Cipher Research Crypto

Hivemapper is making waves in the mapping industry, claiming to map the world five times faster than Google.
Having already covered 25% of global roads, it’s becoming harder to ignore. For the skeptics, here’s why Hivemapper and its token, $HONEY, deserve your attention.
Background
We rely on maps every day, whether for navigation or gathering location-based data. While they appear free to users, businesses pay a hefty price to access them. Today’s mapping services face three major challenges:
Outdated maps – Current maps are often slow to update, making them unreliable in fast-changing environments.Expensive APIs – Businesses pay a premium for access to map APIs, adding significant costs to their operations.Limited on-the-ground info – Maps lack real-time details on road conditions or construction, which is critical for various industries.
These problems create opportunities for new solutions, and that’s where Hivemapper comes in.
Introducing Hivemapper
Hivemapper is a decentralized mapping network that allows people across the globe to contribute to the creation and maintenance of street maps.
It enables real-time, community-generated maps that provide businesses with up-to-date and accurate street-level imagery.
At its core, Hivemapper uses a novel approach to mapping. Instead of relying on fleets of expensive vehicles, the platform empowers everyday drivers to capture street-level imagery as they go about their daily routines.
And in return for this valuable data, contributors earn Honey tokens.
How Hivemapper Works
The concept behind Hivemapper is simple: anyone can capture street imagery effortlessly while driving.
But executing this on a global scale requires a sophisticated system.
The process begins with Hivemapper’s purpose-built dashcams. These are easy to install and function like standard dashcams, recording roads as you drive.
What makes them unique is their ability to upload captured imagery to the Hivemapper network weekly via the app.
Contributions aren’t limited to dashcams, though.
Users can also update maps via their phones by reporting roadwork or construction sites, helping keep maps fresh and accurate.
Additionally, contributors can assist in training Hivemapper’s AI to recognize important objects like speed limit signs and traffic signals, which improves the platform’s accuracy.
Why Hivemapper Matters
But who exactly needs Hivemapper’s maps, and why?
There’s significant demand from various sectors, including:
Businesses looking for affordable map APIs, such as insurance companies that require real-time data on ground conditions.Autonomous vehicle companies needing highly accurate and up-to-date maps for safe navigation.Consumers wanting reliable information on road conditions and potential hazards.
Hivemapper’s decentralized model also makes it cheaper and more flexible than its competitors. Traditional services like Google Maps update their imagery every one to three years, while Hivemapper can refresh data 10 to 100 times more frequently.
The Role of $HONEY
The entire Hivemapper ecosystem operates on $HONEY, a token used to balance contributors and users.
Contributors are rewarded based on the value they add to the network, with weekly rewards determined by the amount of coverage, its freshness, and quality.
Rewards aren’t equal across the board.
Mapping under-represented areas or updating information in regions that haven’t been mapped recently results in higher rewards, incentivizing contributors to expand the global coverage of the platform.
Rapid Growth
The traction Hivemapper has achieved in just two years is nothing short of impressive.
It has already mapped 27% of the world’s roads, with a staggering 16.4 million unique kilometers covered by its community across multiple countries.
What’s even more remarkable is Hivemapper’s speed in covering this ground.
To put it in perspective, Google Street View took 10 years to cover 10 million unique miles, whereas Hivemapper achieved this in just two years.
The secret lies in decentralization—over 10,000 cars contribute to Hivemapper’s network, vastly outpacing Google’s smaller fleet of specialized vehicles.
The Case for Hivemapper
At first glance, Hivemapper might seem like just another mapping company. But once you understand the vast revenue potential that maps generate, its purpose becomes clear.
Companies of all types require map APIs and on-the-ground imaging for everything from logistics to customer service. What sets Hivemapper apart is its ability to provide updated, real-time maps at a fraction of the cost of competitors like Google. And since Hivemapper’s maps are refreshed much more frequently, the value proposition is hard to ignore.
The real power of Hivemapper comes from its scalability. The decentralized nature of its network allows it to cover more area in less time, a major advantage over centralized systems.
This is where the broader concept of DePIN (Decentralized Physical Infrastructure Networks) comes into play—Hivemapper isn’t just a map service, but a proof point for how decentralized networks can revolutionize industries traditionally dominated by centralized giants.
Hivemapper isn’t stopping at dashcams. Soon, the platform will launch Beekeeper, a new fleet-focused dashcam with advanced monitoring features like AI event detection.
Beekeeper will help reduce accidents, prevent asset misuse, and optimize routes for fleets, all while contributing valuable street imagery to the Hivemapper network.
This new product could be a game changer for large fleets. With Beekeeper, fleet managers can enhance safety and efficiency while helping to expand Hivemapper’s map coverage.
Final Thoughts
With demand for real-time maps and affordable APIs continuing to grow, Hivemapper’s value proposition is incredibly strong. Its ability to scale rapidly, provide fresher data, and operate more efficiently than traditional players makes it hard not to be bullish on Hivemapper’s mission and future.
As the world continues to move toward decentralization, Hivemapper is well-positioned to become a major player in the global mapping industry, and $HONEY may be a token worth watching closely.
About Cipher Research
Cipher Research is a leading crypto research firm focused on DeFi and DePin (Decentralized Physical Infrastructure Networks). We specialize in delivering high-quality, digestible research designed for all users—whether you're a seasoned investor or just getting started.
We spend several days working on each of our pieces and your subscription will motivate us to continue providing quality digestible research!

With $25 million raised from the likes of Paradigm, today we understand Vana, a protocol that is building the world’s largest User-Owned Data Network for AI
In a world where companies like Reddit and Google profit by selling your data to AI firms, Vana is flipping the script.
Vana lets you monetize your own data and become part-owner of the AI models that are trained with it. This new model of user-owned data is poised to revolutionize how AI companies access the critical data they need—and how users can finally take control and benefit from the value of their personal information.
Why AI Needs Your Data—Now More Than Ever
AI models have exploded in growth, relying on massive amounts of publicly available data for training.
But we’re quickly approaching a data wall, where the available data is simply running out. As these models evolve, they require newer, more relevant, high-quality data—data that’s no longer as accessible in the public domain.
This scarcity means AI companies will soon have no choice but to tap into private user data. That includes your posts on platforms like Reddit, X (formerly Twitter), Google, and Instagram.
Just 100 million users' worth of data is enough to keep AI models running for a long time.
As data becomes scarce, platforms like Reddit profit from walled gardens of private user data. Most users don’t realize they own all the data they create and can export it.
AI companies are faced with two options: pay massive fees to these platforms to access private data, or try to convince users to share it directly.
Enter Vana: The First-Ever User-Owned Data Network
This is where Vana comes in. Vana is creating the first-ever network for user-owned data, directly addressing this data shortage.
The platform allows users to contribute their data from across various platforms, creating a treasure trove of cross-platform information that can power AI models and personalized applications.
In this new system, user data becomes liquid—flowing freely and securely between contributors and developers who need it. And instead of tech giants reaping all the rewards, users are finally in control, earning tokens and ownership in the models that rely on their data.
How Vana’s Data DAOs Work: Making Data Liquid
Vana introduces a revolutionary concept called Data DAOs (Decentralized Autonomous Organizations), also known as Data Liquidity Pools (DLPs). Here's how it works:
For example, if you contribute your Reddit data to a Reddit DAO, you’ll earn tokens that represent your contribution. When AI models trained with your data are used, you’ll get paid based on how much your data helps improve model performance.
Vana Incentivizes Data Sharing with $VANA Tokens
One of the biggest challenges with launching any new data network is the cold start problem—getting enough users to contribute data at the beginning to create a valuable dataset.
Vana solves this by offering $VANA tokens to users who contribute their data to Data DAOs. This helps bootstrap the platform by incentivizing early users, while also rewarding them for being early adopters.
The top 16 Data DAOs with the most user stake and highest metrics receive monthly distributions of $VANA tokens, which are shared among creators, stakers, and DAO token holders.
Most of the value flows directly to users, the true owners of the data.
This allows contributors to become real stakeholders in closed-source AI models. Users are paid when models are used or based on how much their data improves the model's performance.
Data DAOs: A Growing Movement
Since its launch, Vana has already sparked the creation of 63 Data DAOs. The first to go live was the Reddit Data DAO, which saw 140,000 real users export their Reddit data to Vana within just one week.
This rapid growth is now spreading to other platforms, with new Data DAOs being formed around X, LinkedIn, Instagram, Google Analytics, Tinder, and even Browsing History data.
By aggregating data from across platforms, Vana allows developers to train models on more diverse and comprehensive datasets. Users no longer have to worry about their data being locked behind a single platform’s walled garden—they can export and control it themselves.
Thoughts on Vana
Vana doesn’t just hand over your data without security. It’s a privacy-first platform, ensuring that user data is stored in a non-custodial, privacy-preserving manner. This means you keep control of your data, even when it’s being shared.
The platform also uses robust validation mechanisms to filter out junk data and ensure that only high-quality contributions are used in AI models. Proof of contribution guarantees that all data submitted is legitimate, preventing bad actors from flooding the system with low-quality or false information.
As a user, contributing your data to Vana is a no-brainer. Platforms like Reddit and Google are already looking to sell your data to AI companies. With Vana, you get rewarded for it and even gain ownership in the AI models built on your data.
As Vana’s ecosystem grows and more incentives are fully launched, the platform is expected to attract tens of millions of contributors. This massive influx of high-quality, user-contributed data will help train the next generation of AI models, ushering in a future where community-owned AI models dominate the landscape.
About Cipher Research
Cipher Research is a leading crypto research firm focused on DeFi and DePin (Decentralized Physical Infrastructure Networks). We specialize in delivering high-quality, digestible research designed for all users—whether you're a seasoned investor or just getting started.

$30 billion in TVL! This is the market Curvance is single-handedly going for.
The protocol is set to drive the next liquidity wars, becoming the final chess piece in DeFi
Background
The current DeFi ecosystem, despite its rapid growth, faces several inefficiencies:
Under-utilized LP Tokens: Liquidity provider (LP) tokens locked in DeFi protocols often remain underutilized while earning yield.User Navigation Challenges: Users struggle to navigate multiple decentralized applications (dApps) when chasing yield.Incentive Deployment Issues: Protocols find it challenging to deploy proper incentives across different chains.
Curvance, born two years ago, addresses these problems head-on.
The Inefficiency of Locked Tokens
One of the biggest inefficiencies in DeFi is that tokens locked in liquidity pools stay idle. When users put their capital into any Automated Market Maker (AMM) pool, they receive LP tokens, which give them rewards in fees and yield.
The same applies to liquid wrappers. However, these tokens are often not utilized to their full potential.
Introducing Curvance
Curvance is building a modular money market on top of Yield-Bearing Tokens (YBT) such as LP tokens and liquid wrappers.
This approach allows YBTs to be used as collateral for peer-to-peer (P2P) loans, enabling users to leverage their existing positions and improve efficiency.
In the background, Curvance leverages several innovations to enable this functionality:
ERC-4626 Tokenized Vault Standard (c-token): This standard allows for efficient and flexible tokenized vaults.Dynamic Interest Rate: A system that adjusts rates based on market conditions.Dual Oracle System: Ensures accurate and reliable price feeds.Custom Liquidation Engine: Enhances the stability and security of the protocol.
Loans can be taken in isolated or cross-margin setups, offering a CeFi-like experience. YBTs such as Real-World Assets (RWA), Liquid Staking Tokens (LSTs), and LP tokens can be used as collateral to borrow stablecoins in a P2P manner.
This unlocks about $30 billion in TVL that can be leveraged.
In the future, most ERC-20 tokens will be supported, depending on liquidity.
YBT's Curvance will/can support 👇
User Experience and Yield Management
Curvance not only addresses the money market for YBTs but also tackles user friction in DeFi. The protocol provides a comprehensive solution for yield and position management.
Users can:
connect to Curvance, view all assets across chainscheck if they are getting the best yieldbrowse different strategies for these assetschoose the one they feel comfortable with and zap
The All-in-One DeFi App
With both yield management and money market, Curvance becomes the main frontend for the DeFi lending and yield stack.
A dashboard with your assets, look for the best yield, zap into strategies, auto-compound, and take loans using YBT as collateral. Curvance becomes the all-in-one app for DeFi, fully multichain.
Curvance also sits at the top of the Fat-dApp thesis, aggregating a range of other dApps and providing a unified platform for DeFi users. This positions Curvance to become a significant player in the DeFi ecosystem. A powerhouse in DeFi to become.
The $CVE Token and the Curvance Flywheel
Native token $CVE stands to gain the most of Curvance's success. $CVE is set to bring in one hell of a flywheel with gauges. Curve wars focused mostly on stablecoins.
With Curvance, imagine 100s of protocols, 10+ chains all looking for users to deposit liquidity.
Multichain Gauge Voting
Curvance introduces multichain gauge voting, allowing users to lock $CVE on any chain for $veCVE, vote bi-weekly for any pool across all chains, and distribute emissions based on gauge weights. .
This system, powered by Wormhole, creates a competitive environment among different actors:
Users: Lock $CVE to get protocol fees, bribes, and voting power.Protocols: Seek power to vote for emissions towards their pools.Chains: Aim to gain governance power to attract users and liquidity.
The introduction of Curvance sets the stage for the Curvance Wars, where different entities compete for governance and liquidity. The $CVE token will play a central role in this dynamic, with its liquidity bootstrapping pool (LBP) set to launch soon.
Why I’m Bullish on Curvance
Curvance has several key strengths that make it a promising addition to the DeFi landscape:
Unlocking Untapped YBTs: By creating a money market for YBTs, Curvance taps into a vast, underutilized resource.DeFi Multichain Aggregator: The platform offers one-click zaps and a seamless multichain experience.Strong Flywheel Effect: The interest among protocols and chains for gauge emissions creates a powerful growth mechanism.Race to Lock: The competitive environment will likely create a supply shock for $CVE.
I plan to bid on $CVE during the LBP, as I believe in Curvance's potential to transform DeFi.
Conclusion
Curvance is set to become a major player in DeFi, driving the next liquidity wars and optimizing liquidity management. With its innovative approach and strong value proposition, Curvance stands to unlock significant value in the DeFi ecosystem.
As the Curvance Wars begin, the protocol's impact will be felt across the entire DeFi landscape.
About Cipher Research
Cipher Research is a leading crypto research firm focused on DeFi and DePin (Decentralized Physical Infrastructure Networks). We specialize in delivering high-quality, digestible research designed for all users—whether you're a seasoned investor or just getting started.
Check our our other writing here:
https://cipherresearch.substack.com/
https://www.cipherresearch.co/

Ever dreamt of slashing your internet by 80%?
Meet DAWN, the decentralized wireless network poised to disrupt the broadband industry and revolutionize how we access the internet.
The Stranglehold of Traditional ISPs
The internet industry is dominated by a handful of major Internet Service Providers (ISPs). These giants have established a costly monopoly, leaving consumers with high prices and limited choices.
To understand why the internet is so expensive, it’s essential to break down the supply chain:
Tier 1 Providers: These are the companies that connect global networks through subsea fiber cables.Tier 2 Providers: Internet exchanges and wholesale IP providers that manage the bulk of internet traffic.Tier 3 ISPs: These companies handle the last mile, delivering internet from local hubs to homes.
While ISPs buy internet access at relatively low prices from Tier 2 providers, they face exorbitant costs when building and maintaining the infrastructure needed to deliver internet to homes, such as laying fiber optic cables.
To cover these capital expenditures, ISPs mark up the cost to consumers significantly—by as much as 100x the wholesale price.
Enter DAWN: Decentralized Autonomous Wireless Network
DAWN, the Decentralized Autonomous Wireless Network, is set to change all of that.
Think of how solar energy disrupted the electricity market by enabling homeowners to generate their own power. DAWN applies the same concept to the internet, allowing users to buy their own bandwidth and sell any surplus.
Here’s how it works:
DAWN uses advanced wireless technology to beam internet signals through the air, significantly reducing the need for expensive fiber infrastructure.
Point-to-Multipoint Radios: These radios connect data centers and transmit internet signals over a radius of up to 5 miles.Rooftop Antennas: Similar to Starlink, these antennas receive the signals and distribute them to home routers.
To ensure widespread and reliable connectivity, DAWN employs a network of nodes that serve as relay points:
Bandwidth Nodes: Located in data centers, these nodes are the primary sources of internet bandwidth.Distributor Nodes: Positioned on building rooftops, these nodes extend the network’s reach.Routers: Installed in users’ homes, these routers not only manage internet access but also act as nodes in the decentralized network.
Each node is equipped with a Robotic Antenna System, which automatically adjusts the antennas to maintain optimal signal strength.
For homeowners, accessing cheap, wholesale internet is as simple as installing a DAWN router and a rooftop dish. DAWN’s routers are powered by high-performance x86 machines, meaning any x86 device, like a desktop computer, can function as a powerful router.
These routers not only manage your home internet but also allow you to participate in the decentralized network, offering services such as cloud storage, computing, and even AI training from the comfort of your home.
Think DePin like Akash, Filecoin and Render along with internet routing. Dawn is bringing the entire DePin infra to the end consumer and acts like a distribution layer.
Proofs of Performance and Token Incentives
To ensure the smooth operation of the network, DAWN uses Proofs of Performance, which run on the Solana blockchain.
Network performance is verified through various methods, including speed and location checks, with devices and browsers handling these tasks.
To support and incentivize the network’s operations and growth, Dawn’s native token has the following utilities:
Node Operators: Receive token incentives for their contributions.Internet Payments: Users can purchase internet access through the DAWN app using tokens.Bandwidth Management: The token allows users to manage the network’s bandwidth.Staking: Token holders can stake their tokens to earn additional rewards
Dawn features a Flexible Supply Model to support growth and tech advancements.
Proven Track Record and Ambitious Plans
DAWN isn’t just an idea—the technology has already seen significant traction. The company behind DAWN, Andrena, has achieved impressive growth using wireless technology in the Web2 space:
Service Coverage: Andrena operates in over 10 states, serving around 10,000 households.Affordable Pricing: Homeowners currently pay as little as $30 per month for internet access.
By partnering with building owners, Andrena has been able to deliver affordable internet to a growing number of users.
With DAWN, the goal is to scale this technology to the masses by leveraging the power of Web3. On the day of DAWN’s launch, the network will have access to:
Coverage: Approximately 3 million households in New York City and PhiladelphiaInfrastructure: 240 Distribution Nodes across 40 sites
I believe that once it launches, DAWN will scale rapidly.
Why DAWN is the Future of Decentralized Broadband
We’re witnessing a paradigm shift in broadband delivery, and Andrena is leading the way. You can't overlook a proven Web2 innovator making the leap to Web3, especially in a $500 billion industry.
DAWN caters to everyone: affordable broadband for consumers, plus the opportunity to sell excess bandwidth. By offering low-cost internet, DAWN integrates homes into a decentralized cloud network, allowing users to earn and greatly improving cloud distribution.
All of these combined just makes me certain Dawn will become the leader in decentralised broadband. I believe the stars are aligned for DAWN. The future is DAWN.
About Cipher Research
Cipher Research is a leading crypto research firm focused on DeFi and DePin (Decentralized Physical Infrastructure Networks). We specialize in delivering high-quality, digestible research designed for all users—whether you're a seasoned investor or just getting started.
Check our our other writing here:
https://cipherresearch.substack.com/
https://www.cipherresearch.co/

Understanding GNSS and the Problem
Global Navigation Satellite Systems (GNSS), which include GPS (US), GLONASS (Russia), Galileo (EU), and others, are critical to modern navigation.
From autonomous vehicles to precision farming, these systems rely on GNSS for accurate positioning.
However, GNSS satellites orbit approximately 20,000 km above Earth, and as their signals travel through the atmosphere, they become distorted.
This distortion can lead to location errors of up to 10 meters.
For systems requiring high precision, such as unmanned vehicles, these errors can be disastrous.
To counteract this, Real-Time Kinematics (RTK) technology is used.
RTK involves ground-based stations sending correction data to nearby systems, improving location accuracy significantly.
With RTK, location precision improves significantly. However, building large RTK networks has traditionally been costly and time-consuming. This is where Geodnet comes in.
Enter Geodnet: Transforming GPS with DePin
Geodnet is addressing the limitations of traditional RTK networks by leveraging the Decentralized Physical Infrastructure (DePin) model.
Instead of relying on expensive and centralized infrastructure, Geodnet is building a global network of RTK stations—referred to as satellite miners—on household rooftops.
These satellite miners enhance navigation system accuracy for a wide range of applications, from IoT devices to farming and construction, improving precision from meters to centimeters worldwide.
By leveraging the DePin (Decentralized Physical Infrastructure Networks) model, Geodnet reduces the cost of building and maintaining its network.
Building large RTK networks has been costly and time-consuming.
Geodnet is able to provide RTK services at a fraction of the cost compared to traditional web2 providers.
How It Works
Anyone with a clear sky view and a reliable internet connection can set up a Geodnet miner. These miners, equipped with antennas, receive satellite signals and transmit real-time correction data to nearby devices via the Geodnet platform.
End users can access Geodnet’s RTK services by purchasing a plan through its partners and paying in fiat currency. The revenue generated is used to buy back and burn $GEOD tokens, with 80% of the revenue allocated for this purpose.
The network supports high precision for most devices worldwide and is compatible with thousands of GNSS receivers.
The entire Geodnet system is powered by the $GEOD Token.
Miners are rewarded with $GEOD tokens based on factors like signal quality and uptime. End users pay for RTK services in fiat currency, with 80% of this revenue used to buy back and burn $GEOD tokens, thereby supporting a deflationary model.
Additionally, staking $GEOD tokens is necessary to activate mining areas, promoting a fair and decentralized network.
Geodnet employs a Hex system to manage miner distribution. This system minimizes reward dilution in crowded areas, ensuring a dense and reliable global network.
Miners who are inactive or operate in overcrowded areas see a reduction in rewards, ensuring the network remains robust and evenly distributed.
Global Expansion and Market Potential
Geodnet’s network has grown rapidly, with the number of miners more than doubling this year. The network now spans 8,700 miners across 136 countries, offering full coverage in Europe and major cities worldwide, and expanding in the U.S.
Geodnet is in high demand, with an ARR exceeding $1 million.
Web2 users are already paying for RTK services through Geodnet's partners in fiat. With global availability and the lowest costs, Geodnet is one of the best choices for consumers and businesses looking for location accuracy.
The Future of Geodnet and $GEOD
As our reliance on precise location data grows, especially with the rise of AI and autonomous systems, the demand for high-precision signals will only increase. Geodnet's innovative approach to RTK technology positions it as a leader in the GNSS correction market.
RTK has been the most accurate form of GNSS correction for decades, but its high cost and scalability issues have limited its adoption. Geodnet addresses these challenges head-on with its DePin model, providing a cost-effective and expansive RTK network.
The company is also expanding its ecosystem by launching a mobile app for car navigation and integrating with the Solana blockchain to support Web3 projects. With an ARR exceeding $1.2 million and a unique tokenomics model that includes buybacks, burns, and halving mechanisms, the future looks bright for $GEOD.
Geodnet is not just revolutionizing GPS accuracy; it’s laying the foundation for a new era of precision in our increasingly digital and autonomous world. With its innovative technology, rapid growth, and strong market potential, Geodnet is a project to watch closely in the coming years.

Cars as Data Centers on Wheels
Cars today are akin to data centers on wheels, generating over 25 GB of data every hour. This data encompasses a wide range of information, including vehicle health, battery status, driver behavior, and location patterns.
However, with this wealth of data comes significant privacy concerns.
Much of this data is collected by automakers and often sold to third parties without the consent of car owners.
Many drivers have received unsolicited emails from insurance companies about their vehicles, raising concerns about privacy and data ownership.
Introducing DIMO
DIMO is an open mobility platform that empowers users to take control of their vehicle data, enabling access to various apps and services.
With $DIMO, users can choose what data to share, unlocking a range of personalized services tailored to their unique driving experiences.
The Pre-Android Era of Cars
Today's cars are similar to pre-Android phones, locked into their own ecosystems with limited utilities.
DIMO is changing the game, ushering in a post-Android era where any car—regardless of manufacturer—can access a diverse range of applications.
Why Focus on Car Apps?
Personalized data opens up endless possibilities. By leveraging DIMO’s platform, users can explore options such as custom insurance plans, vehicle financing, fleet management, and tailored racing data—none of which are feasible with today's isolated systems.
For instance, imagine being able to instantly check for car errors and share that data with a maintenance app that compares local repair quotes.
Users could also provide actual usage and health data to receive more accurate insurance quotes, turning real data into actionable insights.
The DIMO network is already supporting innovative apps and services. For example, Coverage Critic has leveraged car data to build a detailed map of cell tower connections across carriers.
Future possibilities include decentralized ride-hailing and car rental applications built on the DIMO platform.
Connecting Cars to DIMO
Cars can connect to DIMO either via hardware or software. For vehicles older than four years, a $DIMO device needs to be plugged into the OBD port, which is present in all cars.
Newer models can connect through software, with devices transmitting data using Helium and LTE networks.
Once connected, users can mint an NFT for their car, creating a unique blockchain identity that provides detailed data access and enhances transparency.
Car owners earn $DIMO tokens through a reward streak system as long as their device remains connected.
DIMO’s Impressive Traction
DIMO is emerging as a standout project in the decentralized physical infrastructure network (DePin) space, boasting over 109,000 cars connected to its network, collecting data and earning rewards.
The platform has seen significant success in North America and Europe, with Tesla recently integrating directly with DIMO.
DIMO's flywheel mechanism is highly effective. It attracts car owners with rewards, accumulates extensive car data, and enables developers to build apps using that data, all of which contribute to the network's growing value.
Users are incentivized to join and stay for the apps and utilities available.
Looking Ahead: The Next Phase
The next phase, which involves onboarding developers, is particularly exciting. We could witness a range of innovations—from generic insurance tracking apps to custom solutions for racers, as well as AI integrations and advanced mapping functionalities. With such a wealth of car data available, the possibilities are truly endless.
Applications will pay for data access, shifting the $DIMO token from a governance role to one focused on value capture.
The long-term vision includes major automakers integrating with DIMO, with Tesla already on board. This integration will further fuel DIMO's flywheel effect, cementing its position as a central hub for all car services.
About Cipher Research
Cipher Research is a leading crypto research firm focused on DeFi and DePin (Decentralized Physical Infrastructure Networks). We specialize in delivering high-quality, digestible research designed for all users—whether you're a seasoned investor or just getting started.
Check our our other writing here:
https://cipherresearch.substack.com/
https://www.cipherresearch.co/

The world of intellectual property (IP) is about to experience a major transformation, and Story Protocol is at the forefront of this revolution.
The Current IP System is Broken
Today’s IP landscape is inefficient and outdated.
The process of protecting and licensing IP is incredibly costly, requiring expensive legal services that only favor large corporations.
For small creators, navigating this landscape is nearly impossible without incurring huge expenses.
In this broken system, only the top 1% of creators can truly thrive, leaving smaller creators at a significant disadvantage.
Copyright laws, designed in the print era, fail to meet the demands of today’s digital-first world, where social media and generative AI are rapidly advancing.
In fact, Gen-AI is outpacing the old IP framework entirely. It has turned creators into mere data points, stripping them of incentives to create.
As a result, creators aren’t properly compensated for their contributions to AI models, and the incentives to innovate have diminished.
Enter Story Protocol
Story Protocol aims to fix the inefficiencies of the current IP system by tokenizing IP and onboarding it to the blockchain, making IP programmable and liquid.
This revolutionary approach unlocks endless possibilities, allowing creators to exchange, grow, and distribute their work seamlessly—all without needing expensive legal expertise.
Story operates on its own EVM-compatible Layer 1 (L1) blockchain, which is optimized for handling complex data. The key innovations that set Story apart include:
Proof of Creativity Protocol: Powers composability and facilitates royalty distribution across the ecosystem.Programmable IP License: Onramps IP directly to the blockchain, allowing for automatic licensing and royalty agreement
By simply uploading their IP to Story Protocol, users receive both an NFT and an IP Account, instantly transforming their creation into a composable, programmable entity.
Whether it’s artwork, characters, or even memes, any form of IP can be uploaded, registered, and monetized through Story Protocol.
Building IP Like LEGO Blocks
Story Protocol treats IP as modular, much like LEGO blocks.
Each piece of IP can have modules attached to it, adding new functionality such as licensing, royalties, and dispute resolution. This makes the IP more versatile and easier to manage.
Creators can simply customize predefined terms for the usage of their IP, whether it’s setting licensing fees, commercial permissions, or royalty structures.
These modules make it easier for other creators to build on top of existing IP, thus facilitating collaboration and innovation in ways the traditional IP system never could.
Example: Pudgy Penguins IP
Let’s take the Pudgy Penguins IP as an example.
With Story Protocol, a creator could onboard the Pudgy Penguins IP and then build a comic book based on it. From there, the comic book could serve as the foundation for a movie. That movie could then lead to the development of a merchandise line.
All the while, revenue and royalties from the comic book, movie, and merchandise would flow back to the original Pudgy Penguins IP owner.
This kind of composability and revenue-sharing system creates a dynamic ecosystem where the IP's value grows with every new layer of creative output.
Legally Binding, Programmable IP
Story Protocol goes beyond just blockchain-level assurance. It also offers a legally binding, programmable IP license that helps bridge the gap between code and law.
This means creators can set customized legal terms that dictate exactly how their IP can be used, including royalty splits, licensing fees, and more.
By eliminating the need for complex legal negotiations, Story Protocol empowers creators to manage their IP in a way that’s both secure and scalable.
Enhancing Creator Economics in the AI Era
In today’s rapidly advancing AI space, creators provide valuable datasets that data scientists use to build AI models.
Yet, under the current system, creators earn nothing from their contributions. Story Protocol is changing this dynamic.
With Story, creators can provide their IP datasets to power AI models, and in turn, they will earn a share of the revenue generated from AI outputs.
This revenue-sharing model ensures that both creators and model builders are compensated fairly, aligning incentives and encouraging innovation in the AI industry.
Expanding the Possibilities for IP in DeFi, Consumer, and AI Markets
Story Protocol is more than just a platform for creators to protect their IP—it also opens the door for entirely new markets and applications. A few possibilities include:
Loans against IP tokens: Using tokenized IP as collateral in DeFi lending markets.Art platforms: Where every creator's assets are registered and protected as IP.AI monetization apps: Allowing creators to license their IP for AI models and earn royalties on AI outputs.
The flexibility and composability of tokenized IP is set to unlock a new wave of innovation and value creation across industries.
Why You Should Be Bullish on Story Protocol
Story Protocol is building the critical infrastructure for a multi-trillion-dollar market. Currently, 90% of creators lack access to proper IP registration and licensing due to resource constraints. Story Protocol changes the game by making IP registration and monetization easy and cost-effective.
By uploading their IP to Story, creators receive both an NFT and token account, alongside a complete suite of legal tools.
This empowers creators to set terms for IP use without the legal complexities, protecting them against misuse and theft.
Additionally, Story enables consumer apps to seamlessly integrate IP creation into their platforms through SDKs, in a familiar web2 fashion. This makes IP even more accessible and usable for developers and entrepreneurs.
Conclusion: The Future of Tokenized IP
With Story Protocol, creators can finally unlock the true value of their IP. By making IP composable, programmable, and liquid, Story opens up new avenues for innovation and collaboration.
As more creators, developers, and businesses onboard into this ecosystem, Story Protocol is poised to capture a massive portion of the untapped IP market, sparking a new era of IP-driven value creation.
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Cipher Research is a leading research firm focused on DeFi and DePin (Decentralized Physical Infrastructure Networks). We specialize in delivering high-quality, digestible research designed for all users—whether you're a seasoned investor or just getting started. Our goal is to break down complex trends and innovations into clear, actionable insights.
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Background
Sanko had its roots in 1980s gaming alongside Nintendo and Sega but fell off the map due to bad business decisions. The company produced several popular arcade games during its heyday but struggled to compete with the growing dominance of its competitors. Financial missteps and a failure to adapt to the rapidly evolving gaming market led to its decline.
Fast forward to 2022, a crypto-native team saw potential in the nostalgic value of Sanko and decided to acquire its assets. They released Sanko's arcade assets on the blockchain, revitalizing the brand with a modern twist. Or so the lore goes.
The story resonated with many because Sanko sounds like an authentic 80s gaming company, and the narrative captured the imagination of the crypto community.
In reality, Sanko launched for the first time in 2022 as a blockchain-based game console and arcade on Arbitrum. The first product was the Sanko Dream Machine, featuring arcade-style onchain games like:
Milady Fighting GamePinballDice GamePoker
Alongside this, the team launched $DMT, its native token, required for playing these games and gambling.
Fair launch70% of supply distributed/airdropped immediatelyNo seed, no raise, no KOLs
Including a portion of the tokens to Milady and Remilio holders played a significant role in fostering a cult-like community, which has greatly contributed to the project's success today. This strategic distribution helped in rallying a dedicated and passionate group of supporters who continue to drive the project's momentum forward.
Expansion Beyond Arcade Games
What started as just an arcade game has become much bigger in a year. While the arcade game was the main product, the team continued building.
In just 10 months, Sanko has released several key products:
📺 Sanko TV: Decentralized streaming platform⛓️ Sanko Chain: Their own Layer 3 chain👾 Sanko Pets: The first game in a series of more games to come
📺 Sanko.TV
Sanko.TV, launched in December 2023, offers better revenue sharing than Twitch, taking up to 50% of tipping revenue. It has seen adoption in Web3 by boosting earnings for streamers and viewers through additional opportunities like SankoTV Passes – a SocialFi mechanic similar to keys in Friend Tech.
Sanko.TV gained traction at launch and continues strong 7 months later.
Daily volumes: $20k to $40k, generating 0.4 ETH in daily earningsDaily streams: Typically 10 streams run at any given moment with hundreds of viewers
$DMT is burned with protocol earnings every 2 weeks.
This has been a major success for Sanko.
⛓️ Sanko Chain, Layer 3
Sanko launched Sanko Chain in May this year, marking the 1-year anniversary of the Dream Machine launch. Designed to bring the internet of value to the golden days of gaming, the chain supports retro-style games, NFTs, and SocialFi, leveraging Arbitrum Nitro.
Soon after the Layer 3 launch, the community went wild.
The team introduced Sanko Pets, an NFT game with $DMT farming for Gold tokens for future games. The community quickly created a huge ecosystem within just one month, with meme coins at its core.
Fully grassroots growth.
In just around a month, the chain has amassed $40 million has been cumulatively bridged in around a month.
In the recent markets, it's rare to find a non-VC, community-driven chain achieving those numbers. What you're seeing is a user-driven chain with minimal incentives and max culture + fun.
🧭 What Sets Sanko Apart
Compared to other Layer 3 gaming and meme chains, Sanko is a diamond in the rough. It is a winner in TVL, memecoins, community, and most importantly, tokenomics.
It has also achieved a cult-like following among the community, which no other new chain has recently matched. This unique appeal is hard to see unless you experience the cult-like following firsthand.
The case for Sanko:
Degenerate cult-like communityMeme centralEcosystem of mini-games to enjoy while taking a break from gamblingInnovative SocialFi features
The sky's the limit for experimentation here with a massive organic community.
🪙 $DMT: The Token
$DMT stands to gain the most from this ecosystem growth.
With a max supply of 1,000,000 tokens, the playbook here generally includes:
More games from the team and external teamsSupply locked for farmingMeme central chain of cryptoNo major unlocks$DMT used for gas
All actions lead to token burns, making it bullish to hold as the chain grows. 🔥
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