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THE DAILY INDEX

Technology, AI, software, security, crypto and business

MARKETS & BUSINESS

TLDR Crypto

CONSENSYS PREPARING IPO WITH JPMORGAN AND GOLDMAN SACHS

Consensys has reportedly hired JPMorgan and Goldman Sachs to lead its initial public offering. The move follows other successful crypto IPOs this year, including Circle and Bullish, as firms capitalize on a renewed wave of institutional and regulatory openness under the current administration's pro-crypto stance. Consensys also operates Infura, Linea, and backs ETH treasury firm SharpLink, positioning itself as a core pillar of Ethereum's infrastructure ahead of the IPO.

BRALE LAUNCHES API BRIDGING BANK RAILS AND STABLECOINS

Brale has launched a powerful new API that bridges traditional banking rails with onchain payments, enabling users to ACH debit via Plaid and mint stablecoins instantly. The API supports custodial and non-custodial wallets, ~20 blockchains, and ~50 stablecoins, all at bank-level pricing (as low as $0.01 per transaction). It also includes RTP support, customizable transfer branding, and the ability to fund any off-chain payment with stablecoins, creating a low-cost link between legacy finance and crypto-native systems.

LOOPING TO ZERO: WHAT'S ABOUT TO HAPPEN

Crypto is repeating the 1980s-90s hedge fund era when blowups like LTCM led to the creation of funds of funds as a middle layer for allocation and risk management. Vaults now require the same onchain infrastructure that traditional finance developed after massive failures. Onchain funds of funds would handle full risk management systems tracking positions across vaults, quantitative risk checks, manager due diligence, protocol-level fundamental research, and dynamic rebalancing to maintain concentration limits and risk-adjusted returns. Crypto users lack the expertise to properly size vault positions or track underlying risks, creating demand for professional fund-of-funds services that will reach billions in AUM as the winners filter for best strategies and publish public research to justify allocations.

WHAT IS N1?

N1 is a permissioned high-performance L1 launching with sub-1ms latency, 100,000+ TPS per application through dedicated compute environments, and gasless transactions where protocols pay less than a cent in fees instead of users. The chain supports Solidity, Rust, and TypeScript development with in-house collaboration on flagship apps to avoid ecosystem fragmentation, using Jito (Re)staking for validation and NordVM for asynchronous virtual machine execution.

THE ULTIMATE SUPERCYCLE

The 2020s mark the start of an 80-year civilizational reinvention cycle with AI, clean energy, and bioengineering converging for the first time as solar and wind costs drop 20% per doubling of output while CRISPR makes biology programmable. Crypto serves as the coordination layer through blockchains and zero-knowledge proofs, enabling a shift from financial capitalism optimized for extraction to sustainable capitalism based on transparent protocols and abundance-driven cooperation. This author's investment thesis expresses this supercycle view by going long crypto (trust layer), AI (intelligence layer), and abundance plays in energy storage and bioengineering. They predict a 25-year boom despite current political division and institutional turbulence that mirrors crisis periods preceding past reinventions.

A YEAR ONE PROJECTION OF HIP-3 REVENUE

Hyperliquid launched HIP-3 permissionless perp market deployment requiring 500,000 HYPE stake (~$20 million) and charging double the standard fee rate, with projections of $60 million in trading fees, $16 million in auction revenue, and 5 million HYPE staked across 10 markets in year one at 5% of total Hyperliquid volume. The upgrade responds to $3.3 billion bridging to competing alt-perp DEXs like Lighter, Aster, and EdgeX, with nearly 20 teams announcing HIP-3 markets. Equity perps remain unproven with weak demand – Ostium generates only $1.8 million daily stock perps volume versus $44.3 million in crypto – though the model mirrors Ethereum's L2 strategy with stronger economic alignment through 50% protocol fees and mandatory HYPE staking versus L2s paying minimal fees to Ethereum.

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