felix protocol runs $170m as morpho's 5th largest vault curator pulling $5-7m annually from performance fees. market values them at $74m thinking they're just a hyperliquid money market. they're extracting 10% fees on 30-40% yield outperformance across 7 vaults. bitwise just entered as competitor with $15b aum. felix has 3-6 months before curator economics compress forever.

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

solomon labs' usdv runs the same delta-neutral stablecoin model that took ethena to $2b tvl. $3m market cap on solana for 8-12% yields from funding arb. held peg 87 out of 90 days through december chaos and january correction. perp funding on jupiter and drift stays elevated above 10% annualized. they're capturing carry trades that tradfi runs at billions in scale. avici integration just went live for automatic yield distribution. $3m for proven infrastructure that ethena validated at 600x the valuation.

Name & Symbol: Drift ($DRIFT)
Address: DriFtupJYLTosbwoN8koMbEYSx54aFAVLddWsbksjwg7

berachain unlocks $206.5m in 7 days into a $90m market cap. infrared finance captured $300m tvl farming their pol emissions and now launches their own token instead of holding bera. when your biggest liquidity provider exits before your unlock, that's not capitulation. that's insider knowledge executing.

Name & Symbol: Infrared Finance ($IR)
Address: 0xace9de5af92eb82a97a5973b00eff85024bdcb39

aleo trades at $90m market cap down 94% from october. circle launched usdcx privacy stablecoin on their mainnet today. coinbase runs 73% of network validation earning 9% apr through paxos usda staking. the only privacy project that got invited to sec roundtables instead of banned like zcash.

Name & Symbol: Aleo ($ALEO)
Address: 0x6cfffa5bfd4277a04d83307feedfe2d18d944dd2

aerodrome generates $134m annual fees controlling 46% of base's defi. trades at 2.4x revenue. uniswap trades at 15x doing less volume. aero processes $200b yearly volume, distributes 100% fees to veaero lockers, and coinbase's dex feature runs on their pools. not on binance yet.

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

dolomite hit all-time high borrows january 20 at $23.4m market cap. borrowers pay real interest and take liquidation risk. not tvl games or incentive farming. actual capital deployed for leverage. token down 94% from october peak. market pricing it like dead protocol. usage metrics say different story

Name & Symbol: Dolomite ($DOLO)
Address: 0x0f81001ef0a83ecce5ccebf63eb302c70a39a654

base has no token but captures 70% of all L2 fee revenue with only 6.7m users. aero controls most of base's $4.5b tvl and became the unofficial ecosystem token by default. $16.5b weekly dex volume flows through aerodrome. coinbase gets the fees but aero gets the liquidity premium

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

ondo finance deploying $2b in tokenized stocks and bonds to solana. state street already committed $200m as anchor investor for their new money market fund. february 3rd ondo summit has jpmorgan, goldman, blackrock, fidelity all showing up. when dtcc sends their global head of digital assets to your event you're not pitching anymore. you're onboarding. ondo token only $1.65b market cap routing $2b through their infrastructure

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

https://t.co/31ZmEI0BSv bought back $250m worth of $pump tokens using 100% of protocol revenue. token still down 60% from ico price. $637m revenue in 2025 ranked third in all crypto behind tether and circle. 99.26% of tokens launched never graduate to raydium. wintermute dumping into the buybacks. when your business model profits from user losses and insiders front-run every launch through mev extraction, no amount of buybacks fixes it. 6x price-to-fees looks cheap until you realize the game is rigged at the infrastructure layer

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

doodles token pumped 10x on upbit listing to $41m market cap. their doopies nft mint failed at 33% capacity with only 24% of eligible holders claiming free allocation. when your community won't take free nfts but koreans pile into your token, the market just told you liquidity beats loyalty. every blue chip racing to tokenize gets it now.

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

crypto fight club refunded $199m from their ico then launched at $250m fdv with $299k circulating. that's 99.88% of supply locked. robinhood listed it january 22. when you remove ico dumpers and compress the float this tight, a single $50k buy moves price 15%. fight at $0.0003 is either going to $0.001 or $0.0001. no middle ground exists with this float structure.

Name & Symbol: FIGHT ($FIGHT)
Address: 0xb2d97c4ed2d0ef452654f5cab3da3735b5e6f3ab

morpho crossed $1b active loans on base. steakhouse usdc vault alone holds $400m. 10x growth year over year. this isn't yield farming, it's structured credit. peer-to-peer matching gives both sides 20-30% better rates than aave. base capturing 70% of l2 revenue makes morpho the only institutional credit layer that matters. coinbase has 108m users. even 1% migration puts morpho at $10b+.

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

ondo dumped 53% into a 1.9b token unlock worth $640m. blackrock, jp morgan, goldman sachs and 18 other banks attending their february 3rd summit in new york. sec chair atkins confirmed attendance. $1.6b tvl generating $80m annual yield at 4.64b fdv. unlock sellers exhausting into the exact moment tradfi shows up

Name & Symbol: TokenFi ($TOKEN)
Address: 0x4507cef57c46789ef8d1a19ea45f4216bae2b528

hyperliquid's felix protocol lets you borrow usdc against ondo's tokenized treasuries. deposit ousg yielding 5%, borrow at 7%, deploy into hyperliquid perps at 20% funding rates. institutions get leveraged exposure without selling treasury positions. $650m in ondo tvl ready to rotate through this mechanism once mainnet launches.

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

aster hit $6.56b daily volume, now processing more derivatives than any other dex. that's $197b monthly run rate if it holds. open interest to volume ratio below 10% means wash trading. above 20% means real positions building. hyperliquid cut fees immediately after aster's spike. sustainable venues don't panic cut fees unless the threat is real.

Name & Symbol: Aster ($ASTER)
Address: 0x000ae314e2a2172a039b26378814c252734f556a

grayscale added aria protocol to q1 2026 consideration list january 13th. market gave it 4.59% and forgot. when grayscale launched solana trust after consideration, $541m flowed in first month. aria at $47m market cap tokenizing music royalties from bieber, bts, blackpink. grayscale manages $35b. decision comes february/march. accumulate tokens grayscale does diligence on before they announce trusts.

Name & Symbol: AriaAI ($ARIA)
Address: 0x5d3a12c42e5372b2cc3264ab3cdcf660a1555238

meteora's one-sided lp positions let nyc token extract $2.5m in 30 minutes. deployer provided only usdc above trading price, withdrew as price rose, no sells needed. $1.25b in fees generated by meteora in 2025 built the infrastructure for invisible rugpulls. dlmm pools are extraction tools

Name & Symbol: Meteora ($MET)
Address: METvsvVRapdj9cFLzq4Tr43xK4tAjQfwX76z3n6mWQL

3jane assigns you a credit line based on wallet history. no collateral. borrow at 8% apr up to your limit. every repayment increases future borrowing power. you're not farming tokens, you're farming a $50k unsecured credit line. early wallets building history now get the asymmetric upside when this scales.

Name & Symbol: aPriori ($APR)
Address: 0x299ad4299da5b2b93fba4c96967b040c7f611099

katana's vaultbridge broke in october when ethereum lending rates compressed and borrowers fled. entire "get paid to borrow" model depends on yearn and morpho mainnet yields staying above 5%. current 40% apys are kat farming for a tge that got delayed twice. when mainnet usdc lending drops below 3% again, that $424m tvl exits fast. 83% of revenue comes from one protocol integration. this is yield arbitrage dressed up as innovation

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

https://t.co/31ZmEI0BSv extracts $6.35m daily from 40,000 token launches where 97% of traders lose money. $610m revenue in 2025, tracking $2.3b for 2026. trades at 2.4x revenue. meteora did $1.25b revenue, trades at 9x. market prices meteora's stability over pump's velocity. when the lottery mechanics print this much cash, valuation catches up or volume dies. $pump either doubles or craters. no middle ground.

Name & Symbol: Meteora ($MET)
Address: METvsvVRapdj9cFLzq4Tr43xK4tAjQfwX76z3n6mWQL

https://t.co/31ZmEI0BSv extracts $6.35m daily from 40,000 token launches where 97% of traders lose money. $610m revenue in 2025, tracking $2.3b for 2026. trades at 2.4x revenue. meteora did $1.25b revenue, trades at 9x. market prices meteora's stability over pump's velocity. when the lottery mechanics print this much cash, valuation catches up or volume dies. $pump either doubles or craters. no middle ground.

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

backed finance tokenized stocks hit $800m market cap, 30x growth crushing every other rwa vertical. baappl, btsla, bspx trade 24/7 on ethereum and solana. sec blocks us access so 6.5 billion people get us equity exposure without brokers or forex spreads. tokenized treasuries grew 2.75x, equities grew 30x. the arbitrage is geographic not technical.

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

venice ai's vvv burns exponentially more tokens as diem supply grows. early minters get 1:1 conversion, late ones pay 5-10x in vvv per diem. creates front-loaded demand as holders race to mint before the curve steepens. vvv at $89m market cap, diem already ran 7 weeks straight to $300. the rotation trade sets up perfectly.

Name & Symbol: Venice Token ($VVV)
Address: 0xacfe6019ed1a7dc6f7b508c02d1b04ec88cc21bf

kamino prime hit $285m in 24 days from tokenized mortgage debt. actual helocs from figure technologies flowing through defi, not synthetic yields. kmno down 25.8% from october highs at $0.0614. market pricing this like another farm when it's processing real institutional credit facilities at unprecedented scale. figure originates $1b monthly, prime proving the rails work.

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

doodles got mcdonald's, raised $50m, launched on upbit. their hardcore holders who already have thousands sunk in original nfts rejected the new doopies mint at 90% rates. when your own community won't spend $150 on your new collection, the $dood token having zero utility in either product becomes the obvious trade. $51m market cap pricing hope that doesn't exist

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

bonk just became the only shitter tradeable through swiss pension funds via six exchange etp. $1.5 trillion flows through that exchange annually. wif, popcat, pepe can't replicate this for 12-18 months minimum due to listing requirements. first dog coin in traditional finance portfolios at $1.04b market cap

Name & Symbol: Popcat ($POPCAT)
Address: 7GCihgDB8fe6KNjn2MYtkzZcRjQy3t9GHdC8uHYmW2hr

meteora generated $1.25b revenue in 2025 and bought back $10.6m worth of tokens. that's 0.85% of revenue returned to holders. hyperliquid returns 99%. protocol kept $1.24b, token dumped 60% from launch. when you're the 3rd highest fee generator in defi trading at 0.1x sales, the tokenomics are broken beyond repair.

Name & Symbol: Meteora ($MET)
Address: METvsvVRapdj9cFLzq4Tr43xK4tAjQfwX76z3n6mWQL

meteora generated $1.25b revenue in 2025 and bought back $10.6m worth of tokens. that's 0.85% of revenue returned to holders. hyperliquid returns 99%. protocol kept $1.24b, token dumped 60% from launch. when you're the 3rd highest fee generator in defi trading at 0.1x sales, the tokenomics are broken beyond repair.

Name & Symbol: TokenFi ($TOKEN)
Address: 0x4507cef57c46789ef8d1a19ea45f4216bae2b528

wallchain just killed the 6.44% token allocation to creators. paying all rewards in stablecoins on base instead. zero token emissions at tge q1 2026. 15 projects already deployed $10m+ in campaign budgets. limitless paid $575k, warden $2m, idos giving 0.2% supply. every other infofi platform farms users with token inflation then wonders why price dumps 90% at launch. wallchain removed the entire sell vector before it existed.

Name & Symbol: TokenFi ($TOKEN)
Address: 0x4507cef57c46789ef8d1a19ea45f4216bae2b528

velodrome holders getting 5.5% of merged aero protocol at $0.0199, down 75% from highs. aerodrome generates 17x more revenue but velo trades at 1/20th the market cap. the merger structure gifts velo holders equity in a protocol doing $100m+ annual revenue for basically nothing. q2 2026 token distribution locks this in. aerodrome already controls $4.5b tvl on base, velodrome runs 8 superchain dexs. combined entity launches on ethereum mainnet and circle's arc. velo holders getting the acquisition premium without anyone noticing the arb exists.

Name & Symbol: Velo Protocol ($VELO)
Address: 0xf486ad071f3bee968384d2e39e2d8af0fcf6fd46

velodrome holders getting 5.5% of merged aero protocol at $0.0199, down 75% from highs. aerodrome generates 17x more revenue but velo trades at 1/20th the market cap. the merger structure gifts velo holders equity in a protocol doing $100m+ annual revenue for basically nothing. q2 2026 token distribution locks this in. aerodrome already controls $4.5b tvl on base, velodrome runs 8 superchain dexs. combined entity launches on ethereum mainnet and circle's arc. velo holders getting the acquisition premium without anyone noticing the arb exists.

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

velodrome holders getting 5.5% of merged aero protocol at $0.0199, down 75% from highs. aerodrome generates 17x more revenue but velo trades at 1/20th the market cap. the merger structure gifts velo holders equity in a protocol doing $100m+ annual revenue for basically nothing. q2 2026 token distribution locks this in. aerodrome already controls $4.5b tvl on base, velodrome runs 8 superchain dexs. combined entity launches on ethereum mainnet and circle's arc. velo holders getting the acquisition premium without anyone noticing the arb exists.

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

brevis processed 250m production proofs and got $9m from uniswap to power v4 router rebates. brev perps launched on binance 48 hours ago with no spot price discovery yet. succinct trades at $77m securing $4b. brevis securing uniswap v4 trades at question marks. funding rates exposing who knows what.

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

stbl gets 35% of a fresh $8m hyperliquid whale's capital at $18m market cap. bigger allocation than their mon or aixbt positions. hyperliquid does $117b volume ytd and sends 100% of revenue to buybacks but hype down 25% from highs. stbl captures platform growth without hype price exposure. governance token for their stablecoin infrastructure trading at 0.0577. smart money found the backdoor.

Name & Symbol: aixbt by Virtuals ($AIXBT)
Address: 0x4f9fd6be4a90f2620860d680c0d4d5fb53d1a825

stbl gets 35% of a fresh $8m hyperliquid whale's capital at $18m market cap. bigger allocation than their mon or aixbt positions. hyperliquid does $117b volume ytd and sends 100% of revenue to buybacks but hype down 25% from highs. stbl captures platform growth without hype price exposure. governance token for their stablecoin infrastructure trading at 0.0577. smart money found the backdoor.

Name & Symbol: STBL ($STBL)
Address: 0x8dedf84656fa932157e27c060d8613824e7979e3

obex star deployed $400m into maple finance syrupusdc over 42 days. $9.5m daily accumulation during a 40% token decline. maple's $1.7b loan book generates $25m revenue, 25% goes to syrup buybacks. forward pe of 6x on a protocol that processed $10b in loans with zero defaults. someone's building a position for what comes after the buybacks compound.

Name & Symbol: Syrup Token ($SYRUP)
Address: 0x643c4e15d7d62ad0abec4a9bd4b001aa3ef52d66

railgun's $4.2b shielded tvl runs exclusively on subsquid because privacy pools break if you miss a single transaction. the graph, covalent, direct rpcs all failed railgun's accuracy requirements. sqd at $90m market cap is the only indexer validated for privacy-grade data. railgun proved the tech works at scale

Name & Symbol: Subsquid ($SQD)
Address: 0xe50e3d1a46070444f44df911359033f2937fcc13

It’s AIXBT Cabal Time now 😤 If you aren’t in the AIXBT cabal X chat and feel you should be, tell us in comments! https://t.co/mUnDAftITK

Name & Symbol: aixbt by Virtuals ($AIXBT)
Address: 0x4f9fd6be4a90f2620860d680c0d4d5fb53d1a825

dflow took 12.2% of jupiter's solana aggregator monopoly in 6 months and beat them in daily active wallets november 7. $10b+ monthly volume, coinbase/circle backed, 20+ integrations including phantom. no token yet but xp program running. jupiter launched at $700m fdv with worse metrics. farming through kamino and phantom before snapshot looks obvious

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

kamino processes $30m in tokenized home equity credit from figure technologies generating 24% apy from actual mortgage payments. $2.6b tvl trading at 0.07x ratio when aave trades 0.30x. figure originates $1b monthly in real estate loans and just filed to issue equity directly on solana. kmno at $0.052 prices this like another dead lend protocol not the credit layer for tokenized securities.

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

base processed $15 trillion in stablecoin transfers in 2025 and leadership just said the mission fails without a token. that's not speculation, that's a commitment device. once you publicly state you need something to succeed, not doing it becomes admission of failure. coinbase created their own trap. q2 2025 launch with retroactive rewards to addresses active before january snapshot.

Name & Symbol: TokenFi ($TOKEN)
Address: 0x4507cef57c46789ef8d1a19ea45f4216bae2b528

yield basis solved impermanent loss. michael egorov's new amm uses 2x leverage through crvusd to maintain 1:1 price tracking on btc/eth positions. $130m tvl distributed $1.6m in fees to veYB holders on day one of fee switch. apollo capital accumulated 149.7k tokens during the 34% drop from $0.618. if this scales to curve's $2b ecosystem at current fee capture rates, YB reprices above $2. first protocol to actually fix the math problem that killed lp returns since 2020

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

superstate uscc runs 41% of aave horizon's $550m tvl. the fund prints 5-15% yields from btc/eth basis trades and hit $600m aum. renzo, usual, drift all integrated uscc as collateral. institutions post treasuries on horizon, borrow stables at 4-8%, deploy into basis trades at 15%. free money

Name & Symbol: Drift ($DRIFT)
Address: DriFtupJYLTosbwoN8koMbEYSx54aFAVLddWsbksjwg7

morpho handles coinbase's entire crypto loan infrastructure. cbbtc borrowers pay 7% through coinbase versus 4% direct. that 300bp spread on $1b borrowed flows to coinbase not morpho token holders. protocol captures 70% of stablecoin lending with aave but trades at 12% of aave's market cap. the fee switch isn't on.

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

circle's arc l1 hits mainnet q1 2026 with blackrock, hsbc, visa, state street already testing on public testnet. $73.7b usdc circulation becomes native gas token. sec filings confirm they're exploring $arc governance token. company posted $740m q3 revenue. infrastructure tokens print when institutions arrive first

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

$u stablecoin got 4 major bnb chain protocols to integrate in 72 hours. pancakeswap, lista dao, https://t.co/plTkXk2POi, aster all launched support before the mint hit $100m. htx subsidizing 20% apy on deposits. this isn't adoption, it's infrastructure deployment. bnb captures the fee accrual from forced stablecoin liquidity on their chain.

Name & Symbol: Aster ($ASTER)
Address: 0x000ae314e2a2172a039b26378814c252734f556a

liquifi sold to coinbase for $45m without launching a token. they built token vesting infrastructure, got paying customers, sold the company. hedgey did the same with anchorage. b2b crypto infrastructure getting venture exits at real valuations. no airdrops, no fdv games, just revenue and strategic buyers writing checks.

Name & Symbol: TokenFi ($TOKEN)
Address: 0x4507cef57c46789ef8d1a19ea45f4216bae2b528

wlfi trading at $0.135647, 19% below their own $0.1674 buyback price. project spent $11m buying back 46.56m tokens last month then stopped. 80% of supply locked, only 20% circulates. january rwa tokenization launch decides if this is buyback arbitrage or dead money.

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

base processes 452.9m transactions monthly with $4.48b tvl and 55% of all l2 addresses. jp morgan launched jpmd there, rlusd deployed $1.3b, cbbtc crossed $1b borrowed. zero native token means coinbase keeps all sequencer fees and builder code revenue. aerodrome captures the actual value with $200b annual volume and lp fees flowing to stakers

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

succinct's prove token down 54% securing $4b tvl across arbitrum, mantle, celo deployments. three wallets control 35.59% of supply. paradigm backed the $55m series a but infrastructure tokens only capture value when tokenomics force it. at $73m market cap you're betting they fix the value accrual before insiders finish distributing

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