DEBUNK（web3 Research）: Blog

Weekly Article Roundup

mitsui — Fri, 20 Feb 2026 21:01:21 GMT

Good morning.
I’m Mitsui, a web3 researcher.

Today we’ll be looking back at the articles updated over the past week.

📗This Week’s Articles

Disclaimer：I carefully examine and write the information that I research, but since it is personally operated and there are many parts with English sources, there may be some paraphrasing or incorrect information. Please understand. Also, there may be introductions of Dapps, NFTs, and tokens in the articles, but there is absolutely no solicitation purpose. Please purchase and use them at your own risk.

About us
🇯🇵🇺🇸🇰🇷🇨🇳🇪🇸 The English version of the web3 newsletter, which is available in 5 languages. Based on the concept of ``Learn more about web3 in 5 minutes a day,’‘ we deliver research articles five times a week, including explanations of popular web3 trends, project explanations, and introductions to the latest news.

Author
mitsui
A web3 researcher. Operating the newsletter “web3 Research” delivered in five languages around the world.

Contact
The author is a web3 researcher based in Japan. If you have a project that is interested in expanding to Japan, please contact the following:

X：@web3researchgl
Telegram：@mitsui0x

*Please note that this newsletter translates articles that are originally in Japanese. There may be translation mistakes such as mistranslations or paraphrasing, so please understand in advance.

Weekly Article Roundup

mitsui — Fri, 13 Feb 2026 21:00:53 GMT

Good morning.
I’m Mitsui, a web3 researcher.

Today we’ll be looking back at the articles updated over the past week.

Subscribe now

📗This Week’s Articles

About us
🇯🇵🇺🇸🇰🇷🇨🇳🇪🇸 The English version of the web3 newsletter, which is available in 5 languages. Based on the concept of ``Learn more about web3 in 5 minutes a day,'' we deliver research articles five times a week, including explanations of popular web3 trends, project explanations, and introductions to the latest news.

Author
mitsui
A web3 researcher. Operating the newsletter "web3 Research" delivered in five languages around the world.

Contact
The author is a web3 researcher based in Japan. If you have a project that is interested in expanding to Japan, please contact the following:

X：@web3researchgl
Telegram：@mitsui0x

*Please note that this newsletter translates articles that are originally in Japanese. There may be translation mistakes such as mistranslations or paraphrasing, so please understand in advance.

Weekly Article Roundup

mitsui — Fri, 30 Jan 2026 21:00:32 GMT

Good morning.
I’m Mitsui, a web3 researcher.

Today we’ll be looking back at the articles updated over the past week.

Subscribe now

📗This Week’s Articles

Author
mitsui
A web3 researcher. Operating the newsletter “web3 Research” delivered in five languages around the world.

Contact
The author is a web3 researcher based in Japan. If you have a project that is interested in expanding to Japan, please contact the following:

X：@web3researchgl
Telegram：@mitsui0x

*Please note that this newsletter translates articles that are originally in Japanese. There may be translation mistakes such as mistranslations or paraphrasing, so please understand in advance.

Weekly Article Roundup

mitsui — Fri, 23 Jan 2026 21:01:46 GMT

Good morning.
I’m Mitsui, a web3 researcher.

Today we’ll be looking back at the articles updated over the past week.

Subscribe now

📗This Week’s Articles

【Saturn】Issuing a yield-generating stablecoin backed by MicroStrategy’s STRC

Saturn is a Bitcoin credit-backed stablecoin protocol that offers the USDat stablecoin, backed by US Treasury securities, and the sUSDat stablecoin, which generates yields backed by Bitcoin Credit (MicroStrategy’s STRC).
BTC → MicroStrategy (BTC treasury company) → Preferred stock STRC → sUSDat This chain of trust enables the on-chain tokenization of Bitcoin’s value as “digital credit,” which is its defining feature.
Initially launched with USDat = 100% U.S. Treasury bond collateral and sUSDat = 100% Bitcoin Credit collateral, USDat itself will increase its Bitcoin Credit ratio in the future, aiming to become a reserve currency providing a sustainable yield of 10% or more.

【City Protocol】Providing full-stack infrastructure that tokenizes IP and enables IPCM

City Protocol is a decentralized protocol that provides IPCM infrastructure on Solana, tokenizing IP to bring it onto on-chain markets, thereby providing liquidity and scalability.
IPCM is the IP version of ICM (Internet Capital Market), a concept aiming to create a capital market where IP rights and value are tokenized, enabling 24/7 trading year-round beyond geographical constraints.
City Protocol provides full-stack support from IP creation to monetization and financialization, encompassing Cooking City (Issuance) → City Quests/ID/Viral City (Diffusion, Trust, Growth) → Totem Toy City (Commercialization) → RWA City (Tokenization), along with verification layers, IP Strategy, and its native token $CP.

【Konnex】RoboFi platform enabling autonomous execution of robotic physical tasks—from contracting and verification to settlement—via smart contracts

Konnex is a RoboFi platform that enables autonomous execution of physical tasks performed by robots—from contracting and verification to settlement—via smart contracts.
Using the Universal Task Language (UTL) and Proof of Physical Work (PoPW), different robots and AI can reliably collaborate without human intervention.
A design that separates practical settlements using stablecoins from verification and governance using KNX tokens, aiming to scale real-world labor.

【Alpaca】Provides trading, accounts, clearing, and data via API as a brokerage infrastructure

Alpaca is a fintech company designed for embedded finance, serving as an API-first brokerage infrastructure that provides trading, accounts, clearing, and data via APIs.
It handles stocks, ETFs, options, and cryptocurrencies at low cost, serving a wide range of users from individual algorithmic traders to fintech companies and financial institutions.
Stripe’s financial infrastructure, akin to a securities version, enables embedded services to focus on UX and customer acquisition while monetizing through markups on fees.

Author
mitsui
A web3 researcher. Operating the newsletter "web3 Research" delivered in five languages around the world.

Contact
The author is a web3 researcher based in Japan. If you have a project that is interested in expanding to Japan, please contact the following:

X：@web3researchgl
Telegram：@mitsui0x

*Please note that this newsletter translates articles that are originally in Japanese. There may be translation mistakes such as mistranslations or paraphrasing, so please understand in advance.

Thank you for 2025

mitsui — Fri, 26 Dec 2025 21:00:47 GMT

Good morning.
I’m Mitsui, a web3 researcher.

Today we’ll be looking back at the articles updated over the past week.

Subscribe now

📗This Week’s Articles

【Olea】A digital trade finance platform connecting corporate trade finance needs with institutional investor capital

Olea is a digital trade finance platform that connects corporate trade finance needs with institutional investor capital, revolutionizing the traditional complex, high-cost, and slow mechanisms through online transformation.
Utilizing AI for credit assessment and KYC, blockchain (XDC Network) for debt tokenization, and USDC payments, we are expanding SME access to capital while enhancing transparency, speed, and security.
Building a global liquidity pool while adhering to regulatory compliance (MAS license) and maintaining bank-grade security, we are scaling trade finance as a new investment asset class.

The Future of DeFi Seen in Kamino’s RWA Deployment

Kamino has grown as a leading DeFi lending platform on Solana. However, recognizing limitations in growth and institutional adoption within crypto-collateralized, variable-rate DeFi, it has decided to fully expand into the RWA space.
The six products—fixed-rate loans, order-based financing, off-chain collateral, institutional credit, RWA-dedicated DEX, and developer infrastructure—constitute an integrated suite of financial products designed to connect the RWA market with DeFi.
Through these efforts, Kamino is evolving beyond a mere DeFi application into a “credit market infrastructure” that integrates real-world assets, institutional capital, and interest rate markets onto Solana.

Summary of 2026 Forecast Articles

a16z「17 things we’re excited about for crypto in 2026」
Bitwise「The Year Ahead: 10 Crypto Predictions for 2026」
Galaxy「26 Crypto, Bitcoin, DeFi, and AI Predictions for 2026」
Delphi Digital「The Year Ahead for Markets 2026」
Messari「Crypto Theses 2026」
Pantera Capital「Looking Ahead to 2026」
Four Pillars「2026 Outlook: Restructuring – Ponyo’s Perspective」
0xJeff「7 Crypto Lessons and Trends to know before 2026」
Seven Predictions Revealed Through Common Ground

【Street】New ERC-S Standard Tokenizes Startup Equity Value

Street is a stock tokenization platform that enables the liquidity of startup equity without treating it as securities, providing ERC-S as its core technology.
ERC-S implements exposure to a company’s economic upside—rather than the equity itself—through FT (ERC-20) + multiple modules, centered on the pillars of “non-securitization, business model independence, compatibility with traditional investments (VC/M&A), and limited investor rights.”
Legally, the scheme avoids securities classification under the Howey Test through a corporate → SPV/foundation → DAO → holder discretionary distribution structure, while standardizing launch/operation/exit across 20 modules.

Author
mitsui
A web3 researcher. Operating the newsletter “web3 Research” delivered in five languages around the world.

Contact
The author is a web3 researcher based in Japan. If you have a project that is interested in expanding to Japan, please contact the following:

X：@web3researchgl
Telegram：@mitsui0x

*Please note that this newsletter translates articles that are originally in Japanese. There may be translation mistakes such as mistranslations or paraphrasing, so please understand in advance.

Who owns the protocol?

mitsui — Fri, 19 Dec 2025 21:01:22 GMT

Good morning.
I’m Mitsui, a web3 researcher.

Today we’ll be looking back at the articles updated over the past week.

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📗This Week’s Articles

【Pye】A protocol that separates staking positions into PT and YT and tokenizes them

Pye is a protocol that provides time-lock staking products designed with conditions set by validators, built on Solana’s native staking.
The key feature is that by separating and tokenizing staking positions into principal (PT) and yield (YT), they can be treated as tradable financial instruments with a maturity date.
This enables staking to evolve from a mere means of earning rewards into on-chain financial infrastructure with yield curves.

The Governance Dispute Between Aave Labs and Aave DAO

The integration of CoW Swap and the handling of front-end fees have sparked a major governance dispute between Aave Labs and the DAO, with concerns raised that traditional revenue is flowing to Aave Labs instead of the DAO.
The community has criticized the lack of transparency and unilateral changes regarding revenue attribution and brand interface control, sparking strong backlash on the governance forum.
Aave Labs asserts that “the separation of protocol and frontend” and “past fees were donation-like” justify the change in revenue distribution, but the controversy continues.

【Aztec Network】Privacy-first Layer 2 zk-rollup

Aztec Network is a privacy-first Layer 2 zk-rollup that ensures transaction validity using zkSNARKs while keeping transaction details confidential. It is designed with client-side execution on PXE as its starting point.
User transactions are processed through the following flow: PXE → Sequencer → AVM → Kernel/Rollup/Squisher circuit → Ethereum finality. This bridges the Public State (account model) and Private State (Note/Nullifier) using ZK proofs.
Projects targeting diverse “privacy × use case” combinations such as DeFi, NFTs, ID, voting, and OTC exist.

【Bond】A new type of fan club where investment returns from deposited funds are distributed to creators

Bond is a new on-chain support platform that enables fans to support creators without losing money through “refundable one-time support,” while creators earn revenue from the interest generated by investing those funds.
Royal pivoted to Bond after V1 (music NFTs) and V2 (AI music provenance), learning that its essence lies not in speculation or ownership, but in “participation and connection.”
Bond aims to eliminate speculative and securities risks, focusing instead on trust, recognition, and long-term relationships. It envisions expanding beyond music into all creative fields.

Author
mitsui
A web3 researcher. Operating the newsletter "web3 Research" delivered in five languages around the world.

Contact
The author is a web3 researcher based in Japan. If you have a project that is interested in expanding to Japan, please contact the following:

X：@web3researchgl
Telegram：@mitsui0x

*Please note that this newsletter translates articles that are originally in Japanese. There may be translation mistakes such as mistranslations or paraphrasing, so please understand in advance.

The RWA Perpetual is really taking off.

mitsui — Fri, 12 Dec 2025 21:01:06 GMT

Good morning.
I’m Mitsui, a web3 researcher.

Today we’ll be looking back at the articles updated over the past week.

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📗This Week’s Articles

【AllScale】Fintech platform leveraging stablecoins

An all-in-one payment and financial platform for small and medium-sized enterprises, offering integrated solutions for invoice issuance, global payroll, and social commerce using stablecoins, complete with fiat-to-stablecoin on/off ramps.
A non-custodial wallet utilizing passkey and account abstraction, eliminating the need for seed phrases and delivering a gas-fee-free UX, allowing users to interact with blockchain without its complexities.
A founding team with backgrounds at TikTok, Capital One, and crypto exchanges launched in 2025, inspired by their MVP stablecoin operations at HashMatrix. They raised approximately $1.5 million in a pre-seed round and are now preparing for a full beta launch.

【Ostium】Perpetual DEX built on Arbitrum, specialized for RWA

A protocol on Arbitrum that enables seamless trading of equities, indices, commodities, FX, and crypto assets with up to 200x leverage, all USDC-denominated and accessible from a single account, on a perpetual DEX specialized for RWA.
Through proprietary oracles, automated execution systems, dynamic spreads/funding rates/rollover fees, and a two-tier Vault structure (Liquidity Buffer + OLP), we achieve both market-realistic pricing and LP protection.
Launched in 2022 as a perpetual RWA specialist, it rapidly expanded with its Points Program and V2 in 2025, achieving over $25 billion in cumulative trading volume and completing its Series A funding. It is now gaining attention as the next-generation RWA derivatives platform.

【Space】Decentralized prediction market platform on Solana supporting 10x leverage

Space is a prediction market on Solana supporting 10x leverage, a platform where you can trade a wide range of real-world events with YES/NO bets.
Addressing existing market challenges—liquidity shortages, poor capital efficiency, weak UX, and lack of incentives—through CLOB trading, dynamic fees, liquidity rewards, multi-outcome markets, and leverage functionality.
Evolving from UFO Gaming, it aims to become next-generation prediction market infrastructure through its Solana migration, community-led fundraising (Echo/Seedify), and token reward design.

Author
mitsui
A web3 researcher. Operating the newsletter "web3 Research" delivered in five languages around the world.

Contact
The author is a web3 researcher based in Japan. If you have a project that is interested in expanding to Japan, please contact the following:

X：@web3researchgl
Telegram：@mitsui0x

*Please note that this newsletter translates articles that are originally in Japanese. There may be translation mistakes such as mistranslations or paraphrasing, so please understand in advance.

Decentralization Steps and Fees for the web3 Protocol

mitsui — Fri, 13 Sep 2024 05:01:29 GMT

Good morning.
Mitsui from web3 researcher.

Today I will write about what I came up with from a news item.

📕SafeDAO proposes charging swap fees as income
🤝Foundation is not truly diversified either
💬It doesn't look like fees will be free

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📕SafeDAO proposes to collect swap fees as income

As we posted on X, we discovered news that the community at Safe, a multi-sig wallet provider, is considering a proposal to establish the first independent revenue stream for the project's DAO.The proposal was made as recently as August 29.

Safe launched Native Swap in May, allowing Safe Wallet users to exchange assets directly within the wallet via the CoW protocol, a DEX.

The Safe Ecosystem Foundation's (SEF) proposal is to channel transaction fees generated from native swaps into SafeDAO's treasury.In this case, the fees would be converted to SAFE tokens and transferred to the project's financial reserves.

The point is not to collect new swap fees, but to transfer the fees currently collected by SEF to the DAO and place them under the control of the token holder.

If passed, this proposal would be Safe DAO's first ongoing source of revenue.

The comments on the forum have been generally favorable, and we expect to enter the voting phase in earnest.

🤝Foundation is not truly decentralized either

Now, here are my own considerations.

Although the proposal states that its aim is to increase the influence of Safe DAO, I expect that it is aiming for true decentralization.Currently, fees are allocated to the Foundation and used to expand the Safe ecosystem, but the Foundation's operations are not completely decentralized.

Many current protocols have a development company that exists as "XX Labs" and separate token issuance and management from the "XX Foundation".On top of that, there is a DAO, and the DAO is governed by the token holders.

However, there is still very little that can be decided by the DAO, and in effect, Labs and Foundations often hold the majority of the decision-making power.

Personally, I do not think this event in itself is a bad thing.There will be time for decentralization, and in the end, it is often better to improve products in a centralized manner.

However, since web3's ideology is to eventually implement the product in a completely decentralized manner, many protocols are designed to land on a decentralized basis.

What I am trying to say is that this move by Safe could be one use case for gradual decentralization.

Create a product that is used frequently
Secure commission income
Transfer that commission to the DAO
The DAO will have an ongoing income.

This is the step.The point is to gradually shift income to the DAO, not to suddenly transfer decision-making authority.

This may be similar to a business succession.The business is operated centrally and stabilized, and then transferred to the DAO.This may be a bit of a misnomer, but even if DAO revenues are generated, the funds are not suddenly put to good use.It is not only in terms of where the money is spent, but also in terms of whether the governance works, whether the voting rate is high, and so on, and the funds cannot be used well all of a sudden.

I think history will speak for itself here, and we need time to acclimate for diversification.So, I envision that only one source of income for one business will be carved out and transferred to the DAO, while Labs and Foundations create another source of income on a different axis, while the governance of the DAO matures.

I don't know if that is what Safe is trying to do, but it seems like a good step toward full diversification, first shifting some of the stable fee income to DAOs.

💬It does not appear that fees will be free

Also, from a slightly different angle, it seems that not every fee will be waived in a world where web3 is pervasive.

Safe also charges a swap fee, and every chain has a cost to use it in the form of gas to begin with.

In the web3 world, it is sometimes said that commissions will be eliminated because it is decentralized and all protocols work, but it seems that the correct understanding is that commissions will be overwhelmingly lower.

MetaMask's swap commission is 1%, but 1% is sometimes criticized as too high.However, 1% commission is very rare among current services.The commission rate is usually 10%, and even for payment services, it is 3~4%.

So, it is clear that this will be a cheaper era compared to the past, but it is still likely that there will be some fees to be incurred for the use of the infrastructure.

If you think about it, it would be better if the demand for tokens is basically stimulated every time they are used, because the protocol will not work well unless there is a timing when the proprietary tokens are used.

I would like to understand and imagine this area correctly.

In summary, this is not a particularly conclusive article, but it was an installment in which we often predict the background aims and future trends from the larger proposals of major protocols, so we thought we would write about them if we had the chance.

If the results of the proposals are interesting, I will write another article about them!

Author
mitsui
A web3 researcher. Operating the newsletter "web3 Research" delivered in five languages around the world.

Contact
The author is a web3 researcher based in Japan. If you have a project that is interested in expanding to Japan, please contact the following:

X：@web3researchgl
Telegram：@mitsui0x

*Please note that this newsletter translates articles that are originally in Japanese. There may be translation mistakes such as mistranslations or paraphrasing, so please understand in advance.

I thought about controlling speculation and improving Pareto in web3.

mitsui — Wed, 17 Jul 2024 05:01:00 GMT

Good morning.
Mitsui from web3 researcher.

Today I will write about my personal thoughts on the "My Number Authentication Function of Chichemie" that was announced yesterday.

*This is neither a PR article from Chichemie nor an introduction of a new feature.It is only a discussion article to organize and introduce what we have thought about using this function (idea) as a hook.

🎟️ Chichemie Announces My Number Authentication Feature
💰Controlling speculative nature in web3
🤝Permissionless importance and Pareto improvement
💬web3-like Pareto improvements are nice.

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🎟️Chequemy Announces My Number Authentication Feature

Although we say this is not an introductory article, we need to introduce what kind of content was announced to lead to later discussion, so we will start by introducing the new features.

https://prtimes.jp/main/html/rd/p/000000055.000103622.html

In the words of the announcement, Chichemie, the provider of the NFT ticketing platform, has introduced My Number Authentication.

To quote the press release.

In order to make personal authentication easier and more reliable and to strengthen safe and secure ticket transactions, including the prevention of unauthorized resale, Japan's first (*1) NFT ticket platform "TicketMe" operated by CHICEME, Inc. will be linked with the "Digital Authentication Application" provided by the Digital Agency,The company has announced that it will use the My Number Card for personal identification and authentication within its services.
The use of the My Number Card, an official identification card with a retention rate of over 70% (*2), will allow us to provide a more reliable ticket service.

This is intended to prevent excessive purchases for resale, which I personally found to be a very good new feature.

💰Controlling Speculativeness in web3

Now, I personally thought the "my number authentication feature of Chichemie" was very good.(I don't know the true intention behind the implementation, please, but this is just a third party's opinion.)

The reason is that "It allows for speculative control.

One of the major challenges of NFT tickets is "resale.While NFT is said to be introduced to prevent resale, it is difficult to control resellers with a completely anonymous public chain.The issue of resale here means that there are people who intentionally buy up the shares to raise the price and resell them for the purpose of reselling them at a high price.

I think that the authentication of my number is an effective way to solve this problem.

I think that a good web3 mechanism can be abstracted as how to build "incentives to cheat < incentives to follow the rules," and my number authentication reduces the incentives for resellers to cheat.I don't know how the technology is implemented, but there is a risk that individuals can be identified, and it is almost impossible to apply from multiple accounts in the first place.Thus, the return on the man-hours and risk will not be commensurate, and as a result, the incentive will be reduced.

I believe there are two types of speculation: "intentional speculation" and "speculation of results.In the case of NFT tickets, resellers are "intentional speculation," while reselling tickets that you bought purely as a fan but can no longer afford to go to the show or that become scarce after the artist becomes famous five years later are "speculation of results.

This balance is important, and as an NFT, the element of "speculative nature" cannot and should not be removed.And if "intentional speculative nature" accounts for the majority in this balance, it will become a bubble, which will soon burst.Therefore, I think it is important for the balance to be mostly "speculation of results" in order to function in a healthy manner.

So how to do this?

As I wrote earlier, web3 is an incentive adjustment.We can reduce the incentive (cost-effectiveness) for intentional speculation.In the case of the Chickemie example, with my number authentication, even resellers can purchase tickets.However, if they can only purchase up to one ticket, the return they get back will be less, so fewer man-hours can be spent on it, and fewer resellers will be able to resell it. it will not be zero, but the speculative nature of the result should increase.

What I personally think is important hereis to keep the incentive adjustment permissionless.

🤝Permissionless Importance and Pareto Improvement

I consider web3 to be one of the essential elements of permissionless.The characteristic that anyone can freely participate in a web3 project without permission is essential to the web3 project.

And, as we have discussed, one way to control the speculative nature of the project is to limit the number of participants.

For example, limiting who can buy with NFT certification or proving that they have not resold unfairly in the past is a good form, but I do not think centralized censorship should be done as long as it is web3.(This is my personal philosophy.)

It is important to find the right balance between maintaining permissionless and adjusting the incentives for cheaters, thus improving the ecosystem.

And the important thing to remember is that this is a Pareto improvement.

A Pareto improvement is "a change that can increase the utility of at least one person without sacrificing anyone's utility"means.

In other words, even if fraud is reduced by adjusting incentives, if it is to the detriment of other stakeholders, it is not a Pareto improvement.It is important to maintain a comfortable relationship with all stakeholders involved, so forcing everyone to endure in order to prevent fraud is not a desirable improvement.

In this sense, I thought the my number authentication feature of the Chichemie was a good strike.

It will help prevent fraud, and if fraud is reduced, the probability of real fans winning will increase.It also improves the credibility of the ticket-maker's platform.In addition, when it is only true fans, there will be no more abnormal reselling, the secondary distribution market will be more acceptable to both fans and creators, more people will have new options, and a new revenue stream will be created for fans, creators, and the Chickemy side.

💬Nice web3-like Pareto improvement

What I want to say in this article is that I have thought about my personal ideal way to improve web3.

In summary

web3 should be permissionless
It is desirable to have a healthy ecomomy without limiting the number of participants by reducing the incentives to cheat.
However, no one stakeholder should be disadvantaged in doing so.
Pareto improvement should be made.

It felt right to verbalize it again.

This is just my personal value system, so I am not particularly looking for agreement, but I hope it will be of some help, and I have written an article about the considerations.

Surprisingly, I feel that there are many improvements without Pareto improvement in mind, and if this continues, the economy will gradually stop working because it will be wrinkled somewhere.It also seems to stop without knowing the cause because the part that used to function suddenly stops functioning.

However, it is actually due to the accumulation of the fact that in improving some part of the system, you are revamping some other part of the system.

However, I think it is difficult to implement.

The above is the article "Using "Chichemie's My Number Authentication Function" as a hook, I thought about controlling speculativeness and improving Pareto on web3!

We will continue to research and consider various hypotheses!

Author
mitsui
A web3 researcher. Operating the newsletter "web3 Research" delivered in five languages around the world.

Contact
The author is a web3 researcher based in Japan. If you have a project that is interested in expanding to Japan, please contact the following:

X：@web3researchgl
Telegram：@mitsui0x

*Please note that this newsletter translates articles that are originally in Japanese. There may be translation mistakes such as mistranslations or paraphrasing, so please understand in advance.

Two Dapps I've been into lately

mitsui — Wed, 10 Jul 2024 05:01:22 GMT

Good morning.
Mitsui from web3 researcher.

Today I would like to share with you two Dapps that I myself have been hooked on recently.I do research every day, but I've never found a Dapps that I'm hooked on enough to use on a daily basis, so it's a bit new for me.

This will be an introductory article, so I don't know if it will be helpful, but I have been asked a lot of questions, so I will include some thoughts as well.

1️⃣Hamster Kombat
2️⃣Polymarket
💬Separating Researcher and User Perspective

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1️⃣Hamster Kombat

The first is "Hamster Kombat".

It is a mega app with over 200 million users on the Telegram Mini App.I keep tapping it every day and use the points I accumulate to invest and grow my own exchange.

I was just thinking that since there were so many users all over the world and Telegram was being talked about, I wanted to try at least one of them, and I was just right, so I started to try it.

Of course, I have an ulterior motive to see if I can get some tokens, but to be honest, I don't keep doing any task for Airdro at all, I put some money in DeFi or something, but other than that, "Hamster Kombat" is the first time I have done something for Airdro.

But the reason why I continue to play is simple: it's "easy to play" and "kinda fun".

The idea may be similar to Japanese smartphone games such as Pazudora or Monstor.Broadly speaking, the game can be played only by earning and using points, and the rules for earning points are simple.You can play without thinking too much.

At first, I started the game to learn, but little by little I became aware of how to raise the level and how to accumulate points with maximum efficiency.So I felt that the game design was well made, not just speculation.

↓I've put up a referral link if you'd like to check it out.

https://t.me/hamster_koMbat_bot/start?startapp=kentId6368658747

I also thought about how to keep the ecosystem from collapsing after the TGE in my own way.

The point is to continue to secure the utility of the tokens, so the following methods are possible.

Abstraction progresses in the order AA → CA → TA → BA

mitsui — Thu, 30 May 2024 05:01:29 GMT

Good morning.
This is mitsui from web3researcher.

Today it will be a discussion article.

🧠Abstraction = no new learning required
💧What is Token Abstraction?
⛓Finally, Blockchain Abstraction occurs and mass adoption is complete

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🧠 Abstraction = no new learning required

Account Abstraction (AA)" allows you to move from an EOA wallet to a contract wallet, making you less wallet-aware.

It is very difficult to define what "unaware" means, butI thinkit is "being able to use a new concept without understanding it.

With EOA, you need to manage your own private key, and the experience of creating a wallet is different from conventional account creation. On the other hand, with contract wallets, it is possible to create accounts with social login and device passkeys, and recovery can be done through social recovery. This is the same as existing account creation. In addition, gas sponsorship allows you to experience the web3 world without having to own gas money.

Then there is the concept of Chain Abstraction (CA), which I mentioned in yesterday's Intent article. This is an experience that does not require you to be aware of the chain.

Defining abstraction as the ability to use new concepts without understanding them in the same way as above, CA is a world where bridges between chains and the need to hold gas money in each of them are no longer necessary. Especially bridges between chains. It is a world of so-called multi-chain, cross-chain, omni chain, and so on.

I personally feel that the structure of CA (which can be defined in many ways) is rather intertwined with intent. The fact that you are freely moving assets between chains gaslessly and without any awareness means that on the other side of the equation, you need to move assets through the chain, pay for gas on their behalf, and monitor that they are doing so properly.

He said that both AA and CA would be implemented,

Create Wallet with Social Login
Freely purchase digital items (NFT) (legal tender on/off ramps may develop and legal tender payments may become more widespread)
Buy and sell digital items freely
All performed gasless.
DeFi also allows deposits from any token to any protocol, and the receiving token can be specified.
Payments can be programmed by SMACON, including subs payments, automatic payments when certain conditions are met, etc.

With these realized, even the average user will be able to have a very user-friendly experience.

The first win is important for web3 strategy

mitsui — Mon, 27 May 2024 05:00:27 GMT

Good morning.
This is mitsui from web3researcher.

Today I'm writing a blog post recapping my week and some thoughts I've been having lately.

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📝Last week's article

This will be a recap of research articles written over the last week. Please take a look at any articles that interest you!

They all have interesting content, so please take a look if you like!

💬The first one win is important web3 strategy

Well, here's what I've been thinking about lately.

"Speculation is not allowed to overheat"The importance of tokenomics

mitsui — Mon, 20 May 2024 05:01:04 GMT

Good morning.
This is mitsui from web3researcher.

Today I'm writing a blog post recapping my week and some thoughts I've been having lately. I used to update this content on Saturdays, but since I now do news recaps on Saturdays, I'll try to move it to Mondays. If the response is positive, I will continue!

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📝Last week's article

This will be a recap of research articles written over the last week. Please take a look at any articles that interest you!

They all have interesting content, so please take a look if you like!

You can also search within the newsletter, so if you find a word that interests you, please try using the search window in the upper right corner!

The Importance of "Daring Speculation Not to Heat Up" Tokenomics

I'm going to dig a little deeper into what Iposted on Xthe other day and got a response.

I believe that one of the evaluation criteria for Tokenomics in the future will be to adopt "a mechanism that dares to prevent speculation from heating up.

Can money buy memes?

mitsui — Mon, 06 May 2024 05:00:40 GMT

Good morning.
This is mitsui from web3researcher.

Today I will write about my own thoughts on "memes".

🐕 memes are becoming part of the chain strategy
💰Can mimes be bought with money?
💬Can't we plan to attract them?

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🐕 memes are becoming part of the chain strategy.

On April 2, 2024, we announced the BNB Chain Meme Innovation Battle with a prize of up to $1M. Simply put, this is a grant to attract memes onto the BNB chain.

https://www.bnbchain.org/en/blog/meme-innovation-battle-for-a-prize-pool-of-up-to-1m

We do not know the success or failure regarding this initiative, as the results are not yet available, but it is certainly a very interesting initiative.

Already, meme tokens have grown to the point where chain projects cannot be ignored: looking at CMC, there are six meme tokens in the top 100 in terms of market capitalization, and as for DOGE and SHIB, they rank in the top 10 or so.

https://coinmarketcap.com/view/memes/

Others, such as Avalanche's launch of a memecoin liquidity program called "Memecoin Rush," have gone so far as to incorporate memecoins officially as one strategy to attract and enliven users to the chain.

If you think about it, the Base chain also has a background of a rapid increase in the number of users because of the existence of the BALD token, which soared 4 million% in the beginning, and the existence of friend .tech.

Vice President of Research at Messali, Marce Bass, said that meme coins have the potential to introduce virtual currency to a wider audience, commenting that "meme coins can be seen as a 'Trojan horse' for virtual currency to introduce new users to the concept. "Meme coins could be seen as a 'Trojan horse' for virtual currency to introduce new users to the concept of virtual currency," he said.

In short, there is a great potential for meme coins to be the catalyst for users to be attracted to cryptos.

💰Can money buy memes?

I have previously written an article on memes, where I personallyconcluded thatmeme tokens are CultureFi. I believe that the physical heredity in human society is the gene, the cultural heredity is the meme, and the meme token is a value contour to some cultural heredity.

Frankly, I don't care if web3 is spring, winter, summer, fall, or whatever.

mitsui — Fri, 12 Apr 2024 05:00:42 GMT

Good morning.
This is mitsui from web3researcher.

Today will be my first blog post in a while on how I view my own web3. I also wrote about my progress and future plans regarding the newsletter, so you may not learn anything in particular, but if you like, please read to the end.

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😍Thank you and update on the newsletter

We recently conducted a survey for our paid subscribers. Thank you so much to those who responded to the survey and to those who were able to speak with us one-on-one via Zoom. It was very helpful.

It is difficult to describe, but without choosing words, this newsletter is 100% based on my interests. I research what interests me at any given time and write articles about it. On the other hand, I feel that I have to be conscious of the overlap between my own interests and what subscribers are looking for in order to create content for a certain number of people who subscribe to the newsletter for a fee.

However, I am interested in the web3 as a whole, so it is not that difficult, but I felt that the newsletter could be brushed up by regularly listening to the feedback of subscribers regarding how to present, write, and update content. Thank you very much!

We have been spending more time on each of our recent newsletters, and have been increasing the number of market report articles and in-depth discussion articles. We also try to make our articles as easy to understand as possible by inserting simple illustrations in the articles.

There will be more changes in the future as we explore various options, but we somehow envision the following form of update.

Saturday and Sunday: Trends and news tracking
- Saturday: Market, news, and trend summary articles
- Sunday: Summary article on fundraising projects
Mon-Fri: Market reports, in-depth project reports, in-depth articles

Market reports are popular, but so are articles that delve into specific projects, so we will update both. We hope that you will continue to visit our website and read only what you are interested in.

Oh, one more thing.

Connected to what you surveyed me about, I am also in the process of thinking a lot about the concept of this newsletter and the essential value it provides. As we expand and grow it globally, I wonder what kind of position we should expand in the way we present it.

(This article is written as it comes to me, without a clean copy, so the text jumps from place to place. (This article is written as it comes to me, so it jumps from place to place. Sorry.)

This is also the current situation, but after much thought, I am wondering if "Learn web3" would be the simplest option.

This is a newsletter for "learning web3", keeping up with trends, news, use cases, and providing unique insights. 5 minutes a day, updated daily, we hope that if you keep reading, you will gradually learn more about web3.

However, it may change. Also, I am studying the meaning of the concept from a business point of view and what kind of words should be used, so warding is also something to consider.

At the end of this newsletter-related status report, let me thank you again for your support. web3 Research JAPAN" was ranked 4th in Japan in the recently implemented country-specific popularity newsletter on Substack!

I don't know what kind of evaluation it is, but I am grateful for the recognition. I don't have a specific ranking goal in mind, and I will continue to create good content every day, but it is still nice to receive a third-party evaluation.

Thanks to all of our subscribers, and thank you for your continued support. We will continue to do our best.

🙂 Honestly, I don't care if web3 is spring, winter, summer, fall, whatever.

Now, let's get to the content of the title. However, this will be another blog post to sort out my own recent feelings.

Web3 has been hot lately.
Spring has sprung again.

I hear these words a lot these days, and I talk about them too. But to be honest, I like web3 in any season.

Of course, I am more than happy to spring for the premise and dance when summer arrives. I need to grow as a market to make money. I also need to make a living, and if I have a bigger budget, I can spend more time on research for each film, and I can spend more money on on-site interviews, for example.

So I am not trying to say that the season is irrelevant. Spring is the best! Come summer!

On the other hand, I don't know of any other area other than web3 that is interesting to me because I discover something new every day, even though I am doing research like crazy every day. Of course, this is also my value system. It is up to each person what stimulates him or her.

I think I have a higher level of intellectual curiosity than other people, so I really fit the description of a researcher. I am very interested in exploring what web3 is, what is the definition of web3 as a discipline, what is happening, what impact it has on human history, what are the factors for success, what are the factors for failure, what are the possibilities, and how it will change people's lives. What are the factors for success, what are the factors for failure, what are the possibilities, and how will it change people's lives?

To that end, we are currently doing this daily in the newsletter, but as this grows, we will use the budget and influence to build our own product and conduct demonstration tests. I will describe everything from the tentative settings for building the product to the behind-the-scenes of the demonstration tests in the newsletter, and make it one of the contents of web3's explorations.

I would like to research from a business perspective rather than from a scholarly laboratory. I want to take a behavioral economics approach rather than economics, and I want to search for the right answer on the ground rather than the right answer in theory. I wrote an article exploring the phenomenon of meme coins most recently, and I would like to develop my own hypothesis like that, and when I gain a little more influence, I will also conduct empirical experiments based on that hypothesis to try to put it out into the world.

To this end, I research use cases and trends every day, brushing up my own hypothesis daily by investigating individual, specific events and considering insights.

❓"No, what are you talking about?"

Yes, I keep writing about my values.

I was often asked in surveys and direct conversations about my own values and background, such as "Why do you do research? I thought that writing about my own values and background from time to time might change the way people read the newsletter, so I decided to write this.

To be honest, the value of content is "who says it".

Content = Who says what?" I think the "Who" in the former is about 80%, and the "What" is about 20%.

↓ Here is a great book that describes the area. It described why Aspie people like me can't work in society.

And while "who says it" depends largely on their track record, I thought that knowing some of their values and background might change the way you view their content, so I wrote this article.

I will usually continue to update research articles as before, but I will also write a blog like this one once every 1~2 months to report on the tensions in the newsletter and my own values. I would be happy if you could take a look at it in your spare time.

🗣Finally.

We received some very gratifying feedback from those who responded to our survey, and we would like to share some of it with you (we apologize for not introducing all of it)! We are reviewing all of the responses as well as the feedback for reference and encouragement!)

I am learning a lot from your very detailed and easy to understand explanations. I am looking forward to more of your work in the future.
The friendly language is easy to read. The book is comfortable to read with a sense of stability, not being affected by immediate gains or losses. The long-term perspective and insights are beneficial.
Since I am usually busy with work, I appreciate being able to catch up here.
I have been a subscriber since the early days of my current job. It has been helpful to me as a beginner starting out and also when I gradually progress in my studies and want to stay up-to-date.
I read the report while examining it because it is well written and delivered with your own insights, and it is a great source of mental exercise.
I think it is great that you are putting out content almost daily. Please keep up the good work.
I look forward to reading your newsletter every morning.
I am amazed at the frequency with which the articles are updated, and I don't think there is any other media that provides so much information in Japanese. The articles are very informative and I always enjoy reading them. I took the plunge and subscribed for a year, and I am glad I did.
Thank you for your daily work. I have not been able to read all of it, but there is a lot I don't know and I find it very informative and readable. Thank you very much.
I read with great interest the wide range of information, many of which I have never heard before in this news.
Thank you very much for all your help. I have to admit that web3 is very difficult and I am not able to keep up with it, but thanks to mitsui, I am able to understand the web3 area, even if only somewhat. I think it is valuable for me to be able to understand even a little bit about web3, so please keep up the good work.

Thank you ！！！！！！！

About us
A web3 newsletter delivered in five languages around the world. We deliver various articles about web3, including project explanations, news and trend analysis, and industry reports, every day. You can subscribe for $8 per month ($80 per year) and receive research articles that took 100 hours to complete every day.

Author
mitsui
A web3 researcher. Operating the newsletter "web3 Research" delivered in five languages around the world.

Contact
The author is a web3 researcher based in Japan. If you have a project that is interested in expanding to Japan, please contact the following:

X：@web3researchgl
Telegram：@mitsui0x

*Please note that this newsletter translates articles that are originally in Japanese. There may be translation mistakes such as mistranslations or paraphrasing, so please understand in advance.

Local NFT seems good

mitsui — Sat, 23 Mar 2024 14:01:11 GMT

Good morning.
I'm Mitsui, a web3 researcher.

Every Saturday is a weekly review article. If there are any articles you haven't read yet, please take a look when you have time over the weekend!

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This Week's Research Articles

All of them are interesting, so please take a look!

Three News Items that Caught My Attention Personally

Jito Labs discontinues mempool function in response to increase in MEV attacks

In response to intensifying 'sandwich attacks' on Solana users over several weeks, Jito Labs has discontinued the mempool provided through the Jito Block Engine
In sandwich attacks or MEV (Maximum Extractable Value) attacks, sophisticated bots that detect certain types of pending transactions can design their own transactions using that knowledge, sacrificing retail traders to profit.
Solana does not have its own memory pool, but the introduction of the Jito Block Engine by Jito Labs introduced its own Solana mempool, which was against Jito's terms of service, but made such attacks possible.

DeFi-oriented L1 chain 'Injective' develops own EVM 'Injective EVM'

DeFi-oriented L1 blockchain 'Injective', built on the Cosmos SDK, announced the release of its own EVM, 'inEVM (Injective EVM)', on March 8th.
'Injective' is developing a blockchain that implements its own virtual machines compatible with various blockchains.
By maintaining multiple virtual machines, 'Injective' enables cross-ecosystem development of Cosmos, Solana, and Ethereum.

Possibility of issuance of a fully on-chain payment card from MetaMask, in collaboration with Mastercard

MetaMask plans to launch a fully on-chain payment card in collaboration with Mastercard.
This card will be issued by MetaMask's payment partner company Baanx and can be used on the Mastercard network.
The MetaMask and Mastercard payment card is the 'first truly decentralized web3 payment solution' and 'users can use their cryptocurrencies for everyday shopping anywhere the card is accepted'.

Local NFTs seem good

Starting multilingual expansion

mitsui — Tue, 19 Mar 2024 14:08:27 GMT

Good morning.
I am Mitsui, a web3 researcher.

Today, I will be making some announcements.

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Starting Multilingual Deployment

As I have occasionally mentioned before, we are finally starting our full-scale multilingual deployment. We will continue to deliver in Japanese, but we will translate that information into Korean, Chinese, English, and Spanish and dist…

After the proliferation of chains, integration and oligopoly will progress

mitsui — Sat, 16 Mar 2024 14:01:07 GMT

Good morning.
This is Mitsui, a web3 researcher.

Every Saturday is a weekly review article. If there are any articles you haven't read yet, please take a look when you have time on the weekend!

Research Articles of the Week

Please have a look because all of these are interesting!

Top 3 news that caught my attention personally

Bitcoin Staking Protocol 'Babylon' launches Testnet

The testnet of the protocol 'Babylon' that enables staking of Bitcoin has launched
This time, 'Babylon' was launched on Bitcoin's testnet 'Signet'
The testnet of 'Babylon' is open to the public, and BTC holders can test BTC staking using the same protocol

MagicEden stands at the top of the NFT marketplace due to the support of BTC's Ordinals

Currently, Magic Eden is the top marketplace in terms of trading volume, with about $44.7 million worth of trades in the last 24 hours, which accounts for nearly 38% of the total NFT trades
Next is Blur, which is exclusive to Ethereum, with $30.4 million and a share of about 26%
In the past 24 hours, about 84% of Magic Eden's trading volume came from Ordinals sales, with the Solana marketplace accounting for about 13%, and the newly launched Ethereum marketplace capturing the last 3% of the total

DeFi TVL breaks $100 billion for the first time since May 2022

The TVL in DeFi protocols has exceeded $100 billion for the first time in nearly two years
Of this, lending accounted for $32.62 billion (32.2%), DEX for $19.97 billion (19.7%), debt collateral positions for $12.22 billion (12%), and staking for $10.06 billion (9.9%)
The last time DeFi's TVL exceeded $100 billion was on May 11, 2022

After the proliferation of chains, integration and monopolization will progress

Is there value in non-speculative web3?

mitsui — Sat, 09 Mar 2024 14:01:25 GMT

Good morning.
I'm Mitsui, a web3 researcher.

Every Saturday, I post a weekly review article. If there are articles you haven't read yet, please take a look when you have time over the weekend!

Research Articles of the Week

Please take a look as all of these are interesting contents!

The trend of "Point Activity" and "X to Earn" is accelerating worldwide (a little announcement at the end)

mitsui — Sat, 02 Mar 2024 14:01:16 GMT

Good morning.
I am Mitsui, a web3 researcher.

Every Saturday is a week in review article. If there is an article you haven't read yet, please take a look when you have time on the weekend!

Research articles of the week

I'm sorry for the fewer update articles this week due to my poor health.

I often hear, "Isn't it hard to update every day?" but, without fear…