The picture is finally getting clearer (which is huge imo)👇 Open systems that prioritise neutrality + the ability for everything to work together create a built in tendency for most of the real economic value to flow toward whoever sits btw the tech and everyday people by offering simplicity accountability and a sense of trust. Which means any protocol that wants lasting commercial strength has to deliberately design ways to capture + hold attention rather than remaining purely technical infra that others monetise on top of.

$GEOD will becoming the precision infra layer for Physical AI. Every autonomous tractor, drone, warehouse robot and surveying system needs centimetre level positioning that standard GPS simply cannot provide and @GEODNET is already the largest decentralised network selling that correction data at commercial scale. ↪ 22K+ stations ↪ Highest fee DePIN at ~$11M ARR compounding 170% YoY 80% revenue buyback currently creates a mechanical floor near $0.11 (well below the $0.18 price) and the multiple has already compressed from 24x to 9.5x while fees roughly 3x'd. This is the only liquid pure play whose fee line is a high frequency consumption tax on the real world deployment of machines. As robot density rises, this data will become mandatory recurring infra. h/t to @Blockworks for the data

Most tokens that exist today are already obsolete cuz they just haven’t felt the full filter yet. Traditional equity is slow. Ownership and cashflows only update at board meetings, quarterly payout, or through lawyers and transfer agents. A well designed token updates those same rights every few seconds enforced by code instead of institutions. That creates a completely different kind of ownership which is always visible, instantly divisible and able to plug into any other protocol without asking permission. This is the real line that separates temporary tokens from lasting ones in my opinion. ➥ In DeFi it means collateral that can move across lending markets, perps and yield strategies in a single transaction while original rights stay protected. ➥ In AI protocols it means ownership of agent outputs, compute credits or model contributions that settle and rebalance continuously. ➥ In neobanks and onchain finance it means revenue shares and deposit claims that auto adjust across dozens of parties with zero middlemen The tokens that survive will be the ones that actually run ownership in real time. They stop being optional extras and become the operating system for claims across any protocol that needs constant, multiparty coordination. Everything built only for hype, fundraising or community incentives will keep fading but doesn't mean they won't make money, they will but the ones that last are going to be the ones where continuous ownership is load bearing for the product itself. I'm filtering these fewer tokens overall and will share it soon here.

I was looking at this buyback execution by @maplefinance and it feels under appreciated right now but this is how the public tiered formula turns monthly revenue into a live commitment device that the market will observe with time. ➥ Over the next 6-12M the public visibility of the formula is going to force a tighter day to day alignment btw the underwriting team’s deal selection and the actual cash returns $SYRUP receives ➥ Any improvement in margins or mix now shows up immediately as a larger buyback instead of disappearing into discretionary reserves ➥ The already elevated utilisation sitting next to the new Robinhood + syrupUSDG distribution channels creates a natural path for revenue to climb into the higher tiers That kind of continuous feedback loop btw credit decisions and token value is rare even in traditional private credit and I think the quiet pressure it creates will start to raise the floor on how the market prices the token more than the absolute size of any single print.

Just pulled the day of month data on @crediblefin August first 9 days volume is already at $36.9M, which is 14× July’s first 9D and 6.4x the first 9D of May, June and July combined ($5.78M) Lifetime cumulative is already at $991M so $1B is just one settlement away. This is a strong crossborder payments business printing actual revenue at ~20bps. August seems to be accelerating before the normal big settlement window and while the China corridor is still offline. All of this at ~$13.5M mcap. $CRED looks undervalued to me. h/t to @artemis for the data

Good coverage man. Lemme share my thoughts on this bear market which are slightly different though in 6 points. 1. This bear market is not mainly about missing buyers/capital. It is about a permanent change in what crypto is allowed to be cuz for the last 10 years crypto sold the dream of building a parallel society with new money/internet/everything and that dream is now dead and people who're still talking like that are either coping or fundraising lol. 2. What is left is much narrower + harder as crypto is becoming specialised financial machinery and nothing more. And we all know pecialised machinery only gets capital when it is clearly better at a specific job than the old machinery which creates a brutal filter most people are still underestimating. 3. The teams that survive the next 3-4 years will be the ones that can prove in numbers they move money, risk or attention more efficiently than TradFi or big tech and this is why the market psychology feels so empty. Earlier people bought coins because they believed in a future larger than finance. That belief is gone for most serious capital. What remains is cold calculation of does this thing actually do a useful job at lower cost/higher speed? 4. The 2nd order effect matters more than the PA here cuz when an industry loses its ideology, two things happen at the same time... - Innovation slows down because fewer people are willing to spend years on work that no longer feels inspiring - The innovation that remains becomes sharper and more dangerous to big existing players, because the people left only solve real problems. 5. We are in the middle of that transition. Many projects are dead because their entire reason for existing was the old ideology and once that ideology lost power, they had no remaining function. 6. In my opinion now the real alpha right now is figuring out which pieces of financial machinery still need better rails and which of those rails can only exist onchain. We should be looking for jobs that are still done badly, then building the narrow tool that does that one job better than anyone else and that is a slower, less exciting and much more durable game.

Good coverage man. Lemme share my thoughts on this bear market which are slightly different though in 6 points. 1. This bear market is not mainly about missing buyers/capital. It is about a permanent change in what crypto is allowed to be cuz for the last 10 years crypto sold the dream of building a parallel society with new money/internet/everything and that dream is now dead and people who're still talking like that are either coping or fundraising lol. 2. What is left is much narrower + harder as crypto is becoming specialised financial machinery and nothing more. And we all know pecialised machinery only gets capital when it is clearly better at a specific job than the old machinery which creates a brutal filter most people are still underestimating. 3. The teams that survive the next 3-4 years will be the ones that can prove in numbers they move money, risk or attention more efficiently than TradFi or big tech and this is why the market psychology feels so empty. Earlier people bought coins because they believed in a future larger than finance. That belief is gone for most serious capital. What remains is cold calculation of does this thing actually do a useful job at lower cost/higher speed? 4. The 2nd order effect matters more than the PA here cuz when an industry loses its ideology, two things happen at the same time... - Innovation slows down because fewer people are willing to spend years on work that no longer feels inspiring - The innovation that remains becomes sharper and more dangerous to big existing players, because the people left only solve real problems. 5. We are in the middle of that transition. Many projects are dead because their entire reason for existing was the old ideology and once that ideology lost power, they had no remaining function. 6. In my opinion now the real alpha right now is figuring out which pieces of financial machinery still need better rails and which of those rails can only exist onchain. We should be looking for jobs that are still done badly, then building the narrow tool that does that one job better than anyone else and that is a slower, less exciting and much more durable game.

I personally align with this take. Because I think he race for frontier intelligence will be about whether the system that produces and distributes that intelligence stays open + permissionless or whether it ends up controlled by a few closed platforms that can ration, monitor and shape it and not about which model leads the benchmarks for the next 2-3 quarters Blockchain is still the only tech we have that can coordinate capital, compute and contribution at scale without needing permission from any gatekeeper and opensource AI at the frontier needs exactly that kind of system. TCP/IP buried a dozen rival protocols we no longer remember, yet the internet still arrived. The same pattern is happening again but this time the stakes are not about money. A world where the intelligence layer is closed by default becomes a surveillance system by design and the West does not win by building higher walls. It wins by shipping the open alternative and letting the rest of the world use it. That alternative is already live... 1. Subnets keep competing to reduce loss, compress models and deliver useful intelligence 2. Hundred-billion parameter work is being trained in the open 3. Performance auctions settle in real time 4. Hospital GPUs are already earning while the machines sit idle overnight Intelligence is starting to look like a resource you can simply draw from a socket, no matter which lab or country produced the latest improvement. Also the incentive design is still being improved, just like every early infra layer but the core system is running, compounding and already delivering real output that closed systems cannot match in openness. For me @bittensor bittensor:native is the clearest working version of that open infra right now.

Crypto card volume hitting $759M/mo looks great on this chart (and I appreciate this) But did you know? For protocols, this is mostly a high failure, low-margin distribution channel cuz it is not a reliable revenue business. ➫ Interchange is too thin in key markets ➫ Cashback turns the product into a subsidized loss leader ➫ Survival depends on fragile 3rd party bank + network relationships that have already terminated dozens of programs And token linked versions are especially brittle cuz the card can keep working while the token goes to 0. The durable +ve revenue only exists in 3 narrow cases👇 1. Scaled custodial platforms extracting real spreads and float 2. Pure infra sitting above the consumer brands 3. Cards run as a secondary feature inside an already profitable exchange or wallet A typical standalone protocol launch should expect break even/losses, elevated shutdown risk in 12–24 months and almost no lasting value accrual to the token. Remember the market is consolidating hard around a handful of winners for now while everyone else is just subsidizing them. If you’re a protocol considering a card business, treat it strictly as a growth and utility tool. Try to control the burn rate and single points of failure or it will not print reliable revenue.

Gm, As you know, I've been researching tokenized equities & RWA projects quite a lot lately. I think it might be the most important narrative of 2026. Well, I found a very interesting contender in this narrative! Today I'm happy to announce that I've joined @DinariGlobal as an ambassador. 🫡 Dinari is building one of the most interesting products in the sector. And are the first to bring regulated tokenized US securities to investors and businesses in the United States! Which is huge because regulation is no easy feat, as you know. Their tokenized equities, dShares, are backed 1:1 by the underlying shares held in regulated custody. This is different from synthetic products that only track a price. → dShares keep a direct connection to the underlying equity, even when they move into permissionless DeFi. And they're now bringing them to Hyperliquid! Starting with SpaceX ($SPCXD), Dinari also became the first to bring real tokenized US equities to HyperCore, opening the door to 24/7 spot equity trading and eventually more DeFi use cases around these assets. I'm also joining the Dinari x Hyperliquid Working Group, which means I'll have direct input on the product, features, user experience, and even which stocks should be tokenized and launched next. So I'll definitely be forwarding community feedback. 🫡 We'll also have a Spaces with the Dinari team coming soon. That's a great opportunity for us to actually contribute to a good project and try to push crypto forward. If you have any questions about Dinari, dShares, tokenized stocks, Hyperliquid, or what you'd like to see launched next, drop them under this post. ↓

From August 2021 through 2023, blockchains captured 90%+ of monthly crypto revenue. By mid-2026, that share dropped to 25%. The new breakdown: 🔸 Finance apps: exceeded 50% in most months 🔸 Consumer apps: steady meaningful share 🔸 Blockchains: down to ~25% 🔸 Physical and crypto infrastructure: rounding errors The economic center of crypto moved from the base layer to the apps running on it. Early cycles were infrastructure-focused because infrastructure was the only place value could accrue. Users paid L1 gas fees because there was nowhere else for the money to go. Ethereum's high fees, Solana's spikes, Bitcoin's security budget drove revenue. As blockchains became cheaper, more scalable, and more reliable, apps could finally support real users and capture their own revenue streams. Finance apps (perp DEXs, lending protocols, stablecoin issuers, trading tools) earn fees from trading volume, not just gas. Consumer apps (memecoin launchpads, wallets, social tools) turn engagement into sustained revenue as they find market fit. The internet followed the same arc. In the 1990s, ISPs and backbone providers made the money. By the 2010s, applications and platforms captured most of the value. Crypto is following that path, faster and with full transparency because everything settles onchain. You can't value L1s solely on the claim that they capture all fees anymore. App-layer protocols have proven that lean teams can generate hundreds of millions in revenue across: 🔸 @HyperliquidX -style derivatives platforms 🔸 @Pumpfun -style consumer platforms 🔸 The wider DeFi stack These products now capture economic surplus that once flowed almost entirely to validators and miners. That diversification is healthy. Crypto no longer depends on one revenue source or one narrative. The infra succeeded, which is why its revenue share fell. Finance and consumer apps now generate the majority. That's where the next decade of value compounds. h/t: @Blockworks

I believe real power starts with how we show up. We should never say no to good chances or talk bad about ourselves and always aim high. Saying this cuz power begins with how people see us and we become what we care about and when others see us as people who get things done, stay practical and know our stuff, they want to join us and that’s how strong connections are formed. Which is how eventually people become influential. As we grow those connections we become the people others look up to by learning from experience, knowing things others don’t or getting really good at what we do. That’s the thing I want to achieve in my life where my influence turns into some real strength and true presence for others.

I saw $CRED at 13M few days back but I entered at $17M. All because @crediblefin business already runs a capital efficient float model as it advances stablecoin liquidity so merchants in remittances, creator platforms and gaming get T+0 settlement without locking their own capital for days. That creates sticky, high friction volume traditional processors simply refuse. At current levels I believe it is still being priced as a speculative ownership paper. Remember it is a regulated MSB with $900M+ processed volume whose net settlement margin is designed to flow to the token under MetaDAO control. Imo the market has not yet connected the operating float to the actual claim structure. h/t to @artemis for the data

The mechanics underneath @pendle_fi have quietly stacked in $PENDLE holders' favour. At the moment the setup is really strong: ➥ Trading cheaper than the average DeFi yield protocol on a price-to-fees basis (11.6x vs 12.25x sector median) ➥ 22% of total supply staked as sPENDLE ➥ Major token unlocks already behind us ➥ 80% of all V2 fees route to PENDLE buybacks under sPENDLE The bid is structural and the catalysts that could compound it are real👇 1. STRC tokenization is already working. ‣ Saturn's sUSDat pool drove a 44% PENDLE rally in 11D as users got onchain exposure to Strategy's 11.5% dividend ‣ apxUSD grew from $13M to $461M onchain mcap in 77D. apyUSD doing the same Strategy's actual STRC ATM authorization is ~$21B with ~$21B in remaining capacity. The $1.16B raise on April 13 was one day's issuance. If they keep printing, this becomes Ethena-scale flow without the funding rate dependency 2. Regulated stablecoin rails shipped in March. USDG (Paxos / Global Dollar) pools went live and crossed $120M. mEVUSD strategy targets EU institutions at 7-12% returns. Compliant institutional yield is no longer a roadmap item 3. The yield gap is the actual moat. CEX flexible earn for large balances are around ~1.5-4%. The spread runs from +2.6pp to +17.3pp. That's a 3-12x improvement on idle stablecoin yield, sitting right next to the largest pool of idle yield-seeking capital in crypto 4. @boros_fi is the 2nd revenue engine. ~$17.2B in cumulative volume since launch. $150M OI today and ~$600k in cumulative fees across 4 revenue streams and still climbing. Fee:OI ratio is at 0.461% annually. The total perp market is ~$132B, if it has 2% capture = $2.6B Boros OI = $12M annual fees, more than doubling Pendle's current 30D run-rate 5. ~$70B sits idle in CEX stablecoin balances earning ~1.5%. GENIUS Act effective Jan 2027 forces exchanges to either kill their earn products or route to a compliant DeFi backend. Pendle's semi-custodial Highway is purpose-built for exactly this. At 5% capture, sPENDLE buyback yield hits 9% annualized. Binance Labs is already an investor. No deal signed yet. Q4 2026 earliest realistic timeline Tokenomics are fixed. Float is locked. Distribution surface expanding. Now Pendle is becoming the discount mechanism for the $100T+ global fixed income market moving onchain. This one is forming one of the cleanest DeFi setups going into the H2 of 2026. h/t to @EntropyAdvisors @DefiLlama for the data

The perpDEX sector has 6-7 protocols fighting over the same orderbook market and @variational_io is the 7th fighting on completely different ground. Hyperliquid leads the orderbook race with $176B in monthly volume. While Aster, Lighter are all competing on the same axis underneath it i.e faster execution, tighter spreads, more listings. Variational isn't in that race because it doesn't use an orderbook at all. Its model is called RFQ (Request for Quote). The protocol runs its own MM called the OLP, which quotes every trade and hedges it across Binance, Bybit and OKX in real time. There's no public orderbook and no need for 3rd party LPs. What this opens is 👇 ➥ 450+ markets Most perpDEXes can only list 50-150 perps because each market needs LPs willing to make two-sided quotes. Variational doesn't have that constraint, so it can list any asset that trades on a major CEX. ➥ Institutional flow Variational also runs a Pro desk for OTC block trades, where multiple market makers compete to fill large orders that an orderbook can't absorb without slippage. This is a customer base (like funds, prop desks, professional traders moving size) that Hyperliquid and Lighter don't target. They built this product because they ran the exact workflow at Genesis trading before going onchain. Here's where it stands today: ‣ $16B in 30-day volume ‣ $800M+ in OI ‣ ~$105M in settlement pool TVL ‣ May is averaging $543M/day, slightly above April's pace, which shows the pre-TGE volume floor is forming rather than continuing to decay Note Variational doesn't charge a protocol fee. Revenue flows through the OLP's bid-ask spread on every trade. ➢ At an estimated 1 bps spread on $15B monthly volume (1 bps = $1 of spread per $10K traded), that's roughly $18M in annualized gross revenue ➢ If protocol treasury takes 20% of that ($3.6M/year) and tokenomics route 30% of treasury revenue into $VAR buybacks (~$1.1M/year at current volume) It still looks small because it is. Here the trade isn't current revenue, it's the post-TGE scaling. If volume runs $20B/month at 1.5 bps (a realistic assumption if Pro desk institutional flow converts), gross revenue goes to $36M/year. 1. Treasury revenue will be ~$7.2M 2. Annual buybacks will be ~$2.2M 3. Buyback yield at $300M FDV would be ~0.7%. At $800M FDV: ~0.3% For context Lighter does $40B monthly at $33M annualized fees on a ~$2.7B TGE FDV. That's roughly 80x P/F. Variational at $800M FDV with $18M annualized spread revenue is ~44x P/F. Which makes it cheaper on entry, with more revenue vectors above. Rn Variational does $16B in monthly volume on $11.8M raised. Lighter does $40B on $89M. That's 3x more productive on a fraction of the funding. Still pre-TGE. The airdrop will be the entry point. The architecture and the revenue scaling are why the seat may keep compounding after the airdrop is paid. h/t to @DefiLlama @EntropyAdvisors for the data