Still giga bullish @MetaDAOProject and the entire meta ecosystem. People will move to ownership and I think RWA’s/stocks on chain are reflecting this. At some point people will look for undervalued entities they can own…Meta’s eco will win.

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

ZKFG-008, the decision market to take solana:ZKFHiLAfAFMTcDAuCtjNW54VzpERvoe7PBF9mYgmeta private, was approved. After entering the TWAP window almost evenly split, the market finished with ~$650K in volume across ~2K trades and passed by ~4% against a 1.50% threshold. Trader alignment leaned pass at roughly 60% to 40%, but volume by economic direction finished almost perfectly even. That split captures the market well. More traders supported approval, but capital remained divided through the decision window. This was the third attempt to take ZKFG private at $0.15 per token. ZKFG-006 passed but lacked key execution details. ZKFG-007 added more structure but failed. ZKFG-008, backed by the solana:zinc155BS4mSPk8GXQj4R5hkVDQXcW253pTYq5SGyfi / solana:ZKFHiLAfAFMTcDAuCtjNW54VzpERvoe7PBF9mYgmeta founder, came back with an escrow account, IP transfer terms, and a clearer path to redemption. The market has now approved the buyout, but approval does not yet complete the transaction. The buyout only proceeds if, after the 7-day escrow window, there is enough available USDC between DAO-controlled assets and escrow to support the $0.15 redemption for ZKFG holders. If that condition is met, holders can redeem each ZKFG for $0.15 USDC for at least 365 days. If not, the liquidation does not proceed, the authorizations become void, and escrowed assets are returned. In our last update, we said ZKFG had stress tested decision markets by surfacing questions around proposal drafting, financial transparency, information parity, and independent review before high stakes proposals go live. The market has resolved, but the questions around process, disclosure, and execution remain.

Name & Symbol: ZINC ($ZINC)
Address: zinc155BS4mSPk8GXQj4R5hkVDQXcW253pTYq5SGyfi

Seeing this all over my timeline so here are some thoughts re @zinc_cash and @MetaDAOProject. It’s been a while since we had a good old legal / governance dispute worth commenting on. And this one seems pretty pivotal to the ownership and wider RWA coin narrative. So here’s the background as I understand it. MetaDAO investors fund ZKSol for just under a million. The team drew down 50k a month in line with MetaDAOs rules. The project fails and 500k was spent on buying back the supply of the ZKFG token. The remainder, presumably continued to be drawn down by the team. Around this time, likely when the ZKSol raise continued to fund the team, the team builds Zinc - which turns out to be very successful (and has its own token ZINC). The team seems to acknowledge the ZKFG tokens role in Zinc by allocating a large portion of revenues to it in its public comms. The token price comes back up. Suddenly, a futarchy proposal to take the ZKFG token private shows up on MetaDAO, started by unknown persons (likely Zinc team). It passes quietly. The MetaDAO team states that the proposal had procedural issues re IP rights transfers and re-issues the proposal. This time, strangely, the Zinc team campaigns against its passing. This has led to a lot of commentary, mostly uninformed, as ZINC holders and ZKFG holders PvP over the Zinc projects economics. Here is an additional uninformed take - reasoning from first principles. The MetaDAO raise for ZKSol via ZKFG worked by creating a DAO LLC - a Marshall Islands entity that ostensibly belongs to tokenholders of ZKFG. The IP for ZKSol belongs to this DAO LLC, as does the treasury. Every month, 50k can be transferred out of the DAO LLCs assets to pay salaries. When ZKSol failed - what likely happened was the team set up a new entity to build Zinc. So in their eyes, Zinc IP is new IP that sits inside of this NewCo. But from MetaDAOs POV, it appears that Zinc team continued to draw the ZKSol funds while they were building Zinc, and so it makes sense that the DAO LLC should own anything they built. The difficulty is that the truth is likely in the middle. MetaDAO likely does not think a founder of a failed project should have to slave for the failed projects investors forever. But it’s also apparent that Zinc was funded by MetaDAO money - and the Zinc team seemed to accept they at least had a “moral” obligation. I think it came to a head because of the IP language. Same proposal, different outcomes purely because the MetaDAO one was explicit on IP. Zinc believes it has a moral, non-legal obligation to ZKFG which it tried to discharge by buying out ZKFG via proposal. MetaDAOs language would explicitly have them acknowledge their obligations are legal. They refused. I’m minded to think that MetaDAO are likely morally in the right but Zinc has a decent legal position too. Their argument would be that after the 50k is paid out monthly as salaries, the individual contractors built a side project using their own capital. Anything they give to ZKFG thereafter is thus a “good faith” rather than legal arrangement. For the sake of the industry, I hope MetaDAO gets a good result here. The danger of “ownership” coins or RWAs is the risk of them becoming “legal memecoins” where you “in theory” have rights but in practice have none. Rights are only worth anything if you enforce them. I think, if MetaDAO are confident in their ownership structure, the most bullish course of action is for MetaDAO to sue Zinc and demonstrate the robustness of its framework. A victory in courts would validate the “on-chain ownership” thesis and its seriousness - and set MetaDAO apart from all others as a battle tested framework.

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

Another pattern also stood out in the data: solana:zinc155BS4mSPk8GXQj4R5hkVDQXcW253pTYq5SGyfi selling volume seems to increase around ATH levels. Some wallets appear to be adding meaningful sell pressure near those price zones. The relationship between these wallets needs deeper investigation, but so far, the data suggests solana:zinc155BS4mSPk8GXQj4R5hkVDQXcW253pTYq5SGyfi ’s buybacks are running into a stronger sell-side wall than solana:oreoU2P8bN6jkk3jbaiVxYnG1dCXcYxwhwyK9jSybcp ’s.

Name & Symbol: ORE ($ORE)
Address: oreoU2P8bN6jkk3jbaiVxYnG1dCXcYxwhwyK9jSybcp

Another pattern also stood out in the data: solana:zinc155BS4mSPk8GXQj4R5hkVDQXcW253pTYq5SGyfi selling volume seems to increase around ATH levels. Some wallets appear to be adding meaningful sell pressure near those price zones. The relationship between these wallets needs deeper investigation, but so far, the data suggests solana:zinc155BS4mSPk8GXQj4R5hkVDQXcW253pTYq5SGyfi ’s buybacks are running into a stronger sell-side wall than solana:oreoU2P8bN6jkk3jbaiVxYnG1dCXcYxwhwyK9jSybcp ’s.

Name & Symbol: ZINC ($ZINC)
Address: zinc155BS4mSPk8GXQj4R5hkVDQXcW253pTYq5SGyfi

what's the best way to short solana:zinc155BS4mSPk8GXQj4R5hkVDQXcW253pTYq5SGyfi? no matter what happens now its clear that there are deep ethical issues with the team you should expect the token to go to ≈0 once the mania has subsided revenue share doesnt ultimately matter as this project will be worthless within a year

Name & Symbol: ZINC ($ZINC)
Address: zinc155BS4mSPk8GXQj4R5hkVDQXcW253pTYq5SGyfi

Aschenbrenner has been cursed with his first extreme degen bets working out fantastically, hopefully doesn’t end in eventual blow up

Name & Symbol: Degen ($DEGEN)
Address: 0x4ed4e862860bed51a9570b96d89af5e1b0efefed

just realized Morpho is now worth more than Aave despite having 50% lower TVL pretty crazy considering Morpho started as an optimizer on top of Aave https://t.co/E0sofMVVDG

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

fyi, solana:4K1m7gAMDKzrxQn68yuZAd767w57Fw7Ykw69dG3umeta's total supply on coingecko is listed at ~1bn when in reality it's ~25M so fdv is ~$1.5M not ~$60M

Name & Symbol: Jurassic ($RAWR)
Address: 4K1m7gAMDKzrxQn68yuZAd767w57Fw7Ykw69dG3umeta

This is so unbelievably bullish. The only person I know to successfully acquire and fractionalize Dinosaurs is @robpetrozzo and he’s now advising @JurassicFi on how to acquire and fractionalize dinos onchain. Let’s solana:4K1m7gAMDKzrxQn68yuZAd767w57Fw7Ykw69dG3umeta

Name & Symbol: Jurassic ($RAWR)
Address: 4K1m7gAMDKzrxQn68yuZAd767w57Fw7Ykw69dG3umeta

I find relative asset positioning quite boring - what matters is high level market structure and response. The mindshare and value of hyperliquid:native is actually a symptom of crypto healing. It provides high utility, attracted a lot of traders, and has a lot of revenue. One of the first networks the market rewarded in this way is solana:So11111111111111111111111111111111111111112 and I think it’s sign of the market maturing that both continue to be valued quite well by the market. This is bullish for anyone building real things, and puts appropriate pressure on teams to built stuff people want to actually use.

Name & Symbol: Wrapped SOL ($SOL)
Address: So11111111111111111111111111111111111111112

1/ @JurassicFi is literally fractionalizing million-year-old dinosaur fossils into on-chain tokens. Sounds like a total meme at first, but the setup is actually clever. They wrap these multi-million dollar fossils into individual legal entities (SPVs) so anyone can buy a piece of a Triceratops for a few hundred bucks. It's a great mix for retail looking for weird alternative assets and degens chasing a fresh narrative.

Name & Symbol: Degen ($DEGEN)
Address: 0x4ed4e862860bed51a9570b96d89af5e1b0efefed

Ownership Coins Weekly 003 is live. For anyone too busy to spend all day on X, you can now get caught up in ~5 minutes. - @MetaDAOProject's Coinbase listing - @Zinc_Cash mainnet launch - @CraftsDev STS v2 explained / @Refihub STO primer - @PaystreamLabs restructuring - Updates from @UmbraPrivacy, @Loyal_HQ, @StardotFun, @JurassicFi and more. Full rundown below 👇

Name & Symbol: StakeStone ($STO)
Address: 0xdaf1695c41327b61b9b9965ac6a5843a3198cf07

Ownership coins are for everyone. solana:METAwkXcqyXKy1AtsSgJ8JiUHwGCafnZL38n3vYmeta is now trading on Coinbase https://t.co/p85BTNr8BA

Name & Symbol: MetaDAO ($META)
Address: METAwkXcqyXKy1AtsSgJ8JiUHwGCafnZL38n3vYmeta

solana:PRVT6TB7uss3FrUd2D9xs2zqDBsa3GbMJMwCQsgmeta is up over 50% in the last 24h hours 7 of 13 Metadao launches have yielded positive returns since ICO https://t.co/7MEIfIyk22

Name & Symbol: Umbra ($UMBRA)
Address: PRVT6TB7uss3FrUd2D9xs2zqDBsa3GbMJMwCQsgmeta

solana:BANKJmvhT8tiJRsBSS1n2HryMBPvT5Ze4HU95DUAmeta is incredibly interesting. #1 crypto card app. let's just pretend they launch their own layer as they could emerge into a payment/money ecosystem what would we want to compare it to? $plasma? at $230m mcap??? see my point. if they ship, they win forever

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

solana:BANKJmvhT8tiJRsBSS1n2HryMBPvT5Ze4HU95DUAmeta is incredibly interesting. #1 crypto card app. let's just pretend they launch their own layer as they could emerge into a payment/money ecosystem what would we want to compare it to? $plasma? at $230m mcap??? see my point. if they ship, they win forever

Name & Symbol: Avici ($AVICI)
Address: BANKJmvhT8tiJRsBSS1n2HryMBPvT5Ze4HU95DUAmeta

My prediction is that will eventually have a high velocity futarchy use case to complement the low velocity ICO model Today's numbers: ~ $33M in raises leading to ~ $3.3M in revenue to date I can see these number scaling to $330M in raises annually leading to $ 30 - 50M in revenue annually (assuming some time erosion of revenue per raise, assuming 0 take rate on deposits and no change in AMM fees) another $100M annual revenue for Metadao will come from usecases we have not thought about yet Luckily solana:METAwkXcqyXKy1AtsSgJ8JiUHwGCafnZL38n3vYmeta is an ownership coin which means this value accrues to the token holders

Name & Symbol: MetaDAO ($META)
Address: METAwkXcqyXKy1AtsSgJ8JiUHwGCafnZL38n3vYmeta

$RAWR is officially live on @Solana  Contract address: 4K1m7gAMDKzrxQn68yuZAd767w57Fw7Ykw69dG3umeta @MetaDAOProject ICO claim page: https://t.co/jA8tIzqXnc https://t.co/wGm93zkB1g

Name & Symbol: Jurassic ($RAWR)
Address: 4K1m7gAMDKzrxQn68yuZAd767w57Fw7Ykw69dG3umeta

The first oversubscribed raise by @JustSparkIdeas just resolved. $BASKET, a Solana multi-asset index protocol proposed by @rakka_sol of @Omnipair, enables traders to long or short whole categories like ownership coins, LSTs, privacy, DeFi, RWA, or prediction markets, instead of concentrating risk in a single asset. The idea is novel, but so was the mechanism behind the raise. The $10k funding goal was reached in under 24 hours. By close, the raise had $21,275.38 committed from 55 investors, reaching 212.8% of the minimum funding goal and exceeding the $20k hard cap. That forced Spark into its first live user selection test: Who gets allocation when the launch is oversubscribed? Spark’s answer was not purely to reward early participants. Once the raise became oversubscribed, the hard cap was split across the ideator slot, pro rata allocation, and tier weighted allocation. The tier system rewarded wallets with exposure across partner ecosystem tokens like $SPARK, $OMFG, $BORG, $ZC, and $META. With Spark v1, the design favoured ecosystem alignment. Now that funding has closed, excess deposits should be refunded, accepted allocation should settle around the $20k cap, and $BASKET moves into the token launch phase where a builder is selected via decision market. Spark did not just test whether an idea can raise capital and attract the right builder. It also tested how capital should be allocated when an ownership coin launch has more demand than supply. For a category trying to build better internet capital markets, this is an experiment worth watching.

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

A new @MetaDAOProject proposal was just initiated to retain @0xGroomLake for 12 months at $360k USDC. The proposal requires 200k solana:METAwkXcqyXKy1AtsSgJ8JiUHwGCafnZL38n3vYmeta staked before it becomes a live decision market. It currently sits at ~149k solana:METAwkXcqyXKy1AtsSgJ8JiUHwGCafnZL38n3vYmeta, or roughly 75% of the threshold. The request follows a material shift in the crypto threat environment. Drift lost ~$285M after attackers reportedly spent months building trust before compromised signer approvals handed over admin control. Weeks later, KelpDAO’s rsETH bridge infrastructure was exploited for ~$292M, creating downstream risk across Aave markets even though Aave itself was not the source of the vulnerability. TRM Labs estimates North Korea linked actors were responsible for $577M in losses across Drift and KelpDAO, or 76% of all crypto hack value through April 2026. The @0xGroomLake proposal is aimed at this attack surface. It covers intelligence operations, counterparty investigations, team exposure monitoring, OPSEC reviews, infrastructure hardening, vendor risk analysis, and 24/7 incident response. This is not a standard audit request. It is a proposal to fund an ongoing intelligence and security function before MetaDAO needs it. Stake solana:METAwkXcqyXKy1AtsSgJ8JiUHwGCafnZL38n3vYmeta to push the proposal live and follow the decision market’s evolution on @01Resolved.

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

YoY Returns ZEC - 1,400% ORE - 259% VVV - 177% DASH - 168% HYPE - 111% MORPHO - 68% XMR - 50% ETH - 32% MKR - 27% a few other positives and then everything else mostly deep red. asset selection truly never been more important https://t.co/1MiRWwYs2s

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

Just saying, governance on @MetaDAOProject is actually super interesting for token price. you put your money where your mouth is, and the market moves based on the markets predictions. There is no other mechanism on another chain that makes this dynamic possible all onchain. IBRL means this is all possible on Solana L1. solana:omfgRBnxHsNJh6YeGbGAmWenNkenzsXyBXm3WDhmeta is a prime example here. It's clear the market sees the new proposal as bullish. If you own solana:omfgRBnxHsNJh6YeGbGAmWenNkenzsXyBXm3WDhmeta you can you can sell at a premium if you feel bearish. The converse would have been possible too, e.g. if you're bullish @rakka_sol and team you could have likely bought at a discount. short term speculation thats not destructive but productive imo. https://t.co/ZibGV0mRQn

Name & Symbol: Omnipair ($OMFG)
Address: omfgRBnxHsNJh6YeGbGAmWenNkenzsXyBXm3WDhmeta

@MikeIppolito_ pump's buyback is dumb bc they're trying to solve a trust issue by lighting money on fire if pump was an ownership coin they wouldn't have a trust issue & wouldn't need to burn 36% of supply metadao solves the trust issue and lets teams be more targeted & strategic w buybacks

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

bearish takes always sound smarter, but the record of progress is in front of us just endure bet on category leaders or those defining new categories with strong evidence of p/m fit avoid holding any tokens with token/equity separation, linear unlocks, low float, naive tokenholder voting as main decision-making mechansim...

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

Full stack privacy must extend beyond inference https://t.co/hqY3FpcMTN is the only AI provider where you can pay fully privately Users can choose: - Encrypted payments via shielded ZEC @Zcash - Discounted payments via FAI - Easy payments via Apple / Stripe https://t.co/bx4X0mOJnU

Name & Symbol: FAI ($FAI)
Address: 0xb33ff54b9f7242ef1593d2c9bcd8f9df46c77935

Futards, Be a Farmer 🌾 ICO Launching Soon. Only on @futarddotio by @MetaDAOProject gRealms 🫡 #AgriFutarchy #Web3Agribusiness #RWA

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

you'll get both extremes founders who can't raise or execute well -> monthly paycheck before eventual liquidation founders who are best-in-class and have a deep understanding of the social context they are operating in (fwiw, this set includes @metaproph3t and @metanallok) the social context part is important because to really grok metadao you need to understand: - how/why all other forms of onchain governance have failed - why it's important to long-term success that your community gets in at ground zero and feels a strong sense of ownership - why the token can trade at a premium due to its increased protections (you're operating within a culture that has become increasingly disillusioned and cynical, and for good reason) you're also implicitly betting on the team's ability to continue improving on the incentive alignment between investors and founders (re liquidation / buyback /settlement mechanics -- we're still early innings here and there are promising directions these can be taken in) on a somewhat related note, i think metadao has the potential to unlock entire new markets. e.g top of funnel for permissionless may well be solo ai founders (possibly mostly from non-western-jurisdictions) looking for $50k of credits to continue executing on an idea these are founders who would not typically have been able to raise through the conventional vc path (and a subset of them will be first-rate)

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

you'll get both extremes founders who can't raise or execute well -> monthly paycheck before eventual liquidation founders who are best-in-class and have a deep understanding of the social context they are operating in (fwiw, this set includes @metaproph3t and @metanallok) the social context part is important because to really grok metadao you need to understand: - how/why all other forms of onchain governance have failed - why it's important to long-term success that your community gets in at ground zero and feels a strong sense of ownership - why the token can trade at a premium due to its increased protections (you're operating within a culture that has become increasingly disillusioned and cynical, and for good reason) you're also implicitly betting on the team's ability to continue improving on the incentive alignment between investors and founders (re liquidation / buyback /settlement mechanics -- we're still early innings here and there are promising directions these can be taken in) on a somewhat related note, i think metadao has the potential to unlock entire new markets. e.g top of funnel for permissionless may well be solo ai founders (possibly mostly from non-western-jurisdictions) looking for $50k of credits to continue executing on an idea these are founders who would not typically have been able to raise through the conventional vc path (and a subset of them will be first-rate)

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

imagine betting on meteora as a team member knowing u did fraud but zachxbt exposes a diff company

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

Omnipair's latest proposal has passed! ✅ Some info for OMFG holders and futards: Omnipair migrated its OMFG pool liquidity and DAO to MetaDAO's v0.6 program, deploying a futarchyAMM pool and a smaller Meteora pool required to index our token. The benefits: - Proposals no longer require the proposer to provide liquidity, enabling efficient governance - No more arbitrage between conditional markets and spot, program self-arbitrages to the benefit of the user - All Omnipair protocol revenue now accrues directly to the new DAO We'll now also be aggregated across ownership coin dashboards on @JupiterExchange, @Blockworks, @coingecko and others, properly welcomed home! More broadly this proposal is a simple and full alignment with our valued ecosystem and one that sets the stage for future token holder alignment.

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

Pump should relaunch on MetaDAO - contribute all cash to a closed ICO raise - distribute ICO ownership tokens to Pump tokenholders pro rata - link up revenue to a treasury controlled by Futarchy I believe this would trade at a higher valuation than Pump’s existing token on day one. Right now Pump trades at a discount because outsiders like me don’t know exactly what is going on with the cash raised / how much of the revenue will go to buybacks vs equity going forward. You may believe this is not an issue at all (and you may be completely right! The point is that I don’t know) but I promise the market is haircutting valuation based on these concerns. Why not send those concerns to 0.00 with haste. Embrace the Futarchy

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

metadao fixes #1

Name & Symbol: Ucan fix life in1day ($1)
Address: 0xff5d99a5c16cf2ffb4e7da1d7c42a791e70e4444

Something that is arguably more important than any other aspect of liquid token investing. Time and time again it is clear that there are misaligned incentives, which in my opinion is the greatest failure in most tokenomics structures. Too often we see (simplistically) “Good protocol -> bad token” which ultimately makes attractive technology essentially un-investible

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

Today, we are 109 days since the last ATH, that’s the tweet 😁 📊 During the previous major corrections, we spent 236 days between March 2024 and November, then 154 days between December 2024 and May 2025. 💥 Yet the current correction feels far more painful. Realized losses have been significant, capitulation has been intense, and short-term holders are under heavy pressure, not to mention record liquidations. 👉 Still, this correction could easily extend for several more months without becoming anything out of the ordinary. This cycle has been unusual in terms of the alignment between a new ATH after the bear market and the halving. Most likely, we are seeing a market shift triggered by the arrival of ETFs, now being reinforced by increasingly strong institutional involvement.

Name & Symbol: Aethir Token ($ATH)
Address: 0xbe0ed4138121ecfc5c0e56b40517da27e6c5226b

no crypto startup should feel pressured to do buybacks. in normal tech this would be insane. high growth startups should be reinvesting capital and preserving runway, not blowing it in the open market to placate a couple loud reply guys the popularity of buybacks - and in some sense, the expectation by the market that every revenue positive protocol will do them - is unequivocally bad for the crypto startup ecosystem. founders should be focused on their users, product, and team - not managing a perpetual twap buybacks are a symptom of a more fundamental malaise we find ourselves in as an industry. most tokens are worthless. the average app token is just a memecoin wearing a suit. it has “utility” but no ownership of anything meaningful token holders have finally grown wise to these schemes and now as a result demand buybacks. why be forced to trust the team to steward a protocol’s capital when they can just immediately return it to investors via buybacks? the shorter the lag between revenue in and buybacks out, the better this approach is fine for later stage teams. buybacks make sense for protocols like pump & hyperliquid that print money and may have no other productive place to park all that cash. but for your run of the mill crypto startup, buybacks are at best a distraction and at worse a waste of precious resources the pendulum is finally starting to swing away from buybacks, as evidenced by helium’s decision to pause part of their buyback programme. metadao will only accelerate this shift teams that launch ownership coins on metadao feel no pressure to do buybacks bc investors have actual ownership. this means ownership coin founders don’t need to virtue signal to their holders; instead they can focus on the important stuff - product, users, team buybacks are a pre futarchy phenomenon

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

@VitalikButerin @colludingnode You need composition. And if careful, you can depend on trust for coercion resistance, but not anonymity. This kind of real-world protocol design is hard. Easier to push commodity ZK, or FHE, or TEEs. Indeed, people miss that building private protocols on top of zk is hard.

Name & Symbol: Mind Network ($FHE)
Address: 0xd55c9fb62e176a8eb6968f32958fefdd0962727e

hear me out, the anti-solana solana app not a trading terminal but an investment app - no shitters, only curated majors, stocks, gold, and RWAs - forex - DCAs and MEV protected private buys - intelligent data on revenues, earnings, margins - 1 txn deposit bridge from any chain

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

Yes boomers had better home affordability (although had to suffer through real stagflation in the 70s and double digit interest rates in the 80s while losing more than half their net worth in their early 60s during the GFC), but would the kids today trade places with boomers if they couldn't YOLO call options on shvtcos like OPEN that are up almost 300% YTD? https://t.co/7XyQTYwc6I

Name & Symbol: OpenLedger ($OPEN)
Address: 0xa227cc36938f0c9e09ce0e64dfab226cad739447

spent last night deep in the a16z state of crypto 2025 report... and wow, privacy is quietly becoming the next trillion-dollar narrative > google searches for “crypto privacy” and “financial privacy” are up 10x since january > total flows through railgun passed $200M > zcash’s private pool hit 4M+ coins also found out aleo is building a private stablecoin while governments roll out digital IDs and push programmable money aleo’s out here building the rails for actual financial autonomy & pushing modern day finance the future is two types of people: > those who use privacy tech > and those who wish they had p.s. been exploring aleo for a while now, glad they reached out to spread the word

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

Kyle is the #1 VC investor but on this thesis -- "FHE is best for Privacy" -- you're wrong: Two problems with FHE: you need the *nodes of the chain* to do the heavy lifting of computing the FHE. Because FHE gives privacy, but not *integrity*. If you need integrity, you either need to trust the FHE operator (centralized setting, not blockchain), or *add ZK* to the mix, because ZK does prove integrity. Second problem is the silicon and scale needed are pretty large, especially at scale (1000TPS). And you'd need to nodes to run it, hurting decentralization and scale. ZK allows to offload massive computation to one, non-trusted, computer, and still process those transactions and put them onchain, no trust assumptions. I love Zama, and love FHE. As co-inventor of a lot of the ZK tech deployed today (Zcash and StarkWare co-founder) I have immense respect for teams taking moon-math and making it a reality, like Zama. But FHE ain't the silver-bullet you describe.

Name & Symbol: Mind Network ($FHE)
Address: 0xd55c9fb62e176a8eb6968f32958fefdd0962727e

In 2025, someone arguing you need FHE operating on global shared state to do good private DeFi is probably selling you something. https://t.co/oy239CxATx https://t.co/sujqZjbMuC

Name & Symbol: Mind Network ($FHE)
Address: 0xd55c9fb62e176a8eb6968f32958fefdd0962727e

I’m going to say one more thing about this announcement that has triggered widely divergent reactions. The negative responses are mostly from ETH people, possibly because Pump is on Solana. The shade I’ve seen from ETH people toward Solana recently reminds me of how Bitcoiners used to look down on Ethereum starting from all the way back in 2014. It even reminds me of how in 2015, I would hear TradFi/Wall Street people (and normies generally) calling Bitcoin “criminal money.” It reminds me of how any incumbent anywhere looks down on upstarts. This is human nature. I myself am like this. So here’s my “it’s 11pm and I want to get out a few lines on Pump” take: - yes, a lot of people have lost money on Pump (but maybe it’s good if publications like ours that have been around for almost a decade go on there?) - but also, Pump is the most successful crypto company of this last cycle — if this platform ends up being big, we won’t regret getting on there early and building an audience there - Pump is experimenting wth better ways to compensate creators since everyone agrees that Web2 has been atrocious in paying creators. EXPERIMENTATION IS GOOD. (If you’re into crypto but not into innovation, then let me suggest you may not be in the right industry.) - we’re doing more live-streaming and Pump is a live-streaming platform so it’s a good fit - we have done I think all the other crypto media platforms: Pods, Fountain, Zora, Drakula … BECAUSE WE ARE A CRYPTO MEDIA COMPANY. - do I know everything about how this will go? I do not. In fact, I do not know how well this night’s sleep I’m about to embark on will go. I do not know how well flossing my teeth will go! I literally for the first time in my life last night appear to have hurt my gum from flossing! I’m way too old to be messing up an activity that I’ve been doing for way longer than most of you have been alive! So in short, to end this tweet, I’ll just say: Hyperliquid 🤪

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

7 day token performance - WLD is up so much I had to breakout the log scale - ETH lags L1s while TIA leads - FLUID lagging DEXs - ZORA lagging launchpads - AAVE, SYRUP, WELL outlier laggards in lending https://t.co/uyFPDMHO5x

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

Since the USDH charade is boring me out of my mind, here are some different ideas or things that are going on in the market: 1) ICM Done Right? AVAX With @inversion_cap announcing their raise last week, this brings a bit of spotlight (other than the just announced DAT) to Avalanche. Essentially Inversion's target is to acquire real businesses and put them on blockchain rails (when deemed appropriate). So while this is a throwback to the 2017 era, it's also probably the best attempt at bringing real web2 businesses onchain, not just having failed developers launch a memecoin on Believe. 2) More Privacy? ZEC This token has generally been an apocalypse bringer on the same levels of ETC, ICP etc. However, since XMR was a bit frisky this year, it's worth to pay attention. Even though I didn't dig in too much, it seems that shielded pool adoption is growing, chart looks a bit meh post Dec 2024 peak, and there is some sort of possibility to spend privately through Payy (although I dislike Payy due to their disgusting doxxing marketing attempt). Also even if ZEC was to acquire same lindiness of XMR, that doesn't necessarily spell good news, given that few tokens has been historically stable as XMR given its actual usage as cash. (credits to @ssaintleger for the image) 3) HNT Buybacks: Deflationary or Not? Already posted about this this morning, anyway the bottom line is: - HNT went through an halving on August 1st, with now emissions equal to 7.5m tokens a year - HNT switched to 100% revenue sharing model (buybacks) There's a bit of confusion on the actual numbers (1.2m a month or 2.3m a month in revenue) that I didn't verify yet, however, that makes the difference between deflationary or still inflationary (but less). Token (local?) bottomed at 2.30$ ish, then peaked up now a bit down again in that area. 4) Suspended Governance: SCR So, Scroll was the 3rd major protocol this year to announce suspension of governance operations, following a major shake up in their team. SCR has been pretty much down only since inception, however they did find some grounding with @EtherFi's card. @makinafi's involvement is also quite interesting. I think chains struggling with competition should go way heavier on yield products, which are the ultimate crypto product at the end. This doesn't mean you've to offer a shitton of incentives in any case, but you can work bringing opportunities there, tokenize them and make them accessible to everybody and composable (s/o to @ggmxbt and @shiftprotocol_ - disclaimer: i'm an investor). Now, this is kind of the moment where centralization improves thing a bit (due to efficiency etc) or where they just throw the towel in. 5) Starknet: Ekubo, Extended, Paradex Already talked about this so not gonna go for too long, however, this is a similar (but better) situation, as Starknet afaik is way better off financially and has also products that are getting some traction. They're betting big on BTCFi too (not a fan), but aside from that: - @EkuboProtocol as poster child is in the 10-15 top dexs by volume behind much bigger names (although actually it's decelerating a lot) - @extendedapp doing cross margin with the vault and tokenizing the vault shares - @tradeparadex doing quite good volumes (August was ATH in volumes) and Shizopunks recovering a bit back to 1 ETH (with ETH being worth quite some more compared to the last time they were there). I'm not a fan of their "PURR"-type of plans with double NFTs but w/e. 6) AI, ROBOTICS: TAO, VIRTUAL? Idk still wrapping out my mind around this, until something really good comes I don't think there are great ways to express a trade on either narrative. One idea could be to just trade majors, such as TAO and VIRTUAL but i'm also skeptical of that. I think I already went through all the robotics tickers, and there is nothing really impressive, even though a couple tokens are obviously gonna benefit from it (if it actually becomes a narrative).

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

It’s crazy seeing so many people comp Tempo/Arc to the corpo chain announcements from past cycles, concluding these must fail as a result Seems incredibly obvious this is a totally different level of commitment, talent, & resources behind them + totally different market backdrop

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

The moat bridges have today is slowly ceasing to exist GMP is commoditized Token issuance won't matter intent based swaps dominating orderbooks

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

u: stressing about buying close to ATHs me: stressing about buying close to ATLs we r not the same

Name & Symbol: Aethir Token ($ATH)
Address: 0xbe0ed4138121ecfc5c0e56b40517da27e6c5226b

@jessepollak @zachxbt @js_horne @crystaltaixyz @zora onboarding people is a worthwhile effort and zora is a great team with a cool product the above are true it is also true that it's lame to denigrate other ecosystems behind closed doors for being "bad" while doing the same thing

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

each successive onchain speculation meta got stupider/more mass mkt >defi yield ponzi farming >nft mint reveal/listing snipe >token of the month crash game expect the next one to be even stupider

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