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Shoal Research Profile
Shoal Research

@Shoalresearch

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Researching cutting edge digital asset innovation in the DeFi ecosystem and Capital Markets ~ Research: Telegram:

Joined December 2022
Don't wanna be here? Send us removal request.
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@Shoalresearch
Shoal Research
7 months
2024 is the year of the dragon 🐲 Crypto is evolving more rapidly than ever, and it is important to stay sharp in this attention economy. Here are the narratives and the teams we're paying attention to in 2024 🧵 👇
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@Shoalresearch
Shoal Research
5 months
Ai, DeFi and Intents with @ApertureFinance Intents in DeFi Intents are user expressions for achieving specific goals on-chain, simplifying complex transactions like trades, and managing liquidity. By abstracting these operations, intents make DeFi more accessible. The main goal
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@Shoalresearch
Shoal Research
9 months
@jupiterexchange , Solana's premier DEX aggregator, has its hand in over 60% of all trades on Solana. Today, users can swap, place limit orders, DCA, and trade perps. With the launch of $JUP approaching, we unpack our long-term investment thesis for Jupiter. Let's dive in! 🧵
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@Shoalresearch
Shoal Research
10 months
Liquid Restaking Tokens @eigenlayer unlocks a new layer of yield by allowing LST users to lock their tokens in exchange for additional yield from AVS's - double dipping in yield. Like LSDs, stakers want liquidity from locked tokens - intro LRTs. What does all this mean? 🧵
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@Shoalresearch
Shoal Research
4 months
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@Shoalresearch
Shoal Research
1 year
AMM LP-Enabled Perps, Options, and Volatility Trading Products The Uniswap moment for on-chain Derivatives, and a new DeFi frontier 🧵
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@Shoalresearch
Shoal Research
5 months
1/ Parallel Execution, The Next Generation of Blockchains Parallelization has been a common design choice for scaling computer systems, and is becoming increasingly prevalent among blockchain networks today.
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@Shoalresearch
Shoal Research
4 months
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@Shoalresearch
Shoal Research
10 months
CoW Swap: Intents, MEV, and Batch Auctions CoW Swap uses signed messages for intent-based trading with a batch auction system, offering features such as Hooks, TWAP orders, MEV resistance, low fees, and increased security. In our latest report, we dive into its novel design. 🧵
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@Shoalresearch
Shoal Research
8 months
Evaluating Liquid Restaking Token Risk LRTs have amassed billions of dollars in deposits, and like other assets, will be used in many DeFi apps like borrowing/lending, etc. But how should protocols properly abstract and evaluate the associated risks for users? Let's dive in🧵
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@Shoalresearch
Shoal Research
3 months
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@Shoalresearch
Shoal Research
1 year
The "Monkey see, monkey do" memecoin mentality is cultivating very profitable trading tools Intro, @BananaGunBot , the Telegram token sniper bot, has generated 14.5 ETH per day in revenue for September, totaling over 750 ETH in just 3 months since launch Lets peel it back 🍌🧵
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@Shoalresearch
Shoal Research
7 months
@berachain aims to be a breakthrough development in aligning network and ecosystem incentives for blockchains. Unpacking one of the most unique projects in DeFi today 🧵
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@Shoalresearch
Shoal Research
2 months
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@Shoalresearch
Shoal Research
11 months
MEV Protection: DEX & Aggregator Anti-MEV Mechanisms. In our latest report, we explore the newest DEX designs that are combating MEV extraction on user swaps, looking into protocols such as: - @cowswap - @1inch - @Uniswap - @matchaxyz
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@Shoalresearch
Shoal Research
24 days
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@Shoalresearch
Shoal Research
8 months
Perpetual Pre-Launch Futures "How is $JUP being traded before launch?" Perpetual pre-launch futures are a novel financial instrument that exchanges like @aevoxyz , @hyperliquidx , and @HelixApp_ enable users to trade tokens on leverage before they officially launch. a thread 🧵
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@Shoalresearch
Shoal Research
7 months
Ethereum's next major upgrade has arrived❗ Get up to speed on all things Dencun, EIP-4844, and Blobs👇 🧵
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@Shoalresearch
Shoal Research
7 months
With the revival of DeFi upon us, is permissionless lending back? Exploring The State of Permissionless Lending Today 🧵
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@Shoalresearch
Shoal Research
10 months
Intro to Liquid Restaking Tokens (LRTs): When users stake tokens on Eigenlayer, they are locked in the smart contract, similar to staking native ETH, making them illiquid. However, protocols are building LRTs that provide liquidity to liquid staking tokens (LSTs) on Eigen.
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@Shoalresearch
Shoal Research
10 months
The Convergence of Yields Where TradFi and DeFi yields converge, creating the new crypto base rate yield. Let's dive in 🧵
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@Shoalresearch
Shoal Research
10 months
In the full report, we take a deeper look at the following liquid restaking protocols as case studies: - @KelpDAO (rsETH) - @RenzoProtocol (ezETH) - @ether_fi (eETH) - @restakefi (rstETH) - @puffer_finance (pufETH)
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@Shoalresearch
Shoal Research
1 year
On Telegram and love DeFi? We are posting about all things DeFi and decentralized markets in our Telegram announcements channel 👇 - Alpha - Research
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@Shoalresearch
Shoal Research
9 months
In short, we believe the Solana Bet = the Jupiter Bet. In our full report, @pt1mfv_ dives deep into @Jupiterexchange , unpacking its protocol design, product suite, and assessing catalysts for future growth.
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@Shoalresearch
Shoal Research
9 months
The premise of DEX aggregators is to abstract away the task of finding the best DEX to trade on for the end-user. These protocols are designed to pull liquidity from one or more DEXs (and even off-chain liquidity in some designs) to settle swaps.
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@Shoalresearch
Shoal Research
10 months
You can find the full report here, where @0xJermo , @0xDuckworth , and @zaddycoin dive into the LRT landscape explaining Eigenlayer, AVSs, and LRTs planning to launch on Eigenlayer.
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@Shoalresearch
Shoal Research
6 months
1/ It was a pleasure collaborating on this report with @aori_io on their novel order book system.
@aori_io
aori ⑁
6 months
1/5 What is Aori? Aori leverages off-chain infrastructure to enable the next generation of on-chain high-frequency trading. To find out how we’re doing this, read more about us here:
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@Shoalresearch
Shoal Research
9 months
Happy New Year and thanks for 1000 followers! 🫡 Shoal was founded on the principles of making complex crypto topics easier to digest. In the new year, we aim to continue unraveling new fringe ideas and concepts within DeFi, infrastructure, and beyond.
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@Shoalresearch
Shoal Research
7 months
Ecosystem The Berachain ecosystem is just as critical as the tech. Lots of new Bera-native dApps are emerging, and a number of existing teams and protocols are exploring building on Berachain as well. A good list to get started - @InfraredFinance @KodiakFi @beradrome
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@Shoalresearch
Shoal Research
10 months
EigenLayer is a protocol that facilitates restaking of liquid staking tokens (LSTs), such as stETH, to secure actively validated services (AVSs). It is notably referred to as "Programmable Trust". AVSs use EigenLayer to bootstrap their security model with restaked ETH.
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@Shoalresearch
Shoal Research
9 months
Jupiter accounted for +70% of Solana's organic volume in 2023, and the team has laid out its vision for Jupiter's role in the future growth of the Solana ecosystem with the announcement of the $JUP token and DAO. "When the pie grows, everyone gets more pie" - @weremeow 🥧
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@Shoalresearch
Shoal Research
9 months
This design can be costly on Ethereum due to gas, shown by the difference between Uniswap and 1inch volume. On Solana, however, gas costs are significantly lower, making an aggregator much more practical for trading, and giving Jupiter a higher theoretical ceiling for growth.
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@Shoalresearch
Shoal Research
4 months
Pre-Launch Perpetual Markets @coinbase just announced support for Pre-Launch assets starting with $EIGEN making them one of the first centralized exchanges (CEX) to support pre-launch perps trading. We covered Pre-Launch markets earlier in the year in a deep dive, and described
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@Shoalresearch
Shoal Research
8 months
Perpetual Pre-Launch Futures "How is $JUP being traded before launch?" Perpetual pre-launch futures are a novel financial instrument that exchanges like @aevoxyz , @hyperliquidx , and @HelixApp_ enable users to trade tokens on leverage before they officially launch. a thread 🧵
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@Shoalresearch
Shoal Research
9 months
Jupiter launched in September 2021 at a time when projects like Serum and Saber dominated the Solana ecosystem. As a DEX aggregator on Solana, Jupiter's core focus was simply to provide the best trading experience for Solana users.
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@Shoalresearch
Shoal Research
7 months
@pt1mfv_ @zaddycoin Restaking 🥩 Restaking extends the security layer of an existing network (i.e. Ethereum) to bootstrap new networks by allowing users to deposit native tokens and/or their corresponding LSTs to be restaked (and earn yield) @eigenlayer @ether_fi @KelpDAO @puffer @PicassoNetwork
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@Shoalresearch
Shoal Research
9 months
Once merely a swap engine, Jupiter remained active in the depths of the bear market and has shipped a number of new products including Limit Orders, DCA, and a new Perps exchange, all of which serve as revenue streams for the protocol.
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@Shoalresearch
Shoal Research
1 year
If you build it they will come 👇🏾 99% of @mavprotocol volume comes from DEX Aggregators. Why ? Lets Dive into Maverick's protocol design 🧵
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@Shoalresearch
Shoal Research
7 months
1/ Many believe the future of blockchains is modular. With new specialized chains emerging rapidly, this begs the important question: where does value accrue the most among modular blockchains?
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@Shoalresearch
Shoal Research
10 months
Why would users commit their ETH to Eigen? ➡ Enhanced yield By securing AVSs on Eigenlayer, restakers receive ETH yield and additional yield from AVSs, which incentivizes restaking to each AVS. Using an LRT gives way to additional rewards plus liquidity by "double dipping."
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@Shoalresearch
Shoal Research
10 months
AVSs can be chains, networks, middleware, or applications. Prior to Eigenlayer, securing and properly distributing a decentralized system is a significant undertaking. Take, for instance, Bitcoin and Ethereum which took years to reach critical mass.
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@Shoalresearch
Shoal Research
8 months
@DriftProtocol , the largest perpetual futures exchange on Solana, also launched their Points system recently. With $169M in TVL, Drift V2 serves as another major Solana Defi hub on and has been considered the next big airdrop after $JUP. How does it work? Let's dive in! 🧵
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@Shoalresearch
Shoal Research
9 months
As Solana metrics grew across the board in 2023, including TVL (+574%), Jupiter also saw growth in trading volumes, a majority of which came from organic activity. Activity surged in Q4, during which the annual Solana Breakpoint conference was held (and $JUP was announced 📈)
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@Shoalresearch
Shoal Research
7 months
@ajnafi Ajna enables anyone to deploy lending markets for any assets - without oracles or governance involved. Beyond simply DeFi assets, Ajna allows for unique borrowing cases, such as NFT borrow/ shorting markets.
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@Shoalresearch
Shoal Research
5 months
Colosseum Hackathon Winners Hackathons are among the best sources of alpha in crypto today. @ColosseumOrg , Solana’s latest and biggest hackathon to date with with 1,071 projects from over 8,300 participants, announced its winners today. Here's what you need to know 👇 🥇 Grand
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@Shoalresearch
Shoal Research
1 year
There is a new wave of protocols that are aiming to challenge current centralized and decentralized Perps, Options, & leverage providing exchanges. These products turn AMM LP positions into decentralized trading products adding tools for users to trade or hedge long tail assets.
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@Shoalresearch
Shoal Research
6 months
We just hit 2k subscribers in our TG channel 🫡 Thanks for the continued support, and more to come soon! Join here:
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@Shoalresearch
Shoal Research
7 months
Chain Ethos Berachain benefits from the feedback loops of CT, creating a unique and humorous, but otherwise effective BD strategy.
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@Shoalresearch
Shoal Research
7 months
Crypto x AI 🤖 We look forward to more crypto x AI developments such as decentralized compute markets, smart contract automation, and more. We believe this sector will continue to grow in 2024 (and well beyond). @bittensor_ @getgrass_io @ritualnet @SpaceandTimeDB
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@Shoalresearch
Shoal Research
10 months
In our full report, @pdotal delves deep into @MakerDAO , exploring the yields between the DSR, TradFi, and their influence within the DeFi landscape.
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@Shoalresearch
Shoal Research
1 year
At Shoal, we forecast Telegram bot tools trending towards "intent-based trading," essentially acting as automated executors for a user's specific trading desires—be it swapping x, doing y, or z. Snipers might employ offchain RFQ solutions to fulfill early snipes or general swaps
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@Shoalresearch
Shoal Research
6 months
1/ @WhalesMarket , the OTC Points Marketplace Points are one of the largest recent incentives campaigns for projects to distribute rewards for early adopters. The problem is users need to wait until tokens launch to cash . Now you can trade points ahead of TGE with Whales Market
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@Shoalresearch
Shoal Research
1 year
Maestro has had the largest user base overall. However, when looking at bot usage by day, Banana Gun recently surpassed Maestro for a few days.
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@Shoalresearch
Shoal Research
7 months
History Berachain originally started out as the @BongBearsNFT collection, and has since evolved into an EVM-compatible L1 that aims to transform the state of DeFi liquidity today by combining novel tech and a strong community.
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@Shoalresearch
Shoal Research
7 months
We look forward to seeing Berachain and the Bera ecosystem develop and flourish in the coming years! Next stop - mainnet. Read all about Berachain in our latest report by @paramonoww
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@Shoalresearch
Shoal Research
8 months
Check out our full report where @0xDuckworth @LippmanEthan and @zaddycoin dive into the parameters around LRT risks, and how protocols can approach the implementation.
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@Shoalresearch
Shoal Research
7 months
DePIN 🛰️ Decentralized physical infrastructure networks optimize the distribution of compute. Crypto enables businesses to reward various participants for supplying resources and power to the underlying network. @rendernetwork @akashnet @nosana_ci @helium
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@Shoalresearch
Shoal Research
7 months
@MorphoLabs The Morpho protocol operates on two distinct layers: Morpho Blue and MetaMorpho, each serving a unique function within the ecosystem. Morpho Blue: Permissionless Lending Markets MetaMorpho: Lending Vaults
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@Shoalresearch
Shoal Research
7 months
Proof-of-Liquidity Berachain's novel PoL consensus mechanism aims to build on the economic inefficiences of PoS, optimizing liquidity performance while remaining EVM-compatible. The key concept to PoL is to better align incentives between the network and its ecosystem.
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@Shoalresearch
Shoal Research
7 months
Polaris EVM Polaris is a novel blockchain framework built by the Beras themselves for constructing EVM-compatible chains with optimized performance. Polaris separates the EVM runtime layer while leveraging CometBFT to enable the creation of more efficient smart contracts.
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@Shoalresearch
Shoal Research
7 months
Rollups-as-a-Service 🎟️ RaaS providers offer various tools and services to enable easy deployment and maintenance of custom rollups. EIP-4844 stands to lower costs for rollups, which will likely bode well for RaaS adoption. @conduitxyz @cartesiproject @alt_layer @dymension
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@Shoalresearch
Shoal Research
1 year
@ambient_finance is a highly efficient DEX for swapping ERC-20s. Within the last few months, they have had a steady increase in TVL as LPs and traders both benefit from their enhanced toolset.
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@Shoalresearch
Shoal Research
2 years
Intro @ryskfinance , real yield-generating options protocol on Arbitrum
@zaddycoin
Zaddycoin
2 years
The market has been choppy for months, leaving traders liquidated in both directions. This emphasizes the need for uncorrelated returns. Intro @ryskfinance , a novel uncorrelated and real yield-generating options protocol on Arbitrum. Let's dive in 👇🏾🧵
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@Shoalresearch
Shoal Research
7 months
Tri-Token Model The Berachain Economy will be powered by its novel Tri-Token model, another component of better aligning network and ecosystem incentives. $BERA - Native/Gas Token ⛽ $BGT - Governance Token 🏛️ $HONEY - Native Stablecoin 🍯
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@Shoalresearch
Shoal Research
1 year
To understand the different designs, let's break down some key terms: 1️⃣ Constant Function AMM: Liquidity is typically spread across a full range of prices infinitely (Uniswap v2, Balancer). 2️⃣ Concentrated Liquidity AMM: Liquidity is concentrated to a price range (Uniswap v3).
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@Shoalresearch
Shoal Research
5 months
3/ Sequential vs Parallel Older blockchains like Bitcoin & Ethereum use sequential execution, optimizing for cryptographic security though limiting throughput & scale. Parallel blockchains process multiple non-conflicting transactions simultaneously to optimize for performance.
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@Shoalresearch
Shoal Research
7 months
Modular Money ⚒️ The modular blockchain thesis propose that scalability can be best achieved through a plug-and-play model for networks, using separate, specialized layers to create a more efficient whole. @CelestiaOrg @EclipseFND @lavanetxyz
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@Shoalresearch
Shoal Research
1 year
Thanks for including us 🔥
@stacy_muur
Stacy Muur
1 year
50 crypto accounts you will never regret following: ❯ Important events → @TheDeFinvestor ❯ Narrative research → @hmalviya9 ❯ Fundamentals → @DefiIgnas ❯ On-chain insights → @zachxbt ❯ Tokenomics → @RubiksWeb3hub ❯ Trading → @3xliquidated
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@Shoalresearch
Shoal Research
5 months
6/ Future Outlook Parallel execution is becoming increasingly common for blockchains which seek to build future-proof scalable systems. That said, as we refine these models it is important to note the security tradeoffs that can arise when optimizing for performance.
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@Shoalresearch
Shoal Research
7 months
Parallel-Exec. Chains 🟰 More blockchains are starting to use a parallel processing model for transactions akin to Solana, to deliver high throughput and low fees. This includes parallel EVMs, MoveVM chains, and SVM-based L2s. @SeiNetwork @monad_xyz @SuiNetwork
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@Shoalresearch
Shoal Research
5 months
7/ Explore the future of decentralized networks in the latest report as @pt1mfv_ , @MikeJin12 , and @zaddycoin dive deep into the state of parallel execution in blockchains today 👇
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@Shoalresearch
Shoal Research
7 months
The Revival 📈 H2 2023 marked a quiet resurgence in DeFi lending, kickstarted by the launch of Ajna in mid-July, and Morpho Blue in October. What distinguished these new protocols was a shift in narrative from being purely "permissionless" to being emphatically "modular".
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@Shoalresearch
Shoal Research
5 months
4/ Solana's Innovation @solana spearheaded parallel execution in blockchains today. With Sealevel and Cloudbreak, Solana is able to achieve upwards of 2K TPS on average, using state access lists to enable simultaneous processing of non-conflicting transactions.
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@Shoalresearch
Shoal Research
7 months
Moving Forward ⏩ These new lending primitives provide user-friendly venues for 3rd party lending managers to build their own lending ecosystems. Innovation follows PMF, and if the past can be any indicator of the future, DeFi lending will continue to evolve and develop.
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@Shoalresearch
Shoal Research
10 months
CoW Swap, an intent-based app, enables users to swap tokens through signed messages. It uses a batch auction mechanism where solvers compete to maximize order surplus by finding Coincidence of Wants (CoWs) and routing to the best on-chain liquidity.
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@Shoalresearch
Shoal Research
7 months
Users can test out the early iterations of the Berachain ecosystem on the public testnet "Artio" Fun fact - Artio saw overwhelming demand within the first 48 hour - 300k+ users and 1M+ transactions 🤯
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@Shoalresearch
Shoal Research
7 months
Intents 🗣️ Intents outsource the execution of a task, eg. a transaction, to third-parties on users' behalf, aiming to provide better UX. Expect more intent-centric applications and infrastructure in the future @anomanetwork @intentessential @CoWSwap @AcrossProtocol @IntentX_
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@Shoalresearch
Shoal Research
8 months
In our full report, @jonasCyang explores @DriftProtocol , delving into its protocol design, comparing the differences between V1 and V2, and explaining catalysts for future growth.
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@Shoalresearch
Shoal Research
1 year
DMs open, please reach out if you’d like to connect 🐚
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@Shoalresearch
Shoal Research
10 months
Recently, solver marketshare volume has shifted from primarily DEX aggregators to more sophisticated actors, such as @otex_tools and @BarterDeFi .
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@Shoalresearch
Shoal Research
1 year
How does Banana Gun sniping work? You paste a contract into the Telegram bot and let it handle the complexities, such as determining the method ID, tax rate, and max txn size for a given token prior to launch (or after) The bot then can execute a buy or sell using a custom node
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@Shoalresearch
Shoal Research
5 months
5/ Parallel EVM The 'Parallel EVM' aims to combine Solana's performance benefits with Ethereum's security benefits. Platforms like @sei (and soon @monad_xyz ) are building around delivering high performance while ensuring compatibility with existing EVM infrastructure.
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@Shoalresearch
Shoal Research
7 months
2/ Modularity in the context of blockchains refers to the separation of core blockchain functions (DA, consensus, execution, settlement) into specialized layers which are then coupled to form a greater whole.
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@Shoalresearch
Shoal Research
7 months
Solana 2.0 ⚡ Solana is poised to continue on its momentum gained in Q4 '23, as new dApps and airdrops stand to proliferate the ecosystem, with key infrastructure developments on the horizon as well. @JupiterExchange @KaminoFinance @jump_firedancer @jito_sol @PythNetwork
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@Shoalresearch
Shoal Research
5 months
2/ Blockchains 101 Born from Satoshi Nakamoto's Bitcoin whitepaper, blockchains have revolutionized peer-to-peer payments, serving as immutable, cryptographically-secure records of activity that enable transfers and authentication.
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@Shoalresearch
Shoal Research
5 months
6/ Moving in Parallel The Move language is designed around security and efficiency in smart contract code. Move-based networks like @SuiNetwork and @Aptos implement parallel execution to deliver high performance and speed. @movementlabsxyz leverages moveVM and EVM compatibility
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@Shoalresearch
Shoal Research
7 months
DeSOC 🌐 Decentralized social is tough to crack, as shown by the rapid rises and falls of predecessors. However, blockchains still stand to be the breakthrough tech needed to the need to overthrow the monopoly of social media companies today. @farcaster_xyz @LensProtocol
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@Shoalresearch
Shoal Research
8 months
LRT Specific CDP @ebisu_finance allows users to borrow against natively restaked ETH and LRTs via a non-custodial, decentralized stablecoin. $ebUSD is a stable store of value that enabling yield generation via AVS rewards and Ethereum staking rewards.
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@Shoalresearch
Shoal Research
1 year
✔️ Liquidity Modes Modes add further advancements to bins allowing liquidity ranges to move with market prices. Maverick offers four modes for LPs to optimize their strategies based on market movements. These modes are Mode Static, Mode Right, Mode Left, and Mode Both. 👇🏾
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@Shoalresearch
Shoal Research
7 months
What is Dencun ? Dencun is a series of core protocol upgrades pertaining to Ethereum’s consensus and execution layers, aka Ethereum’s next hard fork. Deneb - Consensus Cancun - Execution
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@Shoalresearch
Shoal Research
7 months
@eulerfinance Euler V2 will consist of the Euler Vault Kit (EVK) and Ethereum Vault Connector (EVC), which together serve the as base layer lending infrastructure. V2 also introduces edge vaults - permissionless lending markets with greater flexibility of parameters.
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@Shoalresearch
Shoal Research
1 year
The current protocols offering AMM powered trading derivatives abide by the simple assumption that providing LP in a CLAMM is akin to short puts. Protocols then combine different LP positions and create trading products including perps, options, and other trading products.
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@Shoalresearch
Shoal Research
7 months
6/ So where exactly will value accrue in the modular blockchain stack? And in which order will value accrue the greatest? @imajinl shares his thoughts in the latest Shoal Research report 👇 (spoiler alert - he disagrees with the tweet above!)
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