1/ Tokenized equities are moving onchain fast. Spot volume increased more than 100x in six months and briefly approached 20% of total spot DEX volume. Our latest report examines the market structures needed to scale this activity and @native_fi’s approach.

Crypto will remain the best market for speculation because it is the most reflexive asset class on earth. In equities, rising prices do not impact the underlying business. For example, Apple stock can only go up so far before its P/E looks unreasonable against the same revenue base. In crypto this is not the case because the business of tokens is largely tied to speculation on financial assets, which directly benefits from higher prices. For example, when HYPE and alts go up, there is more demand for trading + leverage, and Hyperliquid's revenues increase. Rather than multiple expansion, you likely see the opposite: revenue outpaces price, and assets trade at more attractive multiples. Last week was a great illustration of this effect: despite tokens gaining up to 60%, revenue outpaced price in 10 of 16 sectors. Perps specifically: revenue up 243% on a 43% move. This is why tokens have no real value ceiling: unlike equities, higher prices arguably make them more attractive in the short term rather than less attractive. Buybacks + DATs add one more layer to this reflexivity where the activity directly leads to higher prices, further perpetuating this dynamic. If you can buy these reflexive tokens at reasonable multiples on historically muted activity, it will likely pay off very well in the bull.

The best outcome for @Uniswap's fee switch may be how little has changed. It has been almost a month since protocol fees went live across V4. LP TVL has barely budged, even on Base, where Uniswap faces strong competition from @AerodromeFi. The same pattern is visible on V3 Ethereum. When the fee switch went live nine months ago, the concern was simple. LPs would leave, liquidity would thin, and traders would get worse execution. Instead, price impact across native asset to stablecoin and stablecoin to stablecoin pairs has continued to improve. Together, these pairs account for 70% of Uniswap’s volume. So far, LPs do not appear materially worse off, traders are getting better fills, and Uniswap is finally capturing protocol revenue. A rare win, win, win.

1/ Solana’s staking economy has entered the fee era. Priority fees now account for roughly 73% of validator operator revenue. Yet stakers still earn 98% of their tracked revenue from declining SOL issuance. That disconnect makes validator selection increasingly important.