In Uncommonlab Weekly Alpha, we curate and share newly emerging crypto alpha opportunities every week.

• Noble is a project building a stablecoin liquidity hub based on the Cosmos SDK. Its stablecoin, USDN, has achieved broad adoption across the IBC ecosystem, becoming one of the most widely used stablecoins within Cosmos.

• However, Noble determined that its existing architecture posed limitations in terms of product launch velocity and scalability. In order to meet the stability and reliability standards required of a global stablecoin infrastructure, the team decided to move beyond the Cosmos SDK and transition to a Noble EVM L1, starting March 18.

• A full USDN migration will be supported, and USDN is expected to become a core component of the Noble EVM L1, functioning as a yield-bearing native stablecoin within the new network.

• Within the Cosmos community, some have described this move as a “betrayal.” In reality, however, many acknowledge that achieving large-scale success purely within the Cosmos ecosystem has become increasingly difficult. From this perspective, Noble’s decision is largely understandable.

Noble, which previously provided USDN liquidity across the Cosmos and IBC ecosystems, has now committed to transitioning into an EVM L1. USDN liquidity on Cosmos will be migrated to Noble EVM in phases, with the ultimate goal of consolidating all liquidity on the new chain. While the Cosmos SDK will continue to be supported, it is expected to shift into maintenance mode over the long term.

Although Noble benefited significantly from Cosmos by becoming one of its most widely adopted stablecoin infrastructures, the team appears to have concluded that, given the declining expectations for the broader Cosmos ecosystem and the failure of many Cosmos-based projects, exiting the ecosystem was the rational long-term choice.

It remains to be seen how Noble’s expansion into the EVM ecosystem will play out, but there is a high likelihood that the launch of the Noble EVM mainnet will be accompanied by the issuance of a native NOBLE token.

• Starting February 1, Magic Eden will allocate 15% of its platform revenue toward buybacks.

• Looking more closely at the mechanism, half of the funds will be used to buy back ME tokens, while the other half will be distributed in USDC to ME token stakers, proportional to their staking power.

• The decision to distribute rewards in USDC is particularly noteworthy. Due to potential securities law implications, many projects have been hesitant to implement cash-like reward structures. Magic Eden is one of the first major platforms to move forward with this model.

• Recently, a growing number of projects have announced token buybacks. However, in most cases, the scale of buybacks is far smaller than the volume of newly issued or unlocked tokens, leading to continued downward pressure on token prices. In practice, many of these buybacks amount to little more than rhetoric.

• In this context, Magic Eden’s approach—distributing actual project revenue to token holders in USDC—represents a more meaningful form of buyback. This is not a model that can be easily copied at will; it requires real, sustainable revenue. As a result, tokens backed by genuine cash flow are increasingly likely to attract attention.

Magic Eden announced that it will allocate 15% of total platform revenue toward buybacks, expanding beyond its original NFT marketplace to include revenue from its in-house prediction market as well.

Under this structure, half of the allocated funds will be used to purchase ME tokens, while the remaining half will be distributed in USDC to ME token stakers. Distributing rewards in USDC introduces regulatory risk, as such payments could potentially be interpreted as dividend income from an unregistered security. However, Magic Eden appears to be proceeding under the assumption that, as long as the ME token is not classified as a security, this structure should not pose a legal issue.

Magic Eden generated approximately $24M in revenue last year, and for projects with real, sustainable revenue, distributing USDC rewards in an interest-like format may be a more constructive approach than symbolic or ineffective buybacks. This model encourages long-term token holding rather than short-term speculation.

A similar USDC-based reward mechanism is reportedly being prepared by Jupiter on Solana, though it remains unclear whether this approach will ultimately deliver meaningful results.

• Neynar, the leading API and infrastructure provider for developers within the Farcaster ecosystem, announced that it will acquire Farcaster.

• Over the coming weeks, ownership of Farcaster’s contracts, code repositories, applications, and Clanker will be transferred to Neynar, which will assume full operational and managerial control of the platform.

• Farcaster co-founder Dan Romero will step away from all Farcaster-related responsibilities to pursue a new project, effectively exiting the company.

• Following the announcement, some community members—including Mirza—harshly criticized Dan Romero. They argued that he sold the vision of a “decentralized social network” as a potential second Facebook to raise capital from a16z and Paradigm, and after reportedly securing up to $40M in profits by selling shares on secondary markets, no longer had incentive to continue building the company.

• In response, Dan Romero stated via his personal social channels that he plans to return the entire $180M raised from venture capital investors, directly addressing accusations of personal enrichment.

• Neynar emphasized that it has long worked closely with Farcaster, and as a result, there are expected to be no major short-term product changes following the acquisition. The stated goal is to evolve Farcaster into a builder-optimized network.

The acquisition presents an ironic outcome. Farcaster had raised approximately $180M from top-tier VCs such as a16z and Paradigm, making it one of the most highly anticipated projects in the decentralized social space. The first shock came when Farcaster announced it was deprioritizing social in favor of a wallet-centric platform direction. The second followed shortly after, with the announcement that Farcaster would be acquired by Neynar—the very company that had been providing API infrastructure to Farcaster.

Many in the community have questioned how such a deal was possible, given that Neynar’s valuation is believed to be lower than the total capital raised by Farcaster. A plausible interpretation is that Dan Romero, having failed to demonstrate sufficiently meaningful traction to date, faced increasing pressure from investors and ultimately stepped aside. While Dan Romero appears to have received compensation close to an exit, public sentiment remains divided, with some suggesting that after raising significant capital, the incentive to continue scaling the company diminished.

Finally, expectations around a potential Farcaster token launch, which many users had anticipated, may have actually increased as a result of the acquisition, as key decision-making authority has now shifted to the Neynar team.

• Trove is a trading platform built on Hyperliquid’s HIP-3 framework, enabling users to trade RWA and equities with up to 10× leverage.

• During its token ICO, a prediction market was launched on Polymarket regarding the total amount Trove would raise. At the official ICO closing time, the total stood at $11.5M, and up until that point, the probability of the raise exceeding $15M or $20M remained extremely low.

• However, Trove abruptly announced a five-day extension of the ICO. Immediately after this announcement, the YES probabilities for the $15M+ and $20M+ outcomes surged to 80–90%, causing significant losses for participants who had bet on NO. This sparked widespread rumors that the project had engaged in explicit market manipulation.

• Just 42 minutes later, Trove reversed its decision and announced that the extension would be withdrawn. As a result, Polymarket probabilities rapidly collapsed back toward NO, and trust in the project evaporated.

• Further controversy followed. In order to deploy on Hyperliquid using the HIP-3 protocol, projects are required to stake 500,000 HYPE tokens. Trove claimed that its liquidity partner had independently decided to liquidate this stake, selling the tokens on the market. This made deployment on Hyperliquid impossible, after which Trove announced it would move to Solana, effectively branding itself as a traitor to the Hyperliquid ecosystem.

Initially, Trove attracted significant attention by announcing that it would be built on Hyperliquid’s HIP-3 framework. Based on this narrative, the team conducted a token ICO. However, through the manipulation of Polymarket outcomes via a reversed ICO extension, Trove directly caused financial losses to market participants and irreparably damaged its credibility. Compounding this, the team sold the HYPE tokens that were required for HIP-3 deployment, making a Hyperliquid launch impossible and ultimately deciding to relaunch on Solana.

This sequence of actions can reasonably be interpreted as a betrayal of the Hyperliquid ecosystem—raising funds by leveraging Hyperliquid’s credibility, then selling HYPE tokens and abandoning the chain. Many view this behavior as indistinguishable from a scam.

On-chain investigator ZachXBT tracked Trove’s wallet activity and publicly exposed the team’s actions. In response, the Hyperliquid Foundation donated 10,000 HYPE tokens to ZachXBT, signaling a clear stance against Trove and an effort to distance the ecosystem from the project.

Trove’s actions are widely regarded as indefensible. With the involvement of paid promotions by prominent overseas influencers, the situation has increasingly been concluded as a premeditated scam, rather than a series of unfortunate missteps.

• ParaDEX, a Starknet-based perpetual DEX, experienced a technical failure during a database migration, resulting in a critical system error.

• During the incident, Bitcoin prices on ParaDEX were displayed as $0, and users were reportedly charged what appeared to be an entire year’s worth of position fees at once. These anomalies ultimately forced the team to roll back the chain to block 1,604,710. As part of the recovery process, all open (unfilled) orders were removed.

• The decision sparked criticism, as performing a chain rollback on a decentralized exchange runs counter to the core principles of decentralization. However, it is widely assumed that the scale of the losses made it impractical for ParaDEX to absorb the damage without reverting state.

• Following the rollback, ParaDEX fully refunded all accounts that were incorrectly liquidated, resumed deposits and withdrawals to Gigavault, and restored normal platform functionality. Despite this, the incident has caused a significant loss of user trust.

ParaDEX acknowledged the technical failure and proceeded with the rollback—a move that, in effect, amounts to admitting that the system is not fully decentralized. Nonetheless, by restoring functionality in stages and fully compensating affected users, the project avoided more severe backlash than initially expected.

ParaDEX is currently approaching the end of its points season, with plans to list its native token DIME thereafter. However, given the recent poor market performance of newly launched PerpDEX tokens, there is growing uncertainty around how DIME’s launch will ultimately be received.

• The New York Stock Exchange (NYSE) announced plans to develop a tokenized securities platform that will enable 24/7, year-round trading of tokenized stocks.

• The platform is currently awaiting regulatory approval from the SEC and is targeting a launch by late 2026.

• However, despite the appeal of around-the-clock trading, the actual barriers to entry may be higher than many expect. Trading NYSE-issued tokenized stocks will likely require full KYC, along with a U.S. brokerage account or a bank account for funding, limiting accessibility for a broader global user base.

• In contrast, HIP-3–based tokenized stock platforms are often cited as alternatives to NYSE’s approach. These platforms allow users to connect a Web3 wallet and trade tokenized equities with up to 20× leverage, typically without traditional regulatory hurdles.

• The key distinction lies in regulatory compliance. NYSE’s tokenized stocks, being issued and traded under a regulated framework, are expected to track real stock prices accurately and offer dividend rights and corporate governance participation, with minimal legal or operational risk. On the other hand, HIP-3–based platforms operate outside formal regulatory structures. As a result, users may not receive dividends, and in the event of trading errors or losses involving unsupported stocks, there may be no legal protection or recourse.

NYSE officially confirmed that its regulated, 24/7 tokenized securities platform—pending SEC approval—will enable legally compliant stock trading around the clock, with a target launch in late 2026. While tokenized securities may seem like a major leap forward in accessibility, in practice they are likely to offer incremental convenience rather than radical openness, due to mandatory compliance requirements such as KYC and linked banking infrastructure.

By contrast, HIP-3–based platforms prioritize accessibility and speed, allowing users to trade desired stocks instantly with nothing more than a wallet connection. That ease of use comes with clear trade-offs: lack of legal protections, limited shareholder rights, and higher counterparty and operational risk.

Each approach presents distinct advantages and disadvantages. Investors should weigh these factors carefully and choose the platform that best aligns with their risk tolerance, regulatory preferences, and trading objectives.

• Noise is a platform that leverages social media signals to enable the trading of attention, trends, and mindshare.

• The project raised $7.1M in funding from top-tier investors including Paradigm, GSR, and Anagram, and is currently accessible on testnet via invite codes.

• Recent changes to X’s API policy have had a significant impact across the broader InfoFi sector, to the extent that Kaito suspended its Yaps reward program. While some were concerned that Noise—given its prior partnership with Kaito—would be similarly affected, Noise clarified that it relies on its own proprietary mindshare data, mitigating direct dependency on X’s API.

• With the upcoming V2, Noise plans to introduce a reward mechanism for accurately predicting trends, differentiating itself from traditional prediction markets. Rather than simply betting on whether an event will occur, users will be able to trade on how important or influential a topic is at a given moment, offering a more nuanced form of market signaling.

Noise is set to launch on the Base chain as an attention-quantification protocol, transforming how frequently specific projects or topics are mentioned into a tradable market. Given that the round was led by Paradigm, a VC well known for allocating generous token airdrops, actively using the platform after its public launch could be worthwhile for those targeting potential airdrop opportunities.

Although Noise initially partnered with Kaito and utilized Kaito’s API, the team emphasized that it is also conducting independent data collection, addressing concerns that recent changes to X’s policies could negatively impact the platform. Unlike standard prediction markets, Noise allows users to trade on future levels of attention and mindshare, reducing the risk of outcome manipulation by insiders.

• Axis AI is a platform that combines simulation and crypto to train robots to think and act like humans.

• The project addresses one of the biggest bottlenecks in robotics AI: the lack of high-quality training data. Axis AI enables anyone to contribute data through a browser-based robot simulation, with participants rewarded in tokens for their contributions.

• Axis AI has raised $5M from notable investors including Galaxy, Maven11, and GSR. The team aims to build the world’s largest robotics training dataset by 2026, although the platform is currently limited to a waitlist-only sign-up.

• The experience is designed to feel like a game—users control robots directly in their browser, and the resulting interaction data is used to train AI models. Axis AI describes this approach as a form of global, collective intelligence for robots, built collaboratively by people around the world.

Axis AI is fundamentally focused on solving the robotics industry’s data scarcity problem. Users generate valuable training data via simulations and are compensated with tokens, while the project monetizes by supplying this data across the broader robotics ecosystem.

Although the Axis AI platform has not yet launched, once it goes live, participation is expected to be open and highly accessible. Given that a token launch is effectively confirmed, contributing early to the project may be a reasonable strategy for those seeking potential token airdrop opportunities through meaningful participation.

• Bitway is a Bitcoin-compatible PoS Layer 1 capital infrastructure project.

• The project will conduct a token sale via the Kaito Launchpad, offering 3% of the total token supply at a valuation of $80M FDV.

• This valuation represents a 20% discount compared to Bitway’s previous $100M VC investment round, which included investors such as YZi Labs and HashKey Capital. At the TGE, 50% of the tokens will be unlocked, with the remaining 50% vesting over three months.

• Bitway has previously run campaigns via Binance Wallet, allowing users to deposit USDT in exchange for Bitway tokens. Following its investment from YZi Labs, Bitway has been actively collaborating with Binance.

Bitway’s decision to launch via the Kaito Launchpad comes ahead of its January TGE, alongside a series of Binance Wallet–based campaigns. These signals suggest that the project may be positioning itself with Binance listings in mind. While a Binance spot listing may be challenging, inclusion in Binance Alpha appears highly likely, and the probability of a Binance futures listing is considered relatively high.

In addition to the Kaito Launchpad sale, users can deposit stablecoins such as USDT into Bitway to earn Bitway points, which are likely to be directly linked to future token airdrop allocations. Participating in this points farming may be a worthwhile strategy.

It is also worth noting that Bitway is rumored to be a rebranded version of the former Side Protocol, a factor that investors should take into account when evaluating the project.

• Perle Labs is a Solana-based AI training data platform focused on closing the AI data quality gap through expert-validated datasets.

• The project has raised $17.5M from prominent venture capital firms, including CoinFund, HashKey Capital, Big Brain Holdings, and Framework Ventures.

• Perle Labs allows users to directly contribute to AI training by participating in quests, earning Perle Points, which are widely expected to be convertible into Perle Labs tokens in the future.

• Notably, Season 1 launched on January 19, offering an opportunity for early participation.

Originally launched in 2024 as Kiva AI, the project rebranded and entered the Solana ecosystem in 2025, launching an open beta and ultimately evolving into Perle Labs. By presenting a clear solution to the AI data quality problem, the team has recently opened a platform where humans can directly contribute to AI datasets.

In Season 1, users earn points by watching videos and completing tasks, which are likely to translate into future token airdrop allocations. Given the project’s sizable funding, well-defined points system, and active quest-based participation model, Perle Labs appears to be a project worth monitoring through its eventual TGE.

• Arcium is a Solana-based confidential computing network and cryptographic supercomputer, having raised $11M from venture capital firms including LongHash Ventures, Greenfield Capital, and Coinbase Ventures.

• By leveraging Multi-Party Computation (MPC), Arcium enables private and verifiable on-chain computation for applications across DeFi, DePIN, and AI, addressing a critical gap in privacy-preserving infrastructure.

• Arcium is currently preparing for mainnet. In official announcements on July 24 and November 27, 2025, the team explicitly stated that there would be no token airdrop. Instead, contributors will be rewarded through Retroactive Token Grants (RTG), where accumulated credits can be exchanged for tokens.

• Arcium introduces C-SPL, a Solana SPL–compatible standard that allows developers to implement confidential functionality using familiar workflows. Smart contracts can directly handle encrypted computation, extending privacy across the broader Solana infrastructure stack and potentially enabling institutional adoption and regulated expansion.

Arcium is considered one of the most anticipated projects in the Solana privacy and encrypted computing sector heading into 2026. The project has raised a total of $14M from VCs and an additional $4M via CoinList at a $200M FDV, with 100% of tokens unlocked at TGE. Based on this funding, Arcium is building a scalable privacy network on Solana, targeting mainnet launch and TGE in 2026.

While the team has clearly ruled out traditional airdrops, users can earn credits through testnet participation, application development, and community contributions, which will later be redeemable for tokens via RTG at TGE. Historically, among testnet-based reward programs, node operation has delivered the highest returns, making it a reasonable strategy to run an Arcium testnet node and accumulate credits in anticipation of RTG-based token rewards.

• Superform is a user-owned neobank that automates cross-chain deposits in a single transaction, streamlining access to yield across multiple networks.

• The project has raised $13.9M from major venture capital firms including Polychain Capital and VanEck, and has conducted token sales via Legion and ECHO.

• Superform recently launched the UP Only program, under which 1% of the total UP token supply will be distributed to SuperVaults V2 depositors. These tokens will be 100% unlocked at TGE.

• While the original TGE was planned for 2025, it was postponed due to broader market conditions. As a result, expectations are that the token will be listed as soon as market conditions allow.

Under the UP Only program, Superform offers a base APY of 8% on USDC deposits, with additional yield paid in UP tokens allocated on an epoch basis. The program has seen strong demand—APYs dropped from approximately 38% to 12% within a week due to rapid inflows.

The UP token TGE, initially scheduled for 2025, has now been delayed to 2026 amid unfavorable market conditions. With UP Only Epoch 1 ending on January 29, the conclusion of this phase is widely seen as a potential catalyst for moving forward with the TGE.

Given the expectation of a relatively near-term token listing, Superform currently appears to be a reasonable USDC yield farming venue, offering both stablecoin interest and exposure to upcoming token rewards.

• This content is provided for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any specific asset. Cryptocurrency and digital asset investments involve a high level of risk, so please conduct your own due diligence and make decisions carefully.

• All research comments reflect the personal views of an Uncommon Labs research intern and do not constitute financial or legal advice, nor do they recommend the purchase or sale of any specific asset.

In Uncommonlab Weekly Alpha, we curate and share newly emerging crypto alpha opportunities every week.

• Noble is a project building a stablecoin liquidity hub based on the Cosmos SDK. Its stablecoin, USDN, has achieved broad adoption across the IBC ecosystem, becoming one of the most widely used stablecoins within Cosmos.

• However, Noble determined that its existing architecture posed limitations in terms of product launch velocity and scalability. In order to meet the stability and reliability standards required of a global stablecoin infrastructure, the team decided to move beyond the Cosmos SDK and transition to a Noble EVM L1, starting March 18.

• A full USDN migration will be supported, and USDN is expected to become a core component of the Noble EVM L1, functioning as a yield-bearing native stablecoin within the new network.

• Within the Cosmos community, some have described this move as a “betrayal.” In reality, however, many acknowledge that achieving large-scale success purely within the Cosmos ecosystem has become increasingly difficult. From this perspective, Noble’s decision is largely understandable.

Noble, which previously provided USDN liquidity across the Cosmos and IBC ecosystems, has now committed to transitioning into an EVM L1. USDN liquidity on Cosmos will be migrated to Noble EVM in phases, with the ultimate goal of consolidating all liquidity on the new chain. While the Cosmos SDK will continue to be supported, it is expected to shift into maintenance mode over the long term.

Although Noble benefited significantly from Cosmos by becoming one of its most widely adopted stablecoin infrastructures, the team appears to have concluded that, given the declining expectations for the broader Cosmos ecosystem and the failure of many Cosmos-based projects, exiting the ecosystem was the rational long-term choice.

It remains to be seen how Noble’s expansion into the EVM ecosystem will play out, but there is a high likelihood that the launch of the Noble EVM mainnet will be accompanied by the issuance of a native NOBLE token.

• Starting February 1, Magic Eden will allocate 15% of its platform revenue toward buybacks.

• Looking more closely at the mechanism, half of the funds will be used to buy back ME tokens, while the other half will be distributed in USDC to ME token stakers, proportional to their staking power.

• The decision to distribute rewards in USDC is particularly noteworthy. Due to potential securities law implications, many projects have been hesitant to implement cash-like reward structures. Magic Eden is one of the first major platforms to move forward with this model.

• Recently, a growing number of projects have announced token buybacks. However, in most cases, the scale of buybacks is far smaller than the volume of newly issued or unlocked tokens, leading to continued downward pressure on token prices. In practice, many of these buybacks amount to little more than rhetoric.

• In this context, Magic Eden’s approach—distributing actual project revenue to token holders in USDC—represents a more meaningful form of buyback. This is not a model that can be easily copied at will; it requires real, sustainable revenue. As a result, tokens backed by genuine cash flow are increasingly likely to attract attention.

Magic Eden announced that it will allocate 15% of total platform revenue toward buybacks, expanding beyond its original NFT marketplace to include revenue from its in-house prediction market as well.

Under this structure, half of the allocated funds will be used to purchase ME tokens, while the remaining half will be distributed in USDC to ME token stakers. Distributing rewards in USDC introduces regulatory risk, as such payments could potentially be interpreted as dividend income from an unregistered security. However, Magic Eden appears to be proceeding under the assumption that, as long as the ME token is not classified as a security, this structure should not pose a legal issue.

Magic Eden generated approximately $24M in revenue last year, and for projects with real, sustainable revenue, distributing USDC rewards in an interest-like format may be a more constructive approach than symbolic or ineffective buybacks. This model encourages long-term token holding rather than short-term speculation.

A similar USDC-based reward mechanism is reportedly being prepared by Jupiter on Solana, though it remains unclear whether this approach will ultimately deliver meaningful results.

• Neynar, the leading API and infrastructure provider for developers within the Farcaster ecosystem, announced that it will acquire Farcaster.

• Over the coming weeks, ownership of Farcaster’s contracts, code repositories, applications, and Clanker will be transferred to Neynar, which will assume full operational and managerial control of the platform.

• Farcaster co-founder Dan Romero will step away from all Farcaster-related responsibilities to pursue a new project, effectively exiting the company.

• Following the announcement, some community members—including Mirza—harshly criticized Dan Romero. They argued that he sold the vision of a “decentralized social network” as a potential second Facebook to raise capital from a16z and Paradigm, and after reportedly securing up to $40M in profits by selling shares on secondary markets, no longer had incentive to continue building the company.

• In response, Dan Romero stated via his personal social channels that he plans to return the entire $180M raised from venture capital investors, directly addressing accusations of personal enrichment.

• Neynar emphasized that it has long worked closely with Farcaster, and as a result, there are expected to be no major short-term product changes following the acquisition. The stated goal is to evolve Farcaster into a builder-optimized network.

The acquisition presents an ironic outcome. Farcaster had raised approximately $180M from top-tier VCs such as a16z and Paradigm, making it one of the most highly anticipated projects in the decentralized social space. The first shock came when Farcaster announced it was deprioritizing social in favor of a wallet-centric platform direction. The second followed shortly after, with the announcement that Farcaster would be acquired by Neynar—the very company that had been providing API infrastructure to Farcaster.

Many in the community have questioned how such a deal was possible, given that Neynar’s valuation is believed to be lower than the total capital raised by Farcaster. A plausible interpretation is that Dan Romero, having failed to demonstrate sufficiently meaningful traction to date, faced increasing pressure from investors and ultimately stepped aside. While Dan Romero appears to have received compensation close to an exit, public sentiment remains divided, with some suggesting that after raising significant capital, the incentive to continue scaling the company diminished.

Finally, expectations around a potential Farcaster token launch, which many users had anticipated, may have actually increased as a result of the acquisition, as key decision-making authority has now shifted to the Neynar team.

• Trove is a trading platform built on Hyperliquid’s HIP-3 framework, enabling users to trade RWA and equities with up to 10× leverage.

• During its token ICO, a prediction market was launched on Polymarket regarding the total amount Trove would raise. At the official ICO closing time, the total stood at $11.5M, and up until that point, the probability of the raise exceeding $15M or $20M remained extremely low.

• However, Trove abruptly announced a five-day extension of the ICO. Immediately after this announcement, the YES probabilities for the $15M+ and $20M+ outcomes surged to 80–90%, causing significant losses for participants who had bet on NO. This sparked widespread rumors that the project had engaged in explicit market manipulation.

• Just 42 minutes later, Trove reversed its decision and announced that the extension would be withdrawn. As a result, Polymarket probabilities rapidly collapsed back toward NO, and trust in the project evaporated.

• Further controversy followed. In order to deploy on Hyperliquid using the HIP-3 protocol, projects are required to stake 500,000 HYPE tokens. Trove claimed that its liquidity partner had independently decided to liquidate this stake, selling the tokens on the market. This made deployment on Hyperliquid impossible, after which Trove announced it would move to Solana, effectively branding itself as a traitor to the Hyperliquid ecosystem.

Initially, Trove attracted significant attention by announcing that it would be built on Hyperliquid’s HIP-3 framework. Based on this narrative, the team conducted a token ICO. However, through the manipulation of Polymarket outcomes via a reversed ICO extension, Trove directly caused financial losses to market participants and irreparably damaged its credibility. Compounding this, the team sold the HYPE tokens that were required for HIP-3 deployment, making a Hyperliquid launch impossible and ultimately deciding to relaunch on Solana.

This sequence of actions can reasonably be interpreted as a betrayal of the Hyperliquid ecosystem—raising funds by leveraging Hyperliquid’s credibility, then selling HYPE tokens and abandoning the chain. Many view this behavior as indistinguishable from a scam.

On-chain investigator ZachXBT tracked Trove’s wallet activity and publicly exposed the team’s actions. In response, the Hyperliquid Foundation donated 10,000 HYPE tokens to ZachXBT, signaling a clear stance against Trove and an effort to distance the ecosystem from the project.

Trove’s actions are widely regarded as indefensible. With the involvement of paid promotions by prominent overseas influencers, the situation has increasingly been concluded as a premeditated scam, rather than a series of unfortunate missteps.

• ParaDEX, a Starknet-based perpetual DEX, experienced a technical failure during a database migration, resulting in a critical system error.

• During the incident, Bitcoin prices on ParaDEX were displayed as $0, and users were reportedly charged what appeared to be an entire year’s worth of position fees at once. These anomalies ultimately forced the team to roll back the chain to block 1,604,710. As part of the recovery process, all open (unfilled) orders were removed.

• The decision sparked criticism, as performing a chain rollback on a decentralized exchange runs counter to the core principles of decentralization. However, it is widely assumed that the scale of the losses made it impractical for ParaDEX to absorb the damage without reverting state.

• Following the rollback, ParaDEX fully refunded all accounts that were incorrectly liquidated, resumed deposits and withdrawals to Gigavault, and restored normal platform functionality. Despite this, the incident has caused a significant loss of user trust.

ParaDEX acknowledged the technical failure and proceeded with the rollback—a move that, in effect, amounts to admitting that the system is not fully decentralized. Nonetheless, by restoring functionality in stages and fully compensating affected users, the project avoided more severe backlash than initially expected.

ParaDEX is currently approaching the end of its points season, with plans to list its native token DIME thereafter. However, given the recent poor market performance of newly launched PerpDEX tokens, there is growing uncertainty around how DIME’s launch will ultimately be received.

• The New York Stock Exchange (NYSE) announced plans to develop a tokenized securities platform that will enable 24/7, year-round trading of tokenized stocks.

• The platform is currently awaiting regulatory approval from the SEC and is targeting a launch by late 2026.

• However, despite the appeal of around-the-clock trading, the actual barriers to entry may be higher than many expect. Trading NYSE-issued tokenized stocks will likely require full KYC, along with a U.S. brokerage account or a bank account for funding, limiting accessibility for a broader global user base.

• In contrast, HIP-3–based tokenized stock platforms are often cited as alternatives to NYSE’s approach. These platforms allow users to connect a Web3 wallet and trade tokenized equities with up to 20× leverage, typically without traditional regulatory hurdles.

• The key distinction lies in regulatory compliance. NYSE’s tokenized stocks, being issued and traded under a regulated framework, are expected to track real stock prices accurately and offer dividend rights and corporate governance participation, with minimal legal or operational risk. On the other hand, HIP-3–based platforms operate outside formal regulatory structures. As a result, users may not receive dividends, and in the event of trading errors or losses involving unsupported stocks, there may be no legal protection or recourse.

NYSE officially confirmed that its regulated, 24/7 tokenized securities platform—pending SEC approval—will enable legally compliant stock trading around the clock, with a target launch in late 2026. While tokenized securities may seem like a major leap forward in accessibility, in practice they are likely to offer incremental convenience rather than radical openness, due to mandatory compliance requirements such as KYC and linked banking infrastructure.

By contrast, HIP-3–based platforms prioritize accessibility and speed, allowing users to trade desired stocks instantly with nothing more than a wallet connection. That ease of use comes with clear trade-offs: lack of legal protections, limited shareholder rights, and higher counterparty and operational risk.

Each approach presents distinct advantages and disadvantages. Investors should weigh these factors carefully and choose the platform that best aligns with their risk tolerance, regulatory preferences, and trading objectives.

• Noise is a platform that leverages social media signals to enable the trading of attention, trends, and mindshare.

• The project raised $7.1M in funding from top-tier investors including Paradigm, GSR, and Anagram, and is currently accessible on testnet via invite codes.

• Recent changes to X’s API policy have had a significant impact across the broader InfoFi sector, to the extent that Kaito suspended its Yaps reward program. While some were concerned that Noise—given its prior partnership with Kaito—would be similarly affected, Noise clarified that it relies on its own proprietary mindshare data, mitigating direct dependency on X’s API.

• With the upcoming V2, Noise plans to introduce a reward mechanism for accurately predicting trends, differentiating itself from traditional prediction markets. Rather than simply betting on whether an event will occur, users will be able to trade on how important or influential a topic is at a given moment, offering a more nuanced form of market signaling.

Noise is set to launch on the Base chain as an attention-quantification protocol, transforming how frequently specific projects or topics are mentioned into a tradable market. Given that the round was led by Paradigm, a VC well known for allocating generous token airdrops, actively using the platform after its public launch could be worthwhile for those targeting potential airdrop opportunities.

Although Noise initially partnered with Kaito and utilized Kaito’s API, the team emphasized that it is also conducting independent data collection, addressing concerns that recent changes to X’s policies could negatively impact the platform. Unlike standard prediction markets, Noise allows users to trade on future levels of attention and mindshare, reducing the risk of outcome manipulation by insiders.

• Axis AI is a platform that combines simulation and crypto to train robots to think and act like humans.

• The project addresses one of the biggest bottlenecks in robotics AI: the lack of high-quality training data. Axis AI enables anyone to contribute data through a browser-based robot simulation, with participants rewarded in tokens for their contributions.

• Axis AI has raised $5M from notable investors including Galaxy, Maven11, and GSR. The team aims to build the world’s largest robotics training dataset by 2026, although the platform is currently limited to a waitlist-only sign-up.

• The experience is designed to feel like a game—users control robots directly in their browser, and the resulting interaction data is used to train AI models. Axis AI describes this approach as a form of global, collective intelligence for robots, built collaboratively by people around the world.

Axis AI is fundamentally focused on solving the robotics industry’s data scarcity problem. Users generate valuable training data via simulations and are compensated with tokens, while the project monetizes by supplying this data across the broader robotics ecosystem.

Although the Axis AI platform has not yet launched, once it goes live, participation is expected to be open and highly accessible. Given that a token launch is effectively confirmed, contributing early to the project may be a reasonable strategy for those seeking potential token airdrop opportunities through meaningful participation.

• Bitway is a Bitcoin-compatible PoS Layer 1 capital infrastructure project.

• The project will conduct a token sale via the Kaito Launchpad, offering 3% of the total token supply at a valuation of $80M FDV.

• This valuation represents a 20% discount compared to Bitway’s previous $100M VC investment round, which included investors such as YZi Labs and HashKey Capital. At the TGE, 50% of the tokens will be unlocked, with the remaining 50% vesting over three months.

• Bitway has previously run campaigns via Binance Wallet, allowing users to deposit USDT in exchange for Bitway tokens. Following its investment from YZi Labs, Bitway has been actively collaborating with Binance.

Bitway’s decision to launch via the Kaito Launchpad comes ahead of its January TGE, alongside a series of Binance Wallet–based campaigns. These signals suggest that the project may be positioning itself with Binance listings in mind. While a Binance spot listing may be challenging, inclusion in Binance Alpha appears highly likely, and the probability of a Binance futures listing is considered relatively high.

In addition to the Kaito Launchpad sale, users can deposit stablecoins such as USDT into Bitway to earn Bitway points, which are likely to be directly linked to future token airdrop allocations. Participating in this points farming may be a worthwhile strategy.

It is also worth noting that Bitway is rumored to be a rebranded version of the former Side Protocol, a factor that investors should take into account when evaluating the project.

• Perle Labs is a Solana-based AI training data platform focused on closing the AI data quality gap through expert-validated datasets.

• The project has raised $17.5M from prominent venture capital firms, including CoinFund, HashKey Capital, Big Brain Holdings, and Framework Ventures.

• Perle Labs allows users to directly contribute to AI training by participating in quests, earning Perle Points, which are widely expected to be convertible into Perle Labs tokens in the future.

• Notably, Season 1 launched on January 19, offering an opportunity for early participation.

Originally launched in 2024 as Kiva AI, the project rebranded and entered the Solana ecosystem in 2025, launching an open beta and ultimately evolving into Perle Labs. By presenting a clear solution to the AI data quality problem, the team has recently opened a platform where humans can directly contribute to AI datasets.

In Season 1, users earn points by watching videos and completing tasks, which are likely to translate into future token airdrop allocations. Given the project’s sizable funding, well-defined points system, and active quest-based participation model, Perle Labs appears to be a project worth monitoring through its eventual TGE.

• Arcium is a Solana-based confidential computing network and cryptographic supercomputer, having raised $11M from venture capital firms including LongHash Ventures, Greenfield Capital, and Coinbase Ventures.

• By leveraging Multi-Party Computation (MPC), Arcium enables private and verifiable on-chain computation for applications across DeFi, DePIN, and AI, addressing a critical gap in privacy-preserving infrastructure.

• Arcium is currently preparing for mainnet. In official announcements on July 24 and November 27, 2025, the team explicitly stated that there would be no token airdrop. Instead, contributors will be rewarded through Retroactive Token Grants (RTG), where accumulated credits can be exchanged for tokens.

• Arcium introduces C-SPL, a Solana SPL–compatible standard that allows developers to implement confidential functionality using familiar workflows. Smart contracts can directly handle encrypted computation, extending privacy across the broader Solana infrastructure stack and potentially enabling institutional adoption and regulated expansion.

Arcium is considered one of the most anticipated projects in the Solana privacy and encrypted computing sector heading into 2026. The project has raised a total of $14M from VCs and an additional $4M via CoinList at a $200M FDV, with 100% of tokens unlocked at TGE. Based on this funding, Arcium is building a scalable privacy network on Solana, targeting mainnet launch and TGE in 2026.

While the team has clearly ruled out traditional airdrops, users can earn credits through testnet participation, application development, and community contributions, which will later be redeemable for tokens via RTG at TGE. Historically, among testnet-based reward programs, node operation has delivered the highest returns, making it a reasonable strategy to run an Arcium testnet node and accumulate credits in anticipation of RTG-based token rewards.

• Superform is a user-owned neobank that automates cross-chain deposits in a single transaction, streamlining access to yield across multiple networks.

• The project has raised $13.9M from major venture capital firms including Polychain Capital and VanEck, and has conducted token sales via Legion and ECHO.

• Superform recently launched the UP Only program, under which 1% of the total UP token supply will be distributed to SuperVaults V2 depositors. These tokens will be 100% unlocked at TGE.

• While the original TGE was planned for 2025, it was postponed due to broader market conditions. As a result, expectations are that the token will be listed as soon as market conditions allow.

Under the UP Only program, Superform offers a base APY of 8% on USDC deposits, with additional yield paid in UP tokens allocated on an epoch basis. The program has seen strong demand—APYs dropped from approximately 38% to 12% within a week due to rapid inflows.

The UP token TGE, initially scheduled for 2025, has now been delayed to 2026 amid unfavorable market conditions. With UP Only Epoch 1 ending on January 29, the conclusion of this phase is widely seen as a potential catalyst for moving forward with the TGE.

Given the expectation of a relatively near-term token listing, Superform currently appears to be a reasonable USDC yield farming venue, offering both stablecoin interest and exposure to upcoming token rewards.

• This content is provided for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any specific asset. Cryptocurrency and digital asset investments involve a high level of risk, so please conduct your own due diligence and make decisions carefully.

• All research comments reflect the personal views of an Uncommon Labs research intern and do not constitute financial or legal advice, nor do they recommend the purchase or sale of any specific asset.