Nick Carpinito
@0xMetaLight
1.5K Following 3.1K Followers
Blockworks Research on Bloomberg
"What initially looked aggressive became increasingly plausible as the IPO process evolved: the range was revised higher, the offering was upsized, and reported demand exceeded available shares by more than 20x"
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Sky mints USDS, Framework routes it to real-world operators, yield flows back to Sky at 3.95%.
The spread OBEX keeps (1.88-3.03%) is wider than Grove's because the underlying assets will be harder to underwrite.
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Elizabeth Warren had a seat at the table on generational financial legislation and spent it citing tornado cash AML concerns.
Proud to be a Massachusetts resident
🚨 WATCH: Chairman @SenatorTimScott leads the Senate Banking Committee in a historic markup of the CLARITY Act, legislation to establish clear rules of the road for digital assets.
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Following up on yesterday's Sky report from @0xcarlosg, today we are publishing our deep dive on @obexincubator.
TLDR: OBEX is Sky's bet on becoming crypto's wholesale lender to the real economy.
Telegram replacing the TON Foundation is a catalyst worth watching.
Cocoon (decentralized AI inference on TON, built by Telegram) has had no commits in 30+ days and no Telegram channel activity since November.
Telegram is now the demand side, the largest validator, and the team behind the GitHub repo. Cocoon has no excuse not to ship.
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Bittensor's Conviction mechanism shipped to mainnet yesterday.
Subnet owner emissions now auto-lock, with unlocks starting a ~3 month release schedule for 95% of the alpha tokens.
Other networks have "rug pulls" every day.
They ignore this problem.
TradFi startups solved this with vesting cliffs.
Introducing Bittensor "Conviction"
- locked stake so token holders can cryptographically verify an owner's long-term commitment.
Trust proven mathematically.
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Just use @Blockworks data
@0xcarlosg has you covered
Insane cope to be writing about stablecoins without mentioning Sky
Sky is now the third-largest stablecoin issuer at $12.3B, behind only Tether and Circle. $8.1B of that is USDS, up 47% YTD. $5.7B sits in sUSDS earning the Sky Savings Rate. Full breakdown of the balance sheet, Agents, and SKY valuation framework below.
Deeper dive on @obexincubator dropping tomorrow
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Tune in next Wednesday at 1PM EST for a @jito update straight from the source
jtx
1/ Join us in partnership with Jito for their official Q1 Quarterly Call, where we’ll break down the numbers, trends, and key takeaways from Q1 for one of crypto’s most influential protocols.
- Wednesday, May 20
- 1 pm ET
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Orca is getting re-rated, up 78% over 30d. Circulating P/S has ripped to ~8x after sitting around 4-5x for most of March/April.
May 2026 off to the races
Better might just end up being the crown jewel for @obexincubator
Physically settled token derivatives only work where the short can be the supply. For closed models it collapses to a forward on api credits. The real market is open-weight on decentralized compute
Is anyone building physically settled derivatives for 1M tokens from a specific AI model (eg. a one month dated future for 1M Opus 4.7 tokens)
Physical settlement here might be the killer app for decentralized compute networks?
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HUGE. @Flipkart is India's largest e-commerce platform, majority-owned by Walmart. Its Ekart logistics arm runs a fleet dominated by 2-3W EVs. Fixed charging infrastructure assumes drivers can absorb downtime that last-mile delivery can't.
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Flipkart is going green. We’re powering that shift.
EVORA is now live with Flipkart,
started our pilot from 1st May,2026.
Energy, delivered where vehicles actually are.
This is what EV infrastructure looks like when it finally works.
As @solana said , BIG WEEK !!
@colosseum @SuperteamIN
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DePIN multiples are compressing unevenly.
The revenue leaders now trade in a 2-10x band. That's infrastructure pricing, not crypto pricing. The narrative-era names remain at valuations disconnected from the revenue they're producing.
Two implications:
1. The category is no longer fungible. Indexing DePIN means indexing two very different businesses.
2. The rerate, when it comes, will be asymmetric toward the cashflow names, away from the legacy ones.
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