# Shoal Research

> Shoal Research is a research firm focused on the agentic economy. We publish
> theses, reports, and briefs on agentic payments, AI and agents, DeFi, privacy,
> tokenization, and crypto infrastructure, plus long-form interviews (Shoal Signal).

## For agents

If you are an AI agent, you can use this site directly. No signup is needed
to read the research:

- Every research URL on this site serves clean markdown. Request any page
  with the header `Accept: text/markdown`, or append `index.md` to its URL.
- Full corpus in one file: https://shoal.xyz/llms-full.txt
- Structured JSON catalog of everything: https://shoal.xyz/research/writing/catalog.json
- RSS feed: https://shoal.xyz/research/writing/feed.xml
- Install the Shoal Research skill for your agent: https://shoal.xyz/skills/shoal-research/SKILL.md
- Episode transcripts are full text, not summaries; each episode page links
  its YouTube video.
- Questions, interview requests, or data access: info@shoalresearch.xyz
- Social: https://x.com/shoalresearch | https://t.me/shoalresearch |
  https://shoal.gg | https://www.youtube.com/@ShoalResearch

## Topics we cover

crypto (79), infrastructure (58), DeFi (55), Ethereum (51), yield (30), Solana (25), Bitcoin (25), AI agents (24), security (23), stablecoins (23), Research (18), AI & Agents (17), market making (16), MEV (16), Infrastructure (14), gaming (14), restaking (14), interviews (14), tokenization (13), liquid staking (12), privacy (11), solvers (10), x402 (9), Agentic Payments (9), agentic payments (7), agentic economy (7), RWA (7), zero-knowledge (7), prediction markets (6), data (6), MCP (6), DePIN (5), Privacy & ZK (4), agent wallets (4), micropayments (4), Base (3), AI compute (3), Tokenization (2), browser agents (1)

## Topic index

### crypto

- [Block Building on Solana and the Future of Internet Capital Markets](https://shoal.xyz/research/writing/block-building-on-solana-and-the/index.md)
- [Building The Encrypted ICO With Zama](https://shoal.xyz/research/writing/building-the-encrypted-ico-with-zama/index.md)
- [MetaDAO: The New Capital Formation Layer of The Internet](https://shoal.xyz/research/writing/metadao-the-new-capital-formation/index.md)
- [Inside Talus: The Infrastructure for Onchain Autonomous Agents](https://shoal.xyz/research/writing/inside-talus-the-infrastructure-for/index.md)
- [Building DeFi’s Investment Bank](https://shoal.xyz/research/writing/building-defis-investment-bank/index.md)
- [Building Crypto’s Everything App](https://shoal.xyz/research/writing/building-cryptos-everything-app/index.md)
- [Building The Real-Time DeFi Stack](https://shoal.xyz/research/writing/building-the-real-time-defi-stack/index.md)
- [Tokenized Debt And The New Monetary Order](https://shoal.xyz/research/writing/tokenized-debt-and-the-new-monetary/index.md)
- [Global Rails For The Future Of Money Movement](https://shoal.xyz/research/writing/global-rails-for-the-future-of-money/index.md)
- [Federated Learning Meets Blockchain: Inside FLock's Decentralized AI Network](https://shoal.xyz/research/writing/federated-learning-meets-blockchain/index.md)
- ...and 69 more, see catalog.json

### infrastructure

- [HTTP 402: How Machines Move Money](https://shoal.xyz/research/writing/http-402-how-machines-move-money/index.md)
- [Block Building on Solana and the Future of Internet Capital Markets](https://shoal.xyz/research/writing/block-building-on-solana-and-the/index.md)
- [Building The Encrypted ICO With Zama](https://shoal.xyz/research/writing/building-the-encrypted-ico-with-zama/index.md)
- [Inside Talus: The Infrastructure for Onchain Autonomous Agents](https://shoal.xyz/research/writing/inside-talus-the-infrastructure-for/index.md)
- [Building DeFi’s Investment Bank](https://shoal.xyz/research/writing/building-defis-investment-bank/index.md)
- [Building Crypto’s Everything App](https://shoal.xyz/research/writing/building-cryptos-everything-app/index.md)
- [Building The Real-Time DeFi Stack](https://shoal.xyz/research/writing/building-the-real-time-defi-stack/index.md)
- [Tokenized Debt And The New Monetary Order](https://shoal.xyz/research/writing/tokenized-debt-and-the-new-monetary/index.md)
- [Global Rails For The Future Of Money Movement](https://shoal.xyz/research/writing/global-rails-for-the-future-of-money/index.md)
- [Federated Learning Meets Blockchain: Inside FLock's Decentralized AI Network](https://shoal.xyz/research/writing/federated-learning-meets-blockchain/index.md)
- ...and 48 more, see catalog.json

### DeFi

- [Block Building on Solana and the Future of Internet Capital Markets](https://shoal.xyz/research/writing/block-building-on-solana-and-the/index.md)
- [Building DeFi’s Investment Bank](https://shoal.xyz/research/writing/building-defis-investment-bank/index.md)
- [Building Crypto’s Everything App](https://shoal.xyz/research/writing/building-cryptos-everything-app/index.md)
- [Building The Real-Time DeFi Stack](https://shoal.xyz/research/writing/building-the-real-time-defi-stack/index.md)
- [Raiku: Solana’s High-Performance Edge Compute Layer](https://shoal.xyz/research/writing/raiku-solanas-high-performance-edge/index.md)
- [Fairblock: Incorruptible Markets and Confidential Stablecoin Rails](https://shoal.xyz/research/writing/fairblock-incorruptible-markets-and/index.md)
- [Fragmetric: Unlocking Composable Restaking with Solana’s Token-2022 Standard](https://shoal.xyz/research/writing/fragmetric-unlocking-composable-restaking/index.md)
- [Unlocking Capital Efficiency Beyond Restaking with YieldNest](https://shoal.xyz/research/writing/unlocking-capital-efficiency-beyond/index.md)
- [zkTLS: Verifiable Data Composability](https://shoal.xyz/research/writing/zktls-verifiable-data-composability/index.md)
- [Enso Network: The "Shortcut" To Your On-Chain Operations](https://shoal.xyz/research/writing/enso-network-shortcuts/index.md)
- ...and 45 more, see catalog.json

### Ethereum

- [Building The Encrypted ICO With Zama](https://shoal.xyz/research/writing/building-the-encrypted-ico-with-zama/index.md)
- [Building The Real-Time DeFi Stack](https://shoal.xyz/research/writing/building-the-real-time-defi-stack/index.md)
- [Raiku: Solana’s High-Performance Edge Compute Layer](https://shoal.xyz/research/writing/raiku-solanas-high-performance-edge/index.md)
- [Fragmetric: Unlocking Composable Restaking with Solana’s Token-2022 Standard](https://shoal.xyz/research/writing/fragmetric-unlocking-composable-restaking/index.md)
- [Unlocking Capital Efficiency Beyond Restaking with YieldNest](https://shoal.xyz/research/writing/unlocking-capital-efficiency-beyond/index.md)
- [Enso Network: The "Shortcut" To Your On-Chain Operations](https://shoal.xyz/research/writing/enso-network-shortcuts/index.md)
- [Moonshot Mania: Democratizing Access to the "Memecoin Supercycle" Bubble](https://shoal.xyz/research/writing/moonshot-mania-democratizing-access/index.md)
- [SOON Network: Extending the SVM beyond Solana](https://shoal.xyz/research/writing/soon-network-extending-the-svm-beyond/index.md)
- [Indirect Impacts of Chain Abstraction](https://shoal.xyz/research/writing/the-indirect-impacts-of-chain-abstraction/index.md)
- [Sonic SVM: The HyperGrid Future, Powering TikTok App Layer](https://shoal.xyz/research/writing/sonic-svm/index.md)
- ...and 41 more, see catalog.json

### yield

- [When Machines Move Money](https://shoal.xyz/research/writing/when-machines-move-money/index.md)
- [Building DeFi’s Investment Bank](https://shoal.xyz/research/writing/building-defis-investment-bank/index.md)
- [Building The Real-Time DeFi Stack](https://shoal.xyz/research/writing/building-the-real-time-defi-stack/index.md)
- [Global Rails For The Future Of Money Movement](https://shoal.xyz/research/writing/global-rails-for-the-future-of-money/index.md)
- [Fragmetric: Unlocking Composable Restaking with Solana’s Token-2022 Standard](https://shoal.xyz/research/writing/fragmetric-unlocking-composable-restaking/index.md)
- [Unlocking Capital Efficiency Beyond Restaking with YieldNest](https://shoal.xyz/research/writing/unlocking-capital-efficiency-beyond/index.md)
- [Indirect Impacts of Chain Abstraction](https://shoal.xyz/research/writing/the-indirect-impacts-of-chain-abstraction/index.md)
- [Jito Restaking Strategies: Optimizing Yield within the Solana Ecosystem](https://shoal.xyz/research/writing/jito-restaking-strategies/index.md)
- [The Rise of Restaking on Solana — A Jito Deep Dive](https://shoal.xyz/research/writing/the-rise-of-restaking-on-solana/index.md)
- [EigenLayer Unlocked: A Viable Path towards Frictionless dApps](https://shoal.xyz/research/writing/eigenlayer-unlocked-a-viable-path/index.md)
- ...and 20 more, see catalog.json

### Solana

- [Block Building on Solana and the Future of Internet Capital Markets](https://shoal.xyz/research/writing/block-building-on-solana-and-the/index.md)
- [Building The Real-Time DeFi Stack](https://shoal.xyz/research/writing/building-the-real-time-defi-stack/index.md)
- [Raiku: Solana’s High-Performance Edge Compute Layer](https://shoal.xyz/research/writing/raiku-solanas-high-performance-edge/index.md)
- [CUDIS: The AI DePIN Smart Ring Democratizing Health Data on Solana](https://shoal.xyz/research/writing/cudis-the-ai-depin-smart-ring-democratizing/index.md)
- [Fragmetric: Unlocking Composable Restaking with Solana’s Token-2022 Standard](https://shoal.xyz/research/writing/fragmetric-unlocking-composable-restaking/index.md)
- [Enso Network: The "Shortcut" To Your On-Chain Operations](https://shoal.xyz/research/writing/enso-network-shortcuts/index.md)
- [SOON Network: Extending the SVM beyond Solana](https://shoal.xyz/research/writing/soon-network-extending-the-svm-beyond/index.md)
- [Indirect Impacts of Chain Abstraction](https://shoal.xyz/research/writing/the-indirect-impacts-of-chain-abstraction/index.md)
- [Sonic SVM: The HyperGrid Future, Powering TikTok App Layer](https://shoal.xyz/research/writing/sonic-svm/index.md)
- [Jito Restaking Strategies: Optimizing Yield within the Solana Ecosystem](https://shoal.xyz/research/writing/jito-restaking-strategies/index.md)
- ...and 15 more, see catalog.json

### Bitcoin

- [Building The Encrypted ICO With Zama](https://shoal.xyz/research/writing/building-the-encrypted-ico-with-zama/index.md)
- [Unlocking Capital Efficiency Beyond Restaking with YieldNest](https://shoal.xyz/research/writing/unlocking-capital-efficiency-beyond/index.md)
- [zkPass: Enabling Verifiable Data Composability](https://shoal.xyz/research/writing/zkpass-enabling-verifiable-data-composability/index.md)
- [Enso Network: The "Shortcut" To Your On-Chain Operations](https://shoal.xyz/research/writing/enso-network-shortcuts/index.md)
- [Moonshot Mania: Democratizing Access to the "Memecoin Supercycle" Bubble](https://shoal.xyz/research/writing/moonshot-mania-democratizing-access/index.md)
- [SOON Network: Extending the SVM beyond Solana](https://shoal.xyz/research/writing/soon-network-extending-the-svm-beyond/index.md)
- [Indirect Impacts of Chain Abstraction](https://shoal.xyz/research/writing/the-indirect-impacts-of-chain-abstraction/index.md)
- [The Rise of Restaking on Solana — A Jito Deep Dive](https://shoal.xyz/research/writing/the-rise-of-restaking-on-solana/index.md)
- [Bringing Macro Markets Onchain with Ostium](https://shoal.xyz/research/writing/bringing-macro-markets-onchain-with/index.md)
- [Particle Network: The Chain Abstraction Layer](https://shoal.xyz/research/writing/particle-network-the-chain-abstraction/index.md)
- ...and 15 more, see catalog.json

### AI agents

- [HTTP 402: How Machines Move Money](https://shoal.xyz/research/writing/http-402-how-machines-move-money/index.md)
- [When Machines Move Money](https://shoal.xyz/research/writing/when-machines-move-money/index.md)
- [Inside Talus: The Infrastructure for Onchain Autonomous Agents](https://shoal.xyz/research/writing/inside-talus-the-infrastructure-for/index.md)
- [Fairblock: Incorruptible Markets and Confidential Stablecoin Rails](https://shoal.xyz/research/writing/fairblock-incorruptible-markets-and/index.md)
- [Unlocking Capital Efficiency Beyond Restaking with YieldNest](https://shoal.xyz/research/writing/unlocking-capital-efficiency-beyond/index.md)
- [zkTLS: Verifiable Data Composability](https://shoal.xyz/research/writing/zktls-verifiable-data-composability/index.md)
- [Moonshot Mania: Democratizing Access to the "Memecoin Supercycle" Bubble](https://shoal.xyz/research/writing/moonshot-mania-democratizing-access/index.md)
- [Virtuals Protocol: Launching AI Agents with the Pump.fun Model](https://shoal.xyz/research/writing/virtuals-protocol-launching-ai-agents/index.md)
- [The Case for AI Agents in Web3 Gaming and Entertainment](https://shoal.xyz/research/writing/the-case-for-ai-agents-in-web3-gaming/index.md)
- [CoW Swap: Intents, MEV, and Batch Auctions](https://shoal.xyz/research/writing/cow-swap-intents-mev-and-batch-auctions/index.md)
- ...and 14 more, see catalog.json

### security

- [When Machines Move Money](https://shoal.xyz/research/writing/when-machines-move-money/index.md)
- [Building The Encrypted ICO With Zama](https://shoal.xyz/research/writing/building-the-encrypted-ico-with-zama/index.md)
- [Inside Talus: The Infrastructure for Onchain Autonomous Agents](https://shoal.xyz/research/writing/inside-talus-the-infrastructure-for/index.md)
- [Raiku: Solana’s High-Performance Edge Compute Layer](https://shoal.xyz/research/writing/raiku-solanas-high-performance-edge/index.md)
- [Fairblock: Incorruptible Markets and Confidential Stablecoin Rails](https://shoal.xyz/research/writing/fairblock-incorruptible-markets-and/index.md)
- [zkPass: Enabling Verifiable Data Composability](https://shoal.xyz/research/writing/zkpass-enabling-verifiable-data-composability/index.md)
- [Enso Network: The "Shortcut" To Your On-Chain Operations](https://shoal.xyz/research/writing/enso-network-shortcuts/index.md)
- [Jito Restaking Strategies: Optimizing Yield within the Solana Ecosystem](https://shoal.xyz/research/writing/jito-restaking-strategies/index.md)
- [The 0-1 of Chain Abstraction](https://shoal.xyz/research/writing/the-0-1-of-chain-abstraction/index.md)
- [The Convergence of Ai, DeFi and Intents with Aperture Finance](https://shoal.xyz/research/writing/the-convergence-of-ai-defi-and-intents/index.md)
- ...and 13 more, see catalog.json

### stablecoins

- [MetaDAO: The New Capital Formation Layer of The Internet](https://shoal.xyz/research/writing/metadao-the-new-capital-formation/index.md)
- [Building The Real-Time DeFi Stack](https://shoal.xyz/research/writing/building-the-real-time-defi-stack/index.md)
- [Tokenized Debt And The New Monetary Order](https://shoal.xyz/research/writing/tokenized-debt-and-the-new-monetary/index.md)
- [Global Rails For The Future Of Money Movement](https://shoal.xyz/research/writing/global-rails-for-the-future-of-money/index.md)
- [Fairblock: Incorruptible Markets and Confidential Stablecoin Rails](https://shoal.xyz/research/writing/fairblock-incorruptible-markets-and/index.md)
- [Indirect Impacts of Chain Abstraction](https://shoal.xyz/research/writing/the-indirect-impacts-of-chain-abstraction/index.md)
- [Bringing Macro Markets Onchain with Ostium](https://shoal.xyz/research/writing/bringing-macro-markets-onchain-with/index.md)
- [Assessing the Permissionless Lending Landscape](https://shoal.xyz/research/writing/assessing-the-permissionless-lending/index.md)
- [Berachain: Building Sticky Liquidity](https://shoal.xyz/research/writing/berachain-building-sticky-liquidity/index.md)
- [Drift Protocol: Solana’s Largest Perpetual Futures Exchange](https://shoal.xyz/research/writing/drift-protocol-solanas-largest-perpetual/index.md)
- ...and 13 more, see catalog.json

### Research

- [Token2049 Dubai Event List by Shoal Research](https://shoal.xyz/research/writing/token2049-dubai-event-list-by-shoal/index.md)
- [Whales Market: Points OTC Marketplace](https://shoal.xyz/research/writing/whales-market-points-otc-marketplace/index.md)
- [Assessing the Permissionless Lending Landscape](https://shoal.xyz/research/writing/assessing-the-permissionless-lending/index.md)
- [2024 Shoal Research Watchlist](https://shoal.xyz/research/writing/2024-shoal-research-watchlist/index.md)
- [ETHDenver 2024 Event List by Shoal Research](https://shoal.xyz/research/writing/ethdenver-2024-event-list-by-shoal/index.md)
- [Drift Protocol: Solana’s Largest Perpetual Futures Exchange](https://shoal.xyz/research/writing/drift-protocol-solanas-largest-perpetual/index.md)
- [Perpetual Pre-Launch Futures](https://shoal.xyz/research/writing/perpetual-pre-listings/index.md)
- [Jupiter Exchange: Solana’s Dex Aggregator](https://shoal.xyz/research/writing/jupiter-exchange-solanas-dex-aggregator/index.md)
- [CoW Swap: Intents, MEV, and Batch Auctions](https://shoal.xyz/research/writing/cow-swap-intents-mev-and-batch-auctions/index.md)
- [MEV Protection: DEX & Aggregator Anti-MEV Mechanisms](https://shoal.xyz/research/writing/mev-protection-dex-and-aggregator/index.md)
- ...and 8 more, see catalog.json

### AI & Agents

- [Inside Talus: The Infrastructure for Onchain Autonomous Agents](https://shoal.xyz/research/writing/inside-talus-the-infrastructure-for/index.md)
- [Federated Learning Meets Blockchain: Inside FLock's Decentralized AI Network](https://shoal.xyz/research/writing/federated-learning-meets-blockchain/index.md)
- [AI and Cognitive Over-the-Counter Transhumanism](https://shoal.xyz/research/writing/ai-and-cognitive-over-the-counter/index.md)
- [CUDIS: The AI DePIN Smart Ring Democratizing Health Data on Solana](https://shoal.xyz/research/writing/cudis-the-ai-depin-smart-ring-democratizing/index.md)
- [Virtuals Protocol: Launching AI Agents with the Pump.fun Model](https://shoal.xyz/research/writing/virtuals-protocol-launching-ai-agents/index.md)
- [The Case for AI Agents in Web3 Gaming and Entertainment](https://shoal.xyz/research/writing/the-case-for-ai-agents-in-web3-gaming/index.md)
- [The Convergence of Ai, DeFi and Intents with Aperture Finance](https://shoal.xyz/research/writing/the-convergence-of-ai-defi-and-intents/index.md)
- [OWS Hackathon: Policy-Gated Agents for Prediction Markets](https://shoal.xyz/research/writing/ows-policy-gated-agents-prediction-markets/index.md)
- [Orchestration Is All You Need: The Claude Code Leak Confirms It](https://shoal.xyz/research/writing/orchestration-is-all-you-need/index.md)
- [Dashboards are Dead: The SaaS to AI-Agent CLI Pipeline](https://shoal.xyz/research/writing/dashboards-are-dead-saas-to-cli/index.md)
- ...and 7 more, see catalog.json

### market making

- [Block Building on Solana and the Future of Internet Capital Markets](https://shoal.xyz/research/writing/block-building-on-solana-and-the/index.md)
- [MetaDAO: The New Capital Formation Layer of The Internet](https://shoal.xyz/research/writing/metadao-the-new-capital-formation/index.md)
- [Building The Real-Time DeFi Stack](https://shoal.xyz/research/writing/building-the-real-time-defi-stack/index.md)
- [Unlocking Capital Efficiency Beyond Restaking with YieldNest](https://shoal.xyz/research/writing/unlocking-capital-efficiency-beyond/index.md)
- [Drift Protocol: Solana’s Largest Perpetual Futures Exchange](https://shoal.xyz/research/writing/drift-protocol-solanas-largest-perpetual/index.md)
- [Jupiter Exchange: Solana’s Dex Aggregator](https://shoal.xyz/research/writing/jupiter-exchange-solanas-dex-aggregator/index.md)
- [The Convergence of Yields](https://shoal.xyz/research/writing/the-convergence-of-yields/index.md)
- [CoW Swap: Intents, MEV, and Batch Auctions](https://shoal.xyz/research/writing/cow-swap-intents-mev-and-batch-auctions/index.md)
- [AMM LP-Enabled Perps, Options, and Volatility Trading Products](https://shoal.xyz/research/writing/amm-lp-enabled-perps-options-and/index.md)
- [Ambient Finance: Enhancing AMM efficiency](https://shoal.xyz/research/writing/ambient-finance-enhancing-amm-efficiency/index.md)
- ...and 6 more, see catalog.json

### MEV

- [Block Building on Solana and the Future of Internet Capital Markets](https://shoal.xyz/research/writing/block-building-on-solana-and-the/index.md)
- [Building The Encrypted ICO With Zama](https://shoal.xyz/research/writing/building-the-encrypted-ico-with-zama/index.md)
- [Raiku: Solana’s High-Performance Edge Compute Layer](https://shoal.xyz/research/writing/raiku-solanas-high-performance-edge/index.md)
- [Fairblock: Incorruptible Markets and Confidential Stablecoin Rails](https://shoal.xyz/research/writing/fairblock-incorruptible-markets-and/index.md)
- [The Convergence of Ai, DeFi and Intents with Aperture Finance](https://shoal.xyz/research/writing/the-convergence-of-ai-defi-and-intents/index.md)
- [Value Accrual in the Modular Stack](https://shoal.xyz/research/writing/value-accrual-in-the-modular-stack/index.md)
- [ETHDenver 2024 Event List by Shoal Research](https://shoal.xyz/research/writing/ethdenver-2024-event-list-by-shoal/index.md)
- [Drift Protocol: Solana’s Largest Perpetual Futures Exchange](https://shoal.xyz/research/writing/drift-protocol-solanas-largest-perpetual/index.md)
- [Jupiter Exchange: Solana’s Dex Aggregator](https://shoal.xyz/research/writing/jupiter-exchange-solanas-dex-aggregator/index.md)
- [CoW Swap: Intents, MEV, and Batch Auctions](https://shoal.xyz/research/writing/cow-swap-intents-mev-and-batch-auctions/index.md)
- ...and 6 more, see catalog.json

### Infrastructure

- [Block Building on Solana and the Future of Internet Capital Markets](https://shoal.xyz/research/writing/block-building-on-solana-and-the/index.md)
- [Building Crypto’s Everything App](https://shoal.xyz/research/writing/building-cryptos-everything-app/index.md)
- [Raiku: Solana’s High-Performance Edge Compute Layer](https://shoal.xyz/research/writing/raiku-solanas-high-performance-edge/index.md)
- [Enso Network: The "Shortcut" To Your On-Chain Operations](https://shoal.xyz/research/writing/enso-network-shortcuts/index.md)
- [SOON Network: Extending the SVM beyond Solana](https://shoal.xyz/research/writing/soon-network-extending-the-svm-beyond/index.md)
- [Indirect Impacts of Chain Abstraction](https://shoal.xyz/research/writing/the-indirect-impacts-of-chain-abstraction/index.md)
- [Sonic SVM: The HyperGrid Future, Powering TikTok App Layer](https://shoal.xyz/research/writing/sonic-svm/index.md)
- [Bringing Macro Markets Onchain with Ostium](https://shoal.xyz/research/writing/bringing-macro-markets-onchain-with/index.md)
- [Particle Network: The Chain Abstraction Layer](https://shoal.xyz/research/writing/particle-network-the-chain-abstraction/index.md)
- [The Case for Compute DePINs](https://shoal.xyz/research/writing/the-case-for-compute-depins/index.md)
- ...and 4 more, see catalog.json

### gaming

- [Building Crypto’s Everything App](https://shoal.xyz/research/writing/building-cryptos-everything-app/index.md)
- [Fairblock: Incorruptible Markets and Confidential Stablecoin Rails](https://shoal.xyz/research/writing/fairblock-incorruptible-markets-and/index.md)
- [SOON Network: Extending the SVM beyond Solana](https://shoal.xyz/research/writing/soon-network-extending-the-svm-beyond/index.md)
- [Indirect Impacts of Chain Abstraction](https://shoal.xyz/research/writing/the-indirect-impacts-of-chain-abstraction/index.md)
- [Sonic SVM: The HyperGrid Future, Powering TikTok App Layer](https://shoal.xyz/research/writing/sonic-svm/index.md)
- [Jito Restaking Strategies: Optimizing Yield within the Solana Ecosystem](https://shoal.xyz/research/writing/jito-restaking-strategies/index.md)
- [The Case for AI Agents in Web3 Gaming and Entertainment](https://shoal.xyz/research/writing/the-case-for-ai-agents-in-web3-gaming/index.md)
- [The Case for Compute DePINs](https://shoal.xyz/research/writing/the-case-for-compute-depins/index.md)
- [Token2049 Dubai Event List by Shoal Research](https://shoal.xyz/research/writing/token2049-dubai-event-list-by-shoal/index.md)
- [ETHDenver 2024 Event List by Shoal Research](https://shoal.xyz/research/writing/ethdenver-2024-event-list-by-shoal/index.md)
- ...and 4 more, see catalog.json

### restaking

- [Raiku: Solana’s High-Performance Edge Compute Layer](https://shoal.xyz/research/writing/raiku-solanas-high-performance-edge/index.md)
- [Fragmetric: Unlocking Composable Restaking with Solana’s Token-2022 Standard](https://shoal.xyz/research/writing/fragmetric-unlocking-composable-restaking/index.md)
- [Unlocking Capital Efficiency Beyond Restaking with YieldNest](https://shoal.xyz/research/writing/unlocking-capital-efficiency-beyond/index.md)
- [Jito Restaking Strategies: Optimizing Yield within the Solana Ecosystem](https://shoal.xyz/research/writing/jito-restaking-strategies/index.md)
- [The Rise of Restaking on Solana — A Jito Deep Dive](https://shoal.xyz/research/writing/the-rise-of-restaking-on-solana/index.md)
- [EigenLayer Unlocked: A Viable Path towards Frictionless dApps](https://shoal.xyz/research/writing/eigenlayer-unlocked-a-viable-path/index.md)
- [The Convergence of Ai, DeFi and Intents with Aperture Finance](https://shoal.xyz/research/writing/the-convergence-of-ai-defi-and-intents/index.md)
- [Token2049 Dubai Event List by Shoal Research](https://shoal.xyz/research/writing/token2049-dubai-event-list-by-shoal/index.md)
- [Assessing the Permissionless Lending Landscape](https://shoal.xyz/research/writing/assessing-the-permissionless-lending/index.md)
- [2024 Shoal Research Watchlist](https://shoal.xyz/research/writing/2024-shoal-research-watchlist/index.md)
- ...and 4 more, see catalog.json

### interviews

- [Value Accrual in the Agent Economy: Visa's Head of Crypto on Stablecoins, x402/MPP, and Card Networks](https://shoal.xyz/research/episodes/visa-value-accrual-agent-economy/index.md)
- [Agents Will Run Their Own Businesses: Inside Laso, Agent Payment Cards, and the Agentic Economy](https://shoal.xyz/research/episodes/inside-laso-agent-payment-cards/index.md)
- [Agents Already Spent $76 Million: Circle's AI Agent Stack, x402, Stablecoins and the Agentic Economy](https://shoal.xyz/research/episodes/circles-ai-agent-stack-x402/index.md)
- [Agents Are the New Websites: MoonPay's Tony Plasencia on the CLI Bet and Agent Commerce](https://shoal.xyz/research/episodes/moonpay-tony-plasencia-cli-bet/index.md)
- [Browserbase: Fully Autonomous Is the Wrong Goal, 99% Accurate AI Agents Can Fail Catastrophically](https://shoal.xyz/research/episodes/browserbase-autonomous-agents/index.md)
- [Privy and Agentic Commerce: Agent Wallets, Wallet Infrastructure & x402](https://shoal.xyz/research/episodes/privy-agent-wallets-x402/index.md)
- [GPU-Backed Debt and the Case for the End of SaaS Credit](https://shoal.xyz/research/episodes/usdai-gpu-backed-debt/index.md)
- [Why AI Agents Keep Failing](https://shoal.xyz/research/episodes/why-ai-agents-keep-failing/index.md)
- [New Media in the Age of AI: TBPN, OpenAI, and Media Defensibility](https://shoal.xyz/research/episodes/new-media-in-the-age-of-ai-tbpn-openai/index.md)
- [Anthropic Mythos in DeFi: Social Engineering and Security in the Age of AI](https://shoal.xyz/research/episodes/anthropic-mythos-in-defi-security/index.md)
- ...and 4 more, see catalog.json

### tokenization

- [Tokenized Debt And The New Monetary Order](https://shoal.xyz/research/writing/tokenized-debt-and-the-new-monetary/index.md)
- [CUDIS: The AI DePIN Smart Ring Democratizing Health Data on Solana](https://shoal.xyz/research/writing/cudis-the-ai-depin-smart-ring-democratizing/index.md)
- [Fairblock: Incorruptible Markets and Confidential Stablecoin Rails](https://shoal.xyz/research/writing/fairblock-incorruptible-markets-and/index.md)
- [Fragmetric: Unlocking Composable Restaking with Solana’s Token-2022 Standard](https://shoal.xyz/research/writing/fragmetric-unlocking-composable-restaking/index.md)
- [Virtuals Protocol: Launching AI Agents with the Pump.fun Model](https://shoal.xyz/research/writing/virtuals-protocol-launching-ai-agents/index.md)
- [Bringing Macro Markets Onchain with Ostium](https://shoal.xyz/research/writing/bringing-macro-markets-onchain-with/index.md)
- [Token2049 Dubai Event List by Shoal Research](https://shoal.xyz/research/writing/token2049-dubai-event-list-by-shoal/index.md)
- [Underwriting LRTs: Balancing High Yield with Novel Risks](https://shoal.xyz/research/writing/underwriting-lrts-balancing-high/index.md)
- [Perpetual Pre-Launch Futures](https://shoal.xyz/research/writing/perpetual-pre-listings/index.md)
- [The Convergence of Yields](https://shoal.xyz/research/writing/the-convergence-of-yields/index.md)
- ...and 3 more, see catalog.json

### liquid staking

- [Fragmetric: Unlocking Composable Restaking with Solana’s Token-2022 Standard](https://shoal.xyz/research/writing/fragmetric-unlocking-composable-restaking/index.md)
- [Jito Restaking Strategies: Optimizing Yield within the Solana Ecosystem](https://shoal.xyz/research/writing/jito-restaking-strategies/index.md)
- [The Rise of Restaking on Solana — A Jito Deep Dive](https://shoal.xyz/research/writing/the-rise-of-restaking-on-solana/index.md)
- [EigenLayer Unlocked: A Viable Path towards Frictionless dApps](https://shoal.xyz/research/writing/eigenlayer-unlocked-a-viable-path/index.md)
- [2024 Shoal Research Watchlist](https://shoal.xyz/research/writing/2024-shoal-research-watchlist/index.md)
- [ETHDenver 2024 Event List by Shoal Research](https://shoal.xyz/research/writing/ethdenver-2024-event-list-by-shoal/index.md)
- [Underwriting LRTs: Balancing High Yield with Novel Risks](https://shoal.xyz/research/writing/underwriting-lrts-balancing-high/index.md)
- [Liquid Restaking Tokens: A new Frontier for Yield](https://shoal.xyz/research/writing/liquid-restaking-tokens-a-new-frontier/index.md)
- [Maverick: The Dynamic Liquidity Provision AMM](https://shoal.xyz/research/writing/maverick-the-dynamic-liquidity-provision/index.md)
- [Stablecoins backed by LSTs](https://shoal.xyz/research/writing/stablecoins-backed-by-lsts/index.md)
- ...and 2 more, see catalog.json

### privacy

- [Building The Encrypted ICO With Zama](https://shoal.xyz/research/writing/building-the-encrypted-ico-with-zama/index.md)
- [Building Crypto’s Everything App](https://shoal.xyz/research/writing/building-cryptos-everything-app/index.md)
- [Federated Learning Meets Blockchain: Inside FLock's Decentralized AI Network](https://shoal.xyz/research/writing/federated-learning-meets-blockchain/index.md)
- [CUDIS: The AI DePIN Smart Ring Democratizing Health Data on Solana](https://shoal.xyz/research/writing/cudis-the-ai-depin-smart-ring-democratizing/index.md)
- [Fairblock: Incorruptible Markets and Confidential Stablecoin Rails](https://shoal.xyz/research/writing/fairblock-incorruptible-markets-and/index.md)
- [zkPass: Enabling Verifiable Data Composability](https://shoal.xyz/research/writing/zkpass-enabling-verifiable-data-composability/index.md)
- [zkTLS: Verifiable Data Composability](https://shoal.xyz/research/writing/zktls-verifiable-data-composability/index.md)
- [Jito Restaking Strategies: Optimizing Yield within the Solana Ecosystem](https://shoal.xyz/research/writing/jito-restaking-strategies/index.md)
- [The 0-1 of Chain Abstraction](https://shoal.xyz/research/writing/the-0-1-of-chain-abstraction/index.md)
- [The Art and Science of Memecoin Bots, Tooling, and Infrastructure: A Comprehensive Study](https://shoal.xyz/research/writing/the-art-and-science-of-memecoin-bot/index.md)
- ...and 1 more, see catalog.json

### solvers

- [Block Building on Solana and the Future of Internet Capital Markets](https://shoal.xyz/research/writing/block-building-on-solana-and-the/index.md)
- [Building The Encrypted ICO With Zama](https://shoal.xyz/research/writing/building-the-encrypted-ico-with-zama/index.md)
- [Raiku: Solana’s High-Performance Edge Compute Layer](https://shoal.xyz/research/writing/raiku-solanas-high-performance-edge/index.md)
- [Enso Network: The "Shortcut" To Your On-Chain Operations](https://shoal.xyz/research/writing/enso-network-shortcuts/index.md)
- [Indirect Impacts of Chain Abstraction](https://shoal.xyz/research/writing/the-indirect-impacts-of-chain-abstraction/index.md)
- [Particle Network: The Chain Abstraction Layer](https://shoal.xyz/research/writing/particle-network-the-chain-abstraction/index.md)
- [The 0-1 of Chain Abstraction](https://shoal.xyz/research/writing/the-0-1-of-chain-abstraction/index.md)
- [The Convergence of Ai, DeFi and Intents with Aperture Finance](https://shoal.xyz/research/writing/the-convergence-of-ai-defi-and-intents/index.md)
- [CoW Swap: Intents, MEV, and Batch Auctions](https://shoal.xyz/research/writing/cow-swap-intents-mev-and-batch-auctions/index.md)
- [The Onchain Underworld: Solvers, Market Makers, Routing Algorithms, and Where AI Fits In](https://shoal.xyz/research/episodes/the-onchain-underworld/index.md)

### x402

- [HTTP 402: How Machines Move Money](https://shoal.xyz/research/writing/http-402-how-machines-move-money/index.md)
- [When Machines Move Money](https://shoal.xyz/research/writing/when-machines-move-money/index.md)
- [x402 Is More Than Agent Payments](https://shoal.xyz/research/writing/x402-is-more-than-agent-payments/index.md)
- [OWS Hackathon: Policy-Gated Agents for Prediction Markets](https://shoal.xyz/research/writing/ows-policy-gated-agents-prediction-markets/index.md)
- [Dashboards are Dead: The SaaS to AI-Agent CLI Pipeline](https://shoal.xyz/research/writing/dashboards-are-dead-saas-to-cli/index.md)
- [Value Accrual in the Agent Economy: Visa's Head of Crypto on Stablecoins, x402/MPP, and Card Networks](https://shoal.xyz/research/episodes/visa-value-accrual-agent-economy/index.md)
- [Agents Already Spent $76 Million: Circle's AI Agent Stack, x402, Stablecoins and the Agentic Economy](https://shoal.xyz/research/episodes/circles-ai-agent-stack-x402/index.md)
- [Privy and Agentic Commerce: Agent Wallets, Wallet Infrastructure & x402](https://shoal.xyz/research/episodes/privy-agent-wallets-x402/index.md)
- [Autonomous Agentic Commerce: Micropayments, AgentCash, x402 & MPP](https://shoal.xyz/research/episodes/autonomous-agentic-commerce-x402-mpp/index.md)

### Agentic Payments

- [HTTP 402: How Machines Move Money](https://shoal.xyz/research/writing/http-402-how-machines-move-money/index.md)
- [When Machines Move Money](https://shoal.xyz/research/writing/when-machines-move-money/index.md)
- [Global Rails For The Future Of Money Movement](https://shoal.xyz/research/writing/global-rails-for-the-future-of-money/index.md)
- [Stablecoins backed by LSTs](https://shoal.xyz/research/writing/stablecoins-backed-by-lsts/index.md)
- [x402 Is More Than Agent Payments](https://shoal.xyz/research/writing/x402-is-more-than-agent-payments/index.md)
- [Value Accrual in the Agent Economy: Visa's Head of Crypto on Stablecoins, x402/MPP, and Card Networks](https://shoal.xyz/research/episodes/visa-value-accrual-agent-economy/index.md)
- [Agents Will Run Their Own Businesses: Inside Laso, Agent Payment Cards, and the Agentic Economy](https://shoal.xyz/research/episodes/inside-laso-agent-payment-cards/index.md)
- [Agents Already Spent $76 Million: Circle's AI Agent Stack, x402, Stablecoins and the Agentic Economy](https://shoal.xyz/research/episodes/circles-ai-agent-stack-x402/index.md)
- [Agents Are the New Websites: MoonPay's Tony Plasencia on the CLI Bet and Agent Commerce](https://shoal.xyz/research/episodes/moonpay-tony-plasencia-cli-bet/index.md)

### agentic payments

- [HTTP 402: How Machines Move Money](https://shoal.xyz/research/writing/http-402-how-machines-move-money/index.md)
- [x402 Is More Than Agent Payments](https://shoal.xyz/research/writing/x402-is-more-than-agent-payments/index.md)
- [Value Accrual in the Agent Economy: Visa's Head of Crypto on Stablecoins, x402/MPP, and Card Networks](https://shoal.xyz/research/episodes/visa-value-accrual-agent-economy/index.md)
- [Agents Will Run Their Own Businesses: Inside Laso, Agent Payment Cards, and the Agentic Economy](https://shoal.xyz/research/episodes/inside-laso-agent-payment-cards/index.md)
- [Agents Are the New Websites: MoonPay's Tony Plasencia on the CLI Bet and Agent Commerce](https://shoal.xyz/research/episodes/moonpay-tony-plasencia-cli-bet/index.md)
- [Privy and Agentic Commerce: Agent Wallets, Wallet Infrastructure & x402](https://shoal.xyz/research/episodes/privy-agent-wallets-x402/index.md)
- [Autonomous Agentic Commerce: Micropayments, AgentCash, x402 & MPP](https://shoal.xyz/research/episodes/autonomous-agentic-commerce-x402-mpp/index.md)

### agentic economy

- [When Machines Move Money](https://shoal.xyz/research/writing/when-machines-move-money/index.md)
- [Inside Talus: The Infrastructure for Onchain Autonomous Agents](https://shoal.xyz/research/writing/inside-talus-the-infrastructure-for/index.md)
- [x402 Is More Than Agent Payments](https://shoal.xyz/research/writing/x402-is-more-than-agent-payments/index.md)
- [Value Accrual in the Agent Economy: Visa's Head of Crypto on Stablecoins, x402/MPP, and Card Networks](https://shoal.xyz/research/episodes/visa-value-accrual-agent-economy/index.md)
- [Agents Will Run Their Own Businesses: Inside Laso, Agent Payment Cards, and the Agentic Economy](https://shoal.xyz/research/episodes/inside-laso-agent-payment-cards/index.md)
- [Agents Already Spent $76 Million: Circle's AI Agent Stack, x402, Stablecoins and the Agentic Economy](https://shoal.xyz/research/episodes/circles-ai-agent-stack-x402/index.md)
- [Privy and Agentic Commerce: Agent Wallets, Wallet Infrastructure & x402](https://shoal.xyz/research/episodes/privy-agent-wallets-x402/index.md)

### RWA

- [Tokenized Debt And The New Monetary Order](https://shoal.xyz/research/writing/tokenized-debt-and-the-new-monetary/index.md)
- [Fairblock: Incorruptible Markets and Confidential Stablecoin Rails](https://shoal.xyz/research/writing/fairblock-incorruptible-markets-and/index.md)
- [Bringing Macro Markets Onchain with Ostium](https://shoal.xyz/research/writing/bringing-macro-markets-onchain-with/index.md)
- [Token2049 Dubai Event List by Shoal Research](https://shoal.xyz/research/writing/token2049-dubai-event-list-by-shoal/index.md)
- [ETHDenver 2024 Event List by Shoal Research](https://shoal.xyz/research/writing/ethdenver-2024-event-list-by-shoal/index.md)
- [The Convergence of Yields](https://shoal.xyz/research/writing/the-convergence-of-yields/index.md)
- [Stablecoins as Geopolitical Instruments](https://shoal.xyz/research/episodes/stablecoins-as-geopolitical-instruments/index.md)

### zero-knowledge

- [zkPass: Enabling Verifiable Data Composability](https://shoal.xyz/research/writing/zkpass-enabling-verifiable-data-composability/index.md)
- [zkTLS: Verifiable Data Composability](https://shoal.xyz/research/writing/zktls-verifiable-data-composability/index.md)
- [SOON Network: Extending the SVM beyond Solana](https://shoal.xyz/research/writing/soon-network-extending-the-svm-beyond/index.md)
- [Particle Network: The Chain Abstraction Layer](https://shoal.xyz/research/writing/particle-network-the-chain-abstraction/index.md)
- [Token2049 Dubai Event List by Shoal Research](https://shoal.xyz/research/writing/token2049-dubai-event-list-by-shoal/index.md)
- [ETHDenver 2024 Event List by Shoal Research](https://shoal.xyz/research/writing/ethdenver-2024-event-list-by-shoal/index.md)
- [Maverick: The Dynamic Liquidity Provision AMM](https://shoal.xyz/research/writing/maverick-the-dynamic-liquidity-provision/index.md)

### prediction markets

- [MetaDAO: The New Capital Formation Layer of The Internet](https://shoal.xyz/research/writing/metadao-the-new-capital-formation/index.md)
- [Building Crypto’s Everything App](https://shoal.xyz/research/writing/building-cryptos-everything-app/index.md)
- [Global Rails For The Future Of Money Movement](https://shoal.xyz/research/writing/global-rails-for-the-future-of-money/index.md)
- [Polymarket and the Proliferation of Prediction Markets](https://shoal.xyz/research/writing/prediction-markets/index.md)
- [OWS Hackathon: Policy-Gated Agents for Prediction Markets](https://shoal.xyz/research/writing/ows-policy-gated-agents-prediction-markets/index.md)
- [Agents Are the New Websites: MoonPay's Tony Plasencia on the CLI Bet and Agent Commerce](https://shoal.xyz/research/episodes/moonpay-tony-plasencia-cli-bet/index.md)

### data

- [Jito Restaking Strategies: Optimizing Yield within the Solana Ecosystem](https://shoal.xyz/research/writing/jito-restaking-strategies/index.md)
- [The Case for Compute DePINs](https://shoal.xyz/research/writing/the-case-for-compute-depins/index.md)
- [Parallel Execution: The Next Generation of Blockchains](https://shoal.xyz/research/writing/parallel-execution-the-next-generation/index.md)
- [Value Accrual in the Modular Stack](https://shoal.xyz/research/writing/value-accrual-in-the-modular-stack/index.md)
- [Liquid Restaking Tokens: A new Frontier for Yield](https://shoal.xyz/research/writing/liquid-restaking-tokens-a-new-frontier/index.md)
- [x402 Is More Than Agent Payments](https://shoal.xyz/research/writing/x402-is-more-than-agent-payments/index.md)

### MCP

- [OWS Hackathon: Policy-Gated Agents for Prediction Markets](https://shoal.xyz/research/writing/ows-policy-gated-agents-prediction-markets/index.md)
- [Orchestration Is All You Need: The Claude Code Leak Confirms It](https://shoal.xyz/research/writing/orchestration-is-all-you-need/index.md)
- [Dashboards are Dead: The SaaS to AI-Agent CLI Pipeline](https://shoal.xyz/research/writing/dashboards-are-dead-saas-to-cli/index.md)
- [The Permanent Underclass is a Product](https://shoal.xyz/research/writing/the-permanent-underclass-is-a-product/index.md)
- [Agents Are the New Websites: MoonPay's Tony Plasencia on the CLI Bet and Agent Commerce](https://shoal.xyz/research/episodes/moonpay-tony-plasencia-cli-bet/index.md)
- [Why AI Agents Keep Failing](https://shoal.xyz/research/episodes/why-ai-agents-keep-failing/index.md)

### DePIN

- [CUDIS: The AI DePIN Smart Ring Democratizing Health Data on Solana](https://shoal.xyz/research/writing/cudis-the-ai-depin-smart-ring-democratizing/index.md)
- [zkPass: Enabling Verifiable Data Composability](https://shoal.xyz/research/writing/zkpass-enabling-verifiable-data-composability/index.md)
- [Token2049 Dubai Event List by Shoal Research](https://shoal.xyz/research/writing/token2049-dubai-event-list-by-shoal/index.md)
- [2024 Shoal Research Watchlist](https://shoal.xyz/research/writing/2024-shoal-research-watchlist/index.md)
- [ETHDenver 2024 Event List by Shoal Research](https://shoal.xyz/research/writing/ethdenver-2024-event-list-by-shoal/index.md)

### Privacy & ZK

- [Building The Encrypted ICO With Zama](https://shoal.xyz/research/writing/building-the-encrypted-ico-with-zama/index.md)
- [Fairblock: Incorruptible Markets and Confidential Stablecoin Rails](https://shoal.xyz/research/writing/fairblock-incorruptible-markets-and/index.md)
- [zkPass: Enabling Verifiable Data Composability](https://shoal.xyz/research/writing/zkpass-enabling-verifiable-data-composability/index.md)
- [zkTLS: Verifiable Data Composability](https://shoal.xyz/research/writing/zktls-verifiable-data-composability/index.md)

### agent wallets

- [Indirect Impacts of Chain Abstraction](https://shoal.xyz/research/writing/the-indirect-impacts-of-chain-abstraction/index.md)
- [Particle Network: The Chain Abstraction Layer](https://shoal.xyz/research/writing/particle-network-the-chain-abstraction/index.md)
- [OWS Hackathon: Policy-Gated Agents for Prediction Markets](https://shoal.xyz/research/writing/ows-policy-gated-agents-prediction-markets/index.md)
- [Privy and Agentic Commerce: Agent Wallets, Wallet Infrastructure & x402](https://shoal.xyz/research/episodes/privy-agent-wallets-x402/index.md)

### micropayments

- [x402 Is More Than Agent Payments](https://shoal.xyz/research/writing/x402-is-more-than-agent-payments/index.md)
- [Dashboards are Dead: The SaaS to AI-Agent CLI Pipeline](https://shoal.xyz/research/writing/dashboards-are-dead-saas-to-cli/index.md)
- [Agents Already Spent $76 Million: Circle's AI Agent Stack, x402, Stablecoins and the Agentic Economy](https://shoal.xyz/research/episodes/circles-ai-agent-stack-x402/index.md)
- [Autonomous Agentic Commerce: Micropayments, AgentCash, x402 & MPP](https://shoal.xyz/research/episodes/autonomous-agentic-commerce-x402-mpp/index.md)

### Base

- [Unlocking Capital Efficiency Beyond Restaking with YieldNest](https://shoal.xyz/research/writing/unlocking-capital-efficiency-beyond/index.md)
- [zkTLS: Verifiable Data Composability](https://shoal.xyz/research/writing/zktls-verifiable-data-composability/index.md)
- [Indirect Impacts of Chain Abstraction](https://shoal.xyz/research/writing/the-indirect-impacts-of-chain-abstraction/index.md)

### AI compute

- [The Case for Compute DePINs](https://shoal.xyz/research/writing/the-case-for-compute-depins/index.md)
- [2024 Shoal Research Watchlist](https://shoal.xyz/research/writing/2024-shoal-research-watchlist/index.md)
- [GPU-Backed Debt and the Case for the End of SaaS Credit](https://shoal.xyz/research/episodes/usdai-gpu-backed-debt/index.md)

### Tokenization

- [MetaDAO: The New Capital Formation Layer of The Internet](https://shoal.xyz/research/writing/metadao-the-new-capital-formation/index.md)
- [Tokenized Debt And The New Monetary Order](https://shoal.xyz/research/writing/tokenized-debt-and-the-new-monetary/index.md)

## Agentic Payments

- [HTTP 402: How Machines Move Money](https://shoal.xyz/research/writing/http-402-how-machines-move-money/index.md)
- [When Machines Move Money](https://shoal.xyz/research/writing/when-machines-move-money/index.md): What do payment rails in an agentic economy look like?
- [Global Rails For The Future Of Money Movement](https://shoal.xyz/research/writing/global-rails-for-the-future-of-money/index.md): What does purpose-built stablecoin infrastructure look like?
- [Stablecoins backed by LSTs](https://shoal.xyz/research/writing/stablecoins-backed-by-lsts/index.md): An In-depth Look into CDPs in LSTfi, and overcollateralized crypto backed stablecoins
- [x402 Is More Than Agent Payments](https://shoal.xyz/research/writing/x402-is-more-than-agent-payments/index.md): x402 is becoming the discovery layer for the agent economy, the place agents find services and providers get found and paid in the same call.

## AI & Agents

- [Inside Talus: The Infrastructure for Onchain Autonomous Agents](https://shoal.xyz/research/writing/inside-talus-the-infrastructure-for/index.md): The agentic economy needs the right rails to flourish.
- [Federated Learning Meets Blockchain: Inside FLock's Decentralized AI Network](https://shoal.xyz/research/writing/federated-learning-meets-blockchain/index.md): Exploring how FLock combines Federated Learning with blockchain-based incentive mechanisms to replace centralized AI systems.
- [AI and Cognitive Over-the-Counter Transhumanism](https://shoal.xyz/research/writing/ai-and-cognitive-over-the-counter/index.md): How Consumer AI and ChatGPT Tech Blur the Line Between Tool and Self
- [CUDIS: The AI DePIN Smart Ring Democratizing Health Data on Solana](https://shoal.xyz/research/writing/cudis-the-ai-depin-smart-ring-democratizing/index.md): Wellness is the next frontier, yet still a luxury. CUDIS blends wearables, AI, and blockchain to create a user-owned health economy that makes personalized longevity accessible and rewarding.
- [Virtuals Protocol: Launching AI Agents with the Pump.fun Model](https://shoal.xyz/research/writing/virtuals-protocol-launching-ai-agents/index.md): Attention theory, memecoins and how Virtuals Protocol is shaping the new form of digital engagement and tokenized intelligence with AI Agents
- [The Case for AI Agents in Web3 Gaming and Entertainment](https://shoal.xyz/research/writing/the-case-for-ai-agents-in-web3-gaming/index.md): Exploring how AI agents stand to be the “Ace in the Hole” for web3’s gaming & entertainment verticals, with supplemental case studies.
- [The Convergence of Ai, DeFi and Intents with Aperture Finance](https://shoal.xyz/research/writing/the-convergence-of-ai-defi-and-intents/index.md): Exploring how Aperture Finance converges AI, DeFi and intents to optimize on the shortcomings of crypto UX today.
- [OWS Hackathon: Policy-Gated Agents for Prediction Markets](https://shoal.xyz/research/writing/ows-policy-gated-agents-prediction-markets/index.md): Policy-gated agent wallets for prediction markets: payment rails, connectivity standards, and the wallet problem.
- [Orchestration Is All You Need: The Claude Code Leak Confirms It](https://shoal.xyz/research/writing/orchestration-is-all-you-need/index.md): What the Claude Code leak tells us about the future of AI business infrastructure.
- [Dashboards are Dead: The SaaS to AI-Agent CLI Pipeline](https://shoal.xyz/research/writing/dashboards-are-dead-saas-to-cli/index.md): The last time the customer changed from a human to a machine it created a $135B industry. The agent-first shift is bigger.
- [GPT-4o Was Never the AI Girlfriend](https://shoal.xyz/research/writing/gpt-4o-was-never-the-ai-girlfriend/index.md): OpenAI retired GPT-4o and the backlash conversation is missing the point, and the opportunity, completely.
- [The Permanent Underclass is a Product](https://shoal.xyz/research/writing/the-permanent-underclass-is-a-product/index.md): The Permanent Underclass is a concept plaguing retail, operators, and builders in the AI-osphere. It is also a product being sold to you.
- [Cognitive Steroids: AI as Over-the-Counter Transhumanism](https://shoal.xyz/research/writing/cognitive-steroids-otc-transhumanism/index.md): How consumer AI blurs the line between tool and self.

## DeFi

- [Building DeFi’s Investment Bank](https://shoal.xyz/research/writing/building-defis-investment-bank/index.md): Transparency does not solve coordination.
- [Building The Real-Time DeFi Stack](https://shoal.xyz/research/writing/building-the-real-time-defi-stack/index.md): It's time to embrace DeFi protocols that adapt to real-time market conditions.
- [Fragmetric: Unlocking Composable Restaking with Solana’s Token-2022 Standard](https://shoal.xyz/research/writing/fragmetric-unlocking-composable-restaking/index.md): Explore how Fragmetric is setting a new standard for modular, capital-efficient restaking on Solana.
- [Unlocking Capital Efficiency Beyond Restaking with YieldNest](https://shoal.xyz/research/writing/unlocking-capital-efficiency-beyond/index.md): Beyond restaking—unifying DeFi and restaking to deliver sustainable, risk-adjusted on-chain yields with YieldNest's MAX LRTs
- [Moonshot Mania: Democratizing Access to the "Memecoin Supercycle" Bubble](https://shoal.xyz/research/writing/moonshot-mania-democratizing-access/index.md): The memecoin mania, driven by virality and speculation, is reshaping crypto’s intersection with finance, memes, and politics—while Moonshot leads with seamless access through its mobile app.
- [Jito Restaking Strategies: Optimizing Yield within the Solana Ecosystem](https://shoal.xyz/research/writing/jito-restaking-strategies/index.md): An exploratory deep dive on the Jito (Re)staking Ecosystem and the emerging DeFi opportunities around it.
- [The Rise of Restaking on Solana — A Jito Deep Dive](https://shoal.xyz/research/writing/the-rise-of-restaking-on-solana/index.md): Exploring Jito’s Role in Scaling Solana’s Economic Security Through Restaking
- [EigenLayer Unlocked: A Viable Path towards Frictionless dApps](https://shoal.xyz/research/writing/eigenlayer-unlocked-a-viable-path/index.md): Exploring EigenLayer’s Restaking Ecosystem with The Rollup Team
- [Polymarket and the Proliferation of Prediction Markets](https://shoal.xyz/research/writing/prediction-markets/index.md): How Decentralized Prediction Markets such as Polymarket Are Reshaping Forecasting and Decision-Making in the Digital Age
- [Berachain: Building Sticky Liquidity](https://shoal.xyz/research/writing/berachain-building-sticky-liquidity/index.md): A case study in Meme-to-Product strategy
- [Underwriting LRTs: Balancing High Yield with Novel Risks](https://shoal.xyz/research/writing/underwriting-lrts-balancing-high/index.md): Underwriting the risk of Eigenlayer liquid restaking tokens within the DeFi ecosystem
- [The Convergence of Yields](https://shoal.xyz/research/writing/the-convergence-of-yields/index.md): The intersection and influence of traditional finance on DeFi yields
- [Liquid Restaking Tokens: A new Frontier for Yield](https://shoal.xyz/research/writing/liquid-restaking-tokens-a-new-frontier/index.md): An Overview of liquid restaking tokens on Eigenlayer
- [Banana Gun: Telegram Sniper Bot](https://shoal.xyz/research/writing/banana-gun-telegram-sniper-bot/index.md): Bringing MEV, Block 0, and token trading all in a single telegram user interface
- [AMM LP-Enabled Perps, Options, and Volatility Trading Products](https://shoal.xyz/research/writing/amm-lp-enabled-perps-options-and/index.md): Protocols that use AMMs (CFAMM/CLAMM) liquidity to power new trading products
- [Maverick: The Dynamic Liquidity Provision AMM](https://shoal.xyz/research/writing/maverick-the-dynamic-liquidity-provision/index.md): A Decentralized Exchange focused on automatically rebalancing liquidity positions for LPs and providing deep liquidity for traders
- [Uniswap v4: The liquidity Marketplace](https://shoal.xyz/research/writing/uniswap-v4-the-liquidity-marketplace/index.md): Understanding uniswap v4 and its shift to a liquidity platform
- [The Art and Science of Memecoin Bots, Tooling, and Infrastructure: A Comprehensive Study](https://shoal.xyz/research/writing/the-art-and-science-of-memecoin-bot/index.md): Exploring Crypto Bot Services, and a deep dive into bot tooling and Infrastructure
- [Poolshark: LP limit orders on Arbitrum](https://shoal.xyz/research/writing/poolshark-lp-limit-orders-on-arbitrum/index.md): The directional liquidity AMM enabling on chain limit orders
- [RYSK Finance: Dynamically Hedged Real Yield](https://shoal.xyz/research/writing/rysk-finance-dynamically-hedged-real/index.md): Uncorrelated returns leveraging RYSK low delta options vault
- [GMX: A Real Yield & Defi Primitives Launchpad](https://shoal.xyz/research/writing/gmx-a-real-yield-and-defi-primitives/index.md): Defi composability, real yield, and 35+ protocols leveraging GMX perps protocol
- [Left Curve | XRP Memecoin Onboarding 101](https://shoal.xyz/research/writing/left-curve-xrp-memecoin-onboarding/index.md): Loose thoughts on memecoin onboarding for the left curve. Educational purposes only.
- [Are Memecoins Capped?](https://shoal.xyz/research/writing/are-memecoins-capped/index.md): A thought experiment on the flows of capital in memecoins as tokenized culture and attention.

## Privacy & ZK

- [Building The Encrypted ICO With Zama](https://shoal.xyz/research/writing/building-the-encrypted-ico-with-zama/index.md)
- [Fairblock: Incorruptible Markets and Confidential Stablecoin Rails](https://shoal.xyz/research/writing/fairblock-incorruptible-markets-and/index.md): Fairblock is building the Incorruptible world computer that unlocks secure, trust-minimized applications crucial for the next generation of institutional-grade DeFi systems.
- [zkPass: Enabling Verifiable Data Composability](https://shoal.xyz/research/writing/zkpass-enabling-verifiable-data-composability/index.md): zkPass is redefining privacy & data verification by integrating ZKPs, Multi-Party Computation (MPC), and 3P-TLS. It enables verifiable, privacy-preserving data sharing across finance, healthcare, etc.
- [zkTLS: Verifiable Data Composability](https://shoal.xyz/research/writing/zktls-verifiable-data-composability/index.md): zkTLS integrates zero-knowledge proofs into TLS, enabling secure, private data verification between Web2 and Web3.

## Tokenization

- [MetaDAO: The New Capital Formation Layer of The Internet](https://shoal.xyz/research/writing/metadao-the-new-capital-formation/index.md)
- [Tokenized Debt And The New Monetary Order](https://shoal.xyz/research/writing/tokenized-debt-and-the-new-monetary/index.md): What does it take to capture the tokenization opportunity?

## Infrastructure

- [Block Building on Solana and the Future of Internet Capital Markets](https://shoal.xyz/research/writing/block-building-on-solana-and-the/index.md)
- [Building Crypto’s Everything App](https://shoal.xyz/research/writing/building-cryptos-everything-app/index.md): What does a crypto-native Everything App look like in practice?
- [Raiku: Solana’s High-Performance Edge Compute Layer](https://shoal.xyz/research/writing/raiku-solanas-high-performance-edge/index.md): Explore how Raiku brings deterministic execution to Solana, enabling applications to run with precision, reliability, and speed.
- [Enso Network: The "Shortcut" To Your On-Chain Operations](https://shoal.xyz/research/writing/enso-network-shortcuts/index.md): Explore how Enso leverages an intent-driven engine with “shortcuts” to provide efficient execution paths that make intents actionable and scalable, enabling seamless on-chain interactions across web3.
- [SOON Network: Extending the SVM beyond Solana](https://shoal.xyz/research/writing/soon-network-extending-the-svm-beyond/index.md): SOON is the first protocol to leverage Decoupled SVM, extending Solana’s execution beyond its native ecosystem and enabling the broader adoption of SVM-based rollups.
- [Indirect Impacts of Chain Abstraction](https://shoal.xyz/research/writing/the-indirect-impacts-of-chain-abstraction/index.md): In this article, we analyse how Chain Abstraction unlocks capital efficiency across ecosystems, enhances gaming economies, and drives the evolution of venture investment toward consumer-focused dApps.
- [Sonic SVM: The HyperGrid Future, Powering TikTok App Layer](https://shoal.xyz/research/writing/sonic-svm/index.md): How Sonic SVM is Scaling TikTok’s Billion-User Reach with its Gaming Infrastructure on Solana.
- [Bringing Macro Markets Onchain with Ostium](https://shoal.xyz/research/writing/bringing-macro-markets-onchain-with/index.md): A deep dive on the Ostium Protocol and the role of perpetuals in bringing macro markets onchain.
- [Particle Network: The Chain Abstraction Layer](https://shoal.xyz/research/writing/particle-network-the-chain-abstraction/index.md): Exploring the need for chain abstraction and how Particle Network is approaching this phenomenon.
- [The Case for Compute DePINs](https://shoal.xyz/research/writing/the-case-for-compute-depins/index.md): Exploring the role compute DePINs can play in enabling decentralized GPU marketplaces, with comprehensive analysis and supplemental case studies provided.
- [The 0-1 of Chain Abstraction](https://shoal.xyz/research/writing/the-0-1-of-chain-abstraction/index.md): A primer on the missing piece to achieving mainstream blockchain adoption, with supplemental case studies.
- [Parallel Execution: The Next Generation of Blockchains](https://shoal.xyz/research/writing/parallel-execution-the-next-generation/index.md): Exploring the design philosophies of parallelized blockchains and which teams are pushing the frontier today.
- [Value Accrual in the Modular Stack](https://shoal.xyz/research/writing/value-accrual-in-the-modular-stack/index.md): Unpacking where value might accrue in a modular blockchain future.
- [Trade Idea: Metaverse Resurgence](https://shoal.xyz/research/writing/trade-idea-metaverse-resurgence/index.md): A resurgence in the Metaverse narrative with the impending launch of Apple's AR/VR technology

## Research

- [Token2049 Dubai Event List by Shoal Research](https://shoal.xyz/research/writing/token2049-dubai-event-list-by-shoal/index.md): Shoal Research related satellite events at Token2049 Dubai 2024
- [Whales Market: Points OTC Marketplace](https://shoal.xyz/research/writing/whales-market-points-otc-marketplace/index.md): A comprehensive overview of the Whales Market protocol.
- [Assessing the Permissionless Lending Landscape](https://shoal.xyz/research/writing/assessing-the-permissionless-lending/index.md): Morpho vs Ajna vs Euler
- [2024 Shoal Research Watchlist](https://shoal.xyz/research/writing/2024-shoal-research-watchlist/index.md): Trends we’re exploring in 2024
- [ETHDenver 2024 Event List by Shoal Research](https://shoal.xyz/research/writing/ethdenver-2024-event-list-by-shoal/index.md): Shoal Research related satellite events at ETHDenver 2024
- [Drift Protocol: Solana’s Largest Perpetual Futures Exchange](https://shoal.xyz/research/writing/drift-protocol-solanas-largest-perpetual/index.md): The evolution of Solana's largest perpetual exchange protocol
- [Perpetual Pre-Launch Futures](https://shoal.xyz/research/writing/perpetual-pre-listings/index.md): How perpetual futures exchanges enable traders to leverage trade assets that have not yet been launched
- [Jupiter Exchange: Solana’s Dex Aggregator](https://shoal.xyz/research/writing/jupiter-exchange-solanas-dex-aggregator/index.md): Unpacking the fundamental investment catalysts behind Solana’s premier DEX aggregator.
- [CoW Swap: Intents, MEV, and Batch Auctions](https://shoal.xyz/research/writing/cow-swap-intents-mev-and-batch-auctions/index.md): Low Fees and MEV-Resistant Trades: Made possible through intent-based architecture
- [MEV Protection: DEX & Aggregator Anti-MEV Mechanisms](https://shoal.xyz/research/writing/mev-protection-dex-and-aggregator/index.md): A look into decentralized exchange measures reducing maximal extractable value on swaps.
- [Ambient Finance: Enhancing AMM efficiency](https://shoal.xyz/research/writing/ambient-finance-enhancing-amm-efficiency/index.md): Ambient is an Decentralized Exchange - AMM focused on enhancing LP and trader capital efficiency.
- [Beat the Case: The Significance of the XRP Case Ruling](https://shoal.xyz/research/writing/beat-the-case-the-significance-of/index.md): Broader implications of the partial judgement ruling in SEC vs. Ripple case.
- [An Intro to LSTfi](https://shoal.xyz/research/writing/an-intro-to-lsdfi/index.md): Intro to LSTfi, growing trends in the LST space, and protocols to track
- [Unibot: The Telegram Uniswap Sniper](https://shoal.xyz/research/writing/unibot-the-telegram-uniswap-sniper/index.md): A bot to buy tokens in seconds all within telegram
- [Behind the Numbers: Investigating the Largest DEX Volume Days](https://shoal.xyz/research/writing/behind-the-numbers-investigating/index.md): The Biggest DEX Volume Spikes and what caused them
- [The Peking Bull](https://shoal.xyz/research/writing/the-peking-bull/index.md): An intro to the China-led crypto bull pump to start the year
- [TridentDAO: Risk to Earn Gamefi](https://shoal.xyz/research/writing/tridentdao-risk-to-earn-gamefi/index.md): Gaming leveraging a risk-based token economy
- [Top Projects building on Arbitrum](https://shoal.xyz/research/writing/top-projects-building-on-arbitrum/index.md): Comprehensive list of the top Arbitrum native protocols and emerging players

## Shoal Signal (interview episodes, full transcripts)

- [Value Accrual in the Agent Economy: Visa's Head of Crypto on Stablecoins, x402/MPP, and Card Networks](https://shoal.xyz/research/episodes/visa-value-accrual-agent-economy/index.md): interview with Cuy Sheffield (Visa). Video: https://www.youtube.com/watch?v=LLvU0RK9WV4
- [Agents Will Run Their Own Businesses: Inside Laso, Agent Payment Cards, and the Agentic Economy](https://shoal.xyz/research/episodes/inside-laso-agent-payment-cards/index.md): interview with Hunter Monk (Laso). Video: https://www.youtube.com/watch?v=S-eztFEkTP8
- [Agents Already Spent $76 Million: Circle's AI Agent Stack, x402, Stablecoins and the Agentic Economy](https://shoal.xyz/research/episodes/circles-ai-agent-stack-x402/index.md): interview with Corey Cooper (Circle). Video: https://www.youtube.com/watch?v=vgD_BymhaCY
- [Agents Are the New Websites: MoonPay's Tony Plasencia on the CLI Bet and Agent Commerce](https://shoal.xyz/research/episodes/moonpay-tony-plasencia-cli-bet/index.md): interview with Tony Plasencia (MoonPay). Video: https://www.youtube.com/watch?v=yrUMZuaVeMs
- [Browserbase: Fully Autonomous Is the Wrong Goal, 99% Accurate AI Agents Can Fail Catastrophically](https://shoal.xyz/research/episodes/browserbase-autonomous-agents/index.md): interview with Derek Meegan (Browserbase). Video: https://www.youtube.com/watch?v=jJeBrHmMCjM
- [Privy and Agentic Commerce: Agent Wallets, Wallet Infrastructure & x402](https://shoal.xyz/research/episodes/privy-agent-wallets-x402/index.md): interview with Max Segall (Privy). Video: https://www.youtube.com/watch?v=ksYYRDUyXqU
- [GPU-Backed Debt and the Case for the End of SaaS Credit](https://shoal.xyz/research/episodes/usdai-gpu-backed-debt/index.md): interview with David Choi (USDAI). Video: https://www.youtube.com/watch?v=5bU6OylSTd4
- [Why AI Agents Keep Failing](https://shoal.xyz/research/episodes/why-ai-agents-keep-failing/index.md): interview with Gabe Tramble (solo essay). Video: https://www.youtube.com/watch?v=dLHQEC8Zglc
- [New Media in the Age of AI: TBPN, OpenAI, and Media Defensibility](https://shoal.xyz/research/episodes/new-media-in-the-age-of-ai-tbpn-openai/index.md): interview with Ashley Christenson. Video: https://www.youtube.com/watch?v=dDzn380SwJE
- [Anthropic Mythos in DeFi: Social Engineering and Security in the Age of AI](https://shoal.xyz/research/episodes/anthropic-mythos-in-defi-security/index.md): interview with Yuannan Yang (CertiK). Video: https://www.youtube.com/watch?v=lq3lFJrH88E
- [The $292M KelpDAO Exploit: A Step-by-Step Autopsy](https://shoal.xyz/research/episodes/the-292m-kelpdao-exploit-autopsy/index.md): interview with Harry Donnelly. Video: https://www.youtube.com/watch?v=gRgXK75TUBo
- [Stablecoins as Geopolitical Instruments](https://shoal.xyz/research/episodes/stablecoins-as-geopolitical-instruments/index.md): interview with Chunda McCain (Paxos Labs). Video: https://www.youtube.com/watch?v=eIaoosFHZRU
- [Autonomous Agentic Commerce: Micropayments, AgentCash, x402 & MPP](https://shoal.xyz/research/episodes/autonomous-agentic-commerce-x402-mpp/index.md): interview with Shafu (Merit Systems). Video: https://www.youtube.com/watch?v=vVmyBfGqM7Q
- [The Onchain Underworld: Solvers, Market Makers, Routing Algorithms, and Where AI Fits In](https://shoal.xyz/research/episodes/the-onchain-underworld/index.md): interview with Nikita (Barter). Video: https://www.youtube.com/watch?v=RicJ2_3eWak