| Brought to you by: | | | Welcome back to 0xResearch. Here's what we've got for you today: | | | Babylon sees $1.4 billion in deposits | Babylon is a restaking protocol on the CometBFT consensus that saw a mainnet launch in August. | As of today, the Babylon chain has racked up an impressive 23,000 bitcoin ($1.4 billion) staked from 25.3k stakers. That puts it in the TVL ballpark of major restaking protocols like Symbiotic ($1.5 billion) and EigenLayer ($10.7 billion). |  | Babylon @babylonlabs_io |  |
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🎉 Cap-2 Completed! 🎉 Today, Babylon reached an incredible milestone—almost 23,000 bitcoins staked in Cap-2! A big thank you to all of our stakers for being part of this journey | | | 11:27 PM • Oct 8, 2024 | | | | | | 313 Likes 44 Retweets | 31 Replies |
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| Unlike previous sidechain attempts at bridging bitcoin to smart contract chains, Babylon offers a trustless coordination layer to do so without technically bridging bitcoin. | This is achieved through the use of Cosmos's Inter-Blockchain Communication (IBC) protocol to communicate messages between networks, and a mix of cryptography methods like "covenants" to lock bitcoin in a time-locked self-custodial vault until conditions are fulfilled. Additionally, timestamping is used to synchronize a record of transactions on PoS chains. | To get around the lack of smart contract compatibility on the Bitcoin chain, Babylon's design requires stakers to use their private keys to lock and unlock their stake, which is then delegated to a trusted validator for a fee. | In the event of malicious behavior, the validator's private key is revealed and slashed with extractable one-time signatures (EOTS) — a concept that builds on Bitcoin's Schnorr signatures algorithm. | This architecture allows bitcoin stakers to "bridge" their bitcoin into a PoS chain, and receive a yield that is paid out in the destination PoS chain's tokens, a future feature to be implemented. | Presently, the two largest stakers are liquid restaking protocols Lombard, and Solv Protocol, which have a total delegated 7166 and 6009 bitcoin, respectively. | Solv Protocol also announced yesterday the Staking Abstraction Layer (SAL), a framework to standardize token standards across the growing number of bitcoin derivative tokens. | Due to its lack of smart contract capabilities, Bitcoin DeFi must go cross-chain. This in turn creates a need for such common standard frameworks. | Various cross-chain token standards have been used in Ethereum DeFi to create standardization, such as LayerZero's OFT (Omnichain Fungible Token) and Axelar's ITS (Interchain Token Service) standard. | — Donovan Choy (X: @donovanchoy | Farcaster: @donovan) | | | Is AI x crypto overhyped? Permissionless is bringing you the highest signal conversations at the nexus of these two nascent technology sectors. | | | | Most Polymarket users lose money: | | As with most casino-based businesses, most Polymarket users are unsurprisingly in the red. Based on Layerhub's data, 86.7% of users have made losing bets on the prediction market. Only about 2,148 (1.2%) of Polymarket users have made profits of upwards of $1k. | | | | The oracle landscape is changing rapidly as crypto upgrades from DeFi 1.0 to DeFi 2.0. Given these new dynamics, Total Value Secured is no longer an effective metric for evaluating oracles. Total Transaction Value is a more accurate measure of oracle fundamentals, as it is more strongly correlated to frequency of oracle price updates and therefore oracle revenue. | In a recent report from Blockworks Research, research manager Ryan Connor explains why moving to this measure meaningfully recalibrates our estimates of oracle market share, revenue potential, and the potential for oracle commoditization on a go forward basis. | | | | Starting from scratch: A new architecture looks to challenge incumbents | Delta comes out of stealth with $11 million in funding, and some novel ideas. | Read more → | | [Opinion] We are all Satoshi Nakamoto — except Peter Todd | Has Satoshi Nakamoto been here the whole time, working on Bitcoin Core? | Read more → | | |  | Zaki ⚛️🍷 @zmanian | |
| | Replying to@aeyakovenko | @cburniske 1. Centralized Stablecoins are real PMF. 2. Cefi with on chain receipt token has demand. 3. Defi has competitive spot/ leverage markets. 4. DeFi Governance tokens even with cashflows have no natural buyer with current structures. Well defined cashflows actually tend to strip… x.com/i/web/status/1… | | | 6:43 PM • Oct 6, 2024 | | | | | | 39 Likes 4 Retweets | 2 Replies |
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|  | slappjakke.eth 🦇🔊 @Slappjakke | |
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Looks like @PanteraCapital also decided to add 500k $AERO today That's the third fund to publicly accumulate on doxed wallets tagged by @nansen_ai - @cbventures
- @TheSpartanGroup
- @PanteraCapital And we all took the hint from @Arthur_0x at @DeFianceCapital | |  | | | 7:15 PM • Oct 7, 2024 | | | | | | 375 Likes 55 Retweets | 22 Replies |
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|  | Entropy Advisors @EntropyAdvisors | |
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It's not often you see protocol KPIs increase post-TGE, but when it happens, it's wise to pay attention. @pear_protocol is starting to demonstrate strong product market fit after launching its token ~6 weeks ago, which gives traders convenient access to crypto pair trading with… x.com/i/web/status/1… | |   | | | 6:29 PM • Oct 8, 2024 | | | | | | 73 Likes 19 Retweets | 5 Replies |
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|  | Ghost @0xGhostLogs | |
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Let's look at Solana MEV for September -> We'll also look at Jito bundle compositions -> A DATASET of 1M atomic arbs is available Did you know that the top atomic arb searcher on Solana doesn't use a custom program? They route through Jupiter's program. More on this in a bit.… x.com/i/web/status/1… | |     | | | 9:49 PM • Oct 8, 2024 | | | | | | 128 Likes 34 Retweets | 3 Replies |
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|  | Wei Dai @_weidai | |
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I often get asked by builders and founders what's next in crypto infrastructure. If you want to build novel multi-cycle projects, read this 🧵 Two guiding principals to navigate the crypto infra idea maze:
1. Study pain points of devs & users
2. Think bigger and outside the box | Wei Dai @_weidai 5/ Next, here are areas where I still see possible 0-to-1 or 10x disruptors: 1. AVS tooling & infrastructure
2. Interoperability (beyond bridges)
3. Application-specific platforms beyond EVM and SVM |
| | | 4:40 PM • Oct 8, 2024 | | | | | | 35 Likes 4 Retweets | 2 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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