One of the biggest opportunity zone in liquid markets right now is still businesses that chose a token as their ownership structure and are therefore mispriced. My best example is always solana:7JA5eZdCzztSfQbJvS8aVVxMFfd81Rs9VvwnocV1mKHu. It is NOT a crypto business, the same way Amazon isn't in the equity business. They are crushing it in their industry, though. You just have to approach it differently and step out of CT bubble and learn a new field if you want to invest in them. Differnet markets but similar ownership projects like @grass, @silencioNetwork, @OVRtheReality, @NATIXNetwork or @onocoyRTK are heavily overlooked right now. You can see it in the price action: the ones performing best are those who found pmf, maybe moats and good sales pipelines. An underappreciated skill is knowing how to talk to investors and doing the best job of educating their investor base (people who invested in SoV assets and DeFi). IMO, @GEODNET did this by far the best: they never cared about narrative and delivered on fundamentals, while choosing @Blockworks early as their partner to present their business. @mikeahorton is doing what a public market CEO would do, since those investing long-term need assurances and ways to constantly underwrite the business. Focus on longterm investors and ignore traders. The wind is changing, and more founders are starting to see that this is part of their business. Not everyone is operating on their or @grass 's level when it comes to investor relations right now, but its memetic. Those who weren't as transparent but have good fundamentals will feel the difference which will start change. You can't just bid "DePIN" and expect to hit it big, but it definitely feels like seeing early DeFi in liquid markets, even though there's obviously not as much beta to the underlying SoV. Valuations have hit levels similar to 2019 DeFi coins. Your job is not to buy the category but find generational winners.

The timeline is completely silent about a token-aligned, non-crypto-correlated revenue generating, physical AI-related project that’s on the cusp of going into price discovery.

i think Grass is an interesting example of where crypto can actually make sense as part of the product early users contributed resources to help bootstrap the network and received ownership for participating before there was meaningful revenue as the business matured, that model started shifting toward stablecoin payouts tied to dataset sales to me, that progression from early ownership to revenue-based rewards is one of the more interesting ways to use crypto for coordinating a network

NEW: Now tracking @OlympusDAO, the DeFi protocol behind OHM. Track OHM, protocol financials, Cooler lending, supply and issuance, backing and solvency, and security reviews in a new public dashboard.

There’s a very real chance that Celestia’s design decisions ultimately end up being correct in a fully agentic onchain economy where all that agents care about is speed and cost. Some basic math concludes that at full block saturation and current DA costs, 3 TB/s equates to ~$2B in annualized revenue. I’m of the opinion that DA costs are still too high and will drop another order of magnitude over time, but 10+ TB/s is where it starts getting *very* interesting. L1s are commoditized, yes. Apps rule. We get it. But making a very small amount of money at a gargantuan scale is still ALOT of money. I’m watching this space closely.

Really clean onboarding for Backpack. Foolishly didn't listen to our analysts when they said to buy $BP at $120m fdv. I'm in at $1.3b... still cheap for potentially the hottest exchange of this cycle and a clean bet on tokenization.

This is a @minnus appreciation post. Sam has been producing some of the hardest hitting metric dashboards and visualizations on tokenized equities and a number of other areas. Him and the @blockworksres have been shipping and are helping everyone who is in search of the truth.

The recent acquisition of World Labs by AMD shows the puck is going towards spatial intelligence being the next frontier. The obvious bet on this thesis in the token economy (to me) is Geodnet. A project the market has undeservingly slept on for years. The GNSS market is projected to be a $14B+ economy by 2034, and Geodnet not only has the largest RTK network in the world, it offers the widest coverage at the lowest unit cost on the market. At just 5% of the GNSS market (currently well under <1% today), there is a 60x+ revenue upside to be had over the next 5+ years. But we don't need to wait 5+ years. Geodnet's traction is exponential *today*. 80% of Geodnet's revenue goes towards solana:7JA5eZdCzztSfQbJvS8aVVxMFfd81Rs9VvwnocV1mKHu burn. There is clear token alignment. The burn chart below is not a cumulative chart, although it looks like one. Burn is up 115% YoY, emissions were halved in July (another happening in July 2027), the last team unlock is in December, and solana:7JA5eZdCzztSfQbJvS8aVVxMFfd81Rs9VvwnocV1mKHu is nearly deflationary today. Trading at ~11x run-rate burn, not including future growth, I think this likely re-rates soon. The chart also looks bananas dating back to 2022. Disclosure: I am long solana:7JA5eZdCzztSfQbJvS8aVVxMFfd81Rs9VvwnocV1mKHu. Blockworks Intel has all of the alpha.

I find it very interesting that despite the overwhelming adoption of EVM by major fintechs/CEXs via their Earn programs and their own L2s (Coinbase, Robinhood, Kraken, etc) and Solana not having a similar major distribution channel/frontend with a large customer base, Solana’s market share for stablecoin lending deposits has been in a multi-year uptrend against the combined Ethereum + L2 universe. What happens to this chart when Solana finds its anchor fintech/TradFi partner in the US? 📈