Crypto

• Sui commands an ~US$11 bn market cap (FDV US$34 bn) barely two years after launch, yet real‑world usage is still embryonic. 
• Claimed throughput of 297 k TPS contrasts with currently observed ~48 TPS (peak 335). 
• A restrictive validator set, modest staking yields, looming token unlocks, and limited developer traction undermine the decentralisation and growth narrative.

• In August 2024, Klaytn (backed by South Korea’s Kakao) and Finschia (developed by Japan’s LINE Tech Plus) merged to form the Kaia chain, a Layer 1 blockchain aimed at becoming Asia’s leading Web3 ecosystem.
• LINE, the leading messaging app in Japan, Thailand, and Taiwan, boasts approximately 200 million high-value monthly active users, with over 80% penetration in key markets, and is partnering with Kaia to deliver a rich Web3 experience on its platform.
• The key initiative of the Kaia-LINE NEXT partnership to onboard users from Web2 to Web3 is the Mini Dapp ecosystem, which mirrors the Telegram-TON partnership’s Game-Token-DeFi strategy, with the Kaia foundation driving developer engagement

• Digital assets are the new frontier for investors, with AI and disruptive tech playing a key role
• Market inefficiencies in crypto still exist, leading to potential profit opportunities
• On-chain metrics provide unique insights for predicting future price movements in the crypto market

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Institutional adoption accelerates with Deutsche Bank, UBS PoC, WonderFi, and Tradable building compliant solutions on ZKsyn9
• ZKsync is the second-largest blockchain for tokenized RWAs, capturing over 27% market share, trailing only Ethereum
• ZKsync Era dominates ZK rollups, leading in TVS, proof volume, and user activity

• The report by Delphi Consulting presents USD.AI, a DeFi-based solution to fund AI and decentralized infrastructure by enabling short-term loans backed by real-world hardware.
• It introduces USDai, a synthetic dollar backed by collateralized hardware assets, offering scalable capital access through on-chain mechanisms.
• Legal enforceability is ensured via tokenized ownership under UCC laws, while risks are mitigated through conservative lending terms, insurance, and governance oversight.

• In Q1 2025, Sui made significant strides in both infrastructure and ecosystem development.
• The network introduced BTCfi primitives, enabling native Bitcoin staking and DeFi integrations via protocols like Suilend and Aftermath.
• On the tech side, upgrades like Mysticeti v2, Move VM 2.0, and Pilotfish execution sharding enhanced scalability, latency, and modularity.

• Market inefficiencies persist in crypto markets, particularly in cross-exchange arbitrage and futures basis trading
• Traditional factor models can be adapted for cryptocurrency markets with size, momentum, and liquidity factors showing statistical significance
• On-Chain metrics provide unique alpha signals unavailable in traditional markets

• Our short term view for 2025 was boring or scary.
• February threw boring out of the window, in less than two months we have seen trade war scares, politicians launching and rug-pulling memecoins, politicians tweeting about crypto strategic reserves, a massive exchange exploit and downside economic surprises.
• Price action through these events has been scary, at the beginning of February we saw a massive liquidation across cryptoassets, with some remarkable recoveries.

• Zenrock addresses critical blockchain interoperability challenges through its distributed Multi-Party Computation (dMPC) technology.
• While existing cross-chain solutions handle significant volumes, they remain vulnerable to security breaches, as evidenced by recent attacks resulting in losses over $965 million.
• Built on zrChain and zrSign, Zenrock’s dMPC network offers a decentralized, trust-minimized solution for cross-chain communication.

• 2025 is off to a tough start. Our call on boring or scary price action seems to be holding up.
• Bitcoin remains boring and is range-bound between $106k and $91k.
• Altcoins have been scary, with the average sector down 25%+. Sector Performance for Jan 2025.