📖 Hit the books

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We know you were expecting Donovan, but conference germs are no joke. Not to worry — Carlos from the 0xResearch newsletter has curated the perfect reading list to keep you engaged and entertained all weekend. See you on Monday!

Clear writing isn’t just about words — it’s about clear thinking. That’s why Blockworks’ Byron Gilliam (author of The Breakdown newsletter) put together a free guide on how to write about crypto.

It’s not a list of “10 hacks for better headlines.” It’s hard-earned lessons from someone who’s been making sense of markets for years.

Download the guide here.

1. “What’s the RUB?”

Citadel Securities published a market intelligence update assessing the outlook for equities into year end. The piece mentions that equities sit at a pivotal inflection point, with competing forces in play. The macro hinge remains the inflation Fed-easing trajectory: stabilization enables policy support, while persistence forces repricing. Execution on AI and Q3 earnings is equally critical, as mega-cap leaders must deliver against high expectations to sustain stretched multiples. Geopolitical and trade frictions, plus shutdown risk, linger as exogenous shocks. Market breadth remains the key tell: Broadening supports durability, while Mag7 concentration signals fragility. The piece navigates the bull vs. bear setup, with the author’s outlook being constructive into year end, with technical headwinds fading and a rally base forming. Read more

2. Proof of Utility

DoubleZero published a blog post introducing its “Proof of Utility” model, where contributors earn rewards in proportion to the actual network performance they deliver, rather than via traditional PoW/PoS issuance. The piece anchors DoubleZero’s role as an “N1” network that stitches underutilized private fiber into a low-latency, high-bandwidth transport layer for blockchains and other distributed systems. It explains that utility is measured by incremental contribution (e.g., Shapley-style), aligning token rewards with real throughput and reliability to prioritize useful capacity over pure stake or hash. Read more

3. The case for a small allocation to ZEC

Sacha (@ssaintleger) published a thesis making the case for a small portfolio allocation to Zcash (ZEC). He argues that Zcash is the only credible solution to the surveillance risks facing Bitcoin. As demand for onchain privacy rises, Zcash is uniquely positioned as the most Lindy privacy protocol. The piece highlights Zcash’s technical design, including its shielded pool and censorship-resistant payments that strengthen as the anonymity set grows. The author concludes that if Zcash succeeds, the prospect of unprecedented economic and collective freedom is far more exciting than any possible financial gain. Read more.

4. Introducing Keel: Solana's Capital Engine

Keel published a blog post announcing its launch as Solana’s onchain capital allocator and liquidity layer, with a roadmap to deploy up to $2.5 billion into DeFi and RWA markets. The post positions Keel as a new Sky SubDAO, also known as a Star. Within the rules set by Sky’s Atlas framework, Stars can borrow as much USDS from Sky as they want to deploy into any opportunities available, provided the Star pays the “Base Rate” to Sky. Keel will use USDS reserves to deepen liquidity across apps like Kamino, Jupiter and Raydium, and to accelerate RWA strategies on Solana. Read more

— Carlos Gonzalez Campo

ICOs, launchpads, public allocations of private rounds, and tokenized private equities are all blurring the line that distinguishes public and private markets. 

Hear the top minds in the space break down how crypto is rewriting markets.

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📅 October 13-15 | London