RaaS #471: The Race For L1s Continues!

Hype Accumulation Machine, Coinbase’s Stablecoin Bootstrap Fund, and Moar!

Project X has claimed the top DEX spot on HyperEVM and is now eyeing a bigger goal, positioning its exchange as the base layer for its next growth phase.

Kaito is facing backlash over high costs, reward dilution, spam, and worsening user experience. “InfoFi” now carries a negative connotation, and even major early adopters report underwhelming results. Will we see a revival of InfoFi?

Morpho expands to Arbitrum, bringing its lending and borrowing protocol to the L2. This aims to tap Arbitrum’s DeFi user base and push Morpho’s vision of a broader “DeFi Renaissance.”

Qubic, after months of hashrate accumulation, briefly exceeded 30% of Monero’s network power, causing a 6-block re-org. Evidence points to selfish mining, not double spending, possibly funded by selling XMR to rent extra hash. Motives are unclear, but exchanges may raise XMR deposit confirmations.

Circle and Stripe are both launching stablecoin-focused L1s, Arc (USDC) and a Stripe-Paradigm chain, adding to a growing swarm of niche payment chains. Tether’s Paolo Ardoino likened the strategy to “moths flying to the flames.”

Terraform co-founder Do Kwon will plead guilty to wire fraud and conspiracy to defraud in the TerraUSD collapse case, waiving trial and facing up to 25 years in prison. Terra’s 2022 implosion erased tens of billions in value.

Sidelined?

Kite AI’s Veronica AI agents are now running smoothly after infra upgrades with Animoca Brands, fixing “error processing” issues from the Testnet Ozone surge. Upgrades boost capacity, pipelines, and load balancing for peak demand.

Fede’s Intern says they were briefly detained in Turkey after the interior minister accused them of helping misuse Ethereum via a privacy protocol. They deny it, saying their work on Tutela was academic deanonymization research, not illegal activity, and credit global contacts for securing their release.

Sonic Testnet 2.1 is live, adding Ethereum Pectra compatibility and expanded features ahead of the upcoming mainnet launch.

Top Gainers: DEXT, RIZE, CYBER, AGIALPHA, XNY.

Coinbase has relaunched its Stablecoin Bootstrap Fund to deepen USDC liquidity across DeFi, starting with placements on Aave, Morpho, Kamino, and Jupiter. Managed by Coinbase Asset Management, the program targets both mature and pre-launch protocols to expand stablecoin adoption.

Most crypto projects mimic the same “degen” tone, slang, and memes, which makes them forgettable. Using Marty Neumeier’s “Good/Different” chart, the post urges brands to aim for Box 2, content that’s both valuable and unique instead of chasing short-term relatability.

HYPE Engine is Hyperliquid’s autonomous treasury, compounding HYPE faster than spot by leveraging buybacks, validator infra, and its Nest DEX. With projected 16–46% yields and infrastructure ownership, it turns Hyperliquid’s revenue into a perpetual, positive-sum value machine for MEGAHYPE holders.

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That’s all for today!