The $StonkBroker ecosystem is expanding beyond just that "NFT collection that's about to flip Punks" Tickeryard has published its whitepaper which further bolsters the stonkbroker eco (alongside Mancer + DERP) - StonkBrokers turns NFTs into stock-owning wallets - TickerYard turns NFTs into protocol operators & builds the routing layer for the assets they interact with FINALLY PEOPLE ARE GRASPING THAT NFTS DON'T HAVE TO JUST BE PRETTY JPEGS...! At the product level, TickerYard allows a user to request one simple outcome: Move this exact asset from this chain to that chain It searches the available bridges and liquidity routes, rejects anything that changes the requested asset or fails its risk policy, then surfaces the best valid path based on protected output & expected completion time Where a suitable route does not exist, the longer-term plan is to lock the original asset inside a canonical vault + issue a corresponding representation on the destination chain The first vertical is tokenised equities, with the reference design moving stock representations between Robinhood Chain + Arbitrum This becomes increasingly useful if tokenised stocks fragment across multiple chains... and it's where this niche could propel Tickeryard ahead of other cross chain routing protocols Users should not need to understand... 5 bridges, 3 wrappers + 4 different versions of the same stock just to move between apps Then comes the "Yardkeeper" layer: TickerYard plans to distribute 3,333 Yardkeeper NFTs through "Anvil" A current owner who reaches Tier 4 activation, completes Keeper Enrollment and runs the local software can qualify for narrowly defined protocol jobs These could include completing cross-chain transactions, recovering failed routes, monitoring backing, executing conditional orders or handling treasury operations Clients define the exact action and pre-fund the maximum gas, payment + liabilities The operator completes the assigned job → an objective receipt proves the work → payment and reputation accrue The NFT therefore becomes a transferable operating seat rather than a passive profile picture This is also where TickerYard plugs directly into the StonkBrokers economy Anvil creates $YARD & distributes the Yardkeeper collection The proposed launch liquidity is split: - 75% YARD/WETH - 25% YARD/STONKBROKER (Both positions are intended to be permanently locked) The proposed LP-fee waterfall works out at roughly: - 80% TickerYard - 18% Stonk community leg - 2% Stonk protocol Eligible WETH fees can flow into StockBooster, which converts them into tokenised-stock rewards for activated StonkBroker NFTs TickerYard also describes a separate bridge-fee router for one specific revenue source: - 20% activated StonkBrokers - 2.23% Stonk protocol - 77.77% TickerYard That router is undeployed & dependent on signed commercial terms, but it shows the intended direction New projects launched through the Stonk ecosystem are designed to create liquidity, fees and external economic activity that can feed back into the original broker network @stonkpit (DERP) already provides another piece of this stack by powering the verifiable randomness used by Broker Box & "clock in" mechanism @MancerXYZ sits adjacent as the "Jupiter-style" execution layer for swaps, limit orders and recurring buys It currently operates as a separate protocol with its own token and planned keeper NFTs, rather than a confirmed TickerYard integration The logical future flow would be: 1) TickerYard routes the asset → 2) Mancer trades or automates it → 3) StonkBrokers & Anvil provide the launch, liquidity + distribution layer → 4) StockBooster recycles eligible fees back into stock rewards That final TickerYard to Mancer connection remains theoretical for now but seems a pretty obvious one Key risks I’m watching: i) TickerYard remains pre-deployment with no public contracts or independent audit ii) The first TickerYard canary pays zero work reward and no external client demand has been proven iii) Tier 4 creates eligibility to seek work, not guaranteed jobs or earnings iv) The proposed 20% activated-broker revenue share is source-specific, undeployed and does not apply to every TickerYard business line v) $YARD receives no direct TickerYard revenue right, while its final supply and activation quote remain undisclosed vi) The tokenised-stock rails still carry bridge, custody, issuer-control + regulatory risk (the big one) The bull case is an integrated Robinhood Chain market stack where every new product creates infrastructure or economic activity for the others The risk is that the architecture arrives before the users and it sits as a ghost town... we really need a catalyst to bring this to the masses and I'm hoping @vladtenev & the RH team will provide some of that distribution!

I don’t think people realise how much traction crypto robotics protocols are gaining One of the biggest bottlenecks in robotics is data; crypto is primed for co-ordinating resources to incentivise data contribution Booster is interesting because it’s building the full humanoid stack (hardware, OS + developer tooling) and getting increasingly capable robots into the real world Axis is now using those real-world demonstrations as seeds for simulation, multiplying scarce robot data into training environments at scale This “real → sim → model → real” loop is becoming one of the most important flywheels in Physical AI Axis also announced they’re deploying subnet 4 on @BitRobotNetwork recently who I’m following closely (think TAO purely for robotics) We will be publishing our second @KhalaResearch decentralised robotics report later this month, so stay tuned… A LOT has changed since January

The bear case for $STONKBROKER is also what makes the token interesting Activated NFTs receive tokenised stocks funded by protocol fees. Activation requires $STONKBROKER, with 50% burned The problem: activation is denominated in tokens If $STONKBROKER 5x’s while rewards stay flat, activation costs 5x more. Eventually the yield (stonk distributions etc) no longer justifies the cost and activation demand falls BUT activation isn’t the only demand sink @MancerXYZ , @stonkpit (DERP) & future launchpad projects require 25% of their LP in $STONKBROKER, creating structural token demand as the ecosystem expands Then there’s the exchange layer More trading → more fees → more StockBooster distributions → better NFT rewards → greater economically viable activation demand And a future liquid Robinhood listing could add another loop Offchain price ≠ onchain price → arbitrage → more onchain volume → potentially more protocol fees → larger stock rewards So the bear case isn’t simply that activation eventually becomes too expensive It’s that ecosystem growth fails to outrun that effect If Mancer launches dry up, LP demand stagnates, trading volume fades and StockBooster rewards stop growing, the activation flywheel eventually stalls The thesis therefore comes down to one question: Can StonkBrokers turn $STONKBROKER from an NFT activation token into the liquidity and fee layer for an entire onchain financial ecosystem? If yes, activation may only be the first demand sink If not, rising token price eventually starts working against itself You may ask, why would I try find a bear case? Sometimes protocol upside is too good and I need to ground myself to know what the downside is Main risks I see are: execution risk, counterparty RWA risk ( @rialto_xyz ), protocol risk (hacks etc) But honestly given how interesting and novel these mechanisms (and incubated projects coming through the launchpad are) the risk/return feels pretty good… particularly if they can sustain volume + fees to drive rewards back to token holders Excited to see how this evolves… h/t @OxSimpleFarmer @MichaelHirsch @Unclemac et al for creating something exciting and injecting innovation back into the space

The “fat app” thesis is finally showing up in the revenue data Value is moving up the stack from blockspace into the apps where users actually trade, borrow, launch, pay & speculate Agents push this one step further - Today a power user might manually interact with 20 different apps - Tomorrow an agent can coordinate 100+ protocols behind a single seamless interface, routing capital and execution in the background Apps get fatter (take the bulk of the fees), while the complexity disappears from the user We are already seeing this on Robinhood with apps netting 5x the revenue of the underlying chain in the past 24 hours - that becomes incredibly lucrative for apps to build over there This in turn incentivizes builders to deploy useful products, drawing in users / customers This is going to go from 1 to 100 VERY quickly and the world will be settling onchain at scale for micro-pennies in the imminent future

I don’t think people realise how much traction crypto robotics protocols are gaining One of the biggest bottlenecks in robotics is data; crypto is primed for co-ordinating resources to incentivise data contribution Booster is interesting because it’s building the full humanoid stack (hardware, OS + developer tooling) and getting increasingly capable robots into the real world Axis is now using those real-world demonstrations as seeds for simulation, multiplying scarce robot data into training environments at scale This “real → sim → model → real” loop is becoming one of the most important flywheels in Physical AI Axis also announced they’re deploying subnet 4 on @BitRobotNetwork recently who I’m following closely (think TAO purely for robotics) We will be publishing our second @KhalaResearch decentralised robotics report later this month, so stay tuned… A LOT has changed since January

Cloudflare just validated one of the biggest long-term crypto AI theses The company powering a huge share of the internet has introduced programmable wallets for AI agents, giving them a native way to authenticate, hold assets & pay for services Just a few months ago, Cloudflare revealed that agent traffic had overtaken human traffic across its network (I’ll link below) The next step was always economic activity As agents become the dominant users of the internet, they need wallets, identities and permissionless payment rails. Cloudflare shipping this infra moves autonomous commerce one step closer from thesis to reality Those who doubted agentic commerce could be eating their words in the next 12 months There’s a reason why VISA, Stripe and many other big tradFi players are spending on rails that support this Might be worth securing your handle, or perhaps some rare ones? Could become prime agentic real estate just like website domains or number plates

I've got a lot of frens on CT with great strength, some of whom we've never really chatted but we've always aligned with each other. I've got my strength, they've got theirs. I think there's more to learn from each other and work/share alpha together. Looking to create either a Telegram or Discord someday, where I'll mentally add people based on their proven strength. Two heads, I believe, are better than one. Looking for people strong in areas like: - Trading & trenching - Early prep & research - Airdrops & ecosystem contributions - Marketing & critical thinking Strong relationships with builders, devs, and protocols Also looking to make good frens around instead of always being standalone. People like [ @katexbt, @DidiTrading, @mk4_lul, @arjunnchand, @Eli5defi, @0xSammy, @that1618guy, among others I can't recall] I've not started anything yet, and probably not anytime soon. But there are a few people across CT whose opinions I've genuinely come to respect over time. If I ever do this, it'll be a very small circle fewer than 25 people. The whole point is that everyone earned their spot through consistency and having a proven edge. If I start adding friends just because they're friends, then I've already defeated the purpose - which I'll never do. But until then, everything keeps going normal.

Cloudflare just validated one of the biggest long-term crypto AI theses The company powering a huge share of the internet has introduced programmable wallets for AI agents, giving them a native way to authenticate, hold assets & pay for services Just a few months ago, Cloudflare revealed that agent traffic had overtaken human traffic across its network (I’ll link below) The next step was always economic activity As agents become the dominant users of the internet, they need wallets, identities and permissionless payment rails. Cloudflare shipping this infra moves autonomous commerce one step closer from thesis to reality Those who doubted agentic commerce could be eating their words in the next 12 months There’s a reason why VISA, Stripe and many other big tradFi players are spending on rails that support this Might be worth securing your handle, or perhaps some rare ones? Could become prime agentic real estate just like website domains or number plates

Robinhood activity is creeping up & I'm anticipating a second wind imminently Perps volume continues to hit new ATHs + apps are raking in millions in fees as part of the "Fat App" thesis... pretty enticing to builders to deploy Bare in mind, RH attention was at its peak a few weeks ago when very few apps had deployed live on mainnet That changes in the coming month as many testnet products go live in production & I'd hazard a guess that @vladtenev will be spotlighting strong contributors to the network Worth paying attention; my newsletter drops tomorrow on Robinhood insights + opportunities (FREE to subscribe & link in bio)

Imagine the Darth Maul candle on your cryptos on the minuscule off chance that this wallet gets hacked bc1qg4jcyumevszta3rs869v9jrf6rz9z360svp03jsl5xcryfd7xqvs4hurnq If it turns out that the hack is from a social engineering or human flaw (leaked private key etc) then this will become the buying opportunity of a lifetime Alert notifications on if I were you

Imagine the Darth Maul candle on your cryptos on the minuscule off chance that this wallet gets hacked bc1qg4jcyumevszta3rs869v9jrf6rz9z360svp03jsl5xcryfd7xqvs4hurnq If it turns out that the hack is from a social engineering or human flaw (leaked private key etc) then this will become the buying opportunity of a lifetime Alert notifications on if I were you

I’m not convinced the memory trade is over Situational Awareness getting forced out of a leveraged book tells you more about position sizing than the underlying thesis AI is increasingly becoming a memory problem HBM demand is still running into constrained supply, SK Hynix is warning the worst shortage may not even arrive until 2027 and inference only increases the amount of memory required The trade may have got crowded but this remains an AI bottleneck with those in the know shouting that supply constraints are still a MASSIVE problem …and as AI becomes increasingly memory-bound, crypto has a role beyond compute: making agent memory persistent, permissionless and verifiable Imo the next few months could present very interesting buying opportunities… just don’t do a Leopold & leverage up!

We’ve seen an eye-watering amount of capital thrown at AI labs Physical AI will dwarf that There are dozens of high-quality traditional robotics companies likely to IPO over the coming years, and I expect their onchain counterparts to catch the same tailwinds Jensen Huang’s first post last week focused on the importance of open-weight AI models; that same shift towards open systems extends into physical AI Now is the time to start paying attention to well-funded teams with ambitious but achievable plans to complement the traditional robotics sector I’m not sure what valuation this $12m seed round for @axisrobotics is being done at, but for context Figure AI’s last private round valued the company at $39B The gap between where robotics capital is going and where the onchain robotics sector is valued still looks enormous

x402 turned 1 year old this week For 30 years the HTTP 402 “payment required” was left absent Blockchain changed that possibility; there are now dozens of participants, on top of joining the Linux Foundation Imagine what the next 30 years holds, especially with AI agents If you want to learn more, we produced a report on the open source protocol Follow @KhalaResearch for more insights around crypto AI & Robotics