Total tokenised equity market cap is about to hit $2b Ondo and xStocks continue to lead the way with Securatize, Dinari and now both Robinhood and Coinbase joining in. It's becoming a compelling distribution strategy for chains like Mantle, Ink and Solana for listing these assets within their ecosystem + getting DeFi integrations for users to come and do more with their assets. I think it was pretty cool to see how SpaceX became pretty much available everything with good liquidity on IPO day and sets the trend for how this will look for future IPOs. Anthropic, OpenAI, Stripe, Tether, Discord, ByteDance, Shien, Revolut etc will all get tokenised with permission-less access, and that in some ways is what I love about crypto. RWAs are left right and centre and now the products are good enough, liquid enough and varied enough that I think it actually now starts to all make sense. You can buy $100,000 of AMZN with sub 10 bps fees, you can ape Franklin Templeton's onchain ETF, you can buy exposure to GPU credit via USDAI, you can buy bond products onchain, you can buy alt-USD fiat, it's really quite a drastic difference to where we were just 1 or 2 years back. Whilst total DeFi TVL is down drastically from ATH, most of that is because of higher prices for BTC and ETH. With RWAs, I think we'll see our biggest opportunity to surpass the 2021 highs. We finally have real tangible assets with value onchain. I'm looking forward to how we can unlock the next use cases of these assets through DeFi rails. I think for this to happen, we're going to need to incentivise and educate users on doing more with their stocks on chain. I think chains like Mantle + Sol look like they're going to do this. The most important is being able to borrow against your collateral - unlock this and DeFi TVL can grow to $1 trillion. Who's going to benefit? The asset issuers who will make revenue from AUM + mint/redeem. The applications who monetise from DeFi usage of the assets on their apps. The chains who can bring users to their chain through the products built on their infra or even better, end up building apps themselves.

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

They're missing one thing I think today's providers across wallets, CEXes, neo-banks and brokerages do a pretty good job serving users. You can trade deep spot liquidity, you can trade perps (often @HyperliquidX) and can easily earn yield (often @Morpho or @aave) and now with @xStocksFi/@OndoFinance the equity layer is introduced. I'd love to see one more financial instrument introduced to the stack: Options They remain some of the most interesting instruments to get convex upside or downside as well as some of the most interesting ways to earn yield. The onchain market is getting significantly better, led by the likes of @DeriveXYZ and @ryskfinance for example (we tried it with @ivx_fi too) and I would just like to see more. Particularly around equities onchain, since we've seen huge success around both spot and perp instruments for equities. An app that has spot, perps, options, yield, and transfers in one especially focused on equities will be very cool.

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

Some pretty big news in the last day or so for some crypto tokens: - Big elephant was the $175m raise with ethereum:0x58d97b57bb95320f9a05dc918aef65434969c2b2, now clearly the leader in the money market scene - Janus Henderson ($480B AUM) has taken a strategic position in ethereum:0x57e114b691db790c35207b2e685d4a43181e6061 with USDe backing diversifying - Starknet rolled out a new privacy layer for token transfers using ZK - Circle launched cirBTC, a new BTC wrapper - $ZEC ironwood upgrade approved - Nado launch tokenised equity collateral for perps using @xStocksFi - New perps markets from Kalshi and Ondo - Citrini mentions $HYPE as an investment thesis idea in recent article - $DRV increase buybacks from revenue from 25% to now 35% - Ondo and xStocks lead the way as tokenised stocks hit 1.4b in AUM - solana:METAwkXcqyXKy1AtsSgJ8JiUHwGCafnZL38n3vYmeta launches a native fund to support launches Noice

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

So we have 3 things going well for us right now: 1. Hyperliquid hyperliquid:native at $73 is a beautiful sight, amazing for the industry. We're seeing some downstream effect now with KNTQ up massively in the last few days 2. TCG season These are ripping straight. The money is flowing here, everything up gazillions, an airdrop or 2 from some big names will make us all even more euphoric. Cough* Phygitals Cough* 3. AI/Privacy Some overlap since the tokens pumping are related. Zcash currently the poster child for privacy generally performing well, as well as Venice, Eigen, Grass, Near. Not the best performance in the last week but still hot and in trend. Outside of crypto, everything is still on fire, seems like stocks are still up only. Send it so much higher

Name & Symbol: Grass ($GRASS)
Address: Grass7B4RdKfBCjTKgSqnXkqjwiGvQyFbuSCUJr3XXjs

& the 'value' of crypto AI coins is.... I love trading the narrative, whether your coin is near:native, ethereum:0x163f8c2467924be0ae7b5347228cabf260318753, ethereum:0xec53bf9167f50cdeb3ae105f56099aaab9061f83, solana:Grass7B4RdKfBCjTKgSqnXkqjwiGvQyFbuSCUJr3XXjs etc Go make some money, don't marry the bag. This is not Google Stock.

Name & Symbol: Grass ($GRASS)
Address: Grass7B4RdKfBCjTKgSqnXkqjwiGvQyFbuSCUJr3XXjs

Tokens I Am Looking At Currently A running list of what's on my radar right now. Mix of things I hold, things I'm researching, and things I just find interesting. Market caps and FDV as of today with a couple of thoughts. Not financial advice, just my watchlist, sorted from highest valuation to lowest. @worldnetwork - $WLD MC: $1.01B FDV: $2.95B - OpenAI IPO narrative trade. @AerodromeFi - $AERO MC: $451M FDV: $912M - Mainnet in July, (wow time flies). - Not 100% convinced Aero will capture a significant amount of Uniswaps LP just yet but I think the 6x gap in valuation will be interesting to monitor. @LayerZero_Core - $ZRO MC: $345M FDV: $1.37B - Battered recently + ongoing unlocks, lost some business + trust. - Has the narrative for the Zero chain EoY. - Currently making only $3m revenue but has aligned token/equity so when fee switch turns out value direct to token. - Just something I'm watching. @pendle_fi - $PENDLE MC: $327M FDV: $539M - Able to benefit from any new financial instrument coming on chain, which includes new credit instruments. We've seen this recently with STRC. - Has sticky TVL and good retention (I find myself using Pendle every month). - New product @boros_fi still growing + is unique and brings in good revenue already. - Recently has had tokenomics changes to make it better for funds to hold. - At $16m annualised holder revenue, this is a 21x multiple. @grass - $GRASS MC: $262M FDV: $447M - Seems like every liquid fund wants to buy this. The revenue is there, why not put it back into the token. - Apparently over $50m in ARR, making this a 5x multiple, probably one of the best around. Not sure if any significant value will go to the token ever. @maplefinance - $SYRUP MC: $236M FDV: $254M - Price quite low, seems to have sticky liquidity. Need to study the token:equity link and how much revenue goes back into the token. @eigencloud - $EIGEN MC: $159M FDV: $390M - Restaking concept is finished, seems like a complete pivot to AI. If VVV can send, then something like Eigen can too. Project darkbloom is a private inference service you can run on your mac. - Currently trades 6x cheaper than Venice. @berachain - $BERA MC: $106M FDV: $218M - Ditched $BGT, cleaner 1 token model. Focus on revenue via this new ERA design. @Nomad_ with a good write up to learn more. - Will follow the startups here closely to see if we can assess how much revenue this chain can make. @DeriveXYZ - $DRV MC: $86M FDV: $129M - Options leader + an app I use often. - Volumes are growing. Revenues at highs. @MetaDAOProject - $META MC: $74M FDV: $74M - I really like the futarchy concept. - Like Zcash, this is something people can 'get behind' and believe in. - Needs more launches and a success story. - A few mill in annualised fees already too. @Kinetiq_xyz - $KNTQ MC: $56M FDV: $201M - Has a couple of business models from LST (I'm less interested here) and their HIP3 market. Since no XYZ token, is a way to get exposure there as $HYPE beta. - Sometimes I think just owning $HYPE is better though. @eulerfinance - $EUL MC: $31M FDV: $35M - Just seems 'cheap' for a lending market with some good tech. - Business case isn't as clear, where is the TVL coming from vs Morpho. Trades at a 50x cheaper val though. @Collector_Crypt - $CARDS MC: $30M FDV: $232M - I like collecting cards, the gatcha system is unbelievably addictive (talking from experience). - Worried about Pokemon markets topping but feels like someone has been saying this every day for 2 years straight. - Business is growing very well and unlocks until Sep are not that bad. @yieldbasis - $YB MC: $24M FDV: $90M - New V3 vaults, even better than before. Trying and pushing to innovate on a new concept for yield generation. - Low enough market cap to double or triple pretty quick. - If BTC pump, volatility will be good fee wise and revenue can grow fast. Now with V3 vaults, shouldn't see underwater vaults as often and that means more admin fees which is bullish for token.

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

Tokens I Am Looking At Currently A running list of what's on my radar right now. Mix of things I hold, things I'm researching, and things I just find interesting. Market caps and FDV as of today with a couple of thoughts. Not financial advice, just my watchlist, sorted from highest valuation to lowest. @worldnetwork - $WLD MC: $1.01B FDV: $2.95B - OpenAI IPO narrative trade. @AerodromeFi - $AERO MC: $451M FDV: $912M - Mainnet in July, (wow time flies). - Not 100% convinced Aero will capture a significant amount of Uniswaps LP just yet but I think the 6x gap in valuation will be interesting to monitor. @LayerZero_Core - $ZRO MC: $345M FDV: $1.37B - Battered recently + ongoing unlocks, lost some business + trust. - Has the narrative for the Zero chain EoY. - Currently making only $3m revenue but has aligned token/equity so when fee switch turns out value direct to token. - Just something I'm watching. @pendle_fi - $PENDLE MC: $327M FDV: $539M - Able to benefit from any new financial instrument coming on chain, which includes new credit instruments. We've seen this recently with STRC. - Has sticky TVL and good retention (I find myself using Pendle every month). - New product @boros_fi still growing + is unique and brings in good revenue already. - Recently has had tokenomics changes to make it better for funds to hold. - At $16m annualised holder revenue, this is a 21x multiple. @grass - $GRASS MC: $262M FDV: $447M - Seems like every liquid fund wants to buy this. The revenue is there, why not put it back into the token. - Apparently over $50m in ARR, making this a 5x multiple, probably one of the best around. Not sure if any significant value will go to the token ever. @maplefinance - $SYRUP MC: $236M FDV: $254M - Price quite low, seems to have sticky liquidity. Need to study the token:equity link and how much revenue goes back into the token. @eigencloud - $EIGEN MC: $159M FDV: $390M - Restaking concept is finished, seems like a complete pivot to AI. If VVV can send, then something like Eigen can too. Project darkbloom is a private inference service you can run on your mac. - Currently trades 6x cheaper than Venice. @berachain - $BERA MC: $106M FDV: $218M - Ditched $BGT, cleaner 1 token model. Focus on revenue via this new ERA design. @Nomad_ with a good write up to learn more. - Will follow the startups here closely to see if we can assess how much revenue this chain can make. @DeriveXYZ - $DRV MC: $86M FDV: $129M - Options leader + an app I use often. - Volumes are growing. Revenues at highs. @MetaDAOProject - $META MC: $74M FDV: $74M - I really like the futarchy concept. - Like Zcash, this is something people can 'get behind' and believe in. - Needs more launches and a success story. - A few mill in annualised fees already too. @Kinetiq_xyz - $KNTQ MC: $56M FDV: $201M - Has a couple of business models from LST (I'm less interested here) and their HIP3 market. Since no XYZ token, is a way to get exposure there as $HYPE beta. - Sometimes I think just owning $HYPE is better though. @eulerfinance - $EUL MC: $31M FDV: $35M - Just seems 'cheap' for a lending market with some good tech. - Business case isn't as clear, where is the TVL coming from vs Morpho. Trades at a 50x cheaper val though. @Collector_Crypt - $CARDS MC: $30M FDV: $232M - I like collecting cards, the gatcha system is unbelievably addictive (talking from experience). - Worried about Pokemon markets topping but feels like someone has been saying this every day for 2 years straight. - Business is growing very well and unlocks until Sep are not that bad. @yieldbasis - $YB MC: $24M FDV: $90M - New V3 vaults, even better than before. Trying and pushing to innovate on a new concept for yield generation. - Low enough market cap to double or triple pretty quick. - If BTC pump, volatility will be good fee wise and revenue can grow fast. Now with V3 vaults, shouldn't see underwater vaults as often and that means more admin fees which is bullish for token.

Name & Symbol: Grass ($GRASS)
Address: Grass7B4RdKfBCjTKgSqnXkqjwiGvQyFbuSCUJr3XXjs

Tokens I Am Looking At Currently A running list of what's on my radar right now. Mix of things I hold, things I'm researching, and things I just find interesting. Market caps and FDV as of today with a couple of thoughts. Not financial advice, just my watchlist, sorted from highest valuation to lowest. @worldnetwork - $WLD MC: $1.01B FDV: $2.95B - OpenAI IPO narrative trade. @AerodromeFi - $AERO MC: $451M FDV: $912M - Mainnet in July, (wow time flies). - Not 100% convinced Aero will capture a significant amount of Uniswaps LP just yet but I think the 6x gap in valuation will be interesting to monitor. @LayerZero_Core - $ZRO MC: $345M FDV: $1.37B - Battered recently + ongoing unlocks, lost some business + trust. - Has the narrative for the Zero chain EoY. - Currently making only $3m revenue but has aligned token/equity so when fee switch turns out value direct to token. - Just something I'm watching. @pendle_fi - $PENDLE MC: $327M FDV: $539M - Able to benefit from any new financial instrument coming on chain, which includes new credit instruments. We've seen this recently with STRC. - Has sticky TVL and good retention (I find myself using Pendle every month). - New product @boros_fi still growing + is unique and brings in good revenue already. - Recently has had tokenomics changes to make it better for funds to hold. - At $16m annualised holder revenue, this is a 21x multiple. @grass - $GRASS MC: $262M FDV: $447M - Seems like every liquid fund wants to buy this. The revenue is there, why not put it back into the token. - Apparently over $50m in ARR, making this a 5x multiple, probably one of the best around. Not sure if any significant value will go to the token ever. @maplefinance - $SYRUP MC: $236M FDV: $254M - Price quite low, seems to have sticky liquidity. Need to study the token:equity link and how much revenue goes back into the token. @eigencloud - $EIGEN MC: $159M FDV: $390M - Restaking concept is finished, seems like a complete pivot to AI. If VVV can send, then something like Eigen can too. Project darkbloom is a private inference service you can run on your mac. - Currently trades 6x cheaper than Venice. @berachain - $BERA MC: $106M FDV: $218M - Ditched $BGT, cleaner 1 token model. Focus on revenue via this new ERA design. @Nomad_ with a good write up to learn more. - Will follow the startups here closely to see if we can assess how much revenue this chain can make. @DeriveXYZ - $DRV MC: $86M FDV: $129M - Options leader + an app I use often. - Volumes are growing. Revenues at highs. @MetaDAOProject - $META MC: $74M FDV: $74M - I really like the futarchy concept. - Like Zcash, this is something people can 'get behind' and believe in. - Needs more launches and a success story. - A few mill in annualised fees already too. @Kinetiq_xyz - $KNTQ MC: $56M FDV: $201M - Has a couple of business models from LST (I'm less interested here) and their HIP3 market. Since no XYZ token, is a way to get exposure there as $HYPE beta. - Sometimes I think just owning $HYPE is better though. @eulerfinance - $EUL MC: $31M FDV: $35M - Just seems 'cheap' for a lending market with some good tech. - Business case isn't as clear, where is the TVL coming from vs Morpho. Trades at a 50x cheaper val though. @Collector_Crypt - $CARDS MC: $30M FDV: $232M - I like collecting cards, the gatcha system is unbelievably addictive (talking from experience). - Worried about Pokemon markets topping but feels like someone has been saying this every day for 2 years straight. - Business is growing very well and unlocks until Sep are not that bad. @yieldbasis - $YB MC: $24M FDV: $90M - New V3 vaults, even better than before. Trying and pushing to innovate on a new concept for yield generation. - Low enough market cap to double or triple pretty quick. - If BTC pump, volatility will be good fee wise and revenue can grow fast. Now with V3 vaults, shouldn't see underwater vaults as often and that means more admin fees which is bullish for token.

Name & Symbol: Euler Finance ($EUL)
Address: 0xd9fcd98c322942075a5c3860693e9f4f03aae07b

Tokens I Am Looking At Currently A running list of what's on my radar right now. Mix of things I hold, things I'm researching, and things I just find interesting. Market caps and FDV as of today with a couple of thoughts. Not financial advice, just my watchlist, sorted from highest valuation to lowest. @worldnetwork - $WLD MC: $1.01B FDV: $2.95B - OpenAI IPO narrative trade. @AerodromeFi - $AERO MC: $451M FDV: $912M - Mainnet in July, (wow time flies). - Not 100% convinced Aero will capture a significant amount of Uniswaps LP just yet but I think the 6x gap in valuation will be interesting to monitor. @LayerZero_Core - $ZRO MC: $345M FDV: $1.37B - Battered recently + ongoing unlocks, lost some business + trust. - Has the narrative for the Zero chain EoY. - Currently making only $3m revenue but has aligned token/equity so when fee switch turns out value direct to token. - Just something I'm watching. @pendle_fi - $PENDLE MC: $327M FDV: $539M - Able to benefit from any new financial instrument coming on chain, which includes new credit instruments. We've seen this recently with STRC. - Has sticky TVL and good retention (I find myself using Pendle every month). - New product @boros_fi still growing + is unique and brings in good revenue already. - Recently has had tokenomics changes to make it better for funds to hold. - At $16m annualised holder revenue, this is a 21x multiple. @grass - $GRASS MC: $262M FDV: $447M - Seems like every liquid fund wants to buy this. The revenue is there, why not put it back into the token. - Apparently over $50m in ARR, making this a 5x multiple, probably one of the best around. Not sure if any significant value will go to the token ever. @maplefinance - $SYRUP MC: $236M FDV: $254M - Price quite low, seems to have sticky liquidity. Need to study the token:equity link and how much revenue goes back into the token. @eigencloud - $EIGEN MC: $159M FDV: $390M - Restaking concept is finished, seems like a complete pivot to AI. If VVV can send, then something like Eigen can too. Project darkbloom is a private inference service you can run on your mac. - Currently trades 6x cheaper than Venice. @berachain - $BERA MC: $106M FDV: $218M - Ditched $BGT, cleaner 1 token model. Focus on revenue via this new ERA design. @Nomad_ with a good write up to learn more. - Will follow the startups here closely to see if we can assess how much revenue this chain can make. @DeriveXYZ - $DRV MC: $86M FDV: $129M - Options leader + an app I use often. - Volumes are growing. Revenues at highs. @MetaDAOProject - $META MC: $74M FDV: $74M - I really like the futarchy concept. - Like Zcash, this is something people can 'get behind' and believe in. - Needs more launches and a success story. - A few mill in annualised fees already too. @Kinetiq_xyz - $KNTQ MC: $56M FDV: $201M - Has a couple of business models from LST (I'm less interested here) and their HIP3 market. Since no XYZ token, is a way to get exposure there as $HYPE beta. - Sometimes I think just owning $HYPE is better though. @eulerfinance - $EUL MC: $31M FDV: $35M - Just seems 'cheap' for a lending market with some good tech. - Business case isn't as clear, where is the TVL coming from vs Morpho. Trades at a 50x cheaper val though. @Collector_Crypt - $CARDS MC: $30M FDV: $232M - I like collecting cards, the gatcha system is unbelievably addictive (talking from experience). - Worried about Pokemon markets topping but feels like someone has been saying this every day for 2 years straight. - Business is growing very well and unlocks until Sep are not that bad. @yieldbasis - $YB MC: $24M FDV: $90M - New V3 vaults, even better than before. Trying and pushing to innovate on a new concept for yield generation. - Low enough market cap to double or triple pretty quick. - If BTC pump, volatility will be good fee wise and revenue can grow fast. Now with V3 vaults, shouldn't see underwater vaults as often and that means more admin fees which is bullish for token.

Name & Symbol: Yield Basis ($YB)
Address: 0xfb93ee8152dd0a0e6f4b49c66c06d800cf1db72d