Zebec Protocol

Ben Strack

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forwardguidance" target="_blank" rel="noreferrer noopener">subscribe</a>.



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After detailing the growing number of crypto ETF proposals/developments in recent weeks, I wanted to point out the latest.



For one thing, US crypto index ETFs — in their earliest forms — are now live.&nbsp;



Franklin Templeton’s EZPZ ETF (named for the convenience of getting exposure to two crypto assets at once) holds both BTC and ETH. That joined the Hashdex Nasdaq Crypto Index US ETF, which hit the US market on Valentine’s Day.&nbsp;&nbsp;&nbsp;



The dual BTC-ETH exposure is just the first iteration of these products — or so we all expect.&nbsp;



A Tuesday 19b-4 <a href="https://listingcenter.nasdaq.com/assets/rulebook/nasdaq/filings/SR-NASDAQ-2025-016.pdf">filing</a> signals the Hashdex fund looks to add seven more digital assets (SOL, XRP, ADA, LINK, AVAX, LTC and UNI).&nbsp;&nbsp;



Hashdex CIO Samir Kerbage didn’t want to comment on filings. But he told me he expects both retail and professional investors to seek out diversification, just as they have in traditional asset classes.



“Investors looking to make this type of allocation are also not necessarily interested in trying to individually research each and every asset,” he explained. “They want to make their allocation and know that it gives them exposure to the major use cases and investment theses of crypto as they evolve.”



The same day that 19b-4 was filed, the SEC continued acknowledging various proposed single-asset ETFs — a signal it’s actually considering them. We wrote last week about why some think <a href="https://blockworks.co/news/litecoin-etf-approval-odds-2025">a litecoin ETF could be next</a> to get the green light.&nbsp;&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">NEW: As expected, the SEC just acknowledged <a href="https://twitter.com/CBOE?ref_src=twsrc%5Etfw">@CBOE</a> &amp; <a href="https://twitter.com/BitwiseInvest?ref_src=twsrc%5Etfw">@BitwiseInvest</a>&#39;s XRP ETF filings <a href="https://t.co/taCdggZljc">pic.twitter.com/taCdggZljc</a>&mdash; James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1891918637050532085?ref_src=twsrc%5Etfw">February 18, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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And most know about the Magnificent Seven stocks. But have you heard of the MAGA Seven? That’s what Defiance ETFs is calling stocks it expects to benefit from Trump’s presidency; the firm <a href="https://www.sec.gov/Archives/edgar/data/1924868/000183988225009834/magt-485apos_021925.htm#magta0001">seeks</a> to bring them into one wrapper.&nbsp;



Defiance has not specified which companies yet, but I wouldn’t be surprised to see COIN and MSTR included.



Then there are the modifications to existing bitcoin and ether ETFs.&nbsp;



Grayscale and 21Shares, for example, filed late last week to have their ether ETFs start staking the ETH they hold. Nasdaq filed last month for the SEC to allow in-kind creations/redemptions for BlackRock’s bitcoin ETF. <a href="https://x.com/matthew_sigel/status/1892303507492856032">Cboe did the same</a> for VanEck funds this week.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">No idea what SEC will do… But love that they’ve acknowledged filings for btc/eth ETF in-kind creations &amp; redemptions. *And* staking in eth ETFs. *And* sol, xrp, ltc, &amp; doge ETFs. Clearly open to constructive conversation. Regulation via conversation. Not enforcement/denial.&mdash; Nate Geraci (@NateGeraci) <a href="https://twitter.com/NateGeraci/status/1892792037885259818?ref_src=twsrc%5Etfw">February 21, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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On the two latter proposal types, you may recall Hester Peirce <a href="https://www.sec.gov/newsroom/speeches-statements/peirce-journey-begins-020425">noting</a>: “Before these changes can be operationalized, however, the commission may have to make progress on custody and other issues.”



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Crypto ETF updates signal regulatory evolution

Casey Wagner

Coinbase announced this morning that the SEC has agreed to drop its lawsuit against the crypto exchange.&nbsp;



In a blog <a href="https://www.coinbase.com/blog/righting-a-major-wrong">post</a> and regulatory filing, Coinbase said it had “reached an agreement in principle” with SEC staff to dismiss the lawsuit with prejudice, meaning the complaint cannot be refiled. The agreement is subject to SEC commissioner approval, the <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1679788/000119312525031346/d857645d8k.htm">filing</a> added.&nbsp;



As a reminder, the SEC currently has only two sitting commissioners: Republicans Mark Uyeda, who is acting chair, and Hester Peirce.&nbsp;



Uyeda and Peirce in 2023 issued a joint <a href="https://www.sec.gov/newsroom/speeches-statements/peirce-uyeda-petition-121523">opinion</a> dissenting the commission’s decision to deny Coinbase’s petition for rulemaking. <a href="https://blockworks.co/news/coinbase-sec-appeals-decision">This matter</a> evolved into its own lawsuit separate from the one Coinbase now says is getting tossed. Like we’ve said before, we do not envy Coinbase’s legal bills, but I digress.&nbsp;



Given their well-documented distaste for the agency’s enforcement action track record under Chair Genser, I expect the two will sign off on the agreement SEC staff has apparently reached with Coinbase.&nbsp;



As of this afternoon, the SEC had not filed a motion to dismiss the lawsuit in either the SDNY (where the complaint was originally filed) or in the Second District, which has been tasked with ruling on Coinbase’s interlocutory appeal.&nbsp;



We wrote <a href="https://blockworks.co/news/crypto-task-force-coinbase-suit">earlier this week</a> that the SEC had filed for an extension in the Second District. In this filing the regulator mentioned its new “<a href="https://blockworks.co/news/new-sec-crypto-task-force">crypto task force</a>,” which may help “facilitate the potential resolution” of the litigation.&nbsp;



The lawsuit was originally filed in 2023 and alleged Coinbase violated securities laws by selling unregistered securities. Thirteen unregistered securities, to be exact. Among the tokens named in the suit were solana and filecoin.&nbsp;



Coinbase last year tried to get the lawsuit tossed altogether. The attempt largely failed but the judge did agree to dismiss allegations around Coinbase’s wallet service, which the SEC had claimed acted as an unregistered broker.&nbsp;



And then came Coinbase’s motion for an interlocutory appeal. The exchange asked the judge to allow a higher court to weigh in on one crucial question in the case, and the judge agreed.&nbsp;



The question now posed to the Second Circuit (well, at least until the whole case gets dismissed) is whether or not intermediated crypto transactions involve investment contracts. If the answer to this question is yes, then that means crypto exchanges are facilitating securities transactions, which would be a problem.&nbsp;



Coinbase elevating part of this case to the Second District was seen as a major win. The problem with district court rulings, even those from the prestigious Southern District of New York, is that they don’t set much precedent. Judges within the same district could come to different conclusions, like we saw in the Terraform and Ripple rulings.&nbsp;



An appellate level decision holds more weight. This type of ruling would come in handy should the SEC, say, sue another crypto exchange down the line.&nbsp;



All of this is probably moot now, though. There won’t be an appellate ruling, which at one point would have been seen as a disappointment for an industry seeking greater clarity. But if the “new” SEC doesn’t pursue these types of enforcement actions against crypto, is the clarity really needed?&nbsp;



For the time being, I guess not. But nothing — especially not agency leadership and presidential terms — lasts forever.



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Coinbase says full dismissal of SEC lawsuit is imminent

Jack Kubinec

Macauley Peterson

The Bybit exchange was hacked for some $1.4 billion in ether this morning, marking the largest exploit in crypto history.&nbsp;



Research platform Arkham claims onchain sleuth ZachXBT submitted definitive proof linking the hack to North Korea-linked Lazarus Group. One further piece of evidence indicates the attack may have been years in the making.



The hacker <a href="https://etherscan.io/tx/0xb61413c495fdad6114a7aa863a00b2e3c28945979a10885b12b30316ea9f072c">transferred</a> some 400,000 ETH out of Bybit’s cold wallet and subsequently split it into dozens of other wallets. Bybit’s CEO Ben Zhou <a href="https://x.com/benbybit/status/1892963530422505586">pointed</a> to an exploit in the user interface (UI) of the company’s multisignature wallet, provided by Safe — a wallet provider used by a variety of large organizations in the Ethereum world.



“It appears that this specific transaction was musked, all the signers saw the musked UI which showed the correct address and the URL,” Zhou said. “Musked” refers to the transaction payload being obfuscated or spoofed.&nbsp;



According to crypto security firm Groom Lake, a Safe multisig wallet was deployed on Ethereum in <a href="https://etherscan.io/tx/0x06d2fa464546e99d2147e1fc997ddb624cec9c8c5e25a050cc381ee8a384eed3">2019</a> and on the Base layer-2 in <a href="https://basescan.org/tx/0x06d2fa464546e99d2147e1fc997ddb624cec9c8c5e25a050cc381ee8a384eed3">2024</a> with identical transaction hashes. Ethereum’s alphanumeric transaction hashes are 64 characters long, so deploying the same smart contract transaction hash twice should be mathematically impossible.



The same transaction hash appearing on both Ethereum and Base indicates an attacker could have found a way to make a single transaction valid on more than one network or could be reusing crypto wallet signatures or transaction data across networks, pseudonymous Groom Lake researcher Apollo said.



However, the Safe team does not think there is a link to the current exploit. “The transaction in question is the transaction deploying the singleton contract,” a Safe spokesperson told Blockworks. “It was deployed without EIP-155 to support easy cross-chain deployments. Replaying the singleton creation doesn’t pose any security risk.”



EIP-155 (Ethereum Improvement Proposal 155) was introduced in 2016 as a security measure to prevent transaction replay attacks across different chains. Before EIP-155, if a transaction was signed on one Ethereum-based network — e.g. Ethereum mainnet — it could be replayed on another Ethereum-compatible chain because the signature remained valid.



EIP-155 solved this by adding a chain ID to signed transactions, ensuring that a transaction intended for Ethereum cannot be valid on another chain like Base. This means that even if a private key is compromised, an attacker cannot reuse old signed transactions across different chains.



Alternatively, the hack could have resulted not from a flaw in Safe’s smart contracts, or a type of replay attack, but rather a UI manipulation or wallet infrastructure compromise — where signers unknowingly authorized contract modifications.



That would put it in the same class as the Radiant exploit of December 2023 and the March 2024 WazirX breach.



The main Safe user interface is currently offline as a precaution.



“We remain confident there’s no exploit in the official Safe {Wallet} frontend but if you need to transact, you can still manage your Safe using these alternative interfaces,” the Safe team <a href="https://x.com/safe/status/1893012725602885911">wrote</a> on X.



If Safe’s assessment is correct, this reduces the likelihood of a systemic vulnerability in Safe’s smart contracts.



“If it was, it won’t be Bybit,” the spokesperson added, implying that there are far larger Safe targets to go after. Safe collectively secures over $100 billion in digital assets across more than seven million smart accounts.



However, it still <a href="https://x.com/pcaversaccio/status/1892976342649466916">suggests</a> a security risk in how Safe transactions are reviewed and approved, especially by large institutions using multisigs.



Multisig signers should <a href="https://x.com/LefterisJP/status/1892984150665187375">verify</a> transaction payloads at the raw data level, not just the UI display. Meanwhile, every security eye in the industry is going to be on the attackers’ wallet trail. For the moment, the person or group responsible is the fourteenth <a href="https://x.com/jconorgrogan/status/1893019485100970094">largest</a> ETH holder in the world.



Updated Friday, February 21 at 3:40 pm ET: Added Arkham’s claim that Lazarus Group was behind the hack.



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$1.4B Bybit hack raises questions over Safe’s transaction security

Kate Irwin

This is a segment from The Drop newsletter. To read full editions,&nbsp;<a href="https://blockworks.co/newsletter/thedrop" target="_blank" rel="noreferrer noopener">subscribe</a>.&nbsp;



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Have you ever felt ashamed selling off a large sum of tokens for fiat currency? Or does it just feel good to take profits? Shaming others for their exits has become a thing on Crypto Twitter this week. So much so, in fact, that some traders have started calling the movement “ShameFi.”



ShameFi as a trend originated from the Kaito token claiming event, which happened this week and left some X users with piles of tokens worth hundreds of dollars for just a handful of tweets (like me). Others got six-figure sums—and promptly traded those Kaito tokens for cash.&nbsp;



Nansen AI CEO Alex Svanevik is one of a few crypto executives outing Kaito sellers on Twitter. He’s been posting <a href="https://x.com/ASvanevik/status/1892725012634673432">links</a> to Nansen charts, showing that Ethereum activist Anthony Sassano is among Kaito’s biggest sellers, among others. “NO MORE YAPS FOR YOU—NOT ALIGNED,” he <a href="https://x.com/ASvanevik/status/1892550491868897664">wrote</a> in one post in all-caps.



Crypto exchange <a href="https://x.com/arkham/status/1892626578015768863">Arkam</a> and Head of Base and Coinbase Wallet Jesse Pollack have also been outing or “shaming” Kaito sellers (Kaito’s token is on Base).



“I think it’s lame to celebrate immediately divesting of long term builders who are rewarding us for our contributions and using tokens to bring us in as cobuilders,” Pollack <a href="https://x.com/ChartFuMonkey/status/1892588286624837759">said</a> in response to a tweet from NFT influencer and Dastan President Farokh Sarmad, who sold his tokens and thanked the team for the “stimmy.”



“I think it&#8217;s net-negative for our culture to celebrate short-term, mindset-driven selling,” Pollack <a href="https://x.com/jessepollak/status/1892709649033609443">wrote</a> in a separate post on Thursday.



Later, he <a href="https://x.com/jessepollak/status/1892648601593250254">clarified</a> his stance: “It&#8217;s fine to sell your airdrop. Taxes, rent, bills, making your life better. All good and all within your rights. Economic freedom. What I think is less positive is celebrating selling immediately. Particularly over the last 12 months, CT and this space has increasingly focused on who can make money fastest.”



Others, like Web3 builder Jordan Feinstein, don’t believe in ShameFi as it’s not an effective tactic to actually get would-be sellers to believe in what you’re building.



“Shamefi is the dumbest fucking thing I&#8217;ve ever heard of in this space. For real. If you don&#8217;t want people to sell your token, they need to believe there&#8217;s more upside to holding it than selling it. If they don&#8217;t believe that, IT&#8217;S ON YOU, not them,” he <a href="https://x.com/JordanEureka_/status/1892617172008202268">wrote</a>.



My two cents? Crypto is such a high-risk, volatile space, that you have to do what’s right for your financial situation. There’s no one-size-fits-all answer as to whether you should sell something immediately or risk waiting something out.&nbsp;



I’m not trying to play the long game with Kaito—and I’m not that much of a yapper—so I swapped the tokens I got for Bitcoin. Kaito’s been pumping since. Oh well.



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‘ShameFi’ takes over Crypto Twitter

This is a segment from the 0xResearch newsletter. To read full editions, <a href="https://blockworks.co/newsletter/research">subscribe</a>.



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As Ethereum&#8217;s ecosystem expands with over a hundred L2 networks — such as Arbitrum, Polygon, Optimism and ZKsync — navigating between these networks remains cumbersome. Each transfer is like booking a flight with multiple layovers and different airlines, requiring users to manage chains, navigate bridges and sometimes use multiple wallets.



Intents offer a solution by letting users specify the outcome they want while specialized solvers determine the best way to execute it efficiently. Instead of manually moving assets and interacting with different networks, users simply declare their intent, and solvers handle the rest.



The Open Intents Framework (OIF) is a new initiative designed to standardize and simplify cross-chain transactions within the Ethereum ecosystem. Developed by contributors from the Ethereum Foundation, Hyperlane and Bootnode, OIF provides a modular, permissionless system for intent-based execution. By allowing users to specify desired outcomes rather than manually executing transactions across multiple L2s, OIF aims to smoothen the rough edges of cross-chain interoperability.



Using standardized infrastructure, developers can integrate intent-based execution without needing to build proprietary solutions from scratch. This shared framework reduces friction and fosters collaboration across some 30 ecosystem teams.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeA_9NVD0TDVGmjMDVi__-ZvjJvjhA-MKh0xig_wdpK8FUyhFKmp8XH-qeI_S-Vfda0mh8JBw29-Ij_2pFBF-eEWw9gbQGk1LrdLpFwt4muA1U5ho08-Y56liLxOKEt6XdZ95lJ?key=U_COMTiDQLwt8KHvv7jObLWl" alt=""/><figcaption class="wp-element-caption">Source: <a href="https://x.com/ethereumfndn/status/1892244647369433272">Ethereum Foundation</a></figcaption></figure>



A key feature of OIF is its support for multiple settlement mechanisms that allow developers to choose execution methods that best suit their use cases. These include:



<ul class="wp-block-list">
<li>RRC-7755 from Base and Hashi Alliance: An oracle aggregator ensuring reliable data for cross-chain execution.</li>



<li>Espresso Systems&#8217; confirmation layer: A mechanism adding additional security and finality assurances.</li>



<li>Optimism&#8217;s Superchain native interoperability: A framework enabling seamless interactions within the Optimism ecosystem.</li>



<li>Arbitrum&#8217;s broadcast standard: A protocol optimizing intent execution on the Arbitrum network.</li>
</ul>



This diversity in settlement methods allows builders to experiment with different approaches while maintaining interoperability.



<h2 class="wp-block-heading">ERC-7683: Standardizing cross-chain intents</h2>



At the core of OIF is ERC-7683, a standard developed by Across and Uniswap Labs to create a unified structure for expressing and executing intents across Ethereum’s expanding ecosystem.



Unlike EIPs, Ethereum requests for comments (ERCs) focus on application-layer standards, such as token specifications and execution frameworks. ERC-7683 functions as a shared language that ensures compatibility across solvers, users and applications to eliminate fragmentation.



OIF lowers barriers for all participants in Ethereum’s multichain space:



<ul class="wp-block-list">
<li>Developers save months of development time by using ready-made infrastructure.</li>



<li>Networks can integrate intent-based execution without needing permission from central authorities.</li>



<li>Users benefit from near-instant cross-chain transactions, dramatically improving efficiency.</li>



<li>Solvers can service multiple protocols under a single framework, streamlining their operations.</li>
</ul>



With support from Ethereum’s major L2s and infrastructure providers, the OIF represents a coordinated effort to unify Ethereum’s multichain environment, reminiscent of <a href="https://blockworks.co/news/0xresearch-newsletter-cross-chain-interoperability">the W3 Alliance</a>. As adoption grows, it is expected to drive the next phase of interop, making intent-based execution a core component of the ecosystem.



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A framework, a standard, an intent

Katherine Ross

This is a segment from the Empire newsletter. To read full editions, <a href="https://blockworks.co/newsletter/empire">subscribe</a>.



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Let’s be honest: Ethereum’s not having a good time. Part of it, <a href="https://blockworks.co/news/bearish-altcoin-action-drivers">as I wrote yesterday</a>, is due to the overall lack of momentum for altcoins. There’s also just a lack of positive sentiment — which is unlike what we’re seeing for bitcoin (even if it hovers below $100,000).&nbsp;



In my conversation with Amberdata’s Greg Magadini, one part that was left out of yesterday’s edition were his thoughts on ETH.&nbsp;



“The drag on ETH, in my mind, is because the value proposition of <a href="https://blockworks.co/news/eip-1559-is-live-thanks-to-ethereums-london-hard-fork">EIP-1559</a> creating a supply burn was made invalidated, or was invalidated once everyone started building their L2s and app chains and having all the transactions process off Ethereum and settle back to Ethereum. So then you flip from a deflationary asset to an inflationary asset. That’s a fundamental reason for ETH going down,” he explained.&nbsp;



In other words, ETH’s inability to regain momentum is not directly tied to the rest of the market right now — especially not the memecoin craze.



Okay so this wasn’t my most positive intro, but I actually wanted to take more of a positive look at Ethereum right now thanks to a Galaxy <a href="https://www.galaxy.com/insights/research/big-companies-building-on-ethereum/">report</a> from Vice President of Research Christine Kim.



The report is focused on what’s being built on Ethereum and is a nice refresher — or inside look — to see how projects are using it.&nbsp;



Kim noted that over 50 non-crypto companies have built either on Ethereum or an Ethereum L2. That’s no small number, especially when you dig in and find that about 20 of them are financial institutions with 10 of those being banks.&nbsp;



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfoPZSy0Zh3uxXWq9jApvCl1X9bx6g7ZT-FNyvh6m_MYXm_VmkNA7VpiwLJeNCuyzuJWiVhhv2jzxMz2jNXy9PWYRVAyzFZBXV6is2tj6TSLP1jCpWnO7hC29wDp468bkHCKI9dJA?key=xC-bzhA2CEmj-eUhI-akgM4r" alt=""/><figcaption class="wp-element-caption">Source: Galaxy</figcaption></figure>



The biggest use case, which should come as no surprise to loyal Empire readers, is real-world assets. That’s where you have the financial institutions building and experimenting with tokenized assets — such as money market funds (think BlackRock or Franklin Templeton) or government bonds.&nbsp;



As seen below, Ethereum more than doubles the number of RWAs issued by Ethereum L2 rollup ZKSync.&nbsp;



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcgnceAwY89zZJHfb5uCoG4L7tjkcjKNGFV1ggp6ohC-P8EbQwDSrINyrngqvt3mAaC8xbtCdmfZx27AcK70u52aX4GzEdIkag5z8603KkxEhGyGdB6Afwc-Kkh3qGtmuAVmoslAg?key=xC-bzhA2CEmj-eUhI-akgM4r" alt=""/></figure>



Now I know that RWAs aren’t the sexiest use case for crypto — and I get it — but I think we can all agree that they show some of the promise of crypto for non-crypto natives (so long as we keep them away from the memecoins).&nbsp;



But, okay, let’s move on to another use case Galaxy found: gaming on Ethereum L2s.&nbsp;



NFTs haven’t made a comeback, which means that some of the companies that tried to get some crypto exposure through them stopped issuing them years ago. Fair enough. But Galaxy found that nowadays, there is a use case for NFTs for some non-crypto native companies and that’s gaming.&nbsp;



“What is most notable about the ongoing investment and development of NFTs by non-crypto-native companies like Atari, Lamborghini, and Lotte’s Caliverse is that they are being developed in the context of a larger on-chain gaming application,” Kim wrote.



“This highlights how the scalability gains from L2s are helping to support crypto-native use cases that require frequent on-chain interactions like gaming among major retail brands and corporations,” she continued.



There are still a lot of questions and concerns about Ethereum and where it goes from here, and that’s something I’m sure we’ll be covering again soon. But Galaxy’s report shows that we’re still seeing a lot of building happening, and it’s attracted folks outside of crypto. And that, I think, is a small positive.



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More than 50 non-crypto native companies are building on Ethereum: Galaxy

David Canellis

This is a segment from the Empire newsletter. To read full editions, <a href="https://blockworks.co/newsletter/empire">subscribe</a>.



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Unless you live under a rock, you probably heard about the Kaito token drop yesterday.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Base has been humming along nicely during the Kaito airdrop, topping out at 160 TPS at a median fee of $0.02 Their scaling efforts are clearly paying off <a href="https://t.co/a6UVHkJvKY">pic.twitter.com/a6UVHkJvKY</a>&mdash; Dan Smith (@smyyguy) <a href="https://twitter.com/smyyguy/status/1892585101873033380?ref_src=twsrc%5Etfw">February 20, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Vibes were pretty positive, it turns out people like to be paid to yap (and some of us — ahem, myself — are left with FOMO after not yapping to earn). But alas, I turned to two colleagues who did <a href="https://blockworks.co/news/kaito-yap-to-earn-takeover">earn KAITO for posting</a>.&nbsp;



<a href="https://blockworks.co/newsletter/lightspeed">Lightspeed’s Jack Kubinec</a> and <a href="https://blockworks.co/newsletter/thedrop">The Drop’s Kate Irwin</a> both earned roughly $200 of KAITO. Kubinec praised the project for understanding that folks didn’t want another social media site to post on to earn their yaps, and instead kept it on X — where parts of the crypto community are the strongest.&nbsp;



Kubinec was lucky in that a <a href="https://x.com/whosknave/status/1875216410391253192">thread of his went viral</a> shortly after claiming his profile on Kaito, bumping him up to one of the top yappers briefly. However, he admitted that even his short-lived CT fame didn’t prompt him to post any more than usual.



For Irwin, the question is all about longevity. We’ve been through a few hype cycles now, and admittedly when it’s good, it’s great and when it’s bad, CT kind of feels desolate. Irwin told me that it’s hard to see people still posting about yapping and caring about it in six months.



The token, however, is holding on for now. Perhaps some of that is due to some of the shaming we’ve seen over on X.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">you&#39;re free to do what you want with your money and also I want to publicly state that I think it&#39;s lame to celebrate immediately divesting of long term builders who are rewarding us for our contributions and using tokens to bring us in as cobuilders long term &gt; short term&mdash; jesse.base.eth (@jessepollak) <a href="https://twitter.com/jessepollak/status/1892554449668768024?ref_src=twsrc%5Etfw">February 20, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Or perhaps this is finally the project that can break the cycle and we’ve finally solved the code for SocialFi. Only time will tell I guess.



And now you know.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXc3U1VGuuxlJWLf6NMwtCI9lQjgOSjDERfdn9I1hxS7-XpL3VgM1oTd83lw6HehD1qJdONZWCVItRR5TQtMsHriMcbnQl-GwL0Yww2l9mBmLvwrLKujaqqFJRn8Oxan7OpbjU1YNA?key=xC-bzhA2CEmj-eUhI-akgM4r" alt=""/><figcaption class="wp-element-caption">HYPE is up 550% since it launched at the end of November</figcaption></figure>



Maybe David Sacks is right. Memecoins are collectibles.



If that’s true, then crime season suddenly gets an element of Pokémon GO.&nbsp;



Like how you might wander through the park and catch Wigglytuffs and Psyducks, we could all frolic through Raydium and <s>buy dead rugpulls</s> collect souvenirs of all the memecoins that come and go.&nbsp;



It’s a pain that memecoins have sucked so much air out of the room and it’s made for a ton of myopic takes. The <a href="https://www.coindesk.com/tech/2025/02/21/kanye-west-self-proclaimed-nazi-who-said-coins-prey-on-fans-plans-yzy-token">supposed</a> Yeezy token launch isn’t helping, either.



So, here’s some eyebleach: Of the major coin launches in the past few months, HYPE — tied to a project of substance in Hyperliquid — is outperforming the pack with steady price action.&nbsp;



Around 60% of all perps <a href="https://defillama.com/perps/chains">volumes</a> on DEXs flows through Hyperliquid right now, which is a stat the market obviously appreciates.



MORPHO, the lending app on Ethereum and Base, is otherwise ahead by 135% since its own launch a week or so before HYPE.&nbsp;



That’s much better than BERA, PENGU and MOVE, which have lost between 24% and 38% since they started trading (BERA is staging a comeback as we speak). Morpho currently has $6.8 billion in <a href="https://dune.com/morpho/morpho-blue-dashboard">deposits</a>, up 160% in the past three months.



All well and good: Real projects might have a chance after all.&nbsp;



The best part is, if you zoom out this analysis to include coins launched just a few months earlier, in August and October, it would be FARTCOIN dominating the chart, even after its 84% retracement.



Sometimes, ignorance is bliss.



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Not all new coins are pointless pump and dumps

This is a segment from the Lightspeed newsletter. To read full editions, <a href="https://blockworks.co/newsletter/lightspeed">subscribe</a>.



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The crypto-incentivized cell network provider Helium Mobile is bringing Helium network coverage to 2.3 million Mexicans via a partnership with Movistar, the country’s second largest carrier service.



Under the new plan, Movistar will pay for its subscribers to use Helium coverage where possible, and Helium hotspot operators will be rewarded with tokens. The expanded Mexico deployment hints at Helium Mobile’s broader development strategy: grow its network in new markets by partnering with existing telecommunications companies.



Helium Mobile sells <a href="https://blockworks.co/news/helium-miami-tmobile-hotspots-network-cellular">hotspot devices</a> that people can plug in to function as <a href="https://blockworks.co/news/helium-tech-for-disaster-relief">mini cell towers</a>, and it also <a href="https://blockworks.co/news/helium-mobile-introduces-free-plan">offers cellular plans</a> based on its patchwork of hotspots mixed with T-Mobile coverage in the US. Helium’s network is monetized with its Solana-based token, HNT. In addition to building a cellular network that <a href="https://blockworks.co/news/lightspeed-newsletter-helium-future-vision-depin">aims to unseat</a> legacy cellular networks, Helium Mobile has also looked to partner with them.



The company piloted an activation with Movistar, which is a subsidiary of the Spanish telecom giant Telefónica, in January 2024. The limited rollout happened in Mexico City and Oaxaca. A little over a year later, Helium is targeting 300 locations for hotspot deployment. Currently, 91 hotspots are live. Together, Helium Mobile and Movistar will create a hybrid system whereby subscribers’ phones will switch between the networks based on availability.



Helium Mobile general manager of network Mario Di Dio said partnerships like this one are advantageous for mobile virtual network operators — cell providers that do not operate their own cell towers, but functionally rent cell service from other operators — since Helium’s hotspots can provide service more cheaply. Movistar has <a href="https://www.telecoms.com/wireless-networking/telefonica-gives-up-mexico-network-but-it-s-not-an-mvno">contested</a> being labeled an MVNO, but it does pay AT&amp;T for mobile traffic in Mexico.



Helium Mobile offers a version of this in the US, and it has partnered with two of the three big mobile network operators in the US. Although these MNOs run their own cell towers, Helium Mobile can provide connectivity in cellular dead zones, which tend to emerge in indoor locations, Di Dio explained.



By growing its own cellular network while striking data offloading deals with telcos, Helium Mobile thinks it can have its cake and eat it, too. Carrier offload programs like the one in Mexico incentivize people to plug in Helium hotspots, and more hotspots make the network better for Helium’s own cell network. Helium pays T-Mobile for data when its own network can’t provide coverage.



Also as part of the partnership, Helium Mobile’s <a href="https://blockworks.co/news/helium-partners-with-dawn">decentralized physical infrastructure</a> machines will start being sold in Movistar retail stores.



“We will literally have a traditional telco company like Movistar selling DePIN miners on the shelves [in] retail stores, which to me is kind of a mind blowing achievement,” Di Dio said.



Updated Friday, February 21 at 4:10 pm ET: Clarified there are 300 target locations for deployment, not 300 hotspots.



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Helium Mobile expands presence in Mexico

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forwardguidance">subscribe</a>.



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With a new administration in the White House, 2025 is shaping up to be a big year for institutional interest in crypto.&nbsp;



“It’s here to stay,” Roger Bayston, head of digital assets at Franklin Templeton, said of digital assets during a <a href="https://blockworks.co/roundtable/2025-a-year-of-acceleration-for-institutional-crypto">Blockworks Roundtable</a> discussion on Thursday.&nbsp;



Crypto, which has now surpassed the high-yield bond market, will only start to act as a more robust and mature capital market over time, Bayston added.&nbsp;&nbsp;



His enthusiasm is something Liat Shetret, director of policy at Elliptic, has observed in other institutional players as well.&nbsp;



“In the past, we&#8217;ve talked a lot about how the global finance system is kind of made up of an assortment of band aids, like ‘stop the bleeding here,’ and we have almost this opportunity to rebuild with vision,” she added, noting that crypto infrastructure has the potential to disrupt capital markets.&nbsp;



The excitement comes as the industry continues to clock small “wins” from the Trump administration and federal agencies.&nbsp;



The SEC has started to back off Gensler-era lawsuits against <a href="https://blockworks.co/news/binance-sec-temporary-ceasefire">Binance</a> and <a href="https://blockworks.co/news/legal-pro-analyzes-coinbase-sec-ruling">Coinbase</a>, and while neither has been dismissed, it’s a level of <a href="https://blockworks.co/news/crypto-task-force-coinbase-suit">industry-agency cooperation</a> that we’ve never seen before.&nbsp;



Binance, in response to the SEC’s <a href="https://blockworks.co/news/sec-chair-nominee-crypto-past">new leadership</a>, announced yesterday that it would be restoring its fiat rails.&nbsp;



“In the past two weeks, we&#8217;ve seen very strong signals, some tangible evidence of the sea change that&#8217;s ongoing,” Christopher Blodgett, president of Binance.US, said.&nbsp;



We’re not quite through the first quarter yet, but we’ll be watching to see if this optimism continues throughout the year, and if federal regulations do start to shift in favor of the industry.



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Crypto rides the Trump optimism 

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forwardguidance">subscribe</a>.



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There’s a new stablecoin on the block.&nbsp;



Figure Markets is calling its new offering the first SEC-registered public security USD stablecoin native to a blockchain.



Called YLDS, it pays an interest rate of secured overnight financing rate (SOFR) minus 0.50%. Users can transfer the securities peer-to-peer via the Provenance blockchain using Figure Markets&#8217; self-custody wallets.



It was roughly a year ago that I caught up with Figure CEO Mike Cagney at Blockworks’ Digital Asset Summit in London. <a href="https://blockworks.co/news/figure-raises-60m-launches-dex">He told me then</a> — following a $60 million raise — that his company was working toward having a registered security alternative to stablecoins that would pay a yield. There was this <a href="https://www.sec.gov/Archives/edgar/data/1974395/000113743923001216/fccs1102023.htm">filing</a> from October 2023.



So here we are.&nbsp;



The launch comes about a month after stablecoin issuer <a href="https://blockworks.co/news/circle-hashnote-deal-tokenized-money">Circle acquired Hashnote</a>, a company that created the largest tokenized money market fund.



Circle CEO Jeremy Allaire noted the demand for market participants using yield-bearing collateral, while also being able to easily convert it to tokenized cash (referring to USDC).



Stablecoins have been called <a href="https://blockworks.co/news/stablecoins-are-cryptos-killer-app-so-far-just-not-terra">crypto’s killer app</a> and a <a href="https://blockworks.co/news/stablecoins-are-cryptos-killer-app">payments space disruptor</a>.



Andrew O’Neill, digital assets managing director at S&amp;P Global Ratings, noted in a recent report that stablecoins could lead to more TradFi-DeFi overlap — like in the case of cross-border payments, the tokenization of real-world assets (RWA) or digital bonds issuance.



Stablecoins’ market capitalization stands at nearly $222 billion; there are roughly 149 million stablecoin holders, according to rwa.xyz <a href="https://app.rwa.xyz">data</a>. Onchain RWAs amount to about $17.5 billion.&nbsp;&nbsp;&nbsp;



“The lack of a consensus about the tools that should be used to bring money natively onchain is among the main factors that hinder the development of digital bonds and RWA tokenization.”



We’re keeping an eye out for <a href="https://blockworks.co/news/congress-crypto-regulation-updates">stablecoin legislation</a> in the US, as S&amp;P Global analysts expect regulation to bolster the category’s adoption.&nbsp;



To that point, they forecast a number of users to “transition progressively” from unregulated to regulated stablecoins. So perhaps Figure is on to something.



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A look at the new SEC-registered, yield-bearing stablecoin

Felix Jauvin

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forwardguidance">subscribe</a>.



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January’s FOMC meeting minutes were released this week, providing plenty of fodder for monetary plumbing nerds to piece together what the Fed thinks about bank reserves and its ongoing campaign of quantitative tightening (QT).



As seen in the chart below, the QT campaign has been fraught with nuance and idiosyncratic offsetting. As QT occurred, the vast majority of it has been offset by the reverse repo facility (RRP) balance as seen by the white line below.&nbsp;



Further, this has been hiccuped by the debt ceiling debacle of 2023 and the SVB banking crisis that led to the bank term funding program’s creation.&nbsp;



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXddtnv8macN6P0Q-gp_AShjmDiNmg5MwT_7Q3BlFp_9UKPa0s1zsAqid9l9kKKp_aO9Gm4QMg1_aBD5MhnbRluRAwFhjtEtiw1xVMbx_eZTJ4_KN9TNhM8HpwC7rkfAnOGNUjC0?key=LlXg5u-Xi5nyRcHrMP7lAND7" alt=""/></figure>



All that said, we’re getting close to the end goal of QT in terms of the bank reserve levels the Fed is targeting. There are a lot of ways to measure this, but a simple shorthand is that the Fed has been targeting an ideal reserve level of $3 trillion that includes both bank reserves and the RRP. Currently, that nets us at $3.27 trillion.&nbsp;



Given this context, there’s been a lot of talk about when the Fed might end QT altogether. And with the release of this week’s FOMC meeting minutes, we received our first hint:



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcYeVMdILV51LM_KGC1QMOdXTu7hqqauMqyvniROyhBUHJ4lvKowdAm9x-A_2VHWRv5LaQ9XyiCytM69ifkdo04nOc32L_ww3j9SaSq3_OAvGmVok0iPQvG9QNKYHTx-ta9Khhj3g?key=LlXg5u-Xi5nyRcHrMP7lAND7" alt=""/></figure>



Now, there’s a lot to unpack here as it contains a lot of nuances. Let’s run through them:



<ol class="wp-block-list">
<li>The Fed is re-thinking the duration of the bonds it holds. Ideally, it wants to run back to a level of duration that was pre-2008 and pre-QE. That is what they meant by saying “appropriate to structure purchases in a way that moved the maturity composition of the SOMA portfolio closer to that of the outstanding stock of Treasury debt&#8230;”</li>
</ol>



As of right now, that SOMA portfolio is composed of 5% in T-bills. However, treasury issuance is at 22.4%.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXf76p2b-zTOd2SvQk5f8sawkWdTG3_ymMYNjU56dk5PjgTl_OX3_BFjlDlhBLXsggHpGgXCUUVL1r_UghLWTFnCmKFBnlj9OZ01woVPjrb4gkNHLh1TWR-QmqeSW5h4rAClfLKM?key=LlXg5u-Xi5nyRcHrMP7lAND7" alt=""/></figure>



<ol start="2" class="wp-block-list">
<li>The Fed is concerned about the implications of the debt ceiling and the ensuing treasury general account (TGA) drawdown, as well as the following TGA rebuild once the debt ceiling is resolved. Simply put, for the TGA to be rebuilt back to the level it was before the debt ceiling, Treasury needs to issue a ton of T-bills. In 2023 it was able to do this easily because the RRP was filled to the brim and acted as a dampener for it. Now, sitting at $73 million, there’s no buffer. As such, the following statement was included in the minutes: “Regarding the potential for significant swings in reserves over coming months related to debt ceiling dynamics, various participants noted that it may be appropriate to consider pausing or slowing balance sheet run-off until resolution of this event…”</li>
</ol>



<ol start="3" class="wp-block-list">
<li>Although not a pressing concern, the Fed is getting closer and closer to reserve levels where “liquidity hiccups” tend to happen. The last time this occurred was September 2019 when reserves were too scarce and caused a major repo spike, stopping QT in its tracks. However, looking at the current reserve demand elasticity dashboard below (one of the best metrics for gauging risk of a repo blowup), as long as we are near that zero level there are no short-term concerns. That said, the Fed is aware that time is ticking and it does not want a repeat of September 2019 — hence its mention that “several participants also expressed support for the Desk’s future considerations of possible ways to improve the efficacy of the SRF…” The SRF, or standing repo facility, is a new permanent tool the Fed has in place to act as a shock absorber during events such as in September 2019. By mentioning its aim to improve efficacy, we can surmise that the Fed is focused on ensuring all the correct tools are in place to continue gradual balance sheet run-off.</li>
</ol>



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdJihTliUEtlK5aa9nGjJz-5ghdtoH1mTR_xXuLJaSseXNwEwOAdf10FsVAeCj5zYgXQa2PFOWA6D8NJtxg8Mi1UCTE_pEHcSf-2kuhQzkga_gwC5RpWABrkzfYi1JusFEVWLsF?key=LlXg5u-Xi5nyRcHrMP7lAND7" alt=""/></figure>



For a relatively short amount of text, we sure were able to glean a lot as to how the Fed is thinking about its balance sheet and bank reserves in the coming months.



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FOMC minutes hint at end of quantitative tightening

This is a segment from The Drop newsletter. To read full editions, <a href="https://blockworks.co/newsletter/thedrop">subscribe</a>. 



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Community Gaming, a crypto-powered gaming platform, launched a prediction market (PM) called Forkast on Ronin this week. Forkast will use the CGX token and let users bet on different real-world outcomes in gaming and influencer culture.



But some traders on Crypto Twitter accused the Community Gaming team and affiliated insiders of selling off the token — before regular users had the chance to claim it early Wednesday morning.&nbsp;



Massive interest in the token took their website down, making new distributions to retail impossible until the site was restored.&nbsp;



Over half a dozen posts from different accounts asked the team who was selling the token because its price had already <a href="https://x.com/Earning_Town/status/1892213093926613317">slipped</a> from $0.3 to $0.03 the morning the token launched. On Wednesday, it was <a href="https://cryptorank.io/price/forkast">down 70%</a> from its all-time high. Now, it’s already at $0.009 — a 90% decline from its ATH.



Community Gaming founder and CEO Chris Gonsalves tells me that neither the team nor its investors have sold their allocations of the token.&nbsp;



“The only entities that have tokens [besides the team, investors, and influencers] are the exchanges themselves who distributed through their listing promotions,” he said Wednesday morning while the website was down.



The token is available on Gate, MEXC and Katana.



“So those traders and the site going down is causing bad price action but any FUD about insiders selling is 100% false. Team tokens are locked for 18 months and all investors for 12 months,” Gonsalves said, adding:



“We sent out 8 creators payments (total of ~25k in CGX tokens) simultaneously when the claim process started and the site crashed right after that so people are sharing a screenshot of that but none of them did anything with those tokens so it&#8217;s just poor optics.”



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXc-w1WXrsZqD2qrNi-qw5MWMC3m0HJRK__vKLV4E_yOGdhyoyQwOxBxekMNUsblYXDb7A9ln1-drxSsQJVm5E0nDbcUQHt_PJevRYHKKKLb2Geh66YrSlWoznJrn8G0e-3VawaOJQ?key=STpUeLVJS9V_sBKNDC79oh8T" alt=""/></figure>



Ronin’s <a href="https://app.roninchain.com/token/0x656fe582b4c6dc95c598ea54dc820eb36152e2f7?t=owners&amp;p=1&amp;ps=25">blockchain scanner</a> shows me that creators Kyroh, Inspectormnbl, and Raiden are still holding their allocations as of Thursday morning.



A big selloff could mean that those who get allocations of the token don’t see value in holding it long-term. Or, they could just be farmers looking for a quick buck. A tale as old as time in crypto.



If you do end up getting some CGX and don’t want to toss it into the prediction market or sell it just yet, Forkast is promising those who stake CGX various rewards including monthly loot boxes with platform credits, Community Gaming tournament access, and governance participation in Community Gaming’s upcoming player-versus-player (PVP) blockchain.



Yep, that’s right — Ronin is getting an L2 blockchain, PVP. It’s intended for competitive gaming apps, according to the team. The chain will be governed by CGX DAO as well as the PVP Council, as well as anyone who stakes their CGX tokens.



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Community Gaming launches CGX token, Forkast prediction market

Sky (<a href="https://blockworks.co/news/maker-rebrands-as-sky-dai-will-be-changed-to-usds">formerly MakerDAO</a>) governance is grappling with the implications of an emergency proposal <a href="https://vote.makerdao.com/executive/template-executive-vote-out-of-schedule-executive-vote-risk-parameter-changes-february-18-2025">executed today</a> that alters MKR’s role within the ecosystem. Pitched as a necessary move to protect protocol security, these changes’ swift approval has instead ignited debates over transparency, process integrity and the risk implications for DAI/USDS.



The proposal eliminates the longstanding 5% exit fee on MKR withdrawals, significantly expands borrowing against MKR collateral and raises borrowing rates — while simultaneously lowering liquidation thresholds. Critics argue these measures increase the protocol’s risk of exposure, particularly given that MKR now has one of the highest loan-to-value (LTV) ratios in DeFi.



Community members have questioned the rationale behind these decisions. Others raised concerns over the timing, suggesting that the proposal was pushed through with minimal explanation just as governance critics were being silenced.



Rune Christensen, Sky’s founder, defended the move in a community call on Wednesday. He argued the changes were necessary to prevent a governance takeover. In Discord and X posts, he <a href="https://blockworks-research.beehiiv.com/p/kaito-s-attention-airdrop">alleges</a> a cooperation between PaperImperium, the pseudonym of a known activist investor with <a href="https://gfx.xyz/">GFX Labs</a> and governance participant in Sky, and a group of investors hoping to wield influence in Maker.



Other prominent voices within Sky have <a href="https://x.com/hexonaut/status/1892253800796422518">linked</a> Nexo to the effort, <a href="https://x.com/MonetSupply/status/1892288025851265134">citing</a> a leaked plan.



Framework Ventures general partner Vance Spencer, a long time Maker bull, <a href="https://x.com/pythianism/status/1892276559790153880">referenced</a> Zeus Capital in connection with the governance kerfuffle. Zeus Capital has been <a href="https://x.com/MyNameIsHugh/status/1892278080925839858">associated with</a> Nexo in the past.



In response, PaperImperium cited a long track-record of positive contributions to DAO governance. “GFX has not agreed to work with Nexo beyond listening to their opinions and sharing ours,” noting they are generally willing “to talk to anyone requesting a meeting or open channel of communication in any DAO we work in,” he told Blockworks.



A Nexo spokesperson responded that “Nexo&#8217;s team is on the way back from [Hong Kong],” and thus not immediately available to rebut the allegations.



&#8220;Historically, Nexo is the largest client of Maker and we have consistently tried to proactively contribute to its long-term growth by engaging with their team. We will release an exclusive, in-depth overview of the protocol’s intricacies, decentralization shifts and evolving dynamics, providing and critical insights,&#8221; the spokesperson said.&nbsp;



PaperImperium is known for frequently engaging in governance debates and pushing for transparency reforms. The account has been vocal about Sky governance practices, often criticizing decisions that concentrate power among insiders.



Christensen maintains that the adjustments align with a broader effort to simplify the Seal Engine framework and improve governance efficiency, as <a href="https://forum.sky.money/t/simplifying-seal-engine-and-activation-removing-exit-fee/26023">outlined</a> in a forum post on Wednesday. The Seal Engine is a component of Sky that allows anyone to lock MKR tokens as collateral to borrow USDS. The elimination of the exit fee reflects a shift toward reducing governance complexity, as SKY holders would primarily delegate decisions to Core Executors, Christensen said.



Rather than conferring an insider benefit, defenders such as “chud” on Discord pointed out that the proposal wasn’t just about raising debt ceilings — it also increased the stability fee from 12% to 20%, making borrowing against MKR more expensive.



Christensen has <a href="https://x.com/intern_cc/status/1892502606192189771">significant</a> MKR-backed loans on Aave and Morpho, where he’s subject to those platforms’ more conservative LTVs and liquidation thresholds. By allowing more aggressive borrowing terms within Sky, he could shift his leverage away from third-party platforms to the Seal Engine.



This could reduce his risk of liquidation on Aave/Morpho — which was allegedly part of the governance takeover plot (though one which Christensen <a href="https://x.com/RuneKek/status/1891984687288963140">characterized</a> as “laughable”).



“Rune refinanced his debt from Morpho/Aave and consolidated it on Maker, where his collateral can vote,” PaperImperium said.



“GFX would never support putting a protocol or its users at risk,” he said, calling the matter “a typical DAO governance dispute about policy.”



As the dust settles, the community is left with pressing questions: Was the emergency proposal truly about securing Sky’s future, or rather a consolidation of control? And if governance processes can be bypassed in this way once, what’s to stop it from happening again?



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Emergency Sky proposal sparks governance debate

This is a segment from the Empire newsletter. To read full editions, <a href="https://blockworks.co/newsletter/empire">subscribe</a>.



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There’s a deep yearning for fundamental valuation metrics in crypto.&nbsp;



Any basic formula would do, in the same way that dividing a company’s share price by its earnings per share spits out a P/E ratio that can broadly decide whether a stock is overvalued or not.



Blockworks Research’s <a href="https://x.com/blockworksres/status/1887146391874756775">Real Economic Value</a> could very well lay the basis for something similar in crypto.



One little problem: Whatever metrics come out in the wash, nobody is going to be happy about the results. 



Just like how P/E ratios are generally much <a href="https://www.macrotrends.net/2577/sp-500-pe-ratio-price-to-earnings-chart">higher</a> than they were in previous decades — making many stocks appear wildly overvalued by comparison — it could well be that cryptocurrencies are priced much higher than what’s implied by the activity they support.



So, if that’s the case, I’m here to throw fuel on the fire.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXc-Y_Iaxczmu9ZeaMnFi-bbEJ_LgqAkHiYNgqp2kWwDIHspjVImBI5rTPimIuaj7XzwHMhiq1ViVZCAutn6Mn4OX_JjeKQx3UewrYAe667RcSegupkBVF2jljtOGCHd0ji9Bp7mcA?key=1xLBMXvanotHMhKUI4odMbhr" alt=""/></figure>



Here are two charts, for Ethereum and Solana, respectively. Each one plots the native token price against the backdrop of their NFT and DEX volumes.



Pay attention to the white space between the trading volumes (in green) from the price of ETH (in blue) — notice how separated they are.



If onchain trading activity were a fundamental metric on which to value native coins, then Ethereum DEX volumes would need to more than double from here to close the gap.&nbsp;



And that gap would then represent the value of the hype surrounding a particular chain — pushing the coin up to match the network’s future potential.



The kicker: The price of ETH has only really aligned with onchain trading volumes once in the past four years — where the blue line touches the green space during the Terra market crash in June 2022, when ETH bounced off $1,000 while the chain recorded $73 billion in monthly volumes across NFTs and DEX. 



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXc4-rnlGLPXTXMHw0HLLyFA_W7blX68XnPVyLtsymS4m6d6D1P3rsg2MHPeslKWGc88B15ftnCODdhZP-zhZVnn7tfNNjHx7mVkHYj__4QmlZE20rmlmmmuRAbyQtcLBShjtoVioQ?key=1xLBMXvanotHMhKUI4odMbhr" alt=""/></figure>



Now, here is the same chart but for Solana, shown over two years instead of four.&nbsp;



See how the price of SOL stretched far above any onchain activity — until this year, when monthly DEX volumes had surged tenfold in five months to almost $340 billion alongside memecoin and AI agent hype. If any of this holds any weight (and that’s a big if), then it would imply SOL is reasonably priced right now compared to its DEX activity. It would be a shame if something happened to it.



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Nobody will be happy about fundamental metrics in crypto — including this one

This is a segment from The Drop newsletter. To read full editions, <a href="https://blockworks.co/newsletter/thedrop">subscribe</a>.



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As most of you probably know by now, Doodles — the rainbow-barfing Ethereum NFT collection of 10,000 PFPs of the 2021 NFT boom — is launching a token on Solana.&nbsp;



Response so far has been pretty mixed. A lot of Crypto Twitter loves a token, especially one from an established brand, but there’s also been some criticism. First, there’s the token allocation. As one poster has pointed out, the Doodles team may receive up to 57% of the DOOD tokens, once you combine the parts of the pie that goes to the team plus the other pieces that could go to the team. That doesn’t look too cute, considering how tokens are often marketed as a way to “give back to the community.”



And then there’s the issue of timing. Is launching a token now, on a different chain than the NFT collection, too little, too late? Will DOOD serve any functional purpose, besides offering exit liquidity, a memecoin, and a way to get a bit more attention?&nbsp;



The market has been rough out there for art- and gaming-related tokens lately. PENGU, the Pudgy Penguins’ token, is still down 67% in the past month. PIXELS, the token behind the Ronin-based game of the same name, is also still down 50% in the past month. Apecoin, the once-hyped token behind the Yuga Labs world, remains down 50% in the past year.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcG4up-Vn0LJexf2fkJAjSvocp-TBM5cpYvfpNrp0lX9jEIBNEm9UwHZaz8hw5mq2Jhvon0Cw6V8V4D4yqFt0cUE9XcasMGE2NRJ2hO-zHl9LdI5HJugatjUKLSUuEzMHy7M-X4wA?key=xnUEi2Lbmszt8LaPf2XfzfBf" alt=""/></figure>



The Doodles team has tried other brand plays to generate interest in its IP, from striking a deal with rapper-producer Pharrell to join as their chief brand officer in 2023 to partnering with McDonald&#8217;s to release cups in November. Despite those high-profile deals, however, Doodles NFTs haven’t soared above the rest.



The DOOD announcement hasn’t really rejuvenated excitement around the NFT collection either, when we look at sales and volume traded. In the past week, Doodles sales volume is down 32%, according to CryptoSlam data.



Launching a token seems to be the latest way for crypto projects to monetize their IP. While I do think the Doodles’ art and aesthetic is cool in a minimalist way, I’m not sure their token will have a different fate than so many of the others currently out there. Time and time again, we’ve seen an initial pump and then a selloff, followed by flatlining or slowly declining price action.



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Doodles’ Solana token fails to impress

This is a segment from the Empire newsletter. To read full editions, <a href="https://blockworks.co/newsletter/empire">subscribe</a>.



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Admittedly, it’s been a pretty bearish week for crypto, though an optimist can still find pockets of good news.



Amberdata’s Greg Magadini thinks the data out of the derivatives markets shows that options trading volume on Solana peaked around the inauguration last month which could imply that SOL hit its top.&nbsp;



“I think the bearish story within altcoins is that the supply of altcoins is essentially unlimited. And so we&#8217;re seeing so many new altcoins … every day there&#8217;s just kind of a new increase in the total altcoin float, which is completely opposed to the limited fixed supply of the bitcoin value proposition. And so I think that dynamic is hard to overcome,” Magadini explained.&nbsp;



The divide is simple and can be seen outside of crypto, too. It’s what Magadini would call the hard money narrative: Gold’s going up while commodities like coffee and cocoa become more expensive. Add in the discussions we’ve had about a potential AI bubble and, well, the bitcoin vs. crypto discussion makes a bit more sense.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcrK2qQFQTqtRCPAfK_YM17bQZaLQSyJIZ7VtX4lOQhe_59xA80d0Cq5BPinh2Ev-7kBXMAGTZtKHvFjmKr5ArxVWhUBYztkj2-hmjDGnPNHveqI4epewretpQM1eLRPQ9B8EjFIw?key=1xLBMXvanotHMhKUI4odMbhr" alt=""/><figcaption class="wp-element-caption">A look at ETH’s <a href="https://docs.amberdata.io/docs/block-volumes">block trades</a> courtesy of Amberdata</figcaption></figure>



Bitcoin, in this case, is still the solid narrative. Everything’s going swimmingly right now and we’re all waiting to hear about a potential bitcoin reserve. For altcoins, which don’t have the same catalysts on the horizon, the picture is unfortunately more bearish.&nbsp;



This isn’t to say that bitcoin’s going to pop off though. Magadini thinks that we’ll continue to see it trade sideways, between $85,000 and $100,000 for the next two to three months. He told me this action is needed after the bullishness we saw going into the end of last year.



“I think during that hanging out period, bitcoin actually gains dominance. It&#8217;s a relatively strong asset. I think for the altcoin space, we&#8217;re getting a little bit of a flush out, and we&#8217;re really seeing that right now with SOL and ETH.”



“If we just look at the charts of ether and bitcoin [in terms of] the relative price, the fact that we had a huge spike lower for ether versus bitcoin is pretty rare because those are very correlated assets. The move that it had was a very volatile move, which is unusual. That was significant, that meant something. And we&#8217;re seeing the same thing with the SOL-BTC ratio, where it pretty much popped out at a local high on inauguration day and has just come down since,” he explained. His read is that it’s a sign of retail flow — or lack thereof.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdAE6Njif-dzy41xM_YRzgwb_uYpcJgK78-aIDAYfgE5PHMb1gMjc9dZqXvgY6Ucpy7BAdpgwILbcw5gihH_ZysLDGqWziJRDW5egi4YWwrBrdL_Hsl89ZphY7loElrumPaVNg0xg?key=1xLBMXvanotHMhKUI4odMbhr" alt=""/><figcaption class="wp-element-caption">And bitcoin’s <a href="https://docs.amberdata.io/docs/block-volumes">block trades</a> courtesy of Amberdata</figcaption></figure>



It’s not something to be terribly worried about, he added, but rather it’s a natural sign that we may be hitting the speculative phase because there aren’t fundamentals tied to many altcoins just yet. But, hey, at least we don’t have to blame everything on memecoins…right?



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