April fee data from the 1kx Onchain Revenue Report (1,000+ protocols tracked). Aggregate fees are down (-11% MoM, -20% YoY) as market volatility decreased both vs. March (Iran-uncertainty calming) and vs. last year’s Trump tariff-related moves, causing DEX and MEV-related fees to drive most of the declines. It's a mixed picture on the category and protocol level, though. • DeFi/Finance -11% MoM is a mixed bag: --> Perps lost, e.g. @HyperliquidX -15%, though other markets gained, e.g. @Polymarket >3x in fees (largest gainer overall) --> Lending markets gained in fees, led by @aave (due to utilization increase - see here: https://t.co/D5dzBCmy6w) • L1 fee dispersion is widening. @ethereum 2x, @Zcash and @trondao up, while MEV-driven builders like @titanbuilderxyz give back March’s gains. Mostly a vol-compression unwind from March’s Iran-uncertainty spike. • Middleware 7% growth driven by @chainlink and @CatFeeio • DePIN 18% Fee decline almost entirely caused by @AethirCloud • Wallet sector down 17% in fees, mainly due to interfaces like @AxiomExchange (-24%), @tradexyz (-18%). Even @phantom’s fee decline is mostly from their perps-trading interface • Consumer overall flat-ish -4%, though bifurcation in Launchpads: @fourdotmemezh, @bonkfun, @farcaster_xyz with 50-80% declines in fees vs. @Pumpfun, @BagsApp positive. @printr as a new entrant So what for 1kx: the decline in trading activity is in line with the compression in market volatility. Continuous growth in emerging DeFi categories like RWA is consistent with our Onchain Finance overweight. Prediction markets entering a fee-generating phase (Polymarket >3x) is consistent with our Frontier Applications thesis. Launchpad bifurcation tells us the consumer category is sorting itself.

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

April fee data from the 1kx Onchain Revenue Report (1,000+ protocols tracked). Aggregate fees are down (-11% MoM, -20% YoY) as market volatility decreased both vs. March (Iran-uncertainty calming) and vs. last year’s Trump tariff-related moves, causing DEX and MEV-related fees to drive most of the declines. It's a mixed picture on the category and protocol level, though. • DeFi/Finance -11% MoM is a mixed bag: --> Perps lost, e.g. @HyperliquidX -15%, though other markets gained, e.g. @Polymarket >3x in fees (largest gainer overall) --> Lending markets gained in fees, led by @aave (due to utilization increase - see here: https://t.co/D5dzBCmy6w) • L1 fee dispersion is widening. @ethereum 2x, @Zcash and @trondao up, while MEV-driven builders like @titanbuilderxyz give back March’s gains. Mostly a vol-compression unwind from March’s Iran-uncertainty spike. • Middleware 7% growth driven by @chainlink and @CatFeeio • DePIN 18% Fee decline almost entirely caused by @AethirCloud • Wallet sector down 17% in fees, mainly due to interfaces like @AxiomExchange (-24%), @tradexyz (-18%). Even @phantom’s fee decline is mostly from their perps-trading interface • Consumer overall flat-ish -4%, though bifurcation in Launchpads: @fourdotmemezh, @bonkfun, @farcaster_xyz with 50-80% declines in fees vs. @Pumpfun, @BagsApp positive. @printr as a new entrant So what for 1kx: the decline in trading activity is in line with the compression in market volatility. Continuous growth in emerging DeFi categories like RWA is consistent with our Onchain Finance overweight. Prediction markets entering a fee-generating phase (Polymarket >3x) is consistent with our Frontier Applications thesis. Launchpad bifurcation tells us the consumer category is sorting itself.

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

The Year Ahead: Forecasts from our Investment Team Tokenization moves from novelty to a real product category. 1kx Research Analyst @explorerdfa: Tokenized funds gained real momentum in 2025, including meaningful steps from large financial institutions like @jpmorgan. @WSJ's @Vlajournaliste covered J.P. Morgan Asset Management’s launch of its tokenized money market fund (MONY) here: https://t.co/GjKrzBevWF In 2026, the race is less about issuing tokens and more about building markets that users trust. The winners will be the teams that can earn distribution, sustain liquidity, and run clean operations inside clear legal and regulatory constraints. Issuance is getting cheaper. Distribution, catalog coverage, UX, and market quality are where the category will be won. Tokenized cash is becoming core infrastructure. Tokenized treasuries and cash equivalents are increasingly used as core collateral and settlement plumbing for onchain activity, including trading, borrowing, treasury management, and structured products. Tokenized equities are also shifting from “issuance” to market structure. For example, @business's @KatLeighDoherty reported that NYSE is building a venue for 24/7 trading of tokenized stocks and ETFs: https://t.co/phjUGlFJKb This is a clear signal for 2026: the next wave will be won by whoever controls the rails, concentrates liquidity, and delivers execution quality users can rely on. The bottlenecks in RWAs remain legal and operational, not technical. Rights, disclosures, corporate actions, licensing, redemption guarantees, and day-two operations will decide what scales. Key takeaways for 2026? Tokenized Equities Expect more coverage across equities, funds, and new wrappers. The differentiator will be where liquidity concentrates, how good execution is, and whether these products feel as reliable as traditional venues. Tokenized Cash Look for cash products that behave like dependable building blocks: transparent, liquid, easy to integrate, and resilient during volatility. RWAs The strongest platforms will look like hybrids: strong distribution paired with institutional-grade operations and controls. What we will use to judge winners: 1) Distribution: where users already are, including wallets, exchanges, brokerages, and bank-adjacent rails 2) Liquidity: consistent market quality, not just listings 3) Operations: corporate actions, disclosures, redemptions, and audits that work without manual heroics If you’re building in tokenization, RWAs, or market infrastructure, we’re always up for a conversation.

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

the higher the stakes, the more important for game economies to be onchain, no admin perms possible. "can't do evil" needs to be a core tenet for crypto gaming ecos to achieve economy scale not possible in web2 games. as @1kxnetwork likes to say, trust is a $35tn market.

Name & Symbol: Intuition ($TRUST)
Address: 0x6cd905df2ed214b22e0d48ff17cd4200c1c6d8a3

FULL interview with Justin Waldron of Open Game Protocol. – Gaming Capital Markets – What are gamecoins – Driving user growth – Rewarding players & devs with tokens – $FARTCOIN mentioned https://t.co/V0lWwXXEI8

Name & Symbol: Fartcoin ($Fartcoin)
Address: 9BB6NFEcjBCtnNLFko2FqVQBq8HHM13kCyYcdQbgpump