Mean reversion / trend following - making buying and selling decisions based on technical indicator signals (such as RSI, moving average, Bollinger Bands);
Cross-period arbitrage - represented by protocols such as Pendle, making profits through the difference between fixed income and floating returns;
Market making + dynamic position adjustment - actively managing AMM liquidity range to earn fees;
Leveraged cycle income - relying on lending agreements to improve capital utilization.
Potential growth areas in the future include:
The maturity of the on-chain derivatives market, especially the widespread application of options and perpetual contracts;
More efficient off-chain data access, enriching model input dimensions through decentralized oracles;
Multi-agent collaboration to achieve automated execution and risk balance of multi-strategy combinations.
In previous Crypto AI research reports, we have introduced many excellent AgentFi projects, but most of them still focus on fully automated operations such as intent-driven DeFi execution, lending or liquidity management. Few teams have delved deeply into quantitative trading strategies. Currently, Almanak is almost the only project on the market explicitly focused on quantitative trading. This project focuses on code-free quantitative strategy development, providing a complete toolchain covering strategy writing (Python), deployment, execution, permission management, and vaulting. This project holds a unique position in the AgentFi space and can be considered a core example of on-chain quantitative finance. In traditional finance, inclusive finance aims to lower the barrier to entry and reach a wider range of long-tail users. Almanak extends this concept to on-chain, aiming to make quantitative trading accessible to everyone. The platform significantly reduces capital, technical, and time costs by implementing strategies through AI-driven agents. It offers full support from strategy conception to on-chain execution for active traders, financial developers, and institutional investors in the DeFi ecosystem. This allows ordinary users, without specialized technical backgrounds, to participate in crypto asset trading and optimize returns using fully automated, on-chain, transparent, and customizable quantitative strategies. The Almanak platform introduces AI multi-agent collaboration (Agentic Swarm), enabling users to quickly create, test, and deploy Python-based automated financial strategies in a code-free environment during strategy development, execution, and optimization, while ensuring that the execution environment is non-custodial, verifiable, and scalable. Leveraging modules such as the State Machine policy framework, Safe+Zodiac permission management, multi-chain protocol access, and Vault asset custody, Almanak retains institutional-grade security and scalability while significantly lowering the threshold for strategy development and deployment. This report will systematically analyze its product architecture, technical features, incentive mechanisms, competitive positioning, and future development paths, and explore its potential value in the fields of inclusive finance and on-chain quantitative analysis.
Almanak's product architecture is centered around "strategy logic → execution engine → security assurance → assetization and expansion," building a full-stack on-chain quantitative finance system for AI agent scenarios. Within this system, the Strategies module provides a strategy development and management framework from conception to implementation, currently supporting a Python SDK and with future support for natural language generation. The Deployments module, serving as the execution engine, automates the execution of strategy logic within the authorized scope and enables adaptive optimization through AI decision-making capabilities. The Wallets module utilizes a non-custodial Safe + Zodiac architecture to ensure fund and permission security, enabling institutional-grade key management and fine-grained permission control. The Vaults module transforms strategies into tokenized financial products, leveraging standardized vault contracts (ERC-7540) to enable fund raising, profit distribution, and strategy sharing—making strategies fully composable and seamlessly integrated into the broader DeFi ecosystem. 1. Strategies Almanak's strategy infrastructure covers the entire process from conception to execution, including strategy conception, creation, evaluation, optimization, deployment, and monitoring. Compared to traditional quantitative trading stacks, its design differs in three key ways: first, it focuses on AI-driven strategy development rather than relying on manual workflows; second, it introduces a Trusted Execution Environment (TEE) to protect the privacy of strategy alphas; and finally, it utilizes a non-custodial execution model with Safe Wallet and Zodiac permission management to ensure the security and controllability of funds and execution from the ground up.
Core Features
Python-based: Written in Python, it offers highly flexible and powerful programming capabilities.
State Machine Architecture: Enables complex decision trees and branching logic based on market conditions.
High Reliability: Runs on Almanak's dedicated infrastructure, equipped with comprehensive monitoring and failover mechanisms.
Privacy by Default: All strategy code is encrypted and stored to protect users' proprietary trading logic.
Abstracted Transaction Logic: No need to directly handle underlying blockchain interactions, wallet management, or transaction signing.
Under this architecture, the strategy framework is based on a persistent state machine design, which completely encapsulates the on-chain interaction and execution layer. Users only need to write business logic in the Strategy component. Developers can use the SDK for highly customized Python development, or in the future use the natural language strategy generator to directly describe their goals in English - the multi-agent system will then generate code for users to review. Users have complete autonomy and can approve, reject or adjust strategies before deployment, and choose to publish them as independent strategies or Vaults. Vault can also manage permissions through whitelists, providing controlled access for entities such as institutions or liquidity funds. Strategy code is encrypted and stored by default to protect user-proprietary logic; the underlying transaction construction, signing and broadcasting are all officially maintained to ensure high reliability and consistency of execution. In Almanak's strategy library AI KITCHEN, which is currently only open to whitelisted users, we can get a glimpse of its strategy landscape: currently launched strategies include Tutorials and Technical Analysis, while internally developed strategies include Liquidity Provisioning, Automated Looping, and Custom Strategy. The future roadmap plans to launch advanced strategies such as Arbitrage, Advanced Yield Farming, and Derivatives & Structured Products, reflecting a complete product evolution path from basic entry to professional quantitative trading, and from single strategies to complex cross-protocol combinations. 2. Deployments Deployments is the core execution layer that connects policy logic with on-chain execution. It is responsible for automating transactions and operations within the scope of user-authorized permissions. The current primary form is StrategyDeployment, which runs according to preset logic, either on a scheduled or triggered basis. It's suitable for executing trading strategies with clear and reproducible logic, emphasizing stability and controllability. The upcoming LLMDeployment will incorporate one or more Large Language Models (LLMs) as a decision engine, enabling strategies to adapt to market changes and continuously learn and optimize, exploring new trading opportunities under a strict permission control framework. The Deployment workflow encompasses the entire process, from authentication and authorization, strategy execution, transaction construction, permission verification, to signature submission and execution monitoring. The underlying execution is handled by officially maintained core classes: TransactionManager converts strategy actions into compliant on-chain transactions and simulates verification; AccountManager generates transaction signatures; and ExecutionManager broadcasts transactions, tracks status, and retries when necessary, forming a highly reliable closed loop from strategy to on-chain execution. In the future, Almanak will expand to support multi-Deployment collaboration, cross-chain execution, and enhanced analytical capabilities, supporting more complex multi-agent strategy execution. 3. Wallet System and Security Mechanisms (Wallets) The wallet system is core to ensuring fund security and controllable policy execution. Almanak utilizes a non-custodial solution combining Safe and Zodiac, ensuring full user ownership of funds and precisely and controllably delegating the permissions required for policy execution to the automated execution account (Deployment EOA). Users directly control the Safe Wallet through their User Wallet (EOA or ERC-4337 Smart Account). Safe Wallet incorporates the Zodiac Roles Modifier module, allowing strict function whitelisting and parameter restrictions for the Deployment EOA, ensuring "only permitted actions" are allowed, with permissions revocable at any time. Deployment EOAs are hosted by the platform, with their private keys stored at rest using enterprise-grade encryption and managed by Google's secure infrastructure, making them inaccessible to anyone. In extreme cases, the platform will immediately notify users to revoke permissions and generate a new EOA to replace them, ensuring uninterrupted strategy execution. To ensure continuous strategy execution, users must purchase the Autonomous Execution Fees service package, which covers on-chain operation costs (including gas). This architecture achieves institutional-grade security standards through complete isolation of funds and execution rights, refined permission management, institutional-grade key security, and rapid exception response, laying a trust foundation for the large-scale adoption of automated DeFi strategies.
Almanak Vaults are user-deployable, fully on-chain, permissionless vault contracts that transform trading strategies into tokenized, composable financial products. Unlike static "closed containers," these vaults are built on ERC-7540, an asynchronous extension of ERC-4626. Designed as programmable capital allocators, they are natively integrated into the DeFi ecosystem. By tokenizing AI-generated strategies, vaults introduce a new DeFi primitive: the strategies themselves become ERC-20 assets that can be used for LPs, collateralized, traded, transferred, or combined into structured products. This composability unlocks the "DeFi Lego" at the strategy level, enabling seamless integration with protocols, funds, and structured products. Vaults can be owned by individual curators or the community. Almanak Vaults are implemented based on Lagoon Finance's open-source contracts (MIT License), inheriting Lagoon's audits and security guarantees and complying with the ERC-7540 standard. Its permission management mechanism is consistent with Almanak Wallets, relying on the Zodiac Roles Modifier to enforce function whitelisting and parameter restrictions, ensuring that all operations are strictly completed within the scope of authorization.
The operation process includes:
Strategy Binding – Binding an existing Python strategy or AI-generated strategy to the Treasury;
Fund Raising – Investors purchase Treasury tokens to obtain proportional ownership;
On-chain Execution and Rebalancing – The Treasury trades according to the strategy logic and dynamically adjusts positions;
Profit Distribution – Profits are distributed according to the proportion of tokens held, and management fees and performance fees are automatically deducted.
Core Advantages:
Each vault position exists as an ERC-20 token, ensuring portability and interoperability;
Strategies are deterministic, auditable, and executed on-chain;
Capital is both secure and liquid—security and composability are no longer mutually exclusive;
Developers can permissionlessly integrate vault tokens into their own protocols, and fund allocators can flexibly allocate capital within the ecosystem.
In short, Almanak Vaults evolve DeFi capital management from isolated packaging containers to intelligent, composable systems. By transforming AI-generated strategies into tokenized financial primitives, it propels DeFi beyond passive yield containers toward responsive, modular capital networks, realizing the long-held vision of programmable, interoperable finance. 5. DeFi Agentic Swarm: The Almanak AI Swarm architecture serves as a one-stop platform covering the entire strategy development lifecycle. It enables autonomous research, testing, creation, and deployment of complex DeFi strategies with full user control and non-custodial asset management. It aims to emulate and replace the entire process of traditional quantitative trading teams. It's worth noting that the AI Swarm "team" is composed entirely of AI agents, not real people. The Strategy Team: Translates user natural language instructions into deployable on-chain strategies. This team comprises strategists (designing logic), programmers (writing smart contract code), auditors (verifying correctness), debuggers (fixing bugs), quality engineers (running simulation tests), permission administrators (configuring execution permissions), UI designers (building visual dashboards), and deployers (performing mainnet deployments), ensuring a complete chain from conception to implementation. The Strategy Team utilizes LangGraph to implement deterministic process orchestration, persistent state sharing (TeamState), high-in-the-loop (HITL) verification, parallel processing, and interrupt recovery mechanisms. The entire process can be automated, but manual confirmation is enabled by default to ensure reliability. Alpha Seeking Team: Continuously scans the entire DeFi market, identifies market inefficiencies, explores new ideas and alpha opportunities, and presents new logic and strategic concepts to the Strategy Team. Optimization Team: Conducts large-scale simulations of historical and forecasted market data to rigorously evaluate strategy performance. Prior to deployment, they conduct hypothetical stress testing and cyclical performance analysis to identify potential drawdowns and vulnerabilities, ensuring the strategy's stability and robustness in diverse market environments. Additionally, auxiliary AI tools include Stack Expert AI and Troubleshooting AI: the former focuses on answering users' questions about the Almanak technology stack and platform operations, providing real-time technical support; the latter focuses on real-time monitoring and problem identification during strategy execution, ensuring the stability and continuity of strategy execution. Almanak's core principles are: all AI operations are recorded, reviewed, and structured; no AI operates independently. All strategy logic must undergo comprehensive human-machine verification before launch, and users retain ultimate control and custody. IV. Almanak Product Progress and Development Roadmap Autonomous Liquidity USD Vault Currently, Almanak has officially launched the Autonomous Liquidity USD (alUSDC Vault), a stablecoin yield-optimizing vault deployed on the Ethereum mainnet through the community. Like other lending yield-enhancing AgentFi products like Giza and Axal, its core is the Stable Rotator Agent, which continuously scans the DeFi ecosystem, identifies and captures the highest available yield opportunities, and automatically rebalances the portfolio based on customizable risk parameters. The strategy performs intelligent transaction cost analysis before execution, adjusting positions only when the return increase is sufficient to cover all costs. This strategy also utilizes advanced routing optimization and automatic compounding to maximize capital efficiency. Currently, the vault supports a variety of USDC derivative assets from protocols such as Aave v3, Compound v3, Fluid, Euler v2, Morpho Blue, and Yearn v3.
Almanak's online strategies can be divided into two categories: LP series (Dynamic LP Blue Chip, Dynamic LP Degen) and indicator spot strategies (MyAmazingStrat, PENDLERSI_Momentum, VIRTUALBollingerBandsMeanReversion). The detailed strategy contents are as follows:
Capital and Scale: Long-tail assets (Degen/Anime/Virtual) are more suitable for small-volume/multi-instance strategies to diversify risk management; blue-chip LPs are more suitable for medium- to long-term/higher TVL.
The minimum viable portfolio for real trading: Dynamic LP Blue Chip (steady-state fee collection) + RSI/BB-type spot strategies (volatility capture) + small-scale deployment of Degen LP or EMA crossovers as a "high-volatility testbed."
Almanak Development Roadmap
Almanak's platform evolution is divided into three phases, gradually achieving full-chain popularization and expansion from a technical foundation. Phase 1 focuses on infrastructure and early community building, launching a public beta version covering the complete quantitative trading stack. The platform will also cultivate a core user base and distribute private beta qualifications through the Legion platform. Simultaneously, funds will begin to be accepted into the AI-designed community treasury strategy, enabling automated on-chain management of the first batch of assets. Almanak plans to fully open AI Swarm functionality to the public by the end of this year. Prior to this, access will be gradually relaxed as the system scales to large-scale use. This phase will officially launch the platform's token economy and incentive system. Phase 3 will shift its focus to attracting global retail users, launching products friendly to savings and retirement accounts, and integrating with centralized exchanges (such as Binance and Bybit) to achieve a seamless integration between CeFi and DeFi. At the same time, Almanak will leverage the low-risk, high-volume RWA strategy to expand its asset class and launch a mobile app, further lowering the barrier to entry for user participation. Furthermore, Almanak will continue to expand multi-chain support (including Solana, Hyperliquid, Avalanche, Optimism, and others), integrate more DeFi protocols, and introduce a multi-agent system and a trusted execution environment (TEE). Through AI-driven automatic discovery of Alphas, it will build the world's most comprehensive AI DeFi intelligent execution network. V. Almanak's Token Economics and Points Incentives Almanak's token economics system aims to build an efficient and sustainable value exchange network for AI-driven financial strategies, enabling efficient on-chain matching of high-quality strategies with liquid capital. The platform builds a closed ecological loop through two core roles: Strategy & Vault Curators and Liquidity Providers. The former uses an agentic AI swarm to design, optimize, and manage verifiable deterministic strategies in a code-free environment, introduces external funds by deploying permissionless vaults, and collects management fees and performance sharing. The latter deposits funds into these vaults to obtain tokenized strategy exposure and participate in profit distribution.
In terms of policy privacy, policy curators can choose private mode (closed source, not included in the policy library, and accessible only to themselves) or public mode (open source and included in the policy library for use by the community and third-party protocols), thereby striking a balance between IP protection and knowledge sharing. The token economics model draws on the dynamic capital allocation logic of traditional hedge funds and integrates Bittensor's demand-driven emission allocation mechanism with Curve Finance's governance incentive model. The former allocates emissions based on a weighted ratio of TVL and strategy returns, encouraging capital to focus on high-performing strategies. The latter introduces a "veToken + Bribe" model, allowing protocol parties to vote to increase the emission multiplier of specific vaults, thereby directing AI agent traffic to designated protocols. Emission allocation uses a weighted formula based on AUM and ROI, ensuring that a vault's contribution to attracting capital and generating returns is directly converted into token rewards. The governance bonus mechanism (Almanak Wars) can add up to 3x weight to target vaults, forming an incentive market for project owners, curators, and liquidity providers to compete. To maintain long-term sustainability, protocol fees (Vault fee commissions, computing resource markups, etc.) will be partially reinvested into the emission pool, gradually offsetting the increased emission pressure as the ecosystem matures. Token functions include staking and governance: Token holders can stake to obtain discounts on platform computing resources, increase voting weight, direct emissions to specific vaults, and participate in DAO governance, determining key parameters such as computing resource markups, Vault fee ratios, and emission curves. The governance structure is expected to include an Ecosystem Parameters Committee and an Innovation and Development Committee, responsible for protocol parameters, revenue distribution and fund management, and ecosystem funding, respectively. In terms of token distribution, Almanak has set up the team (54 months of linear release, 12 months of lock-up), institutional investors (48 months of linear release, 12 months of lock-up), consultants (48 months of linear release, 12 months of lock-up), innovation and ecological development (35% of TGE release, the remaining 36 months of linear release), community and early participants (TGE release) 45%), and the Legion Community Round (split into two rounds: 30% TGE in the first round + a linear vesting over 24 months, and 100% TGE in the second round). The Emission Pool is used to reward network participants and provide early incentives. It is distributed according to an annual halving inflation model to maintain long-term incentives and governance activity. Almanak Points: A Quantified Incentive Mechanism for Platform Participation. Almanak Points are a core mechanism for measuring and rewarding user participation and contributions on the platform. This system aims to drive asset accumulation, strategic adoption, and community growth. Points are distributed in phases, each season, with emissions, eligible activities, and calculation methods adjusted for each season. Users can earn Points in a variety of ways: ① Deposit funds into the community vault listed on the Almanak platform, where points are calculated based on the deposit size and holding time (currently, Vault deposits earn 2x points multiplier); ② Hold assets in the Almanak Wallet, where points are accumulated based on the balance and holding time; ③ Enable and actively manage Deployments, where additional points are earned based on the size, duration, and complexity of assets under management; and ④ Refer new users to platform activities, where referrers receive an additional 20% of the referred user's points. Points are non-transferable and non-tradable, but will be converted into tokens at a 1:1 ratio upon token issuance. Points will also serve as the basis for governance rights, feature access, and ecosystem benefits.
Almanak has cooperated deeply with Cookie.fun and Legion.cc to introduce the Snaps/cSnaps mechanism. Through the Attention Capital Formation model, it analyzes the traceable contribution points on the chain, and directly links the user's activity in multiple dimensions such as community communication, content interaction, and financial support with token distribution, realizing a transparent and structured distribution logic of "contribution equals ownership". In terms of funding, Almanak received early incubation support from Delphi Digital and the NEAR Foundation, and has subsequently attracted investments from renowned institutions such as Hashkey Capital, Bankless Ventures, Matrix Partners, RockawayX, AppWorks, Artemis Capital, and SParkle Ventures, raising a total of US$8.45M. January 8, 2025: Completed a $1M IDO through Legion, with a valuation of $43M. 30% of the token was unlocked during the TGE, and the remaining 70% was subject to a 6-month lockup period, with a linear release over 24 months. August 21, 2025: Legion's community funding round will launch, with a valuation of $90 million in FDV, a target of $2 million, and a cap of $2.5 million. This round is open to all verified accounts, and tokens will be 100% unlocked at the TGE, expected to take place in late September or early October. Cookie DAO Priority Benefits: The top 25 Snappers and the top 50 cSnappers will receive priority investment in a $75 million FDV investment, also fully unlocked at the TGE.
Activity Incentives – 0.55% of the total supply will be allocated for incentives: 0.4% to the top 500 cSnappers (accounting for 80% of the reward pool), 0.1% to the top 250 Snappers, and 0.05% to $COOKIE stakers.
This issuance mechanism not only optimizes the fairness of token distribution and reduces participation barriers, but also deeply integrates capital fundraising, community building, and long-term governance to form a sustainable community of interests, laying the foundation for Almanak's long-term expansion in the AI × DeFi sector. VI. Investment Logic and Potential Risk Analysis Investment Logic Almanak currently aligns more closely with its positioning as the "easiest-to-use retail DeFi strategy sandbox." Its significant advantages in user experience, security architecture, and low barrier to entry make it particularly suitable for retail investors with no coding experience or limited on-chain strategy experience to quickly get started. Almanak's core competitiveness lies in its deep integration of an AI multi-agent architecture and a non-custodial execution system, providing institutional-grade security and policy privacy while guaranteeing performance. Its technology stack, comprised of a TEE (Trusted Execution Environment) + Safe Wallet + Zodiac Roles Modifier, enables fully automated on-chain execution with permission management down to the granularity of contract function parameters, significantly outperforming most AgentFi models that rely solely on EOA signatures. The technical architecture has formed a complete closed loop: from data acquisition (Sensors), strategy logic execution (persistent state machine architecture, Prepare / Validate / Sadflow), transaction execution (TransactionManager / AccountManager / ExecutionManager), to monitoring and indicator systems, and then to productization (ERC-7540 Vault) and external fundraising and charging, the chain is smooth and commercially scalable. In particular, the Vault productization capability enables strategies to be directly upgraded from self-use tools to financial products that can be issued to the public, bringing scalable management fees and performance sharing income to the platform. On the operational side, the Points incentive system has been launched, with transparent rules and AUAM (Assets under Agentic Management)-oriented principles, effectively driving locked-up volume and activity. By analyzing on-chain traceable contribution points through the Attention Capital Formation model, capital raising, community building, and long-term governance are deeply integrated to form a sustainable community of interests, laying the foundation for Almanak's long-term expansion in the AgentFi sector. Potential Risks Although Almanak has a high degree of completeness in terms of technology and functional systems, it still faces several key challenges: First, protocol testing is not yet fully open. Currently, it only supports lending protocols on the Ethereum mainnet, as well as LP and swap strategies based on Uniswap V3. The underlying Kitchen framework already supports Ethereum, Base, and Arbitrum, and has the capacity to expand to 8+ EVM chains and over 200 protocols. The pace of wider openness, including multi-chain expansion (such as Base, Solana, and Hyperliquid), multi-protocol integration, and CEX integration, will directly impact strategy diversity, profit opportunities, and market competitiveness. Furthermore, the strategy level is still relatively basic. Existing strategies primarily focus on entry-level technical analysis (TA), which still lags behind institutional or professional quantitative standards. Future developments require the introduction of a richer library of advanced strategies (covering on-chain liquidity management, funding rate arbitrage, cross-pool spreads, and multi-signal integration), as well as enhanced backtesting and simulated trading tools, a built-in cost optimization engine, and multi-strategy portfolio management capabilities. Only then can it become the preferred entry point for retail investors into DeFi quantitative trading. Furthermore, the ecosystem and user base are still in their early stages. While the points program and Vault mechanism have launched and entered AgentFi's first tier, the TVL growth of AI-driven Vault management still requires time to verify, and user activity and retention will be key mid- to long-term indicators. Overall, Almanak possesses a mature technical architecture, a clear commercialization path, and a driving incentive mechanism, making it a rare asset in the AI-driven on-chain quantitative asset management arena. However, the speed of ecosystem expansion, the evolution of the competitive landscape, and the stability of its technological implementation will be the three core variables that determine its long-term leadership.
Bybit Web3 Swap's launch marks a significant step in the DeFi evolution, offering users a secure and streamlined token swapping experience. Ongoing developments, including upcoming integrations, showcase Bybit's dedication to staying at the forefront of innovation.
Bernice
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