Ouroboros' Narratives Highlights

Daily Alpha (21 Aug'24) Presented by Menya Research Go to our highlights channel for easy access to all past Research Daily as well as alpha highlights from Ouroboros' Narratives chat. (Ref)links to farms: Elixir, Usual, Infinex, mETH, Ethena, Blast, Sanctum, Zircuit, Karak (code: pEZOP) Project Updates - Base launches Basenames using ENS infrastructure. All names will be listed via a Dutch auction (over 36 hours) for users to purchase and claim - Mantle LSP has adopted "mETH Protocol" as it brand name - Memecoins on Tron (on SunPump, promoted by Justin Sun) have been gaining traction - Clearpool unveils Ozean, an Ethereum L2 (built on Optimism) for RWA yield with an optional compliance layer. USDX (issued by Hex Trust) will be Ozean's native gas token. CPOOL will govern the ecosystem, with stakers earning rewards from various sources including L2 sequencer fees and yield from staked USDX treasuries - Nillion, the multi-party computation powered “blind computer,” is integrating with Arbitrum enabling Nillion apps to tap into Ethereum’s security for settlement and bring Nillion’s privacy-preserving data processing and storage to Arbitrum dapps - Galxe's L1 Gravity goes live Tokenomics / Incentives / Farms - Sonic Labs (previously Fantom) announced a points (Gems) program which will reward users with 37.5% of its planned airdrop (6% of total supply, 6 months after Sonic token launches). The value of the airdrop is worth ~$28m - RedStone Oracles launches its Expedition Season 2. More details will be revealed over the course of this week - Euler Foundation proposal to build an XP initiative to initially reward LPs and vault creators. Season 1 XP will award LPs based on utilized ETH or USDC liquidity per day and vault creators based on vault fees generated. Season 2 and 3 XP allocations are up for debate. No explicit reward has been determined for XP holders - YieldNest launches ynLSDe, its first LRT. ynLSDe supports stETH, mETH, sfrxETH, OETH and is kickstarting its first season with 5x seeds boost Onchain - Mt Gox moves 12k BTC / $700m to an unknown wallet Markets - Upbit adds trading pairs for BRETT and PEPE. Binance adds perp support for BRETT - Binance announces DOGS will launch on its launchpool. Users can stake BNB (85% of rewards) and FDUSD (15% of rewards) from 23 Aug'24 to 25 Aug'24 for 22b DOGS (4% of supply). Trading opens 26 Aug'24 with USDT, BNB, FDUSD, and TRY pairs. Initial circulation: 516.75b DOGS (~94% of total)

Rugs / Exploits - Jupiter identified a malicious Chrome extension called "Bull Checker" had been targeting users on Solana-related subreddits - ZachXBT identified a suspicious transfer from a potential victim for 4064 BTC ($238m) Onchain - Alien Punk sold for an undisclosed amount (previously sold for $23.7m in 2022) Raises - Gate Ventures (Gateio's venture arm) collaborates with the Blockchain Center in Abu Dhabi to launch Falcon Gate Ventures, a $100m fund to "propel global blockchain innovation" - Fabric Cryptography raised a $33m Series A round led by Blockchain Capital and 1kx to develop a cryptography processing unit, which it claims could improve the speed and cost of running cryptographic workloads Macro - Gary Gensler rumoured to be nominated as Treasury Security if Kamala Harris wins the presidential election. Caitlin Long says she is told the rumour is false Crypto Companies - Bitwise acquires London-based crypto ETP issuer ETC Group, expanding its presence in Europe - Japan listed company Metaplanet buys another JPY500m worth of BTC Opinions / Analysis - Defiance's Arthur post on how Aave will lead the DeFi Renaissance trades cheaply even as its metrics grow - Republic's Dim post on how NEAR stands out as the defacto L1 for AI dApps - Francesco's introduction to Berachain - 0xGeeGee on the wBTC trade, UXD's shutdown, COW's market making / CEX listing proposal, DRIFT as a prediction markets play, Liquidity events from ZETA, TAIKO, XAI, TAO, ATOM

Daily Alpha (20 Aug'24) Presented by Menya Research Go to our highlights channel for easy access to all past Research Daily as well as alpha highlights from Ouroboros' Narratives chat. (Ref)links to farms: Elixir, Usual, Infinex, mETH, Ethena, Blast, Sanctum, Zircuit, Karak (code: pEZOP) Project Updates - The SEC expresses concerns over Solana's security status to ETF issuers, leading to Cboe removing 19b-4 filings for Solana ETFs which would have started the clock on the approval process - INIT Capital introduces INFINIT, a DeFi abstraction layer meant to allow builders to launch and scale DeFi protocols easily. Points from INIT will be grandfathered into the INFINIT ecosystem - Drift Protocol introduces BET, prediction markets project. All trading activity on BET will receive a 5x FUEL boost for the next 2 weeks - HashKey partners with Telegram game Catizen to collaborate on gamified experiences in DeFi and a joint HSK airdrop campaign - Etherfi announced its credit cards will be issued in Sep'24 - Tether announced it will launch USDT on Aptos - Artemis introduces new stablecoin page Tokenomics / Governance - Polygon announces its token migration (from MATIC to POL) will happen on 4 Sep'24 - Arbitrum proposal to introduce staking has passed. The plan implements stARB, a staked ARB token by Tally Protocol. The proposal does not implement fee distributions yet. Onchain proposal for full implementation targeted for Oct'24 - UXD Protocol proposal to sunset the protocol and return its insurance fund to UXP holders - Curve proposal to allocate 21m CRV to Swiss Stake AG (Mich's company) from Curve's Community Fund, which will increase inflation from 6.3% to 7.7% Incentives / Farms - Babylon to launch the first phase of its mainnet on 22 Aug'24, allowing users to lock BTC on the network (deposits capped at 1k BTC / $61m) - Elixir's sdeUSD / deUSD pool goes live on Balancer with a 5x potion boost - Grass reminds users to link their wallets to their Grass account by 23 Aug'24 ahead of the airdrop

Markets - Spot ETH ETFs experienced $27m in inflows on 1 Aug'24. ETHE outflows fell to $78m While the other ETFs generated $105m inflows - 4.9m SOL was unstaked - Perp trading for DYM, MKR and AAVE is now live on Coinbase and Coinbase international - Coinbase announces that it will list perps for MEW Crypto Companies - MicroStrategy acquires 169 BTC for $11.4m (avg price $67.5k) in Jul'24. Separately, the company also announced it is filing a registration for a new $2b at the market equity offering program to buy more BTC. This would represent ~14% of its existing $14.5b BTC stash - Cypherpunk Holdings purchased an additional 23k SOL, bringing its stash to 86k SOL worth $21.6m, it simultaneously reduced its exposure to BTC and Animoca shares - Coinbase 2Q24 earnings: Net revenue $1.45b in Q2 (-11% q/q) on falling consumer transaction volumes, Net income $36m in Q2 (-97% q/q) due to losses on its crypto investment portfolio - Marathon 2Q24 earnings: Net loss of $200m, sold 51% of the 2,058 BTC produced in the second quarter to fund operating costs - DWF Labs announced it is working on a CeDeFi synthetic yield-bearing stablecoin - BingX (an exchange) announced the launch of BingX Labs which will find high potential projects and help them deploy tokens effectively - Online brokerage Futu offers crypto trading in Hong Kong, rewarding users with Nvidia and Alibaba stock Regulatory - The Montenegro Appellate Court upheld a ruling that TFL's Do Kwon should be sent to South Korea, rejecting a push to send him to the US - Bybit is ceasing its activities in France in order to comply with regulatory measures Opinions / Analysis - kezfourtwez on the state of Solana trenches and how the winners are pump.fun, trading bots and coin deployers - 0xGeeGee on KUJI liquidations and remedial actions, LAVA being a good buy, W's follow on airdrop, regulations benefiting old Defi coins, Elixir's latest potion changes, Political memecoins

Ouroboros Research Daily (2 Aug'24) Presented by Menya Research Go to our highlights channel for easy access to all past Research Daily as well as alpha highlights from Ouroboros' Narratives chat. (Ref)links to farms: Elixir, Usual, Infinex, mETH, Ethena, Blast, Sanctum, Zircuit, Karak (code: pEZOP) Project Updates - EURC is now deployed on Base and is MiCA compliant - Notcoin launches a new Telegram story-driven game called Lost Dogs combining NFTs, NOT and new WOOF tokens - Raydium launched a memecoin CTO on makenow.meme but later stated it "didn't exactly go as expected" and has hashtagged the post #undotest - Kujira Foundation Ops wallet gets liquidated on its leveraged LP positions - Infrared goes live on Berachain testnet - Fantom officially rebrands to Sonic Labs - Linea completes phase 1 of decentralization roadmap - Rumours of an ex-FTX employee whistleblower revealing FTX hidden wallets with 8% of SOL's total supply - Base Head of Product Thomas Vieira unveiled a new product called Basenames which leverages ENS Incentives / Farms - Elixir modifies its potions (points) system. Previously, it penalised users (50% potions haircut) for withdrawing elxETH on 26 Aug'24, with the haircut potions going to users who decide to extend their elxETH locks. In the new program, elxETH lock extenders get a 2x multiplier from elxETH in season 1, and earn a 5x boost in season 2, while early exiters will continue earning potions at 1.5x boost - Superseed launches phase two of its public testnet, focusing on exploring applications and partnering with Layer3 for a curated experience. Participants can earn a unique NFT and 'Testnet Titan' role Tokenomics - Initia launches VIP (Very Important Protocol), a multi-chain economic framework to drive INIT token adoption across its ecosystem. Key features include bi-weekly reward distribution through Balance and Weight pools, with 10% of INIT supply allocated. Rewards are given as esINIT, unlockable through L2 engagement. VIP aims to make INIT the core asset across Initia's multi-chain network and is now live on the public testnet - Etherfi makes $2.58m in protocol revenue in Jul'24, 5% of this will be used to buyback and LP ETHFI - Jupiter vote to reduce JUP token supply by 30% goes live - Debridge's DBR launch details (on Jupiter's LFG): 1) 2% of total DBR supply sold at $0.025/token with $5m cap, 2) Limited to active deBridge users and select Jupiter members, 3) $25k USDC deposit limit per address over 24 hours, 4) 50% token distribution at launch, 50% after 6 months, 5) $3m liquidity to Meteora Dynamic pool, 6) Trading starts ~48 hours after LFG opens, 7) Pro-rata distribution if cap exceeded, 8) Planned for end Aug'24 Rugs / Exploits - ZachXBT alleges Alameda, StarkWare-backed ZKX raised millions, launched token despite shutdown risk - Convergence was exploited for $210k due to a vulnerability in the CvxRewardDistributor contract, allowing a hacker to mint and sell 58m CVG tokens. The project recommends users withdraw staked assets, plans to fix the Stake DAO integration rewards contract, and will communicate future plans for the protocol soon Raises - MetaDAO, a Solana-based governance experiment, raised $2.2m from Paradigm and 30 other contributors at a price of $557 / META - Morpho raised $50m in funding led by Ribbit Capital to "enhance the network’s decentralization and support its mission to make financial infrastructure a public good" - OKX Ventures and Aptos Foundation jointly launch a $10m ecosystem growth fund and accelerator to support projects building on Aptos - Particle Network, a chain abstraction L1, raised from Binance Labs - DuelNow, a decentralized sports betting market built on Arbitrum, raised a $11m round led by GEM Digital

Onchain - Spot ETH ETFs experienced $77m in outflows on 31 Jul'24. ETHE at $133m outflows while the other ETFs saw $56m in inflows Raises - Daylight, a decentralized physical infra network focused on energy distribution, raised a $9m series A round led by a16z - JokeRace, a project which allows developers to launch onchain contests, allow issuing of grants and incentives, raised $3m led by Maven 11 - Breakout, a crypto prop trading firm, raised a $4.5m seed round led by RockawayX - Lava, a Bitcoin focused borrow-lend, raised a seed round from Susquehanna, Caffeinated Capital, UTXO, Hashkey, Graph and Hivemind Ventures amongst others - Orange Finance, an automated liquidity management protocol, raised an angel round - Icebreaker, a blockchain-based LinkedIn, founded by Coinbase and Google veterans, raised a $5m seed round at a $21m valuation led by CoinFund - Pichi Finance, a trustless points trading protocol, raised a $2.5m round led by Signum Capital, UOB Venture Management and Mantle - BNB Chain announces the winners of BNB Incubation Alliance Round 2: Avalon Finance (a liquidity hub for BTC LSDFi and CeDeFi lending) and Bedrock (a multi-assets restaking protocol). Winners gain fast-track access to the Most Valuable Builder program and Launch-as-a-Service package worth up to $300k Macro - Senator Cynthia Lummis publishes the Strategic Bitcoin Reserve Legislation - FOMC update: No signal of Sep'24 rate cuts, dual mandate language reintroduced, inflation "elevated" -> "somewhat elevated" Crypto Companies - Tether released its 2Q24 attestation report: 1) 1H24 Profits were $5.2b, 2) Assets are $5.3b above liabilities, 3) BTC holdings are worth $4.7b, unchanged from 1Q24. The company has previously said it would use 15% of its realized profit towards buying Bitcoin, implying $780m of buy pressure - Telegram launches in-app browser and mini-app store in new update Opinions / Analysis - Cantor Fitzgerald's CEO Howard Lutnick criticizes USDC - Blockworks Research's report on Synthetix, its progress on various chain and catalysts for SNX - 0xKyle's MakerDAO deep dive - ASXN notes on the FTX Digital Markets Liquidators Q&A - Aylo on Starknet's weak metrics - Kairos Research's deep dive on Mitosis

Ouroboros Research Daily (1 Aug'24) Presented by Menya Research Go to our highlights channel for easy access to all past Research Daily as well as alpha highlights from Ouroboros' Narratives chat. (Ref)links to farms: Elixir, Usual, Infinex, mETH, Ethena, Blast, Sanctum, Zircuit, Karak (code: pEZOP) Project Updates - Tapioca Protocol unveils its "Make DeFi Great Again" campaign, addressing recent setbacks with system improvements, new market strategies, and added collateral options. The update includes a testnet deployment with an "aoTAP" airdrop, enhanced technical infrastructure, and rigorous security measures. Mainnet release timeline expected in the coming weeks - Kamino "Road to $10b" update: 1) Announced Kamino Lend v2 which enables modular lending, 2) Activate governance rights for KMNO holders and 3) Season 2 snapshot has been taken on 31 Jul'24. Season 2 distribution and Season 3 structure will focus on governance participation, and push Kamino towards $10b - VanEck's Matthew Sigel says Solana ETFs may come sooner than expected - Lido updates its scorecard: 1) No operator holds more than 1% of total stake, improving validator set decentralization, 2) Improved geographical distribution of validators, adding operators in Asia and South America, 3) Reduced reliance on public cloud services from 45-50% to 38-40%, with most Node Operators now using Bare Metal, 4) Launched Community Staking Module on testnet, onboarding 200+ new node operators Product Launches - Nansen's CEO Alex Svanevik, launched a memecoin called IQ using makenow.meme which allows users to launch a memecoin via a tweet - Ondo's USDY is now live on Aptos. Launch partners include Aries Markets, Thala, Pontem Network's LiquidSwap - Universal mainnet beta goes live on Base, allowing users to get exposure to assets not available on the network with CEX-like price execution Tokenomics / Governance - Enso Finance token launch goes live on CoinList, 5% of ENSO's total supply is auctioned (of which 2% will be in reserve). 15% of the tokens will unlock at TGE and the rest will vest linearly over 6 months - Rage Trade's $6m public sale on Fjord Foundry was sold out in 15 minutes - Merchant Moe introduces tokenomics v1.5, including reducing MOE emissions (details to follow), optimizing emissions with v1 farm closures, increasing protocol fees on key revenue generating LPs, a move from "buy and distribute mETH" to "buy and distribute MOE". The revamp will roll out through over Aug'24 - L2beat's Arbitrum proposal to halt incentives for 3 months to analyze past results and structure an ongoing incentives program - StakeDAO proposal to create a rewards allocation pool replacing current SDT inflation in strategies (788,400 SDT/year). The DAO will vote monthly to allocate entire SDT distribution to specific pools, aiming to boost OnlyBoost adoption by enhancing APRs Incentives / Farms - Elixir introduces a yield bearing stablecoin deUSD, collaterized by stETH and sDAI, switching between the two based on funding rates. Details: 1) deUSD will be used as the default collateral in the Elixir ecosystem. 2) A snapshot of Apothecary Season 1 has been taken and Season 2 is now live, awarding portions to deUSD stakers up to the Elixir's mainnet go live date in 10 weeks (mid Oct'24). 3) elxETH holders can lock their ETH further and commit to mint deUSD when permissionless minting goes live in Dec'24 and earn points or choose to withdraw their ETH in Aug'24 with a 50% haircut to potions earned which will be rerouted to extenders - Etherfi weETH markets go live on Compound (both mainnet and Arbitrum) with 2x Etherfi points boost

Onchain - Spot ETH ETFs received $34m in inflows on 30 Jul'24 after 4 days of outflows. ETHE outflows tapered to $121m while BlackRock's ETHA saw $118m in inflows - $2.2b of Mt Gox BTC gets moved into bc1q26tsxc0ge7phvcr2kyczexqf5pcj8rk79cqk90h34c30dn9dskeq3gmw3f Rugs / Exploits - Immunefi says crypto has lost $269m in Jul'24 and $1.19b year to date to scams and exploits - An IBC vulnerability was exploited allowing the exploiter to mint and sell ASTRO tokens. According to Gabriel Shapiro, this was an issue found in Apr'24 Raises - aPriori, a MEV powered liquid staking platform on Monad, announced it has raised from Binance Labs - Hyperbolic, a project building open-access AI cloud infrastructure, raised a $7m seed round led by Polychain and Lightspeed Faction - Circle rumoured to be trading at a $5b valuation ahead its planned listing - Mintify, an NFT orderbook infrastructure builder, raised an additional $3.4m from Arca, Cumberland and others - Binance Labs unveils the first batch of projects admitted into its season 7 incubation program. The projects are: Astherus (a liquidity hub for staked assets like LSTs / LRTs), Cycle Network (a chain abstraction network), Dill (a data availability network), and Eigen Explorer (a data platform for EigenLayer) Macro - GBTC starts trading excluding the Grayscale Bitcoin Mini Trust component - Senator Cynthia Lummis shared a draft of the strategic Bitcoin reserve. Details include: 1) establishing Bitcoin storage facilities across US, 2) buying 200k BTC a year over 5 years, 3) the BTC purchase will be financed by revaluing the Federal Reserve banks' gold certificates to the Treasury secretary, remitting the difference in cash value between old and new certificates - Kamala Harris is reportedly considering crypto-skeptic Gary Peters as her VP candidate - Trump campaign raised $21m during the Bitcoin 2024 conference Regulatory - The SEC amended its case against Binance, and no longer needs to prove that SOL, ADA, MATIC and several other tokens are securities - The SEC has charged BitClout founder Nader Al-Naji with wire fraud and securities violations - Russian law makers passes bill allowing businesses to use Bitcoin and cryptocurrencies in international trade Crypto Companies - Pantera's annual blockchain compensation survey show women in crypto earn 15% more than men Opinions / Analysis - Flip Research on Solana and how several celebrated metrics are highly inflated. Mert's response - Neon Rebel on why decentralized crypto options have not succeeded like perps

Ouroboros Research Daily (31 Jul'24) Presented by Menya Research Go to our highlights channel for easy access to all past Research Daily as well as alpha highlights from Ouroboros' Narratives chat. (Ref)links to farms: Usual, Infinex, mETH, Ethena, Blast, Sanctum, Zircuit, Karak (code: pEZOP) Project Updates - The California Department of Motor Vehicles (DMV) is launching a chain on Avalanche to modernize the vehicle title transfer and has successfully digitized 42m car titles onchain - Ethena announced all Bybit users will be able to earn up to 20% APR for holding USDe (paid daily) starting from 2 Aug'24, 0000 UTC. Trading fees for USDe vs. USDT and USDC pairs will be set to 0 - Dolomite has announced it is expanding to Berachain and will launch with support for ETH, HONEY, BERA and USDC - Silo goes live on Ethereum and will prioritize high growth markets such as LRTs and Pendle PT-LRTs - Otherside considered "virtually unplayable" despite getting $450m from Yuga Labs - Swell Network's rswETH withdrawals go live - Zunami introduces its v2 Product Launches - Movement public testnet goes live. User can participate in gamified Galxe quests while developers can build on testnet in a hackathon which will last until mid Sep'24 - Eclipse mainnet opens for builders and announced the Total Eclipse Challenge, a hackathon that lasts from 7 Aug'24 to 21 Aug'24 with nearly $50k in prizes - Router Protocol launches Router Chain mainnet (a L1 designed for multi-chain dApps), aiming to abstract chains away from users and aggregate liquidity across chains - GnosisDAO introduces Gnosis AI which will develop AI agents. The first use case will be AI trading agents for prediction markets - Blackbird Labs, the firm building out the web3 restaurant app Blackbird, launched a new payment platform Blackbird Pay, charging a 2% fee per transaction Governance Proposals - Compound's Proposal 289 and 290 have been cancelled, fulfilling the conditions for a staked COMP token product to be developed - Instadapp proposal to deploy Fluid on Base - Aave proposal to deploy an Etherfi / stablecoin Aave v3 instance, allowing users to borrow stables against their weETH. A Lido deployment has attracted $160m in assets Tokenomics - Lava Network public mainnet goes live and airdrops 55m LAVA tokens to users - firefly, a DEX on Manta, announces its FLY token will launch on 6 Aug'24 - Rage Trade's token sale on Fjord Foundry starts on 31 Jul'24, 1200 UTC - Hamster Kombat (a tap-to-earn game on TON) allocates 60% of token airdrop to players in new whitepaper Incentives / Farms - New Pendle market for ENA with 31 Oct'24 maturity offers 30x Sats / day - Gearbox's ivangbi highlights low borrow rates - Infinex extends its Ethena integration by rewarding users with native yield, 20x Sats daily, 200x Sats bonus when USDe is swapped within Infinex, and a new badge

Crypto Companies - Cantor Fitzgerald announced it is launching a Bitcoin financing business with a $2b loan book - FTX customers to choose Bahamas or US by 16 Aug'24, 1600 EST - Brevan Howard launched a new crypto unit to help crypto companies generate return on their treasuries - 21Shares integrated Chainlink Proof of Reserve for its 21Shares Core Ethereum ETF (CETH) Regulatory - Following Trump’s speech, Johnny Ng, a member of the Hong Kong Legislative Council, said he will start conversations with “different stakeholders” to explore possibilities for including bitcoin in the region’s financial reserves Opinions / Analysis - Layergg on Maple Finance's growth - Kairos Research's analysis on Jito's new restaking product - Theia Research's Felipe Montealegre on how crypto is due for a paradigm shift towards fundamentals - Tumilet on how Bunni could offer a 5-10x return - Evanss6's comparison of BTC and ETH ETF launches - ASXN on the game theory of Bitcoin adoption among nations - Taiki on an upcoming DeFi renaissance and how Aave is set to outperform

Ouroboros Research Daily (30 Jul'24) Presented by Menya Research Go to our highlights channel for easy access to all past Research Daily as well as alpha highlights from Ouroboros' Narratives chat. (Ref)links to farms: Usual, Infinex, mETH, Ethena, Blast, Sanctum, Zircuit, Karak (code: pEZOP) Project Updates - Aave has launched a v3 pool designed specifically for Lido's stETH and wstETH. This is the first instance of a custom deployment and allows third parties to launch borrow markets for institutional or isolated collateral markets - Bybit temporarily suspends borrowing, crypto loans and Bybit Savings for Ethena's USDE - Doodles' stoodio goes live on Base - Puff Dragons NFT mint goes live - Bittensor documentary Tokenomics - Compound fee switch governance proposal to introduce staked COMP which will receive 30% of current market reserves and net new market reserves generated per year. The proposal is contingent on Humpy cancelling Proposal 289 which if passed, will transfer 499k COMP to a vault controlled by Humpy, increasing his voting power Incentives / Farms - Swell Network announced a Pearls snapshot will be taken on Block 20422895 (est. 30 Jul'24, midnight UTC), TGE details will be finalized following the snapshot and 8% of the supply will be airdropped to Pearls holders. Following the TGE, holders of swETH and rswETH will be rewarded once every "Wavedrop" (every 10 weeks). The first Wavedrop see 2% of supply distributed and following Wavedrops will be 1% of supply - Etherfi Perks Passport go live. Users can get up to 5x points boost (retroactively applied to start of season 3). Season 1 and 2 participants already get a boost and for every 5 passport activities, users will get an additional 0.5x boost - pSTAKE Finance Bitcoin Liquid Staking v1 on Babylon goes live with a 50 BTC deposit cap - Infinex's Craterun has ended Onchain - Spot ETH ETFs saw <$100m of outflows on 29 Jul'24, as ETHE outflows slowed from $360m to $210m - The US Government moved 29.8k BTC ($2b) into two separate wallets. Bloomberg's James Seyffart believes it is related to US Marshals Service's (a division of the US DOJ) prior announcement to use Coinbase Prime as its partner to safeguard and trade its digital assets Macro - Elon Musk said he is not going to be promoting crypto and said he has never discussed crypto with Trump though he is generally in favor of things that shift power from government to the people, which crypto can do - BlackRock CIO of ETF and Index Investments Samara Cohen expects to see allocation of crypto ETFs in model portfolios by the end of this year and into 2025 but does not expect to see a Solana ETF in the near term

Onchain - 26 Jul'24 saw $163m in net outflows from spot ETH ETFs, ETHE outflows sustain at $356m, while the remaining ETFs attracted $194m in inflows - A wrapped PURR contract was deployed Raises - Mezo, a Bitcoin scaling network, raised a $7.5m strategic funding round led by Ledger Cathay Fund - Supermigrate, a service allowing protocols to deploy canonical bridged ERC20s to L2s, raised an undisclosed amount from the Base Ecosystem Fund, led by Coinbase Ventures - Blonkfi, a money market for memecoins on Solana, raised a pre-seed round led by UOB Venture Management and Signum Capital Macro - Bitstamp announced Mt Gox assets are now fully accessible - Michigan Retirement System bought $6.6m worth of Bitcoin via the ARK ETF - The SEC approves the Grayscale Bitcoin Mini Trust - The Block says Kamala Harris' team wants to learn more about crypto - Democrat politicians wrote a letter to the Democratic National Committee (DNC) to support crypto Crypto Companies - BitFlyer acquires FTX Japan and plans to launch crypto ETFs - BlockFi won court approval to fully repay its customers and unsecured creditors, after selling its $875m worth of FTX claims to a claims purchaser. The repayments are based on the "dollarized petition date value" (not in-kind) Regulatory - The SEC charged Andrew Left and Citron Capital, who have notoriously put out short Ether pieces, for a $20m fraud scheme Opinions / Analysis - Kyle Samani's thoughts on prediction markets and how regular betting is important - Fisher8 on how the ETH ETF will impact DeFi, RWAs, and institutional adoption - Ivangbi on crypto VC trends: 1) deal manipulation, 2) difficulty in getting full exits, 3) diminishing returns

Ouroboros Research Daily (29 Jul'24) Presented by Menya Research Go to our highlights channel for easy access to all past Research Daily as well as alpha highlights from Ouroboros' Narratives chat. (Ref)links to farms: Usual, Infinex, mETH, Ethena, Blast, Sanctum, Zircuit, Karak (code: pEZOP) Bitcoin Conference - During his speech, Trump said: 1) He will create a US government strategic Bitcoin stockpile if elected, 2) The US government will keep all Bitcoin it owns, 3) He will fire Gary Gensler and appoint a new SEC Chairman, 4) He reaffirms his pledge to commute Ross Ulbricht's sentence, 5) There will not be a CBDC if he is elected, 5) Bitcoin and crypto will go up, 6) He will end Joe Biden and Kamala Harris' anti-crypto crusade - Defisquared's commentary on price action during the speech, and how the speech was the "ridiculously bullish" - Senator Cynthia Lummis announced a bill which would see the US government buy 1m BTC ($69b) as strategic reserve - Robert F. Kennedy Jr, who is also running for the US presidency, promised to sign an executive order to buy 550 BTC daily until US reaches 4m BTC ($277b) if he gets elected - VanEck's CEO, Jan van Eck says he holds "way over 30%" of his portfolio in Bitcoin New Products - marginfi introduces mrgnloop which uses marginfi's zero-fee flashloans to one-click loop assets - Jupiter introduces Jupiter spot, a new UI allowing users to swap or set-up DCA/VA or limit orders, while interacting with a price chart, or viewing trade history - Dinero introduces institutional pxETH (ipxETH), allowing accredited investors permissioned access to liquid staking solution. This was built in collaboration with Laser Digital (Nomura's digital asset unit) and Galaxy - Lido introduces Dappnode Home x Lido, allowing users to easily become a validator with Lido's Community Staking Module - Ledger introduces Ledger Flex, a new product featuring a secure E Ink touchscreen, NFC, and our new Security Key app Project Updates - Kabosu's (the DOGE dog) owner adopted a new dog named Neiro. Several new tokens have been created to capitalize on this but Kabosumama has said that she does not endorse any of them - A potential governance attack on Compound has passed, allowing the proposer (DeFi whale Humpy) to transfer 499k COMP (worth $25m) from the Compound treasury to his own goldCOMP vault - Eclipse completes its audit with OtterSec and announces mainnet on the week of 29 Jul'24 - Fluid announced a free-to-mint NFT pass. Lido users, Etherfi users, Earndrop users, Milady holders have been whitelisted - CZ will be released from prison on 29 Sep''24 - Togbe on how Usual's Morpho market is risky. Usual's founder Adli's response Tokenomics / Incentives / Farms - EigenLayer announces the upcoming launch of AVS rewards and EIGEN programmatic incentives: 1) AVSs will be able to reward stakers and operators, 2) at least 4% of EIGEN supply will be distributed to stakers and operators via "rewards-boosts"where rewards are proportional to AVS rewards, 3) Details of Season 2 stakedrop will be announced soon and will reward stakers and operators - ZetaChain started distributing its 10m ZETA reward pool and has decided to reallocate a portion of the rewards directly to users

ETFs - Spot ETH ETFs saw $152m in outflows, ETHE saw $346m of outflows while the other ETFs had $194m of inflows. Volumes are still sustaining at $956m, declining slightly from >$1b in the first 2 days - BlackRock's Head of Digital Assets Robert Mitchnick said staking for spot ETH ETFs is not currently "an active discussion" with the SEC. ETF Store's Nate Geraci believes it "is a matter of when, not if" - BlackRock's Head of Digital Assets Robert Mitchnick said at the Bitcoin 2024 conference he does not think "we're going to see a long list of crypto ETFs" - Jersey City Mayor Steven Fulop said Thursday the city’s pension fund will invest in bitcoin ETFs Onchain - $290m worth of ETH has moved for the first time in seven years. While this has been speculated to be the Ethereum foundation, The Block's Tim Copeland says the foundation has told him that it is not the foundation Regulatory - HSBC Australia to block all payments to crypto exchanges, citing scams - India is planning to release a discussion paper outlining its policy stance on cryptocurrencies by Sep'24 Crypto Companies - Marathon Digital announced it has bought $100m of BTC and now holds over 20k BTC on its balance sheet. It also said, it will adopt a "full HODL" approach and will retain any BTC mined and will make periodic strategic open market purchases - VanEck predicts Bitcoin could reach $2.9m by 2050 (Bear target: $130k, Bull target: $52m) - Cathie Wood's Ark Invest sells $7.8m of its own spot Bitcoin ETF to rebalance its fund weightings - Coinbase now converts any USDT transferred from Tron to Coinbase Wallet to USDC on Base Opinions / Analysis - Michael Nadeau on stablecoin activity on Ethereum and L2s - Berachain's Smokey reflects on perceptions of Berachain, emphasizes focus on fostering innovative 0-to-1 applications and expanding appeal beyond crypto-native users

Ouroboros Research Daily (26 Jul'24) Presented by Menya Research Go to our highlights channel for easy access to all past Research Daily as well as alpha highlights from Ouroboros' Narratives chat. (Ref)links to farms: Usual, Infinex, mETH, Ethena, Blast, Sanctum, Zircuit, Karak (code: pEZOP) Project Updates - Jito announces Jito Restaking, which allows any SPL to be staked as the underlying assets. It has two main components: the Vault program which manages LRT creation and delegation strategies, and the Restaking program which facilitates AVS and operator management, including reward distribution and slashing enforcement. The product is entering audit and Jito is inviting AVSs to sign up - OpenAI launches SearchGPT, a new proptotype with AI search features. WLD rallied on the news - Spectra introduces its incentivize module, allowing protocols to attract more liquidity to their pools by incentivizing gauge voters - LayerZero bounty hunter distributions have been processed - Gasless transactions on TON goes live following the launch of the W5 smart wallet standard - Entangle updates its roadmap - Illuvium goes live Tokenomics / Incentives / Farms - Aave fee switch proposal by Aave Chan Initiative (ACI) which expands on the previously announced Umbrella Safety Module which re-routes safety module rewards from stkAAVE holders to aToken stakers. This proposal addresses fees to stkAAVE and introduces a "Buy & Distribute" program which will only activate on certain trigger milestones: 1) 30D collector net holdings > 2 year service provider recurring costs, 2) 90D annualized revenue > 150% protocol expenses YTD. The buyback budget will be defined by Aave Finance service providers and management by the ALC - Renzo proposal to allocate 5% of REZ total supply (worth $31m): 1) 4% to be allocated to ezPoints recipients (effectively Renzo's third points season), 2) 1% to be used as liquidity rewards - Usual vault on Morpho goes live - Core DAO introduces Dual Staking, allowing users to stake CORE to boost their Bitcoin staking rewards Raises - Kuru, an CLOB DEX built on Monad, raised a $2m seed round led by Electric Capital - Kintsu, a liquid staking protocol built on Monad, raised a $4m seed round led by Castle Island Ventures - aPriori, a MEV-powered liquid staking platform built on Monad, raised a $10m seed round at a >$100m valuation led by Pantera - OpenSocial Protocol, which develops infrastructure for multi-chain community economies, raised a $6m strategic funding round led by Framework Ventures and North Island Ventures - Galaxy has raised $113m for its Galaxy Ventures Fund so far (and targets $150m). The fund is focused on investing in early-stage companies across crypto protocols, software infrastructure and financialized applications

Macro - Spot ETH ETFs saw $133m of outflows today (yesterday: $107m inflows), ETHE saw $327m of outflows while the others saw $194m of inflows - Bitstamp said it has begun the process of returning BTC and BCH to Mt Gox creditors - Hashdex filed an S-1 for a Crypto Index ETF, which will initially only include Bitcoin and Ether, weighted by market cap, but could include other tokens in the future - Kamala Harris will not be speaking at The Bitcoin Conference - Fox News says Cynthia Lummis plans to announce legislation for Strategic Bitcoin Reserve at The Bitcoin Conference Crypto Companies - Donations for Roman Storm's (Tornado Cash dev) Legal Defense Fund reaches 663 ETH ($2.1m) - Uber CEO Dara Khosrowshahi wants to accept Bitcoin & crypto as a payment method - Ferrari said it would extend its scheme to accept crypto payments to Europe by the end of this month, following its US launch at the end of last year Opinions / Analysis - ASXN research analysis on ETH beta, showing that most ETH beta underperformed ETH and BTC since the ETF news first broke - James Seyffart's side-by-side comparison of day 1 flows and volumes for spot ETH and spot BTC ETFs - Redacted Research overview on Ethereum L2s' security and usage stats - 0xGeeGee on RPL tokenomics rework, RAGE TGE, AMBT, FJO, Politifi tokens + Polymarket, AI tokens, TIA and BAL

Ouroboros Research Daily (25 Jul'24) Presented by Menya Research Go to our highlights channel for easy access to all past Research Daily as well as alpha highlights from Ouroboros' Narratives chat. (Ref)links to farms: Usual, Infinex, mETH, Ethena, Blast, Sanctum, Zircuit, Karak (code: pEZOP) Project Updates - Rune on MakerDAO Endgame Launch: 1) New brand reveal with early bird airdrop, 2) NewStable and NewGovToken launch replacing DAI and MKR (1:24,000 redenomination), 3) Sealed Activation for token rewards, 4) NewBridge connecting to L2s, 5) Spark SubDAO launch with SPK token rewards - Alkimiya mainnet goes live, allowing users to buy and sell transaction fees of Bitcoin - The creators of Proton Mail launched Proton Wallet, a Bitcoin wallet - Maple and Syrupfi have integrated with Jito, allowing lenders on Maple and Syrupfi to access Jito's MEV rewards - Solend rebrands to Save and introduces three new products: 1) SUSD, a decentralized stablecoin protocol with 0% interest borrowing against SOL, 2) saveSOL, a LST for SOL, 3) dumpydotfun, a platform for shorting memecoins - Drift will launch prediction markets 'very soon' - Shadow introduces univ3.xyz (a Uni v3 dashboard tool) in collaboration with Uniswap - Moonwell proposals to activate the protocol on Optimism mainnet goes live for voting Governance proposals - Aave proposal to implement a new Safety Module design dubbed "Umbrella". Currently stkAAVE / stkABPT covers bad debt. With this proposal, users can opt to stake aTokens, which will act as bad debt coverage. Rewards for bad debt coverage will also be rewarded to these aTokens. Each chain will have its own Umbrella. Alternative utility for the AAVE is currently being explored with Aave Chan Initiative (ACI) - Renzo introduces governance, allowing REZ holders to: 1) propose & vote on risk management frameworks. 2) manage Actively Validated Services (AVS), 3) optimize portfolio management strategies, 4) oversee treasury management decisions, 5) allocate community grants Incentives / Farms - Polynomial retro points checker goes live. Polynomial earn users, trade users, mystery orb holders, SNX / PYTH stakers, DeFi power users and NFT communities were rewarded. Snapshot was token on 26 Jun'24 - deBridge announced its season 1 snapshot was taken on 23 Jul'24, 2100 UTC. Season 2 has now begun, rewarding users for making cross-chain transfers, making referrals, integrating deBridge, and spending IaaS fees - Zircuit has integrated Mellow Protocol, allowing users to deposit Mellow LRTs into Zircuit to earn Zircuit points Raises - Bitcoin-focused app Fold plans to go public via special purpose acquisition company, the deal implies a $365m valuation for the company - Caldera, a rollup-as-a-service platform, raised a $15m Series A round led by Founders Fund

ETF Newsflow - Spot ETH ETFs go live, ending the day with +$107m net inflow ($480m ETHE outflows) bringing total AUM to $10.2b (vs. BTC's $60b). The ETFs collectively did $1.1b in volumes (vs. BTC's $2.4b) - Franklin Templeton says 'Solana as shown major adoption and continues to mature, overcoming technological growing pains and highlighting the potential of high-throughput, monolithic architectures', which could suggest a SOL ETF application is underway - Bitwise will be donating 10% of profits from its ETF fees to open source protocol development and will be using ENS addresses to transparently display ETF reserves Rugs / Exploits - dYdX v3 website was compromised (dYdX v3 contracts and dYdX 4 were unaffected). This website has now been recovered and is safe to use - Spectra's router contract was targeted as part of an exploit. The attacker hijacked the transactions of 4 users, resulting in a 168 ETH ($580k) loss. The team has since offered the hacker a 10% bounty Onchain - 2m ETH ($7b) has been staked via Etherfi Raises - Bitlayer Labs, a Bitcoin Layer 2 network developer, raised a $11m Series A round with a $300m valuation co-led by Franklin Templeton Digital Assets and ABCDE - Pluto Studio, the publisher of telegram game Catizen, raised an undisclosed round from Binance Labs. Pluto Studio had previously raised a $2.2m seed round and a $4m strategic round - Network3, a web3 AI infrastructure developer, raised $5.5m in pre-seed and seed funding - Igloo Inc, the company behind Pudgy Penguins, raised a $11m funding round to build a consumer focused L2 named Abstract led by Founders Fund Macro - Kraken customers are reporting Mt Gox distributions arriving in their accounts - Elon Musk removes laser eyes PFP, sparking a decline in DMAGA, a token associated with the PFP - Bitcoin Conference is in talks with the Kamala Harris campaign for her to speak at the conference. Tyler Winklevoss says she will need to fire SEC Chair Gary Gensler, withdraw all SEC enforcement actions against good actors and end Operation Chokepoint 2.0 for her to stand a chance in winning back the crypto voting block - Mark Cuban says Kamala Harris' camp has reached out with 'multiple questions' about crypto Crypto Companies - VanEck uses Pudgy Penguins in an advertisement to promote its ETH ETF - Hamilton Lane, a $920b AUM asset manager, launches a fund on Solana - Toyota is looking into the potential of incorporating Ethereum blockchain technology into its vehicles Opinions / Analysis - HFAresearch on farming Usual, a decentralized stablecoin leveraging RWAs

Ouroboros Research Daily (24 Jul'24) Presented by Menya Research Go to our highlights channel for easy access to all past Research Daily as well as alpha highlights from Ouroboros' Narratives chat. (Ref)links to farms: Usual, Infinex, mETH, Ethena, Blast, Sanctum, Zircuit, Karak (code: pEZOP) Project Updates - Ethena introduces reward bearing asset proposals, inviting issuers to pitch Ethena for an allocation of their RWA. Securitize (distributor of BlackRock's BUIDL) and Steakhouse have applied. Separately, Ethena also launched ENA governance by committee whose mandate is to generally identify, evaluate, and manage risk within the Ethena ecosystem - Doodles launched DoodlesTV, a token-gated platform that gives fans exclusive access to community-focused premieres of music, films & digital artwork. It will partner with Base to launch the Super Pass, unlocking early access to DoodlesTV premiere events - Puffpaw, a vape-to-earn project on Berachain, goes live - Superstate announces the launch of Superstate Crypto Carry Fund (USCC), leveraging the BTC and ETH carry trades to offer yields to users - Elixir teases an announcement for 31 Jul'24 - Skate's stateless app will power Polymarket on telegram soon - The Fantom Foundation is offering 200m S to migrate partners to Sonic, the first awardees are Beethoven X, Debita and Thunder Dome - Grass introduces its Desktop Node in an invite-only beta, using <5% resources of Chromium browser and handling 10x more bandwidth than chrome extension. Features include 2x network score multiplier, improved uptime, and priority routing Tech Updates - Lightning Labs released Taproot Assets v0.4 on mainnet, allowing users to mint digital assets like stablecoins on Bitcoin and send them via the Lightning Network - Base fault proofs go live on Base Sepolia Testnet - Symbiotic core contracts go live on Github, marking the first code implementation of slashing in a restaking protocol - Bunni's v2 testnet goes live Tokenomics - Bloomberg reported that dYdX is in talks to sell its v3 software (Advisors: Perella Weinberg Partners, Potential buyers: Wintermute & Selini Capital). This news drew criticism from Gabriel Shapiro and Jeff Dorman. dYdX put out an article following the news breaking - AltLayer changes its token vesting schedule, pushing back vesting for investors, strategic partners, team, treasury and others by 6 months from 25 Jul'24 to 25 Jan'25. Vesting completion date remains unchanged (accelerated vest after the pause) Incentives / Farms - Karak launches native staking for MKR token offering restakers 1x Karak XP. Phase 2 will feature NewGovToken (NGT) staking, with automatic upgrade from MKR to NewGovToken. MKR and NGT holders can earn additional rewards by securing Distributed Secure Services (DSSs) built on Karak - The Spark Lido Rewards Program launches, distributing 225 wstETH to all ETH borrowing positions on SparkLend - Ethena integrates with Scroll, allowing USDe to be used on Nuri Exchange and Ambient Finance

gmeow, on ETH ETF flows ETH ETFs ended the day with a $107m net inflow - This is roughly +1% in total ETH ETF AUM which is now $10.2b vs. BTC’s $60b - Grayscale’s ETHE saw ~$480m of outflows but was offset by BlackRock +$267m and Bitwise +$204 - Grayscale’s mini trust only got $15m net inflows - Bitwise definitely a standout performer given it is #5 has historically trailed Blackrock, Fidelity and 21Shares for its BTC ETF - My guess for the large ETHE outflow is there was likely some prepositioning in ETHE to capture the ~1% discount over the last couple of weeks If you look at the GBTC discount leading up to the BTC ETF listing, this discount was persistently larger than ETHE up to listing date. This should normalize over the next couple of prints Volume at $1.1b was 24% of BTC’s day 1 ($4.7b), or 47% of BTC’s volume today ($2.3b) Overall pretty good outcome, next few days should see positive flows https://vxtwitter.com/0xRamenUmai/status/1815967373184360509