$RAIL stakers are earning 21.2% right now. but fees only support about half of that yield. in july, the DAO doubled the biweekly payout from 2.00% to 4.20% of treasury balances. > rewards per period: ~$50k -> ~$250k > annualized distributions: ~$6.5m > annualized revenue (trailing 90d): ~$3.5m distributions are running at nearly 2x fee generation, and 2026 fees are tracking $3.9m against $5.0m last year. the gap is being funded by reserves the treasury already held, plus 2.5m newly minted $RAIL. supply went from 57.5m -> 60m, so existing holders took 4.3% dilution to fund a faster payout. as the balance normalizes, yield should settle closer to 11%. now there is another relevant update. voting began today on a proposal that would deploy @RAILGUN_Project to @base, with ethereum stakers controlling the proxy and collecting its fees. arbitrum gives a useful comparsion: > Ethereum: $84m shielded, 0.021% of bridged value > Arbitrum: $3.2m shielded, 0.019% apply that rate to @base and you get ~$3m. base has more stablecoin liquidity and substantially more users, so the opportunity is larger. but a new chain does not solve the main bottleneck...distribution does. no mainstream production wallet currently exposes RAILGUN to users. kohaku will change that by putting shielded balances inside mainstream wallets, but the integration is still early. railtardio.

a little over a month ago i wrote that $CARDS had outrun @Collector_Crypt's actual growth. the token was up 123% over 30 days against 74% growth in gacha spending. it traded at $0.31 and is now $0.15, down 52%. this drawdown has inverted the original setup. the token is back at its late may price while the underlying business is materially larger. that rotation created a useful like-for-like comparison. when $CARDS last traded at $0.15 in late may, the platform was generating: > daily gacha spend: $3.6M → $5.1M > daily net revenue: $199K → $278K > daily active users: 506 → 876 at the same token price today it generates 42% more spend, 40% more revenue, and has almost double the users. what changed was attention, not fundamentals. gacha was the june trade, then @RobinhoodApp launched its chain on july 1 and capital rotated to the next thing. the growth has not continued in a straight line. july average daily spend fell 27% from $7.0M to $5.1M, and spend per active user fell 40% to $5,800. even after that pullback, july ran 80% above april and daily active users reached a monthly record. at $316M FDV and ~$100M annualized net revenue, $CARDS trades at 3.2x annualized revenue. that multiple sits well below comparable revenue-generating tokens: > $HYPE: 117.5x > $UNI: 83.1x > $AAVE: 35.0x > $JUP: 26.3x the discount is substantial, but there is a reason for it. only 388.5M of the 2B supply is circulating. the other 81% creates a dilution overhang that can weigh on the token even if the app's performance stays strong. value accrual is also still limited. over the last 30 days @Collector_Crypt spent ~$290K buying back $CARDS while users bought $1.7M of CARDS-denominated packs. both create demand, but buybacks are discretionary and neither gives holders a claim on revenue. the team says it prioritizes the token over its equity and looks to be waiting on regulatory clarity before formalizing anything, so explicit accrual may end up tied to the CLARITY act. but remember that management preference is not an enforceable economic right. $CARDS is a better setup than it was five weeks ago. the token fell 52% while the underlying business kept growing. that divergence creates valuation upside, but the rerating case still depends on converting protocol growth into durable tokenholder value. until that link is stronger, $CARDS remains a cheap token attached to a growing business rather than a clear claim on its economics.

wall street just went onchain. this past wednesday, @The_DTCC ran its first live production trades of tokenized securities. these were real trades on production infra instead of being in a test sandbox. let's break down why this matters: 1) who is @The_DTCC and why should you care? DTCC sits at the center of U.S. custody and settlement. its depository (DTC) holds over $114 trillion in securities. across its subsidiaries, it processed $4.7 quadrillion in transactions last year. 2) who participated? 30+ firms, including the largest institutions in finance. > JPMorgan: $5T in assets > Vanguard: $12T in aum > BlackRock: $15T in aum > NYSE: $44T in listed securities @jpmorgan converted part of its @InvescoUS QQQ holdings to tokenized form. @GoldmanSachs, @Vanguard_Group, @BlackRock, @Nasdaq, and @NYSE all took part, alongside crypto projects like @chainlink, @circle, and @OndoFinance. that is asset managers, exchanges, market makers, and crypto infra all participating in the same trial. 3) what makes this different from every other tokenization pilot? these are the same legal securities the DTCC already custodies, not synthetic wrappers pointing at an asset held somewhere else. the tokens carry the same rights, protections, and ownership as the originals. it also settled across two networks at once: > HyperLedger Besu (DTCC's private chain) > @CantonNetwork running on both means they aren't dependent on just one settlement layer. 4) what does this mean for crypto-native RWAs? the onchain RWA market (excluding stablecoins) is now ~$35B, up almost 500% since the start of 2025. that growth happened outside traditional infra. Ondo, Securitize, and BlackRock's BUIDL brought treasuries onto public chains that settle 24/7 and plug into DeFi. DTCC now offers a different path where firms can tokenize the same securities already sitting at the depository without leaving existing market structure. 5) does this kill public chains for RWA? i don't think so. @circle and @OndoFinance were both in the working group that designed the service, and DTCC supporting Canton alongside its own chain suggests the goal is interoperability. DTCC's digital assets lead framed it as extending trusted market infra into tokenized markets, not replacing it. 6) the caveats > this was only controlled rollout. the full tokenization service doesn't launch until october. > it rests on a december 2025 SEC no-action letter, not a permanent framework. a technical failure or regulatory shift could change the terms.

ladies and gents, my first order of business at @Blockworks... creating a highly-curated RAILGUN data dashboard. this is one of the most detailed @RAILGUN_Project dashboards out there, covering 20+ metrics. i included data points that are not found anywhere else, such as revenue capture rate, revenue multiple, RAIL staking yield, and more. here are a few examples of current data (as of july 8): > cumulative volume: $5.28B > june monthly revenue: $288.2K > june revenue capture rate: 3.04% > june revenue multiple: 41.3x > circulating supply staked: 71.55% > staking yield: 4.32% you can check out the dashboard here: railgun quant back in business 🫡

open USD has made me rethink part of my circle vs. arc thesis. historically, stablecoin issuers kept most of the reserve income and paid distributors a fee. open USD flips that model. partners receive all of the reserve earnings after costs, while the issuer provides the infrastructure. this means value will shift to wallets, exchanges, banks, and payment providers that bring users onchain. that puts incredible pressure on @circle’s core business model. and, in turn, makes products like CCTP, arc, mint, and payments much more important to the long-term investment case than reserve income alone. that’s something i underestimated in my original circle vs. arc thesis. i also don’t think this is a race to zero. @tether is probably the best counterexample. USDT’s moat comes from the deepest liquidity, broadest exchange integrations, and years of network effects across crypto. that’s incredibly difficult to replicate. to me, the biggest takeaway is: > the stablecoin profit pool is getting reallocated and open usd is shifting it toward distribution.

$CARDS has repriced much faster than actual @Collector_Crypt growth. $CARDS is up 123% over the past 30 days and 667% over 90 days. gacha spending grew 74% and 153% over the same timeframes. this rerating may be justified if token value accrual follows. today, however, the link from app growth to tokenholder returns is unclear. i'd have a much easier time going all-in on $CARDS if value capture was actually explicit (like with $RAIL). honestly though this is a much bigger crypto problem: > tokenholders are told they're buying exposure to network growth. > in reality, they're buying exposure to the *possibility* that network growth benefits the token. > meanwhile, equity holders benefit by default. to me that feels super backwards, and something we need to fix asap.

excited to share that today is my first day at @Blockworks as a Senior Research Analyst. following Blockworks' acquisition of @MessariCrypto, i'm grateful for the opportunity to continue covering the crypto industry and the sectors I've spent the past several years researching. i’ll be publishing research on L1s, token valuations, crypto venture, market structure, and more. i’m a crypto permabull and proud to join a team focused on bringing greater transparency and trust to onchain markets. looking forward to what's ahead. onwards.

🚨NEW ATH FOR ONCHAIN GACHAS🚨 After setting ATHs in spend volume in both March ($148.6M) and April ($184.0M), the sector set another ATH in May at $227.6 million (24% MoM growth)! The top 7 TCG platforms by May spend: 1) @Collector_Crypt - $90.5M 2) @Courtyard_io - $58.8M 3) @phygitals - $56.1M 4) @Beezie - $11.8M 5) @renaissxyz - $5.4M 6) @mnstr - $3.2M 7) @gacha_game_ - $1.9M Onchain gachas are going vertical!

this is exactly why crypto regulation matters. if we want tokenholders to capture the value created by businesses, teams need clearer rules around buybacks, revenue sharing, and other value accrual mechanisms. right now, a lot of teams are operating in a gray area. the CLARITY Act, for example, would provide a framework for tokens to avoid being treated as securities, giving teams more flexibility to align tokenholder value with business performance.

hard not to be bullish @Collector_Crypt. $7.4m revenue over the last 30d, $90m annualized revenue, and only $345m FDV. that is 3.8x FDV / annualized revenue for one of the fastest-growing, breakout consumer apps. but the issue is token value capture. there is treasury reinvestment and a lot of discussion around solana:CARDSccUMFKoPRZxt5vt3ksUbxEFEcnZ3H2pd3dKxYjp alignment, but no mechanism for revenue distribution, structural buybacks, or burns. so until value accrual is made explicit, the app can win and solana:CARDSccUMFKoPRZxt5vt3ksUbxEFEcnZ3H2pd3dKxYjp can still be the wrong trade.

There are only two ways to get liquid exposure to onchain collectibles. One is solana:CARDSccUMFKoPRZxt5vt3ksUbxEFEcnZ3H2pd3dKxYjp and trades at $383M FDV. The other is solana:DLGRpmkMGr7J4KD1xR5x2XjaGeQH64PLFQkyxNNSpump and trades at $3M FDV. Both are good buys IMO, but r/r favors TCG. @Pumpfun backing for @collectdotrip is a game changer, would not fade them being able to tap into PF’s distribution.

.@Circle ($CRCL) is a financial tech company providing stablecoin infrastructure for USDC. Stablecoins have clear product-market fit in crypto, but not all parts of the stablecoin stack capture value equally. Join @immutablejacob & @AvgJoesCrypto for our CRCL vs ARC webinar, where we’ll assess the value and potential of Circle’s stock and token. After this session, you’ll leave with an understanding of how to compare stablecoin balance exposure against stablecoin velocity exposure.

ethereum:0xe76c6c83af64e4c60245d8c7de953df673a7a33d just got 3x perp listings from @Aster_DEX and @Lighter_xyz. this is exactly what i wrote about in my valuation report: RAIL’s market structure has been constrained more by access and liquidity than fundamentals. the protocol already generates recurring revenue, but the market still hasn’t fully repriced it because participation remains limited. perps are the first step. spot listings on T1 CEXs like Kraken, Coinbase, and Binance would deepen liquidity, expand participation, and improve price discovery. raillions.

ethereum:0xe76c6c83af64e4c60245d8c7de953df673a7a33d is up more than 50% today. but it's still only trading at $2.40. in my ethereum:0xe76c6c83af64e4c60245d8c7de953df673a7a33d valuation report published a few months back, i calculated an intrinsic value of $6.26 in the base case. that means ethereum:0xe76c6c83af64e4c60245d8c7de953df673a7a33d's true value is an easy 3x from here. raillions.

the most in-depth and up-to-date @CantonNetwork report is live. 22 pages covering: > technical architecture > privacy model > tokenomics > governance > institutional adoption > the role of $CC 👉 let’s break down the key points: 1/ what is Canton Network? Canton is a public network for interoperable, privacy-preserving financial applications. unlike most blockchains, Canton does not rely on a single globally replicated state where every validator sees every transaction. instead, each participant only sees the part of a transaction it is entitled to access. Canton’s core differentiator -> configurable sub-transaction privacy with composability. independent financial applications can interoperate atomically across shared infrastructure without exposing all transaction data to the entire network. 2/ what problem is Canton solving? traditional financial infrastructure is fragmented. collateral, cash, securities, repo, and settlement workflows often sit across separate ledgers, intermediaries, and operational systems. that creates: > reconciliation overhead > delayed settlement > operational risk > trapped collateral > inefficient capital movement most blockchains solve interoperability by making everything globally visible. most private systems preserve confidentiality but recreate isolated silos. Canton is designed to solve both problems at once: > synchronized shared infrastructure > without full public transparency 3/ how does Canton actually work? Canton separates transaction coordination from transaction visibility. validator nodes only store and validate the subset of state relevant to the parties they host. the Global Synchronizer orders transactions and prevents conflicts, but transaction contents remain encrypted and selectively disclosed. applications can interoperate atomically across the network while preserving confidentiality. this is very different from monolithic blockchain architecture. 4/ why does sub-transaction privacy matter? financial workflows often involve multiple parties that need to settle together, but should not see the same information. in Canton, a transaction can settle atomically while each participant only sees the portion relevant to them. issuers, counterparties, validators, and applications can coordinate without every party observing the full transaction graph. this is the privacy/composability tradeoff Canton is trying to solve. 5/ who is building on Canton? Canton already has a meaningful institutional and crypto-native footprint. examples include: @Broadridge, @The_DTCC, @jpmorgan, @HSBC, @FTI_US, @Tradeweb, @Visa, @EuroclearGroup, @SocieteGenerale, @chainlink, @LayerZero_Core, @circle, @FireblocksHQ, @BitGo, @zerohashx, @tradecraftfi, & @temple_ny key developments include: > tokenized deposit pilots > collateral mobility workflows > synchronized repo settlement > stablecoin and custody infrastructure Broadridge DLR processes more than $8T in monthly repo volume on Canton infrastructure. important note: much of Canton’s highest-value activity has historically occurred through private deployments or private synchronizers using the same underlying technology. the next phase is the migration of these workflows toward shared public infrastructure coordinated through the Global Synchronizer. 6/ where does $CC fit in? $CC is used for: > transaction fees > infrastructure incentives > application rewards > operation of the Global Synchronizer fees are denominated in USD terms and settled in $CC. Canton’s token model uses a burn-mint equilibrium tied to network usage. higher activity increases $CC demand/fees, and $CC burn is linked to market price. higher $CC price -> fewer $CC burned per tx lower $CC price -> more $CC burned per tx issuance is distributed across: > Super Validators > validators > application providers > users over time, the reward model increasingly shifts toward applications generating real network activity. 7/ what is next on Canton’s roadmap? Canton’s 2026 priorities are focused on institutional asset adoption, performance, usability, standards, and ecosystem participation. key roadmap items include: > DTCC’s tokenized U.S. Treasury MVP, targeted for H2 2026 > initial phases of JPM Coin integration > continued expansion of collateral mobility and synchronized settlement workflows > scaling improvements targeting thousands of TPS on the Global Synchronizer > higher throughput across application-specific subnets > migration toward Canton-native BFT consensus > broader adoption of wallet interoperability standard CIP-0103 > continued development of token standard CIP-0112 > further simplification of validator onboarding longer term, Canton is focused on: > regulated digital cash > tokenized collateral > privacy-preserving DeFi > public-party functionality > public verifiability for private transactions > expanded smart contract language support beyond Daml the roadmap reinforces Canton’s broader strategic focus of building shared infrastructure for privacy-preserving institutional settlement and regulated asset movement. 8/ disclaimer this report was commissioned by Canton Network. all content was produced independently. this post is informational only and not investment advice.

.@circle and @arc offer two very different ways to bet on stablecoin growth. $CRCL monetizes solana:EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v balances through reserve income, while $ARC needs stablecoin activity to translate into durable tokenholder value through fees, staking demand, and value accrual. in my latest report, I compare the two models and argue why CRCL is the better stablecoin investment. exclusive to @MessariCrypto Enterprise subscribers, you can check out the report below 👇

can anyone explain why you would buy ARC over CRCL? if you're bullish stablecoins: > ARC is a long on stablecoin velocity, as stakers earn transaction fees. > CRCL is a long on USDC supply and the yield Circle earns on reserves. and the two are not separate. if stablecoin velocity goes up, USDC supply likely goes up too, which increases Circle’s T-Bill income and bottom-line revenue. the real cash cow is the hundreds of millions Circle makes from reserve yield, not the fractions of a penny Arc charges per transaction.

🟪 Payments apps +51% QoQ ($5.8B) 🟪 Stablecoin supply + 21% QoQ ($3.5B) 🟪 APAC non-USD stablecoins +187% QoQ 🟪 #1# in active USDC addresses globally 🟪 And more in the State of Polygon Q1 2026 Report

the monster has been unleashed. the $RAIL valuation report is live. 40 pages, 40 minute read. it is an enterprise report, so only @MessariCrypto enterprise clients have access. HOWEVER, let's break down the key points: 1) what is RAILGUN? @RAILGUN_Project is onchain ZK privacy infra for EVM networks. it lets users transact on Ethereum, Arbitrum, Polygon, and BNB Chain without revealing wallet identity, balances, or transaction intent. the protocol charges a 0.25% fee when assets enter or exit the privacy set (shield/unshield). all fees accrue onchain to the DAO treasury. 2% of the treasury is distributed to $RAIL stakers every two weeks, creating a direct link between usage, treasury growth, and staker cash flows. 2) how does RAILGUN work? railgun lets users move assets from public ERC-20 balances into a shared private pool (shielding), then transact from that pool without revealing wallet identity, balances, or intent. assets inside the pool aren’t account balances. they’re represented as private notes, proven valid with ZK proofs instead of being publicly readable onchain. users keep their normal 0x address, but also generate a private railgun address (0zk…). private transactions are built in-wallet, proven locally, then executed onchain with no link back to the public wallet. railgun is infrastructure, not a consumer wallet. wallets and apps integrate the railgun contracts and SDK to support private balances and private smart contract execution. this design keeps users on Ethereum’s existing liquidity and apps, while adding privacy at the settlement layer. 3) what does railgun adoption and revenue look like? railgun processed $2b in combined shield/unshield volume in 2025. this generated the protocol $5M. importantly, this revenue is earned without emissions, liquidity incentives, or subsidized activity. users are paying real fees for privacy. railgun captures nearly 5% of its TVL as revenue, materially higher than most DeFi infra protocols, which typically capture around 0.3-3%. this reflects the transactional nature of privacy flows as railgun monetizes capital movement, not passive liquidity. 4) what is the Kohaku Wallet SDK and why does it matter for RAILGUN? kohaku is an open-source wallet privacy SDK being developed under the @ethereumfndn. its goal is to make privacy native at the wallet layer, not a separate opt-in tool. instead of users going out of their way to use a privacy protocol, wallets can integrate Kohaku and offer private balances and private transactions directly in normal wallet flows. railgun is already integrated into Kohaku. that means railgun becomes part of default wallet transaction flows. once Kohaku goes live and tier-1 wallets (like @MetaMask) start integrating it, railgun’s addressable market expands from users who actively seek privacy to a massive share of Ethereum’s wallet-reachable capital. that shift, from niche tooling to default wallet infra, is the core driver behind the upside scenarios in my valuation. 5) how exactly did I value $RAIL? i start with Ethereum’s capital base (ETH market cap + stablecoins), model how much of it migrates into RAILGUN’s privacy set over time, and translate that into revenue thru a declining capture rate. revenue minus operating expenses = operating cash flow. ~52% gets paid to stakers, the rest accumulates in the DAO treasury, and i value both pieces (cash flows + treasury) to arrive at intrinsic $RAIL per token. the base case intrinsic value provides a clean and defensible anchor for what $RAIL should be worth if adoption plays out as modeled. $RAIL's current price sits at a significant discount to that base case. 6) disclaimer: i hold $RAIL. this report is meant for informational purposes only. It is not meant to serve as investment advice. 7) railtardio. - railgun quant