RaaS #474: Ronin Returns As Eth L2!

Nillion Introduces BPI, RISE’s Community Round Through Kaito, and Moar!

124 AI agents launched on Virtuals’ Genesis V1 have been ranked from S to Z in a detailed tier list. AXR leads the pack, with ARBUS and WACH close behind. While many are still early, strong builder activity and ecosystem traction suggest several could break out in Genesis V2.

Manta Network is loaning 7.5M MANTA to Wintermute to support market operations. The tokens will be used in trading to enhance liquidity, with the structure clearly defined as a loan, not a grant, and to be repaid in full.

DeFAI is entering a compounding phase. From passive lending to predictive trading, AI agents now route capital across top protocols like Aave and Morpho, optimizing yields and rebalancing autonomously. With just ~$60M TVL today, the sector is gearing up to scale with DeFi’s next wave.

Ethereum is for AI. Virtuals and the Ethereum Foundation are backing the next wave of autonomous agents with $100K in prizes. From DeFAI to robotics, the hackathon is a launchpad for AI-native systems built onchain.

Loyalty in crypto lasts until the next Kaito leaderboard drop.

Onboarding just got easier. Jupiter Send lets you transfer any token via magic link or QR, no wallet setup or SOL needed. Recipients click, claim, and start trading gaslessly. 100K+ sends on mobile so far, now live for instant gifting, payments, and onboarding.

All roads do lead to Ethereum! After 4 years, Ronin is back on Ethereum, now as an L2 with gas in RON and ETH fees covered by the treasury. Core focus stays gaming, expanding into gamified DeFi, SocialFi, collectibles, and AI apps. 31M wallets, $4.2B NFT volume, and a new reward model sending more to active builders like Pixels and Moku.

BPIs (Blind Provable Interfaces) aim to replace APIs by enabling users to share only provable, minimal data and receive compensation. Powered by TEEs, zkTLS, and Nillion, BPIs reduce exposure, verify authenticity, and build toward a more private, user-owned data future.

RISE is launching its community round on Aug 18 via Kaito Capital Launchpad. Backed by top names, the L1 offers real-time, Ethereum-secured performance for onchain markets. $2M+ raise at $200M FDV, with allocations prioritized for early users, ETH bulls, and select NFT holders.

Marketers chat with developers to understand the tech. (I am marketers)

300+ people tuned in for the first On The Radar live, and it felt like CT pulled up to a giant voice chat. Luki, Yugi, and Tushar covered what’s working, what’s shifting, and what everyone’s sleeping on. Appreciate everyone who showed up, more soon.

Hyperbeat raised $5.2M from Ether.Fi, Electric Capital, and others to expand its yield infra on Hyperliquid. As Hyperliquid hits $2.1B TVL, Hyperbeat’s vaults, staking, and credit products aim to simplify access to native yield for traders, protocols, and institutions.

Galaxy Ventures backed DoubleZero to build a decentralized fiber network focused on reducing bandwidth and latency constraints in blockchain. Starting with validator infra for chains like Solana, it’s the first “N1,” a physical layer designed for the next generation of high-TPS systems.

SharpLink posted a $103M GAAP loss in Q2, sending shares down 10%, but it’s all about accounting. Nearly $88M of that was a paper loss from marking ETH to its Q2 low of $2,300, despite the current price hovering above $4.5K. With 728K ETH staked and $6M+ in rewards, SharpLink is doubling down on an ETH-native treasury strategy.

Top Gainers: XNY, NUB, ACA, RUJI, MYX.

Hyperliquid just hit $29B in daily volume and $7.7M in fees, with July volumes topping $319B, beating Robinhood. Yet HYPE trades at just 8.3x P/E vs. 31x for Coinbase and 56x for HOOD. With new features and growing traction, that gap’s starting to look unsustainable.

Kinetiq is rapidly cementing itself as the backbone of Hyperliquid’s staking economy, powering DeFi composability through kHYPE, owning the largest liquid HYPE stash, and capturing 86% of Pendle’s HyperEVM TVL. With HIP-3 on the horizon, its rent-to-stake model may define the next phase of permissionless markets.

Deribit, now a Coinbase subsidiary, will launch USDC-settled linear BTC and ETH options on Aug 19, marking a major shift toward stablecoin-based derivatives. This follows rising institutional demand and complements Deribit’s inverse-settled contracts for improved capital efficiency.

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That’s all for today, see you next week!