You’d expect tokenized commodities to favor RFQs or PropAMMs. So why is ~93% of spot DEX volume on CLMMs? Because the category is highly concentrated. Gold dominates the category (98%), @ethereum dominates the flow (90%), and @Uniswap dominates the venue (85%). Market structure follows liquidity.

Some vaults look enough like securities that the SEC can't ignore them. “If it looks, smells and quacks like a security, you can’t just put it on a chain and try to get around it.” – @marcarjoon

Tokenized equities are starting to fragment across RFQs, PropAMMs and CLMMs. My current view is that each market structure is likely to excel in different environments, rather than one universally replacing the others. Offchain liquidity → RFQs DeFi-native composability → PropAMMs / CLMMs Native price discovery → Order Books What am I overlooking? Poke holes in this framework.

Tokenized Equities are moving to RFQ exchanges. - Concentrated liquidity dominated early trading. - PropAMMs had a moment, reaching 50% of volume. - Now, RFQs account for the majority of volume (75%). This is due to a few reasons: 1. Equities are still priced by the underlying stock market, not by onchain-native price discovery. RFQs connect directly to that offchain liquidity more efficiently. 2. RFQ makers can hedge each trade immediately in the real stock. 3. It avoids pre-funding dozens or hundreds of thin pools (a PropAMM needs inventory and pricing infrastructure for every stock–USDC pair). 4. The new distribution channels appear to favor RFQ (xStocks, Titan, etc. ). This is not necessarily evidence that RFQ is universally better than PropAMMs. Rather, that RFQ currently fits the tokenized-equity issuance model better.

Seems like @AerodromeFi is the most capital-efficient AMM. After reading the report by @Dune and @1inch, the key takeaway was that nearly a third of capital doesn't actually help liquidity and, perhaps even worse, earns nothing. It goes on to show that ~85% of capital is underutilized, foregoing ~$150M /yr in fees. Notably, this is an improvement on the 99% seen with previous AMMs. However, my takeaway was that Aerodrome was actually the least idle (thanks to its markets-based incentives design). Regardless, if we want these DEXs to compete on the global stage, more research and experimentation are needed.

Most of the market value in crypto* is actually just tokenized assets sitting onchain. L1s are permissionless networks where anyone can create anything. So I stripped them out to see where the value has accrued. Stablecoins and RWAs account for nearly 80% of the remaining market cap. 20 of the top 100 coins are stablecoins. 3 of the top 10 are tokenized assets. 2 of the top 5 we've all used ($USDC and $USDT). As tokenized stocks, deposits, bonds, and fiat move onchain, that share is headed in one direction - higher.

Everyone thinks crypto is now being driven by RWAs and DeFi... it's not. So what just captured 53% of all daily app revenue? Memecoins. That's the highest share ever recorded (dating back to Dec 2019). More than DeFi summer. More than the NFT boom. More than any previous memecoin frenzy. The market always tells you what users value. And right now, it's attention.

Factor analysis shows that the crypto market has been rewarding revenue *growth* in recent trading windows. Over the past 7 days, the fastest growers (Q1) returned an average of +3% vs protocols whose revenue declined more than 20% (Q5) saw an average return of -4%. That's a +7pp spread in just one week. Even protocols with little or no growth (Q3) outperformed. Fundamentals matter.

Despite the recent selloff, I remain bullish on @pumpcade. I think it'll look obvious in hindsight. The World Cup was just the beginning. After that comes football, baseball, basketball and soccer seasons. Microbetting already accounts for around 40% of wagering volume on major sportsbooks, yet it remains largely untapped in prediction markets today. But the opportunity is much bigger than sports. Anything with a real time API can become a fast resolving market. Esports: -CS2 (Next round winner, total kills, first to plant) -Forza Motorsport (Leader at the end of the lap, fastest lap) Novel Sports: -Horse racing (Will the halfway leader win the race?) -Darts (Will this leg require more than 15 darts?) Random Markets: -Bus routes (Over or under two buses reaching Times Square in the next 5 minutes) -Plane tracking (Which flight lands at JFK in the next 5 minutes?) These markets settle in minutes, are easy to understand and are highly entertaining to watch. The obvious criticism is that none of this creates value until it's on mainnet. That's true. But if the World Cup testnet showed anything, it's that these games exposed real UX and market design problems before users had real money at stake. The team has been quick to iterate and fix them. I'd much rather see that than rush to mainnet, have users lose money because of poor market design, and permanently damage trust. I continue to view solana:Eg2ymQ2aQqjMcibnmTt8erC6Tvk9PVpJZCxvVPJz2agu as a venture-style investment. The execution risk is there, but so is the asymmetry at a $10M FDV.

Since its inclusion in the Ethereum Ecosystem Index, ethereum:0x58d97b57bb95320f9a05dc918aef65434969c2b2 has been the best-performing asset, rising from 1% to over 17% in just ~18 months. There is currently no fee switch, no buybacks but importantly, no conflicts between token and equity either. Just a team with great comms, stellar execution and proven transparency (TTF filings).

Investors are being paid to sit in duration and are rotating toward assets that either compound earnings or lock in yield. That leaves the liquidity-sensitive, non-yielding cohort (gold and BTC) competing for a shrinking pool of marginal capital, and the flow data confirms they are losing that competition.

There are now five Ethereum entities, and I'm not mad about it. Like @fundstrat said last month, Ethereum is too big to be coordinated by a single foundation. The question is execution and how much influence can be gained from a narrower, less-funded EF.

BTC ETFs recorded their worst week since Feb 2025. With nearly $4B in outflows over the last two months, the average $IBIT investor is now down ~40%. Unless these outflows stop, don’t be surprised to see bitcoin:native chop between $50K and $60K in the coming weeks.

Hyperliquid ETFs now hold nearly 2% of all hyperliquid:native. At this pace, HYPE will enter the top 5 largest crypto ETFs by the end of summer (behind BTC, ETH, SOL, and SUI).

I think @MicroStrategy should - Build the cash reserves - Hold rates on $STRC - Sell puts (provides income for dividend coverage and the risk is being forced to buy $BTC) Once the balance sheet is healthier, if the discount still exists then repurchasing is an option.

2nd lowest funding rates ever seen on @HyperliquidX for BTC Last time rates were this low, BTC fell from $65,000 to $54,000. This was during Germany's government BTC liquidation. Germany was offloading ~$3B worth of BTC in a short period of time (people called them dumb and said they'd miss out on billions). Mt. Gox creditor repayments also just began and that stoked additional fears. We've been here before; it's called a cycle.

Spot DEX volume market share since the start of the year: Winners: Base doubled from 9% to 18% HyperCore also doubled from 2% to 4% HyperEVM went from 0% to 3% Ethereum: 18% -> 21% Losers: Arbitrum halved from 6% to 3% BNB down more than a third from 16% to 10% Solana: 41% -> 35% Distribution from @coinbase helps @base onchain activity, and the same can be said for @HyperliquidX and its ecosystem.