RaaS #501: Crypto Pre-Markets on Kalshi!

Fluid Expands to Solana, STSS Partners with Jupiter, and Moar!

Kalshi is launching crypto pre-markets, allowing traders to speculate on pre-token projects, much like Pendle did with points. This positions prediction markets as the venue for trading narratives before tokens exist.

Valis Research released a report on the unanswered questions in prediction markets, covering accuracy versus experts, sportsbook competition, liquidity issues, leverage, parlays, and incentive design, with in-depth analyses of Polymarket and Kalshi.

XRPL crossed $1B+ monthly stablecoin volume and entered the top 10 RWA chains, with compliance tools like Credentials and Deep Freeze now live. A native lending protocol and ZKP integrations are coming, positioning XRPL as a leading chain for institutional DeFi.

Gainzy claimed ZEC will outperform ETH in all market scenarios, prompting Cobie to post an elaborate mock-epic tribute to his ZECETH trade. Followed by Cobie schooling another on em-dashes.

Prediction markets lock capital until resolution, limiting liquidity and adoption. The next step is collateralizing these positions, letting traders borrow against them. This could boost liquidity, correct mispricings, and enable composability, but raises liquidation, pricing, and risk management challenges.

Abbas Khan from the EF shared a 5-minute explainer on EIP-7702 with a demo, covering EOAs vs smart accounts, batching, gas abstraction, differences from ERC-4337, and a live Type 4 transaction on Arbitrum, highlighting its UX impact.

Vitalik defended Base against FUD, stressing it’s a stage-1 Ethereum L2 with non-custodial security guarantees, citing live proofs of withdrawals and censorship resistance. Jesse Pollak clarified that sequencers aren’t exchanges but ordering systems, with Base progressing toward stage-2 decentralization.

Tether is still stuck at $1.

Kite AI took the main stage at KBW for a panel on “When AI Meets Crypto,” featuring CEO Chi Zhang alongside Gaia’s Shankar, Openledger’s Ramkumar, and moderator Jarred Winn from Winn Ventures.

Fluid has expanded to Solana with liquidity seeded on Meteora and live trading on Jupiter, marking the next step in Fluid’s cross-chain liquidity push.

Prediction markets struggle with trust in dispute resolution. Proposed fixes include AI with human juries, reputation-weighted voting, multi-oracle consensus with ZKPs, and meta-markets. Hybrid models may cut disputes below 1% and enable scaling.

Solo Leveling, the top-grossing webtoon with $70M game revenue, 50M players, and global hits in anime and Netflix, is coming to Story as one of the first major IPs to test on-chain IP models with a compliance-first, rights-retaining approach.

USDC and CCTP V2 are now live on Plume, enabling RWA settlement, DeFi trading, and global payments, with launch partners like Centrifuge, Morpho, and NestCredit. USDC now spans 27 chains and 16 via CCTP V2.

Agora’s $170M AUSD0 stablecoin, backed by State Street and VanEck, is launching on Sei via LayerZero, bringing institutional-grade, omnichain settlement to finance alongside deployments on Plasma, Berachain, Initia, and Citrea.

Arbitrum now allows builders to embed its bridge directly into apps, offering customizable layouts, router options, and onramps via partners like Moonpay, Across, and LayerZero, streamlining onboarding and cross-chain transfers without leaving the app.

STSS, a NASDAQ-traded Solana treasury holding 2M+ SOL ($450M+), will natively stake on Jupiter’s validator and allocate to jupSOL, boosting institutional exposure and liquidity for Solana while positioning jupSOL as a top-yielding LST.

Top Gainers: AIC, BLESS, HEMI, WOD, VR.

Ripple’s $740M RLUSD stablecoin is now integrated into Securitize, letting institutions swap tokenized money market funds like BlackRock’s $2B BUIDL and VanEck’s $74M VBILL for RLUSD, creating 24/7 off-ramps and expanding XRPL’s institutional utility.

STBL, founded by Tether’s Reeve Collins and Libre’s Avtar Sehra, is launching a decentralized stablecoin protocol with a dual-asset model: USST as a spendable stablecoin and YLD capturing collateral yield, backed by RWAs from firms like Franklin Templeton and Ondo.

Legion and Kraken are debuting their first MiCA-compliant sale with YieldBasis, a protocol from Curve founder Michael Egorov that eliminates impermanent loss using a 2x leveraged Curve LP strategy, enabling Bitcoin holders to earn sustainable yield from trading fees.

LayerZero repurchased 50M ZRO (≈5% supply) from early investors, reducing sell pressure and signaling long-term conviction. With Stargate revenues funneled into buybacks, ZRO is now positioned as the core asset reflecting ecosystem growth.

That’s all for today!