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Welcome back to 0xResearch. Here's what we've got for you today: |
Bitcoin DeFi: Hemi Chart: USD stablecoin dominance Degen: Sky launches with Chronicle Points CT: World Liberty *shrug*
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"The Bitcoin maximalist has given way to the Bitcoin pragmatist." |
That's the sentiment of Hemi Labs founder Jeff Garzik, whose company announced a $15 million funding round today. |
Bitcoiners want to do something with their bitcoin other than just hold it in cold storage, Garzik believes. |
Garzik's vision is to move beyond traditional layer-2 solutions, focusing instead on bridging Bitcoin and Ethereum interests. |
At the heart of Hemi's architecture is the Hemi Virtual Machine (hVM). It embeds a Bitcoin node within Ethereum's environment, made possible by a custom version of the Geth execution client. |
One of Hemi's key innovations is its Proof-of-Proof (PoP) consensus mechanism, which provides what Garzik describes as "superfinality." The system secures transactions after 12 Bitcoin blocks, or roughly two hours, without the need for a longer optimistic fraud proof window. This design leverages Bitcoin's security features while maintaining full compatibility with the OP Stack ecosystem. |
Hemi's cross-chain capabilities stand out, with the network supporting both Bitcoin and Ethereum transactions directly from the Ethereum Virtual Machine (EVM). "In Solidity, we can trigger Bitcoin transactions on the Bitcoin main chain and parse incoming Bitcoin payments," Garzik explained. |
Conversely, Garzik said, "our technology will allow sending NFTs from Ethereum mainnet transparently through Hemi onto Bitcoin Ordinals, Runes, etc. or vice versa," although this capacity won't be ready at the outset. |
The long-term goal for Hemi includes expanding its interoperability with other networks like Solana and Avalanche, while also implementing the Lightning Network for instant bitcoin payments. The project emphasizes a modular approach that can evolve with the ecosystem while ensuring strong security and trustless cross-chain transactions. |
Garzik views Ethereum as the "Grand Central Station of crypto" and Bitcoin "the root of the crypto tree." With Hemi, he hopes to marry the two leading networks and open up new possibilities for developers across crypto. |
— Macauley Peterson (X: @yeluacaM | Farcaster: @Macauley) |
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lpETH invites you to the on-chain Pool Party! |
Built by Tenderize Labs, lpETH is an on-chain clearinghouse that reinvents liquidity for (re)staked ETH. Users can instantly unstake ETH and anyone can deposit ETH as liquidity to earn yield collected from swap fees, token bribes and lpETH native incentives. Pre-launch deposits are open for another 21 days, be sure to sign up through Turtle Club before depositing ETH to claim a 66% boost in incentives and a referral code. |
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Anybody want to buy a euro? |
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USD-pegged stablecoins dominate DeFi, with the euro showing up as an almost invisible strip at the top of the chart above, tracking stablecoin growth over time. |
But there is now a bit more to do in DeFi with the second most widely held and traded currency in the world.
Today, Noble introduced EURe from Monerium to Cosmos, and with it euro liquidity to over 90 blockchains in the Inter-Blockchain Communication Protocol (IBC) orbit. Noble brought Circle's USDC to Cosmos in November 2023. |
Separately, Circle's own euro stablecoin EURC got a DeFi boost from Morpho and Moonwell, with a new vault unveiled this week on Base chain. |
— Macauley Peterson |
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Sky Protocol, the new brand for MakerDAO, has released its native tokens, USDS and SKY, along with a mechanism to upgrade existing DAI and MKR tokens. The new tokens provide access to unique features within Sky's ecosystem, such as Sky Token Rewards (STRs) and the Sky Savings Rate (SSR). |
To help kick off USDS adoption, Chronicle, the decentralized Oracle network that has powered Maker's DAI, has become a Sky Stars partner and has introduced Chronicle Points. Token holders can supply USDS to earn Chronicle Points, which will later allow the claim of Chronicle tokens (CLE) at a rate of 10 points per token. |
For now, the points are exclusively available though the new Sky.money dapp although Spark will also provide an avenue to earn them, according to a Chronicle blog post. |
— Macauley Peterson |
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Vertex has established itself as a formidable player in the perps DEX landscape. Its innovative hybrid orderbook AMM design, coupled with the groundbreaking Vertex Edge technology, has allowed it to capture a respectable market share and expand across multiple EVM chains efficiently. |
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Hivemapper: Wen Burn? |
Hivemapper's HONEY rewards have been impressively capital efficient. Given the map market's multi-billion dollar size, the upcoming Bee Dashcam and Hivemapper's relatively low HONEY emissions, we believe onchain net burn of the HONEY token is foreseeable. |
Read more → |
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ARB: A Timeboost Turnaround? |
The ARB token is at all-time lows in terms of both price and public sentiment. At the same time, market share across key performance indicators remains strong and increased monetization via TimeBoost is around the corner. |
Read more → |
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0xResearch readers and listeners are asking a crucial question: What lies ahead for the Cosmos ecosystem? |
At Permissionless, hear from leading voices in Cosmos on the future of the network. |
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BTC price fluctuates ahead of expected Fed rate cut |
The Fed could opt for a 25bps cut considering Tuesday's better-than-expected US retail sales data, industry executive argues. |
Read more → |
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Ethereum is looking more like the "Microsoft of blockchains" every day |
Plus, solana flipping ether is looking more likely than the popular "ETH flipping bitcoin" narrative. |
Read more → |
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 | TFTC @TFTC21 |  |
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Last night, Trump unveiled his World Liberty Financial crypto project on X Spaces. Central to the project is Chase Herro, previously linked to Dough Finance, a DeFi protocol that was hacked for $2 million before going inactive. | |  | | | 7:13 PM • Sep 17, 2024 | | | | | | 18 Likes 2 Retweets | 2 Replies |
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|  | Alexander Urbelis @aurbelis | |
| | Replying to@aurbelis | As an aside, if World Liberty Financial was intended to have longevity, registering the primary domain for more than a year might have been advisable. | |  | | | 6:29 PM • Sep 17, 2024 | | | | | | 5 Likes 4 Retweets | 1 Reply |
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|  | Gwart @GwartyGwart | |
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Mr President, it is an honor to have you scam on the Ethereum blockchain when you could have chosen to scam on many other blockchains | | | 7:54 PM • Sep 17, 2024 | | | | | | 446 Likes 19 Retweets | 28 Replies |
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|  | Zack Guzmán @zGuz | |
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Trump revealed his World Liberty Financial project will be restricted to institutional investors (Net Worth north of $1 million) and holders would also need to KYC This is what the industry was willing to sell itself out for? |  Eleanor Terrett @EleanorTerrett
🚨NEW from me: Trump crypto venture unveiling stirs skepticism; few details revealed Details about @worldlibertyfi turned out to be thin; many seasoned crypto participants came away unimpressed by what they heard. foxbusiness.com/politics/trump… |
| | | 11:48 PM • Sep 17, 2024 | | | | | | 8 Likes 2 Retweets | 2 Replies |
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| | Gwart @GwartyGwart | |
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Mr President, it is an honor to have you scam on the Ethereum blockchain when you could have chosen to scam on many other blockchains | | | 7:54 PM • Sep 17, 2024 | | | | | | 448 Likes 19 Retweets | 28 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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