Email: AI Labs are the New L1s 🤖, First Onchain Solana Vote ☑️, Ultimate Bank Thesis 🏦

Subject:
AI Labs are the New L1s 🤖, First Onchain Solana Vote ☑️, Ultimate Bank Thesis 🏦
Received:
9/2/2026, 12:14:58 PM
From:
"TLDR Crypto" <dan@tldrnewsletter.com>
To:
silk.theater.56@fwdnl.com
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&lt;div style="display: none; max-height: 0px; overflow: hidden;"&gt;Ethlabs&#039; Week 10 update covers three Hegotá hard fork workstreams across account abstraction, block time reduction, and fast finality&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;&lt;/div&gt;
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&lt;h1&gt;&lt;strong&gt;TLDR Crypto &lt;span id="date"&gt;2026-09-02&lt;/span&gt;&lt;/strong&gt;&lt;/h1&gt;
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&lt;div style="text-align: center;"&gt;&lt;span style="font-size: 36px;"&gt;📈&lt;/span&gt;&lt;/div&gt;&lt;/div&gt;
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&lt;h1&gt;&lt;strong&gt;Markets &amp; Business&lt;/strong&gt;&lt;/h1&gt;
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                                &lt;a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Flinks.tldrnewsletter.com%2FZvPZMs/1/010001a0620b3b31-f8be418b-f867-4e46-8bf8-d63bbf3b70e8-000000/fCng7H0YKq2bV74p0mVPE6Miphwo7jGDAupxy-GsNS8=452"&gt;
                                    &lt;span&gt;
                                        &lt;strong&gt;Binance adds options on 1,000 US stocks/ETFs (2 minute read)&lt;/strong&gt;
                                    &lt;/span&gt;
&lt;/a&gt;
&lt;br&gt;
&lt;br&gt;
&lt;span style="font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, Verdana, sans-serif;"&gt;
                                    Binance is launching physically settled options on 1,000+ US stocks/ETFs (not available to US users), executed via broker-dealer Nest Trading routing to Alpaca Securities for clearing/custody. This comes as TradFi perpetual futures volume on Binance hit $433.4B in August, up 15x since January, with equity-linked perps making up 79% of that ($342.9B, vs. $410.9M in January). It is part of a broader race among exchanges into equity derivatives.
                                &lt;/span&gt;
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&lt;span&gt;
                                &lt;a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.coindesk.com%2Fmarkets%2F2026%2F09%2F01%2Fstrategy-spends-usd635m-buying-back-strc-as-perpetual-preferred-stock-lags-usd100-par%3Futm_source=tldrcrypto/1/010001a0620b3b31-f8be418b-f867-4e46-8bf8-d63bbf3b70e8-000000/T2eiZH1g5-0w5B-m1nULSg6M4ldc7mnuX82JqndI7Wk=452"&gt;
                                    &lt;span&gt;
                                        &lt;strong&gt;Strategy Spends $635M Buying Back STRC as Perpetual Preferred Stock Lags $100 Par (2 minute read)&lt;/strong&gt;
                                    &lt;/span&gt;
&lt;/a&gt;
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&lt;span style="font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, Verdana, sans-serif;"&gt;
                                    Strategy deployed $635 million repurchasing its STRC perpetual preferred stock, yet the instrument continues to trade at $97.34, a 2.66% discount to its $100 par value. By contrast, SATA, Strategy's second perpetual preferred with a higher dividend rate, holds par. The divergence shows that buyback volume alone does not anchor perpetual preferred to face value. Dividend yield is the operative mechanism. Bitcoin treasury companies building layered preferred capital structures will need to price dividend rates high enough to sustain par rather than rely on secondary market repurchases to do so.
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&lt;div style="text-align: center;"&gt;&lt;span style="font-size: 36px;"&gt;🚀&lt;/span&gt;&lt;/div&gt;
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&lt;h1&gt;&lt;strong&gt;Innovation &amp; Launches&lt;/strong&gt;&lt;/h1&gt;
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&lt;span&gt;
                                &lt;a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Flinks.tldrnewsletter.com%2FN01Hbr/1/010001a0620b3b31-f8be418b-f867-4e46-8bf8-d63bbf3b70e8-000000/9GtUCrzaaZiff1HzA7-tB0rjaFGYEaWBh6ghltW6oUs=452"&gt;
                                    &lt;span&gt;
                                        &lt;strong&gt;L1 Account Abstraction, Fast Blocks &amp; Decoupled Consensus (6 minute read)&lt;/strong&gt;
                                    &lt;/span&gt;
&lt;/a&gt;
&lt;br&gt;
&lt;br&gt;
&lt;span style="font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, Verdana, sans-serif;"&gt;
                                    Ethlabs' Week 10 update covers three Hegotá hard fork workstreams across account abstraction, block time reduction, and fast finality. EIP-8141 (Frame transaction), a platform primitive enabling custom authentication schemes, spend-policy enforcement, and ERC20 fee payments, received "Scheduled for Inclusion" status for Hegotá, the strongest approval signal from Ethereum core developers, alongside the complementary EIP-8130 turnkey wallet interface. The team is advocating for a first block time cut from 12 to 10 seconds in Hegotá, framing the fork as the last practical window before a multi-fork delay to begin the chain's transition infrastructure for lower block times. Researchers shipped pseudocode formalizing all components of decoupled consensus, which separates finality from block production and is slated for the I* fork following Hegotá, where formal verification work is already producing small protocol adjustments on the path to reducing finality from the current ~15-minute average to a few minutes.
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                                &lt;a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fthedefiant.io%2Fnews%2Fblockchains%2Fsolana-validators-approve-doubling-disinflation-in-first-governance-vote-with-kraken-reversing%3Futm_source=tldrcrypto/1/010001a0620b3b31-f8be418b-f867-4e46-8bf8-d63bbf3b70e8-000000/nrWq609P-wflYgGAEww6rKqDLdXQgca029af-K3jS3o=452"&gt;
                                    &lt;span&gt;
                                        &lt;strong&gt;Solana Validators Approve Doubling Disinflation in First Governance Vote (4 minute read)&lt;/strong&gt;
                                    &lt;/span&gt;
&lt;/a&gt;
&lt;br&gt;
&lt;br&gt;
&lt;span style="font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, Verdana, sans-serif;"&gt;
                                    Solana validators approved SGP-0002, the network's first onchain governance vote, with 72.7% support (excluding abstentions) drawn from 60.70% of the 433.49 million SOL snapshot across 1,326 voters, clearing the required two-thirds supermajority. The proposal doubles the annual disinflation rate from 15% to 30%, removing approximately 18.9 million SOL from future emissions over six years and pulling Solana's 1.5% terminal inflation floor forward from 2032 to mid-2029. Kraken's primary validator switched from opposition to roughly 90% support six hours before voting closed, shifting ~8.1 million SOL, though the proposal would have passed at 69.4% support even without the reversal. Staking infrastructure operators Figment and Everstake voted against, as first-year yields fall from 4.93% to 4.34% and projections show 30 validators becoming unprofitable by year three, while ecosystem developers Helius and Jupiter supported the measure.
                                &lt;/span&gt;
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&lt;div style="text-align: center;"&gt;&lt;span style="font-size: 36px;"&gt;💡&lt;/span&gt;&lt;/div&gt;&lt;/div&gt;
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&lt;h1&gt;&lt;strong&gt;Guides &amp; Tutorials&lt;/strong&gt;&lt;/h1&gt;
&lt;/div&gt;
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                                &lt;a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Flinks.tldrnewsletter.com%2FMA7Wr2/1/010001a0620b3b31-f8be418b-f867-4e46-8bf8-d63bbf3b70e8-000000/a6xoft4eQLiAsvpmjIp8rPHeL4RJdZl0uXIsvslj87g=452"&gt;
                                    &lt;span&gt;
                                        &lt;strong&gt;Aave's "ultimate bank" thesis (6 minute read)&lt;/strong&gt;
                                    &lt;/span&gt;
&lt;/a&gt;
&lt;br&gt;
&lt;br&gt;
&lt;span style="font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, Verdana, sans-serif;"&gt;
                                    Aave spent 2026 assembling the pieces of a full-stack bank. These include V4's hub-and-spoke architecture (live since March, non-rebasing ERC-4626 accounting for institutional legibility), consumer product acquisitions (Family wallet and Stable Finance) folded into the Aave App (up to 9% deposit yield), Stable Vaults as white-label B2B yield infrastructure, Horizon's institutional RWA lending book (~$570M, targeting $1B+), and GHO stablecoin issuance (~$600M circulating). Aavenomics 3.0's non-discretionary token buyback (funded by DAO net revenue, ~$134M annualized) is converting all of this into direct AAVE supply reduction, meaning the token is mispriced.
                                &lt;/span&gt;
&lt;/span&gt;
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&lt;span&gt;
                                &lt;a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fethresear.ch%2Ft%2Fequilibrium-in-eip-7999-s-multidimensional-fee-market-the-execution-data-fee-floor-frontier%2F25868%3Futm_source=tldrcrypto/1/010001a0620b3b31-f8be418b-f867-4e46-8bf8-d63bbf3b70e8-000000/ovqAwhkuvOaVFnELOA9w5HouTyIhBLM3LwVsl-zXacA=452"&gt;
                                    &lt;span&gt;
                                        &lt;strong&gt;Equilibrium in EIP-7999's Multidimensional Fee Market: The Execution-Data Fee-Floor Frontier (7 minute read)&lt;/strong&gt;
                                    &lt;/span&gt;
&lt;/a&gt;
&lt;br&gt;
&lt;br&gt;
&lt;span style="font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, Verdana, sans-serif;"&gt;
                                    EIP-7999 creates separate gas markets for execution, data, and state, but these markets are coupled through block-level access lists that data gas prices and execution activity jointly generate. An Ethereum Foundation internship analysis constructs a joint equilibrium model, finding that a 300M execution gas target requires approximately 77M data gas target, consuming 85.5% of the 90M data cap under reference calibration and leaving minimal headroom. Execution elasticity is the dominant sensitivity parameter: a 1% relative reduction raises the required data target by 7.1%, and a 1.98% reduction pushes requirements past the hard 90M data limit. When data targets fall below the calculated thresholds, execution base fees compress to the 1 wei floor and execution markets underfill despite correct configuration, a failure mode that dynamic simulations may confirm persists long-term.
                                &lt;/span&gt;
&lt;/span&gt;
&lt;/div&gt;
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&lt;div class="text-block"&gt;
&lt;div style="text-align: center;"&gt;&lt;span style="font-size: 36px;"&gt;🦄&lt;/span&gt;&lt;/div&gt;&lt;/div&gt;
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&lt;div style="text-align: center;"&gt;&lt;strong&gt;&lt;h1&gt;Miscellaneous&lt;/h1&gt;&lt;/strong&gt;&lt;/div&gt;
&lt;/div&gt;
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&lt;span&gt;
                                &lt;a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fthreadreaderapp.com%2Fthread%2F2094737730030727265.html%3Futm_source=tldrcrypto/1/010001a0620b3b31-f8be418b-f867-4e46-8bf8-d63bbf3b70e8-000000/UbLp0Gkidujkt52C_9yg6X5LjiKQpYSAWMcLS0xEO7Y=452"&gt;
                                    &lt;span&gt;
                                        &lt;strong&gt;Ether.fi Cash card use-case breakdown (2 minute read)&lt;/strong&gt;
                                    &lt;/span&gt;
&lt;/a&gt;
&lt;br&gt;
&lt;br&gt;
&lt;span style="font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, Verdana, sans-serif;"&gt;
                                    The ether.fi crypto card serves different user types. ETH holders can borrow against staked ETH without selling (~55% LTV via Aave v4), IT workers get 3% cashback on subscriptions via virtual cards, AI users get higher cashback on Anthropic/OpenAI bills via a referral code, freelancers route client USDC through a vault with a ~$30K daily cap, founders get tiered virtual cards for business spend, travelers get Visa Signature perks and up to 5% back at partner hotels, and privacy-focused users get a non-custodial vault (KYC still required, but no custodial fund control by the company).
                                &lt;/span&gt;
&lt;/span&gt;
&lt;/div&gt;
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&lt;span&gt;
                                &lt;a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Flinks.tldrnewsletter.com%2FijKcy9/1/010001a0620b3b31-f8be418b-f867-4e46-8bf8-d63bbf3b70e8-000000/roXdVylkXBsmucOleb1UdITc5smZF3mtGdU0hRvw-t0=452"&gt;
                                    &lt;span&gt;
                                        &lt;strong&gt;AI Labs Are the New Crypto L1s (7 minute read)&lt;/strong&gt;
                                    &lt;/span&gt;
&lt;/a&gt;
&lt;br&gt;
&lt;br&gt;
&lt;span style="font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, Verdana, sans-serif;"&gt;
                                    OpenAI ($852B post-money, $40B ARR) and Anthropic ($965B post-money, $65B ARR) are each priced on a winner-take-all infrastructure thesis that mirrors how crypto VCs funded L1s last cycle, when the prevailing assumption was that the fastest, most capable layer would capture the bulk of economic value. Routing abstractions are eroding that logic: OpenRouter aggregates 400+ models from 80+ providers behind a single API, Stripe has agreed to acquire it, and DeepSeek's share of platform token volume doubled from 9% to 18% in six months, converting model selection into a per-task price and latency optimization. The Polymarket/Polygon split shows where value actually settles once infrastructure commoditizes, with Polymarket retaining $15.3M in protocol revenue over 30 days against $2.1M for Polygon's base layer, a 7.3x gap that reflects customer ownership residing with the application, not the chain underneath it.
                                &lt;/span&gt;
&lt;/span&gt;
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&lt;div style="text-align: center;"&gt;&lt;span style="font-size: 36px;"&gt;⚡&lt;/span&gt;&lt;/div&gt;&lt;/div&gt;
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&lt;div style="text-align: center;"&gt;

&lt;h1&gt;&lt;strong&gt;Quick Links&lt;/strong&gt;&lt;/h1&gt;
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                                    &lt;span&gt;
                                        &lt;strong&gt;KAST loyalty points economics (1 minute read)&lt;/strong&gt;
                                    &lt;/span&gt;
&lt;/a&gt;
&lt;br&gt;
&lt;br&gt;
&lt;span style="font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, Verdana, sans-serif;"&gt;
                                    KAST scrapped plans for a standalone points token in favor of a vaguer structure targeted for Q4 2026, pending legal/regulatory/board approval.
                                &lt;/span&gt;
&lt;/span&gt;
&lt;/div&gt;
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                                    &lt;span&gt;
                                        &lt;strong&gt;Neobanks and the licensing ladder (1 minute read)&lt;/strong&gt;
                                    &lt;/span&gt;
&lt;/a&gt;
&lt;br&gt;
&lt;br&gt;
&lt;span style="font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, Verdana, sans-serif;"&gt;
                                    Most neobanks operate without direct financial licenses, relying on licensed partners and a "we're a tech company" disclaimer.
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&lt;span&gt;
                                &lt;a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fthreadreaderapp.com%2Fthread%2F2094517633122979994.html%3Futm_source=tldrcrypto/1/010001a0620b3b31-f8be418b-f867-4e46-8bf8-d63bbf3b70e8-000000/anLQB2M5KYEfyezln0heTA82c2EZb5owIBc0E-az3NQ=452"&gt;
                                    &lt;span&gt;
                                        &lt;strong&gt;Robinhood Chain revenue splits with L1/L2 (1 minute read)&lt;/strong&gt;
                                    &lt;/span&gt;
&lt;/a&gt;
&lt;br&gt;
&lt;br&gt;
&lt;span style="font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, Verdana, sans-serif;"&gt;
                                    Robinhood Chain's gross daily revenue grew 20x in 8 days ($54K on August 22 to $1.087M on August 30).
                                &lt;/span&gt;
&lt;/span&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;/tr&gt;&lt;/tbody&gt;&lt;/table&gt;

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&lt;span&gt;
                                &lt;a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fthedefiant.io%2Fnews%2Ftokens%2Fa-memecoin-called-boner-has-cornered-half-the-tokenized-hims-and-hers-float%3Futm_source=tldrcrypto/1/010001a0620b3b31-f8be418b-f867-4e46-8bf8-d63bbf3b70e8-000000/b_AvRztUkD5mZvIFKkU1Na8i2uoe6wCg-JCRVBEmRrM=452"&gt;
                                    &lt;span&gt;
                                        &lt;strong&gt;A Memecoin Has Cornered Half the Tokenized Hims &amp; Hers Float (3 minute read)&lt;/strong&gt;
                                    &lt;/span&gt;
&lt;/a&gt;
&lt;br&gt;
&lt;br&gt;
&lt;span style="font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, Verdana, sans-serif;"&gt;
                                    A memecoin called BONER has accumulated 53% of all tokenized Hims &amp; Hers (HIMS) shares on Robinhood Chain.
                                &lt;/span&gt;
&lt;/span&gt;
&lt;/div&gt;
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