Today, I was affected by the recent news that @Anchorage reduced their workforce by 20%. Being a part of two major crypto companies in 2026 to have gone through major transitions like this have had a drastic effect on how I view this industry, but will not let this moment slow me down. We have only seen a sliver of what this industry is able to accomplish and the job is not finished. My closest friends and peers ask why i would stay after dealing with what i dealt with this year and it’s because there is no other place id rather be. We are truly redefining the way the world views finance, from stablecoins to tokenization, and hell even memecoins, we are building the future of finance and bringing the world closer together. This is just a minor setback for a major comeback. Upwards and onwards.

I am predicting the bottom on the Robinhood Chain ecosystem, and that includes robinhood:0xca9c78dd337a67f6e0077f65f5e9218719d30edf . It's very misunderstood, and I think most people write it off as another OHM fork with tokenized stocks bolted on. Robinhood Chain is focused on the proliferation of tokenized equities with developers building unique defi experiences around them. What better application for crypto native degens than bringing them to the casino? NetNet Capital Management has built a library of casino games where prizes are paid in tokenized equities. Underneath the games, the treasury has grown past $26M, and a separate manager sleeve has used bond proceeds and forfeited game positions to buy roughly $4M of tokenized equities, so the casino is quite literally accumulating stock. The NetNet DeFi mechanics are exactly that of Olympus DAO, but where it differentiates is the ecosystem built around NET. The endstate appears to be an RPG that brings all the different desks, credit facilities, and games of the NetNet ecosystem into one world. It almost resembles an evolved version of what DeFi Kingdoms was. An OHM fork, with a game like DeFi Kingdoms, utilizing tokenized equities on the hottest network release of 2026. People know each of these pieces on their own, but few have noticed them coming together in one place.

So you're telling me: > Geopolitics are rumbling the beginnings of WWIII > The 10-year treasury hit 5% > Clarity Act failed > AI is going to take over the world and steal everyone's jobs > FED hikes for the first time in 3 years > Oil is over $100 and the crypto markets are ripping? and you think it is a local top? We are just getting started.

Much of the FUD around Robinhood Chain comes down to one number: network revenue is down 94% from the 9/4 peak. That framing misconstrues what really occurred. On 9/4 the chain did $8.3M in REV at an average fee of $0.59 per transaction, a congestion premium from a memecoin surge that no high-throughput L2 can sustain on a longer timeframe. Arbitrum-style pricing climbs exponentially once gas demand clears the throughput target, so a memecoin cooldown that cut gas demand in half cut the gas price by 88%. The fee per transaction has kept compressing, to $0.045 on Sunday, and it still sits 4x above the chain's 0.02 gwei floor. Daily REV has run under $1M since 9/11. If the gas price finishes decaying at current usage, REV settles around $40-50M a year, in line with expectations from the Blockworks pre-launch forecast. The chain is landing where it was expected to before the spike, with more users than it had. Underneath the fee, usage is holding: daily active wallets are up 18% since the peak, unique DEX traders up 16%, transactions steady in a 10-14M band, $930M in TVL, and the highest throughput of any L2 at 28 Mgas/s. Arc mainnet goes live Wednesday with BlackRock, DTCC, Visa and Mastercard as validators and Aave, Morpho and Uniswap at launch. If anything rotates, it's the DeFi side of Robinhood Chain, about $1B in stablecoins. There's no retail brokerage or stock-token product on Arc's launch list, which is why I expect Vlad to keep leaning on the tokenized-stocks framing to hold that capital on Robinhood.

If you are active onchain and you are not trading on @fomo, you are doing yourself a disservice. Ninety days ago Fomo was doing about 8K daily active traders and $10M in daily volume. On Sep 9 it did 133K traders, a new high, on $311M of volume. Over the full window the averages were 47K traders and $86.5M a day, and the first nine days of September alone averaged 122K and $352M, so the 90-day averages understate where the app is right now. The reason it works is that it removes every step that makes onchain trading annoying for a normal person. Buying, selling, on-ramp, off-ramp and bridging all collapse into one screen, and you never think about which chain you are on. The volume shows it: it already sits across five chains, with nearly half settling on Robinhood Chain, the rails Robinhood built to put tokenized stocks on. The product already reaches past memecoins, because Hyperliquid perps and tokenized equities sit in the same app as the onchain runners, so the social layer that surfaces the best memecoin traders today is going to surface a new generation of celebrated traders across every market that lives onchain. There will be equity and perp traders that amass 7-figure uPnL figures. The beginnings of that are already forming. The top traders on Fomo are growing their presence inside the app faster than their follower counts on X, and creator fees keep paying them to post the next trade and the thesis behind it, which puts the incentive to publish right where the trade happens. I would put my money on Fomo being the top crypto consumer app this year. Sign up here (ref link):

The protocols that route real revenue back to tokenholders are separating from the pack, and I think that's what the early stage of this altseason looks like. $HYPE set the template by sending roughly 97% of fees into buybacks, well over $1B repurchased so far, and the token is up about 55% in the last 30 days. $LIT has done even better over the same window at +102%, after burning 6.3% of circulating supply in July and moving staking rewards off revenue onto an ecosystem reserve so that trading fees go entirely to reducing supply. $PUMP is the reminder that buybacks alone don't carry a token. They put 100% of revenue into buybacks for nine months, burned $370M worth, and the token still spent most of the year below launch FDV before they cut the program to 50%. The mechanism works when there's growth underneath it. $ENA is the clearest example of a team fixing alignment on purpose. The Foundation bought out the seed investors who had been selling, ended monthly VC unlocks with a single release in October, moved the protocol IP under tokenholder governance, and put a 5–20% revenue fee switch to a vote that turns on as USDe scales past $7.5B. Then they shipped Ethena Pay on Avalanche last week. $ENA is up 84% in a month. ethereum:0xfe0c30065b384f05761f15d0cc899d4f9f9cc0eb is the largest DeFi-native neobank at roughly $100M a month in card spend, and it just passed a vote to make buybacks programmatic. A share of interchange, swap and staking revenue now gets TWAP'd into ethereum:0xfe0c30065b384f05761f15d0cc899d4f9f9cc0eb on chain every week, with 30% of each fee buying ETHFI for the Foundation treasury and another 30% buying ETHFI that goes back to the user as cashback. Two tokens bought for every one paid out, and rewards are funded by open-market purchases rather than new issuance. ethereum:0x643c4e15d7d62ad0abec4a9bd4b001aa3ef52d66 is the one I think is most mispriced. Maple's AUM is $4.6B, up 81% year over year, buybacks went from discretionary to programmatic in August under MIP-021, and syrupUSDG is now live inside Robinhood Earn with access to 25M funded accounts. The token is still around 76% below its 2025 high. What other alts are you watching that actually pay holders?

It’s time to lock in for this next bull market and that means I need a new desk chair because my old one burned down in a fire in my old apartment. Shoot me your suggestions. My girlfriend says Herman Miller is the best.

BTC triggered a signal that's only fired 3 times before, and each time, this happened next. Last week's move broke BTC above the 200-day MA and flipped its slope positive for the first time in 279 days. Here's what happened the last 3 times that setup appeared. We might have bottomed.

I think the market is mispricing @Securitize $SECZ. Tokenized RWAs sit around $33B onchain today. Roland Berger's conservative model puts the market at $10T+ by 2030. Securitize is the first pure-play equity on that gap. The SPAC priced the company at $1.25B pre-money. The deal added roughly $400M in cash. Two weeks after the NYSE debut, the market cap is back to $1.24B. At current prices you're paying deal value and getting the cash raise for free. Meanwhile, the business: > $5.2B in tokenized assets, the #1# RWA platform (runs BlackRock's BUIDL) > Clients include BlackRock, Apollo, KKR, Hamilton Lane, VanEck > $69M revenue in 2025, guiding $110M for 2026. That's ~11x forward revenue > Announced recently: a partnership with Cantor, the #1# US IPO bank of 2025, to run onchain IPOs and follow-on offerings The 40% selloff since debut looks like classic post-SPAC turnover: redemption arb funds rotating out while insiders (who rolled 100% of their equity) sit locked up. Thin float, forced sellers, no fundamental news.