- ATHs in options volumes - 8x YoY volume growth - 5x YoY fees growth - ~90% onchain options market share Incredible to see people discover Derive v2 after nearly 3 years in production. But v3 is near, and it is lightyears better than v2. We have taken all of the learnings of 5.5 years operating at the bleeding edge of internet finance and poured it into v3. It incorporates everything we’ve learned from traders, market makers, builders, and the markets themselves. I can't wait to show you what we've built. In the meantime, please keep the feedback coming (traders, builders and MMs) - we aren't perfect but we will work hard to address issues as quickly as we can. Grateful to all those who have believed in us to this point, we have much more to prove.

Ethena is partnering with @Binance as our first venue for the extension of the basis trade into equity perpetuals, one of the most exciting updates to the USDe collateral backing since launch. This expands the addressable market of underlying collateral from $2.5 trillion of crypto to $150 trillion+ of real-world assets. As part of the partnership, bStocks will serve as tokenized spot collateral, hedged with Binance USDT-denominated equity perpetuals - the same delta-neutral structure Ethena has securely executed across crypto assets since inception. Importantly, Binance provides lower ADL priority for eligible delta-neutral accounts including Ethena's, adding another layer of risk mitigation for USDe holders. Binance equity basis has averaged ~11%+ annualized over the past 6 months, while open interest has grown on average ~30% per month in the last 3 month period. We expect the market opportunity size for equity perpetuals to far exceed the $15b+ of crypto perpetuals captured by Ethena last cycle. Allocations begin today.

A new governance proposal to increase the allocation of protocol revenue to DRV buybacks to 50% is live on the Derive forum. Community members can review the proposed increase and share their views. Read the proposal and join the discussion:

🚨 META JUST UNVEILED THE VR GLASSES 100 grams on your face - about the weight of a deck of cards. Meta says it has “the best display system that we have ever made,” and people in the demo were literally saying “it is like a computer” and “you could edit a whole movie just using the table.” As Mark explained this is cinema, computer, and a game console all in one, with 3D space, virtual screens, hand occlusion, and DisplayPort over USB-C. James Cameron’s reaction is probably the best quote in the whole segment “I’m inspired by what you’ve created. I’d like to see my work in these glasses.” I am completely one shotted these look amazing!

Largest loan in the book yet. $128.9M for 32 NVIDIA GB200 NVL72 (2,304 GPUs) in BC, Canada. Backed by an investment-grade offtaker: a high-credit-quality customer contracted to purchase the compute capacity. 6.5% in escrow. 9% once funded. 3-year term.

infiniFi has raised an additional $3M+, bringing total funding to over $6M as the protocol approaches its Q4 2026 TGE. In just over a year, infiniFi has already generated more yield than it has raised in outside capital.

Why I spent $1 million on a PSA 10 1st Edition Charizard: Because it’s sick. And it’ll be sick in 25 years too. I've been in the collectibles space for a long time, and it's clear there’s still so much room for growth. When I think about what I want to own for the next 10, 20, 30 years, Pokémon cards top that list. And this Charizard is the purest expression of my belief in this community. First Edition, Shadowless, Base Set, Gem Mint 10, clean 6 cert. There's no better version of the thing I wanted as a kid. There aren’t many things I could spend money on that I'm confident I’d still love in 2050, but this is one of them. I think there’s still a lot to improve in this space, and I’m building something to bring this vision to life. If you’re a fellow collector or builder in the space, dm me and follow @TCXcards.