Everyone's arguing about EIP-8361 killing ETH credit stack Worth asking: what do loopign strategies actually do? The bull case: loopers are the anchor borrower of ETH credit markets. They keep utilization deep, arb LSTs to par, and give ETH a real rate curve. @aave , @Morpho , @pendle_fi , @ethena all sit downstream of this trade. The skeptic case: looping is circular leverage. Nobody borrows ETH to build anything. It's borrowing ETH to buy claims on ETH issuance, recursively. Zero added security, plenty of added fragility (see: every stETH depeg cascade). So does the EIP undermine ETH? Depends which ETH you're defending and want... ETH as internet bond: yes, real damage. The credit stack is a moat and it runs on positive carry. ETH as neutral money and SOV: the loop was the slow bleed. Issuance funding leverage, LSTs displacing raw ETH, holders diluted. Removing it is removing a subsidy. @StaniKulechov is defending the bond. The EIP authors are defending the money. And a bond whose coupon is paid by diluting bondholders was never much of a bond in many ways. Inside every L1 there are two wolves: sound money and yield asset. At some point you have to pick which one you feed.

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

Solana needs a new spear: Why I think the chain is in a tricky spot right now Solana’s core ambition and really its entire culture has always been to create a unified state where markets move fastest, trades settle fastest, and price discovery happens. The problem is that, over the medium term, I think Solana is being challenged across almost every major growth vertical in crypto. Spot markets Robinhood has started taking market share at the margin, Uniswap has managed to regain some ground given this dynamic. At the same time, liquidity on Solana feels increasingly fragmented. You have prop AMMs such as BisonFi and Tessera, but the OG venues like Raydium and Orca no longer feel particularly competitive and some of those token charts are burtal. I know a lot of people were megabullish on prop AMMs as a new primitive, but concentrated-liquidity AMMs are still, by far, where most liquidity sits even relative to RFQ systems and forget about vanilla order books. Derivatives This should have been Solana’s turf, but Hyperliquid has sucked up the entire world. The Drift hack was a real shame because the team had been making great strides. Bullet was also supposed to become competitive, but I’m not sure where the team stands today. Phoenix seems to be really the only game in town, but volumes are nowhere near the top venues today. In practice, crypto derivatives are now overwhelmingly happening on Hype and Lighter. Solana currently does not have a compelling proposition here, which is concerning given how central derivatives should be to its broader trading thesis. RWAs Of the roughly $30 billion in tokenized RWAs, only around $1 billion sits on Solana, meaning it is not even among the top three chains. I think Solana will have a difficult time pulling traditional RWAs away from Ethereum and the broader EVM ecosystem. Tokenized stocks, especially derivatives on tokenized stocks, are probably the most important opportunity for Solana to nail. But unless Tradexyz seriously screws something up, it is difficult to see Solana gaining meaningful market share in the medium term. Prediction markets This is somewhere where I think Solana has a nice card to play but again, as far as I know there is nothing happening here and everyhting is happening on @Kalshi and @Polymarket Launchpads and memecoins Even in launchpads and memecoins, @RobinhoodApp has the raw distribution to eventually overwhelm the Solana degens. In fact, when you look at launchpad volumes, Solana has already lost meaningful market share to Robinhood. The investor base From an investor perspective, the picture also feels less clear. @multicoin obviously still has significant exposure to Solana, but @KyleSamani was arguably its loudest and most forceful advocate. With him no longer driving the firm’s public narrative and investment thesis in the same way, the conviction around Solana simply does not feel as strong anymore. Multicoin increasingly seems more vocal about ZEC, HYPE, and other tokens. That matters because Solana historically benefited enormously from having one of the most influential crypto funds acting almost as its external evangelist and intellectual sponsor. There are still plenty of Solana-aligned investors, but it is less obvious today who fills that role or who is building the next major investment thesis around the ecosystem. Overall There are still incredibly talented teams in the ecosystem. @Backpack and @armaniferrante are absolute monsters. I’m sure @buffalu__ and the JTX team are building a kick-ass product. But @solana feels like it has entered more of an engineering cycle: improving the performance of the chain, rebuilding parts of its market structure, and finding a new generation of founders. There are a lot of interesting products with relatively little market share, but @solana needs a spear, a breakout application or vertical capable of bringing trading activity back to the ecosystem in a very big way. It may also need a new generation of investors and evangelists capable of rebuilding the broader @solana thesis around something more than faster block times and the success of the previous cycle.

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

Crypto really is a flat circle. Right as @jessepollak announces @base (Ethereum) is shifting away from creator coins, and memes, the Solana community re-embraces the memecoin casino that burnt their entire user base with solana:9cRCn9rGT8V2imeM2BaKs13yhMEais3ruM3rPvTGpump. You can't make a lion graze. You can't make a gazelle hunt. In the depths of the bear market, everyone reverts to what they know best. Lions eat. Gazelles run.

Name & Symbol: memes will continue ($memes)
Address: 0xf74548802f4c700315f019fde17178b392ee4444

Crypto really is a flat circle. Right as @jessepollak announces @base (Ethereum) is shifting away from creator coins, and memes, the Solana community re-embraces the memecoin casino that burnt their entire user base with solana:9cRCn9rGT8V2imeM2BaKs13yhMEais3ruM3rPvTGpump. You can't make a lion graze. You can't make a gazelle hunt. In the depths of the bear market, everyone reverts to what they know best. Lions eat. Gazelles run.

Name & Symbol: The Black Bull ($ANSEM)
Address: 9cRCn9rGT8V2imeM2BaKs13yhMEais3ruM3rPvTGpump

Money is going onchain. Stablecoin transaction volumes more than doubled YoY to $4.4T in Q1, and USDC now accounts for 63% of that activity [1]. We believe the infrastructure powering it is becoming one of the most important shifts in financial services in decades. That's why we're excited to announce that ARK has invested in the @arc token. For the better part of a decade, ARK's research has focused on the convergence of public blockchains, digital money, and AI. We believe @arc sits at the intersection of all three. We've watched Layer 1 networks (L1s) launch since 2015, and the space has produced remarkable innovation along the way. Each new network has contributed something, whether in consensus design, execution environments, developer experience, or economic models, and we believe there's room for several L1s with different trade-offs to have meaningful impact over the coming years. The financial system is large enough, and the use cases varied enough, that no single chain will serve every need. What a decade of observation has also taught us is that first-mover advantage in crypto is rarely decisive. @Uniswap wasn't the first decentralized exchange (DEX). @HyperliquidX wasn't the first perpetual futures DEX. @opensea wasn't the first Non-fungible token marketplace. The teams that ultimately led their categories were often the ones that arrived later, studied what came before, and built something materially better. Arc takes the best primitives developed across a decade of blockchain experimentation, including EVM (ethereum virtual machine) compatibility, sub-second finality, predictable fees, configurable privacy, and institutional validators, and combines them with something we think L1s have historically underinvested in: a strong, opinionated view on the application layer. For much of the past decade, the prevailing L1 design philosophy treated the base layer and the apps running on top as separate problems. Build a fast, neutral chain and let the market figure out the apps. That approach has produced important infrastructure, but it has also left a lot of capacity waiting for use cases to find it. @circle is taking a different path. @arc launches with USDC, EURC, USYC, CCTP (cross chain transfer protocol), Circle Mint, Agent stack and CPN (circle payment network) native from day one, with a clear thesis about who the network is for and what they'll do with it. We think that's a meaningful evolution in L1 design, and we're excited to see Circle take it on. Circle has the franchise to back it up: → $77B of USDC in circulation across 30+ chains → $21.5T of onchain USDC volume in Q1 2026 alone → CCTP processes ~60% of all cross-chain traffic → Circle Payments Network now spans 180+ countries with 136 financial institutions enrolled → 200+ ecosystem partners contributing to Arc, including Goldman Sachs, Visa, Mastercard, DTCC, BlackRock, Apollo, and Standard Chartered [2] We believe the convergence of AI and onchain finance is the single largest paradigm shift since the mobile internet. AI agents need economic infrastructure that operates at software speed. Circle's nanopayments infrastructure, which enables USDC transfers as small as $0.000001, makes machine-to-machine commerce economically viable for the first time. Arc is the rail this happens on. @jerallaire and the Circle team have spent over a decade earning the regulatory standing, institutional relationships, and operational track record that a network like Arc requires. We're proud to back this vision. The financial system is being rebuilt. @arc is positioned to be at the center of it. [1-2] Sources: Circle Earnings materials

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

ARC 🤝 ARK Invest Read the ARC whitepaper on how a native coordination asset could support the network as we move toward Arc Mainnet: https://t.co/3Tkq1pQCip *ARC is offered by Circle which is not affiliated with ARK Invest

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

Are stablecoins driving a comeback of corporate L1s? Everything you need to know about ARC, Circle's stablecoin-optimized Layer 1, below.

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

Are stablecoins driving a comeback of corporate L1s? Everything you need to know about ARC, Circle's stablecoin-optimized Layer 1, below.

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

Two years from now, what’s more likely? 1️⃣ Arc, Tempo, and Dinari Chain all pivot to become L2s 2️⃣ Robinhood, Base, and Ink decide to launch their own L1s

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