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text-xl text-left text-[#110b29]">Stay ahead of the curve with timely insights about decentralized finance (DeFi). Blockworks reports the news that moves the industry one way or the other. </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/kaito-preps-token-launch"><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%2Fsocial-media.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Fsocial-media.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Fsocial-media.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/kaito-preps-token-launch">Crypto sentiment analytics platform Kaito AI prepares for token launch</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 AI platform looks to reshape Web3 marketing with yaps</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="2025-02-19T18:00:00.000Z">February 19, 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/inversion-chain-avalanche"><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%2F2025-02-14-Santiago.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2F2025-02-14-Santiago.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2F2025-02-14-Santiago.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/defi">DeFi</a><a href="/category/empire-newsletter">Empire Newsletter</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/inversion-chain-avalanche">Exclusive: Inversion Chain’s plan to be the Berkshire of crypto</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">Inversion Chain will be built on Avalanche, Empire co-host Santiago Santos told Blockworks</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/katherine-ross">Katherine Ross</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-02-14T16:01:56.000Z">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/solana-update-liquid-staking-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%2F02%2FED_Solana_20240731a-3.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2FED_Solana_20240731a-3.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2FED_Solana_20240731a-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/defi">DeFi</a><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</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/solana-update-liquid-staking-tokens">Solana yield is now flowing to liquid stakers</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 LSTs mostly saw their yields go up across the board today</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/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-02-12T21:30:00.000Z">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/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="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/old-ideas-find-new-life-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%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Fsolana.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Fsolana.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Fsolana.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/defi">DeFi</a><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</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/old-ideas-find-new-life-solana">Old ideas find new life on 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">As Solana’s tech matures, some founders are starting new businesses based on old ideas that weren’t formerly feasible</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/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-02-11T21:30:00.000Z">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/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/story-protocol-intellectual-property-token"><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%2Fstory-protocol.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Fstory-protocol.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Fstory-protocol.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/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/story-protocol-intellectual-property-token">Story Protocol turns the page with intellectual property token launch</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">Story Protocol’s sovereign layer-1 targets blockchain-native intellectual property monetization including AI</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="2025-02-07T18:00:00.000Z">February 7, 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/l2-sector-rotation-tailwind"><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%2Fpolygon.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Fpolygon.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Fpolygon.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/defi">DeFi</a><a href="/category/empire-newsletter">Empire Newsletter</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/l2-sector-rotation-tailwind">Sector rotation ‘tailwind’ for L2s: Kaiko</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">L2s could make a comeback this year after a disappointing 2024</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/katherine-ross">Katherine Ross</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-02-07T16:00:00.000Z">February 7, 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/new-solana-validators-emerge"><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%2FED_Solana_20240731b-3.png&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2FED_Solana_20240731b-3.png&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2FED_Solana_20240731b-3.png&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/defi">DeFi</a><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</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/new-solana-validators-emerge">New validators spring up as Solana usage surges</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">Since November, validator revenue consistently netted at least $40 million every roughly two days, according to data from 21 co</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/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-02-07T15:00:00.000Z">February 7, 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/is-crypto-early-in-the-cycle"><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%2Fpurple-tinted-bitcoin-pile.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Fpurple-tinted-bitcoin-pile.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Fpurple-tinted-bitcoin-pile.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/defi">DeFi</a><a href="/category/empire-newsletter">Empire Newsletter</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/is-crypto-early-in-the-cycle">Is crypto still early in the cycle?</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">Empire’s Jason Yanowitz thinks that we could actually be earlier in the cycle if you put aside Strategy’s bitcoin buys</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/katherine-ross">Katherine Ross</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-02-07T14:20:42.000Z">February 7, 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/solana-validator-revenue-stakers"><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%2Fsolana-floating-tokens.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Fsolana-floating-tokens.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Fsolana-floating-tokens.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/defi">DeFi</a><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</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/solana-validator-revenue-stakers">Solana validator revenue is about to jump, but stakers might miss out</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">Some are calling for Solana to pump the brakes until validators are able to share the extra fees with stakers</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/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-02-06T15:00:00.000Z">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/javascript-vm-to-attract-web3-developers"><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%2Fcode.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Fcode.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Fcode.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/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/javascript-vm-to-attract-web3-developers">The JavaScript virtual machine that could change Web3</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">Building on Cosmos in 2022 was a nightmare, so this team pivoted to tackle developer experience</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="2025-02-05T18:00:00.000Z">February 5, 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/crypto-fundamentals-metrics-to-watch"><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%2Fbitcoin-chart.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Fbitcoin-chart.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Fbitcoin-chart.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/defi">DeFi</a><a href="/category/empire-newsletter">Empire Newsletter</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-fundamentals-metrics-to-watch">Crypto’s at a ‘crossroads’ with fundamentals: Blockworks Research</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">Fundamentals are starting to play a big part in crypto, so here are the metrics to watch</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/katherine-ross">Katherine Ross</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-02-04T14:21:52.000Z">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/metadao-solana-governance-platform"><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%2Fmetadao.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Fmetadao.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F02%2Fmetadao.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/defi">DeFi</a><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</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/metadao-solana-governance-platform">Futarchy needs ‘one great success’ to become Solana’s go-to governance model</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">MetaDAO’s founder thinks MetaDAO can become the default governance platform for Solana within six to 18 months</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/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-02-03T21:30:00.000Z">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/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/ethereum-scaling-interop-sequencing"><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%2Fben-jones.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Fben-jones.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Fben-jones.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/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-interop-sequencing">Ethereum in wartime: Standardize, align, accelerate</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">Optimism’s Ben Jones highlighted the difference between peacetime and wartime Ethereum</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="2025-01-31T18:00:00.000Z">January 31, 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/tensor-memecoin-app-revenue-distribution"><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%2Ftensor.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Ftensor.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Ftensor.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/defi">DeFi</a><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</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/tensor-memecoin-app-revenue-distribution">Tensor’s memecoin app to send 50% of revenue to TNSR treasury</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">Vector is a mobile social trading app with a built-in crypto wallet that lets users broadcast their trades to other users</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/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-01-29T21:45:00.000Z">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/solana-socialfi-makes-return"><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%2Fsocial-media-icons.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Fsocial-media-icons.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Fsocial-media-icons.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/defi">DeFi</a><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</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/solana-socialfi-makes-return">SocialFi makes its return on 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-based social project Clout saw its downloads take off after launching an iPhone app</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/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-01-24T21:30:00.000Z">January 24, 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 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type="application/json">{"props":{"pageProps":{"_sentryTraceData":"d31137bd4103470c9f9cc2b1f850fc42-9c52dfa47b213a2f-1","_sentryBaggage":"sentry-environment=vercel-production,sentry-release=8f557bb4d5c8615df09b3dd9c1668681d0f1d740,sentry-public_key=1611e80d3db34d73a44c914b7be6d330,sentry-trace_id=d31137bd4103470c9f9cc2b1f850fc42,sentry-sample_rate=1,sentry-transaction=%2Fcategory%2F%5Bslug%5D,sentry-sampled=true","articles":[{"slug":"kaito-preps-token-launch","id":97668,"permalink":"/news/kaito-preps-token-launch","title":"Crypto sentiment analytics platform Kaito AI prepares for token launch","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/social-media.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/social-media.jpg","caption":"\u003cp\u003eWatchara Newman/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Wed, 19 Feb 2025 18:48:37 GMT","publishedAt":"Wed, 19 Feb 2025 18:00:00 GMT","publishedAtTimestamp":1739988000,"excerpt":"The AI platform looks to reshape Web3 marketing with yaps","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\u003eCrypto is a volatile industry for primarily two reasons: 1) it’s permissionless (anyone can make a token) and 2) it’s still largely looking for product-market fit.\u003c/p\u003e\n\n\n\n\u003cp\u003eWhat does this mean to a short-term trader looking to flip a quick buck? If you’re trying to frontrun the market, you’d want to know when a certain narrative is falling in (and out of) favor.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eYou can then spend absurd hours doomscrolling Twitter and Telegram groups — or you can use Kaito, a Web3-focused search engine that scrapes troves of data across social media to generate quantifiable sentiment analysis for you.\u003c/p\u003e\n\n\n\n\u003cp\u003eIf you’ve spent time on CT in the last year, you’ve likely seen many of these useful Kaito dashboards around.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXcY4JFvrXLi5IXhwdAk8n0E0bn5WUgwTfEikldvvnLsgPCdP0qdeCyqTPw4T70vQg-QHn1Ve5OsllI_X6QF_IIgZJlBMFpR5cq1CkcP9cf5Kt0R_jld87dM4bWHuKrkbyp9HqYsQw?key=OwV2jL9DN49AICoIFwBGNID_\" alt=\"\"/\u003e\u003cfigcaption class=\"wp-element-caption\"\u003e\u003cem\u003eSource: \u003ca href=\"https://x.com/sandraaleow\"\u003e@sandraaleow\u003c/a\u003e\u003c/em\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eBut people are excited about Kaito today because of its token airdrop, not its core analytical product.\u003c/p\u003e\n\n\n\n\u003cp\u003eWait, a data analytics platform needs a token?\u003c/p\u003e\n\n\n\n\u003cp\u003eYes it does, because you can apparently tokenize anything in crypto. In Kaito’s case, it’s tokenizing the attention economy of Crypto Twitter.\u003c/p\u003e\n\n\n\n\u003cp\u003eEveryone has a shot — you can connect your X account to Kaito, and tweet a lot to \u003ca href=\"https://blockworks.co/news/kaito-yap-to-earn-takeover\"\u003eearn “Yap” \u003c/a\u003epoints, which entitle you to a larger KAITO airdrop.\u003c/p\u003e\n\n\n\n\u003cp\u003eTo deter mindless spam, the team \u003ca href=\"https://docs.kaito.ai/kaito-yaps-tokenized-attention\"\u003eweights\u003c/a\u003e Twitter posts by relevance (proof-of-work), originality (proof-of-insight) and engagement based on “reputation” (proof-of-exchange).\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\"\u003eKaito has made CT a much shittier place. Discussion quality has gone down, outrage marketing has further gone up. You can really tell which people are performing for the algorithm. \u003cbr\u003e\u003cbr\u003eIf you’re reading this \u0026#8211; you know who you are.\u003c/p\u003e\u0026mdash; Hasu⚡️🤖 (@hasufl) \u003ca href=\"https://twitter.com/hasufl/status/1887513212414771485?ref_src=twsrc%5Etfw\"\u003eFebruary 6, 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\u003eThis entire idea is based on a familiar sales pitch: Big Tech sucks because they monopolize the value created by content creators. Kaito lets the people retain some of that value.\u003c/p\u003e\n\n\n\n\u003cp\u003eIt also opens up a very interesting business model for Web3 marketing.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe users who’ve signed up to “yap” away on Twitter provide Kaito with quality data around crypto trends and KOLs that can be sold to major ecosystem projects.\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_4nXciaK9GojuG18YNWods_Pb6auHf7pZSlS6t93GQEWDJzMRmUuhl_bYMztxgBJWQg3_-SgiFHu6e4nR0dQOggSfHHQc3AsTNZ7kIFMOc68US87HDaL_fWbBZKgQFrpbrnagfDHJj4g?key=OwV2jL9DN49AICoIFwBGNID_\" alt=\"\"/\u003e\u003cfigcaption class=\"wp-element-caption\"\u003e\u003cem\u003eSource: \u003ca href=\"https://yaps.kaito.ai/movement\"\u003eKaito\u003c/a\u003e\u003c/em\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003e“Essentially Kaito does all the hard work that marketing teams would otherwise need to spec out to determine how and where to develop and spend on social marketing campaigns in terms of selecting the right set of KOLs, targeting the proper audience and so forth,” Blockworks’ Danny Knettel told me.\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\"\u003eWe are talking about \u003ca href=\"https://twitter.com/KaitoAI?ref_src=twsrc%5Etfw\"\u003e@KaitoAI\u003c/a\u003e in the crypto marketing cabal today \u003cbr\u003e\u003cbr\u003eSome say it doesn’t reward “high quality” posts. I don’t think that is kaito’s purpose in the first place\u003cbr\u003e\u003cbr\u003eIt’s a measurement of influence, quality of reach \u003cbr\u003e\u003cbr\u003einfluence ≠ quality content \u003cbr\u003e\u003cbr\u003eIf i was in house at a… \u003ca href=\"https://t.co/wAVK4VnRiz\"\u003epic.twitter.com/wAVK4VnRiz\u003c/a\u003e\u003c/p\u003e\u0026mdash; Emily Lai (@emilyxlai) \u003ca href=\"https://twitter.com/emilyxlai/status/1891187384169214392?ref_src=twsrc%5Etfw\"\u003eFebruary 16, 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\u003eNow back to the points. Maybe you think this is another pointless “SocialFi” game we’ve seen with \u003ca href=\"https://blockworks.co/news/sec-doj-charge-bitclout-creator-crypto-fraud-social-media\"\u003eBitClout\u003c/a\u003e or \u003ca href=\"https://blockworks.co/news/frienddottech-relinquishes-platform-control\"\u003efriend.tech\u003c/a\u003e, but Kaito’s points are actually shaping up to be valuable.\u003c/p\u003e\n\n\n\n\u003cp\u003eBased on \u003ca href=\"https://x.com/ren_gmi/status/1890385280114315736?s=46\u0026amp;t=2q9OLMlaobNlHLewOXT4uA\"\u003e@Ren_gmi’s estimates\u003c/a\u003e, YAP points are worth anything between $20 to $140 per point.\u003c/p\u003e\n\n\n\n\u003cp\u003eIt’s unclear how Kaito’s token product ties into its core analytics product, and it’s still too early to speculate on there being any kind of value accrual between the two.\u003c/p\u003e\n\n\n\n\u003cp\u003eAssuming an annual price of \u003ca href=\"https://kaito.ai/pricing\"\u003e$10,000\u003c/a\u003e and 1,000 paid seats, Kaito generates annualized revenues of $10 million.\u003c/p\u003e\n\n\n\n\u003cp\u003eOne could value KAITO at a conservative 20x P/S multiple, which would place the token’s value at a $200 million market cap (assuming a 24% token supply airdrop).\u003cbr\u003e\u003cbr\u003eOn Aevo’s pre-launch market, KAITO is\u003ca href=\"https://app.aevo.xyz/perpetual/kaito\"\u003e presently trading\u003c/a\u003e at a $320 million market cap/$1.3 billion FDV.\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cem\u003eUpdated Feb. 19, 2025 at 1:48 pm ET: Updated KAITO P/S multiple.\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","airdrop","social media","Tokenization"],"customFields":{"display_options":[]},"meta":{"title":"Crypto sentiment analytics platform Kaito AI prepares for token launch","description":"The AI platform Kaito looks to reshape Web3 marketing with yaps.","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/kaito-preps-token-launch","og_locale":"en_US","og_type":"article","og_title":"Crypto sentiment analytics platform Kaito AI prepares for token launch","og_description":"The AI platform Kaito looks to reshape Web3 marketing with yaps.","og_url":"https://blockworks.co/news/kaito-preps-token-launch","og_site_name":"Blockworks","article_published_time":"2025-02-19T18:00:00+00:00","article_modified_time":"2025-02-19T18:48:37+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/social-media.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/kaito-preps-token-launch","url":"https://blockworks.co/news/kaito-preps-token-launch","name":"Crypto sentiment analytics platform Kaito AI prepares for token 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yaps.","breadcrumb":{"@id":"https://blockworks.co/news/kaito-preps-token-launch#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/kaito-preps-token-launch"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/kaito-preps-token-launch#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/social-media.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/social-media.jpg","width":1600,"height":900,"caption":"Watchara Newman/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/kaito-preps-token-launch#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Crypto sentiment analytics platform Kaito AI prepares for token launch"}]},{"@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":"inversion-chain-avalanche","id":97431,"permalink":"/news/inversion-chain-avalanche","title":"Exclusive: Inversion Chain’s plan to be the Berkshire of crypto","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/2025-02-14-Santiago.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/2025-02-14-Santiago.jpg","caption":"\u003cp\u003eThe Blockworks Permissionless II Crypto Conference at the Austin Convention Center in Austin, Texas on September 13, 2023. (Photo by Montinique Monroe)\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 14 Feb 2025 16:20:31 GMT","publishedAt":"Fri, 14 Feb 2025 16:01:56 GMT","publishedAtTimestamp":1739548916,"excerpt":"Inversion Chain will be built on Avalanche, Empire co-host Santiago Santos told Blockworks","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Empire newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\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\u003eYou don’t need to understand it to use it.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThat’s Empire co-host Santiago Santos’ ideal situation in building Inversion Chain.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eConfused? Think about the 1990s. Businesses used “.com” and — outside of the somewhat ridiculous Homes.com commercial we saw during the Super Bowl — dot com isn’t really used anymore. If you don’t believe me — or Santos — bring it up to your local Gen Zer and you’ll quickly see how out of tune it is.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003ePoint being that the internet is just a part of doing business nowadays. And for Santos, crypto or crypto rails are following in the same path. He doesn’t need to market Inversion Chain to the masses. They won’t know of it unless they pay attention during transactions with potential projects like Helium.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBut let me back up: For you lot, my goal is to ensure you understand it — even if you don’t \u003cem\u003eneed\u003c/em\u003e to.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eInversion Chain was announced by Santos this week, though he’s more or less been thinking about it since he left ParaFi over four years ago. Seven months ago, he started planning and now he’s hiring.\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\"\u003eIt’s been inspiring seeing the reception to Inversion over the last 24 hours. Fired up\u003cbr\u003e\u003cbr\u003eSo far almost everyone has rallied behind the vision and mission: build the best user acquisition channel for crypto and accelerate mainstream adoption.\u003cbr\u003e\u003cbr\u003eThe mission transcends maximalism at…\u003c/p\u003e\u0026mdash; Santiago R Santos (@santiagoroel) \u003ca href=\"https://twitter.com/santiagoroel/status/1889905071888146727?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\u003eThere isn’t a set timeline for launch just yet, though Santos told me the goal is “as soon as possible.”\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe L1 will be built on Avalanche because, as Santos noted, it’s one of the only places to truly customize the chain for specific use cases and support that covers the gambit.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThere are added bonuses, like permissioning your network at the validator, privacy, EVM compatibility and native interoperability as well.\u003c/p\u003e\n\n\n\n\u003cp\u003eMaking his own chain was the clear path for Santos after looking around.\u003c/p\u003e\n\n\n\n\u003cp\u003e“Having our own chain lets us purposefully build a stack exactly to the specs of the businesses that we acquire and really allows us to go tailor-made,” he explained. “I believe in a multi-chain world.”\u003c/p\u003e\n\n\n\n\u003cp\u003eRight now, we’re not keeping users. As Santos pointed out to me, folks are coming on chain through an exchange with some sort of speculation in mind — and that’s not \u003cem\u003etotally \u003c/em\u003ea bad thing, given that there’ll be room for speculation in crypto (just like there’s room for speculation in stocks), but the goal is to retain users and show them to use cases crypto has to offer.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWhich is where Santos hopes we end up, with people not having to think twice about the \u003cem\u003ecrypto \u003c/em\u003eof it all.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“I think we’re selling ourselves short as an industry, and we can lead. The focus is very specific: You lead with a core service like mobile and FinTech — and when I say FinTech, it really is a stablecoin,” Santos explained.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“My singular focus is to create an onboarding acquisition channel for the next 100, 200, 500 million users that will come onchain.”\u003c/p\u003e\n\n\n\n\u003cp\u003eSounds pretty bullish to me.\u003cbr\u003e\u003cbr\u003eSomething Santos explained to co-host Jason Yanowitz on this \u003ca href=\"https://blockworks.co/podcast/empire/d5b1522c-eaa5-11ef-a4ec-5ff0abfd24ce\"\u003emorning’s Empire Round Up\u003c/a\u003e — was his idea of building Berkshire on-chain.\u003c/p\u003e\n\n\n\n\u003cp\u003eSantos explained that the analogy “would be what AOL did at the peak of the .com bubble. The stock was quite inflated, so what did they do? They go and acquire Time Warner, a real business,” he said.\u003c/p\u003e\n\n\n\n\u003cp\u003e“And I think the role [of] the foundations is to really accelerate the adoption of crypto, the uptake. I don\u0026#8217;t think they\u0026#8217;re being strategic enough. The opportunity here is to use, eventually, that Treasury value in a very strategic manner to go and acquire businesses and anchor them to the chain and activate that user base to come on chain,” he continued.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eIf executed properly, then Santos thinks that the flywheel for the economic activity on that chain is one where you\u0026#8217;re going out and continuously acquiring more businesses, bringing on more users, and that generates” more and more activity.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBringing it back to Berkshire: For Santos it’s creating an operable base from which you can go and explore other ways to not only be profitable but also not be front and center for the userbase.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eIf you’re not following along, think about how Warren Buffett does things (and put aside your thoughts about him from an anti-crypto perspective). He goes and finds potentially successful investments but it’s not like we necessarily interact with Berkshire itself on any given day as customers.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThey exist in the background, as necessary as your shadow.\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":"DeFi","categories":["DeFi","Empire Newsletter"],"primaryTag":"Avalanche","tags":["Avalanche","Empire Newsletter","Layer-1"],"customFields":{"display_options":[]},"meta":{"title":"Exclusive: Inversion Chain's plan to be the Berkshire of crypto","description":"Inversion Chain will be built on Avalanche, Empire co-host Santiago Santos told Blockworks","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/inversion-chain-avalanche","og_locale":"en_US","og_type":"article","og_title":"Exclusive: Inversion Chain's plan to be the Berkshire of crypto","og_description":"Inversion Chain will be built on Avalanche, Empire co-host Santiago Santos told Blockworks","og_url":"https://blockworks.co/news/inversion-chain-avalanche","og_site_name":"Blockworks","article_published_time":"2025-02-14T16:01:56+00:00","article_modified_time":"2025-02-14T16:20:31+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/2025-02-14-Santiago.jpg","type":"image/jpeg"}],"author":"Katherine Ross","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/byKatherineRoss","twitter_misc":{"Written by":"Katherine Ross","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/inversion-chain-avalanche","url":"https://blockworks.co/news/inversion-chain-avalanche","name":"Exclusive: Inversion Chain's plan to be the Berkshire of crypto","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/inversion-chain-avalanche#primaryimage"},"image":{"@id":"https://blockworks.co/news/inversion-chain-avalanche#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/2025-02-14-Santiago.jpg","datePublished":"2025-02-14T16:01:56+00:00","dateModified":"2025-02-14T16:20:31+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a8f9a113f6017d6aaa63f86ed288df05"},"description":"Inversion Chain will be built on Avalanche, Empire co-host Santiago Santos told Blockworks","breadcrumb":{"@id":"https://blockworks.co/news/inversion-chain-avalanche#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/inversion-chain-avalanche"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/inversion-chain-avalanche#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/2025-02-14-Santiago.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/2025-02-14-Santiago.jpg","width":1600,"height":900,"caption":"The Blockworks Permissionless II Crypto Conference at the Austin Convention Center in Austin, Texas on September 13, 2023. (Photo by Montinique Monroe)"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/inversion-chain-avalanche#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Exclusive: Inversion Chain\u0026#8217;s plan to be the Berkshire of crypto"}]},{"@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/a8f9a113f6017d6aaa63f86ed288df05","name":"Katherine Ross","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2023/03/Screenshot-2023-03-30-at-3.52.23-PM.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2023/03/Screenshot-2023-03-30-at-3.52.23-PM.png","caption":"Katherine Ross"},"description":"Katherine is a news editor based in Austin. She worked as a senior producer and correspondent at TheStreet prior to joining Blockworks. She holds a Bachelor of Arts degree with a focus on journalism from Sarah Lawrence. Contact Katherine via email at katherine@blockworks.co.","sameAs":["https://www.linkedin.com/in/katherinerooss/","https://x.com/https://twitter.com/byKatherineRoss"],"url":"https://blockworks.co/news/author/katherine-ross"}]}},"authors":[{"title":"Katherine Ross","id":94,"slug":"katherine-ross","image_url":""}],"blurhash":null},{"slug":"solana-update-liquid-staking-tokens","id":97361,"permalink":"/news/solana-update-liquid-staking-tokens","title":"Solana yield is now flowing to liquid stakers","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/ED_Solana_20240731a-3.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/ED_Solana_20240731a-3.jpg","caption":"\u003cp\u003eArtwork by Crystal Le\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Wed, 12 Feb 2025 21:08:42 GMT","publishedAt":"Wed, 12 Feb 2025 21:30:00 GMT","publishedAtTimestamp":1739395800,"excerpt":"Solana LSTs mostly saw their yields go up across the board today","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\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\u003eA long-awaited Solana update has gone live. All optional priority fees paid by users will be sent to the validators running the blockchain.\u003c/p\u003e\n\n\n\n\u003cp\u003eSolana’s median priority fee dropped 40% from the time period right before the new feature was activated, according to Solana Compass. However, it’s too early to tell whether that trend will hold. A more immediate consequence is that liquid staking tokens — which allow validators to pass along priority fee rewards, whereas regular Solana staking does not — just became the highest-yield show in town.\u003c/p\u003e\n\n\n\n\u003cp\u003eSolana users can pay a priority fee on top of the network’s base fee to increase a transaction’s chances of making it to the blockchain. Under Solana’s initial architecture, half of these priority fees went to the validators who run Solana’s software, and half were burned, or effectively removed from circulation.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eIn May 2024, \u003ca href=\"https://blockworks.co/news/solana-validators-tackle-side-deals\"\u003evalidators voted\u003c/a\u003e to begin sending 100% of priority fees to validators. The justification was that the 50% burn was causing some validators to cut mutually beneficial side deals with traders. As SIMD-0096’s activation date approached, some developers \u003ca href=\"https://blockworks.co/news/solana-validator-revenue-stakers\"\u003ebegan pointing out\u003c/a\u003e that Solana lacks an in-protocol way for validators to share priority fee rewards with stakers. This means that validators would get relatively richer at the expense of the stakers who delegate stake to them.\u003c/p\u003e\n\n\n\n\u003cp\u003eA future proposal, SIMD-0123, could allow in-protocol priority fee sharing, but it won’t be activated for some time. Until then, one of the most effective ways for validators to share the extra yield with stakers is via liquid staking tokens, which are tokenized claims on a share of the yield generated by a pool of staked SOL. If validators transfer the extra SOL that they’re earning into stake pools, then the LST holders receive more yield.\u003c/p\u003e\n\n\n\n\u003cp\u003eSolana LST provider Sanctum \u003ca href=\"https://blog.sanctum.so/lst-for-all\"\u003eannounced\u003c/a\u003e this morning it would be creating an LST for every validator on the network. That would bring Solana’s total number of LSTs to over 1,000 — a more than tenfold increase.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSolana LSTs mostly saw their yields go up across the board today. Jupiter’s is 11.96%, up from 10.69% in the period prior, and most LSTs followed suit.\u003c/p\u003e\n\n\n\n\u003cp\u003eLSTs may not be a perfect solution, though. For one, converting native stake into an LST could \u003ca href=\"https://x.com/0xDigitalLaw/status/1889741314914128054\"\u003ecreate\u003c/a\u003e a taxable event for SOL holders. Another critique stems from the fact that LST holders must trust that validators are passing the full yield along.\u003c/p\u003e\n\n\n\n\u003cp\u003e“I absolutely hate ‘trust me bro’ situations,” Sol Strategies head of staking Max Kaplan wrote on X. “I believe the LST method is confusing, a bad UX, and opens the door for potential [rug pulls].”\u003c/p\u003e\n\n\n\n\u003cp\u003eJito (which operates the largest Solana LST) recently debuted TipRouter, which automatically doles out priority fees and can be verified onchain.\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":"DeFi","categories":["DeFi","Lightspeed Newsletter"],"primaryTag":"Lightspeed Newsletter","tags":["Lightspeed Newsletter","liquid staking","Solana","Validator"],"customFields":{"display_options":[]},"meta":{"title":"Solana yield is now flowing to liquid stakers","description":"Per SIMD-0096, all optional priority fees paid by users will be sent to the validators running the blockchain.","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/solana-update-liquid-staking-tokens","og_locale":"en_US","og_type":"article","og_title":"Solana yield is now flowing to liquid stakers","og_description":"Per SIMD-0096, all optional priority fees paid by users will be sent to the validators running the blockchain.","og_url":"https://blockworks.co/news/solana-update-liquid-staking-tokens","og_site_name":"Blockworks","article_published_time":"2025-02-12T21:30:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/ED_Solana_20240731a-3.jpg","type":"image/jpeg"}],"author":"Jack Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/solana-update-liquid-staking-tokens","url":"https://blockworks.co/news/solana-update-liquid-staking-tokens","name":"Solana yield is now flowing to liquid stakers","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/solana-update-liquid-staking-tokens#primaryimage"},"image":{"@id":"https://blockworks.co/news/solana-update-liquid-staking-tokens#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/ED_Solana_20240731a-3.jpg","datePublished":"2025-02-12T21:30:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96"},"description":"Per SIMD-0096, all optional priority fees paid by users will be sent to the validators running the blockchain.","breadcrumb":{"@id":"https://blockworks.co/news/solana-update-liquid-staking-tokens#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/solana-update-liquid-staking-tokens"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/solana-update-liquid-staking-tokens#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/ED_Solana_20240731a-3.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/ED_Solana_20240731a-3.jpg","width":1600,"height":900,"caption":"Artwork by Crystal Le"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/solana-update-liquid-staking-tokens#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Solana yield is now flowing to liquid stakers"}]},{"@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/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","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":"old-ideas-find-new-life-solana","id":97323,"permalink":"/news/old-ideas-find-new-life-solana","title":"Old ideas find new life on Solana","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/solana.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/solana.jpg","caption":"\u003cp\u003eAkif CUBUK/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Tue, 11 Feb 2025 21:30:47 GMT","publishedAt":"Tue, 11 Feb 2025 21:30:00 GMT","publishedAtTimestamp":1739309400,"excerpt":"As Solana’s tech matures, some founders are starting new businesses based on old ideas that weren’t formerly feasible","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\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 Solana X mob was awakened after Avara CEO Stani Kulechov accused the Solana DeFi project Kamino of copying Aave’s tech — on top of having a “half-baked” UI, among other things.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eKulechov’s remarks set off a round of snipes on Crypto Twitter, but while his Kamino criticism may have been overplayed, his sentiment did touch on a real trend outside of the borrow-lend world. As Solana’s tech matures, some founders are starting new businesses based on old ideas that weren’t formerly feasible.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe chain’s fundamentals — sub-cent transaction fees, thousands of transactions per second, and a year of uninterrupted uptime — have created an environment where concepts that once struggled on other blockchains might now thrive.\u003c/p\u003e\n\n\n\n\u003cp\u003e“Revisiting things that didn’t work a few years ago is sometimes more valuable than imagining new ones,” Inversion Capital founder Santiago Santos wrote on X this week.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eOn a forthcoming episode of the Lightspeed podcast, I asked Santos to name some ideas that deserve a second crack. His answer: crypto gaming and options protocols. Perpetual futures are obviously a successful business, he added, but onchain DeFi options less so.\u003c/p\u003e\n\n\n\n\u003cp\u003eAnother old idea that may be breaking through is social trading, which has been a recurring theme in crypto for years — especially in the form of copy trading. Tensor’s social memecoin trading app Vector is already lapping the annualized revenue from its Solana NFT marketplace.\u003c/p\u003e\n\n\n\n\u003cp\u003eA couple weeks ago, Tensor’s co-founder \u003ca href=\"https://blockworks.co/news/tensor-memecoin-app-revenue-distribution\"\u003etold me\u003c/a\u003e Vector would succeed where other apps haven’t because of its sleek Robinhood-esque packaging and the inherently social nature of memecoins — for which Solana seems to have an insatiable appetite.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eOn the institutional side of things, look at Sol Strategies: Tasked with turning around a flagging crypto holding company, new CEO Leah Wald took an \u003ca href=\"https://blockworks.co/news/sol-strategies-is-solanas-microstrategy\"\u003eeerily similar approach\u003c/a\u003e to the one pioneered for bitcoin by \u003ca href=\"https://blockworks.co/news/bitcoin-salesmen-michael-saylor-larry-fink\"\u003eMichael Saylor\u003c/a\u003e with Strategy (formerly MicroStrategy). I’ve already \u003ca href=\"https://x.com/whosknave/status/1889333151605887480\"\u003epredicted\u003c/a\u003e a few other MicroStrategy for Solana equivalents will come to market this year.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eTech history shows that the winners aren’t necessarily the first movers but the best executors. Solana developers believe they’ve built the infrastructure for those second chances to succeed.\u003c/p\u003e\n\n\n\n\u003cp\u003e“The iPhone would be a perfect example as there were other attempts at smartphones before, but Apple came at the right time, right place,” Titan Exchange CEO Chris Chung said. “Hopefully Solana can provide the groundwork for some revolutionary ideas to take place as well.”\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":"DeFi","categories":["DeFi","Lightspeed Newsletter"],"primaryTag":"Developers","tags":["Developers","Gaming","Lightspeed Newsletter","options","Solana"],"customFields":{"display_options":[]},"meta":{"title":"Old ideas find new life on Solana","description":"As Solana’s tech matures, some founders are starting new businesses based on old ideas that weren’t formerly feasible.","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/old-ideas-find-new-life-solana","og_locale":"en_US","og_type":"article","og_title":"Old ideas find new life on Solana","og_description":"As Solana’s tech matures, some founders are starting new businesses based on old ideas that weren’t formerly feasible.","og_url":"https://blockworks.co/news/old-ideas-find-new-life-solana","og_site_name":"Blockworks","article_published_time":"2025-02-11T21:30:00+00:00","article_modified_time":"2025-02-11T21:30:47+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/solana.jpg","type":"image/jpeg"}],"author":"Jack Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/old-ideas-find-new-life-solana","url":"https://blockworks.co/news/old-ideas-find-new-life-solana","name":"Old ideas find new life on Solana","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/old-ideas-find-new-life-solana#primaryimage"},"image":{"@id":"https://blockworks.co/news/old-ideas-find-new-life-solana#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/solana.jpg","datePublished":"2025-02-11T21:30:00+00:00","dateModified":"2025-02-11T21:30:47+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96"},"description":"As Solana’s tech matures, some founders are starting new businesses based on old ideas that weren’t formerly feasible.","breadcrumb":{"@id":"https://blockworks.co/news/old-ideas-find-new-life-solana#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/old-ideas-find-new-life-solana"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/old-ideas-find-new-life-solana#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/solana.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/solana.jpg","width":1600,"height":900,"caption":"Akif CUBUK/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/old-ideas-find-new-life-solana#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Old ideas find new life on 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/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","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 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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":"story-protocol-intellectual-property-token","id":97185,"permalink":"/news/story-protocol-intellectual-property-token","title":"Story Protocol turns the page with intellectual property token launch","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/story-protocol.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/story-protocol.jpg","caption":"\u003cp\u003eStory Protocol and Adobe stock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 07 Feb 2025 21:57:27 GMT","publishedAt":"Fri, 07 Feb 2025 18:00:00 GMT","publishedAtTimestamp":1738951200,"excerpt":"Story Protocol’s sovereign layer-1 targets blockchain-native intellectual property monetization including AI","content":"\n\u003cp\u003eStory is a sovereign layer-1 blockchain built using the Cosmos SDK and CometBFT consensus, with an added EVM execution — a custom Geth fork. This choice allows for full governance control, optimized execution for intellectual property workflows and a staking economy based on the $IP token.\u003c/p\u003e\n\n\n\n\u003cp\u003eStandard blockchain environments — even high-performance chains like Solana — struggle with modeling the recursive licensing structures that intellectual property ecosystems require, the team said. Story’s \u003ca href=\"https://blockworks.co/news/crypto-funding-story-protocol-dex-brinefi-investor\"\u003eunique\u003c/a\u003e graph-based architecture is specifically designed to handle the complex relationships between intellectual property assets, the team said.\u003c/p\u003e\n\n\n\n\u003cp\u003eWhile Story Protocol’s vision of a graph-based \u003ca href=\"https://blockworks.co/news/story-protocol-ritual-ai-provenance\"\u003eintellectual property economy\u003c/a\u003e is ambitious, its decision to launch an entirely new layer-1 with its own token instead of, say, a validium rollup, is worth scrutinizing.\u003c/p\u003e\n\n\n\n\u003cp\u003eMany projects claim to need a custom execution environment, only to ascribe an L1 premium to their tokens. Could Story not have built this as a rollup with a purpose-built intellectual property layer on top?\u003c/p\u003e\n\n\n\n\u003cp\u003eThe Cosmos SDK grants Story more sovereignty, but at the cost of fragmenting liquidity, security and developer mindshare. Do we really need to bootstrap yet another staking economy? Many similar application-specific chains have struggled to justify their independence beyond token incentives. Rollups benefit from \u003ca href=\"https://blockworks.co/news/ethereum-native-rollups-scalability\"\u003einheriting\u003c/a\u003e Ethereum’s deep liquidity and mature validator set, and even Cosmos chains are trending toward greater use of Interchain security.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eThe role and tokenomics of $IP\u003c/h2\u003e\n\n\n\n\u003cp\u003e$IP serves multiple key functions in the Story ecosystem, according to a \u003ca href=\"https://www.story.foundation/blog/introducing-ip\"\u003eblog\u003c/a\u003e released today. Such functions include:\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003eSecuring the network: Validators stake $IP to participate in consensus.\u003c/li\u003e\n\n\n\n\u003cli\u003eGas token: $IP is required for all on-chain interactions.\u003c/li\u003e\n\n\n\n\u003cli\u003eGovernance: Token holders shape the future of Story Protocol through governance decisions.\u003c/li\u003e\n\u003c/ul\u003e\n\n\n\n\u003cp\u003eStory has structured $IP\u0026#8217;s supply and distribution to prioritize long-term community participation. The total supply is set at 1 billion $IP, with an initial unlocked supply of 25%.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image size-large\"\u003e\u003cimg loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"900\" src=\"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/unnamed.png?w=1024\u0026amp;h=1024\" alt=\"\" class=\"wp-image-97195\" srcset=\"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/unnamed.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/02/unnamed.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/02/unnamed.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/02/unnamed.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/02/unnamed.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/02/unnamed.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/02/unnamed.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2025/02/unnamed.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/02/unnamed.png?w=80 80w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" /\u003e\u003cfigcaption class=\"wp-element-caption\"\u003e\u003cem\u003eSource: \u003ca href=\"https://www.story.foundation/blog/introducing-ip\"\u003eStory Protocol\u003c/a\u003e\u003c/em\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eA portion of $IP is burned with each transaction, potentially reducing supply over time.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003e‘Fair Launch’ staking\u003c/h2\u003e\n\n\n\n\u003cp\u003eUnlike \u003ca href=\"https://blockworks.co/news/0xresearch-newsletter-eigen-tokens-transparency\"\u003emany token launches\u003c/a\u003e that benefit early insiders, Story’s staking mechanism ensures no one earns staking rewards before the community does. February is part of what the protocol is calling the “Singularity Period,” during which users can stake or delegate tokens without earning rewards yet. Only after the “Big Bang” event on March 2 will rewards begin accruing to all participants at the same time.\u003c/p\u003e\n\n\n\n\u003cp\u003ePublic mainnet access is set to launch alongside an initial claim for the community. Importantly, locked tokens will also have their staking rewards locked for a minimum of six months, though that may be extended, a spokesperson told Blockworks.\u003c/p\u003e\n\n\n\n\u003cp\u003e“We will not allow locked tokens to sell staking rewards anytime soon, and we believe the community should have the ability to set up staking and receive rewards,” the team said.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eAI and IPFi\u003c/h2\u003e\n\n\n\n\u003cp\u003eA fascinating prospect is the potential for intellectual property-based DeFi primitives — or IPFi. Teams like Unleash, Verio and Color are already developing marketplaces, restaking mechanisms and lending/borrowing infrastructure for intellectual property-backed assets. The example of Aria securing real TVL on intellectual property, \u003ca href=\"https://x.com/StoryProtocol/status/1881713146274156951\"\u003eincluding assets\u003c/a\u003e like \u003ca href=\"https://blockworks-research.beehiiv.com/p/wednesday-february-5\"\u003eJustin Bieber’s Peaches\u003c/a\u003e, is interesting. However, the real test will come once public mainnet launches.\u003c/p\u003e\n\n\n\n\u003cp\u003eFor now, whether intellectual property assets can be meaningfully used as collateral outside of Story Protocol remains theoretical. That said, LayerZero (LZ) integration means that some form of cross-chain composability will be possible from day one — an indicator that Story’s intellectual property-backed assets could plug into Ethereum-based DeFi protocols if liquidity and demand exists.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe mention of a new DeFi-oriented API leveraging LZRead functionality is intriguing. If Story can abstract complexity and make intellectual property-backed lending as seamless as USDC or wBTC lending, it could position itself as a unique RWA-like collateral class for DeFi lenders. But that’s going to be a mammoth task.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eAI meets intellectual property\u003c/h2\u003e\n\n\n\n\u003cp\u003eStory Protocol isn’t just about digitizing intellectual property — it’s building a blockchain-native economy for AI and creativity. By removing intermediaries, enabling automated licensing and supporting agent-based transactions, Story is positioning itself as a fundamental layer for digital ownership.\u003c/p\u003e\n\n\n\n\u003cp\u003e\u0026#8220;The easier you make it to register [intellectual property], the easier you make it to license [intellectual property], the easier you make it to transact on it — the more this turns from an oligarchy into a true marketplace,” Story Foundation president and Roman emperor-styled “Marcus Devrelius” \u003ca href=\"https://x.com/storyprotocol/status/1887591351988158558?s=46\u0026amp;t=yjAdM2ddX0KgGQimu7jcDQ\"\u003esaid\u003c/a\u003e in a Twitter Space.\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cem\u003eUpdated Feb. 7, 2025 at 4:55 pm ET: Clarified company role of Marcus Devrelius.\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":"DeFi","categories":["DeFi"],"primaryTag":"Artificial Intelligence","tags":["Artificial Intelligence","intellectual property","Layer-1","staking","tokenomics"],"customFields":{"display_options":[]},"meta":{"title":"Story Protocol turns the page with intellectual property token launch","description":"Story Protocol’s sovereign layer-1 targets blockchain-native intellectual property monetization including AI.","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/story-protocol-intellectual-property-token","og_locale":"en_US","og_type":"article","og_title":"Story Protocol turns the page with intellectual property token launch","og_description":"Story Protocol’s sovereign layer-1 targets blockchain-native intellectual property monetization including AI.","og_url":"https://blockworks.co/news/story-protocol-intellectual-property-token","og_site_name":"Blockworks","article_published_time":"2025-02-07T18:00:00+00:00","article_modified_time":"2025-02-07T21:57:27+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/story-protocol.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/story-protocol-intellectual-property-token","url":"https://blockworks.co/news/story-protocol-intellectual-property-token","name":"Story Protocol turns the page with intellectual property token 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AI.","breadcrumb":{"@id":"https://blockworks.co/news/story-protocol-intellectual-property-token#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/story-protocol-intellectual-property-token"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/story-protocol-intellectual-property-token#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/story-protocol.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/story-protocol.jpg","width":1600,"height":900,"caption":"Story Protocol and Adobe stock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/story-protocol-intellectual-property-token#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Story Protocol turns the page with intellectual property token launch"}]},{"@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":"l2-sector-rotation-tailwind","id":97166,"permalink":"/news/l2-sector-rotation-tailwind","title":"Sector rotation ‘tailwind’ for L2s: Kaiko","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/polygon.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/polygon.jpg","caption":"\u003cp\u003eVladimir Kazakov/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 07 Feb 2025 16:00:57 GMT","publishedAt":"Fri, 07 Feb 2025 16:00:00 GMT","publishedAtTimestamp":1738944000,"excerpt":"L2s could make a comeback this year after a disappointing 2024","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Empire newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\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\u003eWhat’s a good way to gauge how crypto’s faring without depending too much on price action?\u003c/p\u003e\n\n\n\n\u003cp\u003eIf you ask Kaiko, it’s L2s.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSo far, since the election, the research firm’s L2 index has traded higher, which is — admittedly — perhaps not a \u003cem\u003ehuge\u003c/em\u003e surprise, given that all of crypto took on an optimistic outlook starting in November.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe index tracks five L2s across Bitcoin and Ethereum. It also tracks Polygon.\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_4nXeEEd5MYVjhKvoLuqOfJvOK7unmosgZfVsX8TUaOhLrGpFWVoVAr9QQB6a78PRjnwBJkYe5ZjQOt9encik3HtJ1jq-ooi_svQ1FKnDeF34Fj8AsLMItr8kJTVkkn80NiHj08anJlw?key=r7UJwDSxvmuP7JeyAN-Z78QO\" alt=\"\"/\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eAs you can see above, we have Stacks, Optimism, Arbitrum, Polygon and Starknet in the same bucket.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eKeep in mind that L2s are making a comeback so far after falling behind the market last year. And there’s been \u003ca href=\"https://blockworks.co/news/crypto-infrastructure-bloat\"\u003eplenty of discussion\u003c/a\u003e around whether we have too many L2s.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThat’s not to say that there isn’t still demand though.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eTake, for example, a Galaxy \u003ca href=\"https://www.galaxy.com/insights/research/bitcoin-layer-2-modular-future/\"\u003ereport\u003c/a\u003e from November that projects that $47 billion of bitcoin could be “bridged into bitcoins L2s by 2030” — or roughly 2% of bitcoin’s circulating supply.\u003c/p\u003e\n\n\n\n\u003cp\u003eAnyway, back to the data: There might be some more positive catalysts in store for L2s, especially if bitcoin doesn’t dominate the narrative as much moving forward.\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_4nXcBB2fNhZG-kGUcnLkAPuwCCl3Tldn-kOcFRRfQgsGfZG_Txl-1YmxC9cspb7gOIFDie99oQ4wLXd7G-W-H4oXHrpfChfMWk8-yr8nTfXvtS9XSyxdbJjx9ZWCkdWbt1CcNPM_18w?key=r7UJwDSxvmuP7JeyAN-Z78QO\" alt=\"\"/\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003e“Sector rotation is another potential tailwind for L2 assets. BTC dominated the crypto market in 2024, setting record highs before and after the U.S. election as institutional investors poured billions into spot BTC exchange-traded funds. However, the rally hasn’t yet extended beyond BTC, as has historically been the case. While the crypto market structure has evolved, a rotation to smaller assets remains likely as investors seek higher upside potential via high-beta tokens,” Kaiko analyst Adam McCarthy wrote.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eTaking into account that the changing regulatory headwinds play a huge factor here — especially in Polygon’s case given that the SEC previously labeled \u003ca href=\"https://blockworks.co/news/sec-10-tokens-securities\"\u003eMATIC a security\u003c/a\u003e — and perhaps the future’s looking a bit brighter.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWhile investing in bitcoin is accessible to the masses, it’s hard to find opportunities beyond it, McCarthy wrote.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“While the broader crypto bull market has yet to fully extend to altcoins, evolving regulatory dynamics could serve as a catalyst for renewed interest. As policy shifts in Washington and investors explore opportunities beyond Bitcoin,” L2s are “positioned for significant growth in 2025,” he continued.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eMan, it’s hard to be pessimistic in crypto right now.\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":"DeFi","categories":["DeFi","Empire Newsletter"],"primaryTag":"Empire Newsletter","tags":["Empire Newsletter","Kaiko","layer-2"],"customFields":{"display_options":[]},"meta":{"title":"Sector rotation 'tailwind' for L2s: Kaiko","description":"L2s could make a comeback this year after a disappointing 2024.","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/l2-sector-rotation-tailwind","og_locale":"en_US","og_type":"article","og_title":"Sector rotation 'tailwind' for L2s: Kaiko","og_description":"L2s could make a comeback this year after a disappointing 2024.","og_url":"https://blockworks.co/news/l2-sector-rotation-tailwind","og_site_name":"Blockworks","article_published_time":"2025-02-07T16:00:00+00:00","article_modified_time":"2025-02-07T16:00:57+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/polygon.jpg","type":"image/jpeg"}],"author":"Katherine Ross","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/byKatherineRoss","twitter_misc":{"Written by":"Katherine Ross","Est. reading time":"5 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/l2-sector-rotation-tailwind","url":"https://blockworks.co/news/l2-sector-rotation-tailwind","name":"Sector rotation 'tailwind' for L2s: Kaiko","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/l2-sector-rotation-tailwind#primaryimage"},"image":{"@id":"https://blockworks.co/news/l2-sector-rotation-tailwind#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/polygon.jpg","datePublished":"2025-02-07T16:00:00+00:00","dateModified":"2025-02-07T16:00:57+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a8f9a113f6017d6aaa63f86ed288df05"},"description":"L2s could make a comeback this year after a disappointing 2024.","breadcrumb":{"@id":"https://blockworks.co/news/l2-sector-rotation-tailwind#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/l2-sector-rotation-tailwind"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/l2-sector-rotation-tailwind#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/polygon.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/polygon.jpg","width":1600,"height":900,"caption":"Vladimir Kazakov/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/l2-sector-rotation-tailwind#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Sector rotation \u0026#8216;tailwind\u0026#8217; for L2s: Kaiko"}]},{"@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/a8f9a113f6017d6aaa63f86ed288df05","name":"Katherine Ross","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2023/03/Screenshot-2023-03-30-at-3.52.23-PM.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2023/03/Screenshot-2023-03-30-at-3.52.23-PM.png","caption":"Katherine Ross"},"description":"Katherine is a news editor based in Austin. She worked as a senior producer and correspondent at TheStreet prior to joining Blockworks. She holds a Bachelor of Arts degree with a focus on journalism from Sarah Lawrence. Contact Katherine via email at katherine@blockworks.co.","sameAs":["https://www.linkedin.com/in/katherinerooss/","https://x.com/https://twitter.com/byKatherineRoss"],"url":"https://blockworks.co/news/author/katherine-ross"}]}},"authors":[{"title":"Katherine Ross","id":94,"slug":"katherine-ross","image_url":""}],"blurhash":null},{"slug":"new-solana-validators-emerge","id":97149,"permalink":"/news/new-solana-validators-emerge","title":"New validators spring up as Solana usage surges","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/ED_Solana_20240731b-3.png","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/ED_Solana_20240731b-3.png","caption":"\u003cp\u003eArtwork by Crystal Le\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 07 Feb 2025 15:02:05 GMT","publishedAt":"Fri, 07 Feb 2025 15:00:00 GMT","publishedAtTimestamp":1738940400,"excerpt":"Since November, validator revenue consistently netted at least $40 million every roughly two days, according to data from 21 co","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\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\u003eSolana has seen frenzied trading activity over the past year, and arguably the biggest beneficiary has been the network’s validators.\u003c/p\u003e\n\n\n\n\u003cp\u003eSince November, validator revenue consistently netted at least $40 million every roughly two days, according to data from 21 co. That’s up from roughly $4 million every two days this time last year. A number of new validators have been springing up to enter the fray.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe small crypto research startup Kairos Research launched a Solana validator in partnership with node operator Firstset this week, which currently has around $3 million in delegated SOL. Solana validator hardware requirements are “an order of magnitude higher” than on other blockchains, Firstset told me, so the server providers it looked at were a bit more expensive than they would have been on Ethereum, for instance.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eKairos also had to reckon with the higher hardware provider costs based on Solana’s higher throughput and the bit more than one SOL per day validators have to spend voting on blocks, which is how the network reaches consensus.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe Solana Foundation initially covers voting costs for new validators, and it stakes its large stash of SOL with smaller validators. With the Solana Foundation’s help on voting costs, Kairos and Firstset’s validator currently costs around $1,400 per month to run and is already breaking even.\u003c/p\u003e\n\n\n\n\u003cp\u003eValidators earn revenue from SOL-denominated block rewards the network pays out as well as MEV and priority fees paid by users trying to land transactions. Validators set a commission on block rewards and MEV income, and they currently receive half of priority fees. Those who have more SOL staked have a better chance of receiving block rewards, so validator revenue increases with size.\u003c/p\u003e\n\n\n\n\u003cp\u003eHelius, the largest validator on the Solana network with more than 3% of the total stake, didn’t initially intend to get into the staking business at all. When stake-weighted quality of service — a newer feature that prioritizes network traffic based on stake and makes it easier for RPC nodes with validators to land transactions — went live on Solana, Helius changed course.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“I was like, ‘Shit, we need a Solana validator now,’” Mumtaz recalled on a \u003ca href=\"https://www.youtube.com/watch?v=FES9-WXxfHc\"\u003eLightspeed podcast episode\u003c/a\u003e. The hardware costs were negligible for Helius, since the company already ran a number of nodes, and it quickly began attracting stake after launching in May 2024 due to Mumtaz’ brand and the high APY it passed onto stakers.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eLarger enterprises have the option to go the acquisition route. Sol Strategies, a holding company focused on Solana, \u003ca href=\"https://blockworks.co/news/sol-strategies-is-solanas-microstrategy\"\u003ehas acquired\u003c/a\u003e two validator operations. Its validator operations now \u003ca href=\"https://dune.com/sol_strategies/sol-strategies\"\u003enet\u003c/a\u003e between 100 to 200 SOL during most epochs, a Solana time measurement which takes around two days. That’s tens of thousands every other day in revenue.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eMax Kaplan, who was once head of engineering at Kraken, started one of the staking companies Sol Strategies acquired, and he’s now the company’s head of staking.\u003c/p\u003e\n\n\n\n\u003cp\u003e“It\u0026#8217;s very competitive now,” Kaplan said of the staking space. “You need to be good at system level optimizations [and/or business development] to really make it profitable.”\u003c/p\u003e\n\n\n\n\u003cp\u003eKaplan still thinks new validators turning a profit is doable. Validators’ fortunes will partly depend on if Solana can maintain what has been an unprecedented level of usage over the past several months.\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":"DeFi","categories":["DeFi","Lightspeed Newsletter"],"primaryTag":"Lightspeed Newsletter","tags":["Lightspeed Newsletter","SOL","Solana","Validator"],"customFields":{"display_options":[]},"meta":{"title":"New validators spring up as Solana usage surges","description":"Since November, validator revenue consistently netted at least $40 million every roughly two days, according to data from 21 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Kubinec","Est. reading time":"6 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/new-solana-validators-emerge","url":"https://blockworks.co/news/new-solana-validators-emerge","name":"New validators spring up as Solana usage surges","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/new-solana-validators-emerge#primaryimage"},"image":{"@id":"https://blockworks.co/news/new-solana-validators-emerge#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/ED_Solana_20240731b-3.png","datePublished":"2025-02-07T15:00:00+00:00","dateModified":"2025-02-07T15:02:05+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96"},"description":"Since November, validator revenue consistently netted at least $40 million every roughly two days, according to data from 21 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surges"}]},{"@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/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null},{"slug":"is-crypto-early-in-the-cycle","id":97165,"permalink":"/news/is-crypto-early-in-the-cycle","title":"Is crypto still early in the cycle?","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/purple-tinted-bitcoin-pile.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/purple-tinted-bitcoin-pile.jpg","caption":"\u003cp\u003eAdobe and \u003ca href=\"https://flickr.com/photos/151691693@N02/38688311185\"\u003eStock Catalog/”Bitcoin and cryptocurrency”\u003c/a\u003e (\u003ca href=\"https://creativecommons.org/licenses/by/2.0/\"\u003eCC license\u003c/a\u003e) modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 07 Feb 2025 14:20:45 GMT","publishedAt":"Fri, 07 Feb 2025 14:20:42 GMT","publishedAtTimestamp":1738938042,"excerpt":"Empire’s Jason Yanowitz thinks that we could actually be earlier in the cycle if you put aside Strategy’s bitcoin buys","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Empire newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\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 there’s one question I’m starting to hear it’s this: Have we topped?\u003c/p\u003e\n\n\n\n\u003cp\u003eI jokingly responded to Bitwise’s Ryan Rasmussen that I didn’t want TRUMP to be the top, and I stand by that. I’m admittedly, perhaps wishfully, hoping that we don’t top till later this year.\u0026nbsp;\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\"\u003eWas TRUMP the top?\u003c/p\u003e\u0026mdash; Ryan Rasmussen (@RasterlyRock) \u003ca href=\"https://twitter.com/RasterlyRock/status/1887216884241891566?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\u003eIt sounds like Empire’s Jason Yanowitz was on the same page but the “funky” price actions led to a theory for him. Strategy, the firm formerly known as MicroStrategy, has propped up the price of bitcoin.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWithout the \u003ca href=\"https://blockworks.co/news/microstrategy-btc-purchase-recap\"\u003e$20 billion-plus spending spree\u003c/a\u003e that Michael Saylor’s company went on throughout the end of last year into this year, we’d have bitcoin at a far lower price.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eHere’s the catch: Yanowitz thinks that puts us \u003cem\u003eearlier \u003c/em\u003ein the cycle. And his theory’s backed up by Dan Matuszewski of CMS Holdings.\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\"\u003e12. Either way this time has been different \u003ca href=\"https://t.co/g5VEIQWpnl\"\u003epic.twitter.com/g5VEIQWpnl\u003c/a\u003e\u003c/p\u003e\u0026mdash; Holdings (@cmsholdings) \u003ca href=\"https://twitter.com/cmsholdings/status/1887220342655230327?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\u003eAs Yanowitz \u003ca href=\"https://blockworks.co/podcast/empire/410d84f2-e4dc-11ef-9cb6-977e0c795192\"\u003eexplained in the Round Up this morning\u003c/a\u003e, we haven’t seen enough venture capital yet, it’s “very PvP.”\u003c/p\u003e\n\n\n\n\u003cp\u003e“I don’t know why this is different this time around or if I’m just off on where we are in the cycle but my guess is the overhang of 2021 is still with us. Liquid basically doesn’t exist and therefore can’t materially drive flows or collect inflows and venture remains the big yardstick for alts,” Matuszewski wrote.\u003c/p\u003e\n\n\n\n\u003cp\u003eSantiago Santos noted that we need to see “more flows coming in,” and that we haven’t see that yet outside of a “selective” few.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAre we there yet might be the next question we start asking as we debate the top. No matter where we are in the cycle, though, we should acknowledge that we’re in the early days of this new administration and one can only imagine that some of their actions will act as a catalyst moving forward.\u003c/p\u003e\n\n\n\n\u003ciframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https://www.youtube.com/embed/mvUpUuA8tJQ?si=6qz3GMwa802TGpwp\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen\u003e\u003c/iframe\u003e\n\n\n\n\u003cp\u003e\u003cem\u003eAnd now you know.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003eSpeaking of the regulatory environment, I listened to the Operation Chokepoint 2.0 hearing held on Capitol Hill yesterday.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eNone of it, admittedly, was as interesting as the \u003ca href=\"https://x.com/iampaulgrewal/status/1887500132523860283\"\u003ecourt transcript generously shared by Coinbase’s Paul Grewal\u003c/a\u003e, but if there was one takeaway by all parties involved, I’d say that everyone seemed ready to move on.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eI, too, hope we can move forward and get some answers on what happened and why. In case you need a refresher: Operation Chokepoint 2.0 was carried out by regulators, including the FDIC, to debank or prevent crypto companies from being able to bank with traditional institutions.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAdmittedly, I was skeptical initially on how much of this was intentional versus just the fault of vague or nonexistent regulations but there’s enough hard proof now, including in the aforementioned court transcripts, to show that there was intention.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eIf you want the TLDR but still want to get some of the spiciest bits from the transcript, I’d recommend checking out Scott Johnsson’s thread below.\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\"\u003eI\u0026#39;m two pages into this transcript, and it\u0026#39;s already hilarious. Since Paul is respectfully deferring on characterizing, let me do so. The judge is absolutely livid. \u003ca href=\"https://t.co/dhBKXMYAoR\"\u003ehttps://t.co/dhBKXMYAoR\u003c/a\u003e \u003ca href=\"https://t.co/1mCIZNPEeZ\"\u003epic.twitter.com/1mCIZNPEeZ\u003c/a\u003e\u003c/p\u003e\u0026mdash; Scott Johnsson (@SGJohnsson) \u003ca href=\"https://twitter.com/SGJohnsson/status/1887512912089972772?ref_src=twsrc%5Etfw\"\u003eFebruary 6, 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\u003eGrewal was a witness in the hearing alongside WSPN USA CEO Austin Campbell and Better Markets Banking Policy Director Shayna Olesiuk.\u003c/p\u003e\n\n\n\n\u003cp\u003eCampbell, at one point, told lawmakers that regulators decided to debank crypto firms just because of some bad actors (cough cough FTX amongst others). And Grewal argued that the targeting of digital asset firms “discourages” banks from even trying to bank companies in the space.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“What we saw in the documents that were produced yesterday, case after case, when the bank stepped forward and raised their hands and asked for permission to offer basic services, they were either ignored or they were given detailed examination and re-examination and re-examination until they simply gave up,” Grewal said.\u003cbr\u003e\u003cbr\u003eWhile we’re in friendlier waters, I think it’s fair to say that we need to see some changes — beyond the \u003ca href=\"https://www.reuters.com/world/us/trump-appoints-travis-hill-fdic-acting-chair-white-house-says-2025-01-20/\"\u003echanging of the guard at the FDIC\u003c/a\u003e — before we can fully say we’re past Operation Chokepoint 2.0.\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":"DeFi","categories":["DeFi","Empire Newsletter"],"primaryTag":"BTC","tags":["BTC","Empire Newsletter","MicroStrategy"],"customFields":{"display_options":[]},"meta":{"title":"Is crypto still early in the cycle?","description":"Empire's Jason Yanowitz thinks that we could actually be earlier in the cycle if you put aside Strategy's bitcoin buys.","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/is-crypto-early-in-the-cycle","og_locale":"en_US","og_type":"article","og_title":"Is crypto still early in the cycle?","og_description":"Empire's Jason Yanowitz thinks that we could actually be earlier in the cycle if you put aside Strategy's bitcoin buys.","og_url":"https://blockworks.co/news/is-crypto-early-in-the-cycle","og_site_name":"Blockworks","article_published_time":"2025-02-07T14:20:42+00:00","article_modified_time":"2025-02-07T14:20:45+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/purple-tinted-bitcoin-pile.jpg","type":"image/jpeg"}],"author":"Katherine Ross","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/byKatherineRoss","twitter_misc":{"Written by":"Katherine Ross","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/is-crypto-early-in-the-cycle","url":"https://blockworks.co/news/is-crypto-early-in-the-cycle","name":"Is crypto still early in the 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buys.","breadcrumb":{"@id":"https://blockworks.co/news/is-crypto-early-in-the-cycle#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/is-crypto-early-in-the-cycle"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/is-crypto-early-in-the-cycle#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/purple-tinted-bitcoin-pile.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/purple-tinted-bitcoin-pile.jpg","width":1600,"height":900,"caption":"Adobe and Stock Catalog/\"Bitcoin and cryptocurrency\" (CC license) modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/is-crypto-early-in-the-cycle#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Is crypto still early in the cycle?"}]},{"@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/a8f9a113f6017d6aaa63f86ed288df05","name":"Katherine Ross","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2023/03/Screenshot-2023-03-30-at-3.52.23-PM.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2023/03/Screenshot-2023-03-30-at-3.52.23-PM.png","caption":"Katherine Ross"},"description":"Katherine is a news editor based in Austin. She worked as a senior producer and correspondent at TheStreet prior to joining Blockworks. She holds a Bachelor of Arts degree with a focus on journalism from Sarah Lawrence. Contact Katherine via email at katherine@blockworks.co.","sameAs":["https://www.linkedin.com/in/katherinerooss/","https://x.com/https://twitter.com/byKatherineRoss"],"url":"https://blockworks.co/news/author/katherine-ross"}]}},"authors":[{"title":"Katherine Ross","id":94,"slug":"katherine-ross","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":"solana-validator-revenue-stakers","id":97086,"permalink":"/news/solana-validator-revenue-stakers","title":"Solana validator revenue is about to jump, but stakers might miss out","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/solana-floating-tokens.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/solana-floating-tokens.jpg","caption":"\u003cp\u003eAnastasia Sedenkova/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Wed, 05 Feb 2025 21:21:20 GMT","publishedAt":"Thu, 06 Feb 2025 15:00:00 GMT","publishedAtTimestamp":1738854000,"excerpt":"Some are calling for Solana to pump the brakes until validators are able to share the extra fees with stakers","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\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\u003eSolana’s validators are about to see a major income bump, but the protocol lacks a way for them to share the wealth with their stakers.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eIn May, Solana validators \u003ca href=\"https://blockworks.co/news/solana-validators-tackle-side-deals\"\u003epassed a proposal\u003c/a\u003e to send 100% of priority fees — which are extra funds users can pay for a better chance of landing their transactions — to validators. The proposal’s implementation now seems imminent, but some are calling for Solana to pump the brakes until validators are able to share the extra fees with stakers.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eValidators, who run Solana’s software and create blocks in the Solana blockchain, currently receive half of SOL-denominated priority fees, and the other half is burned, or effectively removed from circulation. This leads some validators to strike side deals with users, since a user paying 75% of the priority fee directly to the validator outside of the Solana protocol would benefit both parties, for instance.\u003c/p\u003e\n\n\n\n\u003cp\u003eNamed SIMD-0096, the May proposal aims to end these side deals. But Solana lacks an in-protocol way for validators to share priority fees with stakers — who delegate their SOL to validators for a share of the validator rewards — so the increased SOL inflation would essentially benefit validators at the expense of everyone else.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSome Solana developers have \u003ca href=\"https://x.com/trentdotsol/status/1887175400159428850\"\u003eargued\u003c/a\u003e that SIMD-0096 could incentivize priority fee spoofing, or validators artificially raising priority fees to take home more rewards. Still, the change is being implemented.\u003c/p\u003e\n\n\n\n\u003cp\u003eSolana priority fees totaled some $240 million in January, according to Blockworks Research. Implementing SIMD-0096 would have increased Solana’s real economic value, a Blockworks Research metric for blockchain value accrual, by roughly 22% last month.\u003c/p\u003e\n\n\n\n\u003cp\u003eA newer proposal, \u003ca href=\"https://x.com/blockworksres/status/1865094406937944571\"\u003eSIMD-0123\u003c/a\u003e, would give validators the ability to directly share priority fees with stakers. As things stand, this proposal has little chance of being implemented by the time SIMD-0096 goes into effect, Solana Foundation validator relations lead Tim Garcia said on X.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSome are \u003ca href=\"https://x.com/smyyguy/status/1880341498824388732\"\u003ecalling\u003c/a\u003e for the network to only approve both proposals together so that stakers can share in the windfall. If these calls aren’t heeded, then stakers will have to rely on the goodwill of validators passing along extra rewards until SIMD-0123 is enabled.\u003c/p\u003e\n\n\n\n\u003cp\u003e“[V]alidators are only overcompensated if they do not share back the rewards ([H]elius will share back for example),” Mert Mumtaz, CEO of the largest Solana validator in Helius, said in a text.\u003cbr\u003e\u003cbr\u003eSolana infrastructure shop Jito also offers a way to distribute priority fees via \u003ca href=\"https://substack.com/home/post/p-156136928?utm_campaign=post\u0026amp;utm_medium=web\"\u003eTipRouter\u003c/a\u003e, a piece of software built for Jito’s restaking protocol that distributes validator rewards.\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":"DeFi","categories":["DeFi","Lightspeed Newsletter"],"primaryTag":"Lightspeed Newsletter","tags":["Lightspeed Newsletter","Solana","Validator"],"customFields":{"display_options":[]},"meta":{"title":"Solana validator revenue is about to jump, but stakers might miss out","description":"Some are calling for Solana to pump the brakes until validators are able to share the extra fees with stakers.","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/solana-validator-revenue-stakers","og_locale":"en_US","og_type":"article","og_title":"Solana validator revenue is about to jump, but stakers might miss out","og_description":"Some are calling for Solana to pump the brakes until validators are able to share the extra fees with stakers.","og_url":"https://blockworks.co/news/solana-validator-revenue-stakers","og_site_name":"Blockworks","article_published_time":"2025-02-06T15:00:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/solana-floating-tokens.jpg","type":"image/jpeg"}],"author":"Jack Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/solana-validator-revenue-stakers","url":"https://blockworks.co/news/solana-validator-revenue-stakers","name":"Solana validator revenue is about to jump, but stakers might miss 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out"}]},{"@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/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null},{"slug":"javascript-vm-to-attract-web3-developers","id":97059,"permalink":"/news/javascript-vm-to-attract-web3-developers","title":"The JavaScript virtual machine that could change Web3","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/code.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/code.jpg","caption":"\u003cp\u003eMelisa Parlak/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Wed, 05 Feb 2025 17:45:15 GMT","publishedAt":"Wed, 05 Feb 2025 18:00:00 GMT","publishedAtTimestamp":1738778400,"excerpt":"Building on Cosmos in 2022 was a nightmare, so this team pivoted to tackle developer experience","content":"\n\u003cp\u003eCrypto is largely an attention game, with projects in a race to attract new and talented developers as well as users. Cosmos-based Hyperweb is betting big on JavaScript as the key to unlocking mainstream adoption, and \u003ca href=\"https://hyperweb.io/whitepaper\"\u003ereleased\u003c/a\u003e its white paper Wednesday.\u003c/p\u003e\n\n\n\n\u003cp\u003eOfficially introduced at Cosmoverse Dubai and supported by notable figures like Ethan Buchman, Hyperweb aims to create a universal JavaScript virtual machine (HVM) that enables seamless cross-chain smart contract execution.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe idea itself is of course nothing new, and even among JavaScript proponents, chains like Agoric have pioneered the concept of “\u003ca href=\"https://agoric.com/blog/announcements/agoric-orchestration-api-live-on-mainnet-long-lived-smart-contracts-now\"\u003eorchestrating\u003c/a\u003e” actions across chains.\u003c/p\u003e\n\n\n\n\u003cp\u003eAgoric, a Cosmos OG project, developed “hardened JavaScript” which has been used in production, for instance, in \u003ca href=\"https://blockworks.co/news/metamask-snaps-agoric-javascript\"\u003eMetaMask Snaps\u003c/a\u003e.\u003c/p\u003e\n\n\n\n\u003cp\u003eUnlike Agoric, which also leverages JavaScript with additional abstraction layers, Hyperweb aims to be a pure TypeScript ecosystem. Co-founder Dan Lynch describes the difference by way of analogy to modern vs. medieval spoken language.\u003c/p\u003e\n\n\n\n\u003cp\u003e\u0026#8220;Agoric is kind of like old English — like the Shakespearean ‘where art thou’ — so it\u0026#8217;s definitely something that we can decipher, but it\u0026#8217;s not the way that we speak [today],” Lynch told Blockworks. “There’s too much nomenclature in Agoric…if you’re a programmer, you have to juggle all these things just to try to do what you’re doing,” he said.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eA fragmented Web3 developer experience\u003c/h2\u003e\n\n\n\n\u003cp\u003eLynch describes the current state of Web3 development as unnecessarily complex and fragmented. Despite his 15 years as a chief technology officer and deep technical expertise, jumping into building on Cosmos in 2022 was a nightmare.\u003c/p\u003e\n\n\n\n\u003cp\u003e“It was one of the hardest things I ever tried to do,” Lynch said. This experience convinced him that the core issue in blockchain adoption isn’t just infrastructure — it’s the developer experience.\u003c/p\u003e\n\n\n\n\u003cp\u003ePlus, there just aren’t enough qualified Web3 developers. This dilemma has driven efforts to bring Web2 devs into Web3 from the \u003ca href=\"https://blockworks.co/news/solving-web3s-developer-problem-web2\"\u003emuch larger JavaScript\u003c/a\u003e and \u003ca href=\"https://blockworks.co/news/algorand-adopts-python\"\u003ePython\u003c/a\u003e communities.\u003c/p\u003e\n\n\n\n\u003cp\u003eHyperweb’s HVM (Hyperweb Virtual Machine) is a JavaScript-native execution environment that allows developers to write smart contracts in \u003ca href=\"https://www.typescriptlang.org/\"\u003eTypeScript\u003c/a\u003e, doing an end-run around the learning curve of building in Solidity, Rust or Move.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe use of pure TypeScript — and minimal framework overhead — puts an emphasis on intuitive design. The team tested its system with a group of UC Berkeley students, providing only a boilerplate example contract with no documentation:\u003c/p\u003e\n\n\n\n\u003cp\u003e“Within a week, they had all 10 contracts written… they were like, ‘Oh my gosh, that was so fun and simple!’” Lynch said.\u003c/p\u003e\n\n\n\n\u003cp\u003eHVM will also be its own sovereign chain. Pitched as the Interchain JavaScript Hub, it will provide interpreters that tailor the same JavaScript code to different blockchain runtimes (EVM, CosmWasm, Solana VM, etc.). This makes it easier to deploy applications across chains without major rewrites, Lynch argues.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe project’s team previously was supported by a grant from the Interchain Foundation, but is on its own following the ICF’s \u003ca href=\"https://blockworks.co/news/cosmos-ecosystem-changes-after-skip-acquisition\"\u003eacquisition of Skip\u003c/a\u003e to form Interchain Inc. Hyperweb’s forerunner, Cosmology — a tech suite enabling developers to build Web3 applications in the Cosmos ecosystem — announced the closure of a $5 million seed funding round last March — its only VC funding to date.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eTokenomics and incentives\u003c/h2\u003e\n\n\n\n\u003cp\u003eUnlike most proof-of-stake Cosmos chains, Hyperweb is exploring a proof-of-authority (PoA) model, \u003ca href=\"https://blockworks.co/news/noble-ditches-cosmos-interchain-security\"\u003elike stablecoin distributor Noble\u003c/a\u003e. It uses a smaller set of validators to reduce staking inflation and sell pressure.\u003c/p\u003e\n\n\n\n\u003cp\u003e“Cosmos chain tokenomics are broken,” Lynch said, positing that the predominant security model of staking inflation “is unsustainable.”\u003c/p\u003e\n\n\n\n\u003cp\u003eFees on Hyperchain will be denominated in Noble USDC, and the native token will function instead as a revenue-sharing mechanism to limit reliance on inflationary rewards.\u003c/p\u003e\n\n\n\n\u003cp\u003eLong term, Hyperweb plans to integrate Ethereum, Solana and other non-Cosmos chains, enabling truly universal smart contract execution. But that’s a ways off. Details on the Hyperweb token are also still under wraps.\u003c/p\u003e\n\n\n\n\u003cp\u003eFor now, if you’re looking to get in early on Hyperweb, the project has already launched a local net that allows developers to start experimenting with JavaScript-based smart contracts. A public testnet is coming soon, with opportunities for builders to be rewarded for their contributions — potentially in a way similar to \u003ca href=\"https://tea.xyz/\"\u003eTea Protocol’s\u003c/a\u003e retrospective incentives for GitHub activity.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe vision for Hyperweb is ambitious — a unified, developer-friendly blockchain ecosystem that eliminates the siloes between old and new.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAs Lynch puts it: “Let’s end the war between Web2 and Web3. It’s all the web.”\u003c/p\u003e\n\n\n\n\u003cp\u003eWith millions of users of Hyperweb’s developer tooling and contributions coming from giants like Google, Binance and Supabase, Hyperweb might just be the key to breaking the developer logjam.\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":"DeFi","categories":["DeFi"],"primaryTag":"Cosmos","tags":["Cosmos","Developers","smart contracts","Web2"],"customFields":{"display_options":[]},"meta":{"title":"The JavaScript virtual machine that could change Web3","description":"Building on Cosmos in 2022 was a nightmare, so this team pivoted to tackle developer experience.","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/javascript-vm-to-attract-web3-developers","og_locale":"en_US","og_type":"article","og_title":"The JavaScript virtual machine that could change Web3","og_description":"Building on Cosmos in 2022 was a nightmare, so this team pivoted to tackle developer experience.","og_url":"https://blockworks.co/news/javascript-vm-to-attract-web3-developers","og_site_name":"Blockworks","article_published_time":"2025-02-05T18:00:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/code.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/javascript-vm-to-attract-web3-developers","url":"https://blockworks.co/news/javascript-vm-to-attract-web3-developers","name":"The JavaScript virtual machine that could change Web3","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/javascript-vm-to-attract-web3-developers#primaryimage"},"image":{"@id":"https://blockworks.co/news/javascript-vm-to-attract-web3-developers#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/code.jpg","datePublished":"2025-02-05T18:00:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4"},"description":"Building on Cosmos in 2022 was a nightmare, so this team pivoted to tackle developer experience.","breadcrumb":{"@id":"https://blockworks.co/news/javascript-vm-to-attract-web3-developers#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/javascript-vm-to-attract-web3-developers"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/javascript-vm-to-attract-web3-developers#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/code.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/code.jpg","width":1600,"height":900,"caption":"Melisa Parlak/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/javascript-vm-to-attract-web3-developers#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"The JavaScript virtual machine that could change Web3"}]},{"@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-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 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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":"crypto-fundamentals-metrics-to-watch","id":96991,"permalink":"/news/crypto-fundamentals-metrics-to-watch","title":"Crypto’s at a ‘crossroads’ with fundamentals: Blockworks Research","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/bitcoin-chart.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/bitcoin-chart.jpg","caption":"\u003cp\u003eSodel Vladyslav/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Tue, 04 Feb 2025 14:21:58 GMT","publishedAt":"Tue, 04 Feb 2025 14:21:52 GMT","publishedAtTimestamp":1738678912,"excerpt":"Fundamentals are starting to play a big part in crypto, so here are the metrics to watch","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Empire newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\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\u003eBlockworks’ head of research, Ryan Connor, thinks that we’re at a “crossroads” with fundamentals in crypto.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“It\u0026#8217;s because the marginal investor coming into crypto as a result of legalizing crypto in the United States is going to be a traditional financial professional, not a degen,” he told me.\u003c/p\u003e\n\n\n\n\u003cp\u003eIt can be boiled down to either the amount of market participants or those who control the capital. Both of these lead to the same outcome: Folks who want to see fundamental value in tokens.\u003c/p\u003e\n\n\n\n\u003cp\u003e“A lot of people in crypto still believe the primary driver of token price is ‘vibes.’ There’s ample evidence over the past, let’s say 18 months, that that’s increasingly not true,” he explained. That doesn’t mean that vibe trading isn’t a thing — and probably will still linger for a while yet — but those will remain in smaller pockets of the market, like memecoins.\u0026nbsp;\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\"\u003eIf tokens don’t trade on fundamentals then why is crypto correlated to Nasdaq\u003c/p\u003e\u0026mdash; Ryan Connor | BWR 🟪 (@_ryanrconnor) \u003ca href=\"https://twitter.com/_ryanrconnor/status/1886476222005202973?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\u003cp\u003eWhen you have scenarios of a “silly” token soaring and then crashing, it opens the door for fundamentals to play a bigger part as crypto matures.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“Most token projects are early-stage, and because there\u0026#8217;s some opacity around governance models, we tend to just look at the top line first. As a general rule in TradFi, the earlier stage the project, the more you care about the top-line fundamentals as opposed to the bottom-line fundamentals. If you’re a high-growth tech company, you’re looking at sales growth, you’re looking at the [average revenue per user], and rate of change on those metrics,” Connor said.\u003c/p\u003e\n\n\n\n\u003cp\u003eOther fundamentals to look at, depending on the project, would be earnings, cash flows and dividend yields. For the most part, the TradFi metrics carried over will reflect what we see in high-growth tech firms.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eRight now, though, revenue is “probably the most important thing today,” and then you can pick and choose other metrics to apply depending on the token.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eOne thing’s for sure: There’ll always be a place for vibes in crypto, but adding in metrics to monitor the success of a project only levels crypto up.\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":"DeFi","categories":["DeFi","Empire Newsletter"],"primaryTag":"Empire Newsletter","tags":["Empire Newsletter","Fundamentals","TradFi","Trading"],"customFields":{"display_options":[]},"meta":{"title":"Crypto's at a 'crossroads' with fundamentals: Blockworks Research","description":"Fundamentals are starting to play a big part in crypto, so here are the metrics to watch.","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-fundamentals-metrics-to-watch","og_locale":"en_US","og_type":"article","og_title":"Crypto's at a 'crossroads' with fundamentals: Blockworks Research","og_description":"Fundamentals are starting to play a big part in crypto, so here are the metrics to watch.","og_url":"https://blockworks.co/news/crypto-fundamentals-metrics-to-watch","og_site_name":"Blockworks","article_published_time":"2025-02-04T14:21:52+00:00","article_modified_time":"2025-02-04T14:21:58+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/bitcoin-chart.jpg","type":"image/jpeg"}],"author":"Katherine Ross","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/byKatherineRoss","twitter_misc":{"Written by":"Katherine Ross","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/crypto-fundamentals-metrics-to-watch","url":"https://blockworks.co/news/crypto-fundamentals-metrics-to-watch","name":"Crypto's at a 'crossroads' with fundamentals: Blockworks Research","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/crypto-fundamentals-metrics-to-watch#primaryimage"},"image":{"@id":"https://blockworks.co/news/crypto-fundamentals-metrics-to-watch#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/bitcoin-chart.jpg","datePublished":"2025-02-04T14:21:52+00:00","dateModified":"2025-02-04T14:21:58+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a8f9a113f6017d6aaa63f86ed288df05"},"description":"Fundamentals are starting to play a big part in crypto, so here are the metrics to 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Research"}]},{"@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/a8f9a113f6017d6aaa63f86ed288df05","name":"Katherine Ross","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2023/03/Screenshot-2023-03-30-at-3.52.23-PM.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2023/03/Screenshot-2023-03-30-at-3.52.23-PM.png","caption":"Katherine Ross"},"description":"Katherine is a news editor based in Austin. She worked as a senior producer and correspondent at TheStreet prior to joining Blockworks. She holds a Bachelor of Arts degree with a focus on journalism from Sarah Lawrence. Contact Katherine via email at katherine@blockworks.co.","sameAs":["https://www.linkedin.com/in/katherinerooss/","https://x.com/https://twitter.com/byKatherineRoss"],"url":"https://blockworks.co/news/author/katherine-ross"}]}},"authors":[{"title":"Katherine Ross","id":94,"slug":"katherine-ross","image_url":""}],"blurhash":null},{"slug":"metadao-solana-governance-platform","id":96966,"permalink":"/news/metadao-solana-governance-platform","title":"Futarchy needs ‘one great success’ to become Solana’s go-to governance model","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/metadao.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/metadao.jpg","caption":"\u003cp\u003eMetaDAO and Adobe stock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Mon, 03 Feb 2025 21:07:04 GMT","publishedAt":"Mon, 03 Feb 2025 21:30:00 GMT","publishedAtTimestamp":1738618200,"excerpt":"MetaDAO’s founder thinks MetaDAO can become the default governance platform for Solana within six to 18 months","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\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\u003eMetaDAO, the group pioneering markets-based governance via “futarchy” on Solana, is one of those things that lots of Solana people have heard of but has seen limited actual adoption.\u003c/p\u003e\n\n\n\n\u003cp\u003eThings could be changing though, as the liquid staking startup Sanctum just became the first Solana project to fully adopt MetaDAO for its platform governance. Its first decision market has drawn over 200 trades in three hours. When I recently called to catch up with MetaDAO’s pseudonymous founder metaproph3t, they portrayed the Sanctum launch as a potential means to build trust that futarchy can actually work, kicking off a potential adoption flywheel effect.\u003c/p\u003e\n\n\n\n\u003cp\u003eFutarchy is a term coined by George Mason University economics professor Robin Hanson for a governance system where markets, rather than voters or leaders, make decisions. MetaDAO brings futarchy to Solana governance.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003ca href=\"https://blockworks.co/news/metadao-is-making-markets-into-its-government\"\u003eThe experiment\u003c/a\u003e is generally well thought of in crypto, especially since traditional token-voting DAO systems have their warts — and can sometimes \u003ca href=\"https://blockworks.co/news/measuring-dao-grants-for-growth\"\u003ebe accused\u003c/a\u003e of being a little too trigger-happy with treasury funds.\u003c/p\u003e\n\n\n\n\u003cp\u003eRealms, which allows for traditional DAO models with token-based voting, is the more popular governance platform on Solana. Well-known projects like Jito and Drift have launched some form of governance on MetaDAO, but they have Realms pages, too.\u003c/p\u003e\n\n\n\n\u003cp\u003eMetaproph3t said they think MetaDAO can become the default governance platform for Solana — like, say, what Snapshot is to Ethereum — within six to 18 months. Still, they added, “I don\u0026#8217;t think I foresaw just how much friction there is involved in someone learning how futarchy works.”\u003c/p\u003e\n\n\n\n\u003cp\u003eMetaDAO creates pass and fail markets for governance proposals. Anyone can trade in the pass and fail market by placing options-like bets on whether they think the proposal succeeding or failing will cause the token’s price to rise or fall. The market that predicts a more positive outcome for the token’s price succeeds, and only users who traded on the winning market see their trades executed at the market-determined price. Sellers, who are bearish on the proposal, buy with the native token and get paid out in USDC, while buyers, who are bullish, do the reverse.\u003c/p\u003e\n\n\n\n\u003cp\u003eThis is all a bit convoluted at first, and metaproph3t is a fitting overseer for the wonkish project. At one point in our conversation, they summarized Geoffrey Moore’s book, Crossing the Chasm, at length to make a point.\u003c/p\u003e\n\n\n\n\u003cp\u003eWhen I asked if the futarchy project was just too nerdy to catch on broadly, metaproph3t replied that there are plenty of technologies people use without fully understanding.\u003c/p\u003e\n\n\n\n\u003cp\u003e“Who actually understands how a car engine works?” they asked.\u003c/p\u003e\n\n\n\n\u003cp\u003eI asked Sanctum co-founder FP Lee what it would take for MetaDAO to become the real default DAO platform for Solana projects.\u003c/p\u003e\n\n\n\n\u003cp\u003e“One great success,” he replied. “If we embrace it full-throatedly, and people see that it works, it will be embraced fully.”\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":"DeFi","categories":["DeFi","Lightspeed Newsletter"],"primaryTag":"DAO governance","tags":["DAO governance","Lightspeed Newsletter","Solana"],"customFields":{"display_options":[]},"meta":{"title":"Futarchy needs ‘one great success’ to become Solana’s go-to governance model","description":"MetaDAO's founder thinks MetaDAO can become the default governance platform for Solana within six-to-18 months.","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/metadao-solana-governance-platform","og_locale":"en_US","og_type":"article","og_title":"Futarchy needs ‘one great success’ to become Solana’s go-to governance model","og_description":"MetaDAO's founder thinks MetaDAO can become the default governance platform for Solana within six-to-18 months.","og_url":"https://blockworks.co/news/metadao-solana-governance-platform","og_site_name":"Blockworks","article_published_time":"2025-02-03T21:30:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/metadao.jpg","type":"image/jpeg"}],"author":"Jack Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/metadao-solana-governance-platform","url":"https://blockworks.co/news/metadao-solana-governance-platform","name":"Futarchy needs ‘one great success’ to become Solana’s go-to governance model","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/metadao-solana-governance-platform#primaryimage"},"image":{"@id":"https://blockworks.co/news/metadao-solana-governance-platform#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/metadao.jpg","datePublished":"2025-02-03T21:30:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96"},"description":"MetaDAO's founder thinks MetaDAO can become the default governance platform for Solana within six-to-18 months.","breadcrumb":{"@id":"https://blockworks.co/news/metadao-solana-governance-platform#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/metadao-solana-governance-platform"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/metadao-solana-governance-platform#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/metadao.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/metadao.jpg","width":1600,"height":900,"caption":"MetaDAO and Adobe stock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/metadao-solana-governance-platform#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Futarchy needs ‘one great success’ to become Solana’s go-to governance model"}]},{"@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/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","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":"ethereum-scaling-interop-sequencing","id":96893,"permalink":"/news/ethereum-scaling-interop-sequencing","title":"Ethereum in wartime: Standardize, align, accelerate","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/ben-jones.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/ben-jones.jpg","caption":"\u003cp\u003eOptimism co-founder Ben Jones | Permissionless II by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 31 Jan 2025 17:31:45 GMT","publishedAt":"Fri, 31 Jan 2025 18:00:00 GMT","publishedAtTimestamp":1738346400,"excerpt":"Optimism’s Ben Jones highlighted the difference between peacetime and wartime Ethereum","content":"\n\u003cp\u003eThe past week has seen a pronounced shift in the level of optimism around Ethereum.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAcross sequencing, interoperability and consensus development, teams are working under wartime conditions to standardize, consolidate and deliver on Ethereum’s rollup-centric roadmap.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe urgency isn’t just about speed, but about coordination: making sure the protocol evolves in a way that’s both extensible and durable.\u003c/p\u003e\n\n\n\n\u003cp\u003eThat was the message from Optimism’s Ben Jones, Ethereum Foundation researcher Justin Drake, and others on a recent \u003ca href=\"https://www.youtube.com/watch?v=IekfClKumx8\"\u003edeveloper call\u003c/a\u003e. Although superficially gathering to chat sequencing and preconfirmations, the call was primarily an exercise in ecosystem alignment. That spirit has carried on in the days since, with further team calls centered on interoperability as well as Thursday’s regular All-Core Developers call.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eSequencing: From fragmentation to alignment\u003c/h2\u003e\n\n\n\n\u003cp\u003eEthereum’s sequencing landscape is chaotic. Today, every rollup builds its own isolated sequencing mechanism, with little interoperability. The push toward Ethereum-aligned sequencing —whether through proposer commitments, shared sequencing or native rollups — is an attempt to solve this.\u003c/p\u003e\n\n\n\n\u003cp\u003eOn the sequencing call, Jones framed the moment: “The idea isn’t just about individual rollups optimizing for their own benefit, but about creating a shared sequencing architecture that aligns incentives while preserving autonomy.”\u003c/p\u003e\n\n\n\n\u003cp\u003eAn important shift came from Steve Goldfeder of Offchain Labs, who admitted that Vitalik’s recent blog post changed his perspective on native rollups:\u003c/p\u003e\n\n\n\n\u003cp\u003e“Up until a day or two ago, I was pretty bearish on the idea of native rollups, because my understanding was that it was very binary,” Goldfeder said. “But Vitalik spoke about this extendable, expandable version, which I think is absolutely fantastic.”\u003c/p\u003e\n\n\n\n\u003cp\u003eInstead of forcing every rollup to conform to a single rigid standard, the goal is to find common ground, standardizing what makes sense (e.g., proofs, commitments, core infrastructure) while leaving space for innovation. And getting all relevant stakeholders in a room together to resolve any disagreements that may persist.\u003c/p\u003e\n\n\n\n\u003cp\u003eIt’s a radical change of tone for Ethereum, reinforcing a commitment to solve UX pain points that have fragmented the ecosystem’s user base and capital.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eSolving interop and process pain points\u003c/h2\u003e\n\n\n\n\u003cp\u003eThe L2 Interop Working Group is \u003ca href=\"https://www.youtube.com/watch?v=ca1zzrQLnEk\"\u003etackling\u003c/a\u003e another wartime front: how to make cross-rollup transactions as seamless as same-chain transactions. ERC-7786 is emerging as a standardized cross-chain messaging API, ensuring that rollups can pass data between each other without reinventing the wheel.\u003c/p\u003e\n\n\n\n\u003cp\u003eBut even with shared messaging interfaces, execution must be fast and trustless. The target? Sub-three-slot finality for cross-rollup transactions — meaning interop between Optimism and Arbitrum could settle in as little as six seconds. That would go a long way toward making rollups feel less like islands and more like unified Ethereum extensions.\u003c/p\u003e\n\n\n\n\u003cp\u003eEthereum’s base layer isn’t standing still, either. Thursday’s \u003ca href=\"https://www.youtube.com/watch?v=JW2IWwVKRec\"\u003eACD call\u003c/a\u003e firmed up the date that the Pectra fork will hit the testnets — Feb. 19 for Holesky’s, followed by Sepolia on Feb. 25 — with mainnet upgrades targeted for mid-March.\u003c/p\u003e\n\n\n\n\u003cp\u003eEven long-standing debates over planning and alignment seemed to be making progress. Core developers agreed on the need for disciplined feature scoping, and to prioritize fully implemented and tested proposals rather than overloading devnets with speculative upgrades — a course correction of sorts, according to Tim Seiko.\u003c/p\u003e\n\n\n\n\u003cp\u003e“What we should not do, and what we did wrong with Pectra and caused months of delay, is schedule 10 unimplemented things for inclusion,” Seiko said. Instead, the goal is to move towards a structured development cadence, where each fork is well-defined and tested before new complexities are introduced.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eA new mentality\u003c/h2\u003e\n\n\n\n\u003cp\u003eEthereum’s roadmap isn’t dictated solely by external competition, but more so the internal drive to build a coherent, durable system. The goal is not just to scale, but to scale the right way — with shared sequencing, deep interop and a resilient neutral L1. But everyone agrees that processes need to accelerate.\u003c/p\u003e\n\n\n\n\u003cp\u003eAs Jones put it: \u0026#8220;The difference between peacetime and wartime Ethereum is whether we assume we can just build without friction, or whether we recognize we’re in an adversarial environment. Right now, it’s wartime.\u0026#8221;\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":"DeFi","categories":["DeFi"],"primaryTag":"Ethereum","tags":["Ethereum","Interoperability","rollups","scaling"],"customFields":{"display_options":[]},"meta":{"title":"Ethereum in wartime: Standardize, align, accelerate","description":"Optimism's Ben Jones noted its \"about creating a shared sequencing architecture that aligns incentives while preserving 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minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/ethereum-scaling-interop-sequencing","url":"https://blockworks.co/news/ethereum-scaling-interop-sequencing","name":"Ethereum in wartime: Standardize, align, accelerate","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/ethereum-scaling-interop-sequencing#primaryimage"},"image":{"@id":"https://blockworks.co/news/ethereum-scaling-interop-sequencing#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/ben-jones.jpg","datePublished":"2025-01-31T18:00:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4"},"description":"Optimism's Ben Jones noted its \"about creating a shared sequencing architecture that aligns incentives while preserving autonomy.\"","breadcrumb":{"@id":"https://blockworks.co/news/ethereum-scaling-interop-sequencing#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/ethereum-scaling-interop-sequencing"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/ethereum-scaling-interop-sequencing#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/ben-jones.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/ben-jones.jpg","width":1600,"height":900,"caption":"Optimism co-founder Ben Jones | Permissionless II by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/ethereum-scaling-interop-sequencing#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Ethereum in wartime: Standardize, align, accelerate"}]},{"@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":"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":"tensor-memecoin-app-revenue-distribution","id":96816,"permalink":"/news/tensor-memecoin-app-revenue-distribution","title":"Tensor’s memecoin app to send 50% of revenue to TNSR treasury","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/tensor.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/tensor.jpg","caption":"\u003cp\u003eTensor and Adobe stock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Wed, 29 Jan 2025 21:23:47 GMT","publishedAt":"Wed, 29 Jan 2025 21:45:00 GMT","publishedAtTimestamp":1738187100,"excerpt":"Vector is a mobile social trading app with a built-in crypto wallet that lets users broadcast their trades to other users","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\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 Solana NFT marketplace Tensor will now split revenue from its social trading app, Vector, between the TNSR treasury and Tensor’s developer shop.\u003c/p\u003e\n\n\n\n\u003cp\u003eVector is a mobile social trading app with a built-in crypto wallet that lets users broadcast their trades to other users. With Vector adopting TNSR, the Tensor Foundation — which oversees Tensor’s token — will “steward” the protocols powering Vector, although Tensor’s labs entity will build the product.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e50% of Vector’s revenue is set to go to the TNSR treasury, which can be used for things like airdrops and grants. The other half of the revenue will go to Tensor.\u003c/p\u003e\n\n\n\n\u003cp\u003eVector is a bit like if Robinhood and X had a baby that loved memecoins. The app is still invite-only, but it is currently earning more than $90 million in annualized revenue from a 1% trading fee, which would be 10x the revenue Tensor earns from its NFT marketplace, Tensor said. A Flipside dashboard \u003ca href=\"https://flipsidecrypto.xyz/pine/vector.fun-solana-metrics-1rL0A3\"\u003esuggests\u003c/a\u003e Vector has between 4,000 and 5,000 daily returning wallets.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eTensor co-founder and CEO Ilja Moisejevs told me the company launched Vector because it saw the NFT sector dying out and wanted to pivot to a “1000x larger market” in memecoins.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eFor context, Tensor’s NFT platform earned $9 million in marketplace trading revenue over the past year, according to NFT Pulse. Memecoin launchpad pump.fun made $9 million in revenue yesterday.\u003c/p\u003e\n\n\n\n\u003cp\u003eFor now, the Tensor Foundation treasury will only accrue value from Vector, but Moisejevs told me that in the future the platform’s community could vote to do something like buy back and burn tokens, as the DEX aggregator \u003ca href=\"https://blockworks.co/news/value-accrual-matters-for-tokens\"\u003eJupiter just did.\u003c/a\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003eIn any event, TNSR holders will hope the new revenue stream can help turn around the token’s trajectory. TNSR launched at $1.70 in April 2024, according to CoinGecko, and it now trades at $0.39 — despite the whole crypto president \u003ca href=\"https://blockworks.co/news/donald-trump-declared-president-2024-election\"\u003ebeing elected\u003c/a\u003e thing that happened in between.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eKey to that turnaround will be Vector cracking the code of social trading, which has been attempted before in crypto to limited success.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“What we think is different this time is a) memecoins are inherently social and b) we found a form factor for shared trades that people actually like,” Tensor co-founder and CTO Richard Wu said in a statement.\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":"DeFi","categories":["DeFi","Lightspeed Newsletter"],"primaryTag":"Lightspeed Newsletter","tags":["Lightspeed Newsletter","meme coins","NFTs","Solana"],"customFields":{"display_options":[]},"meta":{"title":"Tensor’s memecoin app to send 50% of revenue to TNSR treasury","description":"Vector is a mobile social trading app with a built-in crypto wallet that lets users broadcast their trades to other users.","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/tensor-memecoin-app-revenue-distribution","og_locale":"en_US","og_type":"article","og_title":"Tensor’s memecoin app to send 50% of revenue to TNSR treasury","og_description":"Vector is a mobile social trading app with a built-in crypto wallet that lets users broadcast their trades to other users.","og_url":"https://blockworks.co/news/tensor-memecoin-app-revenue-distribution","og_site_name":"Blockworks","article_published_time":"2025-01-29T21:45:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/tensor.jpg","type":"image/jpeg"}],"author":"Jack Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/tensor-memecoin-app-revenue-distribution","url":"https://blockworks.co/news/tensor-memecoin-app-revenue-distribution","name":"Tensor’s memecoin app to send 50% of revenue to TNSR treasury","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/tensor-memecoin-app-revenue-distribution#primaryimage"},"image":{"@id":"https://blockworks.co/news/tensor-memecoin-app-revenue-distribution#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/tensor.jpg","datePublished":"2025-01-29T21:45:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96"},"description":"Vector is a mobile social trading app with a built-in crypto wallet that lets users broadcast their trades to other users.","breadcrumb":{"@id":"https://blockworks.co/news/tensor-memecoin-app-revenue-distribution#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/tensor-memecoin-app-revenue-distribution"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/tensor-memecoin-app-revenue-distribution#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/tensor.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/tensor.jpg","width":1600,"height":900,"caption":"Tensor and Adobe stock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/tensor-memecoin-app-revenue-distribution#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Tensor’s memecoin app to send 50% of revenue to TNSR treasury"}]},{"@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/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","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 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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":"solana-socialfi-makes-return","id":96632,"permalink":"/news/solana-socialfi-makes-return","title":"SocialFi makes its return on Solana","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/social-media-icons.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/social-media-icons.jpg","caption":"\u003cp\u003eBillion Photos/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 24 Jan 2025 21:33:14 GMT","publishedAt":"Fri, 24 Jan 2025 21:30:00 GMT","publishedAtTimestamp":1737754200,"excerpt":"Solana-based social project Clout saw its downloads take off after launching an iPhone app","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\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\u003eCrypto’s new viral app isn’t very new at all.\u003c/p\u003e\n\n\n\n\u003cp\u003eSolana-based social project Clout saw its downloads take off after launching an iPhone app that lets users buy tokenized versions of social media profiles. This is very similar to the premise behind the viral 2023 app friend.tech, which was itself a rehashing of BitClout, a Crypto Twitter tokenization app that went viral in 2021. Friend.tech’s founding team \u003ca href=\"https://blockworks.co/news/frienddottech-relinquishes-platform-control\"\u003ealready stepped away\u003c/a\u003e from the platform, while BitClout’s founder was just \u003ca href=\"https://blockworks.co/news/sec-doj-charge-bitclout-creator-crypto-fraud-social-media\"\u003echarged with fraud\u003c/a\u003e by the DOJ and the SEC.\u003c/p\u003e\n\n\n\n\u003cp\u003eClout hasn’t leaned away from its forefathers. The project posted a meme today riffing on Justin Timberlake’s famous line as Sean Parker in The Social Network: “Drop the ‘Bit.’ Just ‘Clout.’ It’s cleaner.”\u003c/p\u003e\n\n\n\n\u003cp\u003e“Integrity and healthy tokenomics!” was Clout founder Ben Pasternak’s reply when I asked him what sets his app apart.\u003c/p\u003e\n\n\n\n\u003cp\u003eAt the time of writing, Clout was #34 on the App Store’s finance chart. The app is so congested that I haven’t been able to land a transaction all day. And Clout isn’t the only so-called SocialFi app grabbing Solana users’ attention.\u003c/p\u003e\n\n\n\n\u003cp\u003eTribe.run — which is still in invite-only mode — has also seen some momentum for a tokenized X profile app that creates token-gated group chats called tribes. I managed to snag an invite and have been enjoying the app, which features a nostalgic Windows 98-esque design. Tribe comes with an airdrop feature built in where I was able to send some of my token to my group chat members. This feature is enabled by Solana \u003ca href=\"https://blockworks.co/news/lightspeed-newsletter-zk-compression-solana-data-storage\"\u003ezero-knowledge compression\u003c/a\u003e.\u003c/p\u003e\n\n\n\n\u003cp\u003eWhen I asked Tribe founder Bill Zheng why he thinks his app can succeed where friend.tech, for instance, failed, he said the former app had a “fundamental flaw” in that creators had no incentive to stay engaged. Tribe employs a subscription model where tribe members must pay a certain amount of SOL to stay in the group chat — giving the tribe creators a reason to stick around.\u003c/p\u003e\n\n\n\n\u003cp\u003eOutside of Solana, Kaito AI has seen success with its Yaps platform that doles out points for users who are active — or who yap a lot, in internet parlance — on Crypto Twitter.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSocialFi’s resilience underscores the resilience of Elon Musk’s social media platform. X remains the center of the online crypto world, and until that changes, crypto social apps will keep testing out new ways to monetize Crypto Twitter.\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":"DeFi","categories":["DeFi","Lightspeed Newsletter"],"primaryTag":"Lightspeed Newsletter","tags":["Lightspeed Newsletter","social media","social tokens","Solana"],"customFields":{"display_options":[]},"meta":{"title":"SocialFi makes its return on Solana","description":"Solana-based social project Clout saw its downloads take off after launching an iPhone 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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/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null}],"category":{"id":535,"parent":0,"count":1458,"slug":"defi","name":"DeFi","description":"Stay ahead of the curve with timely insights about decentralized finance (DeFi). Blockworks reports the news that moves the industry one way or the other.\r\n"},"pageLimit":24,"meta":{"title":"DeFi News \u0026 Insights","description":"Stay ahead of the curve with timely insights about decentralized finance (DeFi). 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