3.org/2000/svg" id="Layer_2" viewBox="0 0 451.45 71.05" class="mx-auto sm:mx-0 lg:mx-auto"><g id="Layer_1-2"><g><path d="M25.02,0c13.54,0,21.2,7.95,21.2,18.74,0,7.16-4.32,12.95-10.11,14.92,6.77,1.67,12.27,7.85,12.27,16.49,0,11.28-8.44,19.43-21.49,19.43H0V0H25.02Zm-2.06,28.75c6.18,0,9.91-3.43,9.91-8.73s-3.43-8.64-10.01-8.64H13.35V28.75h9.62Zm1.37,29.54c6.57,0,10.5-3.43,10.5-9.03s-3.53-9.32-10.3-9.32H13.35v18.35h10.99Z"></path><g><path d="M51.71,69.58V0h13.05V69.58h-13.05Z"></path><path d="M117.85,45.44c0,14.82-10.89,25.61-25.32,25.61s-25.32-10.79-25.32-25.61,10.89-25.61,25.32-25.61,25.32,10.7,25.32,25.61Zm-13.05,0c0-9.13-5.89-13.74-12.27-13.74s-12.27,4.61-12.27,13.74,5.89,13.74,12.27,13.74,12.27-4.61,12.27-13.74Z"></path><path d="M132.01,45.44c0,8.73,5.69,13.64,12.36,13.64s10.01-4.42,11.09-8.14l11.48,3.83c-2.16,8.05-9.71,16.29-22.57,16.29-14.23,0-25.41-10.79-25.41-25.61s10.99-25.61,25.02-25.61c13.15,0,20.61,8.14,22.67,16.29l-11.68,3.92c-1.18-4.02-4.22-8.14-10.7-8.14s-12.27,4.81-12.27,13.54Z"></path><path d="M196.19,41.61l19.72,27.97h-15.99l-12.76-18.45-5.4,5.69v12.76h-13.05V0h13.05V39.26l16.68-17.96h17.07l-19.33,20.31Z"></path><path d="M254.81,21.3l10.4,31.11,8.93-31.11h12.95l-15.11,48.28h-13.05l-11.28-32.97-11.09,32.97h-13.25l-15.41-48.28h13.74l8.93,31.01,10.5-31.01h13.74Z"></path><path d="M334.96,45.44c0,14.82-10.89,25.61-25.32,25.61s-25.32-10.79-25.32-25.61,10.89-25.61,25.32-25.61,25.32,10.7,25.32,25.61Zm-13.05,0c0-9.13-5.89-13.74-12.27-13.74s-12.27,4.61-12.27,13.74,5.89,13.74,12.27,13.74,12.27-4.61,12.27-13.74Z"></path><path d="M366.85,34.25c-1.47-.29-2.75-.39-3.92-.39-6.67,0-12.46,3.24-12.46,13.64v22.08h-13.05V21.3h12.66v7.16c2.94-6.38,9.62-7.56,13.74-7.56,1.08,0,2.06,.1,3.04,.2v13.15Z"></path><path d="M396.4,41.61l19.72,27.97h-15.99l-12.76-18.45-5.4,5.69v12.76h-13.05V0h13.05V39.26l16.68-17.96h17.07l-19.33,20.31Z"></path><path d="M423.77,53.68c.29,3.83,3.14,7.36,8.83,7.36,4.32,0,6.38-2.26,6.38-4.81,0-2.16-1.47-3.93-5.2-4.71l-6.38-1.47c-9.32-2.06-13.54-7.65-13.54-14.42,0-8.64,7.65-15.8,18.06-15.8,13.74,0,18.35,8.73,18.94,13.93l-10.89,2.45c-.39-2.85-2.45-6.48-7.95-6.48-3.43,0-6.18,2.06-6.18,4.81,0,2.35,1.77,3.83,4.42,4.32l6.87,1.47c9.52,1.96,14.33,7.75,14.33,14.82,0,7.85-6.08,15.9-18.74,15.9-14.52,0-19.53-9.42-20.12-14.92l11.19-2.45Z"></path></g></g></g></svg></a></div><div class="flex basis-auto lg:basis-1/3 justify-end "><div class="justify-end items-center relative gap-3 hidden sm:flex"><div class="gap-2.5 hidden md:flex"><a target="" class="block uppercase hover:text-light-gray" href="/bitcoin-etf">etf tracker</a></div><div class="gap-2.5 hidden md:flex"><a target="" class="block uppercase hover:text-light-gray" href="/prices">prices</a></div><div class="gap-2.5 hidden md:flex"><a target="" class="block uppercase hover:text-light-gray" href="/data">data</a></div><div class="gap-2.5"><a href="https://blockworksresearch.com/?ref=blockworks.co" rel="nofollow" target="_blank" class="block uppercase text-white bg-primary hover:bg-white hover:text-primary whitespace-nowrap border border-primary py-1 px-2">get research</a></div></div><div class="flex justify-end items-center relative gap-3 ml-4"><a class="block hover:text-gray-500 text-gray-700" aria-label="Search" href="/search"><svg width="18" height="19" viewBox="0 0 18 19" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0" preserveAspectRatio="none"><path fill-rule="evenodd" clip-rule="evenodd" d="M6.75 0.818848C10.4779 0.818848 13.5 3.84092 13.5 7.56885C13.5 9.20359 12.9189 10.7026 11.9519 11.8706L18 17.9188L17.1 18.8188L11.0517 12.7708C9.88371 13.7377 8.38474 14.3188 6.75 14.3188C3.02207 14.3188 0 11.2967 0 7.56885C0 3.84092 3.02207 0.818848 6.75 0.818848ZM6.75 1.71885C3.51914 1.71885 0.9 4.33798 0.9 7.56885C0.9 10.7998 3.51914 13.4188 6.75 13.4188C9.98091 13.4188 12.6 10.7998 12.6 7.56885C12.6 4.33798 9.98091 1.71885 6.75 1.71885Z" fill="currentColor"></path></svg></a></div></div></div><div class="h-10 overflow-hidden"><div class="py-2 px-0 m-0 top-ticker w-full flex gap-0 min-h-[24px]"><div class="top-ticker-items flex justify-start items-center gap-10 whitespace-nowrap"><div class="mx-auto flex align-center items-center text-center"><ins id="div-gpt-ad-1667257780018-0" data-ad-slot="/22757941429/ticker" data-ad-client="ca-pub-5302683418973475" style="width:120px;height:20px" class="ad-slot"></ins></div></div><div class="top-ticker-items top-ticker-items-second flex justify-start items-center gap-10 whitespace-nowrap"><div class="w-[60px]"></div></div></div></div></div></header><main class="min-w-full"><section class="flex flex-col lg:flex-row flex-wrap md:flex-nowrap"><div class="p-6 lg:p-12 border-b xl:border-none w-full lg:w-9/12 xl:w-11/12"><nav aria-label="breadcrumb"><ol class="flex flex-row gap-2 text-primary uppercase text-sm text-left"><li class="flex flex-row flex-grow-0 flex-shrink-0 items-center"><a href="/">home</a><svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 24 24" stroke-width="1.5" stroke="currentColor" aria-hidden="true" data-slot="icon" class="w-3 h-3 ml-2"><path stroke-linecap="round" stroke-linejoin="round" d="M15.75 19.5 8.25 12l7.5-7.5"></path></svg></li><li class="flex flex-row flex-grow-0 flex-shrink-0 items-center"><a href="/news">News</a><svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 24 24" stroke-width="1.5" stroke="currentColor" aria-hidden="true" data-slot="icon" class="w-3 h-3 ml-2"><path stroke-linecap="round" stroke-linejoin="round" d="M15.75 19.5 8.25 12l7.5-7.5"></path></svg></li><li class="flex flex-row flex-grow-0 flex-shrink-0 items-center"><a href="/category/0xresearch-newsletter">0xResearch Newsletter</a></li></ol></nav><div><h1 class="self-stretch flex-grow-0 flex-shrink-0 w-full text-5xl font-semibold text-left text-[#110b29]">0xResearch Newsletter</h1><p class="self-stretch flex-grow-0 flex-shrink-0 w-full text-xl text-left text-[#110b29]">There are a total of 96 articles associated with 0xResearch Newsletter.</p></div><div class="mt-12 grid gap-8 grid-cols-1 xs:grid-cols-2 md:grid-cols-3 xl:grid-cols-4"><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/crypto-valuations-fundamentals"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Fcrypto-fundamental-value.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Fcrypto-fundamental-value.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Fcrypto-fundamental-value.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/0xresearch-newsletter">0xResearch Newsletter</a><a href="/category/analysis">Analysis</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/crypto-valuations-fundamentals">Crypto fundamentals are back</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">As speculative hype fades, investors are revisiting fundamentals, favoring price multiples and token buybacks</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/donovan-choy">Donovan Choy</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-02-14T18:00:00.000Z">February 14, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/ethereum-is-not-communist"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Fvitalik-2.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Fvitalik-2.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Fvitalik-2.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/0xresearch-newsletter">0xResearch Newsletter</a><a href="/category/analysis">Analysis</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/ethereum-is-not-communist">Ethereum’s political identity is on trial (again)</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Vitalik Buterin catches flack with pro-communism joke</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/donovan-choy">Donovan Choy</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-02-13T18:00:00.000Z">February 13, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/unichain-mainnet-is-live"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Funichain.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Funichain.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Funichain.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/0xresearch-newsletter">0xResearch Newsletter</a><a href="/category/defi">DeFi</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/unichain-mainnet-is-live">Unichain mainnet is live with value accrual for UNI</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Expect $16 million to $33 million in annualized staking yields, Blockworks Research estimates</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/donovan-choy">Donovan Choy</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-02-12T18:00:00.000Z">February 12, 2025</time></div></div></div><div class="py-2 xs:hidden"><ins id="div-gpt-ad-1667348040636-0" data-ad-slot="/22757941429/ROS_mobile_categoryPages_inContent1" data-ad-client="ca-pub-5302683418973475" style="width:300px;height:250px" class="ad-slot ad-slot-label w-0 xl:w-[250px] xl:mt-8 text-center align-middle"></ins></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/lido-v3-staking-developments"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Flido.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Flido.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Flido.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/0xresearch-newsletter">0xResearch Newsletter</a><a href="/category/defi">DeFi</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/lido-v3-staking-developments">Lido V3 brings modular staking and opt-in restaking</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Lido’s new BORG Foundation aims to strengthen governance and institutional adoption</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/macauleypeterson">Macauley Peterson</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-02-11T18:00:00.000Z">February 11, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/pendle-2025-outlook"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Fpendle.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Fpendle.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Fpendle.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/0xresearch-newsletter">0xResearch Newsletter</a><a href="/category/defi">DeFi</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/pendle-2025-outlook">Pendle announces plans to target Solana, Hyperliquid and Ton</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">The yield-trading protocol is also moving to offer KYC’d yields to TradFi</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/donovan-choy">Donovan Choy</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-02-10T18:00:00.000Z">February 10, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/berachain-mainnet-debuts"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Fberchain-purple.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Fberchain-purple.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Fberchain-purple.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/0xresearch-newsletter">0xResearch Newsletter</a><a href="/category/defi">DeFi</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/berachain-mainnet-debuts">Berachain mainnet debuts as BERA token hits $1B market cap</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">The L1’s unique “proof-of-liquidity” consensus attracted $3.1 billion in pre-deposits</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/donovan-choy">Donovan Choy</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-02-06T18:00:00.000Z">February 6, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/crypto-crash-token-survivors"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Fhyperliquid.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Fhyperliquid.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Fhyperliquid.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/0xresearch-newsletter">0xResearch Newsletter</a><a href="/category/defi">DeFi</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/crypto-crash-token-survivors">HYPE, OM and XCN hold up against crypto crash</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">AI agent tokens crash to $8 billion from a $20 billion peak</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/donovan-choy">Donovan Choy</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-02-04T18:00:00.000Z">February 4, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/uniswap-v4-goes-live"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Funiswap-blue.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Funiswap-blue.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Funiswap-blue.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/0xresearch-newsletter">0xResearch Newsletter</a><a href="/category/defi">DeFi</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/uniswap-v4-goes-live">Uniswap V4 is live on 12 chains</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">The Flaunch memecoin launchpad on Base is first to leverage v4 hooks</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/donovan-choy">Donovan Choy</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-02-03T18:00:00.000Z">February 3, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/symbiotic-shared-security-slashing"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2FMisha-Putiatin.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2FMisha-Putiatin.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2FMisha-Putiatin.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/0xresearch-newsletter">0xResearch Newsletter</a><a href="/category/defi">DeFi</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/symbiotic-shared-security-slashing">Can Symbiotic revive the restaking narrative?</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">After two years of development, Symbiotic is out with the first feature-complete shared security protocol with slashing</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/macauleypeterson">Macauley Peterson</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-01-30T18:00:00.000Z">January 30, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/crypto-art-and-storytelling-projects"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Fmet-museum.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Fmet-museum.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Fmet-museum.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/0xresearch-newsletter">0xResearch Newsletter</a><a href="/category/web3">Web3</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/crypto-art-and-storytelling-projects">State of the art: Experiments from The Met and Hollywood</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Gamified art history and collaborative world-building showcases the ways crypto is unlocking audience engagement</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/macauleypeterson">Macauley Peterson</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-01-29T18:00:00.000Z">January 29, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/succinct-sp1-bug"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Ferror-bug.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Ferror-bug.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Ferror-bug.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/0xresearch-newsletter">0xResearch Newsletter</a><a href="/category/defi">DeFi</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/succinct-sp1-bug">Succinct’s SP1 bug sparks transparency debate in ZK security</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">While the bug was patched before any funds were at risk, critics argue that more transparency is needed</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/macauleypeterson">Macauley Peterson</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-01-28T17:19:02.000Z">January 28, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/value-accrual-matters-for-tokens"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Fjup-tokens-1.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Fjup-tokens-1.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Fjup-tokens-1.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/0xresearch-newsletter">0xResearch Newsletter</a><a href="/category/defi">DeFi</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/value-accrual-matters-for-tokens">Why value accrual matters for tokens</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Based on Blockworks Research estimates, JUP buybacks comes up to ~40% of total supply</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/donovan-choy">Donovan Choy</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-01-27T18:00:00.000Z">January 27, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/ethereum-foundation-tradfi-push"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Fethereum-purple-1.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Fethereum-purple-1.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Fethereum-purple-1.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/0xresearch-newsletter">0xResearch Newsletter</a><a href="/category/business">Business</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/ethereum-foundation-tradfi-push">Ethereum’s ‘second foundation’ was a ruse — then Etherealize launched</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">An EF-backed group focused on institutional adoption wants to be a resource for TradFi</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/macauleypeterson">Macauley Peterson</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-01-23T18:00:00.000Z">January 23, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/ethereum-native-rollups-scalability"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Fjustin-drake.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Fjustin-drake.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Fjustin-drake.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/0xresearch-newsletter">0xResearch Newsletter</a><a href="/category/defi">DeFi</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/ethereum-native-rollups-scalability">Ethereum’s native rollups promise trustless scalability</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">By leveraging L1 validators for proofing and execution, native rollups remove the need for centralized sequencers and complex governance</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/donovan-choy">Donovan Choy</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-01-22T18:00:00.000Z">January 22, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/unlimited-leverage-dex-base"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Finfinitypools.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Finfinitypools.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Finfinitypools.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/0xresearch-newsletter">0xResearch Newsletter</a><a href="/category/defi">DeFi</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/unlimited-leverage-dex-base">‘Unlimited leverage, no liquidation’ DEX launches on Base</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Two pools are live on InfinityPools with sUSDe and wstETH collateral</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/donovan-choy">Donovan Choy</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-01-21T19:00:00.000Z">January 21, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/ethereum-foundation-governance-debate"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Feth-purple.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Feth-purple.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Feth-purple.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/0xresearch-newsletter">0xResearch Newsletter</a><a href="/category/defi">DeFi</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/ethereum-foundation-governance-debate">Ethereum leadership and scaling debates heat up</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Key figures including Vitalik Buterin struggle to communicate the network’s core mission in an era of memecoin-minimized attention spans</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/macauleypeterson">Macauley Peterson</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-01-21T18:00:00.000Z">January 21, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/trump-memecoins-rock-solana"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fcms.blockworks.co%2Fwp-content%2Fuploads%2F2025%2F01%2Fdonald-trump-arms-.webp&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fcms.blockworks.co%2Fwp-content%2Fuploads%2F2025%2F01%2Fdonald-trump-arms-.webp&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fcms.blockworks.co%2Fwp-content%2Fuploads%2F2025%2F01%2Fdonald-trump-arms-.webp&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/0xresearch-newsletter">0xResearch Newsletter</a><a href="/category/defi">DeFi</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/trump-memecoins-rock-solana">Trump memecoins rock Solana</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Solana sees new highs in SOL prices, DEX volumes and REV</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/donovan-choy">Donovan Choy</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-01-20T17:30:28.000Z">January 20, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/ethereum-scaling-progress-and-leadership"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Fethereum-blue.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Fethereum-blue.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Fethereum-blue.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/0xresearch-newsletter">0xResearch Newsletter</a><a href="/category/defi">DeFi</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/ethereum-scaling-progress-and-leadership">Pectra progress: Gas refunds, audits and Ethereum leadership talk</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Ethereum’s scaling improvements are progressing as testnets approach, while Danny Ryan’s EF leadership candidacy gains momentum</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/macauleypeterson">Macauley Peterson</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-01-17T18:00:00.000Z">January 17, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/transparency-of-btc-derivatives"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Fbtc-wall-orange.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Fbtc-wall-orange.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Fbtc-wall-orange.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/0xresearch-newsletter">0xResearch Newsletter</a><a href="/category/defi">DeFi</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/transparency-of-btc-derivatives">Risky business? Transparency in BTC-backed derivatives</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">SolvBTC has been under scrutiny leading up to the launch of its token, highlighting the liquidity risks of BTC derivatives</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/macauleypeterson">Macauley Peterson</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-01-16T18:00:00.000Z">January 16, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/soneium-mainnet-censorship-complaints"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2FNEW-LOGO-3.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2FNEW-LOGO-3.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2FNEW-LOGO-3.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/0xresearch-newsletter">0xResearch Newsletter</a><a href="/category/defi">DeFi</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/soneium-mainnet-censorship-complaints">Sonieum launches mainnet to censorship complaints</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">The AIBO memecoin was blocked by Sonieum’s sequencer</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/donovan-choy">Donovan Choy</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-01-15T18:00:00.000Z">January 15, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/berachain-pre-launch-liquidity"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Fberachain.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Fberachain.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Fberachain.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/0xresearch-newsletter">0xResearch Newsletter</a><a href="/category/defi">DeFi</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/berachain-pre-launch-liquidity">Berachain gets flooded with $1.6B in pre-launch liquidity</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Berachain’s TVL levels would technically make it the 10th largest chain </p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/donovan-choy">Donovan Choy</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-01-14T19:00:00.000Z">January 14, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/icf-report-cross-chain-progress"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Ficf.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Ficf.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Ficf.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/0xresearch-newsletter">0xResearch Newsletter</a><a href="/category/defi">DeFi</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/icf-report-cross-chain-progress">ICF reports on cross-chain progress</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">The Interchain Foundation’s 2024 report offers in-depth analyses of cross-chain protocols and emerging trends like intent-centric bridging</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/macauleypeterson">Macauley Peterson</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-01-14T18:00:00.000Z">January 14, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/ai-agent-market-wipeout"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Fai-robot-concept.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Fai-robot-concept.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Fai-robot-concept.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/0xresearch-newsletter">0xResearch Newsletter</a><a href="/category/defi">DeFi</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/ai-agent-market-wipeout">AI agent sector suffers 44% market cap wipeout</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">The sector saw a $8.7 billion wipeout in market value </p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/donovan-choy">Donovan Choy</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-01-13T18:00:00.000Z">January 13, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/usual-depeg-spurs-defi-instability"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2FUsual.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2FUsual.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2FUsual.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/0xresearch-newsletter">0xResearch Newsletter</a><a href="/category/defi">DeFi</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/usual-depeg-spurs-defi-instability">Usual protocol’s depeg spurs instability in DeFi markets</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Exploring the drama surrounding a shiny new stablecoin</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/donovan-choy">Donovan Choy</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-01-10T18:00:00.000Z">January 10, 2025</time></div></div></div></div><div></div></div><div class="flex flex-col md:flex-row lg:flex-col border-l items-baseline self-stretch"><div class="gap-4 p-10 border-0 lg:border-b w-full"><div class="flex flex-col justify-start items-start self-stretch gap-2"><div class="flex justify-start items-center self-stretch relative gap-1"><p class="flex-grow text-xs uppercase text-primary"><a href="/newsletter">Newsletter</a></p></div><div class="flex justify-start items-start self-stretch relative gap-2.5"><p class="flex-grow text-[22px] text-left"><a href="/newsletter/daily">Blockworks Daily</a></p></div><div class="flex justify-start items-start self-stretch relative gap-2.5"><p class="flex-grow text-sm text-light-gray cursor-default">Get the daily newsletter that helps thousands of investors understand the markets.</p></div></div><div class="flex flex-col w-full"><div class="flex justify-start items-center self-stretch mt-2"><div class="self-stretch flex-grow bg-white"><input type="hidden" name="verification" value=""/><input class="flex justify-start items-start w-full text-light-gray focus:text-black border focus:outline-none border-r-0 border-gray-200 focus:border-primary p-2 text-xs" placeholder="Email address" value=""/></div><button class="flex justify-start items-center gap-1 border border-transparent cursor-pointer border-l-0 bg-primary hover:border-gray-800 hover:bg-gray-700 px-4 py-2 text-xs"><span class="text-center uppercase text-white">subscribe</span></button></div></div></div><div class="lg:p-6 lg:pb-12 w-full overflow-hidden relative lg:sticky top-8 justify-center text-center align-middle" style="align-self:start"><ins id="div-gpt-ad-1667347317141-0" data-ad-slot="/22757941429/ROS_desktop_categoryPages_rightrail" data-ad-client="ca-pub-5302683418973475" class="ad-slot ad-slot-label hidden lg:flex mt-8 items-center justify-center mx-auto"></ins></div></div></section></main><div class="fixed bottom-0 z-10 left-0 right-0"></div><audio></audio><footer class="bg-[#110B29] w-full"><div class="flex flex-wrap sm:flex-nowrap justify-center border-b border-[#b4b4b4]/[0.35]"><div class="flex flex-col justify-start items-start self-stretch flex-grow gap-3 p-10 bg-[#110b29]"><div class="flex flex-col justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 gap-1"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><p class="flex-grow-0 flex-shrink-0 text-[10px] text-left uppercase text-[#f7f7f7]">newsletter</p></div></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 relative gap-2.5"><p class="flex-grow text-xl text-left text-white">Blockworks Daily Newsletter</p></div></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 relative gap-2.5"><p class="flex-grow text-sm text-left text-white">Get the daily newsletter that helps thousands of investors understand the markets.</p></div><div class="flex flex-col w-full"><div class="flex justify-start items-center self-stretch"><div class="self-stretch flex-grow bg-white"><input type="hidden" name="verification" value=""/><input class="flex justify-start items-start w-full text-light-gray focus:text-black border focus:outline-none border-r-0 border-gray-200 focus:border-primary p-2 text-xs" placeholder="Email address" value=""/></div><button class="flex justify-start items-center gap-1 border border-transparent cursor-pointer border-l-0 bg-primary hover:border-gray-800 hover:bg-gray-700 px-4 py-2 text-xs"><span class="text-center uppercase text-white">subscribe</span></button></div></div></div><div class="flex flex-col justify-center items-start self-stretch flex-grow gap-3 p-10 bg-[#110b29] border-t border-r-0 border-b-0 sm:border-l border-[#b4b4b4]/[0.35]"><div class="flex flex-col justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 gap-1"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><p class="flex-grow-0 flex-shrink-0 text-[10px] text-left uppercase text-[#f7f7f7]">blockworks research</p></div></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 relative gap-2.5"><p class="flex-grow text-[22px] text-left text-white">Unlock crypto's most powerful research platform.</p></div></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 relative gap-2.5"><p class="flex-grow text-sm text-left text-[#f7f7f7]">Our research packs a punch and gives you actionable takeaways for each topic.</p></div><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-4"><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-4"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><a href="https://blockworksresearch.com" target="_blank" class="flex-grow-0 flex-shrink-0 text-[10px] text-center uppercase text-[#a38bfc]" rel="noreferrer">subscribe</a></div><svg width="8" height="9" viewBox="0 0 8 9" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0" preserveAspectRatio="xMidYMid meet"><path d="M4 0.837402L3.295 1.5424L6.085 4.3374H0V5.3374H6.085L3.295 8.1324L4 8.8374L8 4.8374L4 0.837402Z" fill="#A38BFC"></path></svg></div></div><div class="flex justify-start items-start flex-grow-0 flex-shrink-0 gap-4"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><a href="https://app.blockworksresearch.com/support" target="_blank" class="flex-grow-0 flex-shrink-0 text-[10px] text-center uppercase text-[#a38bfc]" rel="noreferrer">get in touch</a></div><svg width="8" height="9" viewBox="0 0 8 9" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0" preserveAspectRatio="xMidYMid meet"><path d="M4 0.837402L3.295 1.5424L6.085 4.3374H0V5.3374H6.085L3.295 8.1324L4 8.8374L8 4.8374L4 0.837402Z" fill="#A38BFC"></path></svg></div></div></div></div></div><div class="grid grid-cols-2 md:grid-cols-1 lg:grid-cols-2 gap-0 text-white uppercase text-xxs whitespace-nowrap p-8 md:text-center"><div><h5 class="font-bold mb-3 md:hidden">Sections</h5><div class="grid grid-cols-1 md:grid-cols-7 md:mb-6 lg:mb-0 gap-2"><div class="grid hover:text-purple-200 w-20"><a href="/news">News</a></div><div class="grid hover:text-purple-200 w-20"><a href="/podcasts">Podcasts</a></div><div class="grid hover:text-purple-200 w-20"><a href="/newsletter">Newsletters</a></div><div class="grid hover:text-purple-200 w-20"><a href="/events">Events</a></div><div class="grid hover:text-purple-200 w-20"><a href="/roundtables">Roundtables</a></div><div class="grid hover:text-purple-200 w-20"><a href="https://blockworksresearch.com">Research</a></div><div class="grid hover:text-purple-200 w-20"><a href="/sitemap">Sitemap</a></div></div></div><div><h5 class="font-bold mb-3 md:hidden">Company</h5><div class="grid grid-cols-1 md:grid-cols-6 gap-2"><div class="grid hover:text-purple-200 w-20"><a href="/about">About</a></div><div class="grid hover:text-purple-200 w-20"><a href="/advertise">Advertise</a></div><div class="grid hover:text-purple-200 w-20"><a href="/careers">Careers</a></div><div class="grid hover:text-purple-200 w-20"><a href="/trust-ethics">Trust & Ethics</a></div><div class="grid hover:text-purple-200 w-20"><a href="/privacy-policy">Privacy Policy</a></div><div class="grid hover:text-purple-200 w-20"><a href="/contact-us">Contact Us</a></div></div></div></div><div class="flex flex-wrap gap-4 justify-between items-center self-stretch flex-grow-0 flex-shrink-0 p-10 border-t border-r-0 border-b-0 border-l-0 border-[#b4b4b4]/[0.35]"><div class="text-white flex flex-col justify-center items-start flex-grow-0 flex-shrink-0 relative gap-3"><div><svg width="204" height="32" xmlns="http://www.w3.org/2000/svg" id="Layer_2" viewBox="0 0 451.45 71.05" class="flex-grow-0 flex-shrink-0 h-6 w-auto relative fill-current"><g id="Layer_1-2"><g><path d="M25.02,0c13.54,0,21.2,7.95,21.2,18.74,0,7.16-4.32,12.95-10.11,14.92,6.77,1.67,12.27,7.85,12.27,16.49,0,11.28-8.44,19.43-21.49,19.43H0V0H25.02Zm-2.06,28.75c6.18,0,9.91-3.43,9.91-8.73s-3.43-8.64-10.01-8.64H13.35V28.75h9.62Zm1.37,29.54c6.57,0,10.5-3.43,10.5-9.03s-3.53-9.32-10.3-9.32H13.35v18.35h10.99Z"></path><g><path d="M51.71,69.58V0h13.05V69.58h-13.05Z"></path><path d="M117.85,45.44c0,14.82-10.89,25.61-25.32,25.61s-25.32-10.79-25.32-25.61,10.89-25.61,25.32-25.61,25.32,10.7,25.32,25.61Zm-13.05,0c0-9.13-5.89-13.74-12.27-13.74s-12.27,4.61-12.27,13.74,5.89,13.74,12.27,13.74,12.27-4.61,12.27-13.74Z"></path><path d="M132.01,45.44c0,8.73,5.69,13.64,12.36,13.64s10.01-4.42,11.09-8.14l11.48,3.83c-2.16,8.05-9.71,16.29-22.57,16.29-14.23,0-25.41-10.79-25.41-25.61s10.99-25.61,25.02-25.61c13.15,0,20.61,8.14,22.67,16.29l-11.68,3.92c-1.18-4.02-4.22-8.14-10.7-8.14s-12.27,4.81-12.27,13.54Z"></path><path d="M196.19,41.61l19.72,27.97h-15.99l-12.76-18.45-5.4,5.69v12.76h-13.05V0h13.05V39.26l16.68-17.96h17.07l-19.33,20.31Z"></path><path d="M254.81,21.3l10.4,31.11,8.93-31.11h12.95l-15.11,48.28h-13.05l-11.28-32.97-11.09,32.97h-13.25l-15.41-48.28h13.74l8.93,31.01,10.5-31.01h13.74Z"></path><path d="M334.96,45.44c0,14.82-10.89,25.61-25.32,25.61s-25.32-10.79-25.32-25.61,10.89-25.61,25.32-25.61,25.32,10.7,25.32,25.61Zm-13.05,0c0-9.13-5.89-13.74-12.27-13.74s-12.27,4.61-12.27,13.74,5.89,13.74,12.27,13.74,12.27-4.61,12.27-13.74Z"></path><path d="M366.85,34.25c-1.47-.29-2.75-.39-3.92-.39-6.67,0-12.46,3.24-12.46,13.64v22.08h-13.05V21.3h12.66v7.16c2.94-6.38,9.62-7.56,13.74-7.56,1.08,0,2.06,.1,3.04,.2v13.15Z"></path><path d="M396.4,41.61l19.72,27.97h-15.99l-12.76-18.45-5.4,5.69v12.76h-13.05V0h13.05V39.26l16.68-17.96h17.07l-19.33,20.31Z"></path><path d="M423.77,53.68c.29,3.83,3.14,7.36,8.83,7.36,4.32,0,6.38-2.26,6.38-4.81,0-2.16-1.47-3.93-5.2-4.71l-6.38-1.47c-9.32-2.06-13.54-7.65-13.54-14.42,0-8.64,7.65-15.8,18.06-15.8,13.74,0,18.35,8.73,18.94,13.93l-10.89,2.45c-.39-2.85-2.45-6.48-7.95-6.48-3.43,0-6.18,2.06-6.18,4.81,0,2.35,1.77,3.83,4.42,4.32l6.87,1.47c9.52,1.96,14.33,7.75,14.33,14.82,0,7.85-6.08,15.9-18.74,15.9-14.52,0-19.53-9.42-20.12-14.92l11.19-2.45Z"></path></g></g></g></svg></div><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><svg width="8" height="9" viewBox="0 0 8 9" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0" preserveAspectRatio="xMidYMid meet"><path d="M3.952 3.1934C4.464 3.2174 4.596 3.6534 4.604 3.8574H5.32C5.288 3.0654 4.724 2.5814 3.94 2.5814C3.056 2.5814 2.4 3.1374 2.4 4.3934C2.4 5.1694 2.772 6.0894 3.936 6.0894C4.824 6.0894 5.3 5.4294 5.312 4.9094H4.596C4.584 5.1454 4.416 5.4614 3.944 5.4854C3.42 5.4694 3.2 5.0614 3.2 4.3934C3.2 3.2374 3.712 3.2014 3.952 3.1934ZM4 0.337402C1.792 0.337402 0 2.1294 0 4.3374C0 6.5454 1.792 8.3374 4 8.3374C6.208 8.3374 8 6.5454 8 4.3374C8 2.1294 6.208 0.337402 4 0.337402ZM4 7.5374C2.236 7.5374 0.8 6.1014 0.8 4.3374C0.8 2.5734 2.236 1.1374 4 1.1374C5.764 1.1374 7.2 2.5734 7.2 4.3374C7.2 6.1014 5.764 7.5374 4 7.5374Z" fill="currentColor"></path></svg><p class="flex-grow-0 flex-shrink-0 text-[10px] text-left uppercase text-white">Blockworks Inc.</p></div><p class="flex-grow-0 flex-shrink-0 text-[10px] text-left uppercase text-white">133 W 19th St., New York, NY 10011</p></div><div class="text-white flex justify-start items-start flex-grow-0 flex-shrink-0 relative gap-3"><a href="https://twitter.com/Blockworks_" target="_blank" rel="noreferrer nofollow" aria-label="Twitter"><svg aria-hidden="true" width="24" height="25" viewBox="0 0 24 25" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-6 h-6 relative" preserveAspectRatio="xMidYMid meet"><path d="M20 8.3374C19.4 8.6374 18.8 8.7374 18.1 8.8374C18.8 8.4374 19.3 7.8374 19.5 7.0374C18.9 7.4374 18.2 7.6374 17.4 7.8374C16.8 7.2374 15.9 6.8374 15 6.8374C13.3 6.8374 11.8 8.3374 11.8 10.1374C11.8 10.4374 11.8 10.6374 11.9 10.8374C9.2 10.7374 6.7 9.4374 5.1 7.4374C4.8 7.9374 4.7 8.4374 4.7 9.1374C4.7 10.2374 5.3 11.2374 6.2 11.8374C5.7 11.8374 5.2 11.6374 4.7 11.4374C4.7 13.0374 5.8 14.3374 7.3 14.6374C7 14.7374 6.7 14.7374 6.4 14.7374C6.2 14.7374 6 14.7374 5.8 14.6374C6.2 15.9374 7.4 16.9374 8.9 16.9374C7.8 17.8374 6.4 18.3374 4.8 18.3374C4.5 18.3374 4.3 18.3374 4 18.3374C5.5 19.2374 7.2 19.8374 9 19.8374C15 19.8374 18.3 14.8374 18.3 10.5374C18.3 10.4374 18.3 10.2374 18.3 10.1374C19 9.6374 19.6 9.0374 20 8.3374Z" fill="currentColor"></path></svg></a><a href="https://www.linkedin.com/company/the-blockworks-group" target="_blank" rel="noreferrer nofollow" aria-label="Linkedin"><svg width="24" height="25" viewBox="0 0 24 25" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-6 h-6 relative" preserveAspectRatio="xMidYMid meet"><path d="M19.3 4.8374H4.7C4.3 4.8374 4 5.1374 4 5.5374V20.2374C4 20.5374 4.3 20.8374 4.7 20.8374H19.4C19.8 20.8374 20.1 20.5374 20.1 20.1374V5.5374C20 5.1374 19.7 4.8374 19.3 4.8374ZM8.7 18.4374H6.4V10.8374H8.8V18.4374H8.7ZM7.6 9.8374C6.8 9.8374 6.2 9.1374 6.2 8.4374C6.2 7.6374 6.8 7.0374 7.6 7.0374C8.4 7.0374 9 7.6374 9 8.4374C8.9 9.1374 8.3 9.8374 7.6 9.8374ZM17.6 18.4374H15.2V14.7374C15.2 13.8374 15.2 12.7374 14 12.7374C12.8 12.7374 12.6 13.7374 12.6 14.7374V18.5374H10.2V10.8374H12.5V11.8374C12.8 11.2374 13.6 10.6374 14.7 10.6374C17.1 10.6374 17.5 12.2374 17.5 14.2374V18.4374H17.6Z" fill="currentColor"></path></svg></a><a href="https://t.me/blockworks_news" target="_blank" rel="noreferrer nofollow" class="py-1" aria-label="Telegram"><svg aria-hidden="true" width="17" height="17" viewBox="0 0 17 17" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="M15.3158 0.996943C15.109 1.00765 14.9143 1.07457 14.7411 1.14952H14.7387C14.5632 1.22715 13.7289 1.61797 12.4618 2.20955C11.1947 2.80381 9.55008 3.57474 7.9175 4.34032C4.65716 5.8688 1.45212 7.37319 1.45212 7.37319L1.49059 7.35713C1.49059 7.35713 1.26938 7.43743 1.03856 7.6141C0.920749 7.69976 0.790912 7.81754 0.677906 8.00224C0.5649 8.18695 0.473533 8.47069 0.507195 8.76247C0.562496 9.25768 0.851022 9.55481 1.0578 9.7181C1.26698 9.88407 1.46654 9.96169 1.46654 9.96169H1.47135L4.47683 11.0886C4.61148 11.5705 5.3929 14.4293 5.58044 15.0879C5.69105 15.4813 5.79924 15.7276 5.93389 15.915C5.99881 16.0114 6.07575 16.0917 6.16711 16.1559C6.20318 16.18 6.24165 16.1987 6.28012 16.2148C6.29214 16.2228 6.30416 16.2255 6.31859 16.2282L6.28733 16.2202C6.29695 16.2228 6.30416 16.2309 6.31138 16.2335C6.33542 16.2416 6.35225 16.2442 6.38351 16.2496C6.85957 16.4102 7.24187 16.081 7.24187 16.081L7.26351 16.0622L9.03795 14.2634L12.0122 16.8037L12.0795 16.8358C12.6998 17.1383 13.3274 16.9697 13.6592 16.6725C13.9934 16.3727 14.1232 15.9899 14.1232 15.9899L14.1449 15.9284L16.4434 2.81987C16.5084 2.49598 16.5252 2.19349 16.4531 1.89904C16.3809 1.60459 16.1958 1.32887 15.9722 1.18165C15.7462 1.03174 15.5226 0.986236 15.3158 0.996943ZM15.2533 2.40229C15.2509 2.44512 15.2581 2.43976 15.2413 2.52274V2.53077L12.9643 15.5028C12.9547 15.5215 12.9379 15.5617 12.8922 15.6018C12.8441 15.6446 12.8056 15.6714 12.6061 15.5831L8.96822 12.4779L6.77061 14.7077L7.23225 11.4259C7.23225 11.4259 12.9306 5.51278 13.1759 5.25848C13.4211 5.00418 13.3394 4.95064 13.3394 4.95064C13.3562 4.64013 12.9691 4.85963 12.9691 4.85963L5.47465 10.0286L5.47225 10.0152L1.8801 8.66878V8.6661C1.87769 8.6661 1.87288 8.66343 1.87048 8.66343C1.87288 8.66343 1.88972 8.65539 1.88972 8.65539L1.90895 8.64469L1.92819 8.63666C1.92819 8.63666 5.13563 7.13227 8.39598 5.60379C10.0286 4.83821 11.6732 4.06728 12.9379 3.47302C14.2026 2.88144 15.1379 2.44779 15.1908 2.4237C15.2413 2.40229 15.2172 2.40229 15.2533 2.40229Z" fill="currentColor"></path></svg></a><a href="https://www.instagram.com/blockworks__/" target="_blank" rel="noreferrer nofollow" aria-label="Instagram"><span class="sr-only">Instagram</span><svg aria-hidden="true" width="24" height="25" viewBox="0 0 24 25" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-6 h-6 relative" preserveAspectRatio="xMidYMid meet"><path d="M16.145 9.6894C15.6148 9.6894 15.185 9.2596 15.185 8.7294C15.185 8.19921 15.6148 7.7694 16.145 7.7694C16.6752 7.7694 17.105 8.19921 17.105 8.7294C17.105 9.2596 16.6752 9.6894 16.145 9.6894ZM12 16.8374C9.794 16.8374 8 15.0434 8 12.8374C8 10.6314 9.794 8.8374 12 8.8374C14.206 8.8374 16 10.6314 16 12.8374C16 15.0434 14.206 16.8374 12 16.8374ZM12 10.8374C10.897 10.8374 10 11.7344 10 12.8374C10 13.9404 10.897 14.8374 12 14.8374C13.103 14.8374 14 13.9404 14 12.8374C14 11.7344 13.103 10.8374 12 10.8374ZM16 20.8374H8C5.944 20.8374 4 18.8934 4 16.8374V8.8374C4 6.7814 5.944 4.8374 8 4.8374H16C18.056 4.8374 20 6.7814 20 8.8374V16.8374C20 18.8934 18.056 20.8374 16 20.8374ZM8 6.8374C7.065 6.8374 6 7.9024 6 8.8374V16.8374C6 17.7904 7.047 18.8374 8 18.8374H16C16.935 18.8374 18 17.7724 18 16.8374V8.8374C18 7.9024 16.935 6.8374 16 6.8374H8Z" fill="currentColor"></path></svg></a><a href="https://discord.com/invite/aU7UkQQCR5" target="_blank" rel="noreferrer nofollow" aria-label="Discord"><svg aria-hidden="true" width="24" height="25" viewBox="0 0 24 25" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-6 h-6 relative" preserveAspectRatio="xMidYMid meet"><path d="M18.9308 6.47889C17.6561 5.89399 16.2892 5.46306 14.8599 5.21625C14.8339 5.21148 14.8079 5.22339 14.7945 5.24719C14.6187 5.55987 14.4239 5.96779 14.2876 6.28841C12.7503 6.05827 11.221 6.05827 9.71527 6.28841C9.57887 5.96066 9.37707 5.55987 9.20048 5.24719C9.18707 5.22418 9.16107 5.21228 9.13504 5.21625C7.70659 5.46227 6.33963 5.8932 5.06411 6.47889C5.05307 6.48365 5.04361 6.49159 5.03732 6.5019C2.44449 10.3755 1.73421 14.154 2.08265 17.8855C2.08423 17.9038 2.09447 17.9213 2.10867 17.9324C3.81934 19.1886 5.47642 19.9513 7.10273 20.4568C7.12876 20.4648 7.15634 20.4553 7.1729 20.4338C7.55761 19.9085 7.90054 19.3545 8.19456 18.772C8.21192 18.7379 8.19535 18.6974 8.15989 18.6839C7.61594 18.4776 7.098 18.226 6.59977 17.9403C6.56037 17.9173 6.55721 17.8609 6.59347 17.8339C6.69831 17.7554 6.80318 17.6736 6.9033 17.5911C6.92141 17.576 6.94665 17.5728 6.96794 17.5824C10.2411 19.0767 13.7846 19.0767 17.0191 17.5824C17.0404 17.572 17.0657 17.5752 17.0846 17.5903C17.1847 17.6728 17.2895 17.7554 17.3952 17.8339C17.4314 17.8609 17.4291 17.9173 17.3897 17.9403C16.8914 18.2315 16.3735 18.4776 15.8288 18.6831C15.7933 18.6966 15.7775 18.7379 15.7949 18.772C16.0952 19.3537 16.4381 19.9076 16.8157 20.433C16.8315 20.4553 16.8599 20.4648 16.8859 20.4568C18.5201 19.9513 20.1772 19.1886 21.8879 17.9324C21.9028 17.9213 21.9123 17.9046 21.9139 17.8863C22.3309 13.5722 21.2154 9.82477 18.9568 6.50269C18.9513 6.49159 18.9419 6.48365 18.9308 6.47889ZM8.68335 15.6134C7.69792 15.6134 6.88594 14.7087 6.88594 13.5976C6.88594 12.4865 7.68217 11.5818 8.68335 11.5818C9.69239 11.5818 10.4965 12.4945 10.4807 13.5976C10.4807 14.7087 9.68451 15.6134 8.68335 15.6134ZM15.329 15.6134C14.3435 15.6134 13.5316 14.7087 13.5316 13.5976C13.5316 12.4865 14.3278 11.5818 15.329 11.5818C16.338 11.5818 17.1421 12.4945 17.1264 13.5976C17.1264 14.7087 16.338 15.6134 15.329 15.6134Z" fill="currentColor"></path></svg></a><a href="https://www.tiktok.com/@blockworks__" target="_blank" rel="noreferrer nofollow" class="py-1" aria-label="Tiktok"><svg aria-hidden="true" width="16" height="16" viewBox="0 0 512 512" id="icons" xmlns="http://www.w3.org/2000/svg"><path d="M412.19,118.66a109.27,109.27,0,0,1-9.45-5.5,132.87,132.87,0,0,1-24.27-20.62c-18.1-20.71-24.86-41.72-27.35-56.43h.1C349.14,23.9,350,16,350.13,16H267.69V334.78c0,4.28,0,8.51-.18,12.69,0,.52-.05,1-.08,1.56,0,.23,0,.47-.05.71,0,.06,0,.12,0,.18a70,70,0,0,1-35.22,55.56,68.8,68.8,0,0,1-34.11,9c-38.41,0-69.54-31.32-69.54-70s31.13-70,69.54-70a68.9,68.9,0,0,1,21.41,3.39l.1-83.94a153.14,153.14,0,0,0-118,34.52,161.79,161.79,0,0,0-35.3,43.53c-3.48,6-16.61,30.11-18.2,69.24-1,22.21,5.67,45.22,8.85,54.73v.2c2,5.6,9.75,24.71,22.38,40.82A167.53,167.53,0,0,0,115,470.66v-.2l.2.2C155.11,497.78,199.36,496,199.36,496c7.66-.31,33.32,0,62.46-13.81,32.32-15.31,50.72-38.12,50.72-38.12a158.46,158.46,0,0,0,27.64-45.93c7.46-19.61,9.95-43.13,9.95-52.53V176.49c1,.6,14.32,9.41,14.32,9.41s19.19,12.3,49.13,20.31c21.48,5.7,50.42,6.9,50.42,6.9V131.27C453.86,132.37,433.27,129.17,412.19,118.66Z" fill="currentColor"></path></svg></a><a href="https://www.youtube.com/channel/UCkrwgzhIBKccuDsi_SvZtnQ" target="_blank" rel="noreferrer nofollow" aria-label="Youtube Channel"><svg aria-hidden="true" width="24" height="25" viewBox="0 0 24 25" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-6 h-6 relative" preserveAspectRatio="xMidYMid meet"><path d="M20.775 8.9874C20.55 7.5249 19.875 6.5124 18.3 6.2874C15.825 5.8374 12 5.8374 12 5.8374C12 5.8374 8.175 5.8374 5.7 6.2874C4.125 6.5124 3.3375 7.5249 3.225 8.9874C3 10.4499 3 12.5874 3 12.5874C3 12.5874 3 14.7249 3.225 16.1874C3.45 17.6499 4.125 18.6624 5.7 18.8874C8.175 19.3374 12 19.3374 12 19.3374C12 19.3374 15.825 19.3374 18.3 18.8874C19.875 18.5499 20.55 17.6499 20.775 16.1874C21 14.7249 21 12.5874 21 12.5874C21 12.5874 21 10.4499 20.775 8.9874ZM9.75 15.9624V9.2124L15.375 12.5874L9.75 15.9624Z" fill="currentColor"></path></svg></a></div></div></footer></div></div><script id="__NEXT_DATA__" type="application/json">{"props":{"pageProps":{"_sentryTraceData":"20604255db69403caaa2fdaa31919e03-94de3bb20915883f-1","_sentryBaggage":"sentry-environment=vercel-production,sentry-release=25bdb1c9a44082a05648779c43cb2c21d3a6384b,sentry-public_key=1611e80d3db34d73a44c914b7be6d330,sentry-trace_id=20604255db69403caaa2fdaa31919e03,sentry-sample_rate=1,sentry-transaction=%2Fcategory%2F%5Bslug%5D,sentry-sampled=true","articles":[{"slug":"crypto-valuations-fundamentals","id":97446,"permalink":"/news/crypto-valuations-fundamentals","title":"Crypto fundamentals are back","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/crypto-fundamental-value.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/crypto-fundamental-value.jpg","caption":"\u003cp\u003eMaster1305/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 14 Feb 2025 17:15:59 GMT","publishedAt":"Fri, 14 Feb 2025 18:00:00 GMT","publishedAtTimestamp":1739556000,"excerpt":"As speculative hype fades, investors are revisiting fundamentals, favoring price multiples and token buybacks","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/research\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eThe permissionless nature of crypto means anyone with a computer and internet connection can have a bag. That makes it really hard to value tokens.\u003c/p\u003e\n\n\n\n\u003cp\u003ePrice-to-sales multiples of L1s like Cardano or Ripple trade at absurd four to five figure ranges, far above actual value-generating L1s like Solana (32x) and Ethereum (227x).\u003c/p\u003e\n\n\n\n\u003cp\u003eThen there are tokens like OM (who?) that are clocking in the highest price gains of 47.6% since the industry’s biggest liquidation earlier this month.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"\u003e\u003cdiv class=\"wp-block-embed__wrapper\"\u003e\n\u003cblockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"\u003e\u003cp lang=\"en\" dir=\"ltr\"\u003eThe best advice I can give crypto founders right now is to find the \u003ca href=\"https://twitter.com/search?q=%24OM\u0026amp;src=ctag\u0026amp;ref_src=twsrc%5Etfw\"\u003e$OM\u003c/a\u003e market maker and hire them. \u003ca href=\"https://t.co/0NuazFN4N7\"\u003epic.twitter.com/0NuazFN4N7\u003c/a\u003e\u003c/p\u003e\u0026mdash; Lai Yuen (Former .eth) (@0xlaiyuen) \u003ca href=\"https://twitter.com/0xlaiyuen/status/1888823059584602544?ref_src=twsrc%5Etfw\"\u003eFebruary 10, 2025\u003c/a\u003e\u003c/blockquote\u003e\u003cscript async src=\"https://platform.twitter.com/widgets.js\" charset=\"utf-8\"\u003e\u003c/script\u003e\n\u003c/div\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eNo rational explanation exists. It’s all narrative and “speculative premiums.”\u003c/p\u003e\n\n\n\n\u003cp\u003eBut is that going to stop investors from trying to formally value tokens? No, because there is a lot of money to be made from unearthing the gems.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eIn the short history of this industry, investors have \u003ca href=\"https://youtu.be/aCHY9iPS8sI\"\u003etried to value\u003c/a\u003e L1s with a variety of now-abandoned tools like the stock-to-flow model, total-value-locked to market cap ratios or proof-of-stake staking cash flow yields.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe latest shift in investor sentiment around token valuations is doubling down on an emphasis on the importance of fundamentals.\u003c/p\u003e\n\n\n\n\u003cp\u003eMaelstrom fund \u003ca href=\"https://x.com/MaelstromFund/status/1889706122107338761\"\u003epoints\u003c/a\u003e to Vertex perps DEX, arguing that markets are “underestimating” the DEX’s growth and that it “should” be trading at a 200% to 300% greater valuation in line with its peers.\u003c/p\u003e\n\n\n\n\u003cp\u003e1kxnetwork fund’s recently \u003ca href=\"https://x.com/pet3rpan_/status/1887140527310864481\"\u003epublished\u003c/a\u003e Ronin chain thesis points to the gaming chain’s deflationary burn of SLP, plus rising daily active users and breakout revenue-generating game Pixels ($20.7 million in 2024).\u003c/p\u003e\n\n\n\n\u003cp\u003eApplications like Raydium, Hyperliquid, Metaplex, GEODNET, and Jupiter are all trading at reasonably “rational” P/S ratios that are based on consistent cash flows and more measurable growth potential.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXdXdgcWvGoqtpq_ESTlfJ9JukSDa8GGFbvuPles2tYtLJlUgD_lU5BXqQ7qTOsoEK1zrNsE51XT16BW8vVVmHlV5yCo2UMX3Y_88DSo9Sd4DGc5Bb3GJcyOc5JsV68WB6BGnEk-Qg?key=ttbwXyG5YLiXMxIfjc4w1cbH\" alt=\"\"/\u003e\u003cfigcaption class=\"wp-element-caption\"\u003eSource: \u003ca href=\"https://x.com/artemis/status/1890162713244102993\"\u003eArtemis\u003c/a\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eMany of these projects are also engaging in huge token buybacks, often perceived as a “fundamentals-driven” strategy to improve the attractiveness of price multiples.\u003c/p\u003e\n\n\n\n\u003cp\u003eJupiter’s token \u003ca href=\"https://x.com/JupiterExchange/status/1890089764218630253\"\u003ebuyback\u003c/a\u003e program may quite possibly be the largest (in USD terms) with a commitment of 50% protocol fees. That comes up to a buyback of ~9.4% of JUP’s total circulating supply, based on this rough \u003ca href=\"https://x.com/alpha_pls/status/1883496465160458659\"\u003eestimate\u003c/a\u003e.\u003c/p\u003e\n\n\n\n\u003cp\u003eSupporting the point that “fundamentals are back” is also the ugly reality of declining L1/L2 valuations.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe fabled “Layer-1 premium” is slowly evaporating. L1s in the previous cycle like Starknet raised at eye-popping valuations of $8 billion, while newer L1s command less than half of those valuations (Berachain $420 million, Story Protocol $2.25 billion, Celestia $3.5 billion).\u003c/p\u003e\n\n\n\n\u003cp\u003eThe \u003ca href=\"https://x.com/Febers4/status/1889671466041614568\"\u003edown-only price action\u003c/a\u003e of most L1s/L2s in the last 12 months will likely grind future valuation numbers down even further.\u003c/p\u003e\n\n\n\n\u003cp\u003eApplication revenues are also beginning to outpace the revenues of the underlying L1 and L2 protocols, Blockworks’ \u003ca href=\"https://x.com/smyyguy/status/1890088127617987066\"\u003eDan Smith\u003c/a\u003e points out.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXckuTfvYMVthDMuaxyo0WxSxozxN-4YZwPobsaPPaUmQcT4K2xIruQAn44yJA8BoUb5E6Zfje61ASi_i5aQkpFxQgaNovSof5RToq6Ni6pKsbnVvOBvhcSZ84MaeImh33tyn1u0?key=ttbwXyG5YLiXMxIfjc4w1cbH\" alt=\"\"/\u003e\u003cfigcaption class=\"wp-element-caption\"\u003eSource: \u003ca href=\"https://app.blockworksresearch.com/analytics/l1\"\u003eBlockworks Research\u003c/a\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eThis all hinges on the growing disdain of the industry’s \u003ca href=\"https://blockworks.co/news/crypto-infrastructure-bloat\"\u003einfrastructure bloat\u003c/a\u003e. The fat protocol thesis is no longer, now is the era of \u003ca href=\"https://x.com/jon_charb/status/1890210333714960787?s=19\"\u003ethe fat app thesis\u003c/a\u003e.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","Analysis"],"primaryTag":"0xResearch Newsletter","tags":["0xResearch Newsletter","Fundamentals","valuation"],"customFields":{"display_options":[]},"meta":{"title":"Crypto fundamentals are back","description":"As speculative hype fades, investors are revisiting fundamentals, favoring price multiples and token buybacks.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/crypto-valuations-fundamentals","og_locale":"en_US","og_type":"article","og_title":"Crypto fundamentals are back","og_description":"As speculative hype fades, investors are revisiting fundamentals, favoring price multiples and token buybacks.","og_url":"https://blockworks.co/news/crypto-valuations-fundamentals","og_site_name":"Blockworks","article_published_time":"2025-02-14T18:00:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/crypto-fundamental-value.jpg","type":"image/jpeg"}],"author":"Donovan Choy","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Donovan Choy","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/crypto-valuations-fundamentals","url":"https://blockworks.co/news/crypto-valuations-fundamentals","name":"Crypto fundamentals are back","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/crypto-valuations-fundamentals#primaryimage"},"image":{"@id":"https://blockworks.co/news/crypto-valuations-fundamentals#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/crypto-fundamental-value.jpg","datePublished":"2025-02-14T18:00:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db"},"description":"As speculative hype fades, investors are revisiting fundamentals, favoring price multiples and token buybacks.","breadcrumb":{"@id":"https://blockworks.co/news/crypto-valuations-fundamentals#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/crypto-valuations-fundamentals"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/crypto-valuations-fundamentals#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/crypto-fundamental-value.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/crypto-fundamental-value.jpg","width":1600,"height":900,"caption":"Master1305/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/crypto-valuations-fundamentals#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Crypto fundamentals are back"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db","name":"Donovan Choy","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","caption":"Donovan Choy"},"description":"Donovan is a reporter based in Singapore. He previously worked in editorial at Bankless and is a huge fan of spaghetti Westerns and the Wu-Tang Clan. Contact Donovan at donovan@blockworks.co.","url":"https://blockworks.co/news/author/donovan-choy"}]}},"authors":[{"title":"Donovan Choy","id":390,"slug":"donovan-choy","image_url":""}],"blurhash":null},{"slug":"ethereum-is-not-communist","id":97383,"permalink":"/news/ethereum-is-not-communist","title":"Ethereum’s political identity is on trial (again)","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/vitalik-2.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/vitalik-2.jpg","caption":"\u003cp\u003eEthereum Founder Vitalik Buterin | \u003ca href=\"https://www.flickr.com/photos/techcrunch/36482485214/\"\u003eSteve Jennings/Getty Images for TechCrunch/”775040520SB00131_TechCrunch”\u003c/a\u003e (\u003ca href=\"https://creativecommons.org/licenses/by/2.0/\"\u003eCC license\u003c/a\u003e)\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Thu, 13 Feb 2025 16:52:15 GMT","publishedAt":"Thu, 13 Feb 2025 18:00:00 GMT","publishedAtTimestamp":1739469600,"excerpt":"Vitalik Buterin catches flack with pro-communism joke","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/research\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eWhen I interview Web3 founders, I like to ask one question: “Which thinkers in history inspire you?”\u003c/p\u003e\n\n\n\n\u003cp\u003eOne name invariably comes up more than any other: Friedrich Hayek.\u003c/p\u003e\n\n\n\n\u003cp\u003eAave’s Stani Kulechov, Base’s Jesse Powell and many more said the same.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"\u003e\u003cdiv class=\"wp-block-embed__wrapper\"\u003e\n\u003cblockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"\u003e\u003cp lang=\"en\" dir=\"ltr\"\u003eReality: Ethereum is the most capitalistic network.\u003c/p\u003e\u0026mdash; Stani.eth (@StaniKulechov) \u003ca href=\"https://twitter.com/StaniKulechov/status/1889956363255816280?ref_src=twsrc%5Etfw\"\u003eFebruary 13, 2025\u003c/a\u003e\u003c/blockquote\u003e\u003cscript async src=\"https://platform.twitter.com/widgets.js\" charset=\"utf-8\"\u003e\u003c/script\u003e\n\u003c/div\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003ePolymarket founder Shayne Coplan even mandates Hayek’s famous essay “The Use of Knowledge in Society” as compulsory reading for employees, according to \u003ca href=\"https://www.forbes.com/sites/ninabambysheva/2024/07/31/meet-the-26-year-old-building-a-billion-dollar-prediction-marketplace/\"\u003eForbes\u003c/a\u003e.\u003c/p\u003e\n\n\n\n\u003cp\u003eI don’t know what Vitalik would say. But given his close association with many George Mason scholars — like \u003ca href=\"https://marginalrevolution.com/marginalrevolution/2018/07/conversation-vitalik-buterin.html\"\u003eTyler Cowen\u003c/a\u003e and \u003ca href=\"https://vitalik.eth.limo/general/2024/11/09/infofinance.html\"\u003eRobin Hanson\u003c/a\u003e — it wouldn’t be a stretch to consider him something of a Hayekian (George Mason is a university renowned for its Hayekian scholarship).\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXfxrXmdlk1vz3kHP39bW-BQRudp_5TkkqOowhNvb2xCP1Yt9ywC4dey3_J0Y3-aTflHtwFh_Mwd8B6XXZAvXmMYscsCnLe80yxrURAzY2JKxV5qXICMuAT7FzvU_1vA6JVApoFFrQ?key=wRDchsL9xz3IML1H0rj2VGRs\" alt=\"\"/\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eFor the uninitiated, Hayek was a 1974 Nobel Laureate and a pioneer of the Austrian School of Economics, a school of thought closely associated with free market libertarianism and early Bitcoin thinking.\u003c/p\u003e\n\n\n\n\u003cp\u003eHayek’s key insight was that markets work best when individuals can freely act on their local knowledge.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eFor individuals to do so requires economic certainty provided by a rule of law, a free price system, robust property rights and a profit-loss calculus that is not distorted by state regulation.\u003c/p\u003e\n\n\n\n\u003cp\u003eWhen this “recipe” of institutions is in place, the outcome is market innovation.\u003c/p\u003e\n\n\n\n\u003cp\u003eThese ideas are consistently applied in crypto. For example:\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003eThe idea of immutable smart contracts comes as close to having sacrosanct property rights in a rule of law. In the real world, laws are subject to constant rent-seeking pressures to change.\u003c/li\u003e\n\n\n\n\u003cli\u003eCapital markets are permissionless. Anyone can write a smart contract and issue assets without approval. In the real world, regulators give approval.\u003c/li\u003e\n\n\n\n\u003cli\u003eAnyone can launch an unsustainable liquidity mining campaign with their token, but the unsustainability inevitably shows up in falling prices in a free price system. In the real world, prices are distorted by regulations that benefit incumbents like tariffs.\u003c/li\u003e\n\n\n\n\u003cli\u003eEthereum’s open source culture enables the endless code-forking of protocols with incremental improvements and the composable nature of DeFi. This is closely related to Hayek’s ideas around “\u003ca href=\"https://en.wikipedia.org/wiki/Spontaneous_order\"\u003espontaneous orders\u003c/a\u003e” (and how market competition acts as a knowledge “\u003ca href=\"https://www.adamsmithworks.org/documents/garret-edwards-competition-discovery-procedure\"\u003ediscovery procedure\u003c/a\u003e”). In the real world, intellectual property laws don’t allow for this.\u003c/li\u003e\n\u003c/ul\u003e\n\n\n\n\u003cp\u003eThe institutional design of the Ethereum protocol (or any other blockchain for that matter) is the furthest thing from “communism,” where market processes are controlled from the top-down and where people are outlawed from acting on individual information.\u003c/p\u003e\n\n\n\n\u003cp\u003eEven Ripple cannot unilaterally inflate the total token supply of XRP. That’s the rule of law (immutable smart contracts) at work.\u003c/p\u003e\n\n\n\n\u003cp\u003eEthereum \u003ca href=\"https://blockworks.co/news/ethereum-foundation-governance-debate\"\u003ecritics\u003c/a\u003e \u003ca href=\"https://x.com/ameensol/status/1889758396166926527\"\u003ecomplain\u003c/a\u003e that the “culture” of Ethereum is left-leaning. They point to the Ethereum Foundation or Gitcoin’s initiatives on “public goods” funding.\u003c/p\u003e\n\n\n\n\u003cp\u003eBut these public goods are crowdsourced by private funding. No taxpayers were fleeced.\u003c/p\u003e\n\n\n\n\u003cp\u003eGitcoin’s quadratic funding mechanism matches more central funds based on the amount of \u003cem\u003eindividual contributor funding.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003eThat is a blatantly market-oriented idea. It’s a fundraising process that works best when markets signal they want it — plus it’s all onchain (property rights).\u003c/p\u003e\n\n\n\n\u003cp\u003eContrary to popular belief, capitalism is not about unbridled greed. Neither is it against communal public goods. Both exist in all political systems.\u003c/p\u003e\n\n\n\n\u003cp\u003eCapitalism is a \u003ca href=\"https://www.amazon.sg/dp/0199219206?ref_=mr_referred_us_sg_sg\"\u003eliberal archipelago\u003c/a\u003e. You’re free to work on Wall Street, or go live in a socialist commune.\u003c/p\u003e\n\n\n\n\u003cp\u003eTherein lies the beauty of the crypto industry. No one cares what your political identity is. You can be a raging Milton Friedman acolyte or a diehard 19th century Trotskyist.\u003c/p\u003e\n\n\n\n\u003cp\u003eBut no matter which political tribe you preach, everyone has to abide by the blockchain’s rule of law.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","Analysis"],"primaryTag":"0xResearch Newsletter","tags":["0xResearch Newsletter","Ethereum","Vitalik Buterin","Web3"],"customFields":{"display_options":[]},"meta":{"title":"Ethereum’s political identity is on trial (again)","description":"Vitalik Buterin catches flack with pro-communism joke.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/ethereum-is-not-communist","og_locale":"en_US","og_type":"article","og_title":"Ethereum’s political identity is on trial (again)","og_description":"Vitalik Buterin catches flack with pro-communism joke.","og_url":"https://blockworks.co/news/ethereum-is-not-communist","og_site_name":"Blockworks","article_published_time":"2025-02-13T18:00:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/vitalik-2.jpg","type":"image/jpeg"}],"author":"Donovan Choy","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Donovan Choy","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/ethereum-is-not-communist","url":"https://blockworks.co/news/ethereum-is-not-communist","name":"Ethereum’s political identity is on trial (again)","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/ethereum-is-not-communist#primaryimage"},"image":{"@id":"https://blockworks.co/news/ethereum-is-not-communist#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/vitalik-2.jpg","datePublished":"2025-02-13T18:00:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db"},"description":"Vitalik Buterin catches flack with pro-communism joke.","breadcrumb":{"@id":"https://blockworks.co/news/ethereum-is-not-communist#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/ethereum-is-not-communist"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/ethereum-is-not-communist#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/vitalik-2.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/vitalik-2.jpg","width":1600,"height":900,"caption":"Ethereum Founder Vitalik Buterin | Steve Jennings/Getty Images for TechCrunch/\"775040520SB00131_TechCrunch\" (CC license)"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/ethereum-is-not-communist#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Ethereum’s political identity is on trial (again)"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db","name":"Donovan Choy","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","caption":"Donovan Choy"},"description":"Donovan is a reporter based in Singapore. He previously worked in editorial at Bankless and is a huge fan of spaghetti Westerns and the Wu-Tang Clan. Contact Donovan at donovan@blockworks.co.","url":"https://blockworks.co/news/author/donovan-choy"}]}},"authors":[{"title":"Donovan Choy","id":390,"slug":"donovan-choy","image_url":""}],"blurhash":null},{"slug":"unichain-mainnet-is-live","id":97337,"permalink":"/news/unichain-mainnet-is-live","title":"Unichain mainnet is live with value accrual for UNI","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/unichain.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/unichain.jpg","caption":"\u003cp\u003eARTEMENKO VALENTYN/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Wed, 12 Feb 2025 16:52:02 GMT","publishedAt":"Wed, 12 Feb 2025 18:00:00 GMT","publishedAtTimestamp":1739383200,"excerpt":"Expect $16 million to $33 million in annualized staking yields, Blockworks Research estimates","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/research\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eFour months after its \u003ca href=\"https://blockworks.co/news/0xresearch-newsletter-uniswap-layer-2\"\u003einitial announcement\u003c/a\u003e, Uniswap’s L2 rollup mainnet went live yesterday.\u003c/p\u003e\n\n\n\n\u003cp\u003eDespite its name, Unichain is a general purpose L2 rollup. At least a \u003ca href=\"https://www.unichain.org/explore\"\u003edozen\u003c/a\u003e applications have already been deployed on the chain, including Euler, Renzo, Morpho, Lido and more.\u003c/p\u003e\n\n\n\n\u003cp\u003eSo it’s another L2. What makes Unichain different?\u003c/p\u003e\n\n\n\n\u003cp\u003eFor one, Unichain has quicker finality at \u003ca href=\"https://docs.unichain.org/whitepaper.pdf\"\u003e200-250 milliseconds\u003c/a\u003e, a significant upgrade over Ethereum’s 12-second block time or most OP stack chains’ block time of two seconds.\u003c/p\u003e\n\n\n\n\u003cp\u003eSecond, Unichain is a Stage 1 rollup \u003ca href=\"https://l2beat.com/scaling/projects/unichain\"\u003eright out the gate\u003c/a\u003e. This means a permissionless fault proof system has been deployed that allows anyone to verify or challenge transactions independently, unlike Stage 0 rollups such as Base.\u003c/p\u003e\n\n\n\n\u003cp\u003eWhen Unichain was first announced late last year, it threatened to exacerbate ETH’s \u003ca href=\"https://blockworks.co/news/value-accrual-matters-for-tokens\"\u003evalue accrual problem\u003c/a\u003e. Why? Uniswap is still one of the largest gas \u003ca href=\"https://etherscan.io/gastracker#gasguzzler\"\u003eguzzlers\u003c/a\u003e on Ethereum L1, which contributes to a higher burn rate of ETH i.e., value accrual.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe silver lining is that a significant number of v2 and v3 users will probably not migrate to Unichain immediately. Users are sticky. Uniswap v3 will have been live for four years in May and yet its v2 deployment still enjoys a deep moat of liquidity (~$1.5 billion in TVL).\u003c/p\u003e\n\n\n\n\u003cp\u003eExpecting Uniswap LPs and users to bridge to a rollup chain looks to be fraught with even more friction, let switching between frontends.\u003c/p\u003e\n\n\n\n\u003cp\u003ePeter Thiel famously said that customers accept switching costs when product innovation is at least a 10x upgrade from existing options, not mere incremental improvements.\u003c/p\u003e\n\n\n\n\u003cp\u003eDoes Unichain, \u003ca href=\"https://blockworks.co/news/0xresearch-newsletter-uniswap-layer-2\"\u003ethe L2 rollup\u003c/a\u003e, offer that tenfold improvement? I don’t think so. Perhaps \u003ca href=\"https://blockworks.co/news/uniswap-v4-goes-live\"\u003eUniswap v4 and hooks\u003c/a\u003e do, but v4 is also already live on eight other chains.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"\u003e\u003cdiv class=\"wp-block-embed__wrapper\"\u003e\n\u003cblockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"\u003e\u003cp lang=\"en\" dir=\"ltr\"\u003eAfter UniswapV4 launched, \u003ca href=\"https://twitter.com/base?ref_src=twsrc%5Etfw\"\u003e@base\u003c/a\u003e was the biggest adopter but now it appears most of the volume lies on Ethereum and \u003ca href=\"https://twitter.com/arbitrum?ref_src=twsrc%5Etfw\"\u003e@arbitrum\u003c/a\u003e. \u003cbr\u003e\u003cbr\u003eWe probably cross over $1B in (v4) volume traded in the next couple of weeks. \u003ca href=\"https://t.co/mnObHtyIn8\"\u003epic.twitter.com/mnObHtyIn8\u003c/a\u003e\u003c/p\u003e\u0026mdash; Marc Arjoon 🟪 (@marcarjoon) \u003ca href=\"https://twitter.com/marcarjoon/status/1889671074222084604?ref_src=twsrc%5Etfw\"\u003eFebruary 12, 2025\u003c/a\u003e\u003c/blockquote\u003e\u003cscript async src=\"https://platform.twitter.com/widgets.js\" charset=\"utf-8\"\u003e\u003c/script\u003e\n\u003c/div\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eShould the bulk of liquidity and users migrate to Unichain, however, it would at least appease one group of stakeholders: UNI token holders.\u003c/p\u003e\n\n\n\n\u003cp\u003eLast week, Uniswap Foundation announced a revenue-sharing structure that would allocate 65% of net chain revenue to validators and stakers on the Unichain Validation Network (UVN).\u003c/p\u003e\n\n\n\n\u003cp\u003eIt’s hard to overstate the importance of this development.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eFor years, UNI token holders have lamented the lack of value accrual. The UNI airdrop was a “last resort” move that served to stave off the infamous SushiSwap \u003ca href=\"https://blockworks.co/news/sushiswap-swaps-out-co-founder-0xmaki\"\u003evampire attack\u003c/a\u003e in 2020.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAnd it worked. Uniswap re-established itself as the top DEX. But then UNI existed as a meme token with no productive cash flows.\u003c/p\u003e\n\n\n\n\u003cp\u003eOn a recent \u003ca href=\"https://youtu.be/XsxxdX3OzG4\"\u003eBell Curve podcast\u003c/a\u003e, Felipe Montealegre of Theia Research likened UNI’s treatment as a “second class citizen” compared to Uniswap Labs equity.\u003c/p\u003e\n\n\n\n\u003cp\u003eSo the UNI fee switch is finally here. How much cash flows should UNI stakers expect?\u003c/p\u003e\n\n\n\n\u003cp\u003eAbout $16 million to $33 million in annualized net revenue, Blockworks Research analysts Luke Leasure and Daniel Shapiro told me.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXcM2TE67dUTd190p2y0946KKYwIU0wVWOGuN7ufpPfaKZTOLxDDFAxfwqDdqWsRdUzJTr_rtfuA3vYzSX8BzROBpl3LWCFXSdYKw732dFfeGAqihx5Bf7cSvZ3QIz_60ZosCHpK?key=6zedTXbiTkVFK-yEhvNHMiI9\" alt=\"\"/\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003e“Estimating the fees and APY that will accrue to UNI stakers on Unichain’s UVN requires a few assumptions. Firstly, the 65% of net earnings that accrues to the UVN are a function of base fees, priority fees and MEV paid to transact on the L2, less the expenses of posting data to the L1 and the Optimism Collective’s take rate on gross and net chain revenue. With this, the Base L2 may be the most appropriate comparison to estimate Unichain’s financials,” Leasure and Shapiro said.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXfc_jEpVn2DyPWS__FlXii5B4ER8zkIKlIrOpyPaPPPj3Dg5VFXKQGKkxdsS6lg-nbQasSH7BN3rSzUVZ3SDNV8hwV3-8UWSDXotKEj9HhCtR-7pgjeMAf4OrJr5bD2FN-xaFQ8?key=6zedTXbiTkVFK-yEhvNHMiI9\" alt=\"\"/\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003e“DEX activity is the largest driver of fees by a significant margin. Over the trailing 30 days, Uniswap did ~$100b in trading volumes, whereas Base is around $50b with around $100m in annualized net revenue. Assuming Unchain captures 9-25% of Uniswap’s volume, this would put Unchain L2 activity at 25% to 50% the activity of Base.”\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","DeFi"],"primaryTag":"0xResearch Newsletter","tags":["0xResearch Newsletter","layer-2","staking","Uniswap"],"customFields":{"display_options":[]},"meta":{"title":"Unichain mainnet is live with value accrual for UNI","description":"Expect $16 million to $33 million in annualized staking yields, Blockworks Research estimates.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/unichain-mainnet-is-live","og_locale":"en_US","og_type":"article","og_title":"Unichain mainnet is live with value accrual for UNI","og_description":"Expect $16 million to $33 million in annualized staking yields, Blockworks Research estimates.","og_url":"https://blockworks.co/news/unichain-mainnet-is-live","og_site_name":"Blockworks","article_published_time":"2025-02-12T18:00:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/unichain.jpg","type":"image/jpeg"}],"author":"Donovan Choy","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Donovan Choy","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/unichain-mainnet-is-live","url":"https://blockworks.co/news/unichain-mainnet-is-live","name":"Unichain mainnet is live with value accrual for UNI","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/unichain-mainnet-is-live#primaryimage"},"image":{"@id":"https://blockworks.co/news/unichain-mainnet-is-live#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/unichain.jpg","datePublished":"2025-02-12T18:00:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db"},"description":"Expect $16 million to $33 million in annualized staking yields, Blockworks Research estimates.","breadcrumb":{"@id":"https://blockworks.co/news/unichain-mainnet-is-live#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/unichain-mainnet-is-live"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/unichain-mainnet-is-live#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/unichain.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/unichain.jpg","width":1600,"height":900,"caption":"ARTEMENKO VALENTYN/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/unichain-mainnet-is-live#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Unichain mainnet is live with value accrual for UNI"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db","name":"Donovan Choy","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","caption":"Donovan Choy"},"description":"Donovan is a reporter based in Singapore. He previously worked in editorial at Bankless and is a huge fan of spaghetti Westerns and the Wu-Tang Clan. Contact Donovan at donovan@blockworks.co.","url":"https://blockworks.co/news/author/donovan-choy"}]}},"authors":[{"title":"Donovan Choy","id":390,"slug":"donovan-choy","image_url":""}],"blurhash":null},{"slug":"lido-v3-staking-developments","id":97292,"permalink":"/news/lido-v3-staking-developments","title":"Lido V3 brings modular staking and opt-in restaking","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/lido.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/lido.jpg","caption":"\u003cp\u003eLido and Adobe stock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Tue, 11 Feb 2025 16:32:22 GMT","publishedAt":"Tue, 11 Feb 2025 18:00:00 GMT","publishedAtTimestamp":1739296800,"excerpt":"Lido’s new BORG Foundation aims to strengthen governance and institutional adoption","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/research\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eLido, which holds about \u003ca href=\"https://dune.com/hildobby/eth2-staking\"\u003e27%\u003c/a\u003e of staked ether, is out with \u003ca href=\"https://blog.lido.fi/lido-v3-ethereum-staking-infrastructure/\"\u003eits v3 plans\u003c/a\u003e today. At the heart of this upgrade is stVaults — modular smart contracts designed to provide greater flexibility, boost institutional adoption and engender deeper DeFi integration.\u003c/p\u003e\n\n\n\n\u003cp\u003eKonstantin Lomashuk, a founding contributor to the protocol, calls stVaults “a flexible foundation for the next phase of staking [that] upholds the security and decentralization the Lido protocol is known for.”\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eModular staking and restaking\u003c/h2\u003e\n\n\n\n\u003cp\u003estVaults introduce a modular staking framework with components that operate alongside the Lido Core Protocol. This allows for customized validator setups, adjustable fee structures and optimized risk-reward profiles — including restaking.\u003c/p\u003e\n\n\n\n\u003cp\u003eV3 is anticipated to grow institutional interest in Ethereum staking, as stVaults should provide the customizable infrastructure needed to support regulated staking products and new financial instruments like \u003ca href=\"https://blockworks.co/news/ether-etf-developments-sec\"\u003estaking-enabled ETFs\u003c/a\u003e. Beyond institutions, the structure enables participation from independent validators, asset managers and DeFi builders.\u003c/p\u003e\n\n\n\n\u003cp\u003eFor institutional stakers, stVaults aim to allow staking setups that align with compliance requirements, such as validator customization, controlled deposit and withdrawal processes and optimized fee structures.\u003c/p\u003e\n\n\n\n\u003cp\u003eWith BYOV (Bring Your Own Validator), node operators can presumably offer bespoke staking products, attracting high-volume stakers and diversifying revenue streams.\u003c/p\u003e\n\n\n\n\u003cp\u003eCurators and asset managers leveraging stETH as collateral will be able to implement advanced staking strategies that integrate with the broader DeFi ecosystem.\u003c/p\u003e\n\n\n\n\u003cp\u003eAmong “advanced” strategies are those that involve restaking. Without explicitly mentioning \u003ca href=\"https://blockworks.co/tag/eigenlayer\"\u003eEigenLayer\u003c/a\u003e or \u003ca href=\"https://blockworks.co/tag/symbiotic\"\u003eSymbiotic\u003c/a\u003e by name, \u003ca href=\"https://blockworks.co/tag/lido\"\u003eLido\u003c/a\u003e references \u0026#8220;emerging restaking trends\u0026#8221; and \u0026#8220;shared security.” The key differentiator is that stVaults introduce an opt-in model for shared security strategies. This allows participants to engage with restaking protocols while mitigating exposure to restaking risks for the Lido Core Protocol.\u003c/p\u003e\n\n\n\n\u003cp\u003eA separate vault token can have its own liquidity and DeFi integrations, a Lido spokesperson told Blockworks. “\u003ca href=\"https://blockworks.co/newsletter/research/issue/post_14cd3f9b-ee22-45c8-a118-87c8783a1fd0\"\u003eMellow\u003c/a\u003e has done something similar, but the key difference here is that this variant can be directly linked to a specific node operator, which wasn’t possible before.”\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eInstitutional growth and decentralization\u003c/h2\u003e\n\n\n\n\u003cp\u003eIn parallel with Lido v3, the Lido Ecosystem BORG Foundation has been established following \u003ca href=\"https://research.lido.fi/t/establishment-of-lido-ecosystem-borg-foundation-as-a-lido-dao-adjacent-foundation/9345\"\u003ea proposal\u003c/a\u003e that \u003ca href=\"https://snapshot.box/#/s:lido-snapshot.eth/proposal/0x7f72f12d72643c20cd0455c603d344050248e75ed1074c8391fae4c30f09ca15\"\u003epassed\u003c/a\u003e overwhelmingly with broad support, including from Blockworks Research. The BORG Foundation enhances Lido’s ability to form institutional partnerships, ensure compliance and provide additional governance safeguards.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe foundation allows Lido DAO to directly appoint and remove directors, oversee multisig management and provide indemnification for contributors. By creating a structured legal entity, the BORG framework aligns with Lido v3’s focus on institutional grade staking infrastructure.\u003c/p\u003e\n\n\n\n\u003cp\u003eLido maintains that stVaults will also contribute to Ethereum’s decentralization. Lido dominance \u003ca href=\"https://blockworks.co/news/lido-centralization-debate-ethereum\"\u003ehas been a concern\u003c/a\u003e for the more strident decentralization advocates in the past. The Reserve Ratio (RR) mechanism ensures a portion of staked ETH remains bonded as collateral, enhancing security and preventing excessive rehypothecation. This model fosters a more decentralized validator network, ensuring Ethereum staking remains both robust and liquid, according to the proposal.\u003c/p\u003e\n\n\n\n\u003cp\u003eV3 maintains liquidity through stETH fungibility and in-protocol redemptions, making it easier for stakers to enter and exit positions without disrupting the broader market.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eRollout plan\u003c/h2\u003e\n\n\n\n\u003cp\u003ePending approval from the \u003ca href=\"https://lido.fi/governance\"\u003eLido DAO\u003c/a\u003e, the rollout of Lido v3 will proceed in three phases:\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003eEarly adopter program: Select partners will build and test staking vaults, preparing for a smooth transition to full stVault functionality upon mainnet launch.\u003c/li\u003e\n\n\n\n\u003cli\u003eTestnet: Rigorous testing and integrations with ecosystem partners will ensure security and stability.\u003c/li\u003e\n\n\n\n\u003cli\u003eMainnet: Activation of institutional staking setups, advanced staking strategies and opt-in shared security mechanisms.\u003c/li\u003e\n\u003c/ul\u003e\n\n\n\n\u003cp\u003eWith the combined advancements of Lido v3’s modular staking infrastructure and the Lido Ecosystem BORG Foundation, Lido is cementing its role as a foundational component of Ethereum staking.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","DeFi"],"primaryTag":"0xResearch Newsletter","tags":["0xResearch Newsletter","Ethereum","governance","Lido","staking"],"customFields":{"display_options":[]},"meta":{"title":"Lido V3 brings modular staking and opt-in restaking","description":"Lido's new BORG Foundation aims to strengthen governance and institutional adoption.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/lido-v3-staking-developments","og_locale":"en_US","og_type":"article","og_title":"Lido V3 brings modular staking and opt-in restaking","og_description":"Lido's new BORG Foundation aims to strengthen governance and institutional adoption.","og_url":"https://blockworks.co/news/lido-v3-staking-developments","og_site_name":"Blockworks","article_published_time":"2025-02-11T18:00:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/lido.jpg","type":"image/jpeg"}],"author":"Macauley Peterson","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/yeluacaM","twitter_misc":{"Written by":"Macauley Peterson","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/lido-v3-staking-developments","url":"https://blockworks.co/news/lido-v3-staking-developments","name":"Lido V3 brings modular staking and opt-in restaking","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/lido-v3-staking-developments#primaryimage"},"image":{"@id":"https://blockworks.co/news/lido-v3-staking-developments#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/lido.jpg","datePublished":"2025-02-11T18:00:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4"},"description":"Lido's new BORG Foundation aims to strengthen governance and institutional adoption.","breadcrumb":{"@id":"https://blockworks.co/news/lido-v3-staking-developments#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/lido-v3-staking-developments"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/lido-v3-staking-developments#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/lido.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/lido.jpg","width":1600,"height":900,"caption":"Lido and Adobe stock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/lido-v3-staking-developments#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Lido V3 brings modular staking and opt-in restaking"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4","name":"Macauley Peterson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Peterson-Twitter_sm.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Peterson-Twitter_sm.jpg","caption":"Macauley Peterson"},"description":"Macauley was an editor and content creator in the professional chess world for 14 years. Prior to joining Blockworks, he researched stablecoins, decentralized finance and central bank digital currencies at Bucerius Law School (Master in Law and Business, 2020). He also holds an MA in Film Studies; film credits include Associate Producer of the 2016 Netflix feature documentary, \"Magnus\" about World Chess Champion Magnus Carlsen.","sameAs":["https://www.linkedin.com/in/macauleypeterson/","https://x.com/https://twitter.com/yeluacaM"],"url":"https://blockworks.co/news/author/macauleypeterson"}]}},"authors":[{"title":"Macauley Peterson","id":32,"slug":"macauleypeterson","image_url":""}],"blurhash":null},{"slug":"pendle-2025-outlook","id":97233,"permalink":"/news/pendle-2025-outlook","title":"Pendle announces plans to target Solana, Hyperliquid and Ton","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/pendle.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/pendle.jpg","caption":"\u003cp\u003ePendle and Adobe stock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Mon, 10 Feb 2025 16:59:14 GMT","publishedAt":"Mon, 10 Feb 2025 18:00:00 GMT","publishedAtTimestamp":1739210400,"excerpt":"The yield-trading protocol is also moving to offer KYC’d yields to TradFi","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/research\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eDecentralized finance today is still largely an \u003ca href=\"https://x.com/VitalikButerin/status/1827642283560144916\"\u003eouroboros\u003c/a\u003e, as Vitalik once pointed out.\u003c/p\u003e\n\n\n\n\u003cp\u003eProtocol revenues and fees are real, and they prove the tech works. That is important! But these revenue flows are still largely the downstream result of speculative capital passing between traders in a circular, self-consuming cycle.\u003c/p\u003e\n\n\n\n\u003cp\u003eProtocols like Pendle observed these state of affairs, declined to pass judgment, then simply built the best possible product to capitalize on this ouroboros-like economy.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXcp8aiueVHOQ9Kyx-VHnYEoJMM4smj3D642ImspmFJIxGvFmEUdkrlD6hKdk9g8L19YO33nHs97KpjeharT4_SV120eQ1fCcMmTs-lj_qwb3ZQ8yhTh0k5Hd6gKhmUNUzB1_R1J6Q?key=hTKTFL_IO0M0cack5bck4X6e\" alt=\"\"/\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eWant a fixed yield? Buy Pendle Principal Tokens (PT). Prefer to farm points with expectation of big airdrops? Buy Yield Tokens (YT). It’s as simple as that.\u003c/p\u003e\n\n\n\n\u003cp\u003eWhat Pendle has created is not new. It’s the TradFi-equivalent of zero-coupon bonds, interest rate swaps or forward rate agreements.\u003c/p\u003e\n\n\n\n\u003cp\u003eBut Pendle has emulated these traditionally structured products extremely well in DeFi. In 2024, Pendle grew its TVL levels to $4.4 billion and daily average trading volumes to $96 million — a 20x and 100x increase, respectively.\u003c/p\u003e\n\n\n\n\u003cp\u003ePendle is so successful that it has in effect become a \u003cem\u003ede facto\u003c/em\u003e token launchpad akin to an ICO, but better.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eFor instance, in the weeks leading up to Berachain’s genesis airdrop, \u003ca href=\"https://app.pendle.finance/trade/markets?utm_source=landing\u0026amp;utm_medium=landing\u0026amp;category=berachain\"\u003eBerachain Pendle markets\u003c/a\u003e accumulated more than a billion in TVL from users wanting to yield trade on Berachain assets and game airdrops.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003ePendle\u0026#8217;s 2025 outlook\u003c/h2\u003e\n\n\n\n\u003cp\u003ePendle co-founder TN Lee announced last week the protocol’s big \u003ca href=\"https://x.com/tn_pendle/status/1886763833081126976\"\u003eplans\u003c/a\u003e for 2025.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThere are a host of minor piecemeal upgrades coming, like dynamic fees for yield trading and improvements to the vePENDLE token bribe system.\u003c/p\u003e\n\n\n\n\u003cp\u003eBut the most notable upgrade looks to Pendle’s plans to target the most lucrative yield source in crypto: perps funding rates.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAs part of this “Boros” (a play on ouroboros?) initiative, Pendle will allow traders to swap to yield trade perpetual funding rates.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXd56undS9JDohkJ_ap0K3EO42T4T-R_L8mArScsZxqkaLXfz3S-be2OqW8MigcUV7_pXZ-_wZoxEeOI9-mQ3W6jXathYaGnW2lJKzZ5GYAX_ol8UjOUqkGvvhZkZKfndATMLFhe-g?key=hTKTFL_IO0M0cack5bck4X6e\" alt=\"\"/\u003e\u003cfigcaption class=\"wp-element-caption\"\u003e\u003cem\u003eSource: \u003ca href=\"https://medium.com/pendle/pendle-2025-zenith-cf1a91e6e23f\"\u003ePendle\u003c/a\u003e\u003c/em\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eThis would enable protocols like Ethena to lock in predictable funding yields, which would entail fixed APYs for \u003ca href=\"https://app.ethena.fi/dashboards/apy\"\u003esUSDe\u003c/a\u003e holders.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eIn hyper-volatile perps markets like memecoins, long traders will also be able to hedge against their perps positions by locking into a predictable, fixed funding rate.\u003c/p\u003e\n\n\n\n\u003cp\u003ePendle is also planning an expansion to non-EVM chains Solana, Hyperliquid and Ton. Solana already has a burgeoning yield-trading market, though it’s still small relative to Pendle.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXfxR4Tc2UM0f3M1yN33GueBFtBYibtH1WKekobEVgUwrAQP0AjrLIdIpQ77yO6NV5pMd63HVC48ejSZCX7ps0tQR7RBvg4letAsQJrZi0OPRI5VYAxpnC9zYRgsb7zdv_Mkjfh5gw?key=hTKTFL_IO0M0cack5bck4X6e\" alt=\"\"/\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eFinally, Pendle is coming for TradFi. The pitch is straightforward: “Why stick with 8% yields on a 5-year corporate bond when you can enjoy a 17% WBTC PT yield?”\u003c/p\u003e\n\n\n\n\u003cp\u003eThis is part of the team’s plans to launch a KYC’d product for regulated entities as well as Islamic funds to access crypto yields.\u003c/p\u003e\n\n\n\n\u003cp\u003ePendle’s pendulum is swinging, and looks to swing even harder in the coming year. With its planned expansions to target non-EVM chains and TradFi liquidity, these moves radically expand Pendle’s target addressable market beyond spot yield markets on Ethereum and the broader crypto sector itself.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","DeFi"],"primaryTag":"0xResearch Newsletter","tags":["0xResearch Newsletter","Solana","TradFi","yield"],"customFields":{"display_options":[]},"meta":{"title":"Pendle announces plans to target Solana, Hyperliquid and Ton","description":"The yield-trading protocol is also moving to offer KYC’d yields to TradFi.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/pendle-2025-outlook","og_locale":"en_US","og_type":"article","og_title":"Pendle announces plans to target Solana, Hyperliquid and Ton","og_description":"The yield-trading protocol is also moving to offer KYC’d yields to TradFi.","og_url":"https://blockworks.co/news/pendle-2025-outlook","og_site_name":"Blockworks","article_published_time":"2025-02-10T18:00:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/pendle.jpg","type":"image/jpeg"}],"author":"Donovan Choy","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Donovan Choy","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/pendle-2025-outlook","url":"https://blockworks.co/news/pendle-2025-outlook","name":"Pendle announces plans to target Solana, Hyperliquid and Ton","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/pendle-2025-outlook#primaryimage"},"image":{"@id":"https://blockworks.co/news/pendle-2025-outlook#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/pendle.jpg","datePublished":"2025-02-10T18:00:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db"},"description":"The yield-trading protocol is also moving to offer KYC’d yields to TradFi.","breadcrumb":{"@id":"https://blockworks.co/news/pendle-2025-outlook#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/pendle-2025-outlook"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/pendle-2025-outlook#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/pendle.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/pendle.jpg","width":1600,"height":900,"caption":"Pendle and Adobe stock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/pendle-2025-outlook#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Pendle announces plans to target Solana, Hyperliquid and Ton"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db","name":"Donovan Choy","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","caption":"Donovan Choy"},"description":"Donovan is a reporter based in Singapore. He previously worked in editorial at Bankless and is a huge fan of spaghetti Westerns and the Wu-Tang Clan. Contact Donovan at donovan@blockworks.co.","url":"https://blockworks.co/news/author/donovan-choy"}]}},"authors":[{"title":"Donovan Choy","id":390,"slug":"donovan-choy","image_url":""}],"blurhash":null},{"slug":"berachain-mainnet-debuts","id":97104,"permalink":"/news/berachain-mainnet-debuts","title":"Berachain mainnet debuts as BERA token hits $1B market cap","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/berchain-purple.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/berchain-purple.jpg","caption":"\u003cp\u003eBerachain and Adobe stock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Thu, 06 Feb 2025 17:01:02 GMT","publishedAt":"Thu, 06 Feb 2025 18:00:00 GMT","publishedAtTimestamp":1738864800,"excerpt":"The L1’s unique “proof-of-liquidity” consensus attracted $3.1 billion in pre-deposits","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/research\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eThe world’s longest testnet is at an end. The Berachain L1 blockchain is officially launching its mainnet and BERA token today.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"\u003e\u003cdiv class=\"wp-block-embed__wrapper\"\u003e\n\u003cblockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"\u003e\u003cp lang=\"en\" dir=\"ltr\"\u003eHenlo, and furthermore, your tokens are coming. \u003ca href=\"https://t.co/b9isn5XhiU\"\u003epic.twitter.com/b9isn5XhiU\u003c/a\u003e\u003c/p\u003e\u0026mdash; Berachain Foundation 🐻⛓ (@berachain) \u003ca href=\"https://twitter.com/berachain/status/1887178672995537236?ref_src=twsrc%5Etfw\"\u003eFebruary 5, 2025\u003c/a\u003e\u003c/blockquote\u003e\u003cscript async src=\"https://platform.twitter.com/widgets.js\" charset=\"utf-8\"\u003e\u003c/script\u003e\n\u003c/div\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003ePeople are very excited! But that was already obvious. Berachain has attracted a ridiculous \u003ca href=\"https://boyco.berachain.com/\"\u003e$3.1 billion\u003c/a\u003e in liquidity on its pre-launch liquidity platform \u003ca href=\"https://blog.berachain.com/blog/rfb-boyco\"\u003eBoyco\u003c/a\u003e, making Bera the 8th largest chain by TVL.\u003c/p\u003e\n\n\n\n\u003cp\u003eBera’s \u003ca href=\"https://blockworks.co/news/berachain-pre-launch-liquidity\"\u003eearly liquidity rush\u003c/a\u003e is thanks to its somewhat complex “proof-of-liquidity” (PoL) consensus mechanism.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eHere’s the gist of it:\u003c/p\u003e\n\n\n\n\u003cp\u003eYour average proof-of-stake (PoS) network has a general-purpose native token (e.g. ETH or SOL).\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBerachain splits that token into a dual token model:\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003eBERA serves as gas and a bond for validator staking. \u003c/li\u003e\n\n\n\n\u003cli\u003eBGT is an inflationary but non-transferrable governance token.\u003c/li\u003e\n\u003c/ul\u003e\n\n\n\n\u003cp\u003eThe Berachain protocol emits BGT, and validators decide which dapps receive BGT emissions. Users who interact with these dapps (e.g. providing liquidity) can earn BGT.\u003c/p\u003e\n\n\n\n\u003cp\u003eBut why do users want to farm a non-transferrable token? Because BGT is a veTokenomics-style bribe token.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eYou delegate BGT to validators, and this gives validators the governance power to direct future BGT emissions to whichever liquidity providers they like (hopefully, to the dapp you’re staking your liquidity on).\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXeUlQjhH9YhRngVVrZ4vEGxymLr09zIVFiSeqAqB6NA2Tf63igRt-3Lvt1TpyQEfRqar4R0AFArl2ZAFvDgwQHaErXjtM2ko8I9OM_QA1mua6X5oU-eCrzXFS_IMny_A_rCKtALmg?key=lJ36fFIu1TYHKByklWs92zyi\" alt=\"\"/\u003e\u003cfigcaption class=\"wp-element-caption\"\u003e\u003cem\u003eSource: \u003ca href=\"https://docs.berachain.com/learn/pol/\"\u003eBerachain\u003c/a\u003e\u003c/em\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eThis, at its core, is what makes Berachain unique: the creation of a direct relationship between liquidity providers and block validators.\u003c/p\u003e\n\n\n\n\u003cp\u003eOn traditional PoS chains, validators merely stake a bond (e.g. ETH/SOL) and secure the chain. On Berachain, validators are \u003cem\u003eactively \u003c/em\u003edeciding which dapps/LPs should be rewarded with BGT for their capital provision.\u003c/p\u003e\n\n\n\n\u003cp\u003eNow here’s the kicker. Calling BGT “non-transferable” is a bit misleading because BGT can be \u003ca href=\"https://docs.berachain.com/learn/pol/tokens/bgt\"\u003eirreversibly burned\u003c/a\u003e at a 1:1 ratio to BERA. This means market values inevitably show up in the BERA token.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXfuZZvbHvuVtzOsDxSTIVTqY8HGaRJzg71lp4U8VGv3OAB2uVhi7gcNjAEwkflm-Fw_HGMMOL3K7oQiI30OfhlRcH9JqVsspgsvqVE83vlbp7zg-C5kb6UiakvpXlDKCGnpH1TD4g?key=lJ36fFIu1TYHKByklWs92zyi\" alt=\"\"/\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eIn contrast to the multiyear lockups on other veTokenomics models, such as Curve’s or Aerodrome’s, Berachain lets you exit when you like. But the exit is \u003cem\u003epermanent\u003c/em\u003e.\u003c/p\u003e\n\n\n\n\u003cp\u003eYou can’t buy your way back in like with CRV (BGT is a soulbound token). You’d have to farm BGT all over again.\u003c/p\u003e\n\n\n\n\u003cp\u003eThis may explain Berachain’s early liquidity rush. Bera’s tokenomics are excellent at solving the cold-start TVL problem, because validators — who are already committed participants in the ecosystem — are internalizing the risks of liquidity provision, as opposed to the traditional playbook of dapps using their own native tokens.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBut it also produces a flywheel effect that heavily privileges early participants in the Berachain ecosystem over later ones.\u003c/p\u003e\n\n\n\n\u003cp\u003eIt may also explain why Bera has made the unusual choice to enshrine native applications — like its AMM DEX (BEX), money market (Bend) and perps DEX (Berps) at launch — as opposed to most L1s which \u003ca href=\"https://x.com/QwQiao/status/1886765042864996843\"\u003eoutsource\u003c/a\u003e these efforts to third-party builders.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe earlier to this game you are, the bigger warchest of BGT you’ve already built, which in turns means the largest power you have to control future BGT emissions.\u003c/p\u003e\n\n\n\n\u003cp\u003eIt’s the \u003ca href=\"https://blockworks.co/news/podcast-understanding-the-curve-wars\"\u003eCurve wars\u003c/a\u003e all over again. Except now it’s taking place at the Berachain protocol level\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","DeFi"],"primaryTag":"0xResearch Newsletter","tags":["0xResearch Newsletter","Consensus mechanism","Layer-1","Validator"],"customFields":{"display_options":[]},"meta":{"title":"Berachain mainnet debuts as BERA token hits $1B market cap","description":"The L1’s unique “proof-of-liquidity” consensus attracted $3.1 billion in pre-deposits.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/berachain-mainnet-debuts","og_locale":"en_US","og_type":"article","og_title":"Berachain mainnet debuts as BERA token hits $1B market cap","og_description":"The L1’s unique “proof-of-liquidity” consensus attracted $3.1 billion in pre-deposits.","og_url":"https://blockworks.co/news/berachain-mainnet-debuts","og_site_name":"Blockworks","article_published_time":"2025-02-06T18:00:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/berchain-purple.jpg","type":"image/jpeg"}],"author":"Donovan Choy","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Donovan Choy","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/berachain-mainnet-debuts","url":"https://blockworks.co/news/berachain-mainnet-debuts","name":"Berachain mainnet debuts as BERA token hits $1B market cap","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/berachain-mainnet-debuts#primaryimage"},"image":{"@id":"https://blockworks.co/news/berachain-mainnet-debuts#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/berchain-purple.jpg","datePublished":"2025-02-06T18:00:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db"},"description":"The L1’s unique “proof-of-liquidity” consensus attracted $3.1 billion in pre-deposits.","breadcrumb":{"@id":"https://blockworks.co/news/berachain-mainnet-debuts#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/berachain-mainnet-debuts"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/berachain-mainnet-debuts#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/berchain-purple.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/berchain-purple.jpg","width":1600,"height":900,"caption":"Berachain and Adobe stock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/berachain-mainnet-debuts#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Berachain mainnet debuts as BERA token hits $1B market cap"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db","name":"Donovan Choy","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","caption":"Donovan Choy"},"description":"Donovan is a reporter based in Singapore. He previously worked in editorial at Bankless and is a huge fan of spaghetti Westerns and the Wu-Tang Clan. Contact Donovan at donovan@blockworks.co.","url":"https://blockworks.co/news/author/donovan-choy"}]}},"authors":[{"title":"Donovan Choy","id":390,"slug":"donovan-choy","image_url":""}],"blurhash":null},{"slug":"crypto-crash-token-survivors","id":97004,"permalink":"/news/crypto-crash-token-survivors","title":"HYPE, OM and XCN hold up against crypto crash","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/hyperliquid.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/hyperliquid.jpg","caption":"\u003cp\u003eCryptoFX/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Tue, 04 Feb 2025 16:54:46 GMT","publishedAt":"Tue, 04 Feb 2025 18:00:00 GMT","publishedAtTimestamp":1738692000,"excerpt":"AI agent tokens crash to $8 billion from a $20 billion peak","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/research\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eHyperliquid (HYPE)\u003c/h2\u003e\n\n\n\n\u003cp\u003eL1 tokens have pretty much taken a beating across the board, with one rare exception.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe exception is unsurprisingly Hyperliquid’s HYPE, which has actually posted a 15.8% gain on the week. The perps DEX generated \u003ca href=\"https://dune.com/x3research/hyperliquid\"\u003e$18.2 billion\u003c/a\u003e in trading volumes and ~$4 million in fees on Sunday.\u003c/p\u003e\n\n\n\n\u003cp\u003eThose price gains are coming in against a deep backdrop of red. When we zoom in on larger market cap L1s, almost none were spared the guillotine. From previous generation L1s like Cardano (ADA), Avalanche (AVAX) and Algorand (ALGO), to newer generation L1s like Near (NEAR), Sei (SEI) and Ton (TON), all saw 20%+ price declines on the week.\u003c/p\u003e\n\n\n\n\u003cp\u003eRON saw the greatest price crash of 27%.\u003c/p\u003e\n\n\n\n\u003cp\u003eOne other L1 that bucked the market crash is the little-known Kava Network L1, which is undertaking an AI pivot. The KAVA token ($539 million market cap) saw a 15.7% gain on the week. Kava launched its mainnet in October 2022 after carving out a niche for itself with an interoperable Maker-like collateralized debt position (CDP) product.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eMANTRA (OM)\u003c/h2\u003e\n\n\n\n\u003cp\u003eThe OM token, which is 31st largest token by market cap, is up 27% on the week.\u003c/p\u003e\n\n\n\n\u003cp\u003eFor a token this large, I’m embarrassed to say I had no idea what OM was, so I looked it up.\u003c/p\u003e\n\n\n\n\u003cp\u003eOM is apparently the token behind the MANTRA project, a real-world assets-focused L1 catering to the institutional TradFi world.\u003c/p\u003e\n\n\n\n\u003cp\u003eIts mainnet launched relatively recently in October 2024. The OM token is used for validator staking, gas and governance — all pretty standard use cases. I expected to find huge TVL numbers on rwa.xyz, but they’re not even listed.\u003c/p\u003e\n\n\n\n\u003cp\u003eAs far as I can tell, there is nothing particularly out of the ordinary that explains OM’s impressive price action. But look upon this price chart, ye Mighty, and despair.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXcrD-L0vmbwOzURWagHlh4fpnvWJ3eU-7a0CAVj_Am2Vvke6_lPGChyNz1vvXmhscuBMAnxwABwAfJ1qLy0jKr-qrbKwR0KTovqHv3n4EcQu3llE8m-RxjKiYDamVs0j5fAF64gzA?key=tO46BXKOMwW93zUQ1ZlmI0Is\" alt=\"\"/\u003e\u003c/figure\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eOnyx (XCN)\u003c/h2\u003e\n\n\n\n\u003cp\u003eOnyx (XCN) was a lending market for fungible and non-fungible tokens built on Ethereum, until it suffered a $3.8 million exploit in September 2024 and \u003ca href=\"https://x.com/OnyxDAO/status/1839444128775503999\"\u003eshut down\u003c/a\u003e.\u003c/p\u003e\n\n\n\n\u003cp\u003eIs it possible to summon an explanation for why XCN (96th largest token by market cap) is up 7% on the week? Perhaps, but the mental gymnastics aren’t worth it.\u003c/p\u003e\n\n\n\n\u003cp\u003eAll I have to offer is this: Onyx yesterday announced XCN Ledger, a new L3 blockchain built with the Arbitrum stack, but settling on Base.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"\u003e\u003cdiv class=\"wp-block-embed__wrapper\"\u003e\n\u003cblockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"\u003e\u003cp lang=\"en\" dir=\"ltr\"\u003eIntroducing Onyx: XCN Ledger — A modular Layer 3 Blockchain Built on \u003ca href=\"https://twitter.com/arbitrum?ref_src=twsrc%5Etfw\"\u003e@Arbitrum\u003c/a\u003e \u0026amp; Secured by \u003ca href=\"https://twitter.com/base?ref_src=twsrc%5Etfw\"\u003e@Base\u003c/a\u003e, with EIP-1559 enabling onchain \u003ca href=\"https://twitter.com/search?q=%24XCN\u0026amp;src=ctag\u0026amp;ref_src=twsrc%5Etfw\"\u003e$XCN\u003c/a\u003e burns 🔥\u003cbr\u003e\u003cbr\u003eDetails, Whitepaper \u0026amp; Onepager available at \u003ca href=\"https://t.co/86kFieYFY7\"\u003ehttps://t.co/86kFieYFY7\u003c/a\u003e\u003ca href=\"https://t.co/Ce28ook0wR\"\u003ehttps://t.co/Ce28ook0wR\u003c/a\u003e\u003c/p\u003e\u0026mdash; Onyx (@OnyxDAO) \u003ca href=\"https://twitter.com/OnyxDAO/status/1886539654071046206?ref_src=twsrc%5Etfw\"\u003eFebruary 3, 2025\u003c/a\u003e\u003c/blockquote\u003e\u003cscript async src=\"https://platform.twitter.com/widgets.js\" charset=\"utf-8\"\u003e\u003c/script\u003e\n\u003c/div\u003e\u003c/figure\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eAI agents\u003c/h2\u003e\n\n\n\n\u003cp\u003eThe AI agent sub sector has taken a \u003ca href=\"https://blockworks.co/news/ai-selloff-too-much-excitement\"\u003epretty hard beating\u003c/a\u003e since it \u003ca href=\"https://blockworks.co/news/ai-crypto-vs-dotcom-bubble\"\u003epeaked\u003c/a\u003e at a market cap of ~$20 billion in early January.\u003c/p\u003e\n\n\n\n\u003cp\u003eWhen agents were still going parabolic, everyone wanted to know: How high would this market go? Analysts far smarter than I were making bold \u003ca href=\"https://blockworks-research.beehiiv.com/p/weekday-month-day-b7b075d4f641dd4e\"\u003epredictions\u003c/a\u003e that placed the agentic market at a range of $100 billion (base case) to $250 billion (bull case).\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eIt’s been a month since, and market caps have cratered to $8 billion. Yikes.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXdZP3kMKKwYsRW9rMR2Ta9MZ6eKnZVuTZAmwEKZ9WCAQ0e1sDT9B38p-jHEvUZiBnAIjMZ-oaZD2qDodvsvbxJ6Xc35KD5Auc85VfRKGVIpxcVdsrBvXv_-5fLRLQs77z7nxDNt2w?key=tO46BXKOMwW93zUQ1ZlmI0Is\" alt=\"\"/\u003e\u003cfigcaption class=\"wp-element-caption\"\u003e\u003cem\u003eSource: \u003ca href=\"https://www.cookie.fun/\"\u003ecookie.fun\u003c/a\u003e\u003c/em\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eThe top tokens in the AI agent sector haven’t held up: VIRTUAL is down 24% on the week, while FARTCOIN and AI16Z are down 22.5% and 38.6%, respectively.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","DeFi"],"primaryTag":"0xResearch Newsletter","tags":["0xResearch Newsletter","Artificial Intelligence","tokens","Trading"],"customFields":{"display_options":[]},"meta":{"title":"HYPE, OM and XCN hold up against crypto crash","description":"AI agent tokens crash to $8 billion from a $20 billion peak.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/crypto-crash-token-survivors","og_locale":"en_US","og_type":"article","og_title":"HYPE, OM and XCN hold up against crypto crash","og_description":"AI agent tokens crash to $8 billion from a $20 billion peak.","og_url":"https://blockworks.co/news/crypto-crash-token-survivors","og_site_name":"Blockworks","article_published_time":"2025-02-04T18:00:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/hyperliquid.jpg","type":"image/jpeg"}],"author":"Donovan Choy","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Donovan Choy","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/crypto-crash-token-survivors","url":"https://blockworks.co/news/crypto-crash-token-survivors","name":"HYPE, OM and XCN hold up against crypto crash","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/crypto-crash-token-survivors#primaryimage"},"image":{"@id":"https://blockworks.co/news/crypto-crash-token-survivors#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/hyperliquid.jpg","datePublished":"2025-02-04T18:00:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db"},"description":"AI agent tokens crash to $8 billion from a $20 billion peak.","breadcrumb":{"@id":"https://blockworks.co/news/crypto-crash-token-survivors#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/crypto-crash-token-survivors"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/crypto-crash-token-survivors#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/hyperliquid.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/hyperliquid.jpg","width":1600,"height":900,"caption":"CryptoFX/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/crypto-crash-token-survivors#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"HYPE, OM and XCN hold up against crypto crash"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db","name":"Donovan Choy","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","caption":"Donovan Choy"},"description":"Donovan is a reporter based in Singapore. He previously worked in editorial at Bankless and is a huge fan of spaghetti Westerns and the Wu-Tang Clan. Contact Donovan at donovan@blockworks.co.","url":"https://blockworks.co/news/author/donovan-choy"}]}},"authors":[{"title":"Donovan Choy","id":390,"slug":"donovan-choy","image_url":""}],"blurhash":null},{"slug":"uniswap-v4-goes-live","id":96949,"permalink":"/news/uniswap-v4-goes-live","title":"Uniswap V4 is live on 12 chains","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/uniswap-blue.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/uniswap-blue.jpg","caption":"\u003cp\u003eVector-3D/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Mon, 03 Feb 2025 18:00:40 GMT","publishedAt":"Mon, 03 Feb 2025 18:00:00 GMT","publishedAtTimestamp":1738605600,"excerpt":"The Flaunch memecoin launchpad on Base is first to leverage v4 hooks","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/research\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eAbout 20 months after its initial announcement, Uniswap v4 quietly \u003ca href=\"https://uniswapfoundation.mirror.xyz/MHmGXC9KZOL1VkKERF2ZwrR6RuYzLLoBV3eM67cMjXY?utm_medium=email\u0026amp;_hsenc=p2ANqtz-8GfC8u_BwxlPkNcfdo5xaVuKVjDxq-o52q061TNOeTQWhMFBL2udaiZFnwn9LH1hrODHum9DVw9G80ZEL9fVMtg5DmRw\u0026amp;_hsmi=345119714\u0026amp;utm_content=345119714\u0026amp;utm_source=hs_email\"\u003erolled out\u003c/a\u003e over the past weekend on 12 chains.\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003ca href=\"https://blockworks.co/news/uniswap-v4-dex-hooks\"\u003eUniswap v4\u003c/a\u003e is a big deal for the simple reason that it threatens to turn one of DeFi’s most essential primitives — DEXs — into a cheap commodity.\u003c/p\u003e\n\n\n\n\u003cp\u003eFor the longest time, Uniswap competitors have tried to appeal to users with incrementally innovative and piecemeal features like dynamic fees (\u003ca href=\"https://blockworks.co/news/trader-joe-ethereum-mainnet\"\u003eTrader Joe\u003c/a\u003e), providing out-of-range liquidity into money markets (Balancer), MEV internalization (Skip), etc.\u003c/p\u003e\n\n\n\n\u003cp\u003eUniswap’s response: Build whatever DEX you like on v4.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThat’s possible thanks to v4’s primary innovation of “hooks.” Hooks are separate smart contracts “attached” to Uniswap liquidity pools, enabling developers to implement custom DEX logic that triggers based on certain behaviors.\u003c/p\u003e\n\n\n\n\u003cp\u003eFor example, Uniswap v3 pools are bound by \u003ca href=\"https://docs.uniswap.org/concepts/protocol/fees\"\u003epredefined fee tiers\u003c/a\u003e. Now, v4 liquidity pool deployers can customize their pool logic with dynamic fee curves that adjust based on variables like volatility. They can even punish LPs with a fee when they withdraw liquidity.\u003c/p\u003e\n\n\n\n\u003cp\u003eLiquidity pools could be designed to deposit unused liquidity into Aave to generate a yield for LPs, or implement KYC features like NFT-gating or time-gating (so pools are tradable only within certain hours).\u003c/p\u003e\n\n\n\n\u003cp\u003eDevs can even introduce a “fee switch” without having to wait for Uniswap protocol to do so. The possibilities are endless.\u003c/p\u003e\n\n\n\n\u003cp\u003eV4 hooks, in effect, let liquidity pool deployers act as their own “DEX.”\u003c/p\u003e\n\n\n\n\u003cp\u003eFor an example of hooks in action, look to Flaunch — a new memecoin launchpad on Base.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWhen tokens pre-launch on Flaunch, they can be bought at a fixed price for 30 minutes. After 30 minutes, all remaining tokens are sold and the memecoin is launched on the open market.\u003c/p\u003e\n\n\n\n\u003cp\u003eUnlike pump.fun, however, 100% of trading fees are paid to creators and buybacks (the exact ratio depends on the creator). Buybacks take place when tokens collect 0.1 ETH in trading fees.\u003c/p\u003e\n\n\n\n\u003cp\u003eUsing hooks, Flaunch was able to integrate this custom logic into every Uniswap v4 liquidity pool that a memecoin is launched on (there are already thousands).\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eFlaunch has launched 2,135 tokens, generated $75.6 million in v4 trading volumes, and paid back 51 ETH since its inception last Friday.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXeW2QN4lib6kjA9Wbz9nXVX5Rm6f66bRjyqBk13iuPWnMutFrE7h6K87AzJVLOCBdbxxu8VIni-nQI5E9sANcqQc35k3A87IPgOSEfOzF0Qtw197oAKqOfuK7upKboZOUweqEh5bQ?key=-WIWG7FVcfGJ_n3_CMnn36ce\" alt=\"\"/\u003e\u003cfigcaption class=\"wp-element-caption\"\u003e\u003cem\u003eSource: \u003ca href=\"https://dune.com/jdhyper/flaunch-on-base\"\u003eDune\u003c/a\u003e\u003c/em\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eAccording to \u003ca href=\"https://hookrank.io/\"\u003eHookRank.io\u003c/a\u003e, 24 hooks have been deployed, with the overwhelming majority of TVL ($2.3 million) in Flaunch’s hook contracts.\u003c/p\u003e\n\n\n\n\u003cp\u003eThen there’s \u003ca href=\"https://x.com/bunni_xyz/status/1885489587541385231\"\u003eBunni DEX\u003c/a\u003e. It slaps a “rehypothecation hook” on top of v4 to route LP capital to lending protocols for more profitable LP strategies. There’s also \u003ca href=\"https://whetstone.cc/doppler\"\u003eDoppler\u003c/a\u003e, a liquidity bootstrapping protocol by Whetstone Research that simply builds auctions on top of v4 contracts.\u003c/p\u003e\n\n\n\n\u003cp\u003eAnother upcoming innovation on v4 hooks is the \u003ca href=\"https://sorellalabs.xyz/writing/introducing-sorella\"\u003eAngstrom DEX\u003c/a\u003e by Sorella Labs. Angstrom is implementing a v4 hook that seeks to mitigate MEV leakages to L2 sequencers by protecting LPs against CEX-DEX arbitrageurs (loss-vs.-rebalancing) and traders against MEV attacks.\u003c/p\u003e\n\n\n\n\u003cp\u003eBased on this \u003ca href=\"https://univ4projects.notion.site/15f5a32af0b580249d0ee2e3f16f302f?v=4cbe60597dcb4f4cb52a40847b18b5d7\"\u003edirectory\u003c/a\u003e, there are about 24 active projects building on v4 hooks.\u003c/p\u003e\n\n\n\n\u003cp\u003eWith v4, Uniswap is no longer a liquidity pool launchpad. Uniswap has effectively become a spot DEX launchpad.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","DeFi"],"primaryTag":"0xResearch Newsletter","tags":["0xResearch Newsletter","Base","DEXs","meme coins","Uniswap"],"customFields":{"display_options":[]},"meta":{"title":"Uniswap V4 is live on 12 chains","description":"The Flaunch memecoin launchpad on Base is first to leverage v4 hooks.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/uniswap-v4-goes-live","og_locale":"en_US","og_type":"article","og_title":"Uniswap V4 is live on 12 chains","og_description":"The Flaunch memecoin launchpad on Base is first to leverage v4 hooks.","og_url":"https://blockworks.co/news/uniswap-v4-goes-live","og_site_name":"Blockworks","article_published_time":"2025-02-03T18:00:00+00:00","article_modified_time":"2025-02-03T18:00:40+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/uniswap-blue.jpg","type":"image/jpeg"}],"author":"Donovan Choy","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Donovan Choy","Est. reading time":"6 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/uniswap-v4-goes-live","url":"https://blockworks.co/news/uniswap-v4-goes-live","name":"Uniswap V4 is live on 12 chains","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/uniswap-v4-goes-live#primaryimage"},"image":{"@id":"https://blockworks.co/news/uniswap-v4-goes-live#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/uniswap-blue.jpg","datePublished":"2025-02-03T18:00:00+00:00","dateModified":"2025-02-03T18:00:40+00:00","author":{"@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db"},"description":"The Flaunch memecoin launchpad on Base is first to leverage v4 hooks.","breadcrumb":{"@id":"https://blockworks.co/news/uniswap-v4-goes-live#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/uniswap-v4-goes-live"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/uniswap-v4-goes-live#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/uniswap-blue.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/uniswap-blue.jpg","width":1600,"height":900,"caption":"Vector-3D/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/uniswap-v4-goes-live#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Uniswap V4 is live on 12 chains"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db","name":"Donovan Choy","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","caption":"Donovan Choy"},"description":"Donovan is a reporter based in Singapore. He previously worked in editorial at Bankless and is a huge fan of spaghetti Westerns and the Wu-Tang Clan. Contact Donovan at donovan@blockworks.co.","url":"https://blockworks.co/news/author/donovan-choy"}]}},"authors":[{"title":"Donovan Choy","id":390,"slug":"donovan-choy","image_url":""}],"blurhash":null},{"slug":"symbiotic-shared-security-slashing","id":96837,"permalink":"/news/symbiotic-shared-security-slashing","title":"Can Symbiotic revive the restaking narrative?","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/Misha-Putiatin.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/Misha-Putiatin.jpg","caption":"\u003cp\u003eSymbiotic co-founder Misha Putiatin | Permissionless III by Mike Lawrence for Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Thu, 30 Jan 2025 16:55:45 GMT","publishedAt":"Thu, 30 Jan 2025 18:00:00 GMT","publishedAtTimestamp":1738260000,"excerpt":"After two years of development, Symbiotic is out with the first feature-complete shared security protocol with slashing","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/research\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eAfter two years of development, five independent audits and a rigorous code competition, Symbiotic officially \u003ca href=\"https://x.com/symbioticfi/status/1884266642416492713\"\u003elaunched\u003c/a\u003e on Ethereum mainnet yesterday. As the first feature-complete shared security protocol with slashing, Symbiotic provides an immutable, decentralized framework that eliminates single points of failure and external risks for networks looking to secure their ecosystems.\u003c/p\u003e\n\n\n\n\u003cp\u003e\u0026#8220;The logic behind Symbiotic was quite simple,\u0026#8221; one of its co-founders, Misha Putiatin, \u003ca href=\"https://x.com/defi_dad/status/1884698966731706443?s=46\u0026amp;t=yjAdM2ddX0KgGQimu7jcDQ\"\u003eexplained\u003c/a\u003e on The Edge podcast. \u0026#8220;How do we do this protocol in a way that has the least amount of drawbacks?\u0026#8221; The result is a security layer that is immutable and permissionless.\u003c/p\u003e\n\n\n\n\u003cp\u003e\u0026nbsp;\u0026#8220;The core is immutable, we can\u0026#8217;t gatekeep, we can\u0026#8217;t change politics, add fees, do break-offs. Do any stuff that can be hurtful, and people should calculate before they choose Symbiotic,” Putiatin said.\u003c/p\u003e\n\n\n\n\u003cp\u003eWhile blockchain infrastructure has become more modular and accessible, security implementation around new networks has been a cutting-edge design space. Traditionally, these networks faced a difficult trade-off: either invest heavily in building bespoke security solutions or compromise sovereignty by adopting pre-packaged security frameworks.\u003c/p\u003e\n\n\n\n\u003cp\u003eSymbiotic resolves this dilemma by offering a neutral coordination framework that allows networks to define every aspect of their security model — from collateral selection and operator management to slashing mechanics — while maintaining full control. Its non-upgradeable core contracts ensure an immutable security foundation,\u0026nbsp; \u003ca href=\"https://blockworks.co/news/symbiotic-seed-round-shared-security\"\u003elike Uniswap\u003c/a\u003e or \u003ca href=\"https://blockworks.co/news/liquity-v2-staked-ether\"\u003eLiquity\u003c/a\u003e, preventing governance takeovers and external interventions.\u003c/p\u003e\n\n\n\n\u003cp\u003eWith its mainnet launch, Symbiotic has already integrated 13 networks spanning a wide variety of blockchain use cases. To give just a few examples: Capx is an Ethereum layer-2 for AI agent deployment, secured through Symbiotic. HyveDA is a high-throughput decentralized data availability protocol leveraging Symbiotic’s restaking infrastructure. \u003ca href=\"https://blockworks.co/podcast/expansion/9861c7a8-4979-11ef-b690-b3dbcd2508c2\"\u003eHyperlane\u003c/a\u003e is a cross-chain messaging framework for seamless interoperability. And iBTC (\u003ca href=\"https://blockworks.co/news/building-better-wrapped-bitcoin-for-defi\"\u003eformerly DLC.Link\u003c/a\u003e) uses Symbiotic restaking to secure its Attestor Network, enabling trust-minimized bitcoin-backed DeFi participation.\u003c/p\u003e\n\n\n\n\u003cp\u003eSymbiotic cites nearly 50 networks, 78 operators and 55 vaults already integrating the protocol.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe architecture is centered around Vaults — smart contracts that facilitate stake delegation, ensuring economic security through configurable accounting and slashing mechanisms. Stakers deposit assets, operators receive delegations and networks access the security they need, enabling efficient capital utilization across multiple ecosystems while preserving decentralization.\u003c/p\u003e\n\n\n\n\u003cp\u003ePost-mainnet launch, Symbiotic’s focus is shifting to enhance user experience and tooling for network integrations. By standardizing shared security primitives, Symbiotic is positioning itself as the foundational layer that enables networks to achieve self-sovereignty while benefiting from a robust, shared security model.\u003c/p\u003e\n\n\n\n\u003cp\u003e\u0026#8220;In the future, I see absolutely anybody being able to tap into this kind of shared network to build app chains or verify anything onchain that they need, on demand,” Putiatin said.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","DeFi"],"primaryTag":"0xResearch Newsletter","tags":["0xResearch Newsletter","Ethereum","staking","Symbiotic"],"customFields":{"display_options":[]},"meta":{"title":"Can Symbiotic revive the restaking narrative?","description":"After two years of development, Symbiotic is out with the first feature-complete shared security protocol with slashing.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/symbiotic-shared-security-slashing","og_locale":"en_US","og_type":"article","og_title":"Can Symbiotic revive the restaking narrative?","og_description":"After two years of development, Symbiotic is out with the first feature-complete shared security protocol with slashing.","og_url":"https://blockworks.co/news/symbiotic-shared-security-slashing","og_site_name":"Blockworks","article_published_time":"2025-01-30T18:00:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/Misha-Putiatin.jpg","type":"image/jpeg"}],"author":"Macauley Peterson","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/yeluacaM","twitter_misc":{"Written by":"Macauley Peterson","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/symbiotic-shared-security-slashing","url":"https://blockworks.co/news/symbiotic-shared-security-slashing","name":"Can Symbiotic revive the restaking narrative?","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/symbiotic-shared-security-slashing#primaryimage"},"image":{"@id":"https://blockworks.co/news/symbiotic-shared-security-slashing#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/Misha-Putiatin.jpg","datePublished":"2025-01-30T18:00:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4"},"description":"After two years of development, Symbiotic is out with the first feature-complete shared security protocol with slashing.","breadcrumb":{"@id":"https://blockworks.co/news/symbiotic-shared-security-slashing#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/symbiotic-shared-security-slashing"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/symbiotic-shared-security-slashing#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/Misha-Putiatin.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/Misha-Putiatin.jpg","width":1600,"height":900,"caption":"Symbiotic co-founder Misha Putiatin | Permissionless III by Mike Lawrence for Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/symbiotic-shared-security-slashing#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Can Symbiotic revive the restaking narrative?"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4","name":"Macauley Peterson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Peterson-Twitter_sm.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Peterson-Twitter_sm.jpg","caption":"Macauley Peterson"},"description":"Macauley was an editor and content creator in the professional chess world for 14 years. Prior to joining Blockworks, he researched stablecoins, decentralized finance and central bank digital currencies at Bucerius Law School (Master in Law and Business, 2020). He also holds an MA in Film Studies; film credits include Associate Producer of the 2016 Netflix feature documentary, \"Magnus\" about World Chess Champion Magnus Carlsen.","sameAs":["https://www.linkedin.com/in/macauleypeterson/","https://x.com/https://twitter.com/yeluacaM"],"url":"https://blockworks.co/news/author/macauleypeterson"}]}},"authors":[{"title":"Macauley Peterson","id":32,"slug":"macauleypeterson","image_url":""}],"blurhash":null},{"slug":"crypto-art-and-storytelling-projects","id":96791,"permalink":"/news/crypto-art-and-storytelling-projects","title":"State of the art: Experiments from The Met and Hollywood","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/met-museum.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/met-museum.jpg","caption":"\u003cp\u003eSergii Figurnyi/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Wed, 29 Jan 2025 16:46:46 GMT","publishedAt":"Wed, 29 Jan 2025 18:00:00 GMT","publishedAtTimestamp":1738173600,"excerpt":"Gamified art history and collaborative world-building showcases the ways crypto is unlocking audience engagement","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/research\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eFrom the storied halls of The Met museum to crafting a new generation of hallowed Hollywood stories, crypto is making inroads. Two novel projects — The Met’s Art Links and Incention’s Emergence — hint at how crypto is evolving audience engagement with art and narrative.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe Metropolitan Museum of Art in New York has launched its first blockchain-powered experience, Art Links, in an effort to gamify art history. This interactive game invites players to explore The Met’s collection by identifying thematic connections between artworks. Art Links rewards players with NFT badges and real-world perks, such as private museum tours and exhibition catalogues. Built on Base, the experience offers some in-game purchases using crypto, alongside free NFTs for players.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe Met’s project is one that falls in the “Phigital” category — blending digital and physical experiences in a bid to modernize the museum-going experience. The inclusion of “Web3” as one of four connection types in the game shows “how artists across time have engaged with core concepts underpinning the blockchain, such as randomization, security and ledgers,” according to the developer TRLab.\u003c/p\u003e\n\n\n\n\u003cp\u003eIn its first week, Art Links recorded nearly 20,000 plays, with over 1,600 NFTs claimed. A new game is set to roll out each Thursday at 12:01 am ET for the next three months.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eEmergence: Collaborative storytelling\u003c/h2\u003e\n\n\n\n\u003cp\u003eWhile The Met is gamifying art appreciation, Incention and Story Protocol are looking to redefine franchise storytelling. Their new sci-fi project, Emergence — developed with The Dark Knight and Foundation creator David S. Goyer — offers a blockchain-powered platform where fans and creators can co-develop expansive narrative universes.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe project uses Story’s blockchain, which recently \u003ca href=\"https://x.com/StoryEngs/status/1881403316686762206\"\u003elaunched\u003c/a\u003e a developer mainnet, to ensure that all contributions — such as characters, worlds and plotlines — are recognized and compensated via smart contracts.\u003c/p\u003e\n\n\n\n\u003cp\u003eIncention’s AI co-pilot, Atlas, is also part of the creative process, supporting the ability to generate ideas, visual assets and narratives. The \u003ca href=\"https://x.com/StoryProtocol/status/1884245147791286528\"\u003egoal\u003c/a\u003e is to allow intellectual property holders to open their worlds to collaborative storytelling while maintaining clear licensing and revenue-sharing models. Is this yet another instance of AI-boosted productivity that streamlines Hollywood’s relationship with digital content creation? Or will AI-driven contributions dilute the originality and emotional depth that comes from human writers?\u003c/p\u003e\n\n\n\n\u003cp\u003eEither way, powerhouse institutions like The Met and Hollywood embracing these tools is indicative of where we’re headed — the lines between creator, audience and collector will continue to blur.\u003c/p\u003e\n\n\n\n\u003cp\u003eCrypto’s applications are primarily financial, but it’s worth being on the lookout for novel ways the provenance of a distributed, shared ledger can unlock new experiences and shape culture in era digitalis.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","Web3"],"primaryTag":"0xResearch Newsletter","tags":["0xResearch Newsletter","art","Artificial Intelligence","Gaming"],"customFields":{"display_options":[]},"meta":{"title":"State of the art: Experiments from The Met and Hollywood","description":"Gamified art history and collaborative world-building showcases the ways crypto is unlocking audience engagement.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/crypto-art-and-storytelling-projects","og_locale":"en_US","og_type":"article","og_title":"State of the art: Experiments from The Met and Hollywood","og_description":"Gamified art history and collaborative world-building showcases the ways crypto is unlocking audience engagement.","og_url":"https://blockworks.co/news/crypto-art-and-storytelling-projects","og_site_name":"Blockworks","article_published_time":"2025-01-29T18:00:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/met-museum.jpg","type":"image/jpeg"}],"author":"Macauley Peterson","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/yeluacaM","twitter_misc":{"Written by":"Macauley Peterson","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/crypto-art-and-storytelling-projects","url":"https://blockworks.co/news/crypto-art-and-storytelling-projects","name":"State of the art: Experiments from The Met and Hollywood","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/crypto-art-and-storytelling-projects#primaryimage"},"image":{"@id":"https://blockworks.co/news/crypto-art-and-storytelling-projects#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/met-museum.jpg","datePublished":"2025-01-29T18:00:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4"},"description":"Gamified art history and collaborative world-building showcases the ways crypto is unlocking audience engagement.","breadcrumb":{"@id":"https://blockworks.co/news/crypto-art-and-storytelling-projects#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/crypto-art-and-storytelling-projects"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/crypto-art-and-storytelling-projects#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/met-museum.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/met-museum.jpg","width":1600,"height":900,"caption":"Sergii Figurnyi/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/crypto-art-and-storytelling-projects#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"State of the art: Experiments from The Met and Hollywood"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4","name":"Macauley Peterson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Peterson-Twitter_sm.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Peterson-Twitter_sm.jpg","caption":"Macauley Peterson"},"description":"Macauley was an editor and content creator in the professional chess world for 14 years. Prior to joining Blockworks, he researched stablecoins, decentralized finance and central bank digital currencies at Bucerius Law School (Master in Law and Business, 2020). He also holds an MA in Film Studies; film credits include Associate Producer of the 2016 Netflix feature documentary, \"Magnus\" about World Chess Champion Magnus Carlsen.","sameAs":["https://www.linkedin.com/in/macauleypeterson/","https://x.com/https://twitter.com/yeluacaM"],"url":"https://blockworks.co/news/author/macauleypeterson"}]}},"authors":[{"title":"Macauley Peterson","id":32,"slug":"macauleypeterson","image_url":""}],"blurhash":null},{"slug":"succinct-sp1-bug","id":96734,"permalink":"/news/succinct-sp1-bug","title":"Succinct’s SP1 bug sparks transparency debate in ZK security","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/error-bug.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/error-bug.jpg","caption":"\u003cp\u003ejanews/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Tue, 28 Jan 2025 17:19:04 GMT","publishedAt":"Tue, 28 Jan 2025 17:19:02 GMT","publishedAtTimestamp":1738084742,"excerpt":"While the bug was patched before any funds were at risk, critics argue that more transparency is needed","content":"\n\u003cp\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/research\" target=\"_blank\" rel=\"noreferrer noopener\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eSuccinct’s SP1 ZKVM has come under scrutiny after \u003ca href=\"https://lambdaclass.com/\"\u003eLambdaClass\u003c/a\u003e disclosed a critical \u003ca href=\"https://blog.lambdaclass.com/responsible-disclosure-of-an-exploit-in-succincts-sp1-zkvm-found-in-partnership-with-3mi-labs-and-aligned-which-arises-from-the-interaction-of-two-distinct-security-vulnerabilities/\"\u003esecurity vulnerability\u003c/a\u003e in its proof generation. The exploit in version 3 of SP1, discovered in collaboration with 3Mi Labs and Aligned, stemmed from the interaction of two separate security flaws.\u003c/p\u003e\n\n\n\n\u003cp\u003eSuccinct previously disclosed the potential exploit to its customers \u003ca href=\"https://github.com/succinctlabs/sp1/security/advisories/GHSA-c873-wfhp-wx5m\"\u003evia Github\u003c/a\u003e and Telegram.\u003c/p\u003e\n\n\n\n\u003cp\u003eHere’s what happened in simple terms:\u003c/p\u003e\n\n\n\n\u003col class=\"wp-block-list\"\u003e\n\u003cli\u003eMissing Verification Step — The system relied on a list to track key proof components but didn’t properly verify that the list was accurate. Consequently, a malicious prover could potentially manipulate it to produce invalid proofs. New checks were added to fix the oversight.\u003c/li\u003e\n\n\n\n\u003cli\u003eIncomplete Proof Flag — A key part of SP1’s proof-checking system included a flag meant to confirm that a proof was fully executed. However, this flag wasn’t always properly enforced, leading to a potential loophole. Succinct tightened up the checks.\u003c/li\u003e\n\n\n\n\u003cli\u003ePolynomial Evaluation Issue — An issue found in Plonky3 (a dependency of SP1), meant that it didn’t fully verify all calculations before confirming a proof was valid. Post-patch, all proof components are properly verified.\u003c/li\u003e\n\u003c/ol\u003e\n\n\n\n\u003cp\u003eWhile the vulnerability was quickly addressed prior to the disclosure, the process has raised concerns about transparency in security practices for zero-knowledge virtual machines (ZKVMs). SP1’s technology is currently underpinning high profile upgrades in rollup infrastructure under development.\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003eMantle Network has integrated SP1 to transition into a zero-knowledge (ZK) validity rollup, aiming to enhance transaction finality times and support institutional-grade asset settlements.\u003c/li\u003e\n\n\n\n\u003cli\u003eThe AggLayer employs SP1 to generate pessimistic proofs, ensuring the security of its cross-chain interoperability solutions.\u003c/li\u003e\n\n\n\n\u003cli\u003eTaiko has adopted SP1 as a ZK prover to secure its layer-2 execution, which uses a multi-prover system\u003c/li\u003e\n\n\n\n\u003cli\u003eSoon, a relatively new project, is building an SVM rollup framework that settles to Ethereum with ZK fault proofs powered by SP1, similar to Eclipse, although the latter uses RISC Zero instead.\u003c/li\u003e\n\u003c/ul\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eTransparency and implications\u003c/h2\u003e\n\n\n\n\u003cp\u003eLambdaClass cautioned that the full implications of the flaw required further assessment. Notably, the exploit depended on the interplay between the two issues, meaning that fixing one might not be sufficient to prevent exploitation.\u003c/p\u003e\n\n\n\n\u003cp\u003eLambdaClass developer known as Fede, \u003ca href=\"https://x.com/fede_intern/status/1883688063936692355\"\u003ehighlighted\u003c/a\u003e on social media that his team felt compelled to make the disclosure public after perceiving a lack of urgency in Succinct’s communication about the issue.\u003c/p\u003e\n\n\n\n\u003cp\u003eSuccinct’s leadership acted responsibly in fixing the issue, according to Avail’s Anurag Arjun, but he agreed\u0026nbsp; better public disclosure practices are needed.\u003c/p\u003e\n\n\n\n\u003cp\u003e“ZKVM systems are very new and are constantly being updated, so you’d expect vulnerabilities,” Arjun told Blockworks. “In an open-source setting, anyone can run the prover, and if vulnerabilities aren’t disclosed properly, that’s definitely a risk.”\u003c/p\u003e\n\n\n\n\u003cp\u003eThe Avail team, which uses SP1 for proof generation in its consensus mechanism, was informed about the issue privately ahead of public disclosure, Arjun confirmed.\u003c/p\u003e\n\n\n\n\u003cp\u003eAvail’s implementation was not exposed to risk, Arjun said, because they rely on Succinct’s proprietary prover, which remains permissioned. Avail’s rollup clients have also not yet begun using its SP1-powered bridge contract, so there was no practical impact.\u003c/p\u003e\n\n\n\n\u003cp\u003eMeanwhile, defenders of Succinct point out that responsible disclosure typically involves private reporting before public statements to avoid unnecessary panic and potential exploitation.\u003c/p\u003e\n\n\n\n\u003cp\u003eSuccinct’s updated version 4 of SP1 — dubbed Turbo — resolves the identified vulnerability, and downstream projects have begun integrating these fixes.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe case illustrates how even well-audited code can and does contain bugs. As Succinct \u003ca href=\"https://x.com/SuccinctLabs/status/1884083149136863656\"\u003eput it\u003c/a\u003e, “while auditors provide valuable insights, they are not infallible, and we remain committed to continuously improving and working hard to ensure our systems are safe and secure for everyone.”\u003c/p\u003e\n\n\n\n\u003cp\u003eThe more explicit, if belated transparency from Succinct drew \u003ca href=\"https://x.com/arik_g/status/1884084728783069206\"\u003epraise\u003c/a\u003e. What remains is the question of how to best balance security, transparency, and user protection. And finding \u003ca href=\"https://x.com/dimahledba/status/1884199665035280586\"\u003ethe line between\u003c/a\u003e due criticism and toxic infighting.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","DeFi"],"primaryTag":"software bug","tags":["software bug","transparency","zero-knowledge tech","zkEVM"],"customFields":{"display_options":[]},"meta":{"title":"Succinct’s SP1 bug sparks transparency debate in ZK security","description":"While the bug was patched before any funds were at risk, critics argue that more transparency is needed.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/succinct-sp1-bug","og_locale":"en_US","og_type":"article","og_title":"Succinct’s SP1 bug sparks transparency debate in ZK security","og_description":"While the bug was patched before any funds were at risk, critics argue that more transparency is needed.","og_url":"https://blockworks.co/news/succinct-sp1-bug","og_site_name":"Blockworks","article_published_time":"2025-01-28T17:19:02+00:00","article_modified_time":"2025-01-28T17:19:04+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/error-bug.jpg","type":"image/jpeg"}],"author":"Macauley Peterson","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/yeluacaM","twitter_misc":{"Written by":"Macauley Peterson","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/succinct-sp1-bug","url":"https://blockworks.co/news/succinct-sp1-bug","name":"Succinct’s SP1 bug sparks transparency debate in ZK security","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/succinct-sp1-bug#primaryimage"},"image":{"@id":"https://blockworks.co/news/succinct-sp1-bug#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/error-bug.jpg","datePublished":"2025-01-28T17:19:02+00:00","dateModified":"2025-01-28T17:19:04+00:00","author":{"@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4"},"description":"While the bug was patched before any funds were at risk, critics argue that more transparency is needed.","breadcrumb":{"@id":"https://blockworks.co/news/succinct-sp1-bug#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/succinct-sp1-bug"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/succinct-sp1-bug#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/error-bug.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/error-bug.jpg","width":1600,"height":900,"caption":"janews/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/succinct-sp1-bug#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Succinct’s SP1 bug sparks transparency debate in ZK security"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4","name":"Macauley Peterson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Peterson-Twitter_sm.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Peterson-Twitter_sm.jpg","caption":"Macauley Peterson"},"description":"Macauley was an editor and content creator in the professional chess world for 14 years. Prior to joining Blockworks, he researched stablecoins, decentralized finance and central bank digital currencies at Bucerius Law School (Master in Law and Business, 2020). He also holds an MA in Film Studies; film credits include Associate Producer of the 2016 Netflix feature documentary, \"Magnus\" about World Chess Champion Magnus Carlsen.","sameAs":["https://www.linkedin.com/in/macauleypeterson/","https://x.com/https://twitter.com/yeluacaM"],"url":"https://blockworks.co/news/author/macauleypeterson"}]}},"authors":[{"title":"Macauley Peterson","id":32,"slug":"macauleypeterson","image_url":""}],"blurhash":null},{"slug":"value-accrual-matters-for-tokens","id":96688,"permalink":"/news/value-accrual-matters-for-tokens","title":"Why value accrual matters for tokens","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/jup-tokens-1.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/jup-tokens-1.jpg","caption":"\u003cp\u003eCryptoFX/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Mon, 27 Jan 2025 17:16:14 GMT","publishedAt":"Mon, 27 Jan 2025 18:00:00 GMT","publishedAtTimestamp":1738000800,"excerpt":"Based on Blockworks Research estimates, JUP buybacks comes up to ~40% of total supply","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/research\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eWhen crypto projects make big announcements using words like “buyback,” “burn,” or “revenue sharing,” that’s usually taken to mean there are bullish investing tailwinds at play.\u003c/p\u003e\n\n\n\n\u003cp\u003eBut I have questions. How much does an annualized 10% buyback yield actually matter when these tokens can plummet 20% in a day?\u003c/p\u003e\n\n\n\n\u003cp\u003eDoes value accrual matter because it is valuable for reasons of fundamental analysis (i.e. cash flows), or merely for narrative optics?\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eOver the weekend, Solana DEX aggregator Jupiter announced a significant JUP buyback program with 50% of fee revenues.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXf_4tsr4zyW0OIP6A97XElGwSCz2SY1JAv4_j0B1x848V5lXNkjh4633xRWc6DC0n_UG5_DOh7wjDsyXh9ZeG6oXQs7uU42ymLxhh_y9n-9g37-oj2wdCJhOvgis3w8Eir4DUsyIA?key=-CDM7sPbxiTlUu9I9v5P6XQq\" alt=\"\"/\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eBased on estimates by Blockworks Research analyst Carlos Gonzalez, that translates to about $750 million in annualized JUP buybacks, or about a significant 40% of JUP’s circulating supply in a year.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXdplw02vMpSaBOU0P0POet9MOc4FNpp3Xw-YxLbQxHfT4ilafp5dMIB2vtvrsBRHQXXvSBiaZnarzkjOeMZfgqnrzmuSS81n4CQdoABpbDgoLUifLfgfcoLWg9dGSbbDO6qlfD74w?key=-CDM7sPbxiTlUu9I9v5P6XQq\" alt=\"\"/\u003e\u003cfigcaption class=\"wp-element-caption\"\u003e\u003cem\u003eSource: \u003ca href=\"https://x.com/0xcarlosg/status/1883902757905510805\"\u003eBlockworks Research\u003c/a\u003e\u003c/em\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eThat’s a pretty impressive annualized buyback yield of about 42%.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBut what does 42% matter when token prices can tank 90% in a week?\u003c/p\u003e\n\n\n\n\u003cp\u003eWell, it’s not a flash in the pan solution, but it helps to sustain against selling pressure. Carlos pointed to \u003ca href=\"https://x.com/blockworksres/status/1882505809063743582\"\u003eRaydium’s\u003c/a\u003e successful experiment with buybacks:\u003cbr\u003e\u003cbr\u003e“Raydium has accumulated 20% of RAY\u0026#8217;s supply since the start of their buyback program. In terms of market structure, it adds buying pressure to the token and RAY has outperformed most of Solana DeFi. Fundamentals matter but of course you could also find examples to argue that buybacks aren\u0026#8217;t that bullish. For instance, Maker.”\u003c/p\u003e\n\n\n\n\u003cp\u003eVirtuals, the leading AI agent launchpad on Base (now expanding to Solana), also \u003ca href=\"https://x.com/virtuals_io/status/1879474894007927189\"\u003ecommitted\u003c/a\u003e two weeks ago to an estimated $40 million in buybacks and burns for 10k+ agent tokens over a 30-day TWAP.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSince the buybacks were announced on Jan. 15, the five largest agent token buybacks \u003ca href=\"https://dune.com/queries/4498300/7524177\"\u003eby far\u003c/a\u003e are GAME, CONVO, AIXBT, SEKOIA and MISATO, all of which have given up all their gains as of yesterday’s market crash.\u003c/p\u003e\n\n\n\n\u003cp\u003eOver the last year, many blue-chip DeFi protocols with actual product-market fit have also sought to return revenues to token holders.\u003c/p\u003e\n\n\n\n\u003cp\u003eCompound, for instance, \u003ca href=\"https://blockworks.co/news/compound-considers-fee-switch-governance-attacker\"\u003eproposed\u003c/a\u003e in August a fee switch to allocate 30% of its reserves to COMP stakers.\u003c/p\u003e\n\n\n\n\u003cp\u003eMarc Zeller of Aave proposed last July a “Buy \u0026amp; Distribute” proposal to buy back AAVE on the open market with “net excess revenue of the protocol.”\u003c/p\u003e\n\n\n\n\u003cp\u003eThen there’s Uniswap, which \u003ca href=\"https://gov.uniswap.org/t/temperature-check-activate-uniswap-protocol-governance/22936\"\u003eplanned\u003c/a\u003e to implement a UNI fee switch for stakers, but quickly abandoned the proposal after \u003ca href=\"https://blockworks.co/news/uniswap-responds-to-sec-wells-notice\"\u003ereceiving\u003c/a\u003e an SEC Wells notice two months later (Uniswap is again \u003ca href=\"https://blockworks.co/news/0xresearch-newsletter-uniswap-layer-2\"\u003eattempting\u003c/a\u003e some form of value accrual on its upcoming Unichain).\u003c/p\u003e\n\n\n\n\u003cp\u003eMajor L2s like \u003ca href=\"https://www.tally.xyz/gov/arbitrum/proposal/52793687237294107439411688810483120161857085958258363826553939061522164665920\"\u003eArbitrum\u003c/a\u003e, \u003ca href=\"https://governance.starknet.io/voting-proposals/5\"\u003eStarknet\u003c/a\u003e and \u003ca href=\"https://forum.gnosis.io/t/gip-100-should-gnosis-dao-conduct-a-large-scale-buyback-program/8556/1\"\u003eGnosis\u003c/a\u003e have floated proposals last year to return value to token holders who stake their tokens.\u003c/p\u003e\n\n\n\n\u003cp\u003eStarknet voted last September to enable Starknet staking (\u003ca href=\"https://www.starknet.io/staking/\"\u003e12.94%\u003c/a\u003e APY) and Gnosis passed a proposal in June to spend $30 million of the DAO’s treasury to buy back liquid GNO over a six-month period.\u003c/p\u003e\n\n\n\n\u003cp\u003eAs far as I can tell, out of all the above-mentioned value accrual proposals, only Starknet and Gnosis have actually implemented their value accretive mechanisms.\u003c/p\u003e\n\n\n\n\u003cp\u003eYet from the time these value accrual mechanisms were put in place, GNO has seen a 46% decline, while STRK has stayed flat.\u003c/p\u003e\n\n\n\n\u003cp\u003eSo what are the right mental models to think about value accrual mechanisms? They’re not a magic bullet. But they’re a key ingredient in the recipe of getting a successful token launch right.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","DeFi"],"primaryTag":"0xResearch Newsletter","tags":["0xResearch Newsletter","DEXs","Jupiter","Solana","tokens"],"customFields":{"display_options":[]},"meta":{"title":"Why value accrual matters for tokens","description":"Based on Blockworks Research estimates, JUP buybacks comes up to ~40% of total supply.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/value-accrual-matters-for-tokens","og_locale":"en_US","og_type":"article","og_title":"Why value accrual matters for tokens","og_description":"Based on Blockworks Research estimates, JUP buybacks comes up to ~40% of total supply.","og_url":"https://blockworks.co/news/value-accrual-matters-for-tokens","og_site_name":"Blockworks","article_published_time":"2025-01-27T18:00:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/jup-tokens-1.jpg","type":"image/jpeg"}],"author":"Donovan Choy","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Donovan Choy","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/value-accrual-matters-for-tokens","url":"https://blockworks.co/news/value-accrual-matters-for-tokens","name":"Why value accrual matters for tokens","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/value-accrual-matters-for-tokens#primaryimage"},"image":{"@id":"https://blockworks.co/news/value-accrual-matters-for-tokens#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/jup-tokens-1.jpg","datePublished":"2025-01-27T18:00:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db"},"description":"Based on Blockworks Research estimates, JUP buybacks comes up to ~40% of total supply.","breadcrumb":{"@id":"https://blockworks.co/news/value-accrual-matters-for-tokens#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/value-accrual-matters-for-tokens"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/value-accrual-matters-for-tokens#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/jup-tokens-1.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/jup-tokens-1.jpg","width":1600,"height":900,"caption":"CryptoFX/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/value-accrual-matters-for-tokens#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Why value accrual matters for tokens"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db","name":"Donovan Choy","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","caption":"Donovan Choy"},"description":"Donovan is a reporter based in Singapore. He previously worked in editorial at Bankless and is a huge fan of spaghetti Westerns and the Wu-Tang Clan. Contact Donovan at donovan@blockworks.co.","url":"https://blockworks.co/news/author/donovan-choy"}]}},"authors":[{"title":"Donovan Choy","id":390,"slug":"donovan-choy","image_url":""}],"blurhash":null},{"slug":"ethereum-foundation-tradfi-push","id":96564,"permalink":"/news/ethereum-foundation-tradfi-push","title":"Ethereum’s ‘second foundation’ was a ruse — then Etherealize launched","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/ethereum-purple-1.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/ethereum-purple-1.jpg","caption":"\u003cp\u003eAkif CUBUK/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Thu, 23 Jan 2025 16:44:23 GMT","publishedAt":"Thu, 23 Jan 2025 18:00:00 GMT","publishedAtTimestamp":1737655200,"excerpt":"An EF-backed group focused on institutional adoption wants to be a resource for TradFi","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/research\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eRumors of a “second foundation” — a more commercially-oriented alternative to the Ethereum Foundation — turned out to be a ruse…sort of. Lido and P2P.org founder Konstantin Lomashuk \u003ca href=\"https://x.com/2nd_foundation_/status/1882058366023025039\"\u003eteased\u003c/a\u003e the idea on X Wednesday, but quickly walked it back.\u003c/p\u003e\n\n\n\n\u003cp\u003e“If a second foundation ever does form, it must have a clear purpose that complements the enormous work of current contributors,” he \u003ca href=\"https://x.com/Lomashuk/status/1882150153781702962\"\u003ewrote\u003c/a\u003e. “I appreciate everyone’s support and believe we need more organizations contributing to Ethereum.”\u003c/p\u003e\n\n\n\n\u003cp\u003eBefore Lomashuk revealed he wasn’t serious, the notion was endorsed by a number of prominent Ethereum voices, including Uniswap founder Hayden Adams.\u2028“Moving technical development to a 2nd foundation is not crazy…[With] the right leader I bet it could raise big $ and have a huge impact,” Adams \u003ca href=\"https://x.com/haydenzadams/status/1881749898003136640\"\u003emused\u003c/a\u003e.\u003c/p\u003e\n\n\n\n\u003cp\u003eAs if on cue, hours later a new group funded by the EF — going by the name Etherealize — \u003ca href=\"https://x.com/Etherealize_io/status/1882213980858642599\"\u003eemerged\u003c/a\u003e from stealth.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe new organization, which calls itself an “institutional marketing and product arm for the Ethereum ecosystem,” will be a resource for TradFi. The team of eight is led by \u003ca href=\"https://x.com/VivekVentures/status/1882214791198175537\"\u003eVivek Raman\u003c/a\u003e, who previously headed AI and crypto investment banking at BitOoda. Raman also had trading experience at Nomura, Deutsche Bank, UBS, and Morgan Stanley.\u003c/p\u003e\n\n\n\n\u003cp\u003eGrant Hummer, James Fickel and Philipp Muens are also signed on.\u003c/p\u003e\n\n\n\n\u003cp\u003eIn its kick-off, Etherealize \u003ca href=\"https://x.com/Etherealize_io/status/1882213986965565918\"\u003esounded\u003c/a\u003e “a note of gratitude for the [EF], who has ushered the growth of a new global economy.” It added: “The EF cannot — and should not — do it all. We’re here to help.”\u003c/p\u003e\n\n\n\n\u003cp\u003eNow, many of the same folks who’ve been calling for \u003ca href=\"https://blockworks.co/news/ethereum-scaling-progress-and-leadership\"\u003ea leadership change\u003c/a\u003e at the EF are \u003ca href=\"https://x.com/iamDCinvestor/status/1882231601867944133\"\u003erallying\u003c/a\u003e behind the new group. Some, who just this week were removing .eth from their X names, have \u003ca href=\"https://x.com/antiprosynth/status/1882426645388337538\"\u003edone\u003c/a\u003e an about-face.\u003c/p\u003e\n\n\n\n\u003cp\u003eAs a content hub, the new website features half a dozen \u003ca href=\"https://dashboard.etherealize.io/\"\u003einteractive graphs\u003c/a\u003e and four blog posts credited to Ramen. The content positions Ethereum as the leading blockchain platform for institutional adoption due to its security, decentralization and regulatory clarity as a commodity with \u003ca href=\"https://blockworks.co/news/ether-etfs-approved-for-us-exchange-july-23\"\u003eapproved ETFs\u003c/a\u003e. It promotes both the store of value role and rollups as scalable and efficient platforms to meet institutional needs.\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003ca href=\"https://www.etherealize.io/content/eth-a-store-of-value-with-cash-flow\"\u003eETH’s staking yields\u003c/a\u003e and active asset tokenization platform rounds out the \u003ca href=\"https://www.etherealize.io/content/why-are-institutions-tokenizing-assets-on-ethereum\"\u003epitch\u003c/a\u003e to TradFi players.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAave founder Stani Kulechov \u003ca href=\"https://x.com/StaniKulechov/status/1882404776815755536\"\u003esaid\u003c/a\u003e, “it makes sense to double down on institutions, especially as most of the DeFi is on Ethereum.”\u003c/p\u003e\n\n\n\n\u003cp\u003eWhile the Etherealize debut is likely to placate the EF’s more \u003ca href=\"https://blockworks-research.beehiiv.com/p/steering-the-ship\"\u003estrident critics\u003c/a\u003e in the short term, the real test will be if the org can make a dent in the current narrative of Ethereum leadership being out of touch and uncompetitive. The mood is no doubt partly a function of ETH’s underperformance, which has touched a four-year low against bitcoin in recent days.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","Business"],"primaryTag":"0xResearch Newsletter","tags":["0xResearch Newsletter","ETH","Ethereum","TradFi"],"customFields":{"display_options":[]},"meta":{"title":"Ethereum’s ‘second foundation’ was a ruse — then Etherealize launched","description":"An EF-backed group focused on institutional adoption wants to be a resource for TradFi.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/ethereum-foundation-tradfi-push","og_locale":"en_US","og_type":"article","og_title":"Ethereum’s ‘second foundation’ was a ruse — then Etherealize launched","og_description":"An EF-backed group focused on institutional adoption wants to be a resource for TradFi.","og_url":"https://blockworks.co/news/ethereum-foundation-tradfi-push","og_site_name":"Blockworks","article_published_time":"2025-01-23T18:00:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/ethereum-purple-1.jpg","type":"image/jpeg"}],"author":"Macauley Peterson","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/yeluacaM","twitter_misc":{"Written by":"Macauley Peterson","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/ethereum-foundation-tradfi-push","url":"https://blockworks.co/news/ethereum-foundation-tradfi-push","name":"Ethereum’s ‘second foundation’ was a ruse — then Etherealize launched","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/ethereum-foundation-tradfi-push#primaryimage"},"image":{"@id":"https://blockworks.co/news/ethereum-foundation-tradfi-push#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/ethereum-purple-1.jpg","datePublished":"2025-01-23T18:00:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4"},"description":"An EF-backed group focused on institutional adoption wants to be a resource for TradFi.","breadcrumb":{"@id":"https://blockworks.co/news/ethereum-foundation-tradfi-push#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/ethereum-foundation-tradfi-push"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/ethereum-foundation-tradfi-push#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/ethereum-purple-1.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/ethereum-purple-1.jpg","width":1600,"height":900,"caption":"Akif CUBUK/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/ethereum-foundation-tradfi-push#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Ethereum’s ‘second foundation’ was a ruse — then Etherealize launched"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4","name":"Macauley Peterson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Peterson-Twitter_sm.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Peterson-Twitter_sm.jpg","caption":"Macauley Peterson"},"description":"Macauley was an editor and content creator in the professional chess world for 14 years. Prior to joining Blockworks, he researched stablecoins, decentralized finance and central bank digital currencies at Bucerius Law School (Master in Law and Business, 2020). He also holds an MA in Film Studies; film credits include Associate Producer of the 2016 Netflix feature documentary, \"Magnus\" about World Chess Champion Magnus Carlsen.","sameAs":["https://www.linkedin.com/in/macauleypeterson/","https://x.com/https://twitter.com/yeluacaM"],"url":"https://blockworks.co/news/author/macauleypeterson"}]}},"authors":[{"title":"Macauley Peterson","id":32,"slug":"macauleypeterson","image_url":""}],"blurhash":null},{"slug":"ethereum-native-rollups-scalability","id":96494,"permalink":"/news/ethereum-native-rollups-scalability","title":"Ethereum’s native rollups promise trustless scalability","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/justin-drake.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/justin-drake.jpg","caption":"\u003cp\u003eEthereum researcher Justin Drake | Permissionless II by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Wed, 22 Jan 2025 16:53:49 GMT","publishedAt":"Wed, 22 Jan 2025 18:00:00 GMT","publishedAtTimestamp":1737568800,"excerpt":"By leveraging L1 validators for proofing and execution, native rollups remove the need for centralized sequencers and complex governance","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/research\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eThe Ethereum Foundation is going through a bit of civil unrest, but work on the world computer continues.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eEthereum researcher Justin Drake published on the \u003ca href=\"https://ethresear.ch/t/native-rollups-superpowers-from-l1-execution/21517\"\u003eethresearch\u003c/a\u003e forums yesterday a compilation article on a new rollup design known as “native rollups.”\u003c/p\u003e\n\n\n\n\u003cp\u003eIf you’re non-technical like I am, keeping up with Ethereum’s ever-changing landscape of rollup designs is tedious — let alone keeping up with its entire infrastructural stack.\u003c/p\u003e\n\n\n\n\u003cp\u003eBut the simplest way to think about native rollups is that it relies on Ethereum L1 validators for proving, i.e., state transition function and validation.\u003c/p\u003e\n\n\n\n\u003cp\u003eThis contrasts with optimistic rollups (e.g., Optimism, Arbitrum) or zk-rollups (e.g. Starknet, ZKsync) that push the computational burden of execution to an L2 before relying on a fraud or zk proof system to generate a state root and proof which settles back on mainnet.\u003c/p\u003e\n\n\n\n\u003cp\u003eThese proof systems are code-heavy and subject to bugs and other vulnerabilities, which is why rollup sequencers — the entity that orders transactions on an L2 — have historically been centralized. Complaints about sequencer centralization in turn have spurred “based” rollup designs like Taiko that rely on Ethereum L1 validators to perform sequencing (you can read all about it \u003ca href=\"https://blockworks.co/news/unpacking-the-based-rollups-debate\"\u003ehere\u003c/a\u003e).\u003c/p\u003e\n\n\n\n\u003cp\u003eBut back to native rollups. Drake’s proposal suggests introducing an “execute” precompile — a hardcoded function into the EVM — that will verify EVM state transitions of users’ transactions. This achieves a few breakthroughs:\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003eNative rollups no longer need to invest in and maintain expensive prover networks of miners with specialized GPU hardware since proving would be handled and enforced by L1 validators.\u003c/li\u003e\n\n\n\n\u003cli\u003eNative rollups no longer need to maintain complex governance structures involving trusted security councils to approve contract upgrades in order to achieve EVM-equivalency.\u003c/li\u003e\n\u003c/ul\u003e\n\n\n\n\u003cp\u003eBoth of these unlocks in effect make native rollups “trustless” by inheriting the security of Ethereum L1.\u003c/p\u003e\n\n\n\n\u003cp\u003eFinally, like based rollups, native rollups would enjoy “synchronous composability,” which refers to the ability of onchain transactions to be composable across different rollup chains, rather than being fragmented. The return to seamless fungibility of assets across L1 and L2 chains would solve the longstanding UX problem of constant bridging across chains.\u003c/p\u003e\n\n\n\n\u003cp\u003eUnlike based rollups, however, native rollup execution will not be constrained by the 12-second block time. Thanks to the “execute” precompile, L1 validators will only need to verify zk proofs without having to perform computation themselves.\u003c/p\u003e\n\n\n\n\u003cp\u003eCould native rollups mitigate the problem of ETH value accrual? Perhaps.\u003c/p\u003e\n\n\n\n\u003cp\u003eAs I understand it, validators would enforce execution with the new precompile, which would make ETH necessary for transaction settlement.\u003c/p\u003e\n\n\n\n\u003cp\u003eSecond, the elimination of L2 governance (and its tokens) could redirect value back to ETH as the primary value sink.\u003c/p\u003e\n\n\n\n\u003cp\u003eNative rollups represent yet another incremental but pivotal step toward reinforcing Ethereum\u0026#8217;s value proposition and ETH’s role as the foundation of the decentralized ecosystem.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","DeFi"],"primaryTag":"0xResearch Newsletter","tags":["0xResearch Newsletter","Ethereum","rollups","scaling"],"customFields":{"display_options":[]},"meta":{"title":"Ethereum’s native rollups promise trustless scalability","description":"By leveraging L1 validators for proofing and execution, native rollups remove the need for centralized sequencers and complex governance.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/ethereum-native-rollups-scalability","og_locale":"en_US","og_type":"article","og_title":"Ethereum’s native rollups promise trustless scalability","og_description":"By leveraging L1 validators for proofing and execution, native rollups remove the need for centralized sequencers and complex governance.","og_url":"https://blockworks.co/news/ethereum-native-rollups-scalability","og_site_name":"Blockworks","article_published_time":"2025-01-22T18:00:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/justin-drake.jpg","type":"image/jpeg"}],"author":"Donovan Choy","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Donovan Choy","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/ethereum-native-rollups-scalability","url":"https://blockworks.co/news/ethereum-native-rollups-scalability","name":"Ethereum’s native rollups promise trustless scalability","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/ethereum-native-rollups-scalability#primaryimage"},"image":{"@id":"https://blockworks.co/news/ethereum-native-rollups-scalability#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/justin-drake.jpg","datePublished":"2025-01-22T18:00:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db"},"description":"By leveraging L1 validators for proofing and execution, native rollups remove the need for centralized sequencers and complex governance.","breadcrumb":{"@id":"https://blockworks.co/news/ethereum-native-rollups-scalability#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/ethereum-native-rollups-scalability"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/ethereum-native-rollups-scalability#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/justin-drake.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/justin-drake.jpg","width":1600,"height":900,"caption":"Ethereum researcher Justin Drake | Permissionless II by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/ethereum-native-rollups-scalability#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Ethereum’s native rollups promise trustless scalability"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db","name":"Donovan Choy","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","caption":"Donovan Choy"},"description":"Donovan is a reporter based in Singapore. He previously worked in editorial at Bankless and is a huge fan of spaghetti Westerns and the Wu-Tang Clan. Contact Donovan at donovan@blockworks.co.","url":"https://blockworks.co/news/author/donovan-choy"}]}},"authors":[{"title":"Donovan Choy","id":390,"slug":"donovan-choy","image_url":""}],"blurhash":null},{"slug":"unlimited-leverage-dex-base","id":96439,"permalink":"/news/unlimited-leverage-dex-base","title":"‘Unlimited leverage, no liquidation’ DEX launches on Base","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/infinitypools.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/infinitypools.jpg","caption":"\u003cp\u003eInfinityPools and Adobe stock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Tue, 21 Jan 2025 16:56:04 GMT","publishedAt":"Tue, 21 Jan 2025 19:00:00 GMT","publishedAtTimestamp":1737486000,"excerpt":"Two pools are live on InfinityPools with sUSDe and wstETH collateral","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/research\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eLaunched last Friday, \u003ca href=\"https://docs.infinitypools.finance/protocol-overview/introduction\"\u003eInfinityPools\u003c/a\u003e is a new DEX on Base that offers unlimited leverage and no liquidations.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eHow does it work?\u003c/p\u003e\n\n\n\n\u003cp\u003eTo perform leveraged trades, InfinityPool traders take out loans in the form of Univ3-style concentrated AMM liquidity, as opposed to traditional stablecoin loans for margin trading. This is the crux of InfinityPool’s unique liquidation mechanism: Traders have the guaranteed option to sell their borrowed collateral back to the pool at a fixed price regardless of how much market prices fall (like a put option), thereby capping their losses at their initial deposits.\u003c/p\u003e\n\n\n\n\u003cp\u003eFor example, a trader wants to take a leveraged trade on ETH, so they borrow liquidity designed to protect against a 10% price drop. If ETH falls below the 10% threshold, they can simply return the borrowed ETH to settle the loan, and traders can’t lose more than their deposit.\u003c/p\u003e\n\n\n\n\u003cp\u003eInfinityPools has currently two live pools — sUSDe/USDC and sUSDE/wstETH — with about $2 million in TVL on each pool. The first pool is offering ENA rewards, while the latter is offering LDO rewards.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"\u003e\u003cdiv class=\"wp-block-embed__wrapper\"\u003e\n\u003cblockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"\u003e\u003cp lang=\"en\" dir=\"ltr\"\u003eGreat to see \u003ca href=\"https://twitter.com/InfPools?ref_src=twsrc%5Etfw\"\u003e@InfPools\u003c/a\u003e launch on \u003ca href=\"https://twitter.com/base?ref_src=twsrc%5Etfw\"\u003e@base\u003c/a\u003e.\u003cbr\u003e\u003cbr\u003eJust noting an interesting strategy that a few wallets have demonstrated:\u003cbr\u003e\u003cbr\u003e1. Borrow USDC at a fixed rate on Size \u003ca href=\"https://twitter.com/SizeCredit?ref_src=twsrc%5Etfw\"\u003e@SizeCredit\u003c/a\u003e \u003cbr\u003e2. Swap half into sUSDe on IP (Inf. Pools)\u003cbr\u003e3. LP on IP\u003cbr\u003e\u003cbr\u003eResult: farm an early protocol launch with a fixed cost…\u003c/p\u003e\u0026mdash; Jason Gao (@ancap_gao) \u003ca href=\"https://twitter.com/ancap_gao/status/1880279951334572389?ref_src=twsrc%5Etfw\"\u003eJanuary 17, 2025\u003c/a\u003e\u003c/blockquote\u003e\u003cscript async src=\"https://platform.twitter.com/widgets.js\" charset=\"utf-8\"\u003e\u003c/script\u003e\n\u003c/div\u003e\u003c/figure\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","DeFi"],"primaryTag":"0xResearch Newsletter","tags":["0xResearch Newsletter","Base","DEXs"],"customFields":{"display_options":[]},"meta":{"title":"'Unlimited leverage, no liquidation' DEX launches on Base","description":"Two pools are live on InfinityPools with sUSDe and wstETH collateral.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/unlimited-leverage-dex-base","og_locale":"en_US","og_type":"article","og_title":"'Unlimited leverage, no liquidation' DEX launches on Base","og_description":"Two pools are live on InfinityPools with sUSDe and wstETH collateral.","og_url":"https://blockworks.co/news/unlimited-leverage-dex-base","og_site_name":"Blockworks","article_published_time":"2025-01-21T19:00:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/infinitypools.jpg","type":"image/jpeg"}],"author":"Donovan Choy","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Donovan Choy","Est. reading time":"2 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/unlimited-leverage-dex-base","url":"https://blockworks.co/news/unlimited-leverage-dex-base","name":"'Unlimited leverage, no liquidation' DEX launches on Base","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/unlimited-leverage-dex-base#primaryimage"},"image":{"@id":"https://blockworks.co/news/unlimited-leverage-dex-base#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/infinitypools.jpg","datePublished":"2025-01-21T19:00:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db"},"description":"Two pools are live on InfinityPools with sUSDe and wstETH collateral.","breadcrumb":{"@id":"https://blockworks.co/news/unlimited-leverage-dex-base#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/unlimited-leverage-dex-base"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/unlimited-leverage-dex-base#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/infinitypools.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/infinitypools.jpg","width":1600,"height":900,"caption":"InfinityPools and Adobe stock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/unlimited-leverage-dex-base#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"\u0026#8216;Unlimited leverage, no liquidation\u0026#8217; DEX launches on Base"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db","name":"Donovan Choy","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","caption":"Donovan Choy"},"description":"Donovan is a reporter based in Singapore. He previously worked in editorial at Bankless and is a huge fan of spaghetti Westerns and the Wu-Tang Clan. Contact Donovan at donovan@blockworks.co.","url":"https://blockworks.co/news/author/donovan-choy"}]}},"authors":[{"title":"Donovan Choy","id":390,"slug":"donovan-choy","image_url":""}],"blurhash":null},{"slug":"ethereum-foundation-governance-debate","id":96434,"permalink":"/news/ethereum-foundation-governance-debate","title":"Ethereum leadership and scaling debates heat up","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/eth-purple.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/eth-purple.jpg","caption":"\u003cp\u003eMia Stendal/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Tue, 21 Jan 2025 21:39:07 GMT","publishedAt":"Tue, 21 Jan 2025 18:00:00 GMT","publishedAtTimestamp":1737482400,"excerpt":"Key figures including Vitalik Buterin struggle to communicate the network’s core mission in an era of memecoin-minimized attention spans","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/research\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eOvershadowed by this weekend’s \u003ca href=\"https://blockworks.co/news/trump-token-sets-tone-for-crypto\"\u003eTrump meme mania\u003c/a\u003e, the ongoing debates surrounding Ethereum\u0026#8217;s future have reached fever pitch. The public discussion highlights divides between parts of the community and the Ethereum Foundation (EF). Debates touch on governance, the network’s scalability roadmap and long-term vision.\u003c/p\u003e\n\n\n\n\u003cp\u003eOne key area of debate is the \u003ca href=\"https://blockworks.co/news/ethereum-scaling-progress-and-leadership\"\u003egovernance of the EF\u003c/a\u003e. Critics argue that the EF\u0026#8217;s internal structure may not be suitable for the current era. Despite its mission to decentralize, the foundation\u0026#8217;s current centralized decision-making invites critiques of its responsiveness to competitive threats and evolving narratives.\u003c/p\u003e\n\n\n\n\u003cp\u003eIronically, much of the strident criticism against current executive director Aya Miyaguchi stems from a mistranslation of comments she made in a Japanese interview, which has caused considerable misunderstanding and misrepresentation of her views.\u003c/p\u003e\n\n\n\n\u003cp\u003eVitalik Buterin himself and other community members have \u003ca href=\"https://x.com/VitalikButerin/status/1881680522159833329\"\u003ecalled attention\u003c/a\u003e to the issue, emphasizing the distinction between the original Japanese article and the version promulgated on Crypto Twitter — which wrongly claimed Miyaguchi said \u0026#8220;competing and winning” are values antithetical to Ethereum culture. (They are not.)\u003c/p\u003e\n\n\n\n\u003cp\u003eThe mistranslation is so blatant, it’s hard to imagine it wasn’t intentional. These errors in translation have fueled online bullying, which has continued despite the clarification.\u003c/p\u003e\n\n\n\n\u003cp\u003eSome commentary has grown toxic enough to spook core devs, with pseudonymous Prysm developer Potuz \u003ca href=\"https://x.com/potuz_eth/status/1881681162340548751\"\u003ecommenting\u003c/a\u003e on the broader sentiment: “Reading twitter these last few days has made me feel that either I should just log off and keep coding or leave the space altogether.”\u003c/p\u003e\n\n\n\n\u003cp\u003eHow best to articulate Ethereum\u0026#8217;s core mission is another sore spot. On one side, those who emphasize Ethereum as a settlement layer argue that a strong monetary premium is essential for network security. On the other side, voices like Martin Koeppelmann \u003ca href=\"https://x.com/koeppelmann/status/1881605896070967462\"\u003eadvocate\u003c/a\u003e for positioning Ethereum as a \u0026#8220;world computer,\u0026#8221; with a focus on transaction capacity and total fees as the main indicators of success. Such voices view ETH as “money” secondarily.\u003c/p\u003e\n\n\n\n\u003cp\u003eEthereum’s scalability plan via rollups continues to be questioned. We’re seeing a fresh batch of calls for more ambitious strategies to scale Ethereum mainnet — this time from within the EF itself.\u003c/p\u003e\n\n\n\n\u003cp\u003e\u0026#8220;If Ethereum wants to win, we need to be ambitious,” Dankrad Feist \u003ca href=\"https://x.com/dankrad/status/1881387224350052528\"\u003ewrote\u003c/a\u003e Monday on X.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAchieving bandwidth goals by 2026 is crucial, he argued. \u0026#8220;We need to get to our current target of one megabyte per second in 1–2 years rather than 5, and then KEEP GOING.”\u003c/p\u003e\n\n\n\n\u003cp\u003eThat the status quo won’t cut it seems to be the emerging consensus.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","DeFi"],"primaryTag":"","tags":[],"customFields":{"display_options":[]},"meta":{"title":"Ethereum leadership and scaling debates heat up","description":"Key figures including Vitalik Buterin struggle to communicate the network's core mission in an era of memecoin-minimized attention spans.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/ethereum-foundation-governance-debate","og_locale":"en_US","og_type":"article","og_title":"Ethereum leadership and scaling debates heat up","og_description":"Key figures including Vitalik Buterin struggle to communicate the network's core mission in an era of memecoin-minimized attention spans.","og_url":"https://blockworks.co/news/ethereum-foundation-governance-debate","og_site_name":"Blockworks","article_published_time":"2025-01-21T18:00:00+00:00","article_modified_time":"2025-01-21T21:39:07+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/eth-purple.jpg","type":"image/jpeg"}],"author":"Macauley Peterson","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/yeluacaM","twitter_misc":{"Written by":"Macauley Peterson","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/ethereum-foundation-governance-debate","url":"https://blockworks.co/news/ethereum-foundation-governance-debate","name":"Ethereum leadership and scaling debates heat up","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/ethereum-foundation-governance-debate#primaryimage"},"image":{"@id":"https://blockworks.co/news/ethereum-foundation-governance-debate#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/eth-purple.jpg","datePublished":"2025-01-21T18:00:00+00:00","dateModified":"2025-01-21T21:39:07+00:00","author":{"@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4"},"description":"Key figures including Vitalik Buterin struggle to communicate the network's core mission in an era of memecoin-minimized attention spans.","breadcrumb":{"@id":"https://blockworks.co/news/ethereum-foundation-governance-debate#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/ethereum-foundation-governance-debate"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/ethereum-foundation-governance-debate#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/eth-purple.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/eth-purple.jpg","width":1600,"height":900,"caption":"Mia Stendal/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/ethereum-foundation-governance-debate#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Ethereum leadership and scaling debates heat up"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4","name":"Macauley Peterson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Peterson-Twitter_sm.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Peterson-Twitter_sm.jpg","caption":"Macauley Peterson"},"description":"Macauley was an editor and content creator in the professional chess world for 14 years. Prior to joining Blockworks, he researched stablecoins, decentralized finance and central bank digital currencies at Bucerius Law School (Master in Law and Business, 2020). He also holds an MA in Film Studies; film credits include Associate Producer of the 2016 Netflix feature documentary, \"Magnus\" about World Chess Champion Magnus Carlsen.","sameAs":["https://www.linkedin.com/in/macauleypeterson/","https://x.com/https://twitter.com/yeluacaM"],"url":"https://blockworks.co/news/author/macauleypeterson"}]}},"authors":[{"title":"Macauley Peterson","id":32,"slug":"macauleypeterson","image_url":""}],"blurhash":null},{"slug":"trump-memecoins-rock-solana","id":96401,"permalink":"/news/trump-memecoins-rock-solana","title":"Trump memecoins rock Solana","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://cms.blockworks.co/wp-content/uploads/2025/01/donald-trump-arms-.webp","thumbnail":{"url":"https://cms.blockworks.co/wp-content/uploads/2025/01/donald-trump-arms-.webp","caption":"\u003cp\u003eFormer President Donald Trump | Muhammad Aamir Sumsum/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Mon, 20 Jan 2025 17:35:38 GMT","publishedAt":"Mon, 20 Jan 2025 17:30:28 GMT","publishedAtTimestamp":1737394228,"excerpt":"Solana sees new highs in SOL prices, DEX volumes and REV","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/research\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eTalk about a crazy weekend in crypto!\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eHere’s what played out over the weekend leading to Trump’s inauguration today:\u003c/p\u003e\n\n\n\n\u003col class=\"wp-block-list\"\u003e\n\u003cli\u003eTrump launches the TRUMP memecoin (with an egregious \u003ca href=\"https://x.com/martypartymusic/status/1880511255103844602\"\u003e80% insider allocation\u003c/a\u003e) on Friday, catapulting to a $14 billion market cap — and $50+ billion fully-diluted valuation — over the next 33 hours.\u003c/li\u003e\n\n\n\n\u003cli\u003eOn Sunday evening, Melania Trump \u003ca href=\"https://x.com/MELANIATRUMP/status/1881094861279129643\"\u003eannounced\u003c/a\u003e on her Twitter page the launch of her own MELANIA memecoin. It’s not clear if these are created by the same teams, though Anthony Pompliano \u003ca href=\"https://x.com/APompliano/status/1881139314832359566\"\u003eclaims\u003c/a\u003e they are not.\u003c/li\u003e\n\n\n\n\u003cli\u003eTRUMP cratered 50%, and MELANIA soared to a $13 billion market cap in four hours (Crypto Twitter laughs up an imminent divorce).\u003c/li\u003e\n\n\n\n\u003cli\u003eSOL places new time-highs again at $292.\u003c/li\u003e\n\n\n\n\u003cli\u003eCrypto speculators are feverishly awaiting the rest of the “\u003ca href=\"https://x.com/clairekart/status/1881235816527397231\"\u003eroadmap\u003c/a\u003e” involving tokens from the rest of the Trump family.\u003c/li\u003e\n\u003c/ol\u003e\n\n\n\n\u003cp\u003eAmid the frenzy to ape onchain, Solana the network did not go down, though many key infrastructural stacks suffered instabilities.\u003c/p\u003e\n\n\n\n\u003cp\u003eJito’s block engine, which provides off-chain auctions for MEV protection, saw a brief three-hour window where transactions couldn’t be submitted. Median priority fees (tips) rocketed in this period.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"\u003e\u003cdiv class=\"wp-block-embed__wrapper\"\u003e\n\u003cblockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"\u003e\u003cp lang=\"en\" dir=\"ltr\"\u003eYep\u003cbr\u003e\u003cbr\u003eDuring today\u0026#39;s chaos, Jito experienced severe degradation \u0026#8212; namely a 3 hour window following the melania token launch where Jito transaction submission was effectively broken\u003cbr\u003e\u003cbr\u003eDuring this window: \u003cbr\u003e\u0026#8211; median prio fee jumped 5000x\u003cbr\u003e\u0026#8211; transaction count fell 66% (reverts stayed… \u003ca href=\"https://t.co/ODd1pnvm5s\"\u003ehttps://t.co/ODd1pnvm5s\u003c/a\u003e \u003ca href=\"https://t.co/z1SLithW7h\"\u003epic.twitter.com/z1SLithW7h\u003c/a\u003e\u003c/p\u003e\u0026mdash; Dan Smith (@smyyguy) \u003ca href=\"https://twitter.com/smyyguy/status/1881191943675219996?ref_src=twsrc%5Etfw\"\u003eJanuary 20, 2025\u003c/a\u003e\u003c/blockquote\u003e\u003cscript async src=\"https://platform.twitter.com/widgets.js\" charset=\"utf-8\"\u003e\u003c/script\u003e\n\u003c/div\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eMany users on Phantom wallet \u003ca target=\"_blank\" rel=\"noreferrer noopener\" href=\"https://x.com/R89Capital/status/1881114518291710362\"\u003ereported\u003c/a\u003e wallet loading failures and inability to send transactions, due to \u003ca target=\"_blank\" rel=\"noreferrer noopener\" href=\"https://x.com/phantom/status/1881112436549599328\"\u003ea high amount\u003c/a\u003e of transaction requests. Phantom claims there were at least 10 million transactions processed on Sunday.\u003c/p\u003e\n\n\n\n\u003cp\u003eJupiter exchange founder \u003ca target=\"_blank\" rel=\"noreferrer noopener\" href=\"https://x.com/weremeow/status/1881166068196233399\"\u003esays\u003c/a\u003e its price API and quoting engine were temporarily disrupted.\u003c/p\u003e\n\n\n\n\u003cp\u003eUsers also \u003ca target=\"_blank\" rel=\"noreferrer noopener\" href=\"https://x.com/KookCapitalLLC/status/1881293403012690067\"\u003ereported\u003c/a\u003e long wait times for transfers from Coinbase to Solana, or frozen withdrawals from Binance.\u003c/p\u003e\n\n\n\n\u003cp\u003eSolana daily DEX volumes shot up from $6 million (Friday) to $28 million (Saturday) and $39 million on Sunday.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXc83SjbsmdyD-7nQlPDuJg6AOrmzBdcSPsTqyQ_0eQeKn17jO_Xfpxb-hwx_E0M-0Qi9VvChaq3kpIcCum-zGFjEx9hMG8Np5ZZ0cHt_vaa9LnKhfBOgFCs6BIO4EAAD6fLq8zqUQ?key=rHxXDmnAl21ExxFmkBexQWzW\" alt=\"\"/\u003e\u003cfigcaption class=\"wp-element-caption\"\u003eSource: \u003ca href=\"https://app.blockworksresearch.com/analytics/sol?dashboard=sol-financial\"\u003eBlockworks Research\u003c/a\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eImpact on Solana’s onchain metrics\u003c/h2\u003e\n\n\n\n\u003cp\u003eSolana’s real economic value (REV), defined as all fees (including MEV tips) users are paying to transact onchain, spiked to $57 million on Sunday.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXf97KewAucxHHZkz2O2m-fd3zck9YYTU7T0MYxbUmw4nrBjzH4O6vlokB9IUuzHYpJ9jg4UTyKGZaTJKAtH1LjpmHyp6xElZ9L0rRoqZTGCWpwVLwck5yMMyOS3IyqHJKbOzhMhlw?key=rHxXDmnAl21ExxFmkBexQWzW\" alt=\"\"/\u003e\u003cfigcaption class=\"wp-element-caption\"\u003eSource: \u003ca href=\"https://app.blockworksresearch.com/analytics/sol?dashboard=sol-financial\"\u003eBlockworks Research\u003c/a\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eIn sum, onchain speculators have a lot of fun gambling, Solana takes a big win, while Nic Carter calls the memecoin launch “\u003ca href=\"https://x.com/nic__carter/status/1881129532981444999\"\u003epreposterous\u003c/a\u003e,” and Alex Becker calls it “\u003ca href=\"https://x.com/ZssBecker/status/1881097888157364522\"\u003eembarrassing for the United States\u003c/a\u003e.”\u003c/p\u003e\n\n\n\n\u003cp\u003eProponents of the metaphorical “\u003ca href=\"https://x.com/BobLoukas/status/1880587393402867777\"\u003esimulation\u003c/a\u003e” definitely got a boost.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","DeFi"],"primaryTag":"0xResearch Newsletter","tags":["0xResearch Newsletter","Donald Trump","Melania Trump","meme coins","Solana"],"customFields":{"display_options":[]},"meta":{"title":"Trump memecoins rock Solana","description":"Solana sees new highs in SOL prices, DEX volumes and REV","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/trump-memecoins-rock-solana","og_locale":"en_US","og_type":"article","og_title":"Trump memecoins rock Solana","og_description":"Solana sees new highs in SOL prices, DEX volumes and REV","og_url":"https://blockworks.co/news/trump-memecoins-rock-solana","og_site_name":"Blockworks","article_published_time":"2025-01-20T17:30:28+00:00","article_modified_time":"2025-01-20T17:35:38+00:00","og_image":[{"width":1600,"height":900,"url":"https://cms.blockworks.co/wp-content/uploads/2025/01/donald-trump-arms-.webp","type":"image/webp"}],"author":"Donovan Choy","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Donovan Choy","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/trump-memecoins-rock-solana","url":"https://blockworks.co/news/trump-memecoins-rock-solana","name":"Trump memecoins rock Solana","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/trump-memecoins-rock-solana#primaryimage"},"image":{"@id":"https://blockworks.co/news/trump-memecoins-rock-solana#primaryimage"},"thumbnailUrl":"https://cms.blockworks.co/wp-content/uploads/2025/01/donald-trump-arms-.webp","datePublished":"2025-01-20T17:30:28+00:00","dateModified":"2025-01-20T17:35:38+00:00","author":{"@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db"},"description":"Solana sees new highs in SOL prices, DEX volumes and REV","breadcrumb":{"@id":"https://blockworks.co/news/trump-memecoins-rock-solana#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/trump-memecoins-rock-solana"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/trump-memecoins-rock-solana#primaryimage","url":"https://cms.blockworks.co/wp-content/uploads/2025/01/donald-trump-arms-.webp","contentUrl":"https://cms.blockworks.co/wp-content/uploads/2025/01/donald-trump-arms-.webp","width":1600,"height":900,"caption":"Former President Donald Trump | Muhammad Aamir Sumsum/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/trump-memecoins-rock-solana#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Trump memecoins rock Solana"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db","name":"Donovan Choy","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","caption":"Donovan Choy"},"description":"Donovan is a reporter based in Singapore. He previously worked in editorial at Bankless and is a huge fan of spaghetti Westerns and the Wu-Tang Clan. Contact Donovan at donovan@blockworks.co.","url":"https://blockworks.co/news/author/donovan-choy"}]}},"authors":[{"title":"Donovan Choy","id":390,"slug":"donovan-choy","image_url":""}],"blurhash":null},{"slug":"ethereum-scaling-progress-and-leadership","id":96350,"permalink":"/news/ethereum-scaling-progress-and-leadership","title":"Pectra progress: Gas refunds, audits and Ethereum leadership talk","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/ethereum-blue.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/ethereum-blue.jpg","caption":"\u003cp\u003eMia Stendal/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 17 Jan 2025 16:57:27 GMT","publishedAt":"Fri, 17 Jan 2025 18:00:00 GMT","publishedAtTimestamp":1737136800,"excerpt":"Ethereum’s scaling improvements are progressing as testnets approach, while Danny Ryan’s EF leadership candidacy gains momentum","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/research\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eIn the first ACD call of the year following the holiday break, Ethereum core developers were focused on tying up loose ends on the upcoming \u003ca href=\"https://blockworks.co/news/testing-bottleneck-next-ethereum-upgrade\"\u003ePectra hard fork\u003c/a\u003e.\u003c/p\u003e\n\n\n\n\u003cp\u003eDevnet 5, which went live shortly before the call, may be the last [network implemented] before moving on to the testnet phase, tentatively scheduled to begin in early February. System contracts for Pectra underwent bytecode audits, with all changes already implemented. A follow-up presentation on audit findings will occur in two weeks.\u003c/p\u003e\n\n\n\n\u003cp\u003eA significant part of the discussion focused on refining the gas refund mechanisms. \u003ca href=\"https://ethresear.ch/t/analyzing-eip-7623-increase-calldata-cost/19002\"\u003eEIP-7623\u003c/a\u003e, which aims to clarify the handling of gas refunds, was successfully merged, resolving issues with the order of gas refund application. A fix addresses a lingering point for Pectra, ensuring that transaction gas costs align with expected outcomes.\u003c/p\u003e\n\n\n\n\u003cp\u003eAnother key feature under scrutiny was EIP-7840, which pertains to \u003ca href=\"https://blockworks.co/news/ethereum-increases-gas-limit-pectra\"\u003ebase fee updates\u003c/a\u003e in Ethereum\u0026#8217;s future. Marek Moraczyński from the Nethermind team provided context for a proposal aiming to streamline configuration and bring consistency to Ethereum, enhancing network efficiency.\u003c/p\u003e\n\n\n\n\u003cp\u003eAs Ethereum looks to pick off any low-hanging fruit to help with scaling, other improvements are working their way toward developer consensus. One, related to \u003ca href=\"https://blockworks.co/news/ethereum-increases-gas-limit-pectra\"\u003eBLS precompilation\u003c/a\u003e gas costs under \u003ca href=\"https://typefully.com/LogarithmicRex/ethereum-upgrade-eip-2537-VvunN9Q\"\u003eEIP-2537\u003c/a\u003e, seeks to align gas constants with prior assumptions. Radek Zagórowicz from the Ipsilon team explained that “the easiest fix to the spec is\u0026#8230;correcting the constant so it follows their previous assumptions.” This adjustment ensures gas costs are consistent, aligning with Ethereum’s larger goal of efficient scalability.\u003c/p\u003e\n\n\n\n\u003cp\u003eGas limits on the \u003ca href=\"https://blockworks.co/news/ethereum-dencun-upgrade-progresses\"\u003eHolesky testnet\u003c/a\u003e were discussed, with a proposal to keep them elevated, relative to mainnet, for testing purposes. For instance, the gas limit would increase to 60 million after the Pectra fork, and progressively rise with each fork thereafter.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eWho should lead the EF?\u003c/h2\u003e\n\n\n\n\u003cp\u003eOutside of the day-to-day development, the Ethereum community is also rallying behind Danny Ryan as a strong candidate to lead the Ethereum Foundation (EF). His technical expertise, demonstrated during Ethereum’s transition to proof-of-stake, as well as his community-driven approach, have made him a well-regarded figure in the space.\u003c/p\u003e\n\n\n\n\u003cp\u003eAya Miyaguchi has been at the helm of the EF, serving as its executive director since 2018, but there’ve been a slew of calls on X for new leadership, many of which are in support of Ryan.\u003c/p\u003e\n\n\n\n\u003cp\u003eAnton Cheng \u003ca href=\"https://x.com/antonttc/status/1879719906058678519\"\u003eshared\u003c/a\u003e his story of how Ryan inspired him in 2019 by “[showing him] the path to Ethereum,” as a strong proponent of open-source software. The prominent, though pseudonymous, DCinvestor similarly \u003ca href=\"https://x.com/iamDCinvestor/status/1879694111348793634\"\u003eoutlined\u003c/a\u003e Ryan’s leadership qualities, noting his ability to lead through uncertainty and his deep technical understanding of Ethereum, two essential qualities as Ethereum navigates its scaling challenges.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eRyan, who \u003ca href=\"https://x.com/dannyryan/status/1834648555845271625\"\u003eleft\u003c/a\u003e the EF in September, has been \u003ca href=\"https://x.com/econoar/status/1879560601674121649\"\u003ereportedly\u003c/a\u003e interested in the EF role. He sounded a diplomatic note on X in a bid to head off any incivility:\u003c/p\u003e\n\n\n\n\u003cp\u003e“Regardless of the future of Ethereum — whether with or without me in any capacity — I want to state publicly and very clearly that I have nothing but respect and praise for [Miyagotchi\u0026#8217;s] leadership and friendship,” Ryan \u003ca href=\"https://x.com/dannyryan/status/1879705279761178690\"\u003ewrote\u003c/a\u003e.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","DeFi"],"primaryTag":"0xResearch Newsletter","tags":["0xResearch Newsletter","crypto hiring","Ethereum","scaling"],"customFields":{"display_options":[]},"meta":{"title":"Pectra progress: Gas refunds, audits and Ethereum leadership talk","description":"Ethereum’s scaling improvements are progressing as testnets approach, while Danny Ryan's EF leadership candidacy gains momentum.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/ethereum-scaling-progress-and-leadership","og_locale":"en_US","og_type":"article","og_title":"Pectra progress: Gas refunds, audits and Ethereum leadership talk","og_description":"Ethereum’s scaling improvements are progressing as testnets approach, while Danny Ryan's EF leadership candidacy gains momentum.","og_url":"https://blockworks.co/news/ethereum-scaling-progress-and-leadership","og_site_name":"Blockworks","article_published_time":"2025-01-17T18:00:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/ethereum-blue.jpg","type":"image/jpeg"}],"author":"Macauley Peterson","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/yeluacaM","twitter_misc":{"Written by":"Macauley Peterson","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/ethereum-scaling-progress-and-leadership","url":"https://blockworks.co/news/ethereum-scaling-progress-and-leadership","name":"Pectra progress: Gas refunds, audits and Ethereum leadership talk","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/ethereum-scaling-progress-and-leadership#primaryimage"},"image":{"@id":"https://blockworks.co/news/ethereum-scaling-progress-and-leadership#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/ethereum-blue.jpg","datePublished":"2025-01-17T18:00:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4"},"description":"Ethereum’s scaling improvements are progressing as testnets approach, while Danny Ryan's EF leadership candidacy gains momentum.","breadcrumb":{"@id":"https://blockworks.co/news/ethereum-scaling-progress-and-leadership#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/ethereum-scaling-progress-and-leadership"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/ethereum-scaling-progress-and-leadership#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/ethereum-blue.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/ethereum-blue.jpg","width":1600,"height":900,"caption":"Mia Stendal/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/ethereum-scaling-progress-and-leadership#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Pectra progress: Gas refunds, audits and Ethereum leadership talk"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4","name":"Macauley Peterson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Peterson-Twitter_sm.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Peterson-Twitter_sm.jpg","caption":"Macauley Peterson"},"description":"Macauley was an editor and content creator in the professional chess world for 14 years. Prior to joining Blockworks, he researched stablecoins, decentralized finance and central bank digital currencies at Bucerius Law School (Master in Law and Business, 2020). He also holds an MA in Film Studies; film credits include Associate Producer of the 2016 Netflix feature documentary, \"Magnus\" about World Chess Champion Magnus Carlsen.","sameAs":["https://www.linkedin.com/in/macauleypeterson/","https://x.com/https://twitter.com/yeluacaM"],"url":"https://blockworks.co/news/author/macauleypeterson"}]}},"authors":[{"title":"Macauley Peterson","id":32,"slug":"macauleypeterson","image_url":""}],"blurhash":null},{"slug":"transparency-of-btc-derivatives","id":96312,"permalink":"/news/transparency-of-btc-derivatives","title":"Risky business? Transparency in BTC-backed derivatives","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/btc-wall-orange.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/btc-wall-orange.jpg","caption":"\u003cp\u003eMany backgrounds/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Thu, 16 Jan 2025 17:01:00 GMT","publishedAt":"Thu, 16 Jan 2025 18:00:00 GMT","publishedAtTimestamp":1737050400,"excerpt":"SolvBTC has been under scrutiny leading up to the launch of its token, highlighting the liquidity risks of BTC derivatives","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/research\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eThe rise of “\u003ca href=\"https://blockworks.co/news/bitcoin-powerful-defi-potential\"\u003eBitcoin DeFi\u003c/a\u003e” on new networks looking to scale Bitcoin has primarily come through bitcoin-backed derivatives like SolvBTC.BBN and LBTC. These derivatives receive staking rewards from Babylon, offering new avenues for liquidity and yield generation. However, concerns about the transparency of these platforms, particularly regarding the management of bitcoin reserves, have sparked debate within the Bitcoin community.\u003c/p\u003e\n\n\n\n\u003cp\u003eA recent \u003ca href=\"https://x.com/trackoor/status/1875307649862135830\"\u003earticle\u003c/a\u003e by the co-founder of Nubit, known online as Hans, raised alarms about the potential for unbacked reserves and the inflation of total value locked (TVL) in platforms like Solv. These concerns highlight broader risks in the bitcoin-backed derivatives space, especially as market volatility persists.\u003c/p\u003e\n\n\n\n\u003cp\u003eSolvBTC is minted by depositing either BTC or flavors of wrapped bitcoin so that solvBTC tokens mirror the value of the BTC held in reserves 1:1.\u003c/p\u003e\n\n\n\n\u003cp\u003eBut after that, solvBTC can be moved freely across chains and apps, making it challenging to track TVL. That led to \u003ca href=\"https://x.com/trackoor/status/1875876403536953575\"\u003eallegations\u003c/a\u003e of double-counting solvBTC issuance.\u003c/p\u003e\n\n\n\n\u003cp\u003eSolv co-founder Ryan Chow \u003ca href=\"https://x.com/RyanChow_DeFi/status/1875414459747070086\"\u003ecalled\u003c/a\u003e the claims “a smear campaign, coordinated and orchestrated” by Solv’s competitors.\u003c/p\u003e\n\n\n\n\u003cp\u003eSolvBTC.BBN suffers from a liquidity discount which \u003ca href=\"https://x.com/januszg_/status/1876728550931190049\"\u003edeepened\u003c/a\u003e to 7% last week following a hack of the protocol’s X account.\u003c/p\u003e\n\n\n\n\u003cp\u003eSolv has \u003ca href=\"https://x.com/SolvProtocol/status/1876544783507988566\"\u003epledged\u003c/a\u003e to reimburse user funds lost as a result of the hack.\u003c/p\u003e\n\n\n\n\u003cp\u003eDespite these clarifications, the core issue remains that Solv, like other bitcoin-backed derivatives platforms, introduces additional layers of trust. While some transparency improvements are being made, the underlying reliance on centralized mechanisms to mint and manage bitcoin-backed derivatives adds risk for users. As @0xTindorr pointed out in an X \u003ca href=\"https://x.com/0xTindorr/status/1876479673154392268\"\u003ethread\u003c/a\u003e defending Solv, any bitcoin liquid staking tokens (LSTs) inherently carry additional risk.\u003c/p\u003e\n\n\n\n\u003cp\u003eAs the bitcoin-backed derivatives market continues to expand, ensuring these platforms are genuinely backed by reserves and thus remaining transparent will be crucial to maintaining trust and mitigating risks. Users must remain cautious, understanding that the promise of liquidity and yield often comes with hidden risks, especially when the backing of assets is unclear.\u003c/p\u003e\n\n\n\n\u003cp\u003eSolv Protocol’s native token, SOLV, is set to list Thursday on Binance with a total supply of 9.66 billion and an initial circulating supply of approximately 1.48 billion at time of listing. The token’s launch, which followed a points campaign, adds a new layer to the growing ecosystem of bitcoin-backed derivatives. It will be revealing to monitor performance in this space in light of the potential risks associated with Solv’s expanding offerings.\u003c/p\u003e\n\n\n\n\u003cp\u003eOther bitcoin derivative issuers, including Lombard and Bedrock, have been using points programs to entice deposits, often a prelude to launching a token.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","DeFi"],"primaryTag":"0xResearch Newsletter","tags":["0xResearch Newsletter","BTC","Derivatives"],"customFields":{"display_options":[]},"meta":{"title":"Risky business? Transparency in BTC-backed derivatives","description":"SolvBTC has been under scrutiny leading up to the launch of its token, highlighting the complexity and liquidity risks of BTC derivatives.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/transparency-of-btc-derivatives","og_locale":"en_US","og_type":"article","og_title":"Risky business? Transparency in BTC-backed derivatives","og_description":"SolvBTC has been under scrutiny leading up to the launch of its token, highlighting the complexity and liquidity risks of BTC derivatives.","og_url":"https://blockworks.co/news/transparency-of-btc-derivatives","og_site_name":"Blockworks","article_published_time":"2025-01-16T18:00:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/btc-wall-orange.jpg","type":"image/jpeg"}],"author":"Macauley Peterson","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/yeluacaM","twitter_misc":{"Written by":"Macauley Peterson","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/transparency-of-btc-derivatives","url":"https://blockworks.co/news/transparency-of-btc-derivatives","name":"Risky business? Transparency in BTC-backed derivatives","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/transparency-of-btc-derivatives#primaryimage"},"image":{"@id":"https://blockworks.co/news/transparency-of-btc-derivatives#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/btc-wall-orange.jpg","datePublished":"2025-01-16T18:00:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4"},"description":"SolvBTC has been under scrutiny leading up to the launch of its token, highlighting the complexity and liquidity risks of BTC derivatives.","breadcrumb":{"@id":"https://blockworks.co/news/transparency-of-btc-derivatives#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/transparency-of-btc-derivatives"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/transparency-of-btc-derivatives#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/btc-wall-orange.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/btc-wall-orange.jpg","width":1600,"height":900,"caption":"Many backgrounds/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/transparency-of-btc-derivatives#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Risky business? Transparency in BTC-backed derivatives"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4","name":"Macauley Peterson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Peterson-Twitter_sm.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Peterson-Twitter_sm.jpg","caption":"Macauley Peterson"},"description":"Macauley was an editor and content creator in the professional chess world for 14 years. Prior to joining Blockworks, he researched stablecoins, decentralized finance and central bank digital currencies at Bucerius Law School (Master in Law and Business, 2020). He also holds an MA in Film Studies; film credits include Associate Producer of the 2016 Netflix feature documentary, \"Magnus\" about World Chess Champion Magnus Carlsen.","sameAs":["https://www.linkedin.com/in/macauleypeterson/","https://x.com/https://twitter.com/yeluacaM"],"url":"https://blockworks.co/news/author/macauleypeterson"}]}},"authors":[{"title":"Macauley Peterson","id":32,"slug":"macauleypeterson","image_url":""}],"blurhash":null},{"slug":"soneium-mainnet-censorship-complaints","id":96265,"permalink":"/news/soneium-mainnet-censorship-complaints","title":"Sonieum launches mainnet to censorship complaints","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/NEW-LOGO-3.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/NEW-LOGO-3.jpg","caption":"\u003cp\u003eArtwork by Crystal Le\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Wed, 15 Jan 2025 17:55:37 GMT","publishedAt":"Wed, 15 Jan 2025 18:00:00 GMT","publishedAtTimestamp":1736964000,"excerpt":"The AIBO memecoin was blocked by Sonieum’s sequencer","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/research\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eSony launched its much-acclaimed Soneium L2 blockchain yesterday. It had a somewhat rocky start.\u003c/p\u003e\n\n\n\n\u003cp\u003eBuilt atop the OP Stack, \u003ca href=\"https://blockworks.co/news/sony-astar-ethereum-rollup-soneium\"\u003eSoneium\u003c/a\u003e is a joint venture launch by Sony Group and Startale Group. The latter previously launched the Astar Network L1 and the Astar L2 zkEVM.\u003c/p\u003e\n\n\n\n\u003cp\u003eSoneium’s “Minato” testnet began in August 2024 and drew over 1,700 applicants to its Spark \u003ca href=\"https://soneium.org/en/blog/meet-the-winners-of-soneium-spark-incubation/\"\u003eincubator\u003c/a\u003e, while garnering 47 million transactions over 14 million active wallets.\u003c/p\u003e\n\n\n\n\u003cp\u003eWhat’s placed Soneium in the Crypto Twitter limelight, however, are calls for the chain’s sequencer-level censorship.\u003c/p\u003e\n\n\n\n\u003cp\u003eMemecoins launched on the chain yesterday, such as AIBO, traded to a $2.7 million market cap high 13 hours after launch before being \u003ca href=\"https://x.com/PopPunkOnChain/status/1879066023875482041\"\u003ecensored\u003c/a\u003e by Soneium’s sequencer and blocked on the chain’s block explorer (\u003ca href=\"https://en.wikipedia.org/wiki/AIBO\"\u003eAIBO\u003c/a\u003e is a Sony-developed robotic dog from the 90s).\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXeQEw6lUDVuA1cftl1_rmmWvfbgph5shdyru9Hdk3ztFmXl6Ate2rH3P248zjg2xVGspONLMzbC-kp0noNxIXvPGfGCaxKPnc5pkVqBbthv_3_-9rsvDXSMzLY0we02tL_YeT6ZkQ?key=gEzTklHsJ6ULa1ZFDIZ1_3_f\" alt=\"\"/\u003e\u003cfigcaption class=\"wp-element-caption\"\u003e\u003cem\u003eSource: \u003ca href=\"https://soneium.blockscout.com/token/0x5EebdC6bc22b64888BF8c448cd67b2AEEae4Aedd\"\u003eBlockscout\u003c/a\u003e\u003c/em\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eSurprised? You shouldn’t be. According to Soneium’s \u003ca href=\"https://docs.soneium.org/docs/ip-and-contracts-restriction\"\u003edocs\u003c/a\u003e, the chain already planned a tiered restriction system to protect intellectual property rights. This system flags potential intellectual property violations and will enforce blocks at the RPC level if they’re not resolved in time:\u003c/p\u003e\n\n\n\n\u003cp\u003eContract addresses on this list will have their activities restricted on Soneium, for example via RPC-level blocks, limited visibility on Block Explorer and exclusion from wallets.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXdH1Xh5p1ovmsy1ZIPUj5Xxo-0c_MzE02IHOe_TNaYtiG0QweS8dJ2vdoaQkXXfmiMuOJ_qOBR4tJfIHSfmuseGGh6rrjbWTMZ_Uc8Vp4X_SJdGTuzKznxqwNfN79qogqqZxYXBOQ?key=gEzTklHsJ6ULa1ZFDIZ1_3_f\" alt=\"\"/\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eIt turns out, however, that L2s are more resilient than widely believed. The sequencer block backfired, as users were able to trigger a forced transaction inclusion mechanism on the Ethereum L1.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"\u003e\u003cdiv class=\"wp-block-embed__wrapper\"\u003e\n\u003cblockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"\u003e\u003cp lang=\"en\" dir=\"ltr\"\u003ethen i go to etherscan (on L1!), to their OptimismPortal (contract used to send L1-\u0026gt;L2 msgs), and craft a depositTransaction with such calldata. i want to call the exchange contract on L2 (0xE1A\u0026#8230;3Ab) with the appropriate value to swap and the calldata above. check the tx… \u003ca href=\"https://t.co/kTcGCXwJ19\"\u003epic.twitter.com/kTcGCXwJ19\u003c/a\u003e\u003c/p\u003e\u0026mdash; donnoh.eth 💗 (@donnoh_eth) \u003ca href=\"https://twitter.com/donnoh_eth/status/1879210483191783534?ref_src=twsrc%5Etfw\"\u003eJanuary 14, 2025\u003c/a\u003e\u003c/blockquote\u003e\u003cscript async src=\"https://platform.twitter.com/widgets.js\" charset=\"utf-8\"\u003e\u003c/script\u003e\n\u003c/div\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eFor OP Stack chains, any EOA (externally owned account) wallet can create an L2 transaction and call the main \u003cem\u003eOptimismPortal\u003c/em\u003e contract, thereby allowing the submission of a transaction to Ethereum L1 \u003cem\u003ewithout \u003c/em\u003egoing through the L2’s centralized sequencer.\u003c/p\u003e\n\n\n\n\u003cp\u003eThis mechanism is sometimes referred to by Ethereum researchers as an “\u003ca href=\"https://blockworks.co/news/layer-2-secured-by-ethereum\"\u003eescape hatch\u003c/a\u003e,” an interim failsafe solution pending L2 rollups decentralizing their sequencers.\u003c/p\u003e\n\n\n\n\u003cp\u003eAs Justin Drake put it on a previous \u003ca href=\"https://youtu.be/thPIc-_h2ms?t=2531\"\u003eBankless podcast\u003c/a\u003e, even a \u003ca href=\"https://medium.com/l2beat/introducing-stages-a-framework-to-evaluate-rollups-maturity-d290bb22befe\"\u003eStage 2\u003c/a\u003e rollup with a centralized sequencer cannot freeze or steal assets like a centralized custodian could. Real-time censorship-resistance may be compromised, but the ability to force transaction inclusions still grants some explicit level of ownership over assets on L2 chains.\u003c/p\u003e\n\n\n\n\u003cp\u003eSequencer decentralization is being tackled by Ethereum researchers in a myriad of ways, such as sequencer marketplaces like Astria and Espresso, or based rollup designs that simply defer sequencing duties to L1 validators (i.e. \u003ca href=\"https://blockworks.co/news/unpacking-the-based-rollups-debate\"\u003ebased sequencing\u003c/a\u003e).\u003c/p\u003e\n\n\n\n\u003cp\u003e“Based rollups, using Ethereum’s sequencers, offer real-time censorship resistance. Unless censorship resistance is baked in, there will always be risks. While there are risks, we will never see true decentralization, permissionless and security,” Brecht Devos, co-founder and CTO of Taiko, told Blockworks.\u003c/p\u003e\n\n\n\n\u003cp\u003ePutting aside the thorny discussion as to whether it was right for Soneium to censor, note that this “censorship” isn’t all that different from the kinds of permissioned chains that already exist as Ethereum L2s and on Avalanche subnets.\u003c/p\u003e\n\n\n\n\u003cp\u003eWhat’s truly questionable is Soneium’s decision from a practical perspective. Trying to blacklist every intellectual property violation on a permissionless ledger is a fiendishly complex task with no end in sight.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","DeFi"],"primaryTag":"0xResearch Newsletter","tags":["0xResearch Newsletter","censorship","meme coins","scaling"],"customFields":{"display_options":[]},"meta":{"title":"Sonieum launches mainnet to censorship complaints","description":"The AIBO memecoin was blocked by Sonieum’s sequencer.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/soneium-mainnet-censorship-complaints","og_locale":"en_US","og_type":"article","og_title":"Sonieum launches mainnet to censorship complaints","og_description":"The AIBO memecoin was blocked by Sonieum’s sequencer.","og_url":"https://blockworks.co/news/soneium-mainnet-censorship-complaints","og_site_name":"Blockworks","article_published_time":"2025-01-15T18:00:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/NEW-LOGO-3.jpg","type":"image/jpeg"}],"author":"Donovan Choy","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Donovan Choy","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/soneium-mainnet-censorship-complaints","url":"https://blockworks.co/news/soneium-mainnet-censorship-complaints","name":"Sonieum launches mainnet to censorship complaints","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/soneium-mainnet-censorship-complaints#primaryimage"},"image":{"@id":"https://blockworks.co/news/soneium-mainnet-censorship-complaints#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/NEW-LOGO-3.jpg","datePublished":"2025-01-15T18:00:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db"},"description":"The AIBO memecoin was blocked by Sonieum’s sequencer.","breadcrumb":{"@id":"https://blockworks.co/news/soneium-mainnet-censorship-complaints#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/soneium-mainnet-censorship-complaints"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/soneium-mainnet-censorship-complaints#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/NEW-LOGO-3.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/NEW-LOGO-3.jpg","width":1600,"height":900,"caption":"Artwork by Crystal Le"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/soneium-mainnet-censorship-complaints#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Sonieum launches mainnet to censorship complaints"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db","name":"Donovan Choy","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","caption":"Donovan Choy"},"description":"Donovan is a reporter based in Singapore. He previously worked in editorial at Bankless and is a huge fan of spaghetti Westerns and the Wu-Tang Clan. Contact Donovan at donovan@blockworks.co.","url":"https://blockworks.co/news/author/donovan-choy"}]}},"authors":[{"title":"Donovan Choy","id":390,"slug":"donovan-choy","image_url":""}],"blurhash":null},{"slug":"berachain-pre-launch-liquidity","id":96198,"permalink":"/news/berachain-pre-launch-liquidity","title":"Berachain gets flooded with $1.6B in pre-launch liquidity","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/berachain.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/berachain.jpg","caption":"\u003cp\u003eBerachain and Adobe stock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Tue, 14 Jan 2025 17:09:26 GMT","publishedAt":"Tue, 14 Jan 2025 19:00:00 GMT","publishedAtTimestamp":1736881200,"excerpt":"Berachain’s TVL levels would technically make it the 10th largest chain ","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/research\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eAs the hyped Berachain L1 gears up for a mainnet launch, an astounding \u003ca href=\"https://dune.com/thj/boyco-markets\"\u003e$1.6 billion\u003c/a\u003e of liquidity has been deposited into “\u003ca href=\"https://blog.berachain.com/blog/rfb-boyco\"\u003eBoyco\u003c/a\u003e,” Berachain’s pre-launch liquidity platform on Ethereum. This flood of liquidity from airdrop farmers would technically make Berachain the 10th largest blockchain by TVL today.\u003c/p\u003e\n\n\n\n\u003cp\u003eIn the past week, four Berachain \u003ca href=\"https://app.pendle.finance/trade/markets?utm_source=landing\u0026amp;utm_medium=landing\u0026amp;category=berachain\"\u003ePendle pools\u003c/a\u003e (by Ethena and Etherfi) have already amassed a collective $515 million in TVL. This dwarves the entire TVL of its main competitor Spectra, which has shot up to $225 million since December.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXfJtdOTBpXeH1YkRadYnkGAoH153kqs8g1YaVo9QbUdjDk0DrjjV8_2mzIClgL29NxWpJ-eFxTah1ClSaF-_TJS0I9cF06hY-FCP9kfdVwMuBjzYLH9Hh2_KvR0ueS7r6gWwcYzqA?key=gRYVHjONpSTwK9RuY23zByeP\" alt=\"\"/\u003e\u003cfigcaption class=\"wp-element-caption\"\u003e\u003cem\u003eSource: \u003ca href=\"https://defillama.com/protocol/spectra-v2?twitter=false\u0026amp;usdInflows=false\u0026amp;medianApy=false\u0026amp;staking=false\"\u003eDefiLlama\u003c/a\u003e\u003c/em\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eThe largest Berachain Pendle market “liquidBeraBTC” (TVL of $271 million) is accumulating points across eight (yes, you read that correctly) different protocols, and four of them aren’t even live yet. Withdrawals are also locked for 90 days on mainnet launch, but that isn’t stopping airdrop farmers. This rabid pre-launch speculation makes Pendle akin to an ICO platform used by projects to bootstrap their tokens.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXewmJxMP9-IrAkrdGi5cJ38dRA-xFNUoedEPV_wI5CtWKUPfOPuFUpluxMjDpLDtPPRJxmKlu9XOA5ytFVMk6-mn6eMHhSERnq35DymyPL8jLqEVbBMDavItJFsaQk3_aNGq1KTGg?key=gRYVHjONpSTwK9RuY23zByeP\" alt=\"\"/\u003e\u003cfigcaption class=\"wp-element-caption\"\u003e\u003cem\u003eSource: \u003ca href=\"https://x.com/pendle_fi/status/1876975957145510273\"\u003ePendle\u003c/a\u003e\u003c/em\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eThe YT for liquidBeraBTC is projected to return a 1,575% APY over three months, based on \u003ca href=\"https://x.com/PendleIntern/status/1877674547362848949/photo/1\"\u003e@PendleIntern\u003c/a\u003e’s estimates, but beware the host of assumptions around projected FDV, TVL and airdrop allocations.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","DeFi"],"primaryTag":"0xResearch Newsletter","tags":["0xResearch Newsletter","Layer-1","TVL"],"customFields":{"display_options":[]},"meta":{"title":"Berachain gets flooded with $1.6B in pre-launch liquidity","description":"Berachain’s TVL levels would technically make it the 10th largest chain.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/berachain-pre-launch-liquidity","og_locale":"en_US","og_type":"article","og_title":"Berachain gets flooded with $1.6B in pre-launch liquidity","og_description":"Berachain’s TVL levels would technically make it the 10th largest chain.","og_url":"https://blockworks.co/news/berachain-pre-launch-liquidity","og_site_name":"Blockworks","article_published_time":"2025-01-14T19:00:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/berachain.jpg","type":"image/jpeg"}],"author":"Donovan Choy","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Donovan Choy","Est. reading time":"2 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/berachain-pre-launch-liquidity","url":"https://blockworks.co/news/berachain-pre-launch-liquidity","name":"Berachain gets flooded with $1.6B in pre-launch liquidity","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/berachain-pre-launch-liquidity#primaryimage"},"image":{"@id":"https://blockworks.co/news/berachain-pre-launch-liquidity#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/berachain.jpg","datePublished":"2025-01-14T19:00:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db"},"description":"Berachain’s TVL levels would technically make it the 10th largest chain.","breadcrumb":{"@id":"https://blockworks.co/news/berachain-pre-launch-liquidity#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/berachain-pre-launch-liquidity"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/berachain-pre-launch-liquidity#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/berachain.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/berachain.jpg","width":1600,"height":900,"caption":"Berachain and Adobe stock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/berachain-pre-launch-liquidity#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Berachain gets flooded with $1.6B in pre-launch liquidity"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db","name":"Donovan Choy","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","caption":"Donovan Choy"},"description":"Donovan is a reporter based in Singapore. He previously worked in editorial at Bankless and is a huge fan of spaghetti Westerns and the Wu-Tang Clan. Contact Donovan at donovan@blockworks.co.","url":"https://blockworks.co/news/author/donovan-choy"}]}},"authors":[{"title":"Donovan Choy","id":390,"slug":"donovan-choy","image_url":""}],"blurhash":null},{"slug":"icf-report-cross-chain-progress","id":96197,"permalink":"/news/icf-report-cross-chain-progress","title":"ICF reports on cross-chain progress","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/icf.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/icf.jpg","caption":"\u003cp\u003eThe Interchain Foundation and Adobe stock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Tue, 14 Jan 2025 17:06:27 GMT","publishedAt":"Tue, 14 Jan 2025 18:00:00 GMT","publishedAtTimestamp":1736877600,"excerpt":"The Interchain Foundation’s 2024 report offers in-depth analyses of cross-chain protocols and emerging trends like intent-centric bridging","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/research\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eThe ICF’s 2024 Cross-Chain Interoperability Report highlights the growth of cross-chain ecosystems, the role of key interoperability protocols and emerging trends shaping the future of decentralized networks.\u003c/p\u003e\n\n\n\n\u003cp\u003eAs of October 2024 (the latest data the ICF included), total transaction volume across the top interoperability protocols exceeded $41 billion. Ethereum continues to dominate flows in nominal terms, leading both outflows (47.9%) and inflows (38.9%) across various blockchains.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe most active cross-chain route is from Ethereum to Arbitrum, the report notes, with a total volume of $10.7 billion. This underlines Ethereum’s central position in facilitating the movement of assets between networks.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eKey protocols and emerging trends\u003c/h2\u003e\n\n\n\n\u003cp\u003eThere are several major players in the cross-chain interoperability space. The ICF tallied October’s total value locked (TVL) across 43 interoperability protocols at $8 billion.\u003c/p\u003e\n\n\n\n\u003cp\u003eIn terms of connectivity, the Interchain’s home-grown Inter-Blockchain Communication (IBC) protocol has led the field by connecting 117 blockchains, though more recent protocols Hyperlane (at 120 chains) and LayerZero (connecting 114 chains) have caught up.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eCircle’s CCTP established itself as the go-to for high volume cross-chain transactions, matching IBC for monthly active addresses upwards of $1.5 million.\u003c/p\u003e\n\n\n\n\u003cp\u003eA key trend identified in the report is the rise of intent-centric bridging protocols. These protocols, such as Stargate and Across, allow users to specify their desired outcomes (e.g., an asset transfer from one blockchain to another) without worrying about the underlying technical details of the transaction path.\u003c/p\u003e\n\n\n\n\u003cp\u003e“Intent-centric bridging protocols have emerged as the preferred method for quick and cheap cross-chain asset transfers,” the report explains, thus underscoring their growing importance in improving user experience and streamlining cross-chain operations.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eFuture innovation and challenges\u003c/h2\u003e\n\n\n\n\u003cp\u003eThe report also points to the increasing interest in zero-knowledge proofs (ZKPs) as a tool for enhancing scalability and security in blockchain interoperability. ZKPs allow for the verification of transactions across different networks without relying on third-party validators, thus reducing costs and improving efficiency. As ZKPs continue to develop, they are expected to play a significant role in the next phase of blockchain interoperability, helping to address some of the challenges faced by existing protocols.\u003c/p\u003e\n\n\n\n\u003cp\u003eFragmentation remains a significant challenge across the space. As new networks proliferate, interoperability becomes more complex. While interoperability protocols have made strides, the sheer diversity of blockchain ecosystems — including different consensus mechanisms, data structures and security models — presents barriers to seamless integration, the report notes.\u003c/p\u003e\n\n\n\n\u003cp\u003eDespite the progress of solutions like IBC and LayerZero, there is still no universal bridge connecting all the top chains, particularly when it comes to communication between Ethereum rollup solutions and other ecosystems.\u003c/p\u003e\n\n\n\n\u003cp\u003eThis lack of uniformity hinders scalability as protocols designed for specific networks may struggle to adapt to others. Without addressing these fragmentation issues, the promise of a fully interconnected blockchain ecosystem cannot be realized. As the industry evolves, finding ways to connect disparate ecosystems will be critical to unlock the full potential of dapps.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","DeFi"],"primaryTag":"0xResearch Newsletter","tags":["0xResearch Newsletter","cross-chain bridge","Interoperability","zero-knowledge proof"],"customFields":{"display_options":[]},"meta":{"title":"ICF reports on cross-chain progress","description":"The Interchain Foundation's 2024 report offers in-depth analyses of cross-chain protocols and emerging trends like intent-centric bridging.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/icf-report-cross-chain-progress","og_locale":"en_US","og_type":"article","og_title":"ICF reports on cross-chain progress","og_description":"The Interchain Foundation's 2024 report offers in-depth analyses of cross-chain protocols and emerging trends like intent-centric bridging.","og_url":"https://blockworks.co/news/icf-report-cross-chain-progress","og_site_name":"Blockworks","article_published_time":"2025-01-14T18:00:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/icf.jpg","type":"image/jpeg"}],"author":"Macauley Peterson","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/yeluacaM","twitter_misc":{"Written by":"Macauley Peterson","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/icf-report-cross-chain-progress","url":"https://blockworks.co/news/icf-report-cross-chain-progress","name":"ICF reports on cross-chain progress","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/icf-report-cross-chain-progress#primaryimage"},"image":{"@id":"https://blockworks.co/news/icf-report-cross-chain-progress#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/icf.jpg","datePublished":"2025-01-14T18:00:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4"},"description":"The Interchain Foundation's 2024 report offers in-depth analyses of cross-chain protocols and emerging trends like intent-centric bridging.","breadcrumb":{"@id":"https://blockworks.co/news/icf-report-cross-chain-progress#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/icf-report-cross-chain-progress"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/icf-report-cross-chain-progress#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/icf.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/icf.jpg","width":1600,"height":900,"caption":"The Interchain Foundation and Adobe stock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/icf-report-cross-chain-progress#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"ICF reports on cross-chain progress"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4","name":"Macauley Peterson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Peterson-Twitter_sm.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Peterson-Twitter_sm.jpg","caption":"Macauley Peterson"},"description":"Macauley was an editor and content creator in the professional chess world for 14 years. Prior to joining Blockworks, he researched stablecoins, decentralized finance and central bank digital currencies at Bucerius Law School (Master in Law and Business, 2020). He also holds an MA in Film Studies; film credits include Associate Producer of the 2016 Netflix feature documentary, \"Magnus\" about World Chess Champion Magnus Carlsen.","sameAs":["https://www.linkedin.com/in/macauleypeterson/","https://x.com/https://twitter.com/yeluacaM"],"url":"https://blockworks.co/news/author/macauleypeterson"}]}},"authors":[{"title":"Macauley Peterson","id":32,"slug":"macauleypeterson","image_url":""}],"blurhash":null},{"slug":"ai-agent-market-wipeout","id":96141,"permalink":"/news/ai-agent-market-wipeout","title":"AI agent sector suffers 44% market cap wipeout","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/ai-robot-concept.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/ai-robot-concept.jpg","caption":"\u003cp\u003ecybermagician/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Mon, 13 Jan 2025 16:46:44 GMT","publishedAt":"Mon, 13 Jan 2025 18:00:00 GMT","publishedAtTimestamp":1736791200,"excerpt":"The sector saw a $8.7 billion wipeout in market value ","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/research\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eIf you count the \u003ca href=\"https://blockworks.co/news/0xresearch-newsletter-goatse-memecoin\"\u003elaunch of GOAT\u003c/a\u003e as the birthdate of the AI agent meta, then this subsector is about three months old. Over this short span, the AI agent market has ballooned to a $20 billion market cap with relatively few tier-1 CEX listings.\u003c/p\u003e\n\n\n\n\u003cp\u003eThat’s nuts, especially since AI agents are still \u003ca href=\"https://blockworks.co/news/ai-agents-are-not-agentic\"\u003epredicated on\u003c/a\u003e promised — rather than current — utility.\u003c/p\u003e\n\n\n\n\u003cp\u003eIt’s perhaps unsurprising then that the agent market corrected sharply over the weekend, showing a 43.5% drawdown to $11.3 billion since its Jan. 6 top.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXfe8RiIhVW1_nZIQYCfxu5H3PhPm3UI4rwHXPw5Yyu3MIqfeTAi3CVAHUJ0PE3SrzCPt-sWWD-FBY-vgNnCw-bdMo9R-IGI3Mh_PTKFkpGyEoNwQ5TXr1m6t13kAniZgqoOZ3XGQA?key=CDTzgM_SYicJk8C4XXfNtdbE\" alt=\"\"/\u003e\u003cfigcaption class=\"wp-element-caption\"\u003e\u003cem\u003eSource: \u003ca href=\"https://www.cookie.fun/\"\u003ecookie.fun\u003c/a\u003e\u003c/em\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eThe top AI agent tokens haven’t been spared the guillotine. In the last seven days, the largest three AI agent tokens by marketcap — VIRTUAL, AI16Z and FARTCOIN, are down 46%, 52%, and 42%, respectively.\u003c/p\u003e\n\n\n\n\u003cp\u003eAIXBT, the fifth-largest agent token, showed the greatest resilience, with a drawdown of 28%.\u003c/p\u003e\n\n\n\n\u003cp\u003eIt’s a bloodbath. So what? Expect agents to continue \u003ca href=\"https://blockworks.co/news/ai-crypto-vs-dotcom-bubble\"\u003edominating 2025\u003c/a\u003e.\u003c/p\u003e\n\n\n\n\u003cp\u003eCrypto’s obsession with AI is undeniable at this point. It’s riding the hottest tech sector of the \u003cem\u003edecade \u003c/em\u003eand still dominates Twitter sentiment among rabid casino speculators.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXeeqcz7QAWEz9rxdTyn6byV0SZmptA3t1yRijIq-2NsaprPHUvd11nNjcsGFjmOOVQwn86HwqERLfMAIZcfbNnSBAIzcxEQ6lydwcyn9WOthwEa1PIkFA44bilxYLW-aleNJbkK?key=CDTzgM_SYicJk8C4XXfNtdbE\" alt=\"\"/\u003e\u003cfigcaption class=\"wp-element-caption\"\u003e\u003cem\u003eSource: \u003ca href=\"https://x.com/_kaitoai/status/1877695766594011402\"\u003eKaito\u003c/a\u003e\u003c/em\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eThe billion dollar question then is: How high can the AI agent market go?\u003c/p\u003e\n\n\n\n\u003cp\u003eAt $11.3 billion, AI agent tokens make up about 0.34% of the total crypto market cap today.\u003c/p\u003e\n\n\n\n\u003cp\u003eIf we assume a 40% growth of the total crypto market cap to $5 trillion, and AI coins take a 5% slice of that pie (DeFi dominance peaked at \u003ca href=\"https://www.tradingview.com/symbols/TOTALDEFI.D/\"\u003e7.69%\u003c/a\u003e in 2022), then you can expect $250 billion as a bull case, says \u003ca href=\"https://kelxyz.substack.com/p/letters-3-the-case-for-agent-networks\"\u003ekel.xyz\u003c/a\u003e.\u003c/p\u003e\n\n\n\n\u003cp\u003eLess bullish estimates by \u003ca href=\"https://x.com/davidnage/status/1878442581794668769?s=46\u0026amp;t=ywALktyM5ZCyt-zigN5Big\"\u003eDavid Nage\u003c/a\u003e of Arca fund projects a range of $93 billion to $170 billion.\u003c/p\u003e\n\n\n\n\u003cp\u003eWith this framework in mind, the “safe” bet is to hold the ecosystem majors of the AI meta: VIRTUAL, AI16Z and ZEREBRO… right?\u003c/p\u003e\n\n\n\n\u003cp\u003eThe problem is these inter-narratives rotate faster than anyone can keep up with. There’s hardly any guarantee that the “blue chip” agent coins today maintain their dominance over months, or even weeks from now.\u003c/p\u003e\n\n\n\n\u003cp\u003eIn the span of a year, the story of “why AI crypto” went from a beta play on Nvidia and OpenAI to AI memecoins, to AI agents, to AI agent frameworks, AI investment DAOs and AI agent \u003ca href=\"https://www.blocmates.com/articles/what-are-ai-agent-swarms---the-next-chapter-in-ai-agent-evolution\"\u003eswarms\u003c/a\u003e.\u003c/p\u003e\n\n\n\n\u003cp\u003eAs of last week, the most recent chapter in this tale is “\u003ca href=\"https://x.com/0xNairolf/status/1878766177784418641\"\u003eDeFAI\u003c/a\u003e,” i.e., DeFi + AI. I interpret this as an insistence that “AI has real utility, look to its DeFi use cases!”\u003c/p\u003e\n\n\n\n\u003cp\u003eI’m reminded of a tweet from Daily Ape’s founder Darren Lau. If you’d made the bold bet that AI would sweep crypto markets and scoop up a bag of major AI tokens like TAO, RNDR and AKASH in early 2024, you’d still be sitting on a loss year to date.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"\u003e\u003cdiv class=\"wp-block-embed__wrapper\"\u003e\n\u003cblockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"\u003e\u003cp lang=\"en\" dir=\"ltr\"\u003eimagine you decided AI was gonna be THE narrative Jan-March 2024 when AI started pumping, you thought ok nice i\u0026#39;ll just buy the majors of AI for this cycle\u003cbr\u003e\u003cbr\u003eTAO: average buy 450$ (January-March 2024 period average) -\u0026gt; Break-even Dec 2024\u003cbr\u003eFET: avg buy 1.6$ -\u0026gt; down 20% Dec 2024…\u003c/p\u003e\u0026mdash; Darren Lau (@Darrenlautf) \u003ca href=\"https://twitter.com/Darrenlautf/status/1870556657509650809?ref_src=twsrc%5Etfw\"\u003eDecember 21, 2024\u003c/a\u003e\u003c/blockquote\u003e\u003cscript async src=\"https://platform.twitter.com/widgets.js\" charset=\"utf-8\"\u003e\u003c/script\u003e\n\u003c/div\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eWinning at the AI agent meta then requires one to pick the right players in an ever-changing playbook of questionable utility. Is it any wonder crypto traders get rekt?\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","DeFi"],"primaryTag":"0xResearch Newsletter","tags":["0xResearch Newsletter","Artificial Intelligence","Twitter"],"customFields":{"display_options":[]},"meta":{"title":"AI agent sector suffers 44% market cap wipeout","description":"The sector saw a $8.7 billion wipeout in market value.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/ai-agent-market-wipeout","og_locale":"en_US","og_type":"article","og_title":"AI agent sector suffers 44% market cap wipeout","og_description":"The sector saw a $8.7 billion wipeout in market value.","og_url":"https://blockworks.co/news/ai-agent-market-wipeout","og_site_name":"Blockworks","article_published_time":"2025-01-13T18:00:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/ai-robot-concept.jpg","type":"image/jpeg"}],"author":"Donovan Choy","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Donovan Choy","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/ai-agent-market-wipeout","url":"https://blockworks.co/news/ai-agent-market-wipeout","name":"AI agent sector suffers 44% market cap wipeout","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/ai-agent-market-wipeout#primaryimage"},"image":{"@id":"https://blockworks.co/news/ai-agent-market-wipeout#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/ai-robot-concept.jpg","datePublished":"2025-01-13T18:00:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db"},"description":"The sector saw a $8.7 billion wipeout in market value.","breadcrumb":{"@id":"https://blockworks.co/news/ai-agent-market-wipeout#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/ai-agent-market-wipeout"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/ai-agent-market-wipeout#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/ai-robot-concept.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/ai-robot-concept.jpg","width":1600,"height":900,"caption":"cybermagician/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/ai-agent-market-wipeout#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"AI agent sector suffers 44% market cap wipeout"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db","name":"Donovan Choy","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","caption":"Donovan Choy"},"description":"Donovan is a reporter based in Singapore. He previously worked in editorial at Bankless and is a huge fan of spaghetti Westerns and the Wu-Tang Clan. Contact Donovan at donovan@blockworks.co.","url":"https://blockworks.co/news/author/donovan-choy"}]}},"authors":[{"title":"Donovan Choy","id":390,"slug":"donovan-choy","image_url":""}],"blurhash":null},{"slug":"usual-depeg-spurs-defi-instability","id":96069,"permalink":"/news/usual-depeg-spurs-defi-instability","title":"Usual protocol’s depeg spurs instability in DeFi markets","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/Usual.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/Usual.jpg","caption":"\u003cp\u003eUsual modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 10 Jan 2025 17:17:47 GMT","publishedAt":"Fri, 10 Jan 2025 18:00:00 GMT","publishedAtTimestamp":1736532000,"excerpt":"Exploring the drama surrounding a shiny new stablecoin","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/research\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eUsual protocol, the shiny new stablecoin on the block, is seeing its USD0++ “stablecoin” (a popular misconception) lose parity with USD0 as of 17 hours ago. It’s now trading at about $0.92.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXfJKaQKd3LoR_qlDnq3oXrZuqX6Ishhb91wcSCpb7S3iQV9m_xwHpyQ-IMUbECGXDxj8xCPEI_7iAags70n37IAM3XYVT2zAoyZq6xDVLOvSAgTEwYEtNIrrRjn-eS8YrPCxAH3?key=fEg0kkmvv4f0yuzriG_37lI3\" alt=\"\"/\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eBut of course, USD0++ is not a stablecoin. It’s a liquid staking derivative of the USD0 stablecoin, somewhat like Lido’s stETH compared to ETH. (The USD peg of USD0 is fine, and the underlying T-bills have no backing issue.)\u003c/p\u003e\n\n\n\n\u003cp\u003eUsual’s business model is based on the idea of an “onchain Tether” that rewards users. By staking USD0 for USD0++, you receive the underlying T-bill yields and rewards in the protocol’s native token, USUAL.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eShould USD0++ stakers change their minds before maturity, they can exit by forgoing rewards and unstake back to USD0 at a 1:1 exchange rate. This first exit option will be available as of \u003ca href=\"https://usual.money/blog/usual-s-next-leap-solidifying-a-4-year-horizon-for-sustainable-growth\"\u003enext week\u003c/a\u003e.\u003c/p\u003e\n\n\n\n\u003cp\u003eThis explains why the “depeg” between USD0 and USD0++ isn’t exactly a flaw. Think of USD0++ as a bond with four-year maturity. That bond should technically be trading at a discounted rate to reflect a risk premium for holding it for four years. Economists call that the “time value of money.”\u003c/p\u003e\n\n\n\n\u003cp\u003eRecall that in June 2022, Lido’s stETH too, \u003ca href=\"https://x.com/unusual_whales/status/1535336025362288641\"\u003edepegged\u003c/a\u003e from ETH amid financial troubles around the \u003ca href=\"https://blockworks.co/news/bankrupt-celsius-estate-bitcoin-mining\"\u003enow-defunct Celsius\u003c/a\u003e.\u003c/p\u003e\n\n\n\n\u003cp\u003eMarket panic led to LPs pulling stETH liquidity from Curve pools, causing massive \u003ca href=\"https://blockworks.co/news/curve-egorov-exit-defi-positions\"\u003eliquidity imbalances\u003c/a\u003e and a stETH:ETH depeg. Just like stETH does not necessarily have to trade at parity with ETH, USD0++ does not have to trade at parity with USD0.\u003c/p\u003e\n\n\n\n\u003cp\u003eWhat’s causing the USD0++ haircut today, however, is Usual’s announcement of an alternative USD0++-to-USD0 exit option. The feature was noted in a blog post \u003ca href=\"https://usual.money/blog/usual-s-next-leap-solidifying-a-4-year-horizon-for-sustainable-growth\"\u003epublished\u003c/a\u003e yesterday.\u003c/p\u003e\n\n\n\n\u003cp\u003eBased on updated \u003ca href=\"https://docs.usual.money/usual-products/usd0-liquid-staking-token/usd0++-floor-price\"\u003edocs\u003c/a\u003e, the new exit option would allow users to redeem USD0++ to USD0 at a manually set floor price of 0.87 USD0 per USD0++, while retaining rewards in USUAL emissions (unlike the original 1:1 exit option).\u003c/p\u003e\n\n\n\n\u003cp\u003eWhy $0.87? Because it’s the discounted rate at fair value. As Treehouse Finance’s \u003ca href=\"https://x.com/mytwogweis/status/1877595190640488708\"\u003e@mytwogweis\u003c/a\u003e explains:\u003c/p\u003e\n\n\n\n\u003cblockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"\u003e\n\u003cp\u003eIf you expect 4% annually over four years, the fair value of USD0++ today should be around $0.855. This means you’d buy it at $0.855, hold it for four years, and redeem it at $1 for a risk-free 4% return.\u003c/p\u003e\n\u003c/blockquote\u003e\n\n\n\n\u003cp\u003eTo put it simply, the new exit option more accurately reflects USD0++ for what it is: a long-term bond.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe problem is that Usual’s go-to-market strategy had already been built on different premises.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003ePendle PT-USD0++ farmers who entered into fixed yield trades are now suddenly finding they’ve “overpaid” for a bond at face value (on maturity, 1 PT USD0++ is equal to 1 USD0++).\u003c/p\u003e\n\n\n\n\u003cp\u003eThe USD0++ Pendle pool (with a maturity date of Jan. 30, 2025), for instance, is seeing a dump.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXcfAIEZnWVNooHwDCbC1GdokEYZn5aL7OmGp_N9NnZVBnJGBGZruoL0dreDj9MYgXC9Qh784D0YyybLqgmzOmk_fwQKzJctERM-46762x9iD-b4uCUbJCqpbb4KoL4683fXh7gkcg?key=fEg0kkmvv4f0yuzriG_37lI3\" alt=\"\"/\u003e\u003cfigcaption class=\"wp-element-caption\"\u003e\u003cem\u003eSource: \u003ca href=\"https://app.pendle.finance/trade/markets/0x64506968e80c9ed07bff60c8d9d57474effff2c9/swap?view=pt\u0026amp;chain=ethereum\u0026amp;chart=price\"\u003ePendle\u003c/a\u003e\u003c/em\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eTo make matters worse, vault curators on Morpho lending markets have \u003ca href=\"https://docs.morpho.org/interface/warnings/#what-are-the-warnings-on-the-morpho-interface\"\u003ehardcoded\u003c/a\u003e the prices in USD0++:USDC markets at a 1:1 parity, rather than basing assets on a free floating market rate.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe result: Risk curator Gauntlet and other LPs promptly reallocated vault supply liquidity in USD0++ out of Morpho vaults above the current market rate of $0.91 ahead of the news, prompting public rumors of insider trading.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"\u003e\u003cdiv class=\"wp-block-embed__wrapper\"\u003e\n\u003cblockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"\u003e\u003cp lang=\"en\" dir=\"ltr\"\u003eGauntlet withdrew ~$43m from usd0++ markets just before the drama started\u003cbr\u003e\u003cbr\u003egg nerd + RIP bozo + suck on deez immutable nuts + thanks for playing \u003ca href=\"https://t.co/iwb6z8tOaH\"\u003ehttps://t.co/iwb6z8tOaH\u003c/a\u003e \u003ca href=\"https://t.co/K1RePomus9\"\u003epic.twitter.com/K1RePomus9\u003c/a\u003e\u003c/p\u003e\u0026mdash; DMH 🦇🔊🌊 (@DeFi_Made_Here) \u003ca href=\"https://twitter.com/DeFi_Made_Here/status/1877693824790622480?ref_src=twsrc%5Etfw\"\u003eJanuary 10, 2025\u003c/a\u003e\u003c/blockquote\u003e\u003cscript async src=\"https://platform.twitter.com/widgets.js\" charset=\"utf-8\"\u003e\u003c/script\u003e\n\u003c/div\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eIn an email to Blockworks, Tarun Chitra, founder and CEO of Gauntlet, said of the firm’s activity: “We were not privy to any advance notice, however, as the timestamp of these transactions show (the Usual team updated their docs on redemption before this). We were focused on making sure our users weren’t exposed, and we automatically rebalance out of markets when either risk or concentration limits are breached.”\u003c/p\u003e\n\n\n\n\u003cp\u003eMEV Capital has released a \u003ca href=\"https://x.com/MEVCapital/status/1877699650783687078\"\u003epublic statement\u003c/a\u003e denying it received any insider information from Usual, although it does not say who the firm received the information from.\u003c/p\u003e\n\n\n\n\u003cp\u003eUSUAL, the protocol’s native token, has unwound -18.7% over the last 24 hours, as of 11:45 am ET.\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cem\u003eMacauley Peterson contributed reporting.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","DeFi"],"primaryTag":"0xResearch Newsletter","tags":["0xResearch Newsletter","liquidity","stablecoins","staking"],"customFields":{"display_options":[]},"meta":{"title":"Usual protocol’s depeg spurs instability in DeFi markets","description":"What's the drama surrounding this shiny new stablecoin?","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/usual-depeg-spurs-defi-instability","og_locale":"en_US","og_type":"article","og_title":"Usual protocol’s depeg spurs instability in DeFi markets","og_description":"What's the drama surrounding this shiny new stablecoin?","og_url":"https://blockworks.co/news/usual-depeg-spurs-defi-instability","og_site_name":"Blockworks","article_published_time":"2025-01-10T18:00:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/Usual.jpg","type":"image/jpeg"}],"author":"Donovan Choy","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Donovan Choy","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/usual-depeg-spurs-defi-instability","url":"https://blockworks.co/news/usual-depeg-spurs-defi-instability","name":"Usual protocol’s depeg spurs instability in DeFi markets","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/usual-depeg-spurs-defi-instability#primaryimage"},"image":{"@id":"https://blockworks.co/news/usual-depeg-spurs-defi-instability#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/Usual.jpg","datePublished":"2025-01-10T18:00:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db"},"description":"What's the drama surrounding this shiny new stablecoin?","breadcrumb":{"@id":"https://blockworks.co/news/usual-depeg-spurs-defi-instability#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/usual-depeg-spurs-defi-instability"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/usual-depeg-spurs-defi-instability#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/Usual.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/Usual.jpg","width":1600,"height":900,"caption":"Usual modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/usual-depeg-spurs-defi-instability#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Usual protocol’s depeg spurs instability in DeFi markets"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db","name":"Donovan Choy","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","caption":"Donovan Choy"},"description":"Donovan is a reporter based in Singapore. He previously worked in editorial at Bankless and is a huge fan of spaghetti Westerns and the Wu-Tang Clan. Contact Donovan at donovan@blockworks.co.","url":"https://blockworks.co/news/author/donovan-choy"}]}},"authors":[{"title":"Donovan Choy","id":390,"slug":"donovan-choy","image_url":""}],"blurhash":null}],"category":{"id":5102,"parent":0,"count":96,"slug":"0xresearch-newsletter","name":"0xResearch Newsletter","description":""},"pageLimit":24,"meta":{"title":"0xResearch Newsletter News \u0026 Insights","description":"There are a total of 96 articles associated with 0xResearch Newsletter."}},"featureFlags":{"grants":true,"notifications":false},"__N_SSG":true},"page":"/category/[slug]","query":{"slug":"0xresearch-newsletter"},"buildId":"HTyke-WPzbxNzLAq6-voD","isFallback":false,"isExperimentalCompile":false,"gsp":true,"appGip":true,"scriptLoader":[]}</script><script>(function(){function c(){var b=a.contentDocument||a.contentWindow.document;if(b){var d=b.createElement('script');d.innerHTML="window.__CF$cv$params={r:'9136385f5c188974',t:'MTczOTc5OTk1Mi4wMDAwMDA='};var a=document.createElement('script');a.nonce='';a.src='/cdn-cgi/challenge-platform/scripts/jsd/main.js';document.getElementsByTagName('head')[0].appendChild(a);";b.getElementsByTagName('head')[0].appendChild(d)}}if(document.body){var a=document.createElement('iframe');a.height=1;a.width=1;a.style.position='absolute';a.style.top=0;a.style.left=0;a.style.border='none';a.style.visibility='hidden';document.body.appendChild(a);if('loading'!==document.readyState)c();else if(window.addEventListener)document.addEventListener('DOMContentLoaded',c);else{var e=document.onreadystatechange||function(){};document.onreadystatechange=function(b){e(b);'loading'!==document.readyState&&(document.onreadystatechange=e,c())}}}})();</script></body></html>