One investment research framework focuses on protocol-level risk by deeply analyzing the smart contract architecture. This includes reviewing audit coverage, audit quality, frequency of code changes, use of upgradeable contracts, and reliance on external libraries or oracles. Investors assess whether the vulnerability was an isolated implementation error or a structural design flaw, which helps determine if similar risks could recur even after a patch.
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Chainlink holds a solid position with 67% of the oracle market share and partnerships with SWIFT and JPMorgan. Yet rivals rise: Pyth excels in low-latency financial data on Solana. Redstone’s dual push-pull mode cuts 50%+ gas fees, appealing to diverse dapps. Still, Chainlink’s CCIP supporting 60 blockchains keeps it dominant for now.
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Multi-CBDC (mCBDC) platforms aim to revolutionize cheap, instant cross-border payments. If successful, they challenge Bitcoin's use in this niche. However, for settlements where counterparties distrust each other's central banks or seek finality without intermediary risk, Bitcoin's neutral, global ledger may retain a distinct, albeit niche, advantage.
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