Signum Newsletter 41
Weekly alpha for your weekend reads
This edition of the newsletter analyses Netmind where they operates 2 complementary business lines: NetMind AI, a decentralized GPU rental platform with high utilization and academic partnerships, and NetMind XYZ, a low-code AI Agent launchpad built on BNB Chain that enables users to deploy customizable AI agents. The company has strategically aligned with the Binance ecosystem, implemented token-strengthening mechanisms for $NMT, and positioned itself well across multiple crypto narratives with an adaptable team that builds synergy between their product offerings. We'll also share some interesting articles, portfolio updates and market highlights.
1. Research Articles
a) Charting Ethereum's Account Abstraction Roadmap III: The Endgame
• Based on the article, Ethereum's account abstraction roadmap is evolving through four major models: ERC-5189 (Endorsed Operations), ERC-4337 (out-of-protocol alternate mempools), RIP-7560 (native account abstraction for rollups), and EIP-7701 (the "endgame" for L1 accounts using EOF).
• These approaches aim to enable smart accounts with advanced capabilities like flexible signature schemes, gas abstraction, and transaction validation/execution separation, ultimately creating more autonomous, user-friendly accounts that extend beyond the limitations of traditional EOAs and contract accounts
Charting Ethereum's Account Abstraction Roadmap III: The Endgame
Explore Ethereum's evolution toward full account abstraction through ERC-5189, ERC-4337, RIP-7560, and EIP-7701 smart account models.
b) Singapore - The Onchain State
• The report highlights Singapore's emergence as a leading global hub for Web3 innovation, characterized by a balanced regulatory approach, strong public-private collaboration, and a vibrant ecosystem of infrastructure projects, DeFi protocols, and NFT/gaming platforms.
• Despite challenges like high compliance costs and limited banking access, Singapore continues to attract Web3 companies through its talent pool, venture capital availability, strategic location, and supportive initiatives, with crypto ownership rising among Singaporeans (26% in 2024) and significant job creation in the sector.
Singapore The Onchain State - 2025 Report
The collapse of algorithmic stablecoin UST and the subsequent bankruptcies of major Web3 firms, including FTX and Three Arrows Capital, sent shockwaves through the industry, impacting investments and confidence in Singapore's Web3 sector. However, this period also marked a turning point-pushing the industry towards greater transparency, compliance, and long-term resilience.
c) Stablecoins in 2025: The $237 Billion Revolution Transforming Money and Yield Farming
• The stablecoin market has expanded significantly in 2025, reaching $237 billion (a 63% increase from 2024), driven by regulatory clarity, institutional adoption, and real-world utility, with major players including Tether ($144B), USDC ($60B), Ripple's RLUSD, and newly launched USD1 by Trump.
• Investors can generate yields of 0.5%-25% APY through various DeFi protocols like Curve Finance, Aave, Beefy Finance, Ethena, and Superform Labs, which automatically optimizes stablecoin investments across multiple chains and protocols to maximize returns.
Stablecoins in 2025: The $237 Billion Revolution Transforming Mo...
Stablecoins have been dominating 2025 with the total market cap hitting $237 billion, a 63% jump from $138 billion last year, with no signs of slowing down. Tether's holding strong at $144 billion, Ripple's RLUSD spiked 46% in a month, and Trump just launched USD1 days ago (March 25), staking his place onchain.
2. Portfolio Highlights
a) Pendle
• Pendle Finance has emerged as DeFi's leading fixed yield protocol, enabling users to trade future yields and lock in predictable returns across various assets like LSTs, restaking protocols, and yield-bearing stablecoins.
• In 2025, Pendle is expanding beyond Ethereum through its Citadel deployments to Solana, Hyperliquid, and TON, launching regulated yield access for institutional and Islamic finance markets, and introducing Boros for fixed-rate trading in perpetual funding markets—all while enhancing its tokenomics through vePENDLE and cementing its position as DeFi's comprehensive fixed income layer.
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b) Particle Network
• Particle Network has emerged as a leader in chain abstraction, developing Universal Accounts that allow users to access their assets across multiple blockchains without bridging, culminating in the recent launch of their $PARTI token.
• Their roadmap includes releasing Universal Account SDKs to developers in Q2 2025, enabling widespread chain abstraction across numerous applications, upgrading their UniversalX trading platform to V3, and increasing community engagement through activities like launchpools and IDOs.
c) Sonic
• Sonic has introduced SonicCS 2.0, a new DAG-based consensus protocol that overlaps elections and uses 0-1 matrix representations for voting structures to compute elections more efficiently.
• When tested on real-world Sonic mainnet transaction data, the protocol demonstrated an average 2x speedup and 68% memory reduction compared to SonicCS 1.0, achieved through overlapping elections (visualized as a pipeline) and vectorization techniques that leverage CPU SIMD instructions for more efficient matrix operations.
SonicCS 2.0 - New Consensus for 2x Speed and 68% Memory Reduction
Sonic's new consensus, SonicCS 2.0, boosts speed and efficiency with overlapping elections and vectorized voting. 2x faster, 68% less memory.
3. Netmind
Introduction
Many might know NetMind as a decentralized GPU protocol, which was its original business line. However, the team at NetMind has recently introduced a new product in the form of an AI Agent launchpad on BNB Chain. NetMind currently runs both business arms in parallel. On one side, Netmind AI offers decentralized GPU rental services and inference APIs tailored for AI developers and model providers. On the other hand, Netmind XYZ serves as an AI agent launchpad built on the BNB Chain, targeting the growing demand for autonomous agent deployment within the interaction of AI and crypto.
NetMind AI
NetMind AI offers 2 primary services: a decentralized GPU rental platform and a suite of inference-related services. The decentralized GPU network is NetMind's original product and value proposition. Instead of relying on centralized data centers, NetMind enables users to contribute their idle GPUs to the network by creating a distributed compute layer where anyone can rent or supply compute resources. It serves as an open marketplace for AI compute, aligning incentives for both providers and consumers. Currently, the network boasts 1,833 GPUs with a high utilization rate of 95%, and over 6,600 GPUs are currently queued, indicating strong demand. Additionally, more than 1,000 of these GPUs are in use by NetMind's institutional partners, which include well-known universities and research institutions such as Carnegie Mellon, The University of Edinburgh, King's College London, etc. These partnerships further cement NetMind's credibility and underscore its relevance to academic and research workloads.
Beyond compute, NetMind AI also provides a comprehensive stack for inference services. The platform supports online inference across a wide range of popular open-source models from the likes of DeepSeek, Google, Meta, and more. Developers can easily integrate these models via API endpoints or deploy their own models in a serverless fashion—without worrying about infrastructure management. The serverless architecture also allows users to be billed strictly based on runtime, making it especially cost-efficient for teams running low-frequency workloads.
NetMind XYZ
In late 2024, AI Agents took the world by storm, crypto included. The AI Crypto space was booming, with new agents and supporting infrastructure being deployed at the speed of light. NetMind saw an opportunity in this space and launched Netmind XYZ, a low-code no-code AI Agent launchpad that leverages their decentralized GPU stack. Users just have to fill in a few parameters and choose the LLM of choice in order to deploy their very own AI Agent on the platform.
NetMind XYZ's Version 1 provides the core infrastructure for AI agents with basic cognitive functions: memory, reasoning, skill execution, and token issuance. These agents can recall information, perform tasks, interact with external tools or platforms, and create their own tokens for on-chain use. Version 2, launching soon, expands this with more advanced capabilities. Agents will support self-evolution based on environmental feedback, multimodal input (voice, video, image), and group-based coordination through agent organizations. Additional features include agent cloning, autonomous crypto trading, and support for emotional reasoning and social interactions.
For the Speculators
NetMind has done well to build out a robust product suite across several crypto narratives. The team has been continuously adding features that align with both user needs and broader market trends. On the tokenomics front, $NMT has seen several enhancements designed to strengthen its utility and long-term value. These include a token burning mechanism to reduce supply, controlled buyback initiatives to support demand, and a shift toward payment-based rewards for miners, which boosts value for active participants.
From a more speculative point of view, NetMind is also well-positioned as a Binance-aligned project, with the $NMT token and their AI Agent launchpad being deployed on BNB Chain. For more context, there has been a recent shift in go-to-market strategies, where some protocols choose to align themselves with Binance and BNB Chain to maximize their exposure to the booming Binance ecosystem and to front-run a possible "BNB Chain season." Some of the things that these protocols do include deploying their protocol on BNB Chain and participating in the Binance Web3 Wallet IDO. This seemingly allows these tokens to get an expedited listing on Binance Alpha, a platform within the Binance Wallet that spotlights early-stage crypto projects with growth potential. By adopting this strategy, protocols can make it as seamless as possible for users within the Binance ecosystem to discover and interact with their product. With strong product-market fit and the right momentum, this alignment may also increase the likelihood of a future spot listing on Binance. Some recent examples include Bubblemap ($BMT) and MyShell ($SHELL).
Concluding Thoughts
Crypto narratives are cyclical. However, protocols that can repurpose and evolve their products tend to maintain relevance, especially when backed by a proactive and adaptive team. It's increasingly important for founders to stay plugged in, understand shifting consumer demands, and iterate quickly to meet them.
In NetMind's case, the team has not only expanded its product suite but done so in a way that builds on top of its existing GPU infrastructure, demonstrating strong internal synergy. Their alignment with the Binance ecosystem further positions them well for upside, especially if Binance continues to strengthen its platform and we see a "BNB Chain season." Paired with a recovering macro environment, this positioning could play out favorably in the near future.
*Disclosure: Signum Capital holds a position in the aforementioned company. The information provided on this newsletter is for general informational purposes only and does not constitute professional nor investment advice.
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