New episode with @mfisher10x, CEO & Co-Founder of @katana, is out! We spoke about: - Chain-owned liquidity & yield composition - Institutions entering DeFi & what they need - Whether Katana is still DeFi or something new entirely - The super app vision & more Timestamps: 00:00 Highlights 00:37 Introduction 01:30 Matthew’s Background & Katana 02:48 Building a Chain 04:05 Yield Composition 05:38 Sushi & Morpho 07:57 Gauntlet, Steakhouse Financial & Transparency 10:23 Staking Design 14:07 Governance vs Yield without Homework 16:45 Emissions & Chain-owned liquidity 19:36 Nasib Fathi & NFK Podcast 20:06 Attracted Builders 21:58 Institutions & DeFi 23:57 Katana in 3Y-5Y 25:37 Competition on Perps 28:15 Super App Vision 30:11 Integration of New Primitives 34:22 Risks Beyond Hacks & Bear Markets 36:32 Closing Remarks 37:10 Ending All links are below.

New month, new integration. We are live on @katanaperps. At launch, we are already live with several algorithmic trading strategies that you can use right away: The best opportunity right now is to combine our strategies with the $100k trading competition that is currently live on Katana. They are very generously rewarding volume with hard cash. We have been testing it internally for the last weeks, and rewards from the competition greatly outweigh trading costs. If you combine this with our Surge algos -- they typically create an alpha of $100 - 200 per million in volume -- you are instantly making a profit in today's environment. We have spent around $200 in trading fees over the last few days and are currently receiving over $300 in rewards. You can sign up with our ref code to further reduce your trading fees and increase profitability:

Katana Quests are back. To mark one year since mainnet launch, phase two runs as a monthly prize draw where you earn XP from your onchain activity. Every XP point you earn is one ticket, and 10 winners share a ~$12,500 prize pool 🧵

Interesting thought experiment, if @chameleon_jeff tweeted that $HYPE buybacks were being changed from 99% to 95%, and that 4% of revenue was going to TikTok ads and marketing campaigns (once legal in the US) to onboard more users, would you perceive that as bullish or bearish for $HYPE price? This is actually something I've changed my opinion on over time. I used to think higher % buybacks were strictly better or more "aligned", but it's more nuanced. 99%+ token buybacks probably just isn't realistic for most projects, nor is it ideal. $HYPE permanently raised the bar for what good tokenomics look like, but I don't think teams/tokens should be demonized for not living up to that pretty unattainable standard (and one that even @HyperliquidX may eventually constructively revisit). "Value accrual" back to token should be seen more holistically than just buybacks/burns. Hiring top tier talent is value accrual. Top tier talents needs to eat and get paid at least in some real dollars. OpEx and better infra is value accrual. Can't pay AWS bills in tokens (yet 👀) In $DRV's case, onboarding better market makers for better liquidity, and hopefully more trading volume, and more fees is value accrual. I think $DRV absolutely made the right decision to increase token buybacks from 25% to 35% as they grew, and it communicates to the market the continued intent to do so, but it wouldn't necessarily be bullish $DRV for them to go higher for now if that money is better put towards growth. Huge believer that balance sheets and accounting should be made visible and verifiable on chain so that tokenholders can see how revenue is being spent and to make sure it's being accretive to tokenholders. Token buyback %'s shouldn't be judged on total top line revenue, but post OpEx. There's a very fine balancing act between prioritizing future growth and current token price, as well as communicating to the market how value accrues to the token. At the end of the day we can all want totally programmatic 99%+ token buybacks, and it's been hugely successful for $HYPE and $LIT, but you're still trusting founders to maximize future token value with current revenue at the margins. Sometimes investing in future growth is better than buying back your token, and vice versa.

Grateful for the support we've received in Year 1. In Year 2, Katana moves from opinionation to ownership, focused on revenue and driving value back to our users through our perps-driven flywheel. Upcoming announcements will clarify our vision ⚔️

I hate to rain on everyone’s parade, because I really do believe in tokenizing financial securities on general purpose blockchains. But these stats everyone keeps posting about massive onchain stock volume deserve context. The *vast* majority of onchain stock volume is coming from a handful of AMM pools with swap fees essentially set to zero. That makes it dirt cheap to trade, despite these pools having <$1mn of liquidity. Within these pools, 95%+ of the volume is coming from around 10 bots that just flip a small position back and forth again and again Again, not trying to say onchain equities aren’t a very important development. But any time you see a chart like this for any sort of metric in crypto you should drill down into the data. Almost all crypto stats don’t mean what you think they mean at first glance

To date, Katana has sold ZERO tokens OTC (or to VCs or other private investors for that matter). There is no overhang from investors (!). Reason I post this though is -- I'm not sure what deal that 'connectors' are aiming to broker but it isn't coming from us. Reach out to me directly if you want to talk shop ⚔️

Many builders come and go. Many "stablecoins" come and go faster. Cap is built by OGs who have been around the block long enough to design mechanisms that allow it to scale securely. Excited to have it come to Katana Cap Summer @Benjamin918_ & @defidave ⚔️🧢

High-agency people genuinely believe that reality is negotiable in a "there are always more levers to pull" way. It's about having this bone-deep conviction that if you keep poking at something from different angles, eventually something will give.

Great graphic. Historically builders that have launched products with these protections have had unanswered prayers that the existing market participants would choose them over (higher) yield alone, but I think that changes this year

“Partnering with Token Terminal empowers us to track our performance in a fair & accurate way, while providing a real-time dashboard that’s a great tool for all Katana stakeholders.” - @mfisher10x, CEO at Katana

Every run of exploits forces investment committees to reevaluate the risk-reward. This time its different due to AI. True DeFi TVL is lowest since 2024 Also true (?) Confidence in security (risk) lowest since 2024 DeFi vs TradFi Yield (reward) lowest since 2024 More from @sandmark_news: