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Welcome back to 0xResearch. Here's what we’ve got for you today:
Tether announced Alloy
Coinbase announced pre-launch markets
Risc Zero announced zkVM 1.0
Deutsche Telekom announced bitcoin mining
Yesterday, Tether unveiled Alloy, its first Tethered Asset. This new stablecoin is backed by physical gold stored in Switzerland, marking the debut of a new category of digital assets from Tether. Alloy by Tether allows users to mint collateralized synthetic digital assets and will be a cornerstone of a new Tether digital assets tokenization platform launching later this year. Users can already mint aUSDT, the first of these synthetic assets, using XAUT (Tether Gold) as collateral, which currently has a market cap of $573 million.
Coinbase has announced pre-launch markets on both its Coinbase International and Advanced platforms. Mirroring the popular DeFi derivatives platforms like Aevo and Hyperliquid, Coinbase now enables retail and institutional traders to speculate on the price of tokens before they officially launch. Once the underlying token is launched, the pre-launch futures contract will convert into a standard perpetual contract. The first pre-launch market listing on Coinbase Advanced is $EIGEN, with trading scheduled to open today at 12:00 PM UTC. These markets operate differently from standard perpetual futures, using a 4-hour exponential moving average (EMA) of the token's mark prices to determine the index price. Due to the higher risks involved, leverage is capped at 2x, and position sizes are limited to $50,000 notional. These pre-launch markets are available only outside the U.S., Canada, and the UK.
Risc Zero has announced the launch of zkVM 1.0, a production-ready, general-purpose zero-knowledge virtual machine (zkVM). According to the team, one of the standout features of zkVM 1.0 is its cost-effective proving process and enhanced performance metrics. It can generate proofs for any program developed in Rust, enabling the development of complex logic without the usual constraints of size or gas costs. Additionally, zkVM 1.0 will support dapp interoperability across any blockchain network that integrates a RISC Zero Verifier.
Deutsche Telekom, the parent company of T-Mobile, announced at the BTC Prague Conference last week that it plans to start mining Bitcoin. While specific details about their involvement in Bitcoin mining are still under wraps, this move is a notable addition to their existing ventures in digital assets. Deutsche Telekom has been running validators on various networks such as Polygon, Q, Flow, Celo, Chainlink, and Ethereum for years. Additionally, last year they launched the Energy Web Chain, a public blockchain designed for the energy sector.
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Velodrome Price:
Yesterday Quiver Quantitative shared on X that Representative Mike Collins had “disclosed a purchase of a cryptocurrency called Velodrome.” The tweet concluded with: “The coin appears to have a market cap of less than $100M. This is the first time we have ever seen a politician trade it.”. Although the tone of the tweet might come off as a bit cringe-worthy for crypto natives, since the post at 2:50 PM, the token’s price has surged 36% to its most recent peak in just a few hours. Unsurprisingly, it quickly retraced back to previous levels.
Ethereum, long heralded as the undisputed leader in the blockchain space, is starting to show signs of vulnerability. Its once unshakeable position is now being challenged by a new wave of competitors, innovative technologies and evolving market trends. The landscape is shifting, and Ethereum's dominance is no longer a foregone conclusion.
Earlier this year, Sanctum launched Infinity - multi-LST pool on Solana that improves liquidity for a growing list of LSTs and makes it really easy for users to swap between them. Sanctum’s one-stop shop for LSTs is well-positioned to play a key role in fostering Solana’s LST market expansion, and the upcoming $CLOUD launch is designed to offer the community and investors an opportunity to purchase $CLOUD at a great price.
Plus, it’s beginning to look like we may be in for a cruel summer.
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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.
