Daily Edition · Page 9

THE DAILY INDEX

Technology, AI, software, security, crypto and business

MARKETS & BUSINESS

TLDR Crypto

THIS WEEK ON BASE: X402, BASE VERIFY ONCHAIN, BANKR, AND MORE

Base captured 90% of agentic stablecoin transaction volume in Q2 2026 and tripled its share of onchain spot volumes over the past year, now leading in both BTC and FX markets. The chain launched Base Verify Onchain on Sepolia, a smart-contract Sybil resistance primitive that requires no personal data collection, while B20s (Base Native Token Standard) hit $200M in trading volume within their first 30 days on mainnet. Bankr platform coins surpassed $5B in cumulative trading volume, and Morpho's market crossed $500M without incentives, with Coinbase's borrow product returning to all-time highs as the largest DeFi mullet integration. Axis Robotics closed a $12M seed (Hack VC) for its Physical AI data engine on Base, Exa App raised $2.2M for self-custodial onchain credit, and MoonPay rolled out conversational AI trading on Base for Claude and ChatGPT users.

PROPOSAL TO BURN VALIDATOR REWARDS TO CAP STAKING AT 50%

A draft EIP co-authored by Ethereum Foundation researcher Justin Drake proposes a tapered issuance burn that destroys a rising share of validator rewards as the staking ratio climbs, hitting a 100% burn (zero net issuance) at roughly 60.25 million ETH staked (~50% of supply), phased in over 18 months to prevent overconcentration among large custodians. Aave's Stani Kulechov criticized the plan as likely to kill ETH borrowing and DeFi yield use cases, while Grayscale's Zach Pandl argued reduced inflation should be a first-order positive for ETH's price. The proposal was submitted ahead of the deadline for Ethereum's upcoming Hegotá upgrade.

THE ENDGAME FOR WALLETS IS OPEN MONEY

Traditional bank balances are claims on institutional ledgers ("closed money") and contrast with self-custody wallets that move assets directly on public networks, making money programmable and composable. MetaMask has built this out with mUSD, a wallet-native stablecoin earning up to 6% APY through onchain lending markets with no lockup, and a MetaMask Card that holds assets in self-custody until the moment of merchant payment. ERC-7710 delegation and ERC-7715 permission requests allow users to grant scoped authority to an AI agent, and x402 extends this to machine-to-machine HTTP payments per request. Wallets are becoming the permission layer through which user-delegated agents move money.

BITCOIN IS FINE: A RIGOROUS LOOK AT THE QUANTUM THREAT

Bitcoin has two attack vectors: Shor's algorithm threatens Bitcoin's ECDSA/Schnorr signatures, while Grover's algorithm against SHA-256 mining would require roughly 3% of the Sun's energy output, a physical barrier that makes the mining threat negligible. Approximately 6.26M BTC holds exposed public keys, with 1.7M BTC in legacy P2PK outputs immediately vulnerable to a capable quantum computer and 5.2M BTC in reused or Taproot addresses requiring migration before exposure becomes critical. Expert timelines for cryptographically capable quantum computing span 10 to 40 years, and BIP-360, introducing Dilithium post-quantum signatures under a bc1z address type, merged to the BIP repo in early 2026 with a projected 7-year full deployment window. Classical cryptanalysis is the stronger reason to upgrade now.

ON THE NEXT CHAPTER FOR OCTANT AND THE GOLEM FOUNDATION

Golem Foundation CEO Julian Zawistowski announced Octant's next epoch will use a 100 ETH matching pool, down from prior levels, as the foundation exits its role as primary matching contributor. Golem Foundation will instead commit 5% of treasury capital proceeds to Octant for direct project grants, currently split 3% to Ethereum Labs, 1% to Ethereum Institutional, and 1% at the foundation's discretion. The restructuring shifts Octant toward thematic, results-focused rounds with higher per-user rewards, while treasury diversification into low-risk ETH-long instruments responds to declining staking yields that previously funded the program. Zawistowski hinted at GLM token utility overhauls in coming months, framing the changes around Ethereum's 11-year anniversary, as the program has distributed 5,273 ETH in grants across 13 epochs since 2023.

WHO ACTUALLY BANKS THE STABLECOIN NEOBANKS?

A hands-on test of five stablecoin neobanks (RedotPay, EtherFi, KAST, Avici, and Gnosis Pay) found EUR-to-stablecoin round-trip costs on a €5,000 test ranged from about $2 to over $130, with RedotPay's OpenPayd-powered account charging the highest effective fee (2%) and taking ~60 hours to clear, while Avici's Iron-powered account had near-zero fees but an invasive week-long KYC process. USD rails were cheaper and more uniform across providers ($2–$16 round-trip via ACH), with Bridge, Due, Noah, OpenPayd, and Monerium identified as the main vendors powering these neobanks' banking infrastructure behind the scenes.

TLDR IndexPage 9