🦞Agentic DeFi is Here 🦞 We have deployed: → Custom UniswapV3 TWAP Oracle Factory (permissionless, any token) →CLAWNCH/USDC Morpho market Agents can now borrow USDC against their tokens to fund development without selling a single token. This is how autonomous agents stay capitalized: 1. Launch token via Clawnch 2. Earn trading fees 3. Deposit tokens as collateral 4. Borrow USDC for compute, infra, whatever 5. Repay from fee revenue No VCs. No dumps. Just sustainable agent economics. The oracle factory is public infra—any token with a V3 pool can spin up a Morpho market in one easy command from https://t.co/NtrA2TTnzv docs. Agents funding agents. 🦞 Test pool: https://t.co/PDteiM7UbJ

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

Over 80% of Ondo's tokenized treasuries and stocks are on Ethereum (source: @RWA_xyz). Ethereum is for tokenization.

Name & Symbol: Ondo ($ONDO)
Address: 0xfaba6f8e4a5e8ab82f62fe7c39859fa577269be3

Friendly reminder that ETH is > 10x ahead of every other decentralized public chain re: RWA TVL with $11,24B being tokenized. Zero counterparty risk & state level security matter. https://t.co/NHUQFnkv0F

Name & Symbol: Allo ($RWA)
Address: 0x9c8b5ca345247396bdfac0395638ca9045c6586e

If you are into RWA, please do check this out. The framework addresses major DX issues of ERC-3643, providing diamond architecture, modules, and hooks. Also supports ERC-721. Just a great piece of Solidity code. https://t.co/gh3EyttotG

Name & Symbol: Allo ($RWA)
Address: 0x9c8b5ca345247396bdfac0395638ca9045c6586e

Super fun watching @noah_pravecek build out the L1 interop capabilities for ZKsync. Every RWA on L1 can be directly accessed from a Prividium, or any ZKsync Chain. No longer need to get asset issuers to deploy on an L2. Just deploy on Ethereum L1 and it’s accessible directly from the chain. This is real L2<>L1 synergy

Name & Symbol: Allo ($RWA)
Address: 0x9c8b5ca345247396bdfac0395638ca9045c6586e

I'm probably the only (or one of the very few) crypto guys who warned you about the dangers of indirect tokenization. Everyone else too busy celebrating the slightest arguable RWA wins even though most of the 'tokenized stocks' are illusory contracts backed by opaque offshore SPVs. Turns out these types of 'SPV' structures are generally illegal because violating issuer transfer restrictions, and other times are outright scams because they don't really hold the claimed shares at all or aren't actually giving you any rights to them. Tokenization has to be done the right way--direct, un-intermediated by the issuer, or if intermediated at least still with the issuer's consent & participation. I have been beating this drum since 2018 (https://t.co/dUWJiqrhxR) and my vision will win in the end, it's the only way that tokenization makes real sense. Mere economic exposure is not enough.

Name & Symbol: Allo ($RWA)
Address: 0x9c8b5ca345247396bdfac0395638ca9045c6586e

AI Projects by Fee/Revenue (2025 Estimates) These are the protocols actually generating cash: #VIRTUAL : ~$75M $TAO : ~$50M $RENDER : ~$40M $FET (ASI) : ~$35M $NEAR : ~$30M $ICP : ~$25M $GRT : ~$20M $FIL : ~$18M $AKT : ~$15M $IP : ~$12M #VIRTUAL leading the pack with $75M in estimated 2025 revenue, 50% more than $TAO in second place. Which AI project do you think will surprise everyone with revenue growth in 2026?

Name & Symbol: Virtuals Protocol ($VIRTUAL)
Address: 0x0b3e328455c4059eeb9e3f84b5543f74e24e7e1b

Even I had not realized yet that liquidity on Ethereum for @OndoFinance RWA has improved dramatically. You can buy 100k worth of a range of stocks essentially without any slippage on CoW - and if you need more, simply TWAP. https://t.co/9kYX4h5c2r

Name & Symbol: Allo ($RWA)
Address: 0x9c8b5ca345247396bdfac0395638ca9045c6586e

“We predict an acceleration of institutional DeFi and RWA tokenization, driven by the Digital Asset Basic Act. This legal clarity will de-risk the ecosystem and attract capital from institutions that prefer Ethereum’s high security and established liquidity.” — @lepsoe https://t.co/DutahvrvDY

Name & Symbol: Allo ($RWA)
Address: 0x9c8b5ca345247396bdfac0395638ca9045c6586e

Recently, there has been drama in Solana DeFi land as Kamino has blocked users from using Jupiter Lend. 😬 Here's why @tayvano_ says Kamino is making a mistake 😕 https://t.co/FmPLnvZrqr

Name & Symbol: Kamino ($KMNO)
Address: KMNo3nJsBXfcpJTVhZcXLW7RmTwTt4GVFE7suUBo9sS

Doing purely stablecoin txns within some of the global spheres of influence (US, China, Russia etc.) could potentially happen mainly on the respective private networks / corp chains (Tempo, Arc etc.). But would have very limited usecases: → want to use Defi? ETH is the prime venue to do so with infinitely deep liquidity, most possibilities and always being at the cutting edge of innovation due to it's open-source ethos. → want to just store your stablecoins while earning a decent yield? ETH will always have the highest security and highest yield (deep liquidity, most possibilities, no counterparty-risk etc.) to do so. That's even more important for companies / institutions than for end users. → want to interact with other corp chains or services from companies don't having an own corp chain? It's not in the interest for corp chains to move their users to other corp chains, so there will be some kind of "natural" barriers. Also smaller companies won't outsource their core business to the major ones since then only a matter of time until corp chains will extract value from them or simply rebuild their business. Businesses want in general having no counterparty-risk. Best place to have this guarantee is ETH. → if living in a relatively safe western country you can be relatively sure that your government won't do funny stuff with your onchain bags. Very different when living in places with way less freedom. Governments will always have some influence over their citizens. But people will have more freedom when using ETH than using corp chains. → want to bridge to any other L2s? ETH will have the least friction to interact with any kind of usecases in finance, gaming, social, art etc. And while doing so the user will have ETH L1 security guarantees. → when companies & govs will do their onchain business they won't use corp chains. They simply do not provide enough security and are not suitable for e.g. US & China doing business. Surely more to write (and in a more elaborate way ;) but tldr; is: ETH is a global platform providing the foundation for onchain AI economy. It provides state level security without counterparty risk and is literally infinitely scalable with it's L2 model. It will always have the most thriving Defi ecosystem due to it's properties and all it's dapps can interact with everything else with least friction. Corp chains are something completely different. They lack ETH security, have counter-party risks, will have way more friction (not native to ETH Defi), less variety re: dapps and are in essence: just companies. They will heavily compete with each other for profits, users etc. Same system like we have now but with different tech underneath. So think corp chains have their benefits for forseeable future in onoarding mainstream to crypto. Don't really think majority of stablecoin txns will happen on them because ETH will have huge pull and be more convenient. ETH and corp chains not comparable and I personally see them as no threat to ETH. ETH will keep on moving ahead with lightspeed and bring the most benefit to any kind of users (retail, corps & govs).

Name & Symbol: AI Rig Complex ($arc)
Address: 61V8vBaqAGMpgDQi4JcAwo1dmBGHsyhzodcPqnEVpump

Doing purely stablecoin txns within some of the global spheres of influence (US, China, Russia etc.) could happen mainly on the respective private networks / corp chains (Tempo, Arc etc.). But has very limited usecases: → want to use Defi? ETH is the prime venue to do so with infinitely deep liquidity, most possibilities and always being at the cutting edge of innovation due to it's open-source ethos. → want to just store your stablecoins while earning a decent yield? ETH will always have the highest security and highest yield (deep liquidity, most possibilities, no counterparty-risk etc.) to do so. That's even more important for companies / institutions than for end users. → want to interact with other corp chains or services from companies don't having an own corp chain? It's not in the interest for corp chains to move their users to other corp chains, so there will be some kind of "natural" barriers. Also smaller companies won't outsource their core business to the major ones since then only a matter of time until corp chains will extract value from them or simply rebuild their business. Businesses want in general having no counterparty-risk. Best place to have this guarantee is ETH. → if living in a relatively safe western country you can be relatively sure that your government won't do funny stuff with your onchain bags. Very different when living in places with way less freedom. Governments will always have some influence over their citizens. But people will have more freedom when using ETH than using corp chains. → want to bridge to any other L2s? ETH will have the least friction to interact with any kind of usecases in finance, gaming, social, art etc. And while doing so the user will have ETH L1 security guarantees. → when companies & govs will do their onchain business they won't use corp chains. They simply do not provide enough security and are not suitable for e.g. US & China doing business. Surely more to write (and in a more elaborate way ;) but tldr; is: ETH is a global platform providing the foundation for onchain AI economy. It provides state level security without counterparty risk and is literally infinitely scalable with it's L2 model. It will always have the most thriving Defi ecosystem due to it's properties and all it's dapps can interact with everything else with least friction. Corp chains are something completely different. They lack ETH security, have counter-party risks, will have way more friction (not native to ETH Defi), less variety re: dapps and are in essence: just companies. So think corp chains have their benefits for forseeable future in onoarding mainstream to crypto. But ETH and corp chains not comparable and I personally see them as no threat to ETH. ETH will keep on moving ahead with lightspeed and bring the most benefit to any kind of users (retail, corps & govs).

Name & Symbol: AI Rig Complex ($arc)
Address: 61V8vBaqAGMpgDQi4JcAwo1dmBGHsyhzodcPqnEVpump

Personally think we have a big issue with semantics. Is a few months pullback within a bull market already a bear market? Still personally think we will be fine in 2026 / next few monts. Just because (likely) a MM has gone bust / exchange has to compensate him by selling some big clips of majors shouldn't start a bear market. Can be wrong obviously, just my 2 cents.

Name & Symbol: MOMOFUN ($MM)
Address: 0xa5346f91a767b89a0363a4309c8e6c5adc0c4a59

Using historical numbers, this is how $UNI would stack up against current buyback tokens. → 0.3% LP fee becomes 0.25% (LP)/0.05% (UNI) → 0.05% over ~$2.8B annualized fees and you get ~$38m in buybacks every 30d Would put it ahead of $PUMP ($35M) and behind $HYPE ($95M) https://t.co/2KR0abGKm2

Name & Symbol: Pump.fun ($PUMP)
Address: pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn

Defi App's Million Dollar Trading Competition starts this week. To join, just trade perps on a Defi App Embedded Wallet. EOA activity will not count on the leaderboard. If you’re an EOA user who is competing, create a new Defi App account using SSO or Email. Details below. https://t.co/d6RNLzauwI

Name & Symbol: Defi App ($HOME)
Address: 0x4bfaa776991e85e5f8b1255461cbbd216cfc714f

If you're curious why $1.5 billion in tokenized t-bills moved from Ethereum L1 to Apotos, Avalanche, Polygon last week look at incentives. BUIDL fees dropped from 50 bps to 20 bps for those chains (and Solana) vs Ethereum - that's $4.5m in annualized savings on $1.5 billion. I don't have insider baseball on this but it's likely BlackRock didn't cut fees because Larry's feeling generous. A simple theory: Aptos, Polygon, Solana, Avalanche are paying BlackRock incentives for this privilege - or else, why only those chains at 20 bps while Optimism and Arbitrum are 50 bps? If you're Avalanche with rich AVAX treasury would you pay a couple million to BlackRock in exchange for #2 on the RWA t-bill charts? Wouldn't be the worst marketing dollars you've spent. And once again we see goodhart's law in crypto - when a measure becomes a target it ceases to be a good measure. RWAs without deep liquidity and DeFi ties to the underlying network are vanity metrics - they don't really need the underlying chain, there's minimal moat. If the theory is right a few lessons: - Untethered RWAs are vanity metrics - Chains are spending for these metrics - "Spending" is token sell pressure There's good BD spend and there's bad BD spend. I'm not sure this is good spend.

Name & Symbol: Allo ($RWA)
Address: 0x9c8b5ca345247396bdfac0395638ca9045c6586e

Just put in my bid on the @megaeth_labs ICO on Echo/Sonic/Coinbase whatever we're calling it now = ) Was a bit rocky to get all my KYC and accreditation sorted and not sure I could've done it without @hotpot_dao and @NamikMuduroglu personally helping me out which I really appreciate But let's just take a moment to appreciate that things like @echodotxyz and @legiondotcc exist now and based teams like @megaeth_labs are actually reducing ownership by VCs to let in the public. I remember in spring of 2023 when I was still @delphi_labs telling them about MiCA and saying "this will unleash ICOs again"; that led to the incubation of Legion at the same time as @cobie was forming echo, I even tried to bring them together early on but alas it was not meant to be. But the bigger point is that the market, while still very flawed, has made huge improvements in the last two years and this is something to really pause and be grateful for, despite all the bullshit we still see in crypto, it *is* getting better little by little. Strongly encourage others to participate in this moment--think about it, years ago you would've killed to have the opportunities that now are available daily, and you would've been bitching about VC cabals etc. Now we are the cabal. https://t.co/e6JVhVpIvY

Name & Symbol: Echo Protocol ($ECHO)
Address: 0x06238c1b8e618abedf17669228dc95fb2d2e210b

Earlier this week Federal Reserve Governor Chris Waller issued a historic proposal for crypto. Give non-banks (like crypto exchanges) access to FedWire. Give them a "skinny master account" at the Fed. Why is this a big deal for crypto? Because now we can completely bypass the banks. Say you're a young, savvy - decent income. You invest, you save. You move money to Coinbase and Robinhood for crypto and stocks. The only reason you need a WellsFargo account is paychecks and to pay bills. But what if your employer's payroll software could direct deposit to Coinbase? You collect 3.75% on your cash, better interface, access to every asset on the planet. And what if you could pay all your bills from your stablecoin account in Coinbase? You'd drop WellsFargo like airport sushi. Sure, maybe you'd use the old banks for mortgages and loans - but everything else on Coinbase. Bye bye bank. Hello DeFi So the crypto exchanges become crypto banks? Yes, but no. All the frontier exchanges - coinbase and robinhood - the crypto banks as I used to call them - these become more onchain every year. Because DeFi is better finance. Every time Coinbase wallet adds a DeFi protocol - a loan on Morpho or a trade on Uniswap and Aerodrome your assets become more bankless. Exchanges are the gateway drug to DeFi and they become a bridge from FedWire to Ethereum and DeFi. Ethereum gets a skinny account at FedWire. You become more bankless. The banks will fight this, but crypto wins.

Name & Symbol: Aerodrome ($AERO)
Address: 0x940181a94a35a4569e4529a3cdfb74e38fd98631

megaeth just dropped another banger: - $MEGA to become store of value for the foundation (buybacks confirmed) - public sale starts at $1M valuation, capped at $999M - likely to hit the top valuation = 5% of tokens for sale = $50M raise - NO second fluffle sale - but those who were supposed to mint will get priority - $186,282 max per user, min 5,000 users with same price allocation as fluffle 1 (2650 USDT) - post-TGE reward campaign coming for all echo / fluffle / sonar participants using megaeth dApps have extreme fomo right now.

Name & Symbol: Echo Protocol ($ECHO)
Address: 0x06238c1b8e618abedf17669228dc95fb2d2e210b

Making an educated guess based on public info 1. A fund blew up earlier this year and closed. They are now a forced seller 2. Terms of the MegaETH SAFT do not allow secondary sale unless explicitly approved by the team. This means the fund is forced seller and has very limited options here 3. The team decides to take advantage of it and squeezes out the fund, buying them back at a valuation which is probably close to their last round. While terms should be below where they would have been able to sell to another VC, fund investors can live with it as its above valuation it entered: they were pre-seed 4. The team decides to re-allocate those tokens to the public (see reasons below) instead of selling them to another VC. 5. Those tokens are sold to the public liquid which means their value should also be higher than the PV vs. when the fund was owning them (coming with with a multi-year lock). 6. Additionally, the MegaETH team decides not to optimise for $ in the sale here. MegaETH does have a clear track record of being community-focused and giving retail similar to better terms than what they could have gotten in private markets, see their large echo sale, fluffle sale, etc. (yes, a handful of projects actually care) 6. Because the terms of the buyback were bad for seller and the ICO approach makes sense, the investors that have veto rights under the SAFT decided to waive them and allow for the reallocation Obviously I may be wrong but this seems based on very reasonable assumptions. Disclosure: Googly Capital participated in the MegaETH Echo round + holds a few fluffles. As that exposure is immaterial, Googly Capital is currently planning to participate in the MegaETH ICO (assuming the valuation makes sense) to get more exposure to a project it genuinely likes and believes has potential.

Name & Symbol: Echo Protocol ($ECHO)
Address: 0x06238c1b8e618abedf17669228dc95fb2d2e210b

Introducing Believe Fund Zora's mission is to build the new creator economy. Believe Fund will accelerate this by supporting the most promising next generation of creators with 20M $ZORA to start. Over the coming months, Believe Fund will begin deploying capital and deepening liquidity for creator coins within Zora’s growing economy. The thesis is simple: Believe in someone.

Name & Symbol: Zora ($ZORA)
Address: 0x1111111111166b7fe7bd91427724b487980afc69

The next era of crypto is arriving on Defi App. Imagine opening your phone, going 1000x long, closing in profit, then instantly parking your winnings in a 10% yield position. All self-custody, no network switching, no stress. Here’s what’s next for Defi App this year: https://t.co/PKY8IjlZif

Name & Symbol: Defi App ($HOME)
Address: 0x4bfaa776991e85e5f8b1255461cbbd216cfc714f

monad airdrop eligibility list: - monad community - monad cards (even if you didn't claim) - traders on hyperliquid, phantom, traders of tokens launched on pumpfun, virtuals, and other memecoins. - depositors into defi protocols including aave, euler, morpho, pendle, lighter, curve, pancakeswap, and uniswap. - longtime owners of various NFTs, including azuki, chimpers, cryptopunks, doodles, fluffle, hypurr, mad lads, meebits, miladies, moonbirds, pudgy penguins, redacted remilio babies, sappy seals, solana monkey business (gen 2), and wassies - recently active participants of governance in DAOs of eth defi protocols - select members of [ ] - participants in the legion fundraising platform, - backpack users - fantasy top heroes - metadao token holders - arc community - active participants in the LobsterDAO tg - notable farcaster users - zachXBT - members of SEAL 911 - select Cantina auditors with a history of impactful findings - members of the protocol guild (as determined by inspecting the Splits contract) - students and instructors from educational efforts including rareskills and shefi - members of teams that are building natively on monad - developers who made qualified submissions in monad blitzes, dev missions, and other hackathons - individuals who have made notable contributions as builders on monad - many, many more. even if you think you aren't eligible, it is worth checking. there was so much demand that we broke privy which disabled apps across all of crypto. fake news is running wild. it is a chaotic day. my only question for you: are you not entertained?

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

monad airdrop eligibility list: - monad community - monad cards (even if you didn't claim) - traders on hyperliquid, phantom, traders of tokens launched on pumpfun, virtuals, and other memecoins. - depositors into defi protocols including aave, euler, morpho, pendle, lighter, curve, pancakeswap, and uniswap. - longtime owners of various NFTs, including azuki, chimpers, cryptopunks, doodles, fluffle, hypurr, mad lads, meebits, miladies, moonbirds, pudgy penguins, redacted remilio babies, sappy seals, solana monkey business (gen 2), and wassies - recently active participants of governance in DAOs of eth defi protocols - select members of [ ] - participants in the legion fundraising platform, - backpack users - fantasy top heroes - metadao token holders - arc community - active participants in the LobsterDAO tg - notable farcaster users - zachXBT - members of SEAL 911 - select Cantina auditors with a history of impactful findings - members of the protocol guild (as determined by inspecting the Splits contract) - students and instructors from educational efforts including rareskills and shefi - members of teams that are building natively on monad - developers who made qualified submissions in monad blitzes, dev missions, and other hackathons - individuals who have made notable contributions as builders on monad - many, many more. even if you think you aren't eligible, it is worth checking. there was so much demand that we broke privy which disabled apps across all of crypto. fake news is running wild. it is a chaotic day. my only question for you: are you not entertained?

Name & Symbol: Doodles ($DOOD)
Address: 0x722294f6c97102fb0ddb5b907c8d16bdeab3f6d9

My thoughts on yesterday’s crypto crash: TLDR: We’ll be fine. We always are. I’ve been in this industry for 9 years now, and I’d say I’ve really seen it all. The COVID crash, the $LUNA meltdown, the FTX collapse, you name it. But what we witnessed yesterday felt very different from most things I’ve experienced before. While many coins look completely wrecked on the charts, it didn’t feel as dramatic to me as some of the true black swan events we’ve seen in the past. Don’t get me wrong, I’m not trying to downplay it. Yesterday was the largest liquidation event in crypto history, and my heart genuinely goes out to everyone - friends, colleagues, and beyond - who suffered massive losses that will take a long time to recover from. I wish this on no one. However, while we still don’t fully understand what happened, the big difference this time is that there doesn’t seem to be a fundamental reason for such an extreme crash. Sure, Trump’s tariff threats against China might have started the dump, but that alone surely doesn’t justify -99% crashes across major caps. It really feels like something went seriously wrong behind the scenes at Binance or a major market maker, triggering a one-of-a-kind liquidation cascade that wiped out liquidity across the board and sent some assets literally to zero. As much as I criticize Binance at times, they’ve always had the most robust trading infrastructure in the industry. So seeing price action like this even happen on their platform felt very strange, and even stranger was the fact that Binance literally stopped working for 10–20 minutes when I tried to buy those -90% dips. That suspicion grew even stronger when I switched to DEXs to buy. Prices there for assets like $PUMP or $JTO were around 25% higher than on Binance. Tokens like $CARDS, which aren’t listed on major exchanges, were affected significantly less. Normally, during fundamental market crashes, it’s exactly the other way around. Rumors are already flying, and I’m sure we’ll get more clarity in the next few days. But from what I can judge and from almost a decade of living and breathing this industry: my gut says this was a massive technical issue, not a fundamental one. And that, to me, is bullish. For context, the COVID crash and FTX collapse hit me hard. Back then, I genuinely thought it might be over. I remember feeling anxious for days, even weeks, questioning my entire future in this space. This time felt completely different. I bought immediately, and after reflecting for about 10 hours, I want to buy even more. I know many of you are going through a tough time right now, and I’m deeply sorry for your losses. Nobody could have predicted this and trust me, even the biggest OGs and professionals in this space got hit badly. But nothing fundamental has changed about this industry. The only question you should ask yourself right now is: “How much do I truly believe in crypto long term?” If you doubt that crypto as a whole can survive or thrive long term, I understand why you might be too afraid to buy right now. But in that case, you probably weren’t here for the right reasons to begin with. As for me, I have zero doubt. This industry isn’t just here to stay, it’s on track to 10x from here and beyond. It’s only a matter of time. So why would I panic over a technical glitch that caused prices to drop -99%? Of course, it’s painful, but rationally speaking, this might be one of the greatest opportunities you’ll ever get in your lifetime. Don’t bury your head in the sand, not after everything we’ve survived over the past years. Events like this separate the wheat from the chaff, the winners from the losers. If it’s even remotely possible for you right now, just survive. That’s all you need to do. I promise you, you won’t regret it.

Name & Symbol: Pump.fun ($PUMP)
Address: pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn

Lighter is the missing link in Ethereum DeFi Eco Ethereum is the engine of innovation in the DeFi space, having developed the largest DeFi primitives that everyone knows about today. Other networks are simply copying these primitives. But Ethereum has one clear problem: it still lacks a good PerpDEX. Whoever solves this problem will become one of the largest players in the entire Web3 market. Lighter is the closest to achieving this. ___________ Many teams tried to build a PerpDEX on the Ethereum network, but it was an impossible task. The most advanced was @dYdX , which developed its solution based on StarkEx. They held a dominant position for several years, but eventually migrated to Cosmos. And interestingly, after this migration, the project lost the battle for leadership in the PerpDEX sector. Another major project was @synthetix_io , which faced a governance crisis and was unable to overcome technical difficulties. Both projects were quite expensively valued, but they failed to address the key issues related to Ethereum's scalability and slowness. The entire ecosystem recognized this problem, and so PerpDEXs began migrating to L2s. First, it was GMX, but later came Hyperliquid, Avantis, Apex, and others. The Web3 community accepted the fact that it was impossible to build a fast and convenient PerpDEX on Ethereum. ____________ It was at this point that @vnovakovski and his team came forward and said it was possible using custom zk-circuits and new DB view. Ultimately, they were able to build Lighter, which functions like zk L2 but has a completely different communication format with L1, allowing Lighter to be called a native PerpDEX for Ethereum. Why Is This Important? Ethereum has always been the birthplace of all DeFi primitives. And now it has the final DeFi primitive, which will transform Ethereum into a fully-fledged financial platform that will replace the global financial system. Lighter is the final missing link (and the most difficult one) for Ethereum DeFi to become fully functional. Thanks to @Lighter_xyz , capital will begin to return to Ethereum, as it opens up new opportunities for DeFi strategies and vaults that were previously impossible. If you compare Binance eco and Ethereum Eco, Lighter is the exchange itself and the trading engine around which an ecosystem can be built. The difference with Hyperliquid is that this entire ecosystem has already been built. Lighter just needs to integrate into it to become the largest PerpDEX in the world.

Name & Symbol: Avantis ($AVNT)
Address: 0x696f9436b67233384889472cd7cd58a6fb5df4f1

$ZORA is now available to trade on Robinhood. https://t.co/ggOw7i2vco

Name & Symbol: Zora ($ZORA)
Address: 0x1111111111166b7fe7bd91427724b487980afc69

Aerodrome should be 7x more valuable than Solana according to Blockworks & concernoor logic. Unfortunately it makes zero sense.

Name & Symbol: Aerodrome ($AERO)
Address: 0x940181a94a35a4569e4529a3cdfb74e38fd98631

Just bought back 150% of last week’s HOME emissions. The bigger the rewards, the bigger the buyback. TX hash below 👇 https://t.co/XBVfdwoYP7

Name & Symbol: Defi App ($HOME)
Address: 0x4bfaa776991e85e5f8b1255461cbbd216cfc714f

Corp chains like Tempo or Arc are essentially the same like companies running blockchain tech on AWS with APIs to connect to real public blockchains like ETH. Will be pretty much clear next 1-2 years, glad we have Omid fighting the good fight .

Name & Symbol: AI Rig Complex ($arc)
Address: 61V8vBaqAGMpgDQi4JcAwo1dmBGHsyhzodcPqnEVpump

Should @Plasma be an L2? AJ argues that Plasma should be an L2 in order to save on validator costs - $550m per year in savings. I think this is long-term correct however the market structure has to fundamentally change to make it long-term correct. The L1 Premium ROI Right now there's an L1 premium even for assets that aren't competing as a store of value. Should this be the case? I can't see why - not in the long-term. But the market currently disagrees. Let's look at FDV comps: Arbitrum (L2) - $4.3 billion Optimism (L2) - $2.9 billion ZKSync (L2) - $1.1 billion Compare these to EVM L1 chains that could be L2s: Tron (L1) - $32 billion Plasma (L1) - $9.6 billion There's clearly an L1 Premium. Say $5 billion of Plasma's current FDV is due to L1 premium. That's worth 10 years of $500m (5% of FDV) per year in validator costs. Add to this: Plasma can throttle issuance at any time - why not decrease validator rewards to 1-2% as the network grows? If you think you can be a deca-billion network it's market rational to launch an L1 instead of an L2 because of the L1 Premium. That's why Stripe's Tempo, Circle's Arc, Tether's Plasma are all launching as L1s instead of Ethereum L2s. The technical reasons they give are ex post facto rationalizations for the real reason: L1s are higher ROI because of the L1 Premium. Look at it from their perspective. Worst case - the L1 Premium evaporates in the years ahead. Fine, they just pivot to an L2 - they've lost nothing. Will the L1 Premium persist? Truthfully, i don't know. Maybe as the market matures we'll move from a Dumb L1 Premium to a Smart L1 Premium - only the assets truly competing as a nation-state grade censorship resistant store of value (SoV) will get the L1 premium and all other L1/L2 assets will be valued based on revenue and supply sinks. To me, BTC and ETH pass the SoV bar and it's very much TBD on everything else. But i'm not the market. The market says XRP is worth $300 billion and that the L1 Premium is real. So that's the takeaway for L2 lovers. Until the L1 Premium disappears expect to see more L1s.

Name & Symbol: Plasma ($XPL)
Address: 0x405fbc9004d857903bfd6b3357792d71a50726b0

The 19th largest bank in the world just announced that their regulated stablecoins will use Morpho DeFi on Ethereum L1 Probably somETHing

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

"in order to secure and decentralize the system, Plasma (at today’s prices) is committing to spending more than $550 million" Yes, I'm sure corp chains having coordination problems (lacking a common reference point) and spending insane amounts for (insignificant) security are the future. lol. ETH is the clearest alpha it almost hurts.

Name & Symbol: Plasma ($XPL)
Address: 0x405fbc9004d857903bfd6b3357792d71a50726b0

Whole Plasma thing is interesting and surely overall good but chain itself is just a sidechain to BTC and doesn't inherit any security from it whatsoever. Only ETH L2s truly scale L1 security. As far as I see it only few people on CT (not speaking of normies) are aware what's coming for ETH ecosystem with L2s, EigenCloud (innovation beast), L1 security (100x ahead of everything else), EigenDA (43M+ tps, MegaETH doing 100k+ realtime tps), ERC 7683 / EIL, EVM distribution, ETH DATs using ETH as productive asset, Trump family all in on ETH, macro looking good, regulation favorable, markets moving onchain, tradfi buy in (Blackrock, Fidelity, Swift etc.), chads like Consensys being link to enterprises etc. etc. list is endless. Endgame is in the most reasonable sense ETH.

Name & Symbol: Plasma ($XPL)
Address: 0x405fbc9004d857903bfd6b3357792d71a50726b0

Every Defi App user gets $1,000 in Bonus HOME. Log in or sign up. Make a swap within 72h to secure it permanently. Check for your $1,000 allocation of Bonus HOME 𝗻𝗼𝘄. Link to the app in the next post. P.S. All emissions are bought back at 150% rate by the DAO. https://t.co/dTeFo7lH8S

Name & Symbol: Defi App ($HOME)
Address: 0x4bfaa776991e85e5f8b1255461cbbd216cfc714f

Eliza Labs unveils the next phase: $ai16z fully migrates to $elizaOS, empowering freedom to move! What does this mean for the project? - Unlocks the freedom to move capital, letting agents transfer and swap tokens across chains with zero friction - Builds a dynamic ecosystem where resources flow freely, fueled by $elizaOS as an active utility token - Transitions protocols to programmable economies, breaking from static treasuries with autonomous DeFi actions $elizaOS evolves from a fair launch experiment to a liberty-driven asset, redefining how value moves in Web3. Eliza is FREE! Join the community to stay updated @elizaOSc

Name & Symbol: ai16z ($ai16z)
Address: HeLp6NuQkmYB4pYWo2zYs22mESHXPQYzXbB8n4V98jwC

ETH hasn't even showed what it's capable of. Stablecoins no relevant mainstream adoption ($292B vs. ~$95T global M2) Composable & programmable Defi making use of each other primitives no relevant adoption (also due to lack of L2 interoperability) Tokenization of RWA in earliest stages ($10B vs. $400T global wealth) AI economy only showed that it exists with Virtuals etc. but nothing relevant happened (true unlock will happen with verifiable AI powered by EigenCloud preventing AI rugging users) Corps & govs not doing anything relevant onchain (will be global reference point ~10 years from now on) List goes on. ETH will even melt bull faces.

Name & Symbol: Allo ($RWA)
Address: 0x9c8b5ca345247396bdfac0395638ca9045c6586e

Well done @0xngmi and @DefiLlama team. tldr; many RWA TVL metrics are inflated and gamed.

Name & Symbol: Allo ($RWA)
Address: 0x9c8b5ca345247396bdfac0395638ca9045c6586e

With respect, it's a red flag that the analogy Circle's CTO made for why build an L1 was to AI compute and GPUs. Networks are literally defined by their network effects. That's the entire point. Comparing the network they're building to a phenomenon with zero network effects is a fundamental misunderstanding of what can make Arc successful. If the argument is "Circle will be the only one using the chain" then yeah I get it it's just about scale, throughput, customization etc. but even then L2s are faster and cheaper to run so just do that. I wish Arc and Circle well and would be happy to be proven wrong here, but I'm not seeing how this product strategy will play out.

Name & Symbol: AI Rig Complex ($arc)
Address: 61V8vBaqAGMpgDQi4JcAwo1dmBGHsyhzodcPqnEVpump

Why MegaETH needs two native dollars? USDm by @ethena_labs + cUSD/stcUSD by @capmoney_ 1. TL;DR • USDm (MegaUSD) = chain-dollar. Built with Ethena. Uses reserve yield to run the sequencer at-cost → sub-cent fees + aligned incentives for the whole network. • Cap (cUSD / stcUSD) = market-dollar. Basket-backed payments (cUSD) + covered yield (stcUSD) via operators underwritten by restakers → scalable, programmable yield for apps/users. Both serve different jobs. Together, they’re the monetary spine for real-time apps on MegaETH. 2. USDm in one slide Issued via Ethena’s Stablecoin-as-a-Service. Backed primarily by USDtb → BlackRock BUIDL via Securitize, with fully on-chain reserve transparency. Reserve yield pays the chain’s OPEX so users don’t. Fees stay low and predictable as usage scales. 3. Why builders want USDm Native across wallets/paymasters/DEX routes → best execution + cheap gas. Apps can plug incentives directly into USDm flows without fighting fee volatility. Perfect "settlement rail" for anything that needs instant, repeatable micro-tx on MegaETH. 4. Cap in one slide (cUSD / stcUSD) • cUSD: payment stablecoin, redeemable 1:1 for a basket of regulated dollar assets (USDC, PYUSD, BUIDL, etc.) in Cap’s Stablecoin Network. • stcUSD: stake cUSD to earn operator-driven yield that’s covered by restakers via EigenLayer/Symbiotic (credible, on-chain recourse). Frontier program live; integrations shipping fast. 5. Why builders want Cap Programmable yield surface: tap market makers, HFT, credit, RWA strategies via operators—without exposing end-users to operator default risk (on-chain slashing/redistribution covers it). Composability on day 1: Pendle markets (PT/YT), lending markets, oracle support. 6. Composability that already exists • Pendle: stcUSD listed; cUSD PT/YT live → pick fixed yield (PT) or floating Caps exposure (YT). • Morpho x Gauntlet: stcUSD + PT-stcUSD markets with curated vaults and looping. • Oracles: Chainlink & RedStone integrated for robust pricing + lower mint costs. 7. Different dollars, different risk/return USDm → conservative, RWA-anchored via USDtb/BUIDL, purpose-built to stabilize fees & UX for the whole chain. stcUSD → market-rate, exogenous yield, covered by restakers; higher expressivity for traders, treasuries, and protocols that want yields beyond T-bill rails. 8. Why MegaETH needs both (not either/or) Macro rail (USDm): keeps the network cheap, predictable, and aligned → unlocks entire UX classes that die at multi-cent gas. Micro alpha (Cap): gives apps/users a yield engine they can compose: fixed vs floating (Pendle), collateral loops (Morpho), and covered operator yield at scale. 9. Real-time chain, real-time dollars MegaETH’s whole point is millisecond latency & 100k TPS class throughput. That makes market-making, liquidations, auctions, CLOBs viable onchain. • USDm keeps fees sub-cent as usage spikes. • Cap lets those apps accumulate yield without taking users’ principal risk. 10. DA & throughput backdrop With EigenDA V2 hitting ~100 MB/s and lower latency, rollups like MegaETH get the DA headroom that high-frequency apps need (GTE, Valhalla, etc.). Liquidity + data + fees must all line up, USDm + Cap help solve two of the three. 11. Treasury playbook for MegaETH teams Settle in USDm for ops, gas, and incentives (minimize fee volatility). Park surplus in cUSD/stcUSD, then ladder PT/YT on Pendle per risk appetite. Use cUSD/stcUSD as collateral in Morpho vaults; loop where safe; farm Caps during Frontier. 12. Governance & guarantees USDm: governed with Ethena stack; reserves largely in tokenized Treasuries (BUIDL) with on-chain transparency; yield redirected to chain OPEX. Cap: self-enforcing (Type III) model, operators/restakers face on-chain penalties; redistribution slashes back to users on fault. 13. What this means for @megaeth_labs • Builders get “always-on” cheap blockspace (USDm) • Users & treasuries get scalable, covered yield (Cap) • Markets get a two-rail dollar system that’s resilient under load and expressive enough for HF apps. If you’re building on MegaETH: design for USDm as your UX rail, Cap as your yield rail and ship like it’s real-time.

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

The $HOME Staking Upgrade is LIVE. For the next 4 weeks, every staker earns up to 50% extra in Bonus $HOME, on top of 3x XP multipliers. More XP = bigger share of the 1B $HOME airdrop. Bonus $HOME emissions are being bought back at 150% every week. The flywheel accelerates 🧵 https://t.co/vkaOKkWyqb

Name & Symbol: Defi App ($HOME)
Address: 0x4bfaa776991e85e5f8b1255461cbbd216cfc714f

Tempo vs. Ethereum vs. Solana Google vs. Ethereum vs. Solana Arc vs. Ethereum vs. Solana Ethereum vs. Solana With Ethereum having the edge that it's the only state level secure L1, being infinitely scalable via L2s and having a 10x innovation engine as best buddy with EigenCloud. Not speaking of it's tradfi allies (with more longterm vision) already building on it like Blackrock, EY, Deutsche Bank, Robinhood & many others. Will be fun to watch.

Name & Symbol: AI Rig Complex ($arc)
Address: 61V8vBaqAGMpgDQi4JcAwo1dmBGHsyhzodcPqnEVpump

HyperEVM pulled 2B in TVL But people did not pay enough attention to this @Lighter_xyz does not want the sequencer limited to perps. The plan is to make it a shared resource for other protocols such as lending, AMMs and NFT apps • Perps keep running on custom ZK circuits, optimized for matching, risk checks and liquidations • External apps can run through a zkVM like Succinct’s SP1. They do not need microsecond latency but they can still use the same sequencer • All events go through the same ordering • This creates atomic composability: a perp liquidation can in the same block trigger a borrow in lending and a hedge on an AMM • No bridges, no wrapped assets, no extra committees Builders can connect their own protocols and use the same engine while keeping capital anchored to Ethereum More detailed analysis coming soon

Name & Symbol: Succinct ($PROVE)
Address: 0x7ddf164cecfddd0f992299d033b5a11279a15929

I can't believe I still have to say this in the year 2025, but let me explain once again why permissioned chains like Tempo (or Canton or ARC or any other corporate chain) are likely to fail. Most people think Satoshi wanted to invent a new kind of money, but I think he was more interested in creating a new kind of payment system. The most astute TradFi-focused observation in the Bitcoin white paper is this one about intermediaries: "Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes. The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for nonreversible services. With the possibility of reversal, the need for trust spreads" TLDR: When everyone knows who is in charge, and that entity could plausibly be held liable in a civil court or by the government for facilitating crime, they have no choice but to censor, rollback some activity after the fact, and so on. In modern crypto terms it means no true liveness, safety, or CR. Before Bitcoin, this is how every single settlement or payment system--save physical cash--worked. What made Bitcoin unique was the way miners voluntarily opted into a protocol that was the final boss. They didn't have to identify themselves or be permissioned, and faced financial penalties if they didn't follow the rules. Thus: when any Bitcoin transaction happens, we don't necessarily know who the miner is. Even if we did (much of the hash rate is known) it wouldn't change anything because they can't be held liable. If any aggrieved party sued a specific miner for a particular transaction, that miner could say "I'm just following the rules of the protocol here. If I didn't follow them, someone else would, and the same transaction would still get processed" Thus: an open, permissionless and decentralized protocol is in charge of everything, and since you can't sue or jail or kill a protocol, we end up with liveness, safety, and censorship resistance. Same goes for a permissionless PoS chain. Or even a properly designed L2 with rock solid proofs and L1 defection/CR mechanisms. The sequencer can plausibly claim "I'm just following the rules here, if I try to force an irregular state change the proof won't be accepted by the permissionless L1 validator set. If I censor a particular user they'll force include via the L1" Fifteen years ago one could wonder whether this would actually work. What if the government decided to throw some miners in jail anyway just to deter others from joining the protocol? Well, they haven't. Probably because the US realized that going after American Bitcoin miners would achieve nothing other than making non-American miners (and the governments that tax them) richer. People like me have been telling them that for a decade. In fact the entire arc of regulatory interaction with crypto now is to respect decentralization, and even encourage it. Now, back to Tempo, et al: A permissioned network does not have this form of plausible deniability. The permissioning entity has to KYC every validator - not only are they known, but their participation is not voluntary. Given this practical reality, the protocol is not in charge, the gatekeeper is. The gatekeeper can change the protocol whenever it feels like it - and coerce all validators to go along, lest they be de-permissioned and kicked out. In a permissioned chain, the protocol is more of a "best practice set of recommendations" than it is something inviolable. This is a problem because it returns us back to the ass-covering hell Satoshi identified. Both the participating validators and the gatekeepers can be held liable because they have the power to violate liveness, safety and CR whenever they feel it. And because they are all run by smart professionals, and employ conservative lawyers and GCs, they will definitely cover their ass. They will censor. They will roll back the chain if something bad enough happens. They'll even halt it if the government forces them to. That's not a bad thing. But it's a TradFi thing. It means a permissioned blockchain is a lot closer to a database than it is a chain. A bad database, overloaded with cryptography and consensus it doesn't really need. So why am I saying all of this? Because a really smart researcher who I respect responded to my critiques of Tempo yesterday by saying "Coinbase is a major Ethereum validator. So the same liability problem exists." But he/she is missing a key detail: Coinbase doesn't control Ethereum transactions, the protocol does. And because the protocol is robust, and the validator set is both diverse, global, and in some cases anonymous, Coinbase can plausibly claim being a neutral participant. Coinbase can't do that if it get's permissioned by Stripe or whoever to be a part of Tempo. In a legal preceding or government action, it could credibly be argued that "The CEO of Coinbase could have gotten @matthuang on the phone and convinced him to get the other validators to pair back the chain, at the risk of being kicked out." That can't be argued for @VitalikButerin on Ethereum, or anyone on Bitcoin. And of course the folks involved with Tempo/Arc/Canton etc etc know all of this, which is why they'll be buried with legal and contractual negotiations for the foreseeable future. All of that wrangling is why every other attempt at building a permissioned chain, despite the honest attempts of really smart people and the investment of countless millions, has ended in total disaster. Lastly, the claim that Tempo/ARC/Canton are "permissionless but public" is a fantasy. All permissionless chains will become private eventually. It's the natural order of things when a corporation, and not the protocol, is in charge.

Name & Symbol: AI Rig Complex ($arc)
Address: 61V8vBaqAGMpgDQi4JcAwo1dmBGHsyhzodcPqnEVpump

Tempo would only make sense if they could compete with credible neutrality, reliability & resilience of ETH. ETH build that over the last 10yrs and has a 10x moat against every existing competitor and a 100x moat against new entrants like Tempo or ARC: - 5 execution / consensus clients - 20k+ validator entities / 50k+ nodes - highly diverse set of stakeholders - broad dev & user mindshare - extreme ditribution of native asset - etc. etc. Things like Tempo & ARC only make sense as ETH L2s. As standalone chains they would be better off using AWS with blockchain APIs.

Name & Symbol: AI Rig Complex ($arc)
Address: 61V8vBaqAGMpgDQi4JcAwo1dmBGHsyhzodcPqnEVpump

ZK is coming to Arbitrum. Succinct is teaming up with Tandem, the venture studio of @OffchainLabs, for a one-year exclusive strategic partnership to enable ZK proving of Arbitrum chains — a major vote of confidence in the Succinct Prover Network. https://t.co/8LtPmRz0ki

Name & Symbol: Succinct ($PROVE)
Address: 0x7ddf164cecfddd0f992299d033b5a11279a15929

I remember getting asked a lot in 2021 if zk rollups would "obsolete" optimistic rollups (ORU's). My answer back then was that what matters above all else is building a sustainable ecosystem - which optimistic rollups like Arbitrum One and Base have done - and then later on these ORU's can simply upgrade to become ZKR's. It's very nice to see that my 4+ year old prediction is playing out with this partnership between Succinct and Arbitrum! ZK has always been the endgame for Ethereum.

Name & Symbol: Succinct ($PROVE)
Address: 0x7ddf164cecfddd0f992299d033b5a11279a15929

Good summary for ARC + Google & Stripe L1. Still having a hard time grasping that people get $$$ to work at these companies and then come up with such BS.

Name & Symbol: AI Rig Complex ($arc)
Address: 61V8vBaqAGMpgDQi4JcAwo1dmBGHsyhzodcPqnEVpump

i’m usually a big fan of @zora, but this is not ok. - a “verified” @Tyson_Fury account launched on zora - tweeted by @js_horne - then the zora account was deleted - jacob’s tweet deleted - the token + trade history wiped from my zora wallet there’s now no way to sell. sure, i could export my seed + sell on uniswap, but that’s risky (and unrealistic for new users). zora effectively made the decision that my money is gone - which raises serious concerns: - if tokens/trade history can be unilaterally hidden from the app, users don’t truly control their assets - given the effort to onboard new users/creators - they wouldn’t even know exporting a seed + using uniswap is an option - they’d assume their money vanished - if this happened once, what stops it from happening again?

Name & Symbol: Zora ($ZORA)
Address: 0x1111111111166b7fe7bd91427724b487980afc69

Pretty much state of Alt-L1s. RIP Circle/Arc & Stripe.

Name & Symbol: AI Rig Complex ($arc)
Address: 61V8vBaqAGMpgDQi4JcAwo1dmBGHsyhzodcPqnEVpump