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1/ 🧵 Crypto already has 700M+ users globally. Over the past few years every catalyst — ETF approvals, institutional entry, stablecoin legislation — has driven growth. But the slope hasn't changed. Our research points to two reasons: user demand and awareness on one side, and crypto's product architecture on the other. By 2030, this number could be 3B. 👇

Our report "Aave vs. Morpho: Positioning for the Institutional Era" is now live! DeFi lending is being unbundled. Aave became the leader of DeFi lending because of its simplicity. A user could deposit collateral, borrow, and let the protocol handle liquidity and risk. Morpho starts from a different premise. Markets should specialize around different types of risk rather than force every borrower and lender into one venue. The protocol provides the base infrastructure for curators and integrators to build around. The difference shows up through distribution. Coinbase’s Bitcoin-backed loans route through Morpho with nearly 2B USD of BTC collateral tied to the partnership. You can see the cost of Aave’s structure in the rate spreads. Across three of Aave’s largest Ethereum markets, WETH, USDT, and USDC, borrow/supply spreads create an estimated 50M+ USD of annual deadweight loss. Morpho’s isolated markets have shown to be more capital efficient than peer-to-pool markets because capital can move towards the markets where it is most useful. Kelp made this harder to ignore. After rsETH was exploited, four major Aave markets hit 100% utilization for 5 days while the system waited for a coordinated bailout. Pooled liquidity meant stress spread across markets. Aave v4 strengthens the bundled model while Morpho is betting that model gets pulled apart. The outcome will determine whether DeFi lending is shaped more by venue size or by market-level risk pricing.

Quantum Vault - An audited reference implementation for account abstraction Post-quantum readiness must be achieved at all layers of the stack. We’ve worked with protocols on post-quantum testnets and hybrid signing models, deployed yellowpages as an attestation service for Bitcoin migration, proposed and optimized PQC algorithms, and proved BIP32 HD Wallets can work in a post-quantum world. Today, we are releasing our latest contribution to the open-source blockchain community: two repositories on GitHub under Project Eleven. Libqc is a TypeScript SDK for ERC-4337 account abstraction with parallel Bitcoin support, and quantum-vault is a browser-extension vault built on libqc. Both are MIT-licensed and have been audited by Cure53. They are reference implementations; not production wallets. Try out Quantum Vault today! ⬇️⬇️⬇️

Privacy is a prerequisite for Enterprise. Proud to contribute to the @EntEthAlliance Privacy Working Group's first report – mapping where the ecosystem actually stands today. Full report ↓

Over 3 Million ETH Withdrawn From Binance Since Early May “Historically, increased withdrawals from exchanges typically lead to a decrease in the supply available for sale in the spot market, which could alleviate selling pressure in the medium term.” – By @ArabxChain

LATEST: 📊 Exodus Movement posted a $32.1 million net loss in Q1 2026, more than double last year's figure, after selling 63% of its Bitcoin treasury to fund an acquisition.

Ethereum is for shipping. Here are 22 things the Ethereum ecosystem launched, upgraded, and announced over the past month. 0/ Ethereum hit a new all-time high of 72.8 Million monthly transactions, the highest in network history. 1/ @ethereumfndn, @chainlink, and @Nethermind launched a $1M audit subsidy program to help Ethereum builders access high-quality security reviews. 2/ South Korea’s largest crypto exchange, Upbit, announced plans for GIWA Chain, an Ethereum L2 built on @Optimism. 3/ @AragonProject introduced Permissions Audits to help protocols secure roles, multisigs, and admin systems. 4/ @fileverse shipped Comments v2, improving the collaboration experience, with privacy by default. 5/ The Ethereum Applications Guild (@EthAppsGuild) launched to support Ethereum-native apps and real-world adoption. 6/ Privacy went live on @Optimism with confidential computing support on OP Mainnet. 7/ @StarkWareLtd brought native proof verification to Starknet mainnet with Shinobi, enabling private trading flows and OTC settlement. 8/ @worldcoin launched World ID 4.0, expanding proof of human credentials across apps, enterprises, and AI agents. 9/ Applications on Ethereum hit ~$310B in user deposits. 10/ @l2beat released a new interactive interoperability map showing how value moves across Ethereum’s expanding ecosystem. 11/ @AlchemixFi launched V3, the latest version of its self-repaying, non-liquidating loan product, with higher capital efficiency and improved peg mechanics. 12/ @OfficialMoonDAO raised $172k + from 157 contributors to send the man who coined the “overview effect” to space. 13/ @ethereumfndn announced the Road to @EFDevcon 8 Academic Program, supporting regional research and academic events ahead of Devcon. 14/ Ethereum core contributors gathered in Svalbard for Soldøgn Interop, a week-long event focused on hardening Glamsterdam implementations to help scale Ethereum securely. 15/ @basepaint_xyz hit 1,000 straight days of onchain art creation, with 121M+ pixels painted and $1.5M + distributed to 4,000+ artists. 16/ New Ethereum community hubs launched in Hong Kong and Floripa, growing local coordination and ecosystem activity across Asia and Latin America. 17/ The EF’s ETH Rangers public goods security program wrapped after helping recover or freeze $5.8M, reporting 785+ vulnerabilities, and identifying ~100 North Korean IT workers targeting Web3 teams. 18/ @centrifuge launched a tokenized S&P 500 fund on @base, bringing 24/7 onchain index exposure to non-U.S. users. 19/ @0xcatalysis launched Covered Vaults on Ethereum, DeFi vaults with built-in onchain risk coverage backed by delegated capital. 20/ @Uniswap processed $3T in all-time volume on Ethereum mainnet. 21/ @RAILGUN_Project hit $5 billion of total all time private volume.

Another big barrier to bringing institutions onchain just came down. Its a privacy upgrade for CDK, a new stack for privacy focused financial institutions to spin up their own private chain and still tap the full onchain economy through Agglayer. Privacy + liquidity in one place which is what theyve been asking for for years. @SuccinctLabs team have been collaborators of ours on open source ZK for years. Massive respect for what theyre building, lot more to do together 🙏

🌍 With 400 validators across 6 continents, TON is one of the most decentralized blockchain networks on the planet. Telegram becoming the largest validator opened the door for major exchanges and custodians to stake TON without increasing centralization risk.

LATEST: ⚡ The Ethereum Foundation has pushed the Glamsterdam upgrade to Q3 2026 and set a 200 million gas limit floor, up from the current 60 million.

Block and Spiral just launched Loupe, a free AI-powered vulnerability scanner for open-source Bitcoin projects. The tool scans Bitcoin codebases for security flaws across millions of lines of code. It is available as a free "scanning-as-a-service" tool for any open-source Bitcoin developer. As Bitcoin secures hundreds of billions in value and the codebase grows more complex, automated security scanning is no longer optional. Block and Spiral say it is "mission-critical" for the ecosystem, especially as open-source developers face growing pressure to secure infrastructure that most of the world's financial system is increasingly building on.

I can assure you nothing said in this talk makes sense from a Physics point of view. It is crazy they were invited on a stage. @TheBitcoinConf what are you doing?

Saylor is promoting Ethereum. Saylor is promoting the Runes protocol on the Bitcoin network. Saylor is promoting issuance of stablecoins on the Bitcoin network. Saylor is promoting issuance of staking tokens on the Bitcoin network. Saylor is promoting the use of the Bitcoin network to support tokenized synthetic bitcoin tokens on L2s. Saylor is telling folks to exchange their BTC for stablecoins, in part so they can earn yield on those stablecoins. That yield is provided by STRC, which is purchased by entities within the stablecoin ecosystem described above. Saylor/Strategy then takes the proceeds from those entities buying STRC and buys a boatload of BTC themselves. Saylor use to tell folks to buy and hold BTC, there is no second best. Saylor now tells folks to buy a security or a stablecoin instead. Here's what's involved in the stablecoin money flow. Two different stablecoins, one riding on Ethereum, one riding on Bitcoin. Two different staking tokens, one on Ethereum, one on Bitcoin. One synthetic bitcoin token riding on an L2, which uses the Bitcoin network. One security, and last, but not least, some actual bitcoin. What could possibly go wrong? Here's the kicker, in that whole process, the only entity not buying and holding BTC is the individual customer. It's an unbelievably complex thing. I'm almost hesitant to even post this out of fear I'm going to look like an ass because there's no way this monstrosity could exist, and I'm just making shit up. Who knows maybe I've misunderstood it all, but I don't think so. Taproot and OP_RETURN are the two key aspects of the Bitcoin protocol enabling the Bitcoin network to be used for all this non-bitcoin stuff. All except Strategy are VC-backed. Here are all the entities, protocols, outputs and tokens involved for the privilege of exchanging your BTC for a yield bearing stablecoin: Hermetica (USDh, sUSDh) enabled by Runes/OP_RETURN on Bitcoin. Saturn (USDat, sUSDat) on Ethereum. Stacks (sBTC) on bitcoin L2, enabled by Taproot on Bitcoin. Strategy (STRC, MSTR) - securities.. Oh and some BTC, mostly flowing away from the individual into STRC. Unbelievable. No way this will turn into another FTX, BlockFi, Celsius, Voyager, Three Arrows Capital, etc.. No way. This time is different. How do you sleep at night Saylor?

NEW: Luxor's LuxOS firmware now supports MicroBT Whatsminer series miners.The company also signed a term sheet for a strategic investment from MicroBT, paired with a $100.000.000 hardware purchase commitment.

🚨 NEW BITCOIN WALLET CLAIMS QUANTUM RESISTANCE Postquant Labs says its new Layer 2 design shrinks quantum attack window to ~20 minutes or 2 blocks. This delivers protection without altering the base protocol unlike challenging proposals of BIP-361 and Paul Sztorc’s hard fork.

1/4 Today, Localhost Research is announcing a new Post Quantum Cryptography Group in partnership with two world-class cryptographers: @benediktbuenz and @danboneh.

Yesterdays Project 11 debacle has made it clear to me that the proper approach for having the quantum and Bitcoin discussion looks something like the following: 1) A group of technically literate experts with a strong grasp of the SOTA in both quantum AND cryptography/bitcoin comes together. This ideally has a blend of quantum academics from respected institutions, quantum computer builders from major labs, bitcoin core devs, etc. 2) This group of technical experts meets on a semi annual basis to present, analyze and debate findings. These discussions are held in a public forum or at least recorded for public review. 3) This group produces semiannual reports on the state of quantum both in terms of CRQC timelines (with strong bias against hyping false marketing promises) and state of cryptographic research for alternative signature schemes (i.e. SPHINCS+ by @n1ckler). Reports should include timeline estimates similar to Metaculus prediction windows. 4)This annual production is a strong basis by which the entire ecosystem (hodlers, miners, exchanges, ETFs, custodians) can start to align on the scope and timing of the migration problem. A few key caveats. 1) this should not be organized or published by a private company, especially not one who’s *entire purpose* is to monetize quantum migration. 2) every part of this, from participant selection, to discussion, to report findings, should be open to the public. 3)there should be a heavy dose of hypeman skepticism around quantum improvements and recognition of the iatrogenic effects from hastily adopting a poorly tested cryptographic alternatives. Until something like this exists, the public discourse will continue to be sloppy, clickbait driven and generally annoying for us. I get asked about quantum all the time on Capitol Hill and would like to have definitive resources to point to. Previously, the Bitcoin Mining Council helped organize the mining industry against coordinated attacks against mining in America — should we establish a Bitcoin Quantum Council to give reliable estimates and projections for Bitcoin and quantum? Should we at Bitcoin Policy Institute, as a 501c3 educational non-profit, organize this? These are preliminary ideas. I’ll be in Vegas and am open to suggestions.

Local stablecoins are how the rest of the world actually comes onchain. moving BRL or JPY between two people without losing a chunk to FX and intermediary fees at every hop is the whole point. Around 89% of LATAM local currency stablecoin activity already runs on Polygon, AND JPYC just crossed $100M in onchain payment volume on Polygon! its not a thesis anymore, its already happening.

NEW: Itau Unibanco, One of the biggest 🇧🇷 Brazilian banks, invests in Minter, a a provider of mobile data centers and Bitcoin mining operations.