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Feb 10, 2026
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LONG
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"Almost all of that volume is from a very small number of groups... this is Ethena, this is Etherfy... we found what are the real use case... and help you co-build that thing." Pellegrino identifies Ethena (ENA) and Ether.fi as the primary drivers of volume on LayerZero currently. As "Zero" launches, these protocols will likely be the "Day 1" preferred apps, receiving first-class integration and speed benefits. They are the chosen "winners" in the LayerZero ecosystem strategy. LONG. These assets act as a beta play to the success of the Zero blockchain launch. Platform dependency; if Zero fails, these protocols lose a key infrastructure advantage. |
Unchained (Chopping Block)
2 Million TPS Without Centralization? How Lay...
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Feb 10, 2026
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LONG
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"There's not going to be any net new token... Zero is the only asset and it is going to be the underlying gas asset and staking asset for proof of stake." Typically, a new L1 launch involves a new token generation event (TGE) which dilutes attention and capital. By repurposing the existing interoperability token (ZRO) as the native gas token for a high-performance blockchain, the token's utility shifts from merely "governance/bridging" to "network fuel." This creates a structural demand sink for ZRO that did not exist previously, especially if the chain achieves the projected institutional volume. LONG. The tokenomics upgrade is a massive fundamental catalyst. Technical execution risk (mainnet failure); failure to attract liquidity despite high TPS claims. |
Unchained (Chopping Block)
2 Million TPS Without Centralization? How Lay...
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Feb 10, 2026
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WATCH
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Partners include "ICE... parent company of the New York Stock Exchange," "DTCC," "Citadel Securities," and "Google Cloud." These are not just "logo slaps" but infrastructure partners for a "Global Markets" zone. While this won't move the needle for Google's stock price immediately, for ICE (Intercontinental Exchange), actively building market infrastructure on a 2M TPS chain signals a serious move to migrate traditional order books on-chain. This validates the "RWA" (Real World Asset) thesis for institutional infrastructure providers. WATCH. Monitor ICE for announcements regarding on-chain settlement pilots, which would be a long-term growth driver. Regulatory hurdles preventing actual equity trading on the Zero chain. |
Unchained (Chopping Block)
2 Million TPS Without Centralization? How Lay...
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Feb 10, 2026
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WATCH
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"Solana etc. is basically reduce the number of nodes and increase the requirements of the nodes... we don't think either of those is the way that you actually want to be able to scale a system long term." The "Zero" blockchain is explicitly targeting the market share of high-throughput monolithic chains. Pellegrino argues that Solana (SOL) and Aptos (APT) rely on centralization or massive hardware costs to achieve speed. If Zero delivers 2M TPS on consumer hardware via ZK compression, it invalidates the "hardware-intensive" scaling thesis of SOL/APT/SUI, potentially draining their developer mindshare and TVL. WATCH. If Zero's mainnet benchmarks hold up in September, it poses a competitive threat to the valuation premiums of current high-speed L1s. Zero may be "vaporware" or theoretical; Solana's network effect is already entrenched and hard to displace. |
Unchained (Chopping Block)
2 Million TPS Without Centralization? How Lay...
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Feb 10, 2026
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LONG
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LayerZero has secured partnerships with ICE (Intercontinental Exchange, parent of NYSE) and an investment from Tether (USDT) to build "global markets" and payments infrastructure on the Zero chain. This represents a shift from "tokenization experiments" to core infrastructure migration. ICE building on a permissionless chain signals high-conviction institutional adoption. Tether's direct investment suggests USDT will be the dominant medium of exchange on this high-throughput layer, reinforcing its moat against USDC. LONG. Regulatory hurdles preventing ICE from launching live markets on a permissionless chain. |
Unchained (Chopping Block)
Crypto’s Legal Lines, MegaETH Launched But De...
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Feb 10, 2026
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LONG
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LayerZero is launching a high-performance Layer 1 blockchain called "Zero" (1M+ TPS). Brian explicitly states: "There is not going to be any net new token... ZRO is the only asset and it is going to be the underlying gas asset and staking asset." Typically, a new L1 launch involves a dilutive Token Generation Event (TGE). By consolidating the utility of a major new L1 (gas, staking, sequencing) into the existing ZRO token, the asset transitions from a pure governance/bridging token to a fundamental L1 commodity with programmatic demand from institutional partners. LONG. Technical failure of the new "Zero" architecture; failure to attract liquidity despite partnerships. |
Unchained (Chopping Block)
Crypto’s Legal Lines, MegaETH Launched But De...
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