📚 0xResearch reading recs

Would BlackRock try to save Bitcoin from the quantum threat?

In this episode of Bits and Bips, Nic Carter argues that Bitcoin faces a serious governance test, particularly around quantum-computing risk. He contends that Bitcoin developers are moving too slowly to address potential quantum threats and warns that if they fail to act, large institutions like BlackRock — now deeply invested via ETFs — could effectively “fire the devs” and force change, leading to a more corporate, centralized governance structure. 

Carter also suggests that many foundational Bitcoin narratives have weakened over time and that institutional concerns, even if premature, are already slowing adoption. Beyond Bitcoin, he declares that the VC-driven, flashy-token era is largely over, predicting that the future of crypto lies in more durable, cash-flow-generating businesses rather than speculative token launches.

Building the next-gen perps engine on Solana | Tristan Frizza 

Lightspeed published a podcast episode featuring Tristan Frizza, co-founder of Bullet (formerly Zeta Markets), discussing the architecture of their next-gen Solana perps exchange. 

Frizza details Bullet’s design as a ZK rollup/network extension that offloads execution from the Solana L1 to achieve sub-millisecond order matching, using Celestia for data availability and Succinct's zkVM for provable execution. Key design decisions include multi-asset margin with integrated spot and lending and cancel prioritization for market makers to combat toxic MEV flow. The existing ZEX token will migrate to a new Bullet token.

On buybacks

Proph3t argues that token buybacks below net asset value (NAV) are value-accretive and effectively reduce dilution for long-term holders. He believes buybacks also help mitigate rug risk by allowing markets to reallocate capital away from underperforming projects when tokens trade at steep discounts to treasury value. 

While critics say buybacks promote short-term thinking and hurt growth, he contends that markets already discipline founders, and that discounted prices signal inefficient capital allocation. However, he acknowledges that buybacks create uncertainty around founder runway, and he proposes structural tweaks — like higher approval thresholds or limited proposal windows — to make the system more founder-friendly.

_{Brought to you by:}

Coinbase has launched Ethereum collateral for crypto‑backed loans, powered by Morpho, enabling eligible customers to borrow USDC instantly without selling their ETH.

Rates are typically 4% to 8% and users can borrow up to $5M using BTC as collateral, and up to $1M using ETH as collateral. Loans are approved in seconds and repayment schedules are variables, meaning no fixed deadlines.

The kicker? Coinbase will not treat borrow transactions as taxable events. Over $1 billion dollars in loans have been opened through Coinbase to date. Manage crypto-backed loans directly in the Coinbase app with ease:

DAS NYC's lineup is bringing the biggest names in finance to the stage.

Don't miss the institutional gathering of the year — this March 24−26.