Principia Research

Research and Advisory in Onchain Capital Markets ◼️ Family @PrincipiaHQ

[Principia Research @PrincipiaRes]

@ruthybuilds Pls check dm

[Principia Research @PrincipiaRes]

daily early projects ◼️

@marblegroupxyz – an institutional capital-markets firm from ex-BitGo and ex-Galaxy Europe leaders, spanning digital-asset, RWA and compute-forward trading plus GPU private credit. Launched Nov 10 with an $11M seed led by Polychain; trading slated for Jan 2027.

@deca_labs – AI agents that mine market signals for software ideas, validate demand with real buyers, and only build what clears the bar, on Base. Out of stealth Nov 10 with $12M raised (Polychain, Pantera, Accel).

@RennFinance – fixed-term USDC loans on Base against BTC/ETH, with a built-in put so there's no price liquidation before maturity. Private beta opened Nov 10; pitching at Base Batches 004 Demo Day on Nov 18.

@Tribeca_xyz – a 24/7 exchange for tokenized stocks and derivatives on Base, also in Base Batches 004 and on stage Nov 18.

@pocketperps – a Hyperliquid perps app with guardrails for newer traders: stops, risk-based sizing and trade grading. Token launched Nov 10 via Ascend on Elysium; only the CA from @pocketperps is official.

@materral – an arbitrage terminal on Elysium watching 14 venues, showing only gaps still profitable after fees and slippage. Token live Nov 10.

@Index_inds – from ex-Polychain president Josh Rosenthal, building an investable onchain index of U.S. home prices. Out of stealth Nov 10 with a $50M seed led by Lightspeed; first product USHP targets Ethereum in Q4.

@casberi_app – an inbox plus wallet that shipped private sends on Aztec Nov 9, now testing private gas that hides even the fee payer.

verify before you ape.

[Principia Research @PrincipiaRes]

Securitize（$SECZ）Q3 财报出炉，股价涨了约 40%。

电话会议后，Citi 把评级重新上调到买入，目标价 14 美元，距离它下调评级才过去四周。Needham 把目标价上调到 13 美元。Cantor给予超额买入评级，目标价21.2美元。

本次财报被分析师最为关注的就是链上 IPO。

Securitize 和 Cantor Fitzgerald 正在搭一套 IPO 通道，让一部分份额直接在链上发售，代币就是真实股份：

◼️ Cantor 像做普通 IPO 一样负责找发行人、簿记建档、定价
◼️Securitize 把股份以代币形式发行，以 SEC 注册过户代理的身份维护股东名册，并通过自家的经纪商和 ATS 完成结算
◼️Cantor 预计加密原生公司会把 IPO 的 5% 到 10% 以代币化形式发行，其余照常走传统渠道。同一套通道也适用于上市后的增发，下一步计划延伸到要约收购。

到目前为止，原生在链上发行过股份的公司屈指可数：Galaxy、Figure，以及 Securitize 自己。它今年 7 月在纽交所上市时就把自家股票代币化了。

[Securitize @Securitize]

https://t.co/0lGyH1zJIG

[Principia Research @PrincipiaRes]

Crypto Venture Capital Quarterly Report - Q3 2026

Bitcoin rallied ~43% in Q3. Crypto venture funding kept cooling.

◼199 deals, $4.46B disclosed, down 24% QoQ
◼Excluding listed-company raises, M&A and debt, equity funding rose to $3.38B (+12% QoQ, +35% YoY): fewer deals, bigger checks
◼CeFi took 32% of capital; DeFi led on deal count but got just 8%
◼Crypto-native-only deals fell from $2.57B to $1.05B as TradFi stepped in
◼Only 3 new crypto VC funds closed, the fewest in a quarter since 2019

The money hasn’t left. It’s moving to different places, from different hands.

Full report 👇
Data sourced from @RootDataCrypto

[Principia Research @PrincipiaRes]

https://t.co/oOiUmTGvrv

[Principia Research @PrincipiaRes]

https://t.co/oOiUmTGvrv

[Principia Research @PrincipiaRes]

daily early projects ◼️

@contavcbr – a self-custodial payments account for Brazil: send and receive via Pix, balances in reais, convertible from USDC. in Base Batches 004, on stage at Demo Day in NYC on Nov 18

@BankOnSaturday – turns an iPhone into a card reader: customers tap Visa or Mastercard, merchants get self-custodial USDC on Base. also in Base Batches 004, waitlist only for now

@Sup_Wallet – a self-custodial Sui wallet whose AI agent trades and pays inside limits you set, without ever holding the key. Sui Overflow 2026 Agentic Web winner, invite-only for now

@aetherliquid – auto-manages concentrated liquidity positions on Elysium and Hyperliquid, live since Nov 9

@ElyPepeAcc – ep/acc, an Elysium meme that opened Nov 9; account created Nov 5

@cloverdotfamily – a Robinhood Chain launcher that routes trading fees to NFT holders. $CLOVER goes live Nov 11 at 18:00 UTC

@FungoLabs – FHE-encrypted NFTs on Ethereum via Zama, plus a launchpad for studios. pad live Nov 8 after a missed auction was fully refunded (~$84K, project figure)

@kiedexapp – a futures exchange with TGE set for Nov 18. the sale requires depositing into their account; no chain or contract published yet

verify before you ape.

[Principia Research @PrincipiaRes]

@KalinJunYAI 对的。模型本地化部署项目、GPU云资源的租赁与售卖、AI应用的C端订阅等收入，均不计入统计口径。

[Principia Research @PrincipiaRes]

国内大模型商业化真的全面进入收费时代了！

最新 2026 财报和权威第三方数据《2026爱分析·中国AI厂商Token收入榜单》出炉，中国 AI 厂商直接收入排行榜（含 Token 及云 AI 年化 ARR）正式洗牌：

◼️ 字节跳动：Token年化 ARR 约 300 亿元（豆包+火山引擎一骑绝尘）
◼️ 阿里巴巴：阿里云 AI 年化收入（ARR）破 358 亿元 / Token年化 160 亿元
◼️ 智谱 AI：综合 Token 年化 110 亿元（MaaS API 平台 ARR 约 17 亿元）
◼️ MiniMax：Token年化 ARR 约 48 亿元
◼️ 快手科技：可灵 AI 表现极其亮眼，单季度收入已超 8.5 亿元

[Principia Research @PrincipiaRes]

@WenBuilds 一个重大的转变

[Principia Research @PrincipiaRes]

Elysium 声称今天开放主网，哪些项目准备跟着上线？

@AACConElysium：A/ACC meme，已有交易；快照市值约 $185 万、579 名持有人。项目称今天启动销毁基金，机制尚未核实；并非已确认的 Ascend 发射台项目。

@Hypedotfamily：Hyped 发射台，称官方 $HYPED 将在主网开放后两小时内发射，协议费的 80% 用于回购销毁。

@etfsystems：Volta 上的 ETF 币，称用费用购买股票代币并向持有人空投。快照市值约 $2.5 万、208 名持有人，规模很小。

@Elyziumaa：NFT 铸造计划跟随主网开放。GTD 为 0.125 HYPE、持续两小时；随后 FCFS 和公开阶段均为 0.15 HYPE

@torpornet：NFT 情报项目，计划发行 4,444 只青蛙，公布的 mint 时间为 21:00 UTC+8、价格 0.09 HYPE；

@homer_fi：流动性聚合器，称第一季积分活动已开放；暂无可靠的代币数据。

@enteraetherxyz：发射平台，称首日提供 xStocks 股票交易对。注意与其他 Aether 同名项目区分。

@AltL2fun：面向 Hyperliquid L2 的 meme 发射台，称 21:30 UTC+8 发币，555 个 Genesis NFT 分享 5% 手续费。时间及分成均为项目方说法。

dyor

[Principia Research @PrincipiaRes]

Who's bridging the most HYPE to Elysium, and what are they buying?

The 10 largest bridgers moved in 8,205 HYPE, about 5% of the 158.8K HYPE in bridge custody. The capital is widely spread.

8 of the 10 are already trading: 6,535 HYPE of buys across 83 tokens.

Where they overlap:
◼ $BLOB: 5 of 10 wallets
◼ $EACCAT, $e/acc, $NMEOWS: 4 of 10
◼ $CHAMELEON: the biggest buy at 949 HYPE, from 3 wallets

Who's holding:
◼ $eacc @eacc_coin : all 4 buyers still hold a position
◼ $VOLTA: every token bought is still held
◼ $STOCKIUM: fully exited

The largest bridger (2,002 HYPE) hasn't bought a single token yet.

[Principia Research @PrincipiaRes]

Over $12M worth of HYPE sits in an Elysium-linked bridge—and its HYPE balance has grown 5× in seven days.

Nov 1: 31,230 HYPE
Nov 8: 158,522 HYPE
24h net increase: 27,879 HYPE (+21.3%)

[Principia Research @PrincipiaRes]

Elysium’s launchpad race isn’t just about how many tokens get launched.

Montra leads with $7.41M in indexed 24h volume—59.6% of the total. Its top token accounts for just 8.4% of platform volume.

Ascend ranks second at $1.92M, but e/acc alone drives 44.1% of its volume.

Boxa shows why launch counts aren’t enough: 14,185 cumulative tokens launched, yet only $119K in 24h volume. Ascend has 978 launches and roughly 16× the volume.

[Principia Research @PrincipiaRes]

daily early projects ◼️

@windupdotfun — token launches on a curve, migration to a uniswap v4 pool, then planned long/short markets with up to 10x leverage. contracts deployed; factory showed 0 launches at check time.

@eacc_coin — the ascend token has publicly claimed a hypercore ticker registration. EACC is in mainnet token metadata, but no spot pair was found. third-party snapshot: ~$6M market cap and ~$788k 24h volume on elysium.

@VoltaFamily — a v4-hook launchpad claiming 80% of fees for buybacks and burns, plus a 20% supply airdrop to active ecosystem traders. third-party indexer reports 517 token launches; execution of those allocations needs separate verification.

@Yieldex_markets — token baskets holding 2–8 assets at fixed weights, with trading fees intended for holders. its first “Trenches” basket covers six ecosystem memes. the project calls these onchain ETFs; they are not equivalent to regulated ETFs.

@agora_elysium — launchpad aggregation, embedded wallets and wallet bookmarks. token identity remains unresolved, so we are not assigning a same-name AGORA token's valuation to the product.

@elysium_machine — 4,444 ERC-404 machines, with lit machines participating in trading-fee distributions. OTC and day-one OpenSea support are announced, not confirmed live. the contract retains owner permissions.

@ballastedapp — a stock-pair launchpad that says it operates on robinhood chain and has obtained direct elysium mainnet access. the access claim is not independently verified.

@Bunnypadfun — a planned one-transaction fair launchpad with no graduation step. BUNNY first, then 999 passes. the team says nothing is deployed on mainnet yet; beware of lookalike contracts.

Verify before you ape.

[Principia Research @PrincipiaRes]

Beyond the big-name integrations, which early Elysium projects are worth watching?
We picked six ecosystem-focused names from our 48-project landscape—starting with upcoming launches, then projects already reporting activity.

@Bunnypadfun
One-transaction token launches without seed liquidity. The team says pools are permanently locked and launch is scheduled for Nov 9.
Watch: public opening and the first token launches.

@Pindar_finance
Splits Hyperliquid funding rates into fixed and floating components. The team plans to launch on Elysium’s first mainnet day, with $PINDAR launching through Ascend.
Watch: product availability and token-launch details.

@kalosfun
NFT marketplace + token DEX. The team reports its NFT collection sold out, with an airdrop planned for Nov 9.
Watch: whether initial NFT attention converts into trading demand.

@oxleydotfun
Auction-based fair launches rather than another bonding curve. Recently announced Furge bidding tools, alongside leaderboards and wallet tracking.
Watch: mainnet opening and how its auction format performs.

@elysium_machine
4,444 ERC-404 machines that can be activated to receive fee rewards. The team reported distributing 120 HYPE in the first 30 minutes, with price moving from roughly 0.0141 to 0.40 HYPE.
Watch: whether trading and fee revenue persist beyond launch excitement.

@ronspadfun
Token launches, trading and bridging in one interface. The team says it went live Nov 2 and subsequently reported ~$586K in cumulative volume and 23.4% of supply burned.
Watch: fresh launches and ongoing volume—not just cumulative totals.

A watchlist, not an endorsement. DYOR.

[Principia Research @PrincipiaRes]

daily early projects ◼️

@isometricfi — Options that trade like perps: advertised exposure up to ~1,000x, no early liquidation, settlement based on the expiry price. On Arbitrum Sepolia testnet; featured in Arbitrum Autumn.

@swishdotcash — Private USDC/SOL transfers on Solana via X handles or claim links, integrating Privacy Cash, MagicBlock and Umbra. Selected for Adevar preaudit support.

@coldstar_sol — Turns a USB device into a Solana offline signer. The project says keys exist only briefly during signing. New website live; Web/iOS release status still unconfirmed.

@treasures_io — Aggregates tokenized-stock quotes across issuers and chains, routing trades from USDC. Recently launched its Signals API for AI agents.

@MentionedMarket — Trade on whether a word gets mentioned during livestreams, podcasts or earnings calls, with USDC settlement on Solana. Selected for Adevar preaudit support.

@bitrepo_xyz — Building around BTC-backed borrowing and credit allocation. Selected for Base Batches 004; Demo Day scheduled for November 18.

@FairHatch — A fair-launch platform on Robinhood Chain, advertising equal-start access, liquidity locking and anti-bot mechanics. Public testnet live.

@staycloakedxyz — One wallet, a fresh address for each payment received, with private transfers through Privacy Pools. Browser extension available on Ethereum, Base and Optimism.

Verify before you ape.

[Principia Research @PrincipiaRes]

喜欢 Cos Claude 是吧？现在终于有办法治你了 @OpenRouter @Kimi_Moonshot @deepseek_ai

Athropic开源了 FlashProve：用 zk技术证明这串 token 是某组已承诺权重跑出来的，你点的是哪个模型，回来就得是哪个，权重本身还不泄露，每次验证只需要消耗少量的本地算力。

@zksync @Starknet @0xPolygon 验证了这么多年终于该验证这是不是真的claude了。AI 时代可证伪性越发重要，Proof Chain 蓄势待发。@ellazhang516 @yzilabs

[Principia Research @PrincipiaRes]

daily early projects ◼️

@usecowboy – app store for AI agents from ex-Uniswap / Snap leaders. agents run sandboxed, creators get paid; Cowboy Chain testnet live
↳ $5M seed · Nov 4 · acct 9mo

@fablesfi – market-aware ve(3,3) DEX on Uniswap v4, live on Robinhood Chain. 2nd in the RH Chain track at Arbitrum Founder House SG
↳ $30K prize · Nov 2 · token live

@covrdotfun – pick a price and a date, get upfront yield: covered calls + cash-secured puts on Solana. Adevar preaudit winner
↳ preaudit grant · Oct 27 · waitlist

@Stature_finance – onchain stocks for everyone on Solana. won 1st in the Colosseum × Superteam TH AI side track, then shipped MM support
↳ 🥇 side track · ~Oct 30 · acct 2mo

@BranchpointXYZ – split any asset into one version per outcome, then trade and lend inside each branch. priced worlds, not bets
↳ testnet · Oct 23 · closed beta

@unlloo_protocol – uncollateralized USDC/USDT/DAI loans: lenders bid under a max APR, onchain reputation decides who gets credit
↳ mainnet · Oct 21 · ~16d soft edge

@tawffoundation – tokenizes sharia rural bank yields in Indonesia, with ZK proofs of where the funds sit. Arbitrum Founder House pick
↳ promising products 🥉 · Nov 2

@velloagents – AI clipper that cuts long videos into shorts, posts them everywhere and pays creators in USDC on Solana
↳ Superteam MY 🥈 · Oct 21 · ~16d soft edge

verify before you ape.