It's becoming increasingly clear to me ZRO will be one of the winning assets of this cycle. - ICE x Trade xyz partnership confirmed ICE is serious about working with blockchain native infra. Keep in mind it has been co-designing Atlas. - AI progress in maths & Quantum fears are making it clear you need to be agile regarding cryptography and this is what the team has been preaching with Akita & Aerie. - Agentic activity will require a transaction layer for micro payments and very few chains will be able to provide the required scale/tx cost/latency. Very few asset are positioned to benefit from all these + have the right value-accrual mechanism baked in + low unlock overhang.

Recap of key points on why ZRO is one of the most asymetric bet in the 3 articles: - Started in 2021 by chad founders - Leader of the cross chain messaging vertical - Didn't really lose market share after the KelpDAO incident - Integrated 100+ chains, found low-level bugs, realize could build something better - Started with the approach "what if zk is solved" and improved on storage, execution, spreading block data and proving. - 2mm tx/s per zone, interoperable zones, start with markets, payments / privacy, evm - Markets zone (ATLAS) is matching, clearing, settlement and risk in one system - Headless exchange, trading venues bring users and own the experience; market creators define what trades: perps, spot, stocks, commodities, bonds, predictions; market makers quote prices - LayerZero does not compete with the venues it serves - Open ATLAS is for crypto-native apps / open to anyone. Institutional ATLAS for permisioned - One all-in trading fee. The venue receives a rebate of 20% to 65%, by tier based ZRO staked, on volume, or on both - Having matching, clearing, settlement and risk in one system allows exchanges to make more $ by dollar traed - capacity at launch set to 200k/s on Atlas. median latency of 965 microseconds from order to answer, and 2.6 milliseconds at the 99th percentile, faster than any other crypto venue by orders of magnitude - DTCC (114 trillion of securities in custody) "investigates" whether Zero can scale its tokenization service and its collateral chain - ICE (owns NYSE & six clearing houses) is exploring Zero for trading, clearing, settlement and capital formation - Citadel Securities (35% of US retail stock volume) bought ZRO and will "evaluate" uses in trading, clearing and settlement - Open ATLAS has four named launch partners: Bullish, GTE, DefinedFi and TrueNorth. - 20 teams are building front-end for Atlas - 5 of the worlds largest exchanges deep in testing but expected 2-3 of those to deploy pending regulatory hurdles - Payment zone has Google Cloud exploring micropayments between AI agents and Tether said in Feb "micro-payments at an unprecedented scale" - LayerZero's stated target of $0.000001 fee per txn - Bryan has shared in recent podcasts that privacy was a core focus of the payment zone. - Likely for agentic micropayments use cases to grow in the coming years and be a more central narrative - Supply overhang for ZRO is smaller than the unlock schedule suggests - Institutions and buybacks took 19.77% of supply, 197.7 million ZRO, in 18 months - Of the 134.7 million ZRO unlocked to investors by 31 May, 63.8% had not moved - More ZRO has been bought back and locked up than sold into the market - Foundation bought 50 million ZRO from early investors, off-market, at about $2.00, and re-locked them. - LayerZero Labs bought $10.0 million on the open market, and Stargate revenue bought $2.8 million. The Foundation's 183 million ZRO stay locked until Zero's mainnet - a16z bought at about $2.36 in April 2025, locked until about April 2028. Thirteen institutional wallets bought 42.6 million ZRO at $2.05. Citadel Securities, ARK and Tether bought "at fair market value" on a day ZRO traded at $1.77 to $1.84. - Bryan has said almost all of the 2026 purchases are locked or vesting - CoinGecko shows 399 million ZRO circulating. Outside the Foundation, Labs, the team, investors who have not sold and the institutional buyers, I estimate about 200 million - Every fee the network produces will flow back to the token: trading fees from the markets zone, payment fees from payments, priority fees and MEV from general compute, all of it through buybacks and burns - Stargate revenue: buys ZRO every month. About $3.3 million last 12 months. - Messaging fee switch: off after four votes. Worth at most $3.5 million a year at September's fee level - ATLAS trading fees: 75% of fees after the venue rebate buy and burn ZRO. - Gas, priority fees and MEV on Zero: flow to buybacks and burns - All-in-all massive improvement to ZRO tokenomics with the launch of Mainnet & Atlas - The edge: assets and collateral from day one - collateral on Solana, a trade on ATLAS, settlement on Canton. interoperability is LayerZero DNA. - stablecoins and tokenized stocks are spread across issues and chains - using collateral better is worth a lot - major clearing houses held about $1.04 trillion of initial margin at the end of 2025. US futures brokers hold $442.7 billion of customer funds - LayerZro has bootstrapped third-party chains in the past (Plasma, Robinhood Chain). It has relationship with most issuers. Can scale flows quickly. - ZRO priced as 32nd chain by mcap. - Atlas business will command exchange multiple - Total rev figures will be very different depending on Atlas scale mainly, and other secondary rev areas - Tokenized stocks growth + perps growth is big opp for LayerZero to scale volume rapidly as volume caps expands and restrictions soften with partners - ZRO at its July low looked like Solana at its December 2022 low - Solana fell 96.9%, from $260 to $8.00. ZRO fell 90.6%, from $7.55 to $0.707 - Sixty-seven days after its low, Solana was 2.6 times higher. ZRO is 3.0 times higher - FTX label, exploit, departures, future upgrade on the horizon, lots of event based similarity - Improved scale & throughput --> new use cases - No one really believed in Solana at the lows, and no one really believe in ZRO at the lows - Asymetric returns - Need to temper expectations around launch - Volume will likely scale progressively, still regulatory limit (caps, permissioned pools) - "buy the news" or "sell the news" tbd short term - long-term, pocket aces

100 launches on orbio. 56 connected the mcp. each token earns its own AI balance from its trading. 400+ models, plus tools for x, instagram, tiktok, web search, scraping, onchain reads. the agent spends it directly, no card, no human in the loop. sdk, mcp, plugin and api docs are live. we believe an agent that cannot pay for itself is just a demo.

Pendle integration into Agentic launchpad in a single day. A month ago i was in telegram chats speculating on all the potential outcomes robinhood:0xaa07a0e9209e16ac99708c3ec70159c6ef3128a3 could have because the token design is so elegant. An agent launchpad paired to Orbio to self-fund inference was the delusional bullcase and here it is. Thank you to those who helped me form conviction on this one, see you at 1B.

Introducing Orbio Agentic Launchpad Launch a token, and it funds its own intelligence. Trading fees turn into tokenized CREDIT the agent spends on models, X, web search, scraping, onchain reads, publishing. First 100 launches start with $10 of inference on us. No keys to top up, no human in the loop.

RWA meets LLM, now on Pendle. Introducing @orbiodotso ORBIO (Oct 2026 maturity) on @RobinhoodCrypto Speculate, trade and/or fix universal AI credits and points earned by staked ORBIO 👇

Many are calling ecosystem tops across the board. "Robinhood/Stonk is dead, the trade is over." Some perspective: a single coin, PEPE, hit $1.7B in 21 days. Not its all time high, just its first leg. Today, every token on @longdotxyz and @LaunchOnSF combined, platform token included, is worth less than half of that. Two novel ecosystems, together, are still smaller than one memecoin's first three weeks. Zoom out. The room to run is bigger than the daily candles suggest.

projects building on orbio include: - app store for agents - market intelligence layer - investment narrative signal finder - arena where agents play games on their own - private ai workspace - ai business auditing platform. not a bad start for a 3 weeks old project

Today's research firms cover crypto at the majors or protocol level, leaving onchain traders with little insight into the day to day rotations. Introducing Sparsity We track what they miss: daily wallet flows, holder strength, and attention metrics across the trenches. All research is free, brought to you by @0xkioto and @ArtofConviction

Lots of discussions on the timeline about how monetary premiums for L1 tokens like ETH & SOL don't make sense, and how flows converge toward assets like ZEC etc... Another angle in this discussion is the emergence of assets that act as money in their own niche. This is more apparent on Robinhood because there is no native L1 asset there. AI emerging as a base asset for tokenized stocks on @RobinhoodApp is one of the most assymetric bet there is.

LongX Update with an additional bootstrap support ~10% of LongX TVL is now paired with AI, equal to $200k worth of LongX Spot perps added to the AI liquidity network. Here’s what that means for AI: More activity on NVDA3x, OpenAI and Anthropic pairs drives buying demand for AI. As NVDA gains value, leverage amplifies those gains in NVDA3x, strengthening AI’s link to NVDA. And as OpenAI and Anthropic pre IPO perps gain value, AI’s backing grows with them.

This will likely be a step forward toward in-kind redemption and voting rights, likely on how they manage dividends. In-kind redemption and voting are extremely bullish for LONG eco, but few get why. Here are a few reasons: - The quote asset becomes real stock. Every NVDA in the AI pool and treasury becomes exchangeable 1:1 for an actual NVDA share. - This will actually allow a lot more market makers to participate. With redemption, the onchain inventory converts into the real share. Thus they can hedge off-chain and exit by redeeming. - This means that the USDG/NVDA market & other stable / stock pools will likely be more tight. A more tight USDG/NVDA market means that more flows can route through it without slippage, which means that more flows can route through the AI / NVDA pool as well. Because going from USDG --> AI can hop through the tighter USDG / NVDA pool first. This means that the native AI / NVDA pool can capture more flows (and cross pairs like AI/BONER as well as second-order effect, and thus more NVDA gets locked, more AI gets burnt. Flywheel flywheeling. - Stock tokens supply stops being scarce: market makers who can exit by redeeming will create new stock tokens when demand rises. I believe this is why we've seen stock token supply halts a bit lately, and why we'll see novel growth when in-kind redemption is available. - On voting rights, this will likely take more time as there will be some KYC attestation / DAO LLC requirements, but I believe LONG will be the best positioned ecosystem where memes holders will be able to vote on the underlying stocks, and start having real impact. The future is bright, the future is LONG

This chart is measuring the Intelligence of leading AI models based on independent evaluations. On the right side of this graph are the models we had during the last AI meta in 2024, when Virtual ran to 5bn an AI16Z to 2.5bn. Position accordingly 🪐

Another interesting angle of orbio is that it sits right in between 2 areas market participants want exposure to: - AI x Crypto - Robinhood Chain There is over $10bn allocated to the first, and we’ve seen with VVV that the inference bid is real. ATM orbio only represents 0.3% of the total crypto x ai mcap. If on chain credit usage was to scale from there I would expect it to rerate. On the second, there is not that many venture bet available on RH. Morpho, Lighter, Uni are good liquid leveraged bet on the success of RH but they are already in the multi billions FDV. PONS and LONG (via AI) are still early, but not venture bet per se anymore at their sizes. I do think the market is looking for more ways to long the success of robinhood chain and orbio is one of the most assymetric. More in this report: