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Starknet’s near-unanimous vote to explore an independent L1 is less a referendum on quantum computing than a test of how long a rollup can stay tied to Ethereum’s roadmap when its own stack is already moving faster.
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In Today’s Email:
**What Matters:Starknet Weighs Quantum-Driven L1 Exit 👀Founders Highlight:Will Beeson of Multiliquid 👨Deal Flows:**Polychain Leads Multiliquid Seed Round 💰️
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WHAT MATTERS
**State of play: **Starknet holders began a seven-day Snapshot vote on exploring an independent Layer 1, a move framed around quantum security but one that would also loosen the network’s structural dependence on Ethereum’s upgrade timeline.
Early turnout reached 177.6M STRK, with 99.91% backing “Yes,” though a win only triggers research and follow-up proposals rather than an actual transition.
StarkWare first floated the idea on Oct. 8, with CEO Eli Ben-Sasson arguing chains need upgradable cryptography and, for Starknet, Layer 1 status.
Starknet already runs hash-based STARK proofs and supports post-quantum account signatures, but its Ethereum bridge and data availability remain exposed.
A “No” result would keep Starknet’s post-quantum work on its current Layer 2 path, with no migration timeline set either way.
The vote lands alongside Shadow Accounts, a new STRK20 privacy primitive letting users hold positions without linking activity to their main wallets.
**Why it matters: **Starknet is the first major Ethereum rollup to openly treat its parent chain’s upgrade pace as a security liability, which reframes the L2 value proposition.
**Our take: **Quantum risk is the stated reason, but the real story is sovereignty, since an L1 gives Starknet control over fees, data availability, and token value capture that Ethereum alignment never did.
**For builders and investors: **Watch whether the follow-up proposals address bridge liquidity and validator design, because a near-unanimous Snapshot vote says little until those costs are priced in.
BUILDER-INVESTOR HIGHLIGHT
**Intro: Will Beeson is the Founder of Multiliquid, **an institutional-grade decentralized liquidity and settlement protocol created by Uniform Labs
**Previous background: **Will Beeson began his career at Citi and spent six years in investment analysis and M&A before co-founding UK challenger Allica Bank and US digital bank BELLA.
Prior to Multiliquid, he led digital assets at Standard Chartered, building institutional infrastructure for banks and asset managers, and advised tokenization platform Libeara.
**The big idea: **Will through Multiliquid aims to to bridge the “Liquidity Gap” in the $35+ billion tokenized real-world asset (RWA) market.
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INSIGHTS
MSCI has finalized rules that judge index eligibility on whether a company actually operates rather than how much crypto it holds, shifting the debate over digital asset treasuries from asset composition to what counts as a real business.
The methodology takes effect with the November review and replaces interim restrictions on firms whose digital asset holdings exceed 50% of total assets.
Companies will be screened on operating assets and five financial ratios, with buffers on thresholds and timing to limit index turnover.
Existing constituents face removal only after failing the screen in both of their two most recent annual filings, while non-members are blocked after failing either one.
A May simulation flagged Strategy, Metaplanet, and Yellow Cake, while Ethereum treasury firm SharpLink could also be affected, with the final list due Nov. 11.
Strategy had called the proposal “discriminatory,” arguing it would barely affect its business but damage MSCI’s credibility as a neutral index provider.
DEAL FLOWS
*Deal flows slowed down this week - we saw $57M+ in deals 💼 *
Multiliquid has closed a seed round led by Polychain, bringing total funding to $8M, as investors bet that tokenization’s real bottleneck is not issuance but the lack of liquidity to move in and out of tokenized assets.
Strobe Ventures, CMT Digital, Metalayer Ventures, Generative Ventures, and Circle Ventures also joined, though the seed round’s own size was not disclosed.
The protocol enables atomic swaps between tokenized funds and stablecoins, bypassing primary subscription and redemption cycles that can take days to settle.
Supported assets include tokenized funds from Wellington Management, VanEck, Janus Henderson, and Fasanara, alongside major stablecoins such as USDC.
The pitch leans on the GENIUS Act’s ban on issuer-paid stablecoin yield, which pushes institutions to rotate between yield-bearing tokens and stablecoins.
Founder and CEO Will Beeson frames the product as the on-chain equivalent of repo and overnight lending facilities that keep traditional markets liquid.
Deal flows in the past week:
Cloud9, $1M Pre-Seed Round
Orbio, $1.2M Seed Round
Zaria, $5.2M Seed Round
Multiliquid, $8M Seed Round
AIsa, Undisclosed $ Seed+ Round
EFY Finance, Undisclosed $ Seed Round
Fission, $10M Series A Round
Spout Finance, $2M Strategic Round
DATA Network, $30M Strategic Round
QUICK BITES
Patrick WittexitsWhite House crypto role.Polygon LabscompletesCoinme acquisition.US judgerejectsGemini’s appeal to void $5M settlement.Helius CEO Mert MumtazjoinsNEAR Foundation Council.Visa DirectmovesUSDC prefunding into commercial production.Circletargets40 new markets as stablecoin demand grows globally.Kalshi CEOdefendsprediction markets amid insider trading concerns.EasyAhits$1.1B valuation, targets 2027 public listing and tokenized shares.
NOTEWORTHY READS & MEME
Simon’s𝕏readon Fintech is Dead.Delphi’s𝕏readon The Emerging Onchain Market.Haseeb’s𝕏readon Against Cryptographic Doomerism.
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