ZetaChain

Ben Strack

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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I broke down the <a href="https://blockworks.co/news/coinbase-sec-appeals-decision">Coinbase-SEC court ruling</a> yesterday and noted it would take some time to sort out its broader implications.&nbsp;



One legal pro’s viewpoint suggests the decision could be a final straw of sorts to force long-anticipated regulatory clarity.



Monday’s court decision was not exactly surprising, according to Arie Heijkoop, a partner in Haynes Boone’s investment management practice group. The SEC’s response to Coinbase’s petition “was lacking in any substance,” he explained; but a court ordering an agency to issue a new rule has a high bar.&nbsp;&nbsp;



That said, Heijkoop told me the opinion’s descriptive language (exhibiting increased understanding of the space) suggests “the SEC may be running out of room to continue evading coming out with a defined position on crypto and digital asset regulation.”



Indeed, Judge Stephanos Bibas notes the SEC’s “old regulations fit poorly with this new technology, and its <a href="https://blockworks.co/news/regulation-by-enforcement-unsustainable">enforcement strategy</a> raises constitutional notice concerns.”



Bibas’s concurring opinion, in particular, seems to implore the SEC to distinguish the coins that operate more like securities from those that do not, Heijkoop explained.&nbsp;



“As the number of crypto products, and how they function, proliferate, if there will ever be crypto regulation handed down, it will likely have to account for those differences,” the Haynes Boone partner added.



This ruling may provide some optimism to defendants to challenge crypto enforcement actions if there is no further SEC guidance. But handing down a new rule would be “a fairly seismic action,” Heijkoop said.&nbsp;



Further, SEC actions for unregistered securities offerings may not fully cease given the decision’s recognition of crypto products with securities-type characteristics.



Whether the agency’s <a href="https://blockworks.co/news/sec-chair-nominee-crypto-past">new administration</a> offers more guidance through regulation rather than litigation remains a key question.



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Weighing in on the latest Coinbase-SEC ruling

Casey Wagner

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As President Biden rounds out his final days in office, the Senate has begun the process of confirming President-elect Trump’s Cabinet picks.



Defense Secretary hopeful Pete Hegseth was the first to take the hot seat.&nbsp;



Republicans, as expected, embraced Hegseth, calling his “unconventional” resume a strength while Democrats grilled him about his <a href="https://thehill.com/homenews/5084889-tim-kaine-pete-hegseth-hearing-infidelity/">character and judgement</a>. It was hours of tense questioning, but Senate Majority Leader John Thune says he plans to schedule the vote soon, and Hegseth should have the nomination in the bag.&nbsp;



On tap for confirmation hearings today are Trump’s picks for attorney general (Pam Bondi), CIA director (John Ratcliffe) and the White House office of management and budget (Russ Vought).&nbsp;



The Senate Banking Committee has not yet scheduled <a href="https://blockworks.co/news/trump-nominates-new-sec-chair">SEC chair hopeful</a> Paul Atkins’s confirmation hearing, but with widespread Republican <a href="https://www.banking.senate.gov/newsroom/majority/scott-statement-on-meeting-with-paul-atkins-nominee-to-serve-as-sec-chairman">support</a> Atkins should be a shoo-in. In the meantime, Trump will select either Commissioner Peirce or Uyeda to serve as <a href="https://blockworks.co/news/sec-crenshaw-confirmation-vote-cancelled">acting chair</a>. We’re expecting the transition team to announce this decision in the next few days.&nbsp;



In his final <a href="https://www.sec.gov/newsroom/speeches-statements/gensler-sec-011425?utm_medium=email&amp;utm_source=govdelivery">town hall</a> address Tuesday, <a href="https://blockworks.co/news/sec-commissioner-crenshaw-vote-delayed">outgoing</a> SEC Chair Gary Gensler praised his agency staff for their “wise counsel and help.”&nbsp;



“You vigorously followed the facts and the law without fear or favor to ensure that market participants comply with the securities laws, whether it be regarding traditional financial products or more recent ones like crypto,” Gensler said, in what may be his final nod to the industry as head of the agency.&nbsp;



Trump has still not named his pick for CFTC Chair. Rostin Behnam, who long <a href="https://www.cftc.gov/PressRoom/SpeechesTestimony/opabehnam48">advocated</a> for Congress to grant the CFTC explicit oversight of digital asset commodities, will be <a href="https://blockworks.co/news/cftc-chair-announces-departure">stepping down</a> on Monday. Caroline Pham or Summer Mersinger, both Republican CFTC commissioners, are expected to head the agency in the interim.&nbsp;



External candidates who’ve made Trump’s short list reportedly include former CFTC Commissioner Brian Quintenz, former agency official Josh Sterling and attorney Neal Kumar. I doubt we get an official nomination from Team Trump before Monday, but we’ll be on the lookout just in case.&nbsp;



Over in the House, Majority Whip Tom Emmer yesterday was selected to vice chair the digital assets subcommittee.&nbsp;



“With President Trump in the White House, and Gary Gensler confined to the waste bin of Washington, we have an excellent opportunity to ensure that the future of digital assets is guided by Americans, with American values,” Emmer wrote in a <a href="https://x.com/GOPMajorityWhip/status/1879319142303498579">statement</a> on X. 



Emmer, who co-sponsored the CBDC Anti-Surveillance <a href="https://blockworks.co/news/house-passes-cbdc-anti-surveillance-act">State Act</a>, the <a href="https://blockworks.co/news/senate-passes-resolution-to-overturn-sab121">anti-SAB 121</a> resolution and <a href="https://blockworks.co/news/fit21-crypto-bill-advances-to-senate">FIT21</a>, has advocated for <a href="https://blockworks.co/news/reps-ask-sec-for-clarity-securities-airdrops">more lenient</a> crypto regulation in recent years. The House Financial Services Committee has not yet released a schedule of upcoming hearings.



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Confirmation hearings for Trump Cabinet picks are underway

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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The December CPI report shows some prices are coming down more than expected while the cost of other goods and services continue to rise.&nbsp;



Today’s release was enough to satisfy investors, though.&nbsp;



The S&amp;P 500 and Nasdaq Composite indexes were trading 1.8% and 2.3% higher, respectively, at 2 pm ET Wednesday. The mid-week rally helped pare losses from earlier in the week. The Nasdaq Composite is now flat for the past five trading days while the S&amp;P 500 has edged into the green, now up 0.5% over that time.&nbsp;



Prices increased 0.4% over the month and 2.9% over the year, coming in close to the forecasted readings of 0.3% and 2.9%, respectively. Core CPI though, which excludes food and energy prices, slowed to 3.2% in the 12 months ended December, just under analysts’ expectations of 3.3%.&nbsp;



The report had little impact on interest rate expectations, with fed funds futures markets still calling for a 97% chance committee members hold rates steady later this month.&nbsp;



Still, December’s reading shows the central bank has made some progress in moving inflation back down to its 2% target, and investors were thrilled.&nbsp;



Looking ahead, analysts say <a href="https://blockworks.co/news/rate-cutting-cycle-2025">rate cuts in 2025</a> are probably still in the cards, but not too many of them.&nbsp;



“The key question now is whether the FOMC’s ‘skip’ turns into a more prolonged ‘pause’,” said Michael Brown, senior research strategist at Pepperstone. “Risks around the policy outlook this year are considerably more two-sided than those seen last year, with a renewed hawkish risk re-introduced to the policy path.”



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US equities pare recent losses after mixed inflation print 

Donovan Choy

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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Sony launched its much-acclaimed Soneium L2 blockchain yesterday. It had a somewhat rocky start.



Built atop the OP Stack, <a href="https://blockworks.co/news/sony-astar-ethereum-rollup-soneium">Soneium</a> is a joint venture launch by Sony Group and Startale Group. The latter previously launched the Astar Network L1 and the Astar L2 zkEVM.



Soneium’s “Minato” testnet began in August 2024 and drew over 1,700 applicants to its Spark <a href="https://soneium.org/en/blog/meet-the-winners-of-soneium-spark-incubation/">incubator</a>, while garnering 47 million transactions over 14 million active wallets.



What’s placed Soneium in the Crypto Twitter limelight, however, are calls for the chain’s sequencer-level censorship.



Memecoins launched on the chain yesterday, such as AIBO, traded to a $2.7 million market cap high 13 hours after launch before being <a href="https://x.com/PopPunkOnChain/status/1879066023875482041">censored</a> by Soneium’s sequencer and blocked on the chain’s block explorer (<a href="https://en.wikipedia.org/wiki/AIBO">AIBO</a> is a Sony-developed robotic dog from the 90s).



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeQEw6lUDVuA1cftl1_rmmWvfbgph5shdyru9Hdk3ztFmXl6Ate2rH3P248zjg2xVGspONLMzbC-kp0noNxIXvPGfGCaxKPnc5pkVqBbthv_3_-9rsvDXSMzLY0we02tL_YeT6ZkQ?key=gEzTklHsJ6ULa1ZFDIZ1_3_f" alt=""/><figcaption class="wp-element-caption">Source: <a href="https://soneium.blockscout.com/token/0x5EebdC6bc22b64888BF8c448cd67b2AEEae4Aedd">Blockscout</a></figcaption></figure>



Surprised? You shouldn’t be. According to Soneium’s <a href="https://docs.soneium.org/docs/ip-and-contracts-restriction">docs</a>, the chain already planned a tiered restriction system to protect intellectual property rights. This system flags potential intellectual property violations and will enforce blocks at the RPC level if they’re not resolved in time:



Contract addresses on this list will have their activities restricted on Soneium, for example via RPC-level blocks, limited visibility on Block Explorer and exclusion from wallets.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdH1Xh5p1ovmsy1ZIPUj5Xxo-0c_MzE02IHOe_TNaYtiG0QweS8dJ2vdoaQkXXfmiMuOJ_qOBR4tJfIHSfmuseGGh6rrjbWTMZ_Uc8Vp4X_SJdGTuzKznxqwNfN79qogqqZxYXBOQ?key=gEzTklHsJ6ULa1ZFDIZ1_3_f" alt=""/></figure>



It turns out, however, that L2s are more resilient than widely believed. The sequencer block backfired, as users were able to trigger a forced transaction inclusion mechanism on the Ethereum L1.



<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">then i go to etherscan (on L1!), to their OptimismPortal (contract used to send L1-&gt;L2 msgs), and craft a depositTransaction with such calldata. i want to call the exchange contract on L2 (0xE1A&#8230;3Ab) with the appropriate value to swap and the calldata above. check the tx… <a href="https://t.co/kTcGCXwJ19">pic.twitter.com/kTcGCXwJ19</a>&mdash; donnoh.eth 💗 (@donnoh_eth) <a href="https://twitter.com/donnoh_eth/status/1879210483191783534?ref_src=twsrc%5Etfw">January 14, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



For OP Stack chains, any EOA (externally owned account) wallet can create an L2 transaction and call the main OptimismPortal contract, thereby allowing the submission of a transaction to Ethereum L1 without going through the L2’s centralized sequencer.



This mechanism is sometimes referred to by Ethereum researchers as an “<a href="https://blockworks.co/news/layer-2-secured-by-ethereum">escape hatch</a>,” an interim failsafe solution pending L2 rollups decentralizing their sequencers.



As Justin Drake put it on a previous <a href="https://youtu.be/thPIc-_h2ms?t=2531">Bankless podcast</a>, even a <a href="https://medium.com/l2beat/introducing-stages-a-framework-to-evaluate-rollups-maturity-d290bb22befe">Stage 2</a> rollup with a centralized sequencer cannot freeze or steal assets like a centralized custodian could. Real-time censorship-resistance may be compromised, but the ability to force transaction inclusions still grants some explicit level of ownership over assets on L2 chains.



Sequencer decentralization is being tackled by Ethereum researchers in a myriad of ways, such as sequencer marketplaces like Astria and Espresso, or based rollup designs that simply defer sequencing duties to L1 validators (i.e. <a href="https://blockworks.co/news/unpacking-the-based-rollups-debate">based sequencing</a>).



“Based rollups, using Ethereum’s sequencers, offer real-time censorship resistance. Unless censorship resistance is baked in, there will always be risks. While there are risks, we will never see true decentralization, permissionless and security,” Brecht Devos, co-founder and CTO of Taiko, told Blockworks.



Putting aside the thorny discussion as to whether it was right for Soneium to censor, note that this “censorship” isn’t all that different from the kinds of permissioned chains that already exist as Ethereum L2s and on Avalanche subnets.



What’s truly questionable is Soneium’s decision from a practical perspective. Trying to blacklist every intellectual property violation on a permissionless ledger is a fiendishly complex task with no end in sight.



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Sonieum launches mainnet to censorship complaints

David Canellis

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There are three certainties in crypto life.



Hacks, taxes and memecoins tied to every mildly interesting aspect of pop culture.



So, with social media enjoooyers in the US preparing for a potential life without TikTok, it’s no surprise that there’s already a memecoin.



The Supreme Court is <a href="https://www.axios.com/2025/01/13/tiktok-ban-timeline">currently</a> mulling a bipartisan bill passed last year that would force TikTok’s owner — the Chinese tech giant ByteDance — to sell the app to a US company by Jan. 19, citing national security concerns around influence and spying.



It was initially <a href="https://www.washingtonpost.com/technology/2024/04/24/tiktok-ban-benefits-meta-google/">thought</a> that a ban would mostly benefit Meta and Google. In the meantime though, so-called “TikTok refugees” have flooded Xiaohongshu, or RedNote, a Chinese app similar to Instagram and backed by Tencent and Alibaba.&nbsp;



On RedNote (and a number of other local apps), where there’s strict content moderation and <a href="https://www.forbes.com/sites/jasonsnyder/2025/01/14/tiktok-and-rednoteconsent-without-transparency-isnt-freedom-its-control/">censorship</a>, the default username has been “momo.”&nbsp;



Younger Chinese netizens eventually <a href="https://www.chinadaily.com.cn/a/202408/06/WS66b17c1aa3104e74fddb8a0e.html">adopted</a> the moniker, along with a <a href="https://restofworld.org/2023/social-media-privacy-momo-dinosaur/">cute pink dinosaur</a> mascot, after finding they could post more freely without using their real names online.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXepa_KG5lVIxltK_R9koaoOv1JxRn52IgRUNuUBGhyV9n1_rOKd3N4UglKROjRlGgRJIDr5pQL1Wke6XciK-DjUfpwnSs0BI8T_4BZ6Sg7rBjB4OoxnxAAZdDaObgdxw63VGHxP0g?key=jqLXOMKC5H0MIUydy2iagSQh" alt=""/></figure>



No surprise then that Solana memecoin MOMO — initially launched via pump.fun way back in October — has gone 160x in the past three days.



MOMO is still tiny, with a market cap under $5 million, and it took less than $40 million in volume to drive it to its new valuation.



Still, it’s enough for MOMO to have now returned about half that of leading AI agent coin AI16Z. AI16Z has done about 295x since its October launch, about two weeks after MOMO.



For what it’s worth, I poked around RedNote and didn’t find much crypto content beyond bitcoin and major memecoins like shiba inu (and lots of pepe).



That clearly makes the app fertile ground for the US’s fastest-growing digital export: onchain degeneracy. They simply won’t know what hit ‘em.



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TikTok’s potential US ban has already sent a Chinese memecoin 100x

Jack Kubinec

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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Hurricane Helene ravaged western North Carolina this fall, leading to over 100 deaths and roughly $60 billion in damage, according to a state government report.&nbsp;



As the storm worsened, Nova Labs vice president of business development Mark Phillips had an idea. Helium — which is building a network of hotspots that emit wireless coverage — could repurpose its technology to provide cell connectivity in North Carolina, where more than 20% of cell sites impacted by Helene went out of service, according to an FCC report.&nbsp;



Phillips messaged Helium Foundation CEO Abhay Kumar saying they should make a wireless hotspot for disaster relief. Within 48 hours, they had a prototype. Phillips and others at Nova Labs (which is the developer company behind the cell service company Helium Mobile) and Helium then began building the kits while also trying to get their hands on Starlink terminals that connect to the satellite-powered internet provider backed by Elon Musk.



Starlinks have an order backlog, but through a connection Phillips was able to secure 20 terminals within four days. Put together and plugged into a power source, Starlink and Helium’s tech create the “Helium hotspot beacon” — a miniature off-grid cell phone tower that uses Starlink for network backhaul and a Helium hotspot for radio connectivity to phones.&nbsp;



Helium sent a few of these beacons to North Carolina as the state’s wireless infrastructure continued to buckle. The most widely-used deployment came in Hendersonville, NC, after an organization named Land of Sky emailed asking for a beacon. They set the hardware up in a local park, and it received more than 20,000 unique connections from locals. The beacons received around 24,000 connections in total.



Because Helium hotspots provide cell service and not just Wi-Fi, anyone within 1,000 feet of the deployment had their phones automatically connect to service like with their regular carrier, Phillips told me.&nbsp;



The saga highlights a benefit of decentralized physical infrastructure, a sector referred to as DePIN in crypto circles.&nbsp;



When natural disasters strike, it is possible for legacy cell carriers to deploy mini cell towers — and America’s cell phone incumbents are <a href="https://www.lightreading.com/wireless/verizon-at-t-and-t-mobile-take-on-california-wildfires">doing</a> so amid the ongoing California wildfires. But those solutions are expensive and somewhat inflexible, requiring large trucks to drive around with little towers attached.&nbsp;



Helium offers portable kits that are plug and play for getting cell service. If deployed widely, the hotspot beacons could make America’s wireless networks much more resilient to natural disasters.



Helium has offered 10 hotspot beacon kits to the authorities in southern California, Phillips said.



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Helium’s tech provided emergency cell service during Hurricane Helene

Katherine Ross

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Yesterday I touched on the markets, but today I want to take a deeper dive ahead of the inauguration.&nbsp;



Good news is that there’s some positive data supporting the thesis that bitcoin could be in for positive momentum after Jan. 20.&nbsp;



K33 analysts noted that trading volumes are up 51% this past week, with average daily volumes coming in at $4.3 billion.&nbsp;



“Activity levels were exceptionally high amidst [Monday’s] massive flush and recovery, with spot market volumes reaching $6.5 billion, the highest daily spot volume since Dec. 20. The high volume and sharp recovery suggest many willing buyers amidst BTC’s push below $90,000, a promising observation for the road ahead,” they said.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdFn1HvAQNvycVVlM3oKFrYHNezS1AZkuyYYBPxDp74hZ8Z_BFcTjsP-P9zrVLauO7uM2CiCE9u_6LYO8tU_SKI2VwpvR8qI6IFyQNMd0bTLRoRnKIi4IbCJmPYa4yuwwERB41ZSw?key=jqLXOMKC5H0MIUydy2iagSQh" alt=""/></figure>



Now I’m going to offer up the next bit of data without much explanation because I’m not sure we can really explain it outside of theorizing. K33 noted that Jan. 13 was the most volatile day since early December, where the gap between daily returns and intraday volatility was the “highest ever recorded in BTC.”



The easiest explanation is potential profit taking, perhaps to <a href="https://blockworks.co/news/eoy-price-updates-and-outlook">prepare for tax season</a>.&nbsp;



This leads me to this interesting nugget: “prices saw another peculiar pattern over the last week, with 14 consistent green hourly candles in a row for the first time in BTC history, making the past week unique through several lenses.”



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfGEc_yCxYjP3ScsdHZWzG18YUHgxkNq5vkDsY4tyzUGelpd9E-pdwfxISHocjsTjrCs16xq3UPS5lQvnLExGyN4p8Dtfnv9BwyHIA1lrt7w07gkx43pOj4d1lhQmORq8m33AV5rw?key=jqLXOMKC5H0MIUydy2iagSQh" alt=""/><figcaption class="wp-element-caption">From K33’s market report</figcaption></figure>



All of this could mean that Jan. 20 isn’t a sell-the-news event after all, which was a previous possibility.&nbsp;



Back in early December, K33 analyst Vetle Lunde thought we could see <a href="https://blockworks.co/news/bitcoin-100k-breakout-just-the-start">bitcoin peak on Jan. 17</a>, ahead of the inauguration, which would set it up for selling pressure as President-elect Donald Trump once again takes the oath of office.



But, to no one’s surprise, bitcoin marches to the beat of its own drum and a lot of what I’ve written and <a href="https://blockworks.co/news/bitcoin-120k-by-christmas">talked about</a> for the past month no longer matters. Don’t worry, I won’t take it personally.&nbsp;



The current setup, K33 noted, is “rigged for unpredictability” which means we all might be in for a bumpy ride over the next few days.&nbsp;



“The overall sensitivity to interest rates over the past month suggests increased importance of Wednesday&#8217;s CPI print. Additionally, notable Trump momentum may still form in the days leading into the inauguration. At current levels, we&#8217;ve rescinded our plan to sell the inauguration. However, given the plan&#8217;s price-dependent nature, a tactical de-risking could regain appeal if prices push meaningfully higher running into the inauguration,” analysts wrote.



We’re not out of the woods yet, and we should all be wary. But, hey, at least it doesn’t seem like we’re peaking yet…right?



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Price action ahead of the inauguration is ‘rigged for unpredictability:’ K33

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Stock futures rose this morning before the open — a move analysts largely attribute to reports that the Trump administration will opt for a gradual approach to tariff increases.&nbsp;



Even though a better-than-expected PPI report on Tuesday helped boost equities early in the session, the S&amp;P 500 and Nasdaq Composite indexes quickly gave back these early gains.&nbsp;



But let’s rewind to the <a href="https://blockworks.co/news/unpacking-trump-potential-tariff-policies">conversation on tariffs</a>. Bloomberg after the close yesterday <a href="https://www.bloomberg.com/news/articles/2025-01-13/trump-team-studies-gradual-tariff-hikes-under-emergency-powers">reported</a> that Trump’s team is considering ramping up tariffs at a slower pace than many initially thought, potentially by 2% to 5% increases per month. Ideally, the strategy would allow for negotiations and prevent rapidly rising prices.&nbsp;



The vision aligns pretty perfectly with what Stephen Miran, Trump’s pick to lead his Council of Economic Advisors, told us on the Forward Guidance <a href="https://www.youtube.com/watch?v=65aE9KFMR3Y">podcast</a> a couple months ago.&nbsp;



Back during Trump 1.0 (2018-2019), Miran pointed out, the proposed 25% tariffs on Chinese imports did not come in one fell swoop. The actual ~17% effective rate increase we did implement on China was spread out over 12 months.&nbsp;



“The after-tariff dollar-import price of goods coming from China was practically unchanged,” Miran said on the episode. 



On the campaign trail, Trump proposed a minimum 10% to 20% tariff on all imports, and a 60% minimum rate on those coming from China. 



“In going to 60% tariffs on China or 10% globally, [a gradual] approach becomes even more important,” Miran wrote in a November 2024 <a href="https://www.hudsonbaycapital.com/documents/FG/hudsonbay/research/638199_A_Users_Guide_to_Restructuring_the_Global_Trading_System.pdf">paper</a> on the global trade system.



If history repeats, we could see similar trade policies come down the line — which are likely to ease investor concern and boost equities.



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Gradual tariff proposal fits with previous Trump strategy 

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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Markets got a pre-CPI treat on Tuesday in the form of a mildly cool PPI reading.&nbsp;



Producer prices in December rose 0.2%, down slightly from analysts’ projection of a 0.4% rise. Core PPI, which excludes food and energy, was in line with expectations and unchanged from November (+0.3%).&nbsp;



The report generally sets the stage well for tomorrow’s more-closely-watched CPI reading, slated to be published at 8:30 am ET. Still, analysts caution investors not to take a cool reading as a sign for future rate cuts.&nbsp;



“We’ve seen a stubbornness in inflation over the last few quarters, causing investors to wonder whether the Fed jumped the gun by cutting rates by 100 basis points in the second half of last year,” eToro US investment analyst Brett Kenwell said. “A strong <a href="https://blockworks.co/news/dec-employment-report-leads-stocks-lower">monthly jobs report</a> and a strong ISM services report didn’t help matters, although they do point to a strong economic foundation.”&nbsp;



As a reminder, analysts are calling for headline CPI to come in at 2.9% annually, an increase from November’s 12-month 2.7% reading. Core CPI is expected to remain unchanged at 3.3% for the 12 months ended December.&nbsp;



Looking ahead to March, today’s PPI did slightly increase odds of a 25bps interest rate cut. Fed funds futures are currently pricing in a 21.6% chance of such a cut, up from 19.4% a day ago.



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Cool-ish PPI reading paves way for CPI report 

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A federal appeals court took on elements of the SEC v. Coinbase legal battle yesterday, but we’ll need a bit more time to determine the decision’s exact impact.



The <a href="https://blockworks.co/news/sec-sues-coinbase">SEC sued Coinbase</a> in June 2023 for alleged securities violations. It later denied the crypto exchange’s <a href="https://blockworks.co/news/sec-denies-coinbase-rulemaking-petition">petition for rulemaking</a> that December. The petition essentially argued that the SEC’s strategy of using existing securities laws to enforce crypto regulation is “unworkable.”



The agency’s response was a single paragraph, the court pointed out. Basically the SEC said it disagreed, noting it “has discretion to determine the timing and priorities of its regulatory agenda.”&nbsp;



Put simply: Agencies can choose between rulemaking and adjudication, Judge Stephanos Bibas wrote in a court <a href="https://aboutblaw.com/bgQt">order</a> filed Monday.



“But they must explain their choice, and the SEC failed to do so,” he added.



The court isn’t ordering the SEC to institute rulemaking proceedings, giving the SEC what some might consider a partial win. The filing adds that the SEC has “reasonably explained that the existing securities law framework is not predicated on the assumption that it will never burden any potential new market participants.”



But the court does believe the SEC’s order was “conclusory and insufficiently reasoned, and thus arbitrary and capricious.”&nbsp;



The solution? Bibas has asked the SEC to explain itself, adding: “It should not give yet another poor explanation in an already-long line of them.”



“We’re reviewing the decision and will determine next steps as appropriate,” an SEC spokesperson told me.



Did you catch that “arbitrary and capricious” phrase in paragraph seven? It’s seldom used in everyday life, but you may recognize it from another case dealing with the Administrative Procedure Act (APA).



Grayscale Investments won that case after the court ruled that the SEC’s rejection of the Grayscale proposal to convert its Bitcoin Trust to an ETF (but approving bitcoin futures funds) was, you guessed it, “<a href="https://blockworks.co/news/grayscale-sec-decision-bitcoin-etf">arbitrary and capricious</a>.” The agency did not properly “explain its different treatment of similar products,” judges argued at the time.



A former communications VP at Coinbase worked the legalese into her blunt reaction to the latest court filing:



<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">Coinbase: we asked the SEC for new rules and they said no but didn&#39;t explain why. Third Circuit: SEC, we&#39;re reading the like 3 sentences you wrote declining to help Coinbase and other crypto companies understand the rules better and are inclined to agree with Coinbase anything…&mdash; Rachael Horwitz (@RachaelRad) <a href="https://twitter.com/RachaelRad/status/1878890264141713496?ref_src=twsrc%5Etfw">January 13, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The Third Circuit’s thoughts come after Coinbase last week <a href="https://blockworks.co/news/coinbase-howey-question-second-circuit">won its motion</a> for an <a href="https://blockworks.co/news/sec-coinbase-motion-interlocutory-appeal">interlocutory appeal</a> on whether crypto assets constitute investment contracts.



Despite the court on Monday not forcing SEC rulemaking at this time, Coinbase execs count the latest opinion as another victory.&nbsp;



Uniswap Labs chief legal officer Katharine Minarik (and ex-deputy general counsel at Coinbase) <a href="https://x.com/MinarikLaw/status/1878872452098396393">called it</a> a “hugely deserved result” that forces the SEC “to truly consider it and respond with some substance. As it should.”



Coinbase chief policy officer Faryar Shirzad <a href="https://x.com/faryarshirzad/status/1878880099669528786">wrote</a> on X: “It’s not everyday that the courts issue a damning rebuke of a federal agency like [the SEC].” Chief legal officer Paul Grewal <a href="https://x.com/iampaulgrewal/status/1878860619895685283">applauded</a> Judge Bibas&#8217; forceful concurrence, calling it “an impressive piece of work.”



Bibas noted the “caginess” of SEC enforcement against crypto firms without telling them how to comply with the law. He argued such action “creates a serious constitutional problem.”&nbsp;



Sporadically enforcing “ill-fitting rules” against industry entities trying to follow regulations goes beyond fighting fraud, he added.



“It targets a whole industry and risks de facto banning it,” Bibas wrote. “On remand, the SEC must grapple with that problem.”



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‘Arbitrary and capricious’ strikes again

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As the hyped Berachain L1 gears up for a mainnet launch, an astounding <a href="https://dune.com/thj/boyco-markets">$1.6 billion</a> of liquidity has been deposited into “<a href="https://blog.berachain.com/blog/rfb-boyco">Boyco</a>,” Berachain’s pre-launch liquidity platform on Ethereum. This flood of liquidity from airdrop farmers would technically make Berachain the 10th largest blockchain by TVL today.



In the past week, four Berachain <a href="https://app.pendle.finance/trade/markets?utm_source=landing&amp;utm_medium=landing&amp;category=berachain">Pendle pools</a> (by Ethena and Etherfi) have already amassed a collective $515 million in TVL. This dwarves the entire TVL of its main competitor Spectra, which has shot up to $225 million since December.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfJtdOTBpXeH1YkRadYnkGAoH153kqs8g1YaVo9QbUdjDk0DrjjV8_2mzIClgL29NxWpJ-eFxTah1ClSaF-_TJS0I9cF06hY-FCP9kfdVwMuBjzYLH9Hh2_KvR0ueS7r6gWwcYzqA?key=gRYVHjONpSTwK9RuY23zByeP" alt=""/><figcaption class="wp-element-caption">Source: <a href="https://defillama.com/protocol/spectra-v2?twitter=false&amp;usdInflows=false&amp;medianApy=false&amp;staking=false">DefiLlama</a></figcaption></figure>



The largest Berachain Pendle market “liquidBeraBTC” (TVL of $271 million) is accumulating points across eight (yes, you read that correctly) different protocols, and four of them aren’t even live yet. Withdrawals are also locked for 90 days on mainnet launch, but that isn’t stopping airdrop farmers. This rabid pre-launch speculation makes Pendle akin to an ICO platform used by projects to bootstrap their tokens.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXewmJxMP9-IrAkrdGi5cJ38dRA-xFNUoedEPV_wI5CtWKUPfOPuFUpluxMjDpLDtPPRJxmKlu9XOA5ytFVMk6-mn6eMHhSERnq35DymyPL8jLqEVbBMDavItJFsaQk3_aNGq1KTGg?key=gRYVHjONpSTwK9RuY23zByeP" alt=""/><figcaption class="wp-element-caption">Source: <a href="https://x.com/pendle_fi/status/1876975957145510273">Pendle</a></figcaption></figure>



The YT for liquidBeraBTC is projected to return a 1,575% APY over three months, based on <a href="https://x.com/PendleIntern/status/1877674547362848949/photo/1">@PendleIntern</a>’s estimates, but beware the host of assumptions around projected FDV, TVL and airdrop allocations.



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Berachain gets flooded with $1.6B in pre-launch liquidity

Macauley Peterson

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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The ICF’s 2024 Cross-Chain Interoperability Report highlights the growth of cross-chain ecosystems, the role of key interoperability protocols and emerging trends shaping the future of decentralized networks.



As of October 2024 (the latest data the ICF included), total transaction volume across the top interoperability protocols exceeded $41 billion. Ethereum continues to dominate flows in nominal terms, leading both outflows (47.9%) and inflows (38.9%) across various blockchains.&nbsp;



The most active cross-chain route is from Ethereum to Arbitrum, the report notes, with a total volume of $10.7 billion. This underlines Ethereum’s central position in facilitating the movement of assets between networks.



<h2 class="wp-block-heading">Key protocols and emerging trends</h2>



There are several major players in the cross-chain interoperability space. The ICF tallied October’s total value locked (TVL) across 43 interoperability protocols at $8 billion.



In terms of connectivity, the Interchain’s home-grown Inter-Blockchain Communication (IBC) protocol has led the field by connecting 117 blockchains, though more recent protocols Hyperlane (at 120 chains) and LayerZero (connecting 114 chains) have caught up.&nbsp;



Circle’s CCTP established itself as the go-to for high volume cross-chain transactions, matching IBC for monthly active addresses upwards of $1.5 million.



A key trend identified in the report is the rise of intent-centric bridging protocols. These protocols, such as Stargate and Across, allow users to specify their desired outcomes (e.g., an asset transfer from one blockchain to another) without worrying about the underlying technical details of the transaction path.



“Intent-centric bridging protocols have emerged as the preferred method for quick and cheap cross-chain asset transfers,” the report explains, thus underscoring their growing importance in improving user experience and streamlining cross-chain operations.



<h2 class="wp-block-heading">Future innovation and challenges</h2>



The report also points to the increasing interest in zero-knowledge proofs (ZKPs) as a tool for enhancing scalability and security in blockchain interoperability. ZKPs allow for the verification of transactions across different networks without relying on third-party validators, thus reducing costs and improving efficiency. As ZKPs continue to develop, they are expected to play a significant role in the next phase of blockchain interoperability, helping to address some of the challenges faced by existing protocols.



Fragmentation remains a significant challenge across the space. As new networks proliferate, interoperability becomes more complex. While interoperability protocols have made strides, the sheer diversity of blockchain ecosystems — including different consensus mechanisms, data structures and security models — presents barriers to seamless integration, the report notes.



Despite the progress of solutions like IBC and LayerZero, there is still no universal bridge connecting all the top chains, particularly when it comes to communication between Ethereum rollup solutions and other ecosystems.



This lack of uniformity hinders scalability as protocols designed for specific networks may struggle to adapt to others. Without addressing these fragmentation issues, the promise of a fully interconnected blockchain ecosystem cannot be realized. As the industry evolves, finding ways to connect disparate ecosystems will be critical to unlock the full potential of dapps.



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ICF reports on cross-chain progress

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Given the volatility we saw yesterday, I thought it might be a good time to do a mini temp check.



We saw bitcoin briefly drop below $90,000 on Monday, and this morning we’re back up over $96,000. 



The volatility seems like it’s here to stay, perhaps until Inauguration Day. ETH, shadowing bitcoin’s movements, also took a tumble before regaining momentum.&nbsp;



And then there’s top AI agent coin AI16z, which is up 21% in the past 24 hours, having bounced after <a href="https://blockworks.co/news/ai-agent-market-wipeout">undergoing its own selloff</a>. Ah, the diversity of crypto. There’s truly nothing like it.&nbsp;



Bitcoin’s sudden drop didn’t exactly worry Unity Wallet’s James Toledano.&nbsp;



&#8220;The current price action may appear concerning but for those of us who have been in the space for a long time, it is simply business as usual. It doesn’t necessarily signal the end of the bull run either,” he explained.&nbsp;



“The inauguration of President-elect Trump is just seven days away and could be a pivotal moment, with markets anticipating announcements of pro-crypto policies that might spark renewed buying interest. Institutional accumulation, as reflected in falling exchange reserves also supports the view that demand remains strong despite low trading volumes.”



Pairing that with what we’ve been told by Ledn’s John Glover, we very well may close out this month with a run. Glover thinks we could see bitcoin move 20-30% higher in the next few weeks, especially given that the $91,000 level seems to be a decent support level.&nbsp;



I am once again asking for you to be patient, especially given that we’re only a week out from the new administration.



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Don’t panic: Bitcoin’s price action is ‘business as usual’

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You’ve probably heard by now that ETH is a cursed asset. Doomed.&nbsp;



Maybe you’ve read tweets that say Ethereum is destined to go the way of Intel — a stock that has collapsed in value by two-thirds over the past five years while competitors (Nvidia and AMD) have thrived by comparison.



It’s a take that only works if you focus solely on price and ignore how much activity <a href="https://x.com/blockworksres/status/1866165937319399705">persists</a> on <a href="https://x.com/blockworksres/status/1870159763251835367">Ethereum</a> and its <a href="https://x.com/blockworksres/status/1867705603357127054">surrounding</a> web of layer-2s and layer-3s.



Ether has only gained 30% in the past year while its direct rival, SOL, has about doubled.



Even XRP has easily beaten ETH over the bull market to date. XRP is now up more than 600% since the bottom of the last bear market in November 2022.&nbsp;



BTC has otherwise gained about 500% and SOL almost 1,500%. ETH does appear spookily dull by comparison.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1381" height="996" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/01/unnamed-2.png?w=1024&amp;h=1024" alt="" class="wp-image-96190" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/01/unnamed-2.png?w=1381 1381w, https://blockworks-co.imgix.net/wp-content/uploads/2025/01/unnamed-2.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/01/unnamed-2.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/01/unnamed-2.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/01/unnamed-2.png?w=356 356w, https://blockworks-co.imgix.net/wp-content/uploads/2025/01/unnamed-2.png?w=362 362w, https://blockworks-co.imgix.net/wp-content/uploads/2025/01/unnamed-2.png?w=304 304w, https://blockworks-co.imgix.net/wp-content/uploads/2025/01/unnamed-2.png?w=80 80w" sizes="auto, (max-width: 1381px) 100vw, 1381px" /><figcaption class="wp-element-caption">At least ETH has beaten BNB</figcaption></figure>



Here’s an alternative theory: The relative overperformance of coins like SOL and XRP has nothing to do with ETH.&nbsp;



Let’s start with XRP. Ripple Labs’ ongoing clash with the SEC (which started in December 2020) had sidelined XRP for practically this entire market cycle, not to mention its underperformance through the 2021 bull run.



So, whatever gains XRP made in light of Trump’s win in November has more to do with catching up with the market than anything particularly special about the asset itself.



As for SOL, it pays to look back at how the top end of crypto really looked over the years.



Generally, the top three coins have stayed more-or-less the same since <a href="https://coinmarketcap.com/historical/20160701/">2016</a>: BTC, ETH and then XRP.



In <a href="https://coinmarketcap.com/historical/20170101/">2017</a>, the next most valuable were litecoin (LTC) and monero (XMR). It was those, plus bitcoin cash (BCH) and cardano (ADA) in <a href="https://coinmarketcap.com/historical/20180101">2018</a>; EOS in <a href="https://coinmarketcap.com/historical/20190101">2019</a>; BNB in <a href="https://coinmarketcap.com/historical/20200101">2020</a>.



LTC is now in 27th place — much further down in the market — while monero in 37th and bitcoin cash 23rd.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXc_Mt0EYZ-i8aHFXOHJeo4trZ5WqQyDVJAk3W9O_ezr__h-RXwpmiJKqxdlqDSSVRsv4WYLSnr46okdR2F8BQ4hF7cyWP8tNnpiuUk2LxKmAKT1TQQ7zlC9zDcbklyR6ajb49IIQw?key=FE5tRTq1iuwsq0q9VzVobGdQ" alt=""/></figure>



Compare the chart above to the first one, which only mapped price performance. It tracks the market caps of the top end of the market — and it makes clear just how much smaller all those coins are to ETH.&nbsp;



It’s only natural that they’d outperform ETH at certain parts of the cycle. While liquidity doesn’t necessarily map to market capitalization, smaller assets generally need much less fresh capital to move the needle that far.



It’s also not a coincidence that LTC, XMR and BCH, all bitcoin alternatives, have fallen off so dramatically between cycles.



Bitcoin has won the race as a store of value and stablecoins emerged to better fulfil the digital payments use case than litecoin.



Whatever mind and market share the major coins from yesteryear — the ones that never found product-market-fit at scale — may have simply been transferred to Solana.



So, the Solana renaissance has little do with the anticipated demise of Ethereum, and more to do with the shrinking significance of much older coins.&nbsp;



As for whether Ethereum will also become one of those “much older coins” sometime down the line — handwaiving that concern requires entirely different cope. Let me get back to you.



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Ethereum cope to counter worries that ETH is doomed

Digital Asset staking has a problem.



Major institutional players increasingly want to participate, but most of today’s staking providers aren’t regulatory or enterprise-friendly. The status quo is infrastructure pieced together by small, sometimes inexperienced teams on centralized Big Tech clouds that are not tuned for digital assets – nor engineered to meet the regulatory compliance standards that major players like BlackRock demand. The traditional financial world has long-established standards for robust risk management strategies crucial to fulfilling institutional needs, and their service providers in the decentralized financial world must meet these requirements.



And this is only the beginning. There are several essentials that every institution must consider when evaluating staking options. This guide covers the top five, including:



<ul class="wp-block-list">
<li>Multi-Stake: diversification of providers, hardware &amp; approach</li>



<li>Security of people, processes &amp; technology</li>



<li>Service &amp; reporting</li>



<li>Custodial integrations &amp; relationships</li>



<li>Regulatory compliance, especially with audited practices like SOC 2 or ISO27001 – and CCSS</li>
</ul>



We’ll first explore why diversification is the foundation of a resilient staking strategy and how the remaining pillars build on it.



<h1 class="wp-block-heading">Diversification: The Cornerstone Of Institutional Staking &amp; Your Reassurance</h1>



Following the spectacular collapse of FTX, institutions and sophisticated holders alike took a step back to revisit their custody practices. A paramount consideration was the shift to custodian diversification. As highlighted by Boston Consulting Group, diversification minimizes the impact of a single point of failure across market, counterparty, regulatory, and security risks.1



With innovation thriving and new providers continuing to emerge, the institutional staking industry sector has adopted a diversification theme, focusing on similar risk mitigation considerations.&nbsp;



It extends beyond service providers – a diversity of core infrastructure, hardware, networks, ownership, and staking approaches is also essential. As with telecom and data networks in the early 2000s, reliance on “diverse” providers that ride on the same physical layer undermines true diversity.



Reliance on “diverse” providers that ride on the same physical layer undermines true diversity.



For example, operators (such as the largest staking providers) that rely heavily on “big tech” hyperscaler cloud infrastructure (AWS, Google Cloud, Azure, etc.) face centralization, unnecessary third-party risk, and cost management concerns that are only avoided by a handful of specialist bare-metal staking operations such as <a href="https://globalstake.io/">GlobalStake</a>. IBM highlights the security benefits of bare metal solutions in critical applications.2 Bespoke bare metal staking providers run their own infrastructure and control their own networks – purchasing and owning equipment outright, fully controlling and tuning hardware, software, and network routing, and operating through distributed global data centers rather than renting from big tech and third-party suppliers. Pro tip: If your provider says they use bare metal, ask them for specifics. Do they own it?&nbsp; Do they manage it directly? Which networks (or geographies) do they serve with bare metal?



<h2 class="wp-block-heading">Critical Benefits Of Diversification For Institutions</h2>



<h3 class="wp-block-heading">Optimized Returns</h3>



Diversification leverages the strengths of different partners, not only mitigating risks but potentially leading to higher overall returns. CoinDesk&#8217;s annual report emphasizes how performance can vary significantly between providers.3



<h3 class="wp-block-heading">Improved Regulatory Compliance</h3>



Regulatory landscapes are constantly in flux. Diversification helps navigate potential changes that could impact staked assets in specific jurisdictions, as KPMG&#8217;s report on blockchain regulations highlights, reassuring you that your staked assets comply with the latest regulations relevant to local geography.4



<h1 class="wp-block-heading">Multi-Stake: The New Standard for Institutional Staking Resilience</h1>



In the traditional finance sector, hedge funds have adopted a &#8220;multi-prime&#8221; approach—engaging multiple prime brokers—to mitigate counterparty risk, enhance access to diverse services, and optimize operational efficiency.5 The practice became critically necessary after the 2008 financial crisis.&nbsp;



As the cryptocurrency industry matures, institutional investors must adopt a &#8220;multi-stake&#8221; strategy—diversifying their staking activities across multiple providers—to ensure resilience and optimize their participation in the evolving digital asset ecosystem. This approach is critical for several reasons:



<ul class="wp-block-list">
<li>Risk Mitigation: Distributing staked assets among various providers significantly reduces the impact of potential failures or performance issues associated with a single provider.</li>



<li>Service Optimization: Different staking providers offer unique benefits, such as varying fee structures, enhanced security measures, or superior customer support. Engaging multiple providers enables institutions to capitalize on the best aspects of each.</li>



<li>Operational Resilience: A multi-stake approach ensures continuity in staking operations by not relying upon a single entity. This resilience is essential for maintaining consistent rewards and meeting network participation requirements.</li>



<li>Improved Regulatory Compliance: Regulatory landscapes are constantly in flux. Diversification helps navigate potential changes that could impact staked assets in specific jurisdictions, as KPMG&#8217;s report on blockchain regulations highlights, reassuring you that your staked assets comply with the latest regulations relevant to local geography.4</li>
</ul>



By adopting the multi-stake model, institutional crypto holders align with well-established financial practices, ensuring a more secure, efficient, and scalable staking environment as the industry progresses.



<h2 class="wp-block-heading">Choosing The Right Staking Partners: Beyond Diversification</h2>



Once diversification—the most critical foundational staking pillar—becomes a priority for an institution, the other essentials become clear, helping to refine the list of options and choosing the right partners to work with.



Here is how to consider key factors impacting your overall staking strategy:



<h3 class="wp-block-heading">Security of People, Processes, &amp; Technology:&nbsp;</h3>



Ensure your provider follows industry best practices across its enterprise. These include background checks of all employees, creating repeatable and defined processes that remove risks at every turn, and ensuring the technology keeps pace with changes. You should also understand how heavily your provider relies upon outside contractors versus full-time staff.



<h3 class="wp-block-heading">Service, Reporting, Insurance, &amp; Flexibility:&nbsp;</h3>



Far too many staking providers are hidden behind a wall of web applications and automated help desks (if any). Being able to speak with a capable account manager is an important attribute, especially when considering the daily and monthly reporting that institutions must regularly deliver to their management, investors, regulators, and accountants.



Staking providers should be able to provide detailed, tailored reporting on staking activity. Ideally, this should manifest in an offering that provides real-time dashboards, customized reports, and actionable insights into staking performance, helping institutional decision-makers evaluate and refine strategies. While best practices for node management substantially limit the risks of losing digital assets, the most capable providers typically offer slashing insurance from the highest-rated carriers. Finally, flexibility in deployment configurations and the capacity to support bespoke client applications can be a significant value add.



<h3 class="wp-block-heading">Custodial Integrations, Self-Custodial Technology Solutions &amp; Relationships:</h3>



Credible, qualified custodians serve as the foundation of secure institutional staking. Partnering with trusted custodians or leveraging self-custodial technology solutions, such as BitGo—which offers both options—ensures a seamless and secure staking experience. These partnerships enable adherence to best practices and foster trust throughout the staking process. Additionally, many global custodians enhance their offerings by utilizing advanced custodial enablement platforms like Ledger Enterprise, further reinforcing the security and efficiency of institutional staking solutions. As Forbes highlights, the involvement of trusted custodians is essential for meeting stringent security standards and aligning with institutional expectations.6



Equally important is seamless technical integration with institutional-grade custodial platforms. Providers should prioritize compatibility to streamline onboarding processes, minimize operational friction, and enhance the overall user experience for institutional clients. By ensuring a smooth and secure connection between staking services and custodial platforms, providers can better meet the needs of sophisticated investors and solidify their position as trusted partners.



<h3 class="wp-block-heading">New, Old, &amp; Niche Asset Support</h3>



Crypto moves fast. A key distinguishing factor for an institutional staking provider is its ability to swiftly support new tokens. A valuable staking partner will promptly fulfill new token requests and establish deep integrations with emerging protocols. Custodial connectivity empowers institutions to rapidly adapt to market shifts and capitalize on new opportunities without being hindered by technical delays or inflexible integration processes.



For instance, several providers in the industry, like Figment, GlobalStake, Kiln, and others, demonstrate their capability in this area by working directly with protocol teams. This direct involvement enables quick and accurate support for new tokens and unique requirements, ensuring any updates or new features are implemented precisely, thereby reducing the risk of errors that could affect staking outcomes. They also provide dedicated and responsive account personnel who work closely with institutional clients to support new and existing assets, highlighting their commitment as a reliable partner in the rapidly evolving digital asset landscape.



Your best staking partner does more than meet today’s needs – it anticipates tomorrow’s opportunities.



<h3 class="wp-block-heading">Staying at the Cutting Edge of Staking Innovation</h3>



Your best staking partner does more than meet today’s needs – it anticipates tomorrow’s opportunities. A true partner ensures institutions remain at the forefront of staking developments by integrating the latest advancements, such as Liquid Staking Tokens (LSTs) for enhanced liquidity and MEV (Maximal Extractable Value) boosting for optimal returns. Innovations like proof-of-stake mechanisms combined with proof-of-work elements in hybrid protocols and secure storage solutions ensure robust performance and security. Advanced storage protocols, such as decentralized data storage networks, further complement staking by safeguarding validator data and key material with unparalleled redundancy and resilience. From yield enhancements and slashing protection to protocol governance participation and emerging storage innovations, a cutting-edge partner ensures clients capitalize on every advantage the evolving staking ecosystem offers. Is your provider committed to pioneering advancements and driving institutional success?



<h2 class="wp-block-heading">Compliance With Audited Practices:</h2>



For institutions, compliance is non-negotiable.&nbsp;



<h3 class="wp-block-heading">Audited Peace of Mind</h3>



Full SOC 2 Type 2 certification is critical as a starting point, particularly for those operating in the U.S. market. To instill confidence in the rigor of their internal digital asset protections, staking providers must adhere to other recognized standards such as ISO27001 with the absolute requirement to become certified by the Cryptocurrency Security Standard (CCSS) – ensuring safety across crypto-specific processes and technologies, wallets, validators, and key management, et al.



Research by Gallagher highlights the trust and security benefits of SOC 2 compliance for service providers.7 Regular, independent audits are essential to demonstrate a commitment to evolving regulations and ensure transparency and operational reliability. These practices reassure stakeholders that their assets are secure and always managed with the highest integrity.



Operations and technology transparency are paramount. While some node operators rely on proprietary methods, providers offering visibility into their operating procedures and network principles stand out. Opaque, black-box systems do not engender client confidence.



<h3 class="wp-block-heading">Environmental Sustainability</h3>



Beyond compliance and transparency, environmental sustainability has emerged as a valuable bonus, particularly as institutional investor priorities shift toward environmental responsibility. The crypto industry has faced sustainability critiques for over a decade, making it increasingly important for institutions to align with environmentally responsible providers. By integrating sustainability into operations, providers differentiate themselves and help institutions future-proof their strategies in a regulatory environment rapidly evolving toward greener mandates.



<h1 class="wp-block-heading">Here’s How to Build A Resilient Staking Strategy</h1>



Institutions require more than just basic staking services.



A resilient strategy begins with diversification—spreading activity across reputable providers and incorporating self-hosted bare-metal infrastructure to minimize risk and provide physical diversity in addition to provider diversity.



GlobalStake is the premier bare metal institutional staking platform, delivering comprehensive solutions designed with the utmost security, performance, and regulatory compliance in mind. Unlike providers reliant on third-party systems or cloud infrastructure, GlobalStake operates its own globally distributed, bare-metal network. This unique approach fosters true decentralization, enhances control, and mitigates regulatory and cloud-specific vulnerabilities. Backed by SOC 2 Type 2 and CCSS certifications, GlobalStake adheres to the highest operational security standards, providing institutions with the utmost confidence as they stake assets such as $SOL, $ETH, and $DOT. Seamless integrations with leading custodial platforms like Ledger Enterprise, Cobo Custody, and BitGo empower institutions to seamlessly manage their staking operations within their existing, familiar ecosystems.



With a commitment to sustainability and transparency, GlobalStake is a carbon-negative node operator aligning with responsible investment principles. The platform&#8217;s decentralized infrastructure, utilizing diverse hardware, geographies, and networks, minimizes single points of failure, enhancing security and reliability. GlobalStake empowers institutions to optimize staking returns through responsive service, flexible and competitive pricing, robust custodial integrations, tailored cutting-edge staking strategies, and comprehensive insurance coverage provided by top-rated carriers. This comprehensive approach enables institutions to build resilient, long-term solutions for their digital asset management needs.



For our Blockworks readers, discover why institutions like yours trust GlobalStake. To see the difference GlobalStake makes, book a one-on-one consultation with its experts. To request a meeting, <a href="mailto:institutions@globalstake.io">email the institutional partners team </a>at<a href="mailto:institutions@globalstake.io"> institutions@globalstake.io</a>.



GlobalStake delivers institutional-grade staking with self-owned, SOC2-certified bare-metal infrastructure, carbon-negative operations, and comprehensive security. Enjoy competitive pricing, decentralized operations, and slashing insurance backed by top-rated carriers. Learn more at <a href="http://globalstake.io/">globalstake.io</a>.



<h2 class="wp-block-heading">Citations</h2>



<ol class="wp-block-list">
<li>Boston Consulting Group, &#8220;Managing Risk for the Next Wave of Digital Currencies.&#8221; https://www.bcg.com/publications/2023/managing-risk-for-next-wave-of-digital-currencies</li>



<li>IBM, &#8220;Bare Metal Servers vs Virtual Servers.&#8221; <a href="https://www.ibm.com/think/topics/bare-metal-servers-vs-virtual-servers">https://www.ibm.com/think/topics/bare-metal-servers-vs-virtual-servers</a> </li>



<li>CoinDesk, &#8220;Consensus Annual Report 2023.&#8221; </li>



<li>KPMG, &#8220;Crypto and Digital Assets: Regulatory Challenges.&#8221; https://kpmg.com/us/en/articles/2022/ten-key-regulatory-challenges-2022-crypto-digital-assets.html</li>



<li>Merrill Lynch, “The Multi-Prime Broker Environment: Overcoming the Challenges and Reaping the Benefits <a href="https://www.opalesque.com/files/MultiPrimeBrokerEnvironment.pdf">https://www.opalesque.com/files/MultiPrimeBrokerEnvironment.pdf</a></li>



<li>Forbes, &#8220;The Institutional Guide for Securing Digital Assets.&#8221; <a href="https://www.forbes.com/sites/digital-assets/2023/10/30/the-institutional-guide-for-securing-digital-assets/">https://www.forbes.com/sites/digital-assets/2023/10/30/the-institutional-guide-for-securing-digital-assets/</a></li>



<li>Gallagher, &#8220;SOC 2 Type 2 Certification: What it is and Why it matters.&#8221; <a href="https://security.gallagher.com/en/Blog/SOC-2-Type-2-certification-what-it-is-and-why-it-matters">https://security.gallagher.com/en/Blog/SOC-2-Type-2-certification-what-it-is-and-why-it-matters</a> </li>
</ol>



This content is sponsored and does not serve as an endorsement by Blockworks. The veracity of this content has not been verified and should not serve as financial advice. We encourage readers to conduct their own research before making financial decisions.

The Top Five Digital Asset Staking Pillars Institutions Can’t Ignore

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



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Donald Trump is yet to take office, but the presumed increase in crypto M&amp;A deals under his presidency already appears to be underway.



Crypto on- and off-ramp platform MoonPay has acquired Solana payments startup Helio in an all-equity deal valued at $175 million, Helio CEO Stijn Paumen confirmed today. Paumen added that the entire Helio team will be joining MoonPay. There could be more M&amp;A action on the horizon, especially in the emerging field of crypto payments. Two other founders in the crypto payments space confirmed to me that they’ve seen recent acquisition interest.



MoonPay is a popular service for users trying to purchase crypto using bank accounts, credit cards or PayPal. Helio is more e-commerce focused, most recently making headlines for <a href="https://blockworks.co/news/helio-upgrades-solana-pay-plugin-for-shopify">its Shopify plugin</a> that lets merchants accept payments via the Solana network.&nbsp;



In acquiring Helio, MoonPay is showing an aspiration to expand beyond buying and selling crypto into providing infrastructure for people to pay for goods and services with crypto, Ben Mills, CEO of the on-ramp company Meso, told me. By combining forces, MoonPay is becoming one of the most vaunted outfits in onchain payments, Paumen said.&nbsp;



MoonPay’s Helio deal is one of the crypto sector’s more notable recent acquisitions, joining <a href="https://blockworks.co/news/lightspeed-newsletter-bridge-solana-vc">Stripe’s October purchase</a> of the stablecoin infrastructure company Bridge for a reported $1.1 billion. It feels notable that both of these deals involved crypto payments — which is the technology’s original use case but not one that has caught on very broadly just yet.



Crypto still believes in payments. In Lightspeed’s recent Solana Founders poll, <a href="https://blockworks.co/news/solana-founders-survey-responses">a plurality voted</a> that payments are Solana’s most underrated sector.



Still, how big of a deal this all is remains a matter of perspective. Stripe buying Bridge was a validation for crypto because Stripe isn’t a crypto company, Mills said.



The intra-industry deal of MoonPay buying Helio “feels more like internal consolidation which is probably healthy, but doesn’t tell us much,” he added.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



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