: : [Comment] DVT-lite: The Institutional Staking Infrastructure Standard Proposed by the EF
Written by Rejamong

On March 9, Vitalik Buterin published a post on X introducing DVT-lite, the architecture the Ethereum Foundation (EF) is using to stake 72,000 ETH.

Recently, ETH staking has been shifting from individual participants toward institutions. In this context, the fact that EF publicly revealed the architecture it uses to operate its own validators is highly significant. It offers a glimpse into the direction Vitalik Buterin and the Ethereum Foundation envision for institutional staking infrastructure.

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: : Tokenized Stocks Framework and Global Case Studies
Written by 100y

There are a wide variety of models for tokenized stocks, and this article categorizes them and examines global case studies.

▫️ 2026: The Year of Tokenized Stocks
▫️ Tokenized Stock Landscape
▫️ Analysis of Major Tokenized Stocks Platforms
▫️ Tokenized Stocks, an Inevitable Future

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*This article is an excerpt from our report on stock tokenization. The full report can be found in “2026: The Year of Tokenized Stocks”

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: : [Issue] 2025 Korean CEX Listings Post-mortem
Written by C4lvin

- If you had invested $100 in each of the 59 tokens newly listed on Upbit in 2025, your portfolio would be worth roughly $0.31 per dollar as of March 11, 2026. Bithumb (144 tokens) shows the same figure at $0.31, and Binance (92 tokens) comes in at $0.29. All three exchanges delivered approximately 70% losses.

- Of Upbit's 59 tokens, only two ended in profit: KITE (+232.8%) and BARD (+9.3%). Bithumb fared only marginally better, with just 8 out of 144 tokens in the green. The median ROI was -80.9% for Upbit and -82.1% for Bithumb.

- The average ROI of the 50 tokens listed on both major Korean exchanges (-69.4%) was virtually identical to that of the 94 tokens listed exclusively on Bithumb (-68.9%). This suggests that being listed on multiple major exchanges offers no guarantee of subsequent price performance.

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: : [Issue] Rethinking SSV: The Why and What of Its Tokenomics Shift
Written by Jun

- DVT is key infrastructure for removing single points of failure in validator operations. SSV Network has implemented it as a permissionless protocol accessible to anyone, and it has grown into an infrastructure layer used by about 17% of all ETH staked on Ethereum. Within the DVT market, it has effectively become the standard.

- The essence of the SSV tokenomics essence is a redefinition of the token's role. The previous utility, as a fee payment gate, is removed through the shift to ETH. In its place, cSSV is given two functions: the right to receive a share of network fees in ETH and the right to participate in oracle selection.

- The practical effect of the transition will depend on execution. The main points to watch are whether the Effective Balance Oracle can move to a decentralized model, whether cSSV can secure DeFi liquidity, and whether the bApps ecosystem can show visible progress.

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: : EV/Holder Revenue Framework Dashboard is Now Live

Most crypto valuation is broken.

People compare market cap/fees and call a token cheap. But that ignores one simple question:

How much of that revenue actually reaches token holders?

A week ago, @PonyoFP published a research article on this, and we built an interactive dashboard to analyze it properly (h/t @heunja)

📱 Summary (X Post)
📊 Interactive Dashboard
🌎 Research Article

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: : Global Regulatory Framework for Tokenized Stocks
Written by Dan Kim (LawVax)

Deep dive into the regulatory frameworks of different countries is crucial for tokenized stocks.

▫️ Expansion of Stock Tokenization and the Onchain Ecosystem
▫️ Republic of Korea, United States, Japan, EU, Liechtenstein, United Kingdom, Switzerland, Hong Kong
▫️ Policy Implications and Recommendations

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*This article is an excerpt from our report on stock tokenization. The full report can be found in “2026: The Year of Tokenized Stocks”

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: : [Issue] Token-Equity Convergence: Through the Lens of Across Protocol
Written by C4lvin

- Across Protocol has posted a proposal to dissolve its DAO and token structure, transitioning to a U.S. C-Corporation called AcrossCo. ACX token holders are offered two options: a 1:1 token-to-equity conversion, or a USDC buyout at $0.04375, a 25% premium over the 30-day average price. Following the announcement, ACX surged approximately 85%, with the market reacting strongly to the "token-to-equity conversion" narrative itself.

- Recent developments, including Backpack's token-to-equity staking and the sidelining of TNSR holders during Coinbase's acquisition of Vector, illustrate how rapidly the boundary between tokens and equity is being redrawn.

- At the same time, Uniswap's fee switch, Sky's buyback program, and Aave's revenue-sharing proposal demonstrate that it is possible to imbue tokens with economic value within a DAO structure, suggesting that token-equity convergence is not the only path forward.

- Across's experiment is not an isolated event. It represents a broader industry-wide reckoning with the legal structures of crypto projects and the fundamental value proposition of tokens. The solutions, however, are not one-size-fits-all; the optimal path depends on each protocol's revenue structure and business model.

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: : [Comment] iUSD Yields Are Indexed to Initia's Growth, Not the Rate Cycle
Written by Eren

Chains issuing their own stablecoins is by now a familiar playbook. iUSD is part of this same wave. The underlying motivation is identical: relying on USDC or USDT means reserve yields leak externally, and the goal is to internalize them within the ecosystem. However, issuing a native stablecoin and using it as the chain's base currency is not enough on its own. How the recaptured yields are deployed matters more than the act of internalizing them.

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: : Business Opportunities in Tokenized Stock
Written by Eren

Similar to stablecoins, tokenized stocks can generate a wide range of business opportunities.

▫️ Tokenized Stock Lifecycle
▫️ Business Opportunities Enabled by Tokenized stocks
▫️ Implications

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*This article is an excerpt from our report on stock tokenization. The full report can be found in “2026: The Year of Tokenized Stocks”

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: : [Newletter] Convergence of Tokens, Equities, and Stablecoins (Week 11, 2026)

🗞 Major News
- [Crypto] Across Protocol (ACX) Explores Structure to Exchange Tokens for Company Equity
- [Institution] Nasdaq Announces Tokenized Equity Plan and Partners With Kraken to Connect Onchain Markets
- [Asia] Hong Kong Nears First Stablecoin License Issuance With HSBC and Standard Chartered as Leading Candidates

📊 Data Spotlight
- Election OI Vanished, Each Platform Filled It Differently: Kalshi With Sports, Polymarket With Politics
- $1 Invested In Upbit & Bithumb’s Every 2025 Listings Is Both Worth ~$0.31 Now

✍️ Four Pillars Weekly
- Lido Curated Module V2: Redesigning the Ethereum Validator Market
- HYPE, PURR, HYPD: Anatomy of a 39pp Spread
- 2025 Korean CEX Listings Post-mortem
- Rethinking SSV: The Why and What of Its Tokenomics Shift
- Token-Equity Convergence: Through the Lens of Across Protocol
- iUSD Yields Are Indexed to Initia's Growth, Not the Rate Cycle
- DVT-lite: The Institutional Staking Infrastructure Standard Proposed by the EF
- Indirect Tokenization Models Are Fading Away

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: : $MORPHO: The Apollo Pump Is Your Exit
Written by Ponyo

- As of Mar 12, MORPHO trades at $1.96B FDV on zero tokenholder revenue, all-time. The fee switch that would change this has never been proposed in 128 Snapshot votes.

- Governance is essentially a four-player game. Stake Capital, Gauntlet, NEMO Ventures, and leuts.eth hold the majority. They have little incentive to turn on the fee switch. Even if they did, the bull case (25% fee, 25x multiple) implies $756M: 30% below where the token trades today.

- 123.9M tokens unlock over the next 12 months, a 22.6% increase in circulating supply (per Coingecko). Apollo covers 18 cents on every dollar of that at maximum pace, and almost certainly via OTC, not open market.

- Morpho can be the dominant lending protocol and MORPHO can be a bad token at the same time, because protocol moats and token value accrual are different questions entirely.

▫️ $1.96 Billion, Zero Revenue
▫️ Who Captures the Value?
▫️ Why the Fee Switch Likely Stays Off
▫️ Apollo Buys Control, Insiders Exit
▫️ Great Product, Not So Great Token
▫️ Valuation, Not Vision

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: : [Comment] Inside Sui's Execution Layer Rewrite
Written by c4lvin

Yesteray, Sui announced the most significant execution layer upgrade since its launch. On the surface, the summary seems straightforward: faster execution, per-package caching, and groundwork for next-generation Move features. But dig into the actual code, and the picture becomes more interesting. This update introduces a genuine paradigm shift in how the execution engine works. Here's a breakdown of the key changes, based on the code published on GitHub.

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: : [Comment] Crypto Regulation Is Getting Real in Australia
Written by 100y

But there is also a limitation worth calling out. This bill is heavily focused on custody.
In contrast, regions like Europe, Japan, and the US are building comprehensive frameworks. They are addressing stablecoins, token issuance, and classification of digital assets as part of a broader system.
Australia’s current approach feels more partial. Some of those elements are missing or scattered across separate legislative efforts.
Still, directionally, this is a meaningful step. Regulatory clarity tends to be contagious. When one country moves, neighboring markets often follow. Australia’s shift could help accelerate clearer crypto regulation across Asia as a whole.

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: : [Issue] Three Hubs, Three Playbooks (ASA News #15)
Written by ASA, Moyed

[News #1] Hana Financial Partners with Circle and Crypto.com to Launch Stablecoin Payments for Foreign Visitors
✍️ 'Foreigners First': A Strategic Detour Shaped by Korea's Regulatory Landscape (by Moyed)

[News #2] Sony Bank and JPYC Partner to Build Real-Time Stablecoin Purchase System Linked to Bank Deposits
✍️ Japan's Stablecoin Ecosystem Shifts from 'Issuance' to 'Distribution Infrastructure Competition' (by Moyed)

[News #3] Hong Kong Poised to Grant First Stablecoin Licenses to HSBC and Standard Chartered
✍️ Three Asian Stablecoin Strategies: Same Direction, Different Speeds (by Moyed)

—
*This is the Bi-Weekly Newsletter on Asia Stablecoin (Subscribe to the Newsletter)

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: : [Issue] thUSD: Delta-Neutral on Gold (ft. 8-Hour Funding vs. 50-Year Contango)
Written by Eren

- Yield-bearing stablecoin yields converge around three sources: treasury interest, crypto funding rates, and private credit. Each carries a distinct tradeoff: rate dependency, market sentiment dependency, and counterparty risk, respectively. thUSD uses all three as auxiliary components, but places roughly 80% of its yield on an independent source tied to none of them: gold futures roll yield.

- thUSD's yield consists of gold futures roll yield (about 80%) and thGOLD gold lending yield (about 20%). The two are linked to different variables: interest rates and storage costs for the former, retailer inventory demand for the latter. Their low correlation means that when one compresses, the other provides a yield floor.

- If crypto funding rates are a function of market sentiment that shifts every eight hours, gold roll yield is an economic constant derived from a contango structure sustained for over 50 years. CME gold futures OI of $210B is 33x that of BTC's total OI, offering a structurally wider runway for position scaling.

- In a 2025 backtest, the gold delta-neutral strategy recorded an average APR of 8.27% with positive returns in all 12 months. Even in its weakest month, the floor was 4.05%, more than double that of BTC (1.93%) and ETH (1.74%). Whether this figure holds in live operation is the key question for thUSD.

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: : Excited to join Pharos's RealFi Alliance as part of the Strategic Intelligence Cohort

RealFi is unlocking a new financial paradigm where real-world assets meet onchain transparency and institutional-grade infrastructure.

Looking forward to contributing research and insights to help shape a more transparent and trusted ecosystem.

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: : [Issue] Debunking Pump.fun’s Revenue Manipulation FUD
Written by Ponyo

- $328M in buybacks at 99.5% daily precision for 8 months, corroborated by two independent aggregators that weren’t consulted and agree on the number. Manipulating numbers requires fabricating revenue that simultaneously fools DeFiLlama, matches Adam_tech’s Dune Solana-only indexing at a stable 68-69% ratio, and is backed by 105.17B PUMP sitting in verifiable wallets.

- The August 2026 “dilution cliff” is a substitution, not a stack, and the buyback absorbs 2x new supply at current revenue. Community emissions stop when team/investor vesting starts. Monthly emissions go from 10B to 9.2B.

- What’s actually suppressing the multiple is categorical (sin stock), trust-based (pseudonymous team, discretionary buyback), and flow-driven (alleged insider selling into the buyback).

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: : MoneyX Field Notes: How Japan Is Building a Real Stablecoin Economy
Written by 100y, Jun, Eren, C4lvin, Ponyo

- MoneyX is a conference representing the Asian finance and fintech industry, hosted by JPYC, Progmat, TV Tokyo, SBI Group, and CoinPost. It serves as a platform to discuss key issues shaping the next generation financial ecosystem, including digital assets, stablecoins, payment infrastructure, and regulatory environments.

- Four Pillars participated in MoneyX as the exclusive research partner, and this article aims to share summaries of the sessions as well as various insights related to the Japanese market gained on site.

- Contrary to common perceptions in the global market, Japan appears to be one of the most open markets toward the transition to onchain finance. Its approach, which emphasizes compliance first and internalization strategies, as well as a coexistence model for CBDCs, deposit tokens, and stablecoins, provides valuable examples that other countries may reference.

▫️ MoneyX: Asia’s Leading Web3 Conference
▫️ Summaries and Comments on 11 Sessions and 2 Keynote Speeches
▫️ Key Insights on the Japanese Market

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: : Ethereum's Geographic Blind Spot, Lessons from Running 25K+ Validators in Asia
Written by Rejamong

- Ethereum's P2P network performance is determined not by peer count, but by the quality of mesh composition, and nodes in regions with low node density face structural disadvantages. GossipSub forms a mesh of just 6 to 12 peers per topic, and peer scoring causes high-latency nodes to fall into a vicious cycle of mesh exclusion. In node-dense regions like Europe and North America, nearby peers boost each other's scores in a virtuous cycle, while nodes in Asia, South America, and Africa can be pushed out of the mesh and remain periphery peers even with the same number of connections.

- Upcoming Ethereum roadmap changes including FOCIL, PeerDAS, and slot time reduction will further strengthen the need for geographic diversity. FOCIL's censorship resistance relies on the geographic diversity of its 17-member committee, the evolution from PeerDAS to Full DAS depends even more heavily on the geographic distribution of data columns, and shorter slot times amplify the impact of regional latency gaps.

- Running validators in non-Western regions requires more effort, but operators can contribute to the global balance of GossipSub meshes through forming regional node clusters, leveraging DVT, and engaging in governance. At the same time, major staking pools like Lido should prioritize geographic diversity in operator onboarding, and the Ethereum protocol itself must evolve to lower barriers to entry for non-Western regions. Meaningful geographic diversity requires the combined efforts of individual node operators, major staking pools and institutional stakers, and protocol designers.

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: : Affluent: Bringing Institutional Yield to Telegram's 1 Billion Users
Written by Ponyo

- Affluent targets DeFi's distribution bottleneck, embedding vault-based yield strategies directly into Telegram Wallet's native Earn tab for 1B+ users.

- The three-role vault architecture (Owner / Guardian / Manager) constrains vault managers through code-enforced whitelists, leverage caps, oracle-verified RFQ execution, and a Guardian veto layer.

- Affluent's correlation-aware risk model is technically differentiated, decomposing DeFi positions into underlying exposures and using a dual-metric system (Risk Ratio + Leverage) that prices correlated pairs more accurately than standard LTV.
V3 (Jan 2026) transitions the protocol from TON-native lending to cross-chain yield infrastructure, with the Sentora Vault bridging USDT to Euler/Morpho on Ethereum — the first of what the team envisions as a series of partnerships connecting Telegram's distribution to Ethereum's deep liquidity.

- At ~$4.7M TVL, the protocol's path to scale depends on stablecoin yield partnerships, vault manager diversification, and sustained Telegram Wallet integration, which are variables that will determine whether Affluent's architecture finds its market before the embedded yield race is decided.

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: : [Comment] EIP-8163: Securing an Extension Namespace for EVM Chains
Written by c4lvin

Monad’s proposed EIP-8163 reserves opcode 0xae on Ethereum L1 as INVALID, creating a safe extension space that lets other EVM chains innovate independently without breaking compatibility.

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