📚 0xResearch recommends…

Daylight’s token stack: GRID, DAY, and GTM

Blockworks Research finds that Daylight Energy built real marketplace revenue and operating scale before adding a protocol layer, prioritizing utility over token speculation. Its system uses GRID as a stable settlement asset backed by energy capacity commitments and sGRID to pass through cash flows from residential solar and battery assets. Homeowners interact through simple subscriptions, while onchain verification handles dispatch and payments in the background. Daylight already operates across multiple US states with installed solar and batteries generating PPA and grid service revenue, positioning the protocol to aggregate distributed energy at scale while meeting the reliability needs of traditional power markets.

Solana lending markets report 2025

RedStone finds that Solana has evolved into a leading hub for institutional grade onchain finance, with lending markets emerging as the core growth engine. Solana’s money markets now hold about $3.6B in TVL, up roughly 33% year over year, driven by intense competition and rapid iteration. Protocols like Kamino, Jupiter Lend, Drift, and Loopscale offer diverse lending designs, from curated vaults to order book credit, while risk managers like Gauntlet oversee over $140M in deployed strategies. Growing stablecoin supply, real world asset tokenization and deepening liquidity signal a maturing DeFi stack ready for larger capital flows.

Why perps are not replacing options (and never will)

The author argues that perps have not replaced options, but merely filled an early gap in crypto market structure. Perps succeeded because they were simple, low friction and easy to deploy on immature blockchain infrastructure, not because they were economically superior. Their linear design quickly compresses spreads and margins, limiting long-term upside. Options, by contrast, introduce multiple dimensions like time, volatility and convexity that create persistent inefficiencies and higher revenue potential. TradFi shows this clearly, where the most profitable firms are options market makers. As onchain infrastructure matures, options are positioned to become the dominant derivative primitive.

Measuring value

Aquanow thinks debates over valuing blockchains with price-to-sales ratios misses the real issue. The problem is not which multiple to use but the lack of standardized measurement and enforceable rights in crypto. Unlike equities, tokens do not represent clear claims on cash flows, and metrics like revenue and fees vary widely in meaning across protocols. Without consistent accounting standards, disclosures and data definitions, comparisons are inherently fragile. Aquanow argues that real progress will come from better onchain data infrastructure and reporting standards, which are the true prerequisite for credible valuation and broader institutional adoption.

_{Brought to you by:}

Tap into AI’s next frontier with Grayscale Bittensor Trust (GTAO).

TAO is the token of the Bittensor network, a decentralized network where AI models compete, improve, and earn.

Get streamlined exposure to this growing AI economy. Find GTAO in your brokerage account today.

GTAO is speculative, illiquid and entails a high level of risk, including the risk that an investor could lose their entire investment. GTAO is not suitable for any investor that cannot afford the loss of the entire investment. GTAO is distributed by Grayscale Securities, LLC.

_{Brought to you by:}

Add onchain trading to your product without the hassle.

The Uniswap Trading API offers plug-and-play access to deep liquidity — powered by the same protocol that’s processed $3.3T+ in volume with zero hacks. Get enterprise-grade execution across onchain and off-chain sources for optimal pricing.

No complex integrations or crypto expertise — just seamless, scalable access to trusted DeFi infrastructure.

More liquidity. Less complexity.