| Brought to you by: | | Welcome back to 0xResearch. Here's what we've got for you today: | | | | In a "very solid first day" for spot ether ETFs, total net inflows were about $107 million. That comes despite the $484 million in outflows from Grayscale's Ethereum trust (ETHE). | As with GBTC before it, some rotation out of ETHE — which carries a 2.5% management fee — is expected. We'll be keeping an eye on volumes, and how net flows evolve over time. | Bloomberg's James Seyffart speculates that the outflows from ETHE are more pronounced than those of GBTC on day one of the US spot bitcoin ETF trading because the latter was still trading at a discount to NAV at the time of launch. | The Harris arbitrage | Following President Biden's disastrous debate performance last month, I posited that the Polymarket odds for Kamala Harris did not accurately reflect the probability that she would be the Democratic nominee. | At the time, a bet on Harris could be had for $0.04. Today, that market is giving Harris a 34% chance to become president. That's still well below the polling data, which indicates the race for US president is much closer. | Part of that could be the tendency of Polymarket to skew towards the pro-crypto viewpoint. But arguably, more explanatory is the difference between polled voters being asked how they would vote if the election were held today versus how the global betting population is putting money on an outcome. | In the days since Biden announced he would drop out of the presidential race, a prominent Harris memecoin (KAMA) has more than doubled. So, assuming KAMA expresses a Harris-to-win tilt, one way to play the political arb could be a pair trade on Trump via Polymarket with a long on KAMA. (The reverse, Harris + TREMP, might also work.) Adjust the balance for your preferred risk exposure. | Exploring the AggLayer | One difficulty with tracking cross-chain transactions is the need to rely on multiple block explorers. The Polygon-launched AggLayer will need a way to follow along a transaction's lifecycle as well. Polygon and OKX announced a partnership today to do just that. | The goal of the OKX Explorer is to streamline access to onchain data and developer tools across all AggLayer-integrated chains, expanding its coverage from 44 public chains to include all live Polygon chains such as Bitcoin, various EVM networks, Tron and Solana, with Polygon CDK chains to follow. | In April, OKX launched X Layer, a Polygon CDK-based chain that connects to the AggLayer. | — Macauley Peterson (X: @yeluacaM | Farcaster: @Macauley) | | Brought to you by: | | re.al is the permissionless L2 for tokenized RWAs built on Arbitrum Orbit, bringing off-chain yields onchain. re.al is the first L2 to return chain and protocol fees back to users in reETH, ensuring they benefit from the growth of the ecosystem. We've just launched a fully-transparent rewards program returning 10% of $RWA supply to early users. Get started, trading, borrowing, and leveraging a diverse selection of RWAs. Not investment advice or product solicitation and not aimed at US persons. | | | | Block builder centralization: | | The job of an Ethereum block builder is to construct a payload of transactions for a block to be sent to an MEV relay for eventual inclusion in the blockchain. In the past month, that market has tended towards further centralization. | Historically, the bulk of MEV-Boost blocks (~90%) were built by three entities: Beaverbuild, Titan Builder and Rsync. Rsync, controlled by Wintermute, has lost some market share in the past month, leaving Beaverbuild (by market maker SCP) and Titan Builder with oligopolistic control of the market. | — Donovan Choy (X: @donovanchoy | Farcaster: @donovan) | | | The latest major airdrop to hit the market is Avail (AVAIL), a modular data availability layer that the Polygon team spun out in March 2023. Avail is the largest player riding the DA narrative since Celestia's (TIA) successful launch earlier this year. | At present, AVAIL is valued at a $2.2 billion FDV, about 3x less than TIA's $6.8 billion. Token holders can already stake their AVAIL either directly or through a nominated pool. | According to Avail's official dashboard, 5.1% of AVAIL is currently staked, earning an average 20% APY. As more stakers come onboard, however, expect these rates to decline. | — Donovan Choy (X: @donovanchoy | Farcaster: @donovan) | | | Why Solana Mobile Should 100x Their Phone Production | Solana Mobile is a highly ambitious foray into the mobile consumer hardware market, seeking to open up a crypto-native distribution channel for mobile-first applications. The market for Solana Mobile devices has demonstrated a phenomenon whereby external market actors (e.g. Solana-native projects) continuously underwrite subsidies to Mobile consumers. The value of these subsidies, coming in the form of airdrops, trial programs and exclusive NFT mints, have consistently covered the cost of the phone and generated positive returns for consumers. Given this trend in subsidies, the unit economics in the market for Mobile devices, and the initial growth rate and trajectory of sales, it should be expected that Solana mobile can clear 1 million to 10 million units over the coming years. As more devices circulate amongst users, Solana Mobile presents a promising venue for the emergence of killer-applications uniquely enabled by this mobile-first, crypto-native distribution channel. | Read more→ | | Metaplex: A Comprehensive Token Creation Suite on Solana | Metaplex, the leading NFT protocol on Solana, has established a dominant position due to its comprehensive suite of tools. It has a functioning economic model with a buyback program that enhances its value through revenue generated from SOL-denominated fees. While initially focused on NFTs, Metaplex is diversifying its offerings to include non-NFT services, indicating a promising future as a comprehensive token creation suite on Solana. | Read more→ | | | Empire Newsletter: What the sale of dYdX software would mean for DeFi | Plus, are cataclysmic bugs still a threat? | Read more → | | Bitcoin slumps, ether flat as market digests ETH ETF launch | Bitcoin's down Tuesday, while ETH-correlated assets like ENS and ARB see growth. | Read more → | | |  | DCinvestor @iamDCinvestor |  |
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the good news is Barry will eventually run out of ETH to sell | | | 2:31 PM • Jul 24, 2024 | | | | | | 85 Likes 9 Retweets | 11 Replies |
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|  | beaconchain.eth 📡🦇 @beaconcha_in | |
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We just released a significant improvement to v2 beta!🥳 - Monitor the amount of online/offline validators
- Status column: Notifies you about important duties such as sync committees
- Added average network efficiency to spot underperforming setups |  | v2-beta-holesky.beaconcha.in
Testnet Holesky Dashboard - Open Source Ethereum Blockchain Explorer - beaconcha.in - 2024
beaconcha.in makes Ethereum accessible to non-technical end users |
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|  | | | 2:50 PM • Jul 24, 2024 | | | | | | 19 Likes 7 Retweets | 2 Replies |
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|  | Nick White 🤳✨ @nickwh8te | |
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So far the only true killer app of crypto is trading on CEXes. Binance and coinbase have 200M users, and trade billions of dollars a day Unfortunately these "apps" aren't onchain So what's stopping us from building a DEX with CEX-like user experience today? | | | 1:00 PM • Jul 24, 2024 | | | | | | 108 Likes 4 Retweets | 103 Replies |
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|  | James Seyffart @JSeyff | |
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Day 1 Recap: Ethereum ETFs now have $10.2 Billion in assets across 9 ETFs. Volumes on day 1 were over $1.1 billion for the group. Total net flows were +$107 million after a accounting for the massive -$484 million that came out of $ETHE. Very solid first day | James Seyffart @JSeyff UPDATE: First full day of flows for the ETHness stakes are in. The Ethereum ETFs took in $107 million. @BlackRock's $ETHA lead the way with $266.5 million followed by @BitwiseInvest's $ETHW with $204 million. Very solid first day |
|  | | | 10:44 AM • Jul 24, 2024 | | | | | | 1.09K Likes 158 Retweets | 59 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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