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: : We're excited to announce that @FourPillarsFP has raised Series A Funding from @PanteraCapital and @further.
This round marks our next chapter: scaling from a research firm into an institutional-focused blockchain research and infrastructure provider.
This round marks our next chapter: scaling from a research firm into an institutional-focused blockchain research and infrastructure provider.
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The immediate impact may be limited, but if these small steps continue to build on one another, we may eventually reach a point where tokenized securities become the mainstream foundation of financial markets.
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DTCC has finally launched its securities tokenization service.
What's overhyped and what's underrated? x.com/i/article/2115…
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: : [Institution/Report] The Convergence of Asset Management: From Wall Street to Onchain
Written by @100y_eth, Seungjin Yim (FnGuide)
- The boundaries between traditional finance and onchain finance are blurring, driving a structural transformation in the asset management tegrate digital assets into traditional financial markets and vaults bring traditional asset management functions onto the blockchain, both reflect a broader convergence in how assets are incorporated, allocated, managed, and subject to risk management.
- Digital asset ETFs are evolving beyond simple price-tracking instruments into sophisticated financial products that combine portfolio management with onchain yield generation. As the product landscape expands from spot Bitcoin and Ethereum ETFs to multi-asset ETFs, staking ETFs, and liquid staking token (LST) ETFs, investment diversification and the integration of network rewards are emerging as key competitive differentiators.
- The introduction of spot digital asset ETFs in South Korea requires not only a clear legal framework but also the development of robust financial infrastructure to support their operation. Key priorities include the legal recognition of digital assets as eligible underlying assets, reliable benchmark pricing, custody and safekeeping arrangements, creation and redemption mechanisms, and market surveillance systems, alongside a regulatory framework that accommodates future expansion into staking and multi-asset products.
- Curated vaults are emerging as a core infrastructure for onchain asset management, separating professional asset allocation and risk management into independent services. In curated vault ecosystems developed around protocols such as Morpho, specialized curators allocate capital by assessing collateral quality, liquidity, and liquidation risks, effectively replicating key functions of traditional asset managers through smart contract-based infrastructure.
- The long-term growth of ETFs and onchain vaults will depend on regulatory clarity, standardized risk management frameworks, and broader institutional participation. While smart contract, oracle, liquidity, and curator risks, along with the securities classification of vaults, remain key challenges, the proliferation of stablecoins and tokenized real-world assets (RWAs), coupled with the expansion of traditional financial institutions into onchain markets, is expected to structurally increase demand for professional onchain asset management.
Full Report:
research.4pillars.io/en/research/th…
Written by @100y_eth, Seungjin Yim (FnGuide)
- The boundaries between traditional finance and onchain finance are blurring, driving a structural transformation in the asset management tegrate digital assets into traditional financial markets and vaults bring traditional asset management functions onto the blockchain, both reflect a broader convergence in how assets are incorporated, allocated, managed, and subject to risk management.
- Digital asset ETFs are evolving beyond simple price-tracking instruments into sophisticated financial products that combine portfolio management with onchain yield generation. As the product landscape expands from spot Bitcoin and Ethereum ETFs to multi-asset ETFs, staking ETFs, and liquid staking token (LST) ETFs, investment diversification and the integration of network rewards are emerging as key competitive differentiators.
- The introduction of spot digital asset ETFs in South Korea requires not only a clear legal framework but also the development of robust financial infrastructure to support their operation. Key priorities include the legal recognition of digital assets as eligible underlying assets, reliable benchmark pricing, custody and safekeeping arrangements, creation and redemption mechanisms, and market surveillance systems, alongside a regulatory framework that accommodates future expansion into staking and multi-asset products.
- Curated vaults are emerging as a core infrastructure for onchain asset management, separating professional asset allocation and risk management into independent services. In curated vault ecosystems developed around protocols such as Morpho, specialized curators allocate capital by assessing collateral quality, liquidity, and liquidation risks, effectively replicating key functions of traditional asset managers through smart contract-based infrastructure.
- The long-term growth of ETFs and onchain vaults will depend on regulatory clarity, standardized risk management frameworks, and broader institutional participation. While smart contract, oracle, liquidity, and curator risks, along with the securities classification of vaults, remain key challenges, the proliferation of stablecoins and tokenized real-world assets (RWAs), coupled with the expansion of traditional financial institutions into onchain markets, is expected to structurally increase demand for professional onchain asset management.
Full Report:
research.4pillars.io/en/research/th…
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Meet industry leaders from across Asia and hear their insights from RealFi x Asia Stablecoin Conference 2026
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RealFi x Asia Stablecoin Conference 2026 has officially wrapped up in Seoul!
🇰🇷 It was great to see leaders and builders from across Asia come together to discuss the future of onchain finance.
📹 Korea Economic TV captured some of the key moments and conversations from the ure.
youtube.com/watch?v=QEazf6…
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From a relationship interoperability perspective, stablecoins in agentic payments can follow three paths: integration with existing platforms, integration with card networks, and native blockchain payments. The design should remain rail agnostic while preserving customer relationships and rights at the level each market requires.
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Why Relationship Interoperability Matters for Stablecoin-Based Agentic Payments?
We tend to overlook it, but it deserves far more attention. x.com/i/article/2115…
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: : [Crypto/Report] Monad: The Last General-Purpose L1
Written by @c4lvin, @r2Jamong
- Monad is a large-scale experiment that revisits the long-standing thesis of a general-purpose, high-performance blockchain through extreme systems engineering. In an environment where appchains are increasingly dividing responsibilities, Monad is testing whether a single chain can deliver sufficient performance and composability at the same time by jointly optimizing consensus, execution, storage, and network propagation while preserving EVM compatibility.
- The ecosystem was built through a long-term funnel spanning community, founders, testnet, and mainnet, and the focus is now shifting from participation to sustainable demand. The testnet and early incentives succeeded in establishing technical credibility and attracting liquidity, but the key question after mainnet is whether users have sufficient reasons to trade, borrow, make payments, and pay fees even without incentives.
- The mainnet ecosystem has already established roughly $1 billion in DeFi and more than $700 million in stablecoin supply, while the center of growth is expanding beyond TVL toward actual capital utilization across trading, lending, payments, and RWAs. Native trading infrastructure led by Kuru is becoming increasingly prominent, while lending markets such as Aave and distribution channels such as MetaMask Money Account are taking root. As a result, Monad is entering a phase of transition from a chain where capital is simply deposited to one where capital is actively put to work.
- The foundation of this performance is not a new VM, but a comprehensive redesign of the EVM, and that performance comes with additional complexity. Monad-specific execution rules, including parallel and asynchronous execution, reserve balances, and its memory cost structure, enable high throughput while also creating additional learning costs for developers and infrastructure providers. Upgrade frameworks such as MIPs and MONAD_NINE can be viewed as part of a gradual process of standardizing and abstracting these differences while developing a high-performance variant of the EVM.
- Monad’s next challenge, therefore, is not simply to prove that it is a “fast EVM,” but to demonstrate that its performance can translate into a durable economic advantage. The key is to create a composability premium that only an integrated chain can provide, reduce the incentives for successful applications to migrate to separate chains, and generate recurring fee-paying demand across trading, borrowing, payments, and other activities even after incentives decline. Ultimately, Monad’s success will be judged not by TPS, but by whether a high-performance general-purpose chain can create a sustainable application economy.
Full Report:
research.4pillars.io/en/research/mo…
Written by @c4lvin, @r2Jamong
- Monad is a large-scale experiment that revisits the long-standing thesis of a general-purpose, high-performance blockchain through extreme systems engineering. In an environment where appchains are increasingly dividing responsibilities, Monad is testing whether a single chain can deliver sufficient performance and composability at the same time by jointly optimizing consensus, execution, storage, and network propagation while preserving EVM compatibility.
- The ecosystem was built through a long-term funnel spanning community, founders, testnet, and mainnet, and the focus is now shifting from participation to sustainable demand. The testnet and early incentives succeeded in establishing technical credibility and attracting liquidity, but the key question after mainnet is whether users have sufficient reasons to trade, borrow, make payments, and pay fees even without incentives.
- The mainnet ecosystem has already established roughly $1 billion in DeFi and more than $700 million in stablecoin supply, while the center of growth is expanding beyond TVL toward actual capital utilization across trading, lending, payments, and RWAs. Native trading infrastructure led by Kuru is becoming increasingly prominent, while lending markets such as Aave and distribution channels such as MetaMask Money Account are taking root. As a result, Monad is entering a phase of transition from a chain where capital is simply deposited to one where capital is actively put to work.
- The foundation of this performance is not a new VM, but a comprehensive redesign of the EVM, and that performance comes with additional complexity. Monad-specific execution rules, including parallel and asynchronous execution, reserve balances, and its memory cost structure, enable high throughput while also creating additional learning costs for developers and infrastructure providers. Upgrade frameworks such as MIPs and MONAD_NINE can be viewed as part of a gradual process of standardizing and abstracting these differences while developing a high-performance variant of the EVM.
- Monad’s next challenge, therefore, is not simply to prove that it is a “fast EVM,” but to demonstrate that its performance can translate into a durable economic advantage. The key is to create a composability premium that only an integrated chain can provide, reduce the incentives for successful applications to migrate to separate chains, and generate recurring fee-paying demand across trading, borrowing, payments, and other activities even after incentives decline. Ultimately, Monad’s success will be judged not by TPS, but by whether a high-performance general-purpose chain can create a sustainable application economy.
Full Report:
research.4pillars.io/en/research/mo…
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: : [Asia/Issue] The Fourth Delay of Korea's Crypto Tax(ASA News #32)
Written by ASA, Heechang
[News #1] Korea's Presidential Office Leans Toward a Fourth Crypto Tax Delay
[News #2] HSBC's RedCoin Goes Live in Hong Kong
[News #3] Thailand’s Crypto ETF Window Is Open but No One Has Filed Yet
Written by ASA, Heechang
[News #1] Korea's Presidential Office Leans Toward a Fourth Crypto Tax Delay
[News #2] HSBC's RedCoin Goes Live in Hong Kong
[News #3] Thailand’s Crypto ETF Window Is Open but No One Has Filed Yet
Korea's crypto tax is heading for another delay. The government cannot yet classify crypto gains and losses, the DABA which includes classification of assets has not passed, and there is no system for obtaining trader data from foreign exchanges. x.com/i/article/2114…
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In this article, we examine the problem of AI prompts being processed in plaintext and the limits of repeatedly compromised x86 CPU TEEs, and look at the design, performance, market potential, and limitations of Arcium Blackthorn. x.com/i/article/2113…
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Ethereum staking carries a hidden cost in the entry queue: new stake earns nothing until its validator is activated, and quoted APRs usually leave this out. This comment compares effective APR by holding period, net of queue cost and fees, to see when a staking pool like Lido is the better choice.
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Standard Reserve revisits the failed token economies of the last DeFi cycle, turning speculative capital into liquidity for tokenized stocks in pursuit of a sustainable revenue source beyond its own token. x.com/i/article/2112…
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While everyone seems to think @RobinhoodCrypto Chain is dead based on its collapsing network fee revenue, the ecosystem remains surprisingly resilient and is gearing up for its next wave of growth.
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