Robotics has become a global industrial race. Can the US compete with China? We went inside Standard Bots, the company betting America can build them at scale. Our first Delphi Media production premieres tomorrow on @RoboStrategy.

Our new report "Closing the Loop: The Self-Driving Landscape" is out now! AI can generate scientific hypotheses faster than laboratories can test them. Self-driving labs are designed to close that gap by automating the full experimental loop. The model chooses the next experiment, and connected laboratory equipment carries it out. The results feed back into the system and shape what it tests next. The stakes are especially high in drug discovery. Lead optimization alone can consume roughly three years. Bringing a drug to market takes 10–15 years, with average out-of-pocket and time costs of $2.6 billion per drug. Self-driving labs target the earlier experimental bottleneck. They could shrink individual cycles from months to days or hours. Running more experiments can also reduce the cost of each run by spreading the upfront cost of automation further. Every completed experiment adds to a structured record of what worked and what did not. That data improves the model’s next decision, creating a continuous learning loop between AI and the physical lab. AI has accelerated the generation of scientific hypotheses. Self-driving labs could accelerate the experiments that determine which ideas are worth pursuing.

JTX wants to be the only Solana trading surface you need. No single app covers everything a Solana trader does. Spot, perps, and prediction markets are scattered across different apps. Solana isn't short on liquidity, but it lacks a single place to put all of it to work. @jtx_trade aims to fold all of it into one pro-retail trading experience that feels like a CEX or brokerage account, without needing to juggle apps or give up custody. Jito's stack helps build and order a large share of Solana's blocks, shaping how trades get filled. JTX builds on that by using DFlow for spot trades and tapping into the existing liquidity on Solana to deliver the best possible onchain execution across a wide range of assets. None of this guarantees users show up. Jupiter owns the swap, Phantom owns the wallet, and terminals own the memecoin flow. Better execution alone has rarely been enough to change those habits. If JTX manages that, it could become Solana's default trading venue.

Morpho is building the infrastructure layer for other businesses to run credit products on top of. Curators handle the risk and integrators bring the distribution. The protocol stays underneath while the participants on top earn the revenue. The model is more efficient than peer-to-pool. Morpho's isolated pools run tighter than Aave's shared pool, and top USDC vaults beat both Aave and Compound on supply rate net of fees. The Kelp exploit put Aave under real stress. The intervention to protect borrowers trapped suppliers for five days while four of its biggest markets froze. On Morpho, AdaptiveCurve would have adjusted rates automatically as utilization climbed and isolated pools would have kept the damage contained.

Ostium just announced a partnership with Nasdaq. Last month, we covered how Ostium is bringing the world's deepest markets onchain. Read the consulting report for free here.

Ostium just announced a partnership with Nasdaq. Last month, we covered how Ostium is bringing the world's deepest markets onchain. Read the consulting report for free here.

Strategy buys back $1.5B of its 2029 convertibles at a discount. Our report identifies convertible repayment and STRC dividends as Strategy's main pressures. This buyback directly reduces the repayment burden. First 30 people can read it for free here.

Months ago our markets analyst @that1618guy called the BTC/Gold ratio near the floor at the 2nd deepest drawdown in the framework's history. The ratio has recovered roughly +40% off the February lows. Gold corrected nearly -19% from its all-time high as BTC gained ground back to ~$78K. This is Scenario 1 playing out with gold declining. The primary confirmation signal is a 1W 9/21 EMA green cross, projected for early June. The three prior green crosses after the deepest red crosses ran +148%, +641%, and +148%. The macro backdrop is messier than it was in February with inflation back at 3.8%, rate cuts off the table, and an active war with Iran. Kevin Warsh has been confirmed as Fed Chair and his first FOMC lands on June 16-17, around the same time as the projected cross. The PBOC has bought gold for 17 consecutive months and continued through the $5,000 level. The next leg of the ratio recovery depends on BTC strengthening. The cross is now weeks away.

Months ago our markets analyst @that1618guy called the BTC/Gold ratio near the floor at the 2nd deepest drawdown in the framework's history. The ratio has recovered roughly +40% off the February lows. Gold corrected nearly -19% from its all-time high as BTC gained ground back to ~$78K. This is Scenario 1 playing out with gold declining. The primary confirmation signal is a 1W 9/21 EMA green cross, projected for early June. The three prior green crosses after the deepest red crosses ran +148%, +641%, and +148%. The macro backdrop is messier than it was in February with inflation back at 3.8%, rate cuts off the table, and an active war with Iran. Kevin Warsh has been confirmed as Fed Chair and his first FOMC lands on June 16-17, around the same time as the projected cross. The PBOC has bought gold for 17 consecutive months and continued through the $5,000 level. The next leg of the ratio recovery depends on BTC strengthening. The cross is now weeks away.

Morpho is becoming the credit stack for institutions. What started as a yield optimizer has become the base layer other lenders build on. Morpho v2 keeps the core immutable and permissionless while adding key features for institutions to operate onchain. Apollo is acquiring up to 9% of Morpho's supply over four years. Morpho Midnight brings fixed rates and fixed terms to onchain lending. Borrower and lender intents match offchain and settle onchain as zero-coupon bonds, which opens up a real secondary market for the loans themselves. DeFi has never been able to pull this off at scale. Fixed rates are the foundation every mature credit market is built on. Pool-based lending can't deliver them because rates only adjust once utilization has already moved. Midnight gives DeFi a real yield curve that institutions can build on.

Morpho is becoming the credit stack for institutions. What started as a yield optimizer has become the base layer other lenders build on. Morpho v2 keeps the core immutable and permissionless while adding key features for institutions to operate onchain. Apollo is acquiring up to 9% of Morpho's supply over four years. Morpho Midnight brings fixed rates and fixed terms to onchain lending. Borrower and lender intents match offchain and settle onchain as zero-coupon bonds, which opens up a real secondary market for the loans themselves. DeFi has never been able to pull this off at scale. Fixed rates are the foundation every mature credit market is built on. Pool-based lending can't deliver them because rates only adjust once utilization has already moved. Midnight gives DeFi a real yield curve that institutions can build on.

Strategy buys back $1.5B of its 2029 convertibles at a discount. Our report identifies convertible repayment and STRC dividends as Strategy's main pressures. This buyback directly reduces the repayment burden. First 30 people can read it for free here.

Perp DEXs have a capital productivity problem. A venue can attract deposits with incentives, but the harder test is making that capital useful enough to stay. @DecibelTrade starts by making collateral more useful. Through DLP users can earn market-making yield from the liquidity vault while using the same position as margin for perp trades. That makes the deposit more useful because the same capital can earn yield while it supports trading. Decibel's native stablecoin (usDCBL) applies the same idea to the venue’s balance sheet. Stablecoin collateral can generate reserve revenue for the protocol. That revenue can create more room to compete on fees over time. X-Chain Accounts make that capital easier to bring in. Users can sign Aptos transactions with existing Ethereum and Solana wallets instead of setting up new infrastructure. The next step is turning productive capital into usable liquidity. Market makers update quotes far more often than they get filled. Tight spreads become harder to sustain when each update burns gas. Decibel’s bulk orders reduce quote-update gas by roughly 90%. Makers can replace the full ladder in one transaction. The cancel and replace happen together so stale quotes are less likely to remain live. Aptos’ encrypted mempool supports the same goal by keeping orders and quote updates hidden until execution. This reduces the window for stale quotes to get raced. Together this increases capital productivity. Collateral can earn while it backs trades, stablecoin reserves can fund the venue outside trading fees, and lower quote-update costs can help makers keep the book tighter. The question is whether this turns incentive driven deposits into sticky liquidity.

Our report "Aave vs. Morpho: Positioning for the Institutional Era" is now live! DeFi lending is being unbundled. Aave became the leader of DeFi lending because of its simplicity. A user could deposit collateral, borrow, and let the protocol handle liquidity and risk. Morpho starts from a different premise. Markets should specialize around different types of risk rather than force every borrower and lender into one venue. The protocol provides the base infrastructure for curators and integrators to build around. The difference shows up through distribution. Coinbase’s Bitcoin-backed loans route through Morpho with nearly 2B USD of BTC collateral tied to the partnership. You can see the cost of Aave’s structure in the rate spreads. Across three of Aave’s largest Ethereum markets, WETH, USDT, and USDC, borrow/supply spreads create an estimated 50M+ USD of annual deadweight loss. Morpho’s isolated markets have shown to be more capital efficient than peer-to-pool markets because capital can move towards the markets where it is most useful. Kelp made this harder to ignore. After rsETH was exploited, four major Aave markets hit 100% utilization for 5 days while the system waited for a coordinated bailout. Pooled liquidity meant stress spread across markets. Aave v4 strengthens the bundled model while Morpho is betting that model gets pulled apart. The outcome will determine whether DeFi lending is shaped more by venue size or by market-level risk pricing.

Our report "Aave vs. Morpho: Positioning for the Institutional Era" is now live! DeFi lending is being unbundled. Aave became the leader of DeFi lending because of its simplicity. A user could deposit collateral, borrow, and let the protocol handle liquidity and risk. Morpho starts from a different premise. Markets should specialize around different types of risk rather than force every borrower and lender into one venue. The protocol provides the base infrastructure for curators and integrators to build around. The difference shows up through distribution. Coinbase’s Bitcoin-backed loans route through Morpho with nearly 2B USD of BTC collateral tied to the partnership. You can see the cost of Aave’s structure in the rate spreads. Across three of Aave’s largest Ethereum markets, WETH, USDT, and USDC, borrow/supply spreads create an estimated 50M+ USD of annual deadweight loss. Morpho’s isolated markets have shown to be more capital efficient than peer-to-pool markets because capital can move towards the markets where it is most useful. Kelp made this harder to ignore. After rsETH was exploited, four major Aave markets hit 100% utilization for 5 days while the system waited for a coordinated bailout. Pooled liquidity meant stress spread across markets. Aave v4 strengthens the bundled model while Morpho is betting that model gets pulled apart. The outcome will determine whether DeFi lending is shaped more by venue size or by market-level risk pricing.

Perp DEXs have a capital productivity problem. A venue can attract deposits with incentives, but the harder test is making that capital useful enough to stay. @DecibelTrade starts by making collateral more useful. Through DLP users can earn market-making yield from the liquidity vault while using the same position as margin for perp trades. That makes the deposit more useful because the same capital can earn yield while it supports trading. Decibel's native stablecoin (usDCBL) applies the same idea to the venue’s balance sheet. Stablecoin collateral can generate reserve revenue for the protocol. That revenue can create more room to compete on fees over time. X-Chain Accounts make that capital easier to bring in. Users can sign Aptos transactions with existing Ethereum and Solana wallets instead of setting up new infrastructure. The next step is turning productive capital into usable liquidity. Market makers update quotes far more often than they get filled. Tight spreads become harder to sustain when each update burns gas. Decibel’s bulk orders reduce quote-update gas by roughly 90%. Makers can replace the full ladder in one transaction. The cancel and replace happen together so stale quotes are less likely to remain live. Aptos’ encrypted mempool supports the same goal by keeping orders and quote updates hidden until execution. This reduces the window for stale quotes to get raced. Together this increases capital productivity. Collateral can earn while it backs trades, stablecoin reserves can fund the venue outside trading fees, and lower quote-update costs can help makers keep the book tighter. The question is whether this turns incentive driven deposits into sticky liquidity.

Bitwise is now curating an Ethena market on Jupiter Lend. We covered Jupiter’s broader superapp strategy in our report, and why lending is a key part of its expansion into a financial product stack. Read the report for free here:

Bitwise is now curating an Ethena market on Jupiter Lend. We covered Jupiter’s broader superapp strategy in our report, and why lending is a key part of its expansion into a financial product stack. Read the report for free here: