Weekly Recommended Reading[Including: Solana; Vitalik Buterin; a16z]

HuobiPublished on 2022-08-06Last updated on 2022-08-09

Abstract

All you need to know for the first week in August

1.Solana

Solana Is Experiencing a Large-Scale Security Incident, What Should You Know?

Multiple Solana addresses have succumbed to a widespread attack, as private keys to several wallets have been compromised.

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Solana Down In A Green Market As Multimillion-Dollar Hack Empties Over 7,000 Wallets

SOL has dropped in an otherwise green market following reports of a multimillion-dollar hack targeting Solana wallets.

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2.New Protocol

Replace Solana? What You Should Know about the Aptos Network?

Learn about Aptos in one article: financing, technical architecture, Move language, and ecological applications

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Meme Coin CateCoin Silently Balloons Over 250% – Time To Buy CATE?

CateCoin (CATE) is doing the cat walk as it skyrockets by over 250% amid the crypto market’s bizarre movement. The slow yet steady gains of CATE shows how low market...

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3.WEB3

Web3 middleware: The bet on infrastructures to accelerate Web3

The middleware playbook could be the long term goal for crypto gem hunting. Despite the six years of blockchain development along the likes of decentralized infrastructure and GameFi, there remains roadblocks that hinder blockchain utility.

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4.DeFi

5 Ways to Fix DeFi Tokens

A key catalyst of the 2021 bull market was linking DeFi protocols with governance.But now the bull market is over, and the industry is realizing that valueless governance tokens are not the end-game.

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5.Layer 2

Vitalik Buterin: The different types of ZK-EVMs

This post will attempt to describe a taxonomy of the different "types" of EVM equivalence, as well as the benefits and costs of trying to implement each type.

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What is Zero-Knowledge Proofs?

If you have been around crypto long enough, you should by now have seen the word ZK plenty of times. But what really is it? Let us demystify it for you today.

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6.NFT

a16z: Why NFT Creators Are Going cc0

cc0 provides a new way for NFT creators to start projects

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7.Tokenomics

Tokenomics in Detail: Supply and Demand, Incentives and Governance

Token economics is an important part of cryptocurrencies.

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Related Reads

STRC Hits Historic Low, Saylor's Perpetual Motion Machine Grinds to a Halt

STRC, the perpetual preferred stock issued by MicroStrategy to fund its Bitcoin purchases, hit a historic low of $85.32, a 17% discount to its $100 par value. Designed as a "digital credit engine" to trade stably near par and enable continuous share issuance for buying Bitcoin, its plunge signals a breakdown in this model. Three key factors drove the decline: 1. Bitcoin's price fell over 50% from its peak, trading around $63,000 amid hawkish Fed signals. 2. MicroStrategy's cash reserves were depleted after a $1.5 billion convertible note repayment, slashing the dividend coverage for STRC's 11.5% yield to ~7 months. The company then sold 32 BTC to cover dividends—Michael Saylor's first Bitcoin sale since 2022—damaging the "never sell" narrative. 3. A competing Bitcoin-backed preferred stock, Strive's SATA, offers a higher yield (~13%) and daily dividends, drawing investors away from STRC. The drop triggers a negative cycle: STRC below par halts ATM share issuances, cutting off a key funding source for Bitcoin buys and potentially forcing more BTC sales for dividends, further eroding confidence. While Saylor argues the model is mathematically sound—needing only 2.3% annual Bitcoin growth to sustain itself—the market is testing the resilience of the leveraged Bitcoin treasury strategy in a bear market. The STRC price now reflects rising skepticism about this financial machinery's durability during downturns.

marsbit16m ago

STRC Hits Historic Low, Saylor's Perpetual Motion Machine Grinds to a Halt

marsbit16m ago

A Guide to Grayscale’s ‘Bottom Fishing’: Using Cash Flow to Assess Cryptocurrency Value

**Title:** Grayscale's Guide to Bottom-Fishing: Valuing Cryptoassets Using Cash Flows **Summary:** This report by Grayscale Research presents a fundamental valuation framework for cryptocurrency assets, moving beyond pure speculation to analyze those with underlying cash flows. It distinguishes between "commodity-like" assets (e.g., Bitcoin) and "cash-flow" assets, primarily within DeFi. Using the leading decentralized lending protocol Aave as a case study, the analysis applies traditional financial methodologies like Discounted Cash Flow (DCF) and Price-to-Earnings (P/E) multiples. Key findings indicate that AAVE tokens are currently undervalued. Despite recent challenges, the protocol's strong revenue growth, ~50% net profit margin, and diversified treasury support a fundamental valuation range of $80-$100 per token (compared to a ~$75 market price at the time of writing). In a base-case scenario driven by stablecoin adoption and regulatory clarity, the fair value could rise to around $175 within a year. The report emphasizes that protocol success does not automatically translate to token value. It critically examines the "value capture" mechanisms—such as buybacks, burns, and staking rewards—that channel protocol profits to token holders. Furthermore, it addresses the legal and governance complexities of Decentralized Autonomous Organizations (DAOs), noting their difference from traditional corporate equity but highlighting how robust, transparent governance can align protocol economics with holder interests. The conclusion is that the crypto market is maturing, with capital increasingly flowing towards projects with demonstrable fundamentals, real adoption, and disciplined capital allocation, creating opportunities for value-based investors.

marsbit1h ago

A Guide to Grayscale’s ‘Bottom Fishing’: Using Cash Flow to Assess Cryptocurrency Value

marsbit1h ago

After semiconductors lead the gains, are funds buying into AI orders or a macroeconomic rebound?

After US-Iran talks led to a temporary ceasefire and framework for reopening the strategic Strait of Hormuz, U.S. stocks rose on June 18, with the Nasdaq gaining 1.9%. The semiconductor and AI hardware sectors outperformed. This rally stemmed primarily from reduced geopolitical risk, which lowered oil prices and inflation expectations, easing discount rate pressure on high-valuation growth stocks like tech. The key question is not whether tech rebounded, but the nature of the rebound. The market appears to be selectively repricing AI infrastructure plays rather than broadly chasing AI narratives. Gains were concentrated in chips, optical interconnects, memory, and domestic manufacturing—segments tied to tangible data center build-outs and capital expenditure. Intel's ~10% surge, fueled by a Trump statement about potential Apple collaboration, exemplifies this mixed dynamic. It reflects policy catalysts and domestic manufacturing sentiment more than confirmed fundamentals. Meanwhile, strong earnings from companies like Astera Labs (revenue up 93% YoY) provided concrete evidence of AI-driven demand in hardware. In essence, the rally represents a risk-premium recalibration. Lower Middle East tensions opened a valuation repair window, and capital flowed first into AI infrastructure segments with visible near-term revenue streams. The sustainability of this move hinges on upcoming Q2 earnings, specifically continued strength in cloud provider capex, AI server orders, and hardware company guidance. Policy hopes alone are insufficient; the cycle needs validation from orders and financials.

marsbit1h ago

After semiconductors lead the gains, are funds buying into AI orders or a macroeconomic rebound?

marsbit1h ago

Kraken Adds Solana On-Chain Token Trading Directly Inside Its App

Kraken has integrated on-chain Solana token trading directly into its main app, eliminating the need for users to use a separate wallet or manage seed phrases. Eligible customers in the U.S. and over 100 countries can now trade approximately 2,500 verified Solana-based tokens within the familiar Kraken interface. This move aims to simplify decentralized trading by using embedded wallet technology from Privy and Solana DEX protocols to handle transactions in the background, while displaying on-chain holdings alongside centralized exchange balances. The exchange chose Solana due to its fast-moving token markets and retail trader familiarity, offering access to assets that often appear on-chain before centralized listings. However, Kraken clarifies that these on-chain tokens have not undergone the same review process as centralized listings, meaning market risks remain. This integration reflects a broader trend of major exchanges incorporating DeFi features to retain users who seek early access to new tokens. While not replacing advanced DeFi wallets, Kraken's solution seeks to make on-chain trading more accessible to a mainstream retail audience.

bitcoinist2h ago

Kraken Adds Solana On-Chain Token Trading Directly Inside Its App

bitcoinist2h ago

Litecoin ETF’s Slow Start Shows Altcoin Funds Still Face A Demand Test

The Canary Capital spot Litecoin ETF (LTCC) has had a slow start, with reported inflows of around $9.3 million since launch and assets under management at a lower level. This highlights the significant gap in institutional demand compared to Bitcoin and Ethereum ETFs. While Litecoin has an established history, its more modest narrative around payments and longevity hasn't yet made it a must-own institutional product. The case demonstrates that regulatory approval alone does not guarantee strong investor allocation. For the broader altcoin ETF thesis, future products may see different demand, but Bitcoin and Ethereum are likely to remain the primary institutional channels for the foreseeable future.

bitcoinist3h ago

Litecoin ETF’s Slow Start Shows Altcoin Funds Still Face A Demand Test

bitcoinist3h ago

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