| Welcome back to 0xResearch – quick hitting alpha for the crypto degens. Here's what we got for you today: | | | | Bitcoin has been under substantial sell pressure, following equity markets lower, to start US trading hours. This comes alongside the disclosure of a Japanese crypto exchange hack of 4,500 BTC, worth north of $300 million. | In the past four hours, bitcoin is off -2.9%, while the S&P and Nasdaq have shed -0.6% and -1.6%, respectively. | Some $4.7 billion of BTC options open interest expires today out of a total of $19 billion, according to Luuk Strijers, CEO of options exchange Deribit. Max pain for options traders is at $66,000, while some 3,500 $70,000 strike calls are at risk of expiring worthless. | Based on the negative Put-Call skew, traders are positioned for a bearish start to June, Strijers said. | What's in a name? | Proponents of zero-knowledge proof tech are in a tizzy over a trademark attempt. | Matter Labs, developers of zkSync, have pending applications to trademark "ZK" in Australia, Canada, Indonesia, Israel, Mexico, Philippines, Singapore, Switzerland and the USA, data from the World Intellectual Property Organization shows. | The company has also filed for trademark protection of "ZK Sync," "ZK Credo," and "ZK Quest," so it's perhaps unsurprising they're trying to cover all the bases when it comes to their brand name. | But representatives from StarkWare, Polygon and Polyhedra allege the move is a bid to "further cement [Matter Labs'] claim over an entire technology that they played no role in creating." | That sounds like hyperbole, but there is a point to arguing that "ZK" is too generic to warrant trademark protection. | Matter Labs CEO Alex Gluchowski counters that trademarks "exist to protect users, not companies" and that the application is purely "defensive" in nature. | In other words, Matter Labs has no intention to go after companies with "ZK" in their names, so long as they are not confusing consumers. | The application is fairly broad, covering three categories (known in Trademark Law as Nice Classes). There is one for information technology, another covering financial services, and a third encompassing professionals in design and the development of computer software. | Meanwhile, Matter Labs' competitors are milking the prima facie case for malign intent to make marketing mascarpone ahead of zkSync's rumored token launch. | The test will be what happens if the trademark is granted. | If, as the critics say, the aim is "to convince exchanges to allow [Matter Labs] to register a token under the ticker name ZK," then it seems entirely sensible to reduce the risk of others launching a "ZK" token, which would legitimately be confusing. | Speaking of which, an essay by a partner at venture firm NFX suggests the US Treasury should go after the trademark for "USD." That would give them leverage to define what a digital dollar should be, the argument goes. | I wonder what the "zealous proponents of the libertarian, cypherpunk ethos" think about that one? | — Macauley Peterson (X: @yeluacaM | Farcaster: @Macauley) | | | | The DeFi landscape is set for a seismic shift with COREx, developed on CoreDAO and harnessing the BTC environment. COREx aims to transform the DEX experience with a superior trading interface, extensive customization options, integrated social features, and cutting-edge AI capabilities through worldwide partnerships. Don't miss out—join the platform now and be part of an airdrop worth up to $300,000. | | | New Near wallets: | | For a chain with disparate narratives from AI to ZK research, Near has posted some impressive, yet largely unheralded, growth numbers. | With the caveat that individual metrics like transaction counts and TVL are frequently gamed, Near proponents point to several apps built on the chain that have gained real traction, like KaiKai in Singapore, Sweat Economy, and more recently the Hot MPC wallet. | As crypto markets have ranged lower, Near's apparent usership has been steadily up and to the right for six months. | | | Aave V4: A Vision for 2030 | On May 1, Aave Labs introduced two Temp Checks on the Aave Governance forum: Aave V4 and Aave 2030. These proposals outline a vision for several substantial innovations and iterations to the Aave Protocol, and seek to engage the community for discussion and feedback on the roadmap. These changes aim to improve capital efficiency, enhance chain abstraction, and support the adoption of Aave's GHO stablecoin. At large, the proposed changes seek to both defend Aave's incumbent position as the premier onchain money market, but also position the protocol to remain competitive for the years to come. | Read more→ | | Optimism's Superchain Strategy | Optimism's OP Stack has shown strong signs of adoption throughout 2024, thanks to breakout consumer apps like Farcaster and Zora. Upon completion of the Superchain roadmap, Optimism should continue to attract more developers and users. | Read more→ | | | Japanese crypto exchange reports bitcoin theft worth $305M | DMM Bitcoin said customer bitcoin deposits "will be fully guaranteed" in the wake of the hack. | Read more → | | Tether moves deeper into bitcoin mining with Bitdeer investment | The Bitdeer share issuance generated $100 million in gross proceeds and could provide $50 million more. | Read more → | | |  | Wajahat Mughal @0xMughal |  |
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I love onboarding people. I think CT feels the same. We just don't like scammers & people who want to extract capital from others with low value shit. Your celebrity friends have added no value to this space whatsoever. | Ansem 🐂🀄️ @blknoiz06 if there's anything ive learned over the past few months it's that CT really hates normies |
| | | May 31, 2024 | | | | | | 9 Likes 0 Retweets 1 Reply |
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|  | Chris Burniske @cburniske | |
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'Crypto apps' that hit next year will spin up users at a rate on par with ChatGPT -- users will onboard in the tens to hundreds of millions, en masse, quickly. We'll go from asking, "Where is the adoption?" to running around with our hair on fire with too much adoption.… x.com/i/web/status/1… | | | May 30, 2024 | | | | | | 1.03K Likes 127 Retweets 110 Replies |
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|  | Hart Lambur (🥚,🥚) @hal2001 | |
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Who's the CHEAPEST bridge: an analysis, with data! Read on for more. Conclusion:
For the average L2 to L2 transfer, @AcrossProtocol is clearly the fastest and cheapest bridge. For the average ETH to L2 transfer, Across is far faster and cheaper than Stargate's fast bridge, and… x.com/i/web/status/1… | Hart Lambur (🥚,🥚) @hal2001 Just bridged 0.1 ETH from Arb to OP. Across took 2 seconds and cost $0.097 Stargate v2 "fast" took 49 seconds and cost $0.174
Stargate v2 "cheap" took 83 seconds and cost $0.119 Across is WAY faster and cheaper than Stargate v2. Let's drop the false marketing, ok? x.com/i/web/status/1…x.com/StargateFinanc… |
|  | | | May 31, 2024 | | | | | | 116 Likes 16 Retweets 19 Replies |
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|  | boccaccio @tripleboccaccio | |
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Nearly $260M for a "gaming catalyst program" is insane and will almost definitely be misspent and misallocated. I see this money being spent in three ways:
- Partnerships with existing, semi-dead, non-crypto games to launch some portions (ranging from an NFT collection to a… x.com/i/web/status/1… |  | | | May 31, 2024 | | | | | | 115 Likes 7 Retweets 20 Replies |
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|  | Jeff Roberts @jeffjohnroberts | |
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Here we go. Crypto debate b/w @ammori for Team Blue vs @twobitidiot for Team Red Ammori calls for crypto to be bipartisan, Selkis says Trump or die |  | | | May 30, 2024 | | | | | | 69 Likes 4 Retweets 7 Replies |
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|  | Alex G. (∎, ∆) @gluk64 | |
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Matter Labs is a zealous proponent of the libertarian, cypherpunk ethos and the values stated in the ZK Credo. We reject the very idea of "Intellectual Property". Everything we create is released to the public under free open source licenses. Trademarks, however, exist to… x.com/i/web/status/1… | StarkWare 🐺🐱 @StarkWareLtd ZK is a public good that should belong to everyone. Matter Labs, the corporate entity behind @zksync, has filed trademark applications in nine countries, claiming ZK as its exclusive intellectual property, even though they neither created nor contributed to the creation of this… x.com/i/web/status/1… |
| | | May 30, 2024 | | | | | | 1.93K Likes 350 Retweets 597 Replies |
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| The insights, views and outlooks presented in the report are not to be taken as financial advice. Blockworks Research analysts are not registered broker/dealers or financial advisors. Blockworks Research analysts may hold assets mentioned in this report, further outlined in the Firm's Financial Disclosures. | |
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