This edition of the newsletter analyses covers blockchain's transformation of traditional assets into liquid markets (from real estate and bonds to social capital and predictions) and Solana's comprehensive roadmap to build Internet Capital Markets through Application-Controlled Execution, targeting millisecond-level transaction control and ~150ms finality by 2026. The portfolio section highlights iBERA's superior validator performance for BERA token holders through automated optimization and cost elimination, and MyShell's ShellAgent 2.0 platform that enables non-technical users to build and remix apps using natural language in a social, cloud-ready environment.
a) Everything is a Market
• The article argues that blockchain technology is enabling "everything to become a market" by turning traditionally non-tradeable assets into tokenized, liquid markets - from real estate and government bonds (through companies like Figure and BlackRock's BUIDL) to social capital, physical infrastructure (DePIN), and even predictions about future events.
• This transformation extends beyond traditional finance into areas like decentralized mapping (Hivemapper), wireless networks (Helium), Web3 social networks where reputation becomes tradeable, and prediction markets (Polymarket) that price beliefs and information in real-time, fundamentally changing how human experiences and interactions are valued and monetized.
Sell, cell, excel
b) The Internet Capital Markets Roadmap
• Solana is implementing a comprehensive roadmap to build Internet Capital Markets (ICM) through Application-Controlled Execution (ACE), which will give smart contracts millisecond-level control over transaction ordering to enable flexible market microstructures.
• The roadmap includes short-term improvements like Jito's Block Assembly Marketplace and transaction landing enhancements, medium-term upgrades including DoubleZero fiber network and Alpenglow consensus protocol (targeting ~150ms finality by early 2026), and long-term goals of Multiple Concurrent Leaders and protocol-enforced ACE by 2027 to create the world's most liquid on-chain markets.
Addressing the intricacies of market microstructures.
a) Infrared Finance
• iBERA (a validator service) consistently outperforms independent validators for most BERA token holders, particularly those with stakes under 5-10 million BERA, due to automated BGT optimization, elimination of infrastructure costs ($1,000-$5,000 monthly), and superior vault incentive capture efficiency.
• The service provides better risk-adjusted returns through economies of scale and dynamic strategy switching, with an upcoming v1.7 upgrade that will further boost yields through an auction system for BGT rewards.
b) MyShell
• MyShell launched ShellAgent 2.0 on July 22, 2024, a "Text-to-App" platform that enables non-technical users to build fully functional apps using only natural language through an autonomous development environment that handles all technical complexities automatically.
• The platform features a remix-ready ecosystem where users can instantly modify existing apps with simple instructions and share them immediately in the cloud, aiming to create an Instagram-like social network centered around user-generated software.
Signum Capital Newsletter
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