everything is computer blogger @lemniscap prev @theblockco & decision research @uchicago @columbia
- Tweets 14,075
- Following 6,959
- Followers 20,612
- Likes 17,574
Tether will soon issue USDT as a Taproot Asset on Bitcoin/Lightning
In my latest report, I explore:
+ Bitcoin's evolution into a multi-asset platform via the Taproot Asset protocol and Lightning
+ Features of Taproot Assets that make it a strong competitor in the tokenization market
+ How Lighting facilitates fast, low-cost asset transfers and atomic swaps, all routed in BTC
+ How Bitcoin compares as a tokenization platform against other blockchains and traditional payment systems
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Sei v2's approach to parallelization is attractively simple.
1. Optimistically run all txs in parallel.
2. If conflicts arise, check which txs affect the same state and which affect different state.
3. Resolve conflict by running same-state txs sequentially, and different-state txs in parallel.
Should be fast given a small fraction of a block's transactions touch the same state.
@SeiNetwork
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1/ @TheBlockRes's primer on decentralized storage is out!
Dive into the tech, economics, and developments powering the shift from web2 to web3 cloud storage.
Big thanks to @W3BCLOUD for commissioning & making this report freely accessible:
tbstat.com/wp/uploads/2022/0…
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i only got into NFTs after last cycle, but doing pretty well so far with a @LilPudgys and @Azuki Elemental
recently aped @DokkaebiNetwork gut says winning streak still hot
why?
- the art caught my eye immediately more than other new NFT projects (just look at it)
- team executing fast
- BD kicked off already, partnerships w/ airdrops to holders
nitter.app/DokkaebiNetwork/…
- one VC aped 100 of them for 1000 AVAX
- minted at 5-6 AVAX a few days ago, currently sitting ~7.5
- gotta support fellow Lion alum founder
- afaik first prominent Korean-centric collection, and I'm bullish Korean soft power 🇰🇷
- no one pumps like Koreans
- Korea
- fastest @avax NFT mint ever, sold out total supply 3333 in 2 min
Oki Dokis!
To deliver immediate value, Dokkaebi is kicking off a series of ecosystem partnerships that allows holders to earn incentives and airdrops.
The first partnership with $LEVR has already been announced. Stay tuned this week for more 👀
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✨ Life update: I've joined @QredoNetwork and will be leading their growth research efforts! ✨
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The Prediction Market Primitive
People have been predicting prediction markets to take off sooner or later and ongoing UX improvements are priming this segment for takeoff (see @Polymarket).
Besides markets hitting ATHs in 2024, it's also one of the biggest election years in history. 8 of 10 of the world's most populous nations are going to the polls this year. We also have the 2024 Summer Olympics coming up.
But to scale to billions of users, we need "something new" (see @VitalikButerin vitalik.eth.limo/general/202…), and I believe that is AIs as the cog *and* the linchpin in the machine.
The orchestration of AI content creators, event recommenders, liquidity allocators, and information aggregators can catalyze massive new activity in this space.
Integrating these AIs into the prediction market framework enables prediction markets at microscopic scale. Meaning prediction markets that are pertinent to specific communities and personally relevant.
This prediction market primitive paves the way for prediction market apps with UX more like Tinder or TikTok, and prediction market extensions that embed directly into our daily browsing experiences
Full post here 👉 bit.ly/prediction-market-pri…
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I did a research dive into @POKTnetwork & $POKT years ago when I was working w @TheBlock__
It's exciting to see them keep building out their decentralization quotient eg w @BuildWithGrove, @nodies_infra, and now their 3rd network gateway @Liquify_ltd
These guys are OG DePIN 🫶
Announcing the 3rd POKT Network Gateway, with @Liquify_ltd!
Soon be under-DePIN-ed by POKT Network's universal RPC base layer. ⚡
Why is this exciting?
👉 Liquify processes >500million RPC requests per day
👉 Clients include DFK, Fuse network, Dymension and Thorchain
👉 100% on bare metal with 99.9995% success rate and low latency
Liquify are proven operators in our Network and this marks an important milestone as we continue decentralizing access to decentralized RPC.
Welcome to the Gateway family! 🤜🤛
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Telegram: Crypto Island’s bridge to the mainland
Crypto is a relatively insulated new technology, making the path to mass adoption uniquely challenging. To me, it doesn’t seem like the main issue is about UX per se. That’s almost ready. The real bottleneck is easy accessibility between blockchain projects and massive social networks. This is where @telegram’s user base and open APIs provide a game-changing opportunity – and not just for @ton_blockchain.
Telegram has become an essential tool for crypto projects’ communications and community building. And it is widely used not only by crypto natives, but by potentially hundreds of millions of crypto-ready users, based on the number of users already playing TON mini-games.
TON has made the most strides into this space due to its special relationship with Telegram. Since being endorsed as Telegram’s “official web3 infrastructure” in September 2023, TON has attracted considerable attention and investment (e.g., @PanteraCapital’s “largest investment ever”.
The launch of TON Space, a self-custodial wallet embedded in Telegram settings and attachment menus, allows nearly a billion users to easily engage with crypto apps on Telegram (“tApps”) without ever leaving the platform. These apps provide an all-in-one, de-fragmented experience, where users don’t have to connect a wallet to a separated browser application.
TON’s recent collaboration with Telegram reminds me of @Spotify’s collaboration with @facebook in 2011. As Spotify leveraged Facebook’s social graph to build communities around music sharing, TON harnesses Telegram to foster communities around value transfer. In both cases, the integration with a massive social network – each boasting around 800 million monthly users at the time – catalyzed significant growth and adoption of a new technology.
TON may have stolen the spotlight, but we shouldn’t overlook other blockchain projects making moves into Telegram. To me, @NEARProtocol stands out with its new self-custodial @here_wallet and its Telegram implementation, Hot @hotdao_. These integrations too have seen substantial user adoption, underscoring the potential for multiple blockchains to coexist and thrive on Telegram.
tApps have come a long way, with UIs improving from simple proxy-page-like trading bots to full-fledged apps combining memes, gaming, social, and more to offer a much more captivating user experience. @notcoin is one good example, but there are a bunch coming out.
We are starting to see early indications of a transformative pattern: new technologies that challenge established ones experiencing rapid growth after integrating with massive social networks. Just as Facebook was the right product at the right time to accelerate the rise of Spotify and music streaming in the 2010s, Telegram is the right product at the right time to accelerate blockchain adoption and normalize onchain value transfer in the 2020s.
Read the full report here: medium.com/inception-capital…
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Wrapped up a 90 min podcast with @grt_iq - great experience! 🙏 Happy to support @graphprotocol community and participate in the most exciting global community experiment today, ie #Web3
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Many web3 applications today depend on centralized cloud technologies like AWS or depend on relay service providers that host their nodes on these centralized operations. 1/9
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So you’ve heard of web proofs (aka “zkTLS”)
TEE model, MPC model, Proxy model …
“API on demand for anything”
But what is it actually going to be used for?
In my latest report, I’ll show you how initial use cases are branching out, what their objectives are, and why businesses should be paying attention
Full report here: paragraph.xyz/@lemniscap/wha…
1/7 What will the verifiable web look like? Our new report explores the role of web proofs (aka zkTLS) and their potential use cases. What are web proofs and what real-world problems can they solve? 🧵
paragraph.xyz/@lemniscap/wha…
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Being on the GRTIQ podcast for The Graph was a great experience and hopefully I've shared something useful in this EP.
It brings me to one of my favorite quotes about talk as a technology to realize hope, by Stephen Hawking:
🎧 From Ep. 41 with @blockhiro, Research Analyst at @TheBlock__ and @TheBlockRes. Listen to Hiro talk about the importance of a decentralized stack for #Web3, and how @graphprotocol fits in. $GRT
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Now available!
It was a great pleasure working with Nick on this. I'm very pleased how it turned out. Thanks @grt_iq for this opportunity and I hope it's useful for @graphprotocol community!
📢 Now Available! Ep. 41 w/ Hiro Kotabe (@blockhiro), Research Analyst at @TheBlock__. During our interview, Hiro shares many brilliant ideas about his research, #Web3, and @graphprotocol. $GRT
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.@TheBlock__ x @AccessProtocol
going live Q4 2022 for ~20% of our articles
medium.com/the-block-crypto/…
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Chain abstraction will pave the way toward an apps-dominant meta
Social, games, and meme gambling will lead the way
We will start to finally see truly creative apps paired with community participation like never before, giving the term "web3" some merit
Infra nerds like me will fall further into the background
Can't wait to see it
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Ankex Alpha to launch in May !!
On Ankex, your assets will be *your* assets. Self-custodied on the Qredo network, with funds matched 1:1 on the exchange via a collateral system which all operates and is recorded on the Qredo L2 blockchain.
qredo.com/blog/why-i-m-beyon…
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13/ Addressing & Sharing
While the open market of Filecoin creates a persistence layer, IPFS is the way stored content is addressed and moved.
In this way, IPFS is like a P2P version of HTTP.
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It's great to see all the positive feedback this is receiving from the community.
I'm thrilled to announce that I'll be joining @Lemniscap next week to lead research efforts.
I want to thank @Roder1k @shaishav0x @nic_lemniscap & @grisacerne for this tremendous opportunity, and look forward to contributing to one of the best VC teams in the space.
Onwards and upwards!
1/7 We're thrilled to announce the launch of our new $70M fund to support early-stage Web3 projects tackling pre-trend narratives & up-and-coming markets.
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nitter.app/QredoLabs?s=20
@QredoLabs Twitter account just launched! Give a follow for deep dives on the bleeding edge tech being explored & developed to power @QredoNetwork
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.@_kaitoai Kaito's new "Token Mindshare" feature. Very cool.
Heatmap of all of CT using % of tweets referencing Token X relative to the overall cryptocurrency market.
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One of my all-time favorite breakfasts in SG: Kaya toast with runny eggs and strong black coffee. $3.
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fun fact:
there were an average of 0.6 IPOs per day in 2024
68,000 new SPL tokens were created yesterday
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Save you a search:
The name "GoDaddy" originated from a brainstorming session among employees of Jomax Technologies, the company's original name. In 1999, the team was looking for a more memorable and fun name. One of the suggestions was "Big Daddy," but since the domain name was already taken, they settled on "Go Daddy" instead. Bob Parsons, the founder, liked the name because it made people smile and was easy to remember
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This looks awesome in both preview and viewing. Great for short story telling!
Twitter now allows 4 in-line images in one tweet.
So, let me regale you with the story of when Nicolas Cage did on one of the greatest 4-film runs ever:
• Leaving Las Vegas (1995)
• The Rock (1996)
• Con Air (1997)
• Face/Off (1997)
Cage went from winning Best Actor in "Leaving Las Vegas" — a role where he played an alcoholic screenwriter who drinks himself into the abyss — to three straight action blockbusters.
Three straight action blockbusters in 2 years!
How did this happen?
Cage had actually agreed to do Michael Bay's Alcatraz escape movie "The Rock" before he did "Leaving Las Vegas".
His original interest with action films was that he knew the Hollywood trade-off: make a blockbuster for the studio and you can get funding for your passion projects.
"The Rock" ended up grossing $335 globally in the summer of 1996. Its box office was very competitive vs. other summer action films that year including "Eraser" ($243m), "Mission Impossible" ($458m), "Twister" ($496m) and "Independence Day" ($817m).
After "The Rock" established him as an action star, Cage struck while the iron was hot.
Jerome Bruckheimer — who produced "The Rock" with his partner Don Simpson (Simpson died during the film's production) — signed Cage on to do prison plane film "Con Air".
Cage's performance in that gem has been meme'd into glorious oblivion.
Meanwhile, Cage also signed on to do John Woo's "Face/Off". He co-starred with John Travolta and the film required both actors to mimic each other's mannerisms as the characters swapped faces and identities.
Woo's gun-fu flick fit right into Cage's venn diagram at that point in his career. The role required (admittedly absurd) acting chops and matched his action star turn.
"Con Air" and "Face/Off" were released three weeks apart in June 1997 and went on to make $224m and $246m, respectively.
Cage had another decade of hits before things went awry (I mark the decline with 2007's "Ghostrider").
But no run ever matched this 4-film doozy.
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It was awesome collaborating with these gigabrains on my first research report with @Lemniscap. To learn more about based rollups, preconfs, and their role in Ethereum's rollup-centric roadmap - dive right in.
Thanks so much:
@drakefjustin at @ethereum
@jasnoodle & @amironchain at @puffer_finance
@Junger0x at @taikoxyz
@muratlite at @primev_xyz
@0xdabaojian at @lu_ban_
@CoffeeTimesTW & @mteamisloading at @Spire_Labs
@fra_mosterts at @chainbound_
@jskybowen at @AstriaOrg
@0xRaghav at @LongHashVC
1/15 Our latest report: “Make Ethereum Whole Again: Sequencing the Future with Based Rollups and Preconfirmations”, delves into based rollups and preconfirmations. What are they? How do they work together? And what problems are they solving? 🧵
paragraph.xyz/@lemniscap/mak…
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A real #bitcoin maxi adorns his bookshelf only with photos of his wife and a block clock
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this is getting absurd
AI researchers were able to train an AI “reasoning” model for under $50 in cloud compute credits, according to a new research paper.
The model, known as s1, performs similarly to cutting-edge reasoning models, such as OpenAI’s o1 and DeepSeek’s R1, on tests measuring math and coding abilities.
The s1 model is available on GitHub, along with the data and code used to train it.
Read more: tcrn.ch/4aMr0vS
ALT Researchers created a rival to OpenAI’s o1 ‘reasoning’ model for less than $50
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Hey Kyle, I wrote about just this - maybe you'll find this piece interesting :)
kotabe.substack.com/p/the-pr…
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tokenizing everything is not a good idea when capital inflow can't match the rate of token creation
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What will be the next killer app in the RWA space?
The RWA space isn't like other crypto sectors. Things get very complicated when linking crypto rails to offchain assets and their established regulatory frameworks.
After reviewing dozens of projects in this space, it's clear to me that a lot of practical obstacles must be overcome for massive value to flow in (as in even >1% of stablecoin supply). Setting apart the wheat from the chaff isn't an easy task.
I wanted to try to make it easier for you all.
In this research, I present a framework for the PRIME scale. The scale is a simple rating tool that yields a weighted average score for any given RWA project based on the following dimensions:
+ Permissionlessness
+ Reliability
+ Integrated utility
+ Maintenance-minimization
+ Easy UX
To find out how it works, and try it out for yourself, check out the full article linked below.
medium.com/inception-capital…
I appreciate any feedback in the spirit of kaizen. And if you believe your project rates highly on this scale, do reach out! (DMs open)
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I used to go to X "Top Articles" every day to get a sense of what's going on in CT land. Now I go to "Overherd on CT" by @_kaitoai
Probably nothing
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I read this one Oxford study that compared the forecasting accuracy of
(a) individual human traders
(b) groups of human traders deciding by majority vote
(c) groups of human traders deciding with the aid of AI swarm intelligence
They each forecasted the price of major market indices like SPX, gold, and oil prices
Group C outperformed the others by as wide of a margin as 43% during a 16 week testing period!
Using AI to amplify our predictive accuracy extends to other fields too (e.g., doctors are already using AI to increase their diagnostic accuracy)
In short, AI is already useful in doing hard tasks and will only become better as its intelligence develops
Crypto is full of hard tasks - market research, asset management, LPing, yield farming, risk assessment, etc. - and it only has become harder with token dispersion and the fast rotational trading games we’ve all been seeing
No human can do this well around the clock- but eventually, swarms of vertical AI agents could do this (and more) for you in the future
In my new report, I explore this idea and speculate on where it is headed 👇
1/ We are starting to see the beginnings of AI-driven NLIs transforming crypto’s UX. Instead of navigating across complicated GUIs and fragmented workflows, users can interact through unified conversational interfaces.
Full article here: paragraph.xyz/@lemniscap/aut…
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SRC: theblockresearch.com/a-data-…
For more insights on blockchain infrastructure and web3, follow @blockhiro and @TheBlockRes 9/9
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I'm excited about cloning AI like @with_delphi.
Imagine how it could scale our individual contribution, efficiency, and monetization.
I didn't go to school at a time when ChatGPT could do my homework for me.
I spent years grinding through a masters and PhD, at companies and universities across the US and internationally.
I've moved abroad three times.
I've been told many times I have a lot to share, and could monetize that. But, I just can't find the capacity right now.
AI is frightening, no doubt. Including the idea of exponentially amplifying the intellectual output of the population.
But this idea is irresistibly intriguing.
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There has been a lot of talk lately about "soulbound tokens" (SBTs):
papers.ssrn.com/sol3/papers.… 🧵 1/10
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What are RWAs and what are not?
Why do we need them?
What RWAs are onchain now what's on the horizon?
What might the market look like by 2030?
What are the main challenges to global adoption?
What areas look ripe for investment?
I unpack these questions in my new research out now at medium.com/inception-capital…
Here's the tl'dr 👇
• RWAs are the tokenized representation of anything with value that exists outside of the blockchain, including physical and digital assets.
• Tokenization leverages blockchains for improved trade and management, enhancing liquidity, global reach, and transparency while reducing intermediary costs.
• Right now, the most dominant RWA is by far USD stablecoins (~97%), followed by securities (~1.5%, primary US T-bills), and commodities (~1%, primarily gold).
• Stablecoins hold a unique position in bridging the adoption gap between crypto enthusiasts and ordinary people with their use case extending beyond diversification to hedging against currency debasement and cross-border payments.
• Global interest in tokenized US treasuries skyrocketed in 2023 as investors worldwide were attracted to increasing yield.
$BUIDL dethroned $BENJI 6 weeks after launch!
• There are a number of emerging RWA categories that are intriguing but also highly speculative, including art and collectibles, IP rights, infrastructure financing, impact claims, insurance policies, and agricultural assets.
• Market projections have one thing in common: RWAs will become a huge industry this decade — estimates range from $3.5 trillion in the bear-case scenario to $16 trillion in the bull-case.
• There are a bunch of challenges to realizing these projections — regulatory obstacles, first, and foremost, but also technical and operational risks, valuation challenges, uncertainties around market readiness, economic and social barriers to entry, and category-specific challenges around each RWA category.
• We propose a heuristic guide for identifying investable projects given these risks and challenges that takes into account unlockable liquidity, global demand, yield opportunities, and regulatory clarity.
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Through a programmable marketplace, applications stake POKT to reserve a given number of relay requests proportionate to the amount of POKT staked. Applications receive POKT for servicing those requests. 6/9
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Thank you
@dariusnostr ⚡ @LnfiNetwork
@romain_lnm ⚡ @LNMarkets
@TheoPantamis ⚡ @MarketsDLC
@SZhygulin ⚡ @StroomNetwork
@RyanTheGentry ⚡ @lightning
for the review and feedback
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1/ @TheBlockRes is proud to release: Comparing Layer-1 Platforms: 2022 Edition. An in-depth study across 10 dominant Layer-1 (L1) ecosystems through 2022!
This report is freely accessible to you all thanks to
@avalabsofficial and the @SolanaFndn
🧵 Unroll for highlights
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Thanks so much for the fruitful convos and feedback:
@madhavanmalolan at @reclaimprotocol
@eulerlagrange & @dawufi at @OpacityNetwork
@Joshua_zkp at @zkPass
@0xpianohands at @OpenLayerHQ
@danilowhk2 at @0xZapLab
@bitvkphil & @xxiang_xie at @primus_labs
@devloper_xyz at @plutolabs_
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ideas becoming reality
paragraph.xyz/@lemniscap/wha…
It's been a little over a week since we launched V2.
A recap:
- Over $216K in total volume (v1 + v2), all organic
- 706 new wallets created / connected
- 292 unique onramps
- 97 deposits from sellers
- 8 currencies onboarded: USD, GBP, EUR, JPY, CHF, AUD, MYR, CAD
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TON has rapidly ascended this year to become the 9th largest crypto project, with a circulating MC > $21 billion, 10x in under a year!
I did some research to understand why.
First, @ton_blockchain has an intimate relationship with @telegram which has an intimate relationship with crypto communities and is approaching 1 billion monthly active users, positioning it uniquely in the crypto space.
On the tech, many think TON is just a blockchain, but the protocol actually encompasses several other subprotocols:
+ TON DNS: Human-readable names for accounts and services, over 76K sold so far
+ TON Storage: Decentralized file storage
+ TON Proxy: Decentralized VPN service; a blockchain-based Tor alternative
+ TON Payments: Instant, off-chain micropayments with zero fees via payment channels
The TON blockchain itself is a high-throughput network enabled by dynamic horizontal sharding, with the network scaling as activity scales. It demonstrated a record-breaking 104,715 TPS in a public demonstration on 256 highly-powered nodes.
But while the tech is impressive, it's not the main driver of TON's recent momentum. TON's momentum picked up coinciding with a series of significant events. For example:
+ TON Space (Sept 2023): TON’s new self-custodial wallet was announced jointly by Telegram and the TON Foundation, marking Telegram’s renewed involvement with TON *after years of distancing*.
+ The Open League (March 2024): A community initiative distributing 30 million $TON (now worth ~$200 million) to accelerate TON ecosystem development. The pilot was a big success.
+ Native USDT on TON (April 2024): @tether launched USDT natively on TON, with total authorized USDT already at $330 million now:
To put that into perspective, that’s 80% more USDT authorized on TON than NEAR, and twofold that authorized on Cosmos.
This integration of native USDT into TON is something especially important to keep watch of. Telegram is one of the best platforms there could be for people to transact value around the world, to anyone, at any time.
(Other key events are discussed in more detail in the full report linked below.)
The emerging TON ecosystem
TON DeFi has picked up momentum, with TVL reaching $620 million, positioning it alongside other major high-throughput blockchain projects like Sui, Aptos, and NEAR.
Source: @artemis__xyz
GameFi on TON made a breakthrough this year with the viral success of @notcoin, the simple “tap-to-earn” mining game that attracted over 35 million players within months of its launch.
TON stands out for its mobile-first, community-developed, and messaging-integrated approach. It stands out for being one of the only crypto projects that started with a massive global community.
Looking ahead, there are several investment areas within the TON ecosystem that are promising:
+ DeFi: TVL in staking, swaps, lending, and derivatives on TON exploded this year. People are doing DeFi on TON now and I expect that to continue. DeFi with a social+ model is particularly interesting here.
+ GameFi: More games like Notcoin combining simplicity, social, and timeliness are likely to pop up, and can go viral too.
+ Infra: Innovative projects developing TON infrastructure could be interesting. Projects here could unlock better overall UX and utility to attract a larger share of Telegram users to TON, as well as a larger share of general crypto users to try TON.
+ Interoperability: Building bridges / cross-chain messaging protocols to better connect TON with the broader blockchain ecosystem.
+ Non-TON crypto apps on Telegram: @here_wallet, the Telegram-integrated self-custodial wallet for @NEARProtocol, stands out for demonstrating that Telegram apps integrated with non-TON blockchains can now rival the rich interactive experience of TON-native apps. I’m on the lookout for projects like these from non-TON blockchain ecosystems leveraging Telegram’s user base and its mobile-first, social-first orientation.
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Tons of insights in this new comprehensive report on decentralized storage by @Curiouscat178 ! 1/
IT HAS ARRIVED! “An Honest Report on Web3 Data & Storage,” the first-of-its-kind, 34-slide primary research report to systematically, objectively, and exhaustively assess the decentralized storage space by interviewing 30+ leading experts over 50+ sessions lnkd.in/epfK2pKr
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Thrilled to share that I've joined @Inception_VC_ (the new era of OP Crypto 👇🧵) as Research Principal. Teaming up with @davidgan1818, @0xlucas1024, and the rest of the amazing team, we're on a mission to build the best-in-class crypto-native VC firm bridging East and West.
1/ We are delighted to announce the firm’s rebranding from OP Crypto to 🥳 Inception Capital
In this X thread, we bring you:
1. What does rebranding mean to us,
2. Recap of 2023: Major events and conferences
3. Looking ahead to 2024: Our goal and exploring new horizons
👇👇👇
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19/ Ecosystem Developments
The number of projects utilizing decentralized storage networks exploded from just a few dozen at the beginning of 2021 to several hundred today.
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1/ My new report "Accessing Web3: Developments and Opportunities" is out at @TheBlockRes!
Big thanks to our sponsor @W3BCLOUD for making this report freely accessible to you all:
tbstat.com/wp/uploads/2022/0…
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6/ State of the Market
Among prominent protocols including Filecoin, Storj, Sia, and Arweave, Filecoin is the one sometimes called the "P2P version of AWS."
Perhaps rightly so, given that it leads this emerging market in terms of storage used, storage capacity, and market cap.
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I learned about Primus while writing my article on applications of web proofs / zkTLS
So many great insights from this team and they are shipping cutting edge web proof applications I wouldn't be surprised to see in common usage in the coming years
Congrats @bitvickyzh @xxiang_xie!
🎉 Primus has successfully raised $6.5M in our Pre-seed + Seed round!
This round was led by @DispersionVC, @symbolicvc and @vaneck_us, and backed by @SamsungNext, @Alchemy, @MaelstromFund, @welaraworld, @theBBFund, @Modular_Capital, @Karatage_, @InitialVentures, @Mozaik_Capital, @ArweaveSCP, with the long-term support from Legend Star, @ambergroup_io, @snzholding, and @HashGlobal. Besides the above, we would also like to thank our incredible angels. Onward and upward! 🚀
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In the past couple of months, Pocket's network activity has surged to an ATH. Here, we take a closer look at the numbers to try to understand this surge in activity and where things may be headed. 8/9
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Simple and clear. Here is web3 - thanks @dabit3
A lot of people are talking about web3, but what exactly is it? Can you point to a specific architecture?
In this post our very own @dabit3 breaks down the web3 stack & sheds some light. edgeandnode.com/blog/definin…
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Awesome to see real DePIN usage like this
this @helium_mobile trend continues to absolutely blow my mind. 2.16 terabytes of traffic (and growing) traveling over @helium hotspots vs 3.32 terabytes on the T-Mobile network
🤯🤯🤯
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Interesting paper on solving the "Beaver + Titan" centralized builder problem.
90% of Ethereum blocks are built by Beaver + Titan. That's a problem for based rollups because they have to trust these two giant builders to build in their best interest.
But the MEV from building a block comes primarily from two opportunities: top-of-block (eg, CEX-DEX arbitrage) and block-body (eg, frontrunning).
Right now, the PBS auction doesn't make any distinction between these opps - the right to build the entire block is sold wholesale.
And the integrated searcher-builder giants with HFT capabilities can exploit that to extract maximal MEV from the top-of-block + block-body opps, increasing their willingness to pay for private order flow.
To bring more fairness into the auctions, this paper proposes unbundling the PBS auction into two: one for top-of-block opps and other for block-body opps.
It's intriguing - the builder giants lose the whole-block advantage and decrease their willingness to pay. Smaller builders have more opportunity to win blocks.
Fairer auctions, less centralization.
HT @SithSwap
arxiv.org/pdf/2305.19150
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