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Welcome back to 0xResearch. Here's what we've got for you today: |
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Bitcoin has started off the month of September flat. After retreating below $58k on Sunday, the top crypto has rallied back to $58.6k thus far on this US holiday Monday. |
Labor Day may at first seem unrelated to Bitcoin and crypto, but they share broader themes of labor, economics, and technological change. |
Bitcoiners maintain that the technology represents a new kind of revolution in the digital age, on par with the Industrial Revolution. |
At its core, Labor Day symbolizes the post-Industrial struggle for worker rights, fair wages, and the efforts to decentralize power within capitalism. Crypto embodies the decentralization of financial power, redistributing it from centralized institutions like banks and governments to individuals. Both movements share a common goal: empowering people and challenging established hierarchies to create a more equitable system. |
Crypto's promise of financial independence resonates with the goals of the labor movement. By providing access to financial services to the underserved, it offers a form of financial independence that mirrors the labor movement's fight for economic equity and fairness, particularly in regions where traditional banking is inaccessible or subject to censorship. |
Labor Day is an opportunity to reflect on the significant shifts in how we think about work, value, and power. Crypto's gradual adoption is part of an ongoing evolution of the global economy and the continuous quest to better society. |
The holiday traditionally represents the end of summer, when many professional traders lock in once again. Expect volatility to pick up later in the week. |
— Macauley Peterson (X: @yeluacaM | Farcaster: @Macauley) |
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Polygon's big week |
Polygon is gearing up for some big changes this week, with the launch of its new token POL. |
MATIC will finally be upgraded to POL on September 4 (at 8 am ET), pending an approval from Polygon governance. Three key PIPs will be executed: |
PIP-19: Update Polygon PoS Native Token to POL PIP-41: Enable Direct POL Emissions to StakeManager.sol PIP-42: Upgrade PoS Staking to Use POL
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Following the upgrade, POL will succeed MATIC as the native gas and staking token on Polygon PoS chain. POL will see an annual emission rate of 2%, half of which will be allocated as staking rewards for validators, while the other half will go to the community's treasury to support the growth of the ecosystem. |
Users will have the option to upgrade their MATIC to POL with no deadline. All staked MATIC however, will be automatically upgraded to POL by September 4. |
As per the Polygon Protocol Governance Call #24, the MATIC to POL transition is not a hard fork and will therefore not require timed coordination amongst the validators to fork at a specific block. The change will be implemented on three different multisigs: the governance multisig, the PoS bridge multisig, and the Protocol Counsel executor multisig. |
The second big upgrade is the Ahmedabad Hard Fork (PIP-37), slated to begin early September and finish mainnet implementation by the end of the month. The hard fork is independent of the upgrades in the L1 contracts for MATIC to POL, and includes the following key changes: |
PIP-30: increasing the maximum code size in smart contracts from 24 kb to 32 kb PIP-36: changing the State Receiver and MRC-20 contracts to replay failed state syncs PIP-45: ticker change from MATIC to POL
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The next Polygon Protocol Governance Call #25 on September 19 will set a date for the hard fork. |
— Donovan Choy (X: @donovanchoy | Farcaster: @donovan) |
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Uniswap vs Aerodrome DEX on Base: |
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98.9% of all new DEX trading pairs on Base are launched with Uniswap. Yet, of the majority of these new DEX pairs, only four pools have more than $1 million in liquidity and $400k in daily trading volumes. |
The majority of trading volumes (85%) on Base is still taking place on Aerodrome DEX, which suggests that Uniswap on Base is merely the preferred DEX protocol for spam-like creations of new trading pairs. Aerodrome has three times the TVL of Uniswap, according to DeFiLlama. |
— Donovan Choy |
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What Bitcoin Did and will do |
The podcast What Bitcoin Did released its final episode on Aug. 30 with guests Jack Mallers, Matt Odell, Harry Sudock, and others. |
After 7 years, and 860+ episodes, Peter McCormack, along with co-host Danny Knowles, who worked on at least 700 of those, are moving on from the travel-heavy bitcoin-focused show. |
"We're having the same conversations over and over again now…if we go into a new bull run, it's like we're going to be making the same shows over again for new listeners," McCormack said during the episode. |
His podcasting days aren't over, however. |
The podcast feed will resume from a permanent studio in London, in a new form and a focus on his English soccer club, Real Bedford FC, which McCormack acquired in 2021. |
According to McCormack, the club maintains a bitcoin treasury of around GBP 4.28 million ($5.4 million). |
"Bitcoin rewards personal principles, ethics, humility," Mallers, who founded payments company Strike, said. Mallers revealed that he had planned to sell Strike in the first quarter of 2021 for "a big number" but backed out of the deal at the urging of acquaintances, and then went to visit El Salvador to discuss how Strike could help the country's bitcoin strategy. |
Bitcoin is a "Promethean" idea, said Sudock. "We have discovered fire, and the world will never be the same again." |
— Macauley Peterson |
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Polygon Protocol Governance Call (PPGC) #24 |
This month's PPGC mainly focused on two subjects: discussing the Ahmedabad Hard For and the PIPs included with it (PIP-30, PIP-36, and PIP-45). Secondly discussing the MATIC-POL transition and the stakeholders it primarily impacts. |
Read more → |
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The L1 Convergence |
Recent discussions within the Ethereum community highlight this broader trend in crypto: L1s are converging on leaderless consensus designs to deliver higher performance and hardened censorship-resistance. magicdhz illustrates the L1 convergence, discusses the two prevailing leaderless consensus designs (multiple concurrent proposers and directed acyclic graph based protocols), and argues refreshing one's perspective on the L1 landscape is an advantageous position for evaluating adoption and the potential investment value of L1s and their applications. |
Read more→ |
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Bukele was right: El Salvador timed the bitcoin bottom almost perfectly |
El Salvador started buying bitcoin every day less than a week after FTX collapsed in November 2022. That was the cycle bottom. |
Read more → |
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Funding Roundup: Lemniscap, Robot Ventures announce new funds totaling $145M |
Space and Time Labs and Edge Matrix topped this week's funding announcements with raises of $20 million each. |
Read more → |
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 | Sreeram Kannan @sreeramkannan |  |
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Multisig risks: summary and the @eigenlayer road ahead
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1. @solana people (@aeyakovenko@0xMert_ ) criticize ETH L2 for having multisig trust assumptions. Their point of view is that Solana L1 is "unconditionally correct" due to social forking of L1, ie, even if a… x.com/i/web/status/1… | | | 9:43 PM • Sep 1, 2024 | | | | | | 342 Likes 42 Retweets | 23 Replies |
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|  | nick.sway ⛽️ @IAmNickDodson | |
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While I disagree we need to make Ethereum "great again", there are a few strategic things I'd like to see as a rollup builder: 1. More physical nodes (8k is not enough, let's aim for 16k)
2. Dropping 32 ETH requirement / enabling more provable decentralized committees (something… x.com/i/web/status/1… | | | 9:25 AM • Sep 1, 2024 | | | | | | 99 Likes 11 Retweets | 3 Replies |
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|  | Ryan Berckmans ryanb.eth @ryanberckmans | |
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What's the point of a maximally decentralized and credibly neutral base layer if many/most of the biggest apps/tokens are centralized? In other words, what's the point of Ethereum's strategy to focus on being the world's settlement layer? An app/token can't be more… x.com/i/web/status/1… | | | 3:00 PM • Aug 30, 2024 | | | | | | 65 Likes 15 Retweets | 3 Replies |
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|  | Tim @Tim_4444 | |
| | Replying to@CryptoCred | Comfy in spot = sad Holding good projects = depressed DCAing from here = utter desperation Crypto is still the future = considering suicide | | | 10:54 AM • Sep 1, 2024 | | | | | | 99 Likes 6 Retweets | 8 Replies |
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|  | Nick White 🤳✨ @nickwh8te | |
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idk who needs to hear this but 1. Sequencing is hugely profitable if your app or chain has users -- @base and @arbitrum make $20-30m annualized profit 2. User onboarding is now on par with web2 UX thanks to embedded wallets like @privy_io and onramps like Stripe Any successful… x.com/i/web/status/1… | |  | | | 9:12 PM • Aug 30, 2024 | | | | | | 184 Likes 14 Retweets | 26 Replies |
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|  | Mudit Gupta @Mudit__Gupta | |
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Time for some hot takes 1) "Core devs" should include smart contract app devs.
2) Most of the token voting and DAOs don't work.
3) A tech startup with non-tech leadership is dumb.
4) Most Crypto x AI/gaming/metaverse projects are scam. | | | 10:01 AM • Sep 1, 2024 | | | | | | 428 Likes 28 Retweets | 28 Replies |
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|  | karbon 🐺🦊 @basedkarbon | |
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Current sentiment on the timeline:
- eth is blackberry myspace litecoin worthless
- sol is only used for crime
- pumpfun destroyed the bull market
- all tokens are worthless scams
- crypto is ruined forever
- we are in the middle of a bull market Yall funny asf | | | 2:01 PM • Sep 1, 2024 | | | | | | 419 Likes 25 Retweets | 27 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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