Really enjoyed talking through the @orca_so x @Loopscale merger, financing the frontier onchain and the path to regulated US markets with @0xResearch. Formation is the future of onchain capital markets. @0xcarlosg and co. asking some hard hitters!

NEW: Now covering all things EtherFi. Financials, Cash, Borrow, Liquid Vaults & Staking. EtherFi Cash Spend hit $128M in September, up 17.4% MoM from $109M. Cash Deposits grew to $318M, up 21.8% MoM from $261M, with over 75% in Liquid Vaults.

We just sent the SEC our comment letter on Regulation Crypto Assets. Our goal is to give every token one current, public record to make onchain compliance cheaper and faster. Our asks: 1) Let projects file disclosures through Qualified Onchain Disclosure Agents 2) Let third parties file on behalf of projects It's time we protect investors so we can protect this industry.

Day 1 of imagining @Blockworks with Hyperliquid builder codes. Makes no sense that exchanges show only price data when fundamentals are equally, if not more important for putting on a trade. I need: -Advanced screening: fundamentals, monitoring, protocol updates and unlocks, instead of screening by price for things that already moved -Fundamental indicators: From simple features like plotting multiples alongside price to bespoke multi-asset views (e.g. revenue/price divergence vs. peers, unlocks vs. buyback yield) -Comprehensive data: business metrics (users, revenue, competitive landscape), token disclosures and unlocks Imagine being able to do everything on one interface: screening assets, understanding, tracking and monitoring them, then trading them. I wanted to see if it’s possible, so I built a prototype with the Blockworks MCP. I’ve been AI-pilled for a while, but watching it one-shot an exchange was insane. There are empires waiting to be built.

PumpFun enabling perps through Hyperliquid is an example of the monetization potential you have when you move from pure infra (launchpad<>DEX) to owning the user as well (mobile<>terminal). Expect builder codes to be one of many new revenue lines. On Fomo, these are $400k/week.

As stablecoin yields become commoditized, where do issuers build a durable edge? Circle, Sky, and Ethena are taking three different approaches: - Circle: own more of the infrastructure through Arc. - Sky: keep the base protocol simple and delegate capital allocation to agents. - Ethena: own the customer relationship through Ethena Pay. My bet sits somewhere between Sky and Ethena. Sky is a money-making machine and DeFi’s most battlestested protocol. It earns a spread by extending wholesale credit to Spark, Grove, Obex, etc. Ethena has demonstrated it can generate yield at scale. Owning the customer relationship will unlock cross-selling and avoid the cost of renting distribution.

Hyperliquid priority fees have averaged $1M a week over the past four weeks. Already a >$50M annualized line item that will only grow in importance over time. Jeff shared some great thoughts on it in his fireside with @shaundadevens

Tokenized equities keep gaining traction on @base - Daily spot volume above $100M - Market share across chains has climbed to 16% - Equity supply crossed $35M yesterday - $4M in tokenized equities now used as collateral in money markets

Refreshing to see quality teams continue to crush. EtherFi’s Spoke on @aave V4 also crossed $100M in loans yesterday, plus $35M in its own instance. EtherFi has been Aave V4’s biggest loan growth driver, and I expect credit to keep growing alongside spend volume.

Pump with yet another massive revenue print ($2.5M) yesterday. Top projects by revenue over the past 7 days vs FDV: - Pump: $15.9M / $5B - Hyperliquid: $15.1M / $87B - Solana: $9.15M / $77B - Ethereum: $6.89M / $331B One of these seems deeply mispriced.

One of my biggest regrets this cycle is not buying $AAVE when it was double digits. - V4 momentum: Aave-operated instances nearing $1B in deposits and $384M in loans. - Partner-operated instances approaching $480M in deposits and $100M in loans. - Aave App nearing $20M in deposits despite ghost-pass gating. Under the radar but Aave's bet on reaching users beyond crypto natives. - Equities Hub on Base benefits from Coinbase’s distribution and the growth of tokenized equities. - Continued advocacy in DC and Europe for the broader industry. Still the leading money market, yet trading at a similar FDV to Morpho. Unfortunately still sidelined, but Aave looks good here.

LAUNCH DAY Tokenization is a supply shock for onchain assets. AI agents are a demand shock for the data. 100 days after acquiring Messari, the two platforms are now one. We give you a swarm of agents to underwrite and monitor everything onchain. Say hello to Blockworks Intel.