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The Learning Pill ๐Ÿ’Š
@thelearningpill
Curating crypto alfa, insights and new projects so you can make it // Storyteller at @glasscade_xyz Nothing here is financial advice.
1K Following    23.4K Followers
Privacy is a retention primitive. You can bridge assets, but you canโ€™t cheaply bridge secrets. Hence why $NEAR confidential intents volume has: > $234M volume in the past 7D > $909M in the past 30D > $1.65B in all-time volume > TVL has crossed $79M I'm sure CT (& myself) have been beating the drum on the importance of privacy features - transactions in general, but also, what transactions? DeFi recently has confidential vaults, and now perps trading can be confidential by default. I'm expecting similar uptake as confidential intents since the demand for privacy has been proven. (Data: Dune - @NEARProtocol )
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PERPS NOW CONFIDENTIAL BY DEFAULT Open a position from the account you already use, and nobody can tell it's yours. Only on
Privacy is a retention primitive. You can bridge assets, but you canโ€™t cheaply bridge secrets. Hence why $NEAR confidential intents volume has: > $234M volume in the past 7D > $909M in the past 30D > $1.65B in all-time volume > TVL has crossed $79M I'm sure CT (& myself) have been beating the drum on the importance of privacy features - transactions in general, but also, what transactions? DeFi recently has confidential vaults, and now perps trading can be confidential by default. I'm expecting similar uptake as confidential intents since the demand for privacy has been proven. (Data: Dune - @NEARProtocol )
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PERPS NOW CONFIDENTIAL BY DEFAULT Open a position from the account you already use, and nobody can tell it's yours. Only on
Moving on from owning the real underlying stock, we get to the tokenised version, which has picked up serious momentum over the last few years, from minting all the way through to utility. @MEXC offers 200+ tokenised stocks on their spot market, and keeps them fractional, so a high-nominal name never bars your entry. Selected $ONDO tokenised stocks go a step further, backed by corresponding securities held through regulated custodial brokers, and some products open up access outside regular US market hours. That last bit lands hard if you come from crypto, where the market never sleeps and equities have always made you wait for the bell. Understanding the model matters here, because it decides where you sit on the risk ladder when it comes to claims. A few factors worth weighing: > Issuer credibility > Asset-backing > Liquidity depth > On-chain risks that ride along with any token For CT natives this is probably the most familiar product of the set, and the same USDT balance you'd use for RealStocks carries straight over. Next is an upcoming meta I like to call the new era of price discovery. #MEXC0808#
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Futures trading scratch one itch - a view without actual ownership. RealStocks go the other way, and honestly this was the product that caught my attention on @MEXC . > A range of 7,000+ stocks and ETFs, provided through MEXC's partnered licensed broker > You buy and hold the actual shares which is different from tokenised stocks > Eligible holdings can pick up applicable dividends or distributions > Available for specific jurisdictions so you may be the privileged one I can see how this benefits the user who wants to focus on crypto but still want to hold real stocks. This feature would work nicely since the barrier of entry is super low from 5 USDT, and you can DCA via recurring buys. There is still price risk exposure to the underlying stock as with all brokerages/exchanges. What's interesting is that even though MEXC started off as a crypto exchange, it has widened its reach to enabling crypto users to purchase actual stocks. More listings should be in the pipeline as the platform has to remain competitive, which means more digging to go... #MEXC0808#
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Looking very bullish as @Lighter_xyz seems to have a deeper integration with Robinhood Could options be the next pillar since Robinhood users already traded ~$292M in options in Aug (up 50% yoy) I dug myself a rabbit hole to see how it affects $LIT ...more coming soon.
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Vlad (@vnovakovski) reveals that only two months after launch, roughly a third of @lighter_xyz's revenue already comes from its @RobinhoodCrypto instance. "What's interesting, it's not just a clone of Lighter core." "The markets that are more active there, you're seeing more of equity perps, like pre-IPO." "One interesting thing, for those pre-IPO probes, there's actually more activity on the Robinhood instance than the core." "We're seeing open interest trend up, and overall volumes and revenue trend up."
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Looking very bullish as @Lighter_xyz seems to have a deeper integration with Robinhood Could options be the next pillar since Robinhood users already traded ~$292M in options in Aug (up 50% yoy) I dug myself a rabbit hole to see how it affects $LIT ...more coming soon.
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Vlad (@vnovakovski) reveals that only two months after launch, roughly a third of @lighter_xyz's revenue already comes from its @RobinhoodCrypto instance. "What's interesting, it's not just a clone of Lighter core." "The markets that are more active there, you're seeing more of equity perps, like pre-IPO." "One interesting thing, for those pre-IPO probes, there's actually more activity on the Robinhood instance than the core." "We're seeing open interest trend up, and overall volumes and revenue trend up."
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A card that asks you to lock six figures of $XPL for a year should not be growing 359x. Yet @Plasma One did - and its not sign-up churn, users actually return: New users โ†’ 54% Returning users โ†’ 46% A close to parity balance means both customer acquisition and retention engines are working for Plasma One ๐Ÿ‘‡
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A card that asks you to lock six figures of $XPL for a year should not be growing 359x. Yet @Plasma One did - and its not sign-up churn, users actually return: New users โ†’ 54% Returning users โ†’ 46% A close to parity balance means both customer acquisition and retention engines are working for Plasma One ๐Ÿ‘‡
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Moving on from owning the real underlying stock, we get to the tokenised version, which has picked up serious momentum over the last few years, from minting all the way through to utility. @MEXC offers 200+ tokenised stocks on their spot market, and keeps them fractional, so a high-nominal name never bars your entry. Selected $ONDO tokenised stocks go a step further, backed by corresponding securities held through regulated custodial brokers, and some products open up access outside regular US market hours. That last bit lands hard if you come from crypto, where the market never sleeps and equities have always made you wait for the bell. Understanding the model matters here, because it decides where you sit on the risk ladder when it comes to claims. A few factors worth weighing: > Issuer credibility > Asset-backing > Liquidity depth > On-chain risks that ride along with any token For CT natives this is probably the most familiar product of the set, and the same USDT balance you'd use for RealStocks carries straight over. Next is an upcoming meta I like to call the new era of price discovery. #MEXC0808#
Show more
Futures trading scratch one itch - a view without actual ownership. RealStocks go the other way, and honestly this was the product that caught my attention on @MEXC . > A range of 7,000+ stocks and ETFs, provided through MEXC's partnered licensed broker > You buy and hold the actual shares which is different from tokenised stocks > Eligible holdings can pick up applicable dividends or distributions > Available for specific jurisdictions so you may be the privileged one I can see how this benefits the user who wants to focus on crypto but still want to hold real stocks. This feature would work nicely since the barrier of entry is super low from 5 USDT, and you can DCA via recurring buys. There is still price risk exposure to the underlying stock as with all brokerages/exchanges. What's interesting is that even though MEXC started off as a crypto exchange, it has widened its reach to enabling crypto users to purchase actual stocks. More listings should be in the pipeline as the platform has to remain competitive, which means more digging to go... #MEXC0808#
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The TAM stack for $PARE is massive > $1.8T/year in global dividends, grows almost every year, pays out in bulls and bears. > $560B in US Treasuries already sit stripped into principal + coupons > โ‚ฌ72B/year in dividend futures already trades > Pendle did $1B+ deposits on crypto yield alone, and stock yield is larger If I can add some juice to the thesis: Right now @PareStocks lives on @RobinhoodCrypto Chain - what if you seamlessly split the stock on the app? what if it goes beyond the app? Imagine a "collect the dividend, skip the exposure" (or the reverse) toggle sitting inside the @RobinhoodApp itself, next to the buy button. You're combining consumer access + yield on tokenised stock, and if you have an rev split agreement akin to $LIT perps, RH could get another stream of income. Let RH be the testing ground before other chains. The biggest risk right now is Pendle capturing other chain volumes faster than Pare does and drowns it out. Disc: I hold both $PENDLE and $PARE
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Robinhood put the stock market on a chain. We built the dividend market next to it. What PARE is, why it wins, and what it could become. The mechanism, the market, the numbers, and the risks.
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Donโ€™t be too trigger happy while in the Arc trenches (or any other trenches) A few secs of pause and check can save your pf Stay SAFU
โš ๏ธ ๐Ÿšจ If you see this, youโ€™re ONE click away from losing everything Over $1M has been stolen through random sites on Arc A fake Cloudflare verification tricks you into downloading a malware that steals passwords, private keys and more
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Donโ€™t be too trigger happy while in the Arc trenches (or any other trenches) A few secs of pause and check can save your pf Stay SAFU
โš ๏ธ ๐Ÿšจ If you see this, youโ€™re ONE click away from losing everything Over $1M has been stolen through random sites on Arc A fake Cloudflare verification tricks you into downloading a malware that steals passwords, private keys and more
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If you could choose how your token moved, which would you take? A) A 30% return with a 25% drawdown B) A 20% return with a 5% drawdown Most people reach for the higher number. But for DAOs, treasuries and organisations, the drawdown is what decides how much is left for incentives and what you have to explain to stakeholders. That's the part this competition actually tests โ†’ how well you manage the drawdown The new round is live on @Arbitrum. On @TheRiskProtocol, you claim test BTC and ETH, split them into RiskON and RiskOFF, and position for the market you expect. Scoring is 60% P&L and 40% risk control, so how you got the number matters as much as the number. Blow up on the way to a big return and it counts against you. Capital is not at risk cause its on testnet, and you still can earn RISK points while you learn how SMART tokens work.
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A new round of our Trading Competition is live on @Arbitrum. The last round saw tremendous growth in traders, as the prospect of an onchain marketplace for risk continues to resonate strongly across DeFi. Claim your free test BTC and ETH in the app, split them into RiskON and RiskOFF, swap between the two, and position for the market you expect. To qualify, you need $10,000 in testnet volume and should be active on at least three days. If you need Arbitrum Sepolia ETH for gas, the link is in the wallet dropdown on the dApp. You are scored 60% on P&L and 40% on Risk Control, so drawdowns count against you. A trader who made 20% with a 5% drawdown can rank above one who made 30% with a 25% drawdown. The top 100 earn RISK Points when the round closes on 14 October, and your rank determines how many. Every round you do well also adds to your Risk Championship total, the season-long standings that reward the top 10 traders who keep delivering round after round. Those still on the Championship table when the points program ends earn additional RISK Points on top of everything they collected along the way. For the thousands of you already in the competition, the new standings are out: see where you stand in the Risk Championship and who was promoted or relegated at the close of the last round.
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Besides getting early intel, trenching means having the right tools to do your research. @bubblemaps has been one of the pioneers here, and solid work from them as they're switching things up again with a fresh batch of features. > Fresh and trending feeds across a wide range of chains (Arc incl.) > In-app swaps for convenience > Their signature bubble maps for holder distribution That combination makes it a genuine research tool rather than just one more tab open. Highly recommended to add this to your (and my) daily routine to find runners.
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Filter garbage. Find runners. Live now:
It's mainnet day for @arc, and half the timeline is already scrambling to find something to trade before the good stuff moves. First question though: is your USDC even on the chain yet? That's the real bottleneck, the last mile. Circle's CCTP bridge is the safe route, burn-and-mint, no locked collateral for anyone to drain. But it can take around 30 minutes to settle, which is an eternity when a launch round-trips in minutes. @BitgetWallet closes the gap with two bridges โ†’ CCTP for size or its own aggregated route for speed, reaching non-EVM chains like Solana so you cross directly instead of hopping first. Once you're on, there's live charts, launchpad access, and gas paid in USDC through GetGas. Also, if you're looking for speed and broad chain coverage, its all here. None of which saves you if you buy the wrong token. So then what? Discovery is the actual edge. Bitget Wallet's Meme Radar and KOL Call Rankings compress the gap between "something's happening" and "I can see it," which on Day 1 is the whole game. The judgment stays yours. All I can hand you is a toolkit that keeps you looking while the signal still means something.
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Public chains have a structural problem institutions can't design around: every position is visible to competitors and front-runners. That single exposure has kept serious capital parked on the sidelines of onchain yield. $ZAMA's answer is to be the confidentiality layer that sits on top of the venues capital already trusts - akin to the HTTPS layer for public blockchains. In June, they proved the model worked with one confidential USDC vault, curated by Steakhouse on Morpho, and it climbed to the eighth-largest USDC vault on Morpho within weeks. That proof becomes far larger now with 16 vaults, 5 curators, 5 assets, plus the @zama Swap Protocol. Two ways into this opportunity: > Hybrid vaults let you deposit confidential tokens into live, existing strategies, so your position stays off the public record while the risk profile doesn't change > Exclusive vaults unlock net-new products the rails just made possible, including the first confidential WBTC yield vault. Zama swaps close the loop, letting you move between confidential assets without exposing intent. Here's what I think this actually starts. Yield on privacy assets was a demand nobody could serve, because holding privately and earning publicly cancelled each other out. Zama collapses that trade-off. Once one venue proves confidential yield scales, curators follow the capital. This is the first venue of a privacy DeFi meta. I don't expect it to be the last.
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Confidential DeFi at scale, live today. Zama is the fastest growing confidentiality protocol for onchain finance. Today, Zama expands confidential access to 16 curated yield vaults across 5 institutional curators and 5 assets: USDC, USDT, AUSD, WBTC, and tGBP, all deployed on @Morpho. The same trusted curators and strategies that institutional capital already uses, now with confidential entry. Alongside the vaults, the Zama Confidential Swap Protocol goes live. Swap between confidential assets without exposing intent or size. Curated by: Armitage by @wintermute_t, @Bitwise, @flowdesk_co, @RockawayX, @SteakhouseFi Access: @Morpho, @utila_io, @yield_xyz, @zerion Incentives: @pendle_fi, @merkl_xyz With support from: @Tether (USDT), @BitGo (WBTC), @tokenGBP (tGBP), @withAUSD (AUSD) Shield, send, deposit, earn, and swap, all confidentially at:
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This is like staking to get rewards except now its EVEN simpler where you just have to hold: You want $ETH โ†’ hold $ROCK You want $NEAR โ†’ hold solana:6UtY9iTZMQQ5QZVrbzFnNaJntV7oySm9k97mvwnuZcxr You want $ZEC โ†’ hold solana:HcRLc9VDgjLeK154xDawfb1dmVJ98DoSqcwTHGqiDeJR Imagine your miner friends find out you get $BTC drips for holding BTCCAT...they might sell their miners
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$ROCK is outyielding every coin in @Launch0nStonk's top-10 flywheel allocation right now. $10K in each of these tokens: โ†’ $ROCK: $220.00/day (1,315.2% APR, 40.85M% APY) โ†’ $NEARKAT: $159.00/day โ†’ $LEVERCAT: $129.00/day โ†’ $BTC(cat): $127.00/day โ†’ $RAYCAT: $121.00/day โ†’ $KNOTS: $111.00/day โ†’ $PURR: $97.00/day โ†’ $ZCAT (current #1# flywheel share, 59.85%): $32.00/day ROCK isn't even in the 10-flywheel group yet and is already paying more per dollar staked than all of them, at a fraction of their market caps. There's a clear opportunity here.
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"Which is the best Arc launchpad for CT?" Arc's mainnet launch is probably crypto's focus for this week - with traders shifting from Robinhood to start early in the Arc trenches There're already a dozen launchpads following the $PONS / $STONK fee-to-buyback loop. Still interested? Here are some you shouldn't miss ๐Ÿ‘‡ @TollyLabs ( $TOLLY )โ†’ Launchpad + DEX. Tokens skip the curve: full supply goes straight into a permanently locked USDC pool and trades from there @circlewarp ( $WARP ) โ†’ live bonding curve on Arc with about $1.5m traded across ~172 launches, graduates near $69k then burns LP on Warp DEX. @arcpad_meme โ†’ Tokens launch straight onto locked Uniswap V3 from block one; 1% swap fees split to the protocol and creator. @Archemistdotfun ( $ARCH )โ†’ Social launchpad where you can tweet at the bot on X to deploy a token, then trade it on their terminal. @ArcDEXScan โ†’ Arc screener + swap hub with a one-click fair-launch pad (full supply into locked Uniswap V3). Highest launch count on the chain, mixed quality Back to the question - every launchpad has its unique propositions and suit different crowds: > Trade / research Arc memes this week โ†’ Tolly > Want a bonding curve rather than an instant Uni pool โ†’ Warp > Launch from a tweet and farm creator fees โ†’ Archemist > Position for distribution + airdrop into public mainnet โ†’ RadarDEX > Hold the fairest locked-V3 view and wait โ†’ ArcPad Competition is going to be very tough as the speculative layer is already fragmented before mainnet. Which are you trenching on?
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"How to bridge into Arc without the premium?" The common way is via official CCTP for USDC bridge but that's not open to retail yet. I've compiled some options you can take: 1) Expensive and usable What it is: > OTC desks selling native USDC at a markup > You buy genuinely native Arc USDC from a maker who already holds it, and pay a premium for the fact that they can and you can't. > Unstable OTC runs ETH USDC into Arc USDC at a 3% taker fee with a maker-set premium on top. Caveats: > Your real risk is maker delivery and the reclaim timeout. Use this bucket only when you need native USDC now and will accept paying for it. 2) Mid-premium and custodial What it is: > Claim bridges where trust sits with a team vault > Cheaper than a filled OTC clip, because the USDC you end up with is backed by an operator's vault rather than by Circle > The @Longdotsupply stock leg ( $CRCL, $NVDA and similar) uses a 1:1 claim bridge from Robinhood Chain at 1% each way. > The long ETH or WETH leg runs the same bridge with an all-in near 80%, useful mainly as a gas bootstrap since the first transfer over 20 dollars seeds 0.1 USDC of dust. Caveats: > The backing is on-chain but redeemable only if the operator honours it > The instability is operational rather than price-driven: RPC congestion, domain swaps, public vault-withdrawal claims > The premium should compress upon mainnet 3) Advertised cheaper What it is: > A route that advertises a 1:1 rate but settles through a shallow pool, so the pool's balance that hour decides what you actually get out > @ellipsefun ( $GLD, $USDT, $CRCL, $BTC) has you lock on Robinhood, claim on Arc, then sell the pair > There is a daily cap and a queue > Premium depends on pool liquidity - one public test put 150 dollars in and pulled 80 out, an effective 1.88x, with the rate depending on which asset was short at the time Caveats: > When the pool is one-sided the premium is very high, and it only beats the OTC desks when coverage happens to be balanced Across all three, the number moving is the premium, and the premium exists for one reason - which is the get to the trenches earlier. If you can wait, the cheapest bridge into Arc is the calendar. If you cannot, price the workaround honestly - you are paying for time, and you should know which one you actually need and see if its worth it.
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Bullish data on @EthenaPay $ENA Spending volume on it has been compounding on the 7D and 30D period. What makes me lean bullish is also it's mechanism behind it. A 5-6% dollar savings rate (in $USDe) and cashback paid (in $AVAX) on spend gives people a reason to keep balances in the app and route real transactions through the card. Its only mid-month and at this rate it'll likely cross the $1M volume mark by end of the month.
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Top 10 card programs ranked by 7D volume change [8th Sep to 14th Sep] 1) @EthenaPay +137.2% 2) @SafePal +25.5% 3) @bfinancepay +20.8% 4) @avici +16.1% 5) @KoloHub +9.6% 6) @KASTxyz +6.1% 7) @useTria +4.7% 8) @Karta_Personal +3.1% 9) @Plasma One +2.3% 10) @Gnosis Pay +0.6% The spread widened this week. @EthenaPay takes the top spot with +137.2% on 7D, more than 5x the next-fastest program on the board. The launch ramp we noticed last week continues to steepen. @SafePal, @bfinancepay and @avici each cleared double digits, which is a strong week in its own right. Below that the field compresses fast. From @KoloHub at +9.6% down to @Gnosis Pay at +0.6%, the bottom six are clustered in ordinary single-digit gains because that's what an established program looks like on a normal week, while @EthenaPay is still in the part of the curve where the numbers move.
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"How to bridge into Arc without the premium?" The common way is via official CCTP for USDC bridge but that's not open to retail yet. I've compiled some options you can take: 1) Expensive and usable What it is: > OTC desks selling native USDC at a markup > You buy genuinely native Arc USDC from a maker who already holds it, and pay a premium for the fact that they can and you can't. > Unstable OTC runs ETH USDC into Arc USDC at a 3% taker fee with a maker-set premium on top. Caveats: > Your real risk is maker delivery and the reclaim timeout. Use this bucket only when you need native USDC now and will accept paying for it. 2) Mid-premium and custodial What it is: > Claim bridges where trust sits with a team vault > Cheaper than a filled OTC clip, because the USDC you end up with is backed by an operator's vault rather than by Circle > The @Longdotsupply stock leg ( $CRCL, $NVDA and similar) uses a 1:1 claim bridge from Robinhood Chain at 1% each way. > The long ETH or WETH leg runs the same bridge with an all-in near 80%, useful mainly as a gas bootstrap since the first transfer over 20 dollars seeds 0.1 USDC of dust. Caveats: > The backing is on-chain but redeemable only if the operator honours it > The instability is operational rather than price-driven: RPC congestion, domain swaps, public vault-withdrawal claims > The premium should compress upon mainnet 3) Advertised cheaper What it is: > A route that advertises a 1:1 rate but settles through a shallow pool, so the pool's balance that hour decides what you actually get out > @ellipsefun ( $GLD, $USDT, $CRCL, $BTC) has you lock on Robinhood, claim on Arc, then sell the pair > There is a daily cap and a queue > Premium depends on pool liquidity - one public test put 150 dollars in and pulled 80 out, an effective 1.88x, with the rate depending on which asset was short at the time Caveats: > When the pool is one-sided the premium is very high, and it only beats the OTC desks when coverage happens to be balanced Across all three, the number moving is the premium, and the premium exists for one reason - which is the get to the trenches earlier. If you can wait, the cheapest bridge into Arc is the calendar. If you cannot, price the workaround honestly - you are paying for time, and you should know which one you actually need and see if its worth it.
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