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🟣 Majors setting up for strong weekly close

ETH ETF launch approaches

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Welcome back to 0xResearch. Here's what we’ve got for you today:

  • Wait and see mode on markets, ETH

  • WazirX details emerging

  • Stablecoins in DeFi

  • Tranchess gets into points farming game

Crypto market consolidation following the latest impulse up is right on target. Bitcoin holding above $62.5k is generally good.

All eyes are now on the spot ether ETF launch, expected as soon as next Tuesday.

Whither EOF?

Ethereum core developers are not done arguing over the merits of including EVM Object Format (EOF) in the Pectra upgrade.

Thursday’s ACD call was dominated by debate over the skeptic view expressed by Geth developer Marius van der Wijden in a recent blog post.

The fragile consensus coming out of the meeting was to proceed as planned — with EOF staying in — pending the outcome of the next Devnets and subsequent testing.

But Marius, and to a lesser extent the Geth team, have basically drawn a line in the sand. To paraphrase, “if something goes wrong with EOF, it’s not our problem.”

Wazzup WazirX

Following yesterday’s exploit in which Indian crypto exchange WazirX lost roughly half of its $500 million in reserves to suspected North Korean hackers, its custody partner Liminal wants you to know it’s not their fault.

A new “forensic analysis” posted by the company details how WazirX private keys may have been leaked via a posited man-in-the-middle attack.

Blockworks has contacted WazirX for their side of the story, but has yet to hear back.

— Macauley Peterson (X: @yeluacaM | Farcaster: @Macauley)

Applications for student tickets are open! For only $99 you can access:

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This application is open for students currently enrolled in college or university. Applications will be reviewed on a rolling basis.

USDC vs USDT:

When it comes to stablecoins, Tether’s USDT has reigned historically thanks to its first-mover advantage. Yet, its onchain usage is surprisingly lacking, with only 11.5% of its total market cap ($12.8 billion) held in smart contracts. Coinbase’s USDC fares far better in that regard, with at least 20% of circulating USDC ($7 billion) held onchain in smart contracts.

Additionally, the above chart illustrates a higher TVL distribution of USDC vs. USDT in 150 protocols, suggesting that USDC is the most diversified stablecoin driving DeFi.

— Donovan Choy (X: @donovanchoy | Farcaster: @donovan)

Tranchess EtherFi tie-up

Tranchess has emerged from its bear market lull and grown its TVL almost fivefold to $317 million, on a year-to-date basis. Launched in June 2021, Tranchess was birthed as a structured product dapp on BNB Chain that sought to bring the TradFi concept of “tranched funds” into DeFi, where yield is sliced into different risk-return tiers for investors.

Over time, Tranchess offered the first liquid staking product on BNB Chain and has today stepped into Pendle territory with a yield-trading product on Scroll.

Called “Turbo & Stable,” the products allows users to effectively deposit whitelisted collateral and choose to earn a stable yield return (Stable) or a riskier, leveraged return with interest (Turbo) until maturity.

The protocol is today collaborating with EtherFi to introduce eETH. By depositing eETH with “Turbo,” users can accumulate EtherFi, EigenLayer and Scroll points all in one trade at a 40x multiplier. Alternatively, users can opt for a fixed 15.1% yield.

— Donovan Choy (X: @donovanchoy | Farcaster: @donovan)

ZKPs enable efficient off-chain transaction processing and validation, resulting in increased throughput and reduced fees. Solana's ZK Compression leverages ZKPs to minimize onchain storage costs, while Sui's zkLogin streamlines user onboarding by replacing complex key management with familiar OAuth credentials.

By offering highly granular real estate price feeds and creating new markets, Parcl aims to attract a diverse range of participants and provide new investment and hedging opportunities in the real estate sector, potentially expanding overall RE market activity.

Plus, is Polymarket this cycle’s breakthrough mainstream app?

The crypto asset manager lowered its planned fee from 0.25% to 0.15%, undercutting its competitors.

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.