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Welcome back to 0xResearch. Here's what we've got for you today: |
New testnets for next wave of crypto innovations Chart: 81% of devs now outside the US Governance: Aragon's new foundation
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Newsy potpourri |
Even taking into account yesterday's global market selloff, the "Uptober" framing, in the end, did not disappoint. |
For the month, bitcoin was up about 11% to close at the second-highest monthly level ever. US bitcoin ETFs saw $2.28 billion in inflows this week (excluding today), capping off a month of roughly $5.63 billion entering the segment. |
While it remains to be seen whether that capital is sticky or more of a temporary basis-driven trade, BTC bulls have nothing to complain about. |
Heading into November and the US election week, short-term BTC options volatility has surged and inverted the term structure. Several commentators see it as echoing the trends in the run-up to the launch of US spot bitcoin ETFs at the start of the year. |
BTC futures open interest accelerated in October, showing steady demand amid election positioning. |
New testnets |
Space and Time Labs launched the SXT Chain testnet at Chainlink SmartCon in Hong Kong. The move brings a zk-verifiable blockchain indexing platform for developers one step closer. SXT Chain, which uses the ZK Stack, enables decentralized, zk-proven data delivery to smart contracts and is expected to facilitate new possibilities, like onchain credit scoring. |
Through what Space and Time calls "Proof of SQL," developers can query and verify data across chains, including Ethereum and ZKsync's Elastic Chain ecosystem. |
Also launching a testnet this week is =nil; Foundation, debuting its Ethereum L2 powered by zkSharding. Following a successful devnet debut, this release showcases protocol upgrades and a handful of dapps, such as Uniswap v2 demo DEX functionality in a sharded environment. |
The zkSharding framework is one option for overcoming the fragmentation currently plaguing Ethereum L2s. It combines appchain scalability with monolithic composability, according to new CEO Avi Zurlo and co-founder Konstantin Lomashuk. Backed by Polychain and Blockchain Capital, =nil; is planning further testnets in 2025. |
Nomic has launched its Babylon bitcoin staking on Ethereum testnet. Nomic offers a decentralized solution for bitcoin staking via Babylon, allowing users to avoid centralized custodians. Bedrock's uniBTC, a liquid staking token (LST) with over 2,000 BTC staked, will be among the first to adopt the protocol. |
Mainnet and further EVM chain rollouts are planned for the coming months, pending the increase of Babylong deposit caps. |
A twist on the restaking airdrop? |
Zircuit has launched what it calls the "EIGEN fairdrop," an airdrop of 2% of its total supply distributed equally among 190,000+ eligible EIGEN holders. The fairdrop, which is based on an Oct. 8 snapshot, will grant eligible participants who have at least 3 EIGEN tokens — excluding the EigenLayer team and investors — a share of the ZRC token distribution. |
— Macauley Peterson (X: @yeluacaM | Farcaster: @Macauley) |
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Top crypto developer countries: |
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Continuing yesterday's discussion of industry trends, Electric Capital's analysis of over 110,000 crypto developers reveals a major geographic shift: Although the US still leads other individual countries, 81% of crypto devs now reside elsewhere. The trend underscores the innovation talent drain absent clear crypto regulation. |
More broadly, Asia has overtaken North America, with Asia's share rising from 13% to 32%. |
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The ANT Redemption Initiative allows token holders to redeem ANT for ETH until Saturday, Nov. 2. |
As the deadline looms, the Aragon Project has established a new Aragon Foundation. A Swiss-based non-profit entity is being dedicated to advancing its mission of decentralized governance. The foundation is governed by a strategic council comprising experts from the Ethereum ecosystem, including Sandeep Nailwal (Polygon co-founder) and Sacha Yves Saint-Leger (Lido Research), and is tasked with overseeing the project's strategic direction and managing its treasury. |
An administrative council will handle daily operations and compliance. The Aragon Foundation operates independently of Aragon X — the team developing new products — though both entities share aligned goals. |
Critics claim the Aragon Foundation is using funds from Aragon's treasury, which was originally raised for other initiatives. |
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Does Gwart Hate Ethereum? |
In this week's 0xResearch podcast, Blockworks analysts dive into AI agents and DAOs, Raydium Protocol's cashflow power, and Blockworks' mixed views on Solana. They discuss how AI agents are revolutionizing memecoins by turning them from static assets to immersive, interactive experiences that stand to unlock larger market potential. |
The episode features special guests Michael Ippolito and Gwart. |
Listen → |
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What a metaverse coin and a Trump-linked stock have in common |
Why that the bull market might not start until 2025. |
Read more → |
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September PCE figures shouldn't scare markets |
August's annual headline figure came in at 2.3% after an upward revision Thursday, so things are moving in the right direction. |
Read more → |
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 | Ignas | DeFi @DefiIgnas |  |
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Scroll's TVL and $SCR price are both down by a massive 50% post-airdrop. The community is furious but I believe Scroll's team didn't really do anything particularly bad. Yes, communication might have been better, and allocation to Binance was too high. However, they played… x.com/i/web/status/1… | |   | | | 2:25 PM • Oct 31, 2024 | | | | | | 254 Likes 21 Retweets | 83 Replies |
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|  | Eric Balchunas @EricBalchunas | |
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$IBIT took in more cash than any other ETF in the world over the past week. This is out of 13,227 ETFs, which includes $VOO $IVV $AGG etc. It's so hard to beat those veteran Cash Vacuum Cleaners, even for a week, especially for an infant ETF (3mo-1yr old) | |  | | | 7:43 PM • Oct 31, 2024 | | | | | | 1.57K Likes 260 Retweets | 41 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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