Zora

What’s Really Behind Solana’s €22M Euro Stablecoin Surge Solana’s euro stablecoin supply reportedly grew by $22M in one week, more than the combined increase across other tracked chains. Data tracked by @tokenterminal for the week ending October 25 puts Solana’s share of the euro stablecoin market at roughly 14%, making it the second-largest network after Ethereum. But the headline needs context. A reported 20M EURC pre-mint account linked to @circle’s Gateway may account for much of the increase. These tokens support cross-chain operations and aren’t circulating supply until released. That means the $22M increase doesn’t necessarily represent $22M in fresh capital entering Solana. ⊹ Who is building the euro stablecoin market Circle issues EURC, while Société Générale-FORGE issues EURCV. Both are bringing euro-denominated digital assets into the onchain market. While Thune is integrating EURC into its global payment network and @AllUnityStable has expanded its EURAU stablecoin to Solana. The opportunity goes beyond token issuance. Faster settlement and lower transaction costs could make Solana useful for euro payments, transfers and cross-border settlement. The metric I would watch next is actual adoption: circulating supply, trading liquidity and sustained payment activity. Issuing a euro stablecoin is one step. Building consistent demand for it is another. This is my opinion based on the data I’ve reviewed, not financial advice.

MIDWEEK ALPHA v.11 THE HIDDEN COST OF YOUR NEXT DEX SWAP You swap $1,000 worth of tokens on a DEX. A bot detects your pending transaction, buys before you, pushes the price up, then sells after your swap executes. You receive fewer tokens while the bot profits from the price movement. This is a sandwich attack, a form of maximal extractable value (MEV). It exploits transaction visibility and ordering to extract value from traders. Several mechanisms address different parts of the problem. ⌘ PRIVATE TRANSACTION ROUTING ✧ @Flashbots — Protect Routes eligible Ethereum transactions privately to reduce public-mempool exposure. Eligible transactions may receive MEV refunds. ✧ @MEVBlocker Uses private routing and order-flow auctions to protect against sandwich attacks and return eligible backrun proceeds. ⌘ BATCH AUCTIONS & INTENT-BASED EXECUTION ✧ @CoWSwap — Batch Auctions Groups orders into batches and uses competing solvers. Uniform clearing prices for matching trades reduce opportunities to exploit transaction ordering. ✧ @Uniswap — UniswapX Uses competing fillers across public and private liquidity sources. Its auction-based execution aims to mitigate MEV, but protection depends on the route used. ⌘ ENCRYPTED MEMPOOLS ✧ @ShutterNetwork — Threshold Encryption Conceals transaction contents until the appropriate execution stage, limiting information available to searchers. Effectiveness depends on implementation and deployment. ⌘ TRANSACTION-ORDERING MECHANISMS ✧ @jito — Don’t Front Restricts certain front-running opportunities within qualifying Jito bundles ✧ @Arbitrum — Timeboost Uses an express-lane auction to influence transaction priority, alongside a private-mempool design intended to reduce harmful front-running. ⌘ PRIVATE TRANSACTION INFRASTRUCTURE ✧ @0xPolygon — Private Mempool Private submission is designed to reduce front-running and sandwich exposure. Protection depends on the supported route and infrastructure availability. ⌘ SLIPPAGE & EXECUTION LIMITS ✧ Slippage Tolerance Caps acceptable price deviation before a swap reverts. High tolerance can increase exposure; low tolerance can cause failed trades. ✧ Limit Orders Set price conditions for execution, helping prevent trades below an acceptable price. They do not eliminate all problem ⌘ SMART ORDER ROUTING ✧ DEX Aggregators Compare liquidity pools and routes to improve expected execution. Aggregation alone does not prevent sandwich attacks; protection depends on the transaction’s execution path. HOW TO PROTECT YOUR NEXT SWAP ◇ Control slippage. Avoid unnecessarily wide settings, while allowing enough room for market volatility. ◇ Choose your execution route. Compare output, fees and price impact. Consider private routing or batch auctions where supported. ◇ Check liquidity depth. Large trades against shallow pools face greater price impact. Split orders when the savings justify extra costs. ◇ Simulate before signing. Review minimum received, price impact, fees & transaction effects. Conditions can change before execution. ◇ Verify protection. Confirm the mechanism is actually active and understand which risks it covers. ◇ Reject unfavorable execution. Refresh deteriorating quotes & reassess the route instead of proceeding automatically. MEV protection is not one universal feature. Private routing limits visibility. Batch auctions change matching. Encryption conceals transaction contents. Ordering mechanisms influence priority. Slippage limits constrain execution, while limit orders establish price conditions. Each addresses different risks under specific assumptions. None guarantees protection against every form of MEV. The distinction is between a feature that advertises protection & a mechanism that protects your specific transaction against a defined attack. Execution quality is part of risk management. The goal is not merely to complete a swap, but to preserve as much of your intended value as possible.

STOP BUYING DEPIN TOKENS JUST BECAUSE THE NARRATIVE IS HOT Everyone is looking for the next 100x, but not every DePIN project deserves the attention it gets on CT. Before looking at specific tokens, you need an evaluation framework. A legitimate DePIN network must survive three foundational stress tests: ✧ REAL DEMAND: Are enterprise clients or actual users paying cash/stablecoins to use the infrastructure, or are network rewards just funding themselves in an artificial, closed loop? ✧ A REAL HARDWARE MOAT: What physically prevents a centralized cloud or telecom giant from undercutting them tomorrow? Piling up more idle GPUs or hotspots does not automatically create a defensible moat. ✧ TOKEN VALUE CAPTURE: Does real network usage drive direct demand for the token through automated fee burns, protocol revenue share, or slashing mechanisms, or is the token just a governance sticker? Here is the breakdown for the foundational sectors: ━━━━━━━━━━━━━━ ▹ DECENTRALIZED COMPUTE AND AI INFRASTRUCTURE ✧ @bittensor ($TAO) — Decentralized machine learning marketplace governed by Yuma Consensus and subnet alpha rewards; actual economic volume depends entirely on whether individual subnets capture organic enterprise demand beyond emissions ✧ @RenderNetwork ($RENDER) — Connects distributed GPU providers with heavy AI and rendering pipelines. Uses a proven Burn-Mint Equilibrium model that ties real rendering workloads directly to token mechanics. ✧ @ionet ($IO) — Hyperscaler-grade GPU aggregation network built for heavy machine learning and cluster-ready AI workloads. Raw available supply means little if actual utilization and enterprise buyer retention remain weak. ✧ @akashnet ($AKT) — Open-source decentralized cloud marketplace competing with hyperscalers. Real utility is measured by container deployment pricing, sustained utilization rates, and recurring cloud demand ✧ @Aethir ($ATH) — Distributed cloud infrastructure optimized for enterprise GPU scaling, cloud gaming, and low-latency AI inference. The key metric is how much deployed hardware capacity translates into paid consumption ✧ @Nosana_CI ($NOS) — Solana-accelerated decentralized grid specialized for cost-effective AI model inference and developer CI/CD pipelines. Real workload demand dictates long-term survival over raw node counts. ━━━━━━━━━━━━━━ ▹ WIRELESS, SENSORS AND TELEMETRY NETWORKS ✧ @helium ($HNT) — Decentralized 5G and IoT wireless infrastructure. Real-world data traffic is a vastly superior adoption signal than raw hotspot counts alone. ✧ @Hivemapper ($HONEY) — Crowdsourced mapping network rewarding drivers via dashcams for fresh street-level imagery. The moat relies entirely on data freshness and enterprise demand. ✧ @GEODNET ($GEOD) — Centimeter-accurate global RTK GPS positioning network serving precision agriculture, drones, and autonomous navigation. Paid enterprise demand for positioning feeds matters more than hardware deployed ✧ @DIMO_Network ($DIMO) — Connected vehicle data marketplace pulling live telemetry directly from registered consumer cars. Long-term value depends on B2B data licensing demand ━━━━━━━━━━━━━━ ▹ STORAGE AND DATA LAYERS ✧ @ArweaveEco ($AR) — Permanent decentralized storage secured by a sustainable endowment model and a permanent data permaweb designed for immutable archiving ✧ @Filecoin ($FIL) — Large-scale distributed storage network providing verifiable cryptographic proof of storage. Raw capacity and paid data retrieval are entirely separate metrics ✧ @NetworkGrass ($GRASS) — Sovereign data rollup coordinating idle home internet bandwidth into structured, ZK-verified datasets for AI training pipelines ✧ @Storj ($STORJ) — Enterprise-grade, S3-compatible decentralized object storage offering high-performance alternative cloud storage. Predictable pricing and data reliability determine enterprise stickiness Other remaining sector coming soon, stay tuned

IDENTITY MD ($IMD) THE AI WORKFORCE ECONOMY $IMD started as a game token. Identity MD is turning it into the economic layer for an AI workforce. 2,000 NFT seats → AI workers → verified jobs → onchain reputation → $IMD $FP → Ethereum Oct 2025 → $VIBE Jan 2026 → $IMD May 2026. The May rename introduced 2,000 free identity.md NFTs. Each is a work permit for one computer. The holder supplies the machine and AI subscription, registers the agent through ERC-8004 @8004_org and runs the open-source worker. Jobs include code, websites, research, audits, launches and oracle requests. Job → seat → AI work → isolated verification → agent review → onchain reputation. 25 SEPTEMBER SNAPSHOT ✧ 380 seats enrolled ✧ 372+ agents online ✧ ~780 NFT owners ✧ 43,800+ accepted submissions ✧ ~17.3B inference tokens ✧ ~86% accepted Top 10 seats produced ~8.5% of accepted work. Top 50 produced ~32%. External users pay 0.5 $IMD per request through x402 @x402protocol. ✧ 115 paid orders ✧ 57.5 $IMD spent ✧ ~$560 This is the key number. Large job counts show activity. Recurring external orders show demand. $IMD pays for work and powers Community Coins, burn and staking mechanisms. Contract: 0xD34a99Bc0f67aE1bbd63C660e6d0b0dd03E263B7 10M $IMD were originally minted. No new supply has been created. ~7.1M remained in the September snapshot, meaning ~29% had been removed. Supply is bridged 1:1 across Ethereum @ethereum, Base @base and Robinhood Chain @RobinhoodChain. POOL4 is the protocol-owned ETH and $IMD pool on Uniswap v4 @Uniswap. Its hook caps $IMD inventory. When sells push the pool above the cap, excess is trimmed. For every 100 $IMD: ✧ 85% burned ✧ 6% bonding reserve ✧ 4.5% stakers ✧ 4.5% NFT inference nodes The 1% swap fee is protocol revenue, separate from the burn and reward flow. Staking uses sIMD, an ERC-4626 vault share. The staking allocation is live; bonding and node allocations are currently reserves, not live products. POOL4 is experimental and unaudited. Community Coins lets anyone launch a token with bonding curves priced in $IMD rather than ETH. Launch → trading → $IMD demand → burn Early October: ✧ ~208 coins ✧ ~681 ETH volume ✧ ~3,957 $IMD burned These are not official IMD products. Check the contract. ✧ @IdentityUnits — NFT creation and review ✧ @HIVE_imd — pooled seats and hosting ✧ @SuperIMD_eth — paid swarm jobs ✧ @blueprintimd — community-directed builds ✧ @imddrones — drone NFTs ✧ @imdusd — agent-priced stablecoin experiment ✧ @swarmpepes — swarm-created collection ✧ @IMDTools — jobs, launches and oracle ✧ @Pepesdotfamily — Robinhood Chain development Identity MD’s first hackathon runs 7–21 October, with winners by 23 October and a $15K+ pool. Projects must launch through the explorer and build beyond a plain token. The oracle is another potential use: Question → multiple agents → quorum → signed result → smart contract If protocols eventually pay for these answers, IMD could move toward machine-verifiable information infrastructure. Still a thesis, not a proven market. @virtuals_io: One agent → its own token → users → revenue IMD: 2,000 seats → shared workforce → one economic layer → jobs and verification The difference is individual agent economies versus a coordinated machine workforce. Hold or stake $IMD → bet on the token economy. Run a seat → supply AI work and pay model costs. Pay 0.5 $IMD → buy work from the swarm. Identity MD already has the seats, agents, work history, token mechanics, launchpad, oracle and ecosystem. The missing piece is sustained external demand. Until strangers consistently pay for the output, Identity MD is an impressive AI coordination experiment, not a proven business. That makes paid order count more important than NFT floor or agent count.