Daily Edition · Page 6

THE DAILY INDEX

Technology, AI, software, security, crypto and business

MARKETS & BUSINESS

TLDR Crypto

O-COMMERCE: THE NEXT ITERATION OF E-COMMERCE

O-commerce represents the evolution of e-commerce through blockchain-enabled transactions that are natively global, faster, cheaper, non-custodial, and composable, with emerging solutions like debit earning on idle capital, onchain yield savings, zero-interest credit, and AI-managed payments. The Coinbase Commerce Protocol, partnered with Shopify, introduces programmable escrow for stablecoin payments, allowing instant onchain authorization and capture upon order fulfillment, which reduces settlement times from days to seconds and significantly lowers processing costs for merchants. Stablecoin adoption could substantially boost company market caps by mitigating card processing fees. For consumers, o-commerce provides benefits like native yield on capital, composable rewards, global access, and non-custodial ownership. O-commerce is expected to gradually absorb traditional e-commerce without noticeable disruption.

EARN SOL FOR YOUR TRANSACTIONS WITH HELIUS

Helius has launched a SOL rebate system that allows users to earn 50% of the MEV (Maximum Extractable Value) generated by their transactions through post-trade backrunning opportunities. Users can opt-in by simply adding a "rebate-address" parameter to their RPC calls, after which their transactions enter a private auction where vetted, KYC'd searchers bid to backrun trades that create arbitrage opportunities. The system ensures user transactions execute first in bundles before any searcher activity, and rebates are paid automatically in SOL within the same block as execution. This is a novel approach to MEV sharing that allows users to monetize the price inefficiencies their trades create across decentralized exchanges, rather than having this value captured entirely by searchers and validators.

WHY PENDLE IS ABOUT TO EXPLODE

Pendle has completed all VC token unlocks as of 2021, eliminating future selling pressure, while 35% of its supply remains locked in vePENDLE staking that generates $2M monthly in protocol fees for holders from its $8.7B TVL and $56.85M yearly revenue. The protocol recently launched Boros, the first onchain funding rate trading platform that allows leveraged exposure to funding rates without holding underlying assets, targeting the $80B Bitcoin futures market currently dominated by centralized exchanges. Boros is scaling gradually from $20M to planned $25M+ market caps, with revenue projections suggesting $32M annually if capturing just 1% of the total crypto derivatives market through its 0.2% closing fees. The thesis positions Pendle as infrastructure poised to disrupt centralized derivatives trading, similar to how Uniswap captured spot trading volume from traditional exchanges, with current fundamentals showing genuine revenue generation rather than typical DeFi ponzinomics.

THE EVM IS WALL STREET'S NEW MICROSOFT EXCEL

Circle's Arc is an EVM-compatible L1 chain with 20 permissioned validators from regulated institutions. Stripe is building its own L1 called Tempo, likely using Paradigm's RETH client. While it remains uncertain whether these corporate chains will issue tokens or encourage external developer adoption, they represent a significant expansion of Ethereum Virtual Machine usage into traditional finance. TradFi companies are increasingly required to hire EVM developers as the technology becomes essential infrastructure, similar to how Microsoft Excel became ubiquitous in finance. This trend of EVM adoption by major financial institutions potentially creates indirect value capture for ETH as the central asset of the Ethereum ecosystem.

ERC-8004: TRUSTLESS AGENTS FOR ETHEREUM'S AI FUTURE

ERC-8004 extends the Agent-to-Agent protocol with onchain registries for identity, reputation, and validation, letting autonomous agents transact without pre-existing trust. The proposal envisions Ethereum as the neutral part for a machine economy where millions of AI agents coordinate, negotiate, and form coalitions anchored to an incorruptible ledger. By embedding trust into Ethereum rather than centralized servers, ERC-8004 sets the foundation for AI-native commerce and cross-service automation.

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