Thanks for the next week, or more ;(, of project specific homework. lol

Jordan, so your thesis is that in these examples of ZK SDKs, the encouragement of user adoption will lead to value accrual to the L1's? I know Sui is leading the charge on this, but I believe that Near and Sol also have wallets that are/have implemented this functionality.  

I'm thinking that wallets might also be big winners, which brings me back to the few defi ecosystem-wallet vertical integration plans. But I wonder which other projects/tokens are likely to benefit from these new ZK technologies.

I'm quite interested in this part of the DeAI vertical also. It appears to me the only active participation (other than paying for the services offered as a client) for any of these protocols is to run a 'worker' on Subsquid. Essentially staking SQD and then using a 'node' to scrape and index blockchain data.

The rest of these protocols already have working products.

I think Covalent has a token already also, have you looked into the tokenomics for these projects? Have you used Space and Time to run successful queries? My attempt to query Sui active users was unsuccessful.

I hadn’t realized that $Drift is the first real protocol to implement the Futarchy approach with MetaDAO for all their governance votes.

I’m a huge fan of this step-wise improvement to alignment of investors/asset holders in governance. But I didn’t see anything in any of the MetaDAO docs about potential value accrual to the token.

Is there an active discord community worth paying attention to? It seems very early stages for this project, with a huge TAM, I can’t wait to see where this new gov model can take the industry.

Probably because Morpho doesn’t have an equivalent protocol on Solana. Plus for small teams, dev work is far easier on Eth because of all the existing code base for stables and defi functions.

I might be missing something here: what is the purpose of EZSol? Does one stake JitoSol and receive EZSol tokens as recurring rewards? Where does the value capture happen back to REZ? Maybe just point me to a blog or explainer as I need a general overview of how all the value flows are intended to work.

This is a great write up, and excellent insight into how "integrated defi ecosystems" are likely to mature. Inherent yield can come from multiple sources, not just a basis trade, but I think this is the end game for a full suite of defi services, using a canonical yield bearing asset as the medium of exchange and fee currency.

I see OG defi protocols pursuing this type of vertical integration around a decentralized stable coin, all converging on offering the same services. FRAX, Aave, Maker, etc. Would be great to see a comparison piece on current usage/revenue, announced road maps, team size and quality, and tokenomics for the frontrunner ecosystems. I think the 'dispersion' in this cycle will continue to be biased towards projects with revenue that are building a vertically integrated suite of defi apps, as institutional money is allocated into 'alt coins' , this could be the first PMF 'use case' for smart contracts to mature and trade on fundamentals. If you have any thoughts on projects/defi tokens with the most attractive valuations, it would make for great additional alpha feed content ;)

These are fair points Jordan. I suppose I hadn't mentally equated that all the Alt L1's require their own wallets and custom bridges, however, I don't think I've seen major exchanges support withdraws or deposits direction to and from SN? This is (at least my) main route onto chains like Sol, Near, Sui. Maybe these will come in time, (I also agree about Argent, it's been a great wallet for years) however;

SN current volume and tx count is BELOW that of Cardano. Let that sink in... The second airdrop might be enough to bring back some users and momentum, but I think we have seen that mercenary capital and farmers aren't longterm users, and coin rewards for those activities usually drive sell pressure. SN is in a hard spot, they will have to pivot and find a use case for ZKStark's that no other chain offers, the Bitcoin L2 might be the only chance for rebreathing life into the ecosystem.

Starknet put a ton of effort into branding, like 2 years of testnet and developers building, and the airdrop was the opportunity to keep some of that momentum. Like I said, it will be very interesting to see where that network is in 12 months, there are just so many EVM options now, parallel processing, SVM on EVM, etc. SN will have to come from behind and prove their tech can do things no one else's can, and make the UX/onboarding friction worth whatever experience or value they provide worth it... As for me, (if it wasn't clear already lol, I'm betting on Monday, Eclipse, Movement, and if ZK tech proves not be integratabtle into other L2s, ZKSync.

Nothing against Ekubo - It is a nice DEX.

The potential for Starknet to become a bitcoin L2 is an interesting one. But aside from that, everything from the complexity of bridging, to only special wallets, to the complete airdrop failure (I received the equivalent of 0.002% APY in STARK from the $ and txs I LP'ed for months). There is a reason why the valuation is so cheap compared to other chains, SN txs, TVL, and vol are pitiful because the UX and onboarding is prohibitive.

Of course if all the economic incentives can bring back demand, the thesis could turn around, but there are many other exciting chains, I don't think SN can bridge the UX gap, and Stark rewards are going to be farmed and dumped and when numbergodownonly its very hard to get people to give the eco a third chance. But hey, I look forward to a follow up piece in 12 months to see if my predictions and airdrop bitterness have cost me a great opportunity.... :)

Is there a dashboard or a tracker somewhere that has collided this data? I appreciate the interest in not torpedoing projects on CT, but if somebody’s got a lead on a good dashboard that ranks or compares coins, it would save me a lot of trouble of creating a database myself.

Are there any thoughts as to why the prime token has fallen value so much even though the thesis has not changed? The delaying of the cliffs is excellent news, as I had sold my prime a few weeks back anticipating there would be difficulty absorbing additional supply without growth of active users.

I’ll be very interested to see updates on this project as some of the functionality starts to be unveiled as I think, executed correctly, Wayfinder could be a paradigm shift in how users interact with block chains. Beyond adjust the blog posts, does anyone know of any Youtubers or streamers that are actively tracking and sharing developments of the game and the roadmap? I don’t have much time to dedicate to playing the game itself, so I feel a bit disconnected from the ecosystem, but I am still very excited about what it could be built into.

Can you take this further and give your predictions on events for crypto owners if ‘X’ sanctions ‘Y’? Or what you think are prudent precautions for retail and institutional holders?

if I was to introduce a developer to building an app or smart contract right now, it would not be Eth, I think it’s only a matter of time for this to be a consensus view.

Interesting take. And here I just thought Ethereum was suffering because the UX is virtually unusable unless you started your crypto journey when there was only Ethereum to use…. Unless some kind of master aggregator project shows up in the next few months, that abstracts away all these Bridges, L2s, ZK, DA, nonsense, I predict Ethereum becomes the MySpace Of moving society on chain.

I’m not saying that there is necessarily a fully well-rounded alternative quite at the moment, But if I was to introduce my wife or a friend to their first experience of transacting on chain, it would probably not be Eth….

Are the 6 rollups on testnet new? Other than Milkyway I haven't heard of them. I'm assuming this is cosmos eco under the hood? How does the interweaving actually work? Block explorer, asset compatibility? How does this solve liquidity fragmentation?

Looking over the Quil project Github, I'm reminded of some similarities with the ARweave 'distributed and parallel internet computer' w/ A0 operating system currently in testnet. Seeing a massive repricing of ARWeave right now, but I'm wondering if you think these projects will end up as direct competitors, or more complementary.

Non-ad business models may soon be the only viable option. If open source AI lags 6 months, by the time AI Agent rails are built most consumer grade AI services will be a commodity. Who would use a service with ads everywhere if a "good enough" alternative existed? Agents will be picking/recommending things based on user taste anyway. I envision monthly AI compute contracts taking the form of monthly cell data plans based on usage, maybe some will be ad subsidized, but time=$ and most people will choose to spend $5/mo for an ad free ecosystem. 

I think FB actually sees this coming and is positioning itself to be the platform people want to spend time on by just giving away the AI for anyone with a device to run it or maybe buy Grok and offer compute contracts in house, but ad based business models are hard with commodities.

Very well thought out write up showing both the potential unlocks and possible unforeseen headwinds for a new step out from the shadow of ‘traditional DeFi borrow-lend’.

One of the best explanations of a new primitive I’ve read (twice now) in a while.

Thanks Robbie!

Have they announced a launch date?

I love the calculator, however the largest impact on EPS this quarter will be the accounting method change to Mark to Market for digital assets. I've seen ranging estimates of what Coinbase Ventures market investment value is, 300M-800M, will have a HUGE impact when reported this quarter. Anyone else want to have a guess what their portfolio is worth?