prev @blockworksres & @thespartangroup | Views are my own
Singapore
Joined January 2022
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Kunal Doshi retweeted
I wonder who is the top-2 staker of $PAPER and who is in a good spot to have additional source of income for buybacks and burns with 20% of supply already burned.
Core lending: The Exchange will now be able to supply idle USDC to HyperCore's native lending market, with the accruing interest being routed to stakers.
Also, seems like a lot of stuff is still in stealth and yet to be announced. TVL dropped a lot but still at $20M with trading activity still happening.
After team announced no transferability / tradeability on PAPER in the near future i assume a lot of farmers has left which leaves us with mostly active traders who are using the platform for their own reasons.
But seems like transferability of staked PAPER has been added to core contract for the future. Doesn't mean we get tradability soon though, with contract level yield piping can open up some unique use cases. And again, this is beneficiary for a project mentioned in the beginning.
Staked PAPER transfer module: PaperStaking gains a whitelist of transfer enabled contracts, along with contract level yield piping. This code is unused for now but will be necessary for future updates.
If you wonder who is one of the main beneficiary of all these updates - it's @paperstrategy_ btw built by @eth_elian @plusthomasx and team. They have built a terminal which allows you to use their prop farming strategies for PAPER.
Disclosure: I bought and still hold all my $PSTR
My 2% stake became 2.5% by simply holding.
I think at ATH my bag was worth around quarter of a million. Roundtripped - yes. But why I haven't sold any?
Because it's rare to have almost a fully autonomous system running and which you can bet on as an only liquid exposure to a project which can re-gain traction and has unlimited upside if it works out.
Think @izebel_eth and team can push papertrade as a platform further and seems like I'm far from the only one thinking the same.
@papertrade_xyz is in a category of asymmetric bets with @paperstrategy_ being the only liquid way to express this thesis.
If you are going to buy - remember there is a 10% tax on buys and sells, which goes to treasury to acquire more PAPER.
This is not a quick flip, road ahead is uncertain and non-obvious but high risk high reward, amirite?
Five contract level upgrades have been pushed to the timelock. The non-atomic nature of hyperliquid core and EVM blocks, along with the still broadly un-battletested precompiles necessitates extensive, heavy testing as the design patterns papertrade employs are unusual to see in solidity. Papertrade, by its nature is a risk on protocol. But when it comes to striking a balance between speed and security, security will always remain paramount, particularly when it comes to production contract changes.
Core lending:
The Exchange will now be able to supply idle USDC to HyperCore's native lending market, with the accruing interest being routed to stakers.
Collectibles:
A factory plus per-collection ERC-721 contracts for exchange collectibles and themes.
Staked PAPER transfer module:
PaperStaking gains a whitelist of transfer enabled contracts, along with contract level yield piping. This code is unused for now but will be necessary for future updates.
Sweep timing fix:
HyperEVM big blocks share a timestamp with a preceding small block. Whilst never triggered in production this could cause an ill-timed deposit sweep to fail and so the contract level timing checks are switching to block numbers rather than timestamps.
Direct LP donation:
A new admin locked donateToLp call moves USDC from a designated donor account into the LP's cash, providing a clean path for regulating externally held USDC back into the LP.
At some point we will likely write up a blog on our retrospective of the first month of papertrade, but we are few and there are only so many hours in a day or hats a man can wear.
A final quick thank you to those who helped out with adversarial testing, game theory and the general math that went into last month's upgrade, you know who you are. To those who are still confused -- often boisterously so, we thank you for sticking around for long enough to show you care.
good luck to us.
Despite the market drawdown, @ether_fi is one of the few protocols whose revenue continues to trend higher week over week.
The Card now accounts for 64% of its revenue, and very few other neobanks are funding their cashback through organic revenues / rewards.
Card spend reached $34.5M last week and remains leagues ahead of other crypto neobanks such as Ethena Pay and Plasma One.
While the metrics have understandably fallen week over week, I found another potential nugget onchain.
It looks like @Collector_Crypt may be looking to capture more revenue with a branded dollar stablecoin for @ripmartHQ called RipCash, with the ticker RIPUSD.
The exact mint address appears in the payment configuration of a Ripmart-branded app hosted under Collector Crypt’s domain. Bridge also has a public reserve page for that same mint, reporting matching supply and cash backing.
This hints at a potential payment integration. Currently Bridge reports 10,011 RIPUSD. The last successful mint was on October 16. On October 29, a new, empty token account was created and immediately frozen, which looks consistent with testing the freeze function.
On how it works, my guess is that users could deposit dollars, receive a RipCash balance, buy packs or cards, and receive proceeds from sales or buybacks into that same balance. Most users probably won’t know they are using a stablecoin underneath.
On the revenue side, Bridge lets businesses launch branded stablecoins and potentially earn a share of the income generated by their reserves. If Ripmart eventually holds meaningful customer balances, that could become an additional revenue stream.
Estimating the revenue potential is tricky. It depends on how much money stays in the ecosystem, for how long, and what percentage of spending comes from recycled balances versus new deposits.
You can get creative with the assumptions to paint various scenarios. But things could be interesting if the instant buyback feedback loop and the overall livestreaming experience can hook users enough to keep balances within Ripmart.
Still a few question marks around the commercial arrangement and the revenue split with CC. I also have yet to see an actual card purchase or buyback settled in RIPUSD.
It seems that every major protocol is going down the road of internalizing their stablecoin revenue.
reserves.bridge.xyz/ripusd
Very much slept on imo.
Over the same period, @paperstrategy_ has outpaced PAPER inflation by 3.9x while conserving its treasury.
A few ways to think about it.
First, since @papertrade_xyz announced that PAPER would remain non-transferable, volumes have remained organic. There are clearly users who want to use the product (as much as people hate to believe it).
Both platforms also benefit most when the market sells off, so I see PSTR as a hedge against market sell-offs over time.
But even if you strip out the sell-off-driven spikes since Oct 19th, PaperStrat has been burning an average of $6.3K per day. That annualizes to $2.3M while the token sits at a $1.6M market cap.
And all this is while the platform has seen some of the worst sentiment on the TL. If @izebel_eth ships something meaningful, and he has already posted that they are building in stealth, we could be in for a ride.
To be fair, the risks are:
-A strong rally would likely put the LP in the red, which could be difficult to get out of.
-The PaperStrategy treasury could run out, resulting in further dilution.
It is a game of risk to reward, and I am liking the odds. But yes I also do have bag bias.
papertrade stakers earned $983k in the last 24 hours.
since oct 19 when papertrade announced PAPER would stay non transferable, paperstrategy has:
- earned $205k in staking revenue
- bought back and burned 78.1M $PSTR, 7.8% of the supply
at that pace, the next 2 months would mean another ~$690k in staking revenue.
Kunal Doshi retweeted
Last week was my last week at @Blockworks
Grateful for the opportunity to work alongside such a talented team, and for everyone who read, challenged and supported my research over the past year. I have a lot of confidence in the direction Blockworks is taking and look forward to seeing what the team achieves.
I remain very bullish on this industry, particularly the themes I’ve been highlighting throughout that time. In my view, we’re still in the infancy of a far better financial system, and I’m eager to play a part in that through research, investing or building.
Excited for what’s next. For those in London, I’ll be around for the next two weeks.
Kunal Doshi retweeted
this is my last week at @Blockworks.
after 2 years at Messari and another 6 months at Blockworks following the acquisition, i'm really grateful for the people i've worked with, everything i've learned, and the research i've published.
it's sad to see one of the leading crypto research firms shift its focus away from research. i understand the decision to prioritize product, but i think independent research matters more than ever, especially as AI makes original human thinking and analysis increasingly valuable.
for now, i'm taking a little time to reset and finish up my personal crypto asset valuation framework, dashboard, and whitepaper, which should be launching in the next week or so.
after that, i'll be looking for new opportunities in crypto research, investing, and beyond. excited for what's next.
Kunal Doshi retweeted
This week was my last at @Blockworks
When I joined in early 2025, Blockworks was already one of the most respected names in crypto research. In under two years I watched the company bring Messari into the fold, launch a new product suite, and turn the Token Transparency Framework from an idea into a disclosure standard that now reaches Bloomberg terminals.
The research team set a bar for rigor I'll carry with me everywhere. I also got to build alongside some of the sharpest people in crypto. Thank you to everyone who made it such a great place to learn and build.
As for me, I’m taking a moment and then looking for what’s next: somewhere I can be a Swiss Army knife across research, data and product.
Kunal Doshi retweeted
this was my last week at @Blockworks
Grateful to the company and colleagues.
But also happy to move on to what’s next
While most AI equity names are selling off on increased regulatory concerns, I think these concerns could actually strengthen PRL's value proposition. The way it has held up during the sell-off is also encouraging.
Think about it. The new AI regulations being proposed by Democrats are focused on limiting data center construction, protecting consumers from rising electricity costs, and making the AI infrastructure buildout more sustainable.
If data center construction becomes more constrained and expensive, maximizing the economic output of existing GPUs becomes even more valuable.
This is where @prlnet's model becomes interesting.
Instead of using GPUs solely for AI inference, Pearl aims to allow inference providers to earn two streams of income from the same computation which are revenue from serving AI customers and PRL mining rewards.
As infrastructure and operating costs rise, this additional revenue could become increasingly attractive to inference providers trying to protect their margins.
The upcoming FP8 upgrade is an important catalyst, making Pearl's mining computation compatible with the formats used by modern AI models. This could push network hashrate even higher, having already nearly tripled since August.
If the AI industry is forced to become more capital efficient, Pearl could find itself increasingly relevant as a way for inference providers to extract more value from their existing infrastructure.
Am $PRL pilled.
Today’s my last day at @Blockworks.
No regrets looking back. Over the last year, I’ve come to realise that a good research piece is like telling a story, and I’m grateful to have had the opportunity to help numerous protocols tell theirs.
Equally grateful for my time at the company and for being surrounded by some of the sharpest folks I’ve had the chance to learn from.
Let’s see what’s next, but I’m sure this is the start of something exciting.
Well well well. Higher
solana:CARDSccUMFKoPRZxt5vt3ksUbxEFEcnZ3H2pd3dKxYjp
The first recent listing of the many. I am confident we get @Official_Upbit and @binance by the end of the year.
Breakdown of the latest burn.
Yet again, team wallets, including one linked to @TuomHolmberg himself, burned 876K tokens from their latest unlocked allocation. It is so bullish to see the team continue burning a portion of their unlocks. These tokens were worth around $208K.
The buyback bot contributed another 493K tokens, representing actual market purchases worth around $117K. The remaining 613K tokens came from the treasury and were earned through LP trading fees from two Raydium positions.
Over the past two months, @Collector_Crypt has burned an average of around $500K worth of solana:CARDSccUMFKoPRZxt5vt3ksUbxEFEcnZ3H2pd3dKxYjp per month.
We are still early, especially if burns starts to scale alongside revenue.
I can’t overstate how much this has improved my research workflow. A seriously underrated tool, and now you get to experience it too.
NEW: We’re opening up the Blockworks MCP to everyone.
Starting today, anyone can connect Blockworks to Claude, ChatGPT, Cursor or any MCP client. Sign in, claim your credits, and get your agents building within minutes.
app.blockworks.com/claim
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There is an AI token launched in 2017 that most of the market still doesn’t understand.
@numerai gives data scientists standardized market data to build predictive models. Only predictions backed by staked NMR are included in its Meta Model, while poorly performing models can be slashed. Today, 316 contributors have staked 316K NMR to help power the hedge fund’s strategies.
Numerai is not trying to outperform the S&P 500 by taking more market risk. Instead, it hedges out broad market exposure to isolate its own alpha. The firm now manages around $770M and has backers including Paul Tudor Jones and J.P. Morgan.
Now the team has started buying back ethereum:0x1776e1f26f98b1a5df9cd347953a26dd3cb46671 to reward contributors instead of relying entirely on new emissions.
The potential flywheel:
More AUM → more revenue → more buybacks → a higher NMR price → stronger incentives for contributors → better models → stronger fund performance → more AUM.
I break down Numerai, how NMR fits into the business and why it could be an overlooked beneficiary of AI adoption in today’s @0xResearch newsletter:
blockworks-research.beehiiv.…
![[Z-OLD] 0xResearch](https://pbs.twimg.com/card_img/2120350676731490304/9xl5qPVt?format=jpg&name=800x419)
"PEARL value rests on the monetary SoV case alone. Unfortunately, on that basis, mining will add about 84% to PEARL’s supply in the next year vs. under 1% for Bitcoin. However, Pearl spends ~5% of what Bitcoin does on security while being worth ~0.04% as much, and each dollar of PEARL issued costs ~1.2 kWh against Bitcoin’s ~7.1 kWh."
Despite the fud around the top in TCG prices, weekly revenue numbers for @Collector_Crypt are still holding up with $3M last week. But why the sell-off then?
A big portion of it is due to a selling from a single wallet (GknXGg8RsBa2Ka4osTGVzpTzNn5PjR7AYnFKDn66NtmC) and its sub-wallets of 2.66M tokens since October 27th.
That was around $738K of sell pressure which is close to 2% of the solana:CARDSccUMFKoPRZxt5vt3ksUbxEFEcnZ3H2pd3dKxYjp's weekly volume hence a significant amount. Good news is this cluster has no tokens left to sell.
The other reason for the weakness was the monthly team and investor unlocks on October 29th, which the token always tends to be weak heading into on fears of sell pressure.
Both good news and potential bad news is that of the 39.4M tokens unlocked, only 7.1M have been claimed and 1.2M can be tracked to actual sales. So either investors and the team are not selling or we will see some sales this week.
The team also has a tendancy to announce news or buybacks around these unlocks so I think we get a bounce from here. Either ways, this is a comfortable hold for me.
The biggest risk I see to @MeteoraAG may be Pump becoming the main distribution layer on Solana.
After adding perps and gacha, the Pump App is already doing close to 50% of Fomo’s Solana volume. More than 90% of that volume is routed through PumpSwap.
If Pump wins the consumer app layer, it can internalize more trading activity and leave less memecoin volume for Meteora.
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For those curious, the first @Collector_Crypt index seems to be taking shape. It’s called SPOT10: Spot Index CC PSA 10 and consists of 259 cards so far.
The index appears to be made up mostly of modern, more liquid cards. Based on the median insured value of each card, the basket is worth close to $280K. The exact weights are not known yet.
Full list in the Google Sheet below:
docs.google.com/spreadsheets…
Uncovered a potential new product @Collector_Crypt may be launching. Their deployer is hinting at an index token backed by a pool of cards. If true, that could be pretty cool.
For the longest time, there was no index that users could long to gain exposure to the TCG space. Now, a vault could hold a basket of eligible graded Pokémon cards, with the index token giving holders fractional exposure to the underlying cards.
The deployer program indicates that the manager of the index can actively buy and sell cards to maintain its composition. It also supports drawing cards through gacha mechanics. The gacha functionality adds another interesting angle, although exactly how it fits remains unclear.
The code also contains the exact addresses of CC’s existing marketplace and VRF programs, which suggests a vault with rules for actively managing its card inventory through its own native marketplace.
I can see huge trading demand for such an index token, which could eventually trickle down to marketplace and gacha activity through rebalancing. This could also open up perps, which is something long sought after in this space.
While I may be wrong about exactly how it could work or the launch timing, something is definitely cooking.
Uncovered a potential new product @Collector_Crypt may be launching. Their deployer is hinting at an index token backed by a pool of cards. If true, that could be pretty cool.
For the longest time, there was no index that users could long to gain exposure to the TCG space. Now, a vault could hold a basket of eligible graded Pokémon cards, with the index token giving holders fractional exposure to the underlying cards.
The deployer program indicates that the manager of the index can actively buy and sell cards to maintain its composition. It also supports drawing cards through gacha mechanics. The gacha functionality adds another interesting angle, although exactly how it fits remains unclear.
The code also contains the exact addresses of CC’s existing marketplace and VRF programs, which suggests a vault with rules for actively managing its card inventory through its own native marketplace.
I can see huge trading demand for such an index token, which could eventually trickle down to marketplace and gacha activity through rebalancing. This could also open up perps, which is something long sought after in this space.
While I may be wrong about exactly how it could work or the launch timing, something is definitely cooking.