Just finished accumulating a bigger solana:KMNo3nJsBXfcpJTVhZcXLW7RmTwTt4GVFE7suUBo9sS position on the open market. Very bullish on the overall trend of tokenized equities, and I genuinely believe the supply here grows another 100x from here, led by @solana. I've been thinking a lot about how to best position for this. I'm a big fan of what Backpack, Securitize and co are doing, but I'm still hesitant on the business model and monetizability of the issuers, especially at these valuations. Much more interesting to me are the businesses and protocols actually built on top of that layer, the ones that benefit massively from this secular trend. DEXs are the obvious play here, but what has excited me far more is @kamino. I'm usually not overly excited about lending businesses, but they made the move into tokenized equity lending early and have been dominating market share ever since. As I expect this market to grow orders of magnitude from here, there's a realistic path for Kamino to massively expand their business in a positive-sum way, and a real shot at rivaling Morpho. Especially since I expect tokenized equities to keep being led by Solana, which Kamino has already proven it can dominate. Beyond that, the recent hire of @WeiszM is massive, and in my opinion still overlooked. If you want to dominate the upcoming institutional adoption and the influx of trillions in capital as an onchain financial business, you need someone at the top who not only speaks the TradFi language, but has the background and network to actually get the right things moving and open the right doors. Let's see how this evolves, but definitely one of the more interestingly positioned DeFi protocols right ahead of a massive DeFi supercycle.

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another cook by @cloud_r3n

Tokenized equities today are exactly where stablecoins were in 2019. the first pmf is here. bringing equities onchain is just as obvious, simple, yet genius as bringing dollars onchain was back then. we've already seen the first growth spurt push us to the first few billion in onchain supply. but zoom out and it's painfully obvious we're still incredibly early. an easy 100x in growth still ahead over the next few years. here's where it gets interesting though: stablecoin growth was slower, because we spent years operating in a completely different environment. one that mocked crypto, treated it with deep skepticism, and forced us to fight regulatory headwinds the whole way. one of the biggest catalysts, the GENIUS Act, only came last year, many years after the first pmf, and accelerated stablecoin significantly. tokenized equities are positioned completely differently. there's already massive institutional interest and adoption, and tokenized equities are an obvious, compelling fit for exactly that crowd. and just days ago the SEC issued its Innovation Exemption, explicitly allowing tokenized stocks to trade onchain, actively pushing this development forward instead of fighting it. so I think tokenized equities are equally obvious with equally asymmetric upside as stablecoins in 2019. except this time it's going to move much, much faster. one of the biggest opportunities forming in this space right now.

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One exciting thing about this new wave of tokenized equities is that they are finally active in DeFi. Robinhood, Coinbase, and Backpack tokens each have >35% of their onchain supply deposited in spot DEXs.

This is, in my opinion, one of the few charts that actually explains the stablecoin landscape. Stablecoins are a network effect asset. Sure, there are thousands of them, but look at the slope of each cohort, it flattens VERY fast as the threshold rises. The only cohorts that matter are $10B+ and increasingly $100B+ and 500B+ $1B+ has barely moved since inception: single digits in 2021, 12 today. $10B+ is actually down. There were 4 at the peak in 2022, now it's just @tether and @circle. Getting into the $10B+ club is brutal already. $100B+ might be a two-horse race for a long time and 500B+ probably a one horse race for 2+ years

Looks like PUMP's buybacks are increasingly being executed on its own AMM.

One interesting metric from this is the ratio of daily active traders to daily unique tokens traded. A higher ratio indicates that traders are largely trading the same tokens; a lower ratio suggests otherwise. @fomo has the highest ratio, with around 11:1 traders to unique tokens traded, whereas other platforms like Axiom and GMGN are close to 1

Trading app volume is picking up again on Solana. Highest since mid-2025, with fomo, Pumpfun App, and JTX being the emerging winners this cycle.

Excluding token buybacks from Advisors and VCs, @Collector_Crypt spent ~$850k acquiring solana:CARDSccUMFKoPRZxt5vt3ksUbxEFEcnZ3H2pd3dKxYjp now worth ~$3.4m. The ~$3.4m includes solana:CARDSccUMFKoPRZxt5vt3ksUbxEFEcnZ3H2pd3dKxYjp earned through LP fees, while acquisition cost excludes these tokens as they were earned from trading activity rather than purchased. This puts the average value of accumulated buybacks at roughly 4x their acquisition cost. The entire balance was burnt yesterday as part of solana:CARDSccUMFKoPRZxt5vt3ksUbxEFEcnZ3H2pd3dKxYjp 1 Year Token Anniversary.

One of the handful of Solana projects that are quietly pulling tokens out of circulation in a bear market. Eventually, people will realize this needs to be re-rated once you account for the number of tokens actually circulating.

Hyperliquid generated over $3.7 million in revenue yesterday. AQAv2 interest accrual begins today. Hyperliquid.

For consumer apps like @Collector_Crypt, looking at MAU paints a complete different picture in user behaviour vs DAU. The majority of CC's MAU are casual by frequency, with ~80%-90% of users spinning on just 1-5 days per month. Despite the relatively low frequency, this cohort still contributes to roughly to about 20%-40% of total Gachapon spending each month. Some of the users in this cohort (1-5 days active/month) will naturally be new users trying out platform for the first time. However, if we breakdown this cohort further, about 30-40% are recurring users rather than newly onboarded users. Among users spinning 1-5 days per month, these group of recurring users spend an average of ~$15k-$20k/user (vs ~$3k-5k/user for the newly onboarded users). Despite representing only 30-45% of this cohort, recurring users contribute ~70-80% of its monthly gachapon spending. This suggests there is a meaningful group of users who may not engage with Gachapon frequently, but consistently return and allocate meaningful spending when they do. One possible explanation could be spending patterns tied to monthly cash flows such as payroll, reflecting a different form of retention that isnt necessarily visible through DAU alone. At the other end of the spectrum, majority of Gachapon spending still comes from a smaller group of highly engaged users, including those who spin 20+ days/month. These users naturally have significantly higher spending and remain an important driver of overall volume. Overall, the user base seems to be developing across two distinct profiles : a broad base low frequency users who return periodically, alongside a smaller group of highly engaged, higher spending users. With stronger web 2 distribution and onboarding expected ahead, I would expect the lower frequency recurring cohort in particular to become an increasingly meaningful part of the user base.

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Almost all of this volume is atomic arbs. Two new charts added to the Solana DEX aggregator dashboard: 1. The percentage of routed volume coming from atomic arbs 2. The percentage of routed volume coming from trading platforms like Axiom, fomo, Terminal, etc. This measure is a best attempt at looking at retail flow since all of these trading platforms are fee-paying (much harder to spoof compared to most metrics)

The most important thing in crypto data right now is to go beyond top-line metrics. Almost all metrics require nuance to understand the reasoning or incentives driving them. A recent example of this is total stablecoin holders. Each day, a new all-time high of total stablecoin holders is promoted. However, just peeling the onion, one layer deeper, shows that almost all of these holders are just "dust balances", which are addresses holding a very small amount of tokens. If you filter for addresses with more than $1 in stablecoin balances, stablecoin holder counts tell a completely different story: a number that has grown very little since 2025, contrary to what the "raw" all holders number would tell you.

One thing I've wanted to look at for a while was PUMP's buyback execution. I'm pretty surprised that around 70% of PUMP's buyback order flow is executed through JupiterZ (RFQ), and only around 2% settles on its own AMM, PumpSwap. I think an interesting question is whether Pump should focus on getting the best price for its buyback or growing its PUMP-SOL and PUMP-USDC pool on its own AMM. This flow isn't marginal either. Around 5% of onchain buy volume for PUMP comes from this buyback program. Today, about 99% of all volume on PumpSwap is from graduated Pumpfun pools.