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
【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.
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:
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.