how has Uniswap restructured $UNI’s value accrual mechanism? $UNI didn’t go from governance token to dividend token. @Uniswap rebuilt the entire value accrual path so protocol usage can remove $UNI from supply without ever paying holders cash. That distinction matters a lot. Because for almost 5 years Uniswap was one of the biggest fee machines in crypto while $UNI captured basically none of it. Now part of the swap fees from v2/v3/selected v4 pools + net Unichain sequencer fees are collected into TokenJar. TokenJar holds the actual assets collected from trading. ETH, stables, whatever tokens the pools generated. Anyone can take those assets out, but to do it they need to pay $UNI into Firepit where that UNI is permanently burned. So Uniswap itself is not market buying $UNI. Instead searchers decide when the assets sitting inside TokenJar are worth more than the $UNI + gas needed to claim them. Usage creates fee inventory → fee inventory creates an economic reason to acquire/burn UNI → supply disappears. Tbh the mechanism looked pretty mid during the first half of 2026. Only ~$28.2M became protocol revenue from $357.6B volume across Jan–Jul 2026. Not exactly Hyperliquid-level token economics. But the important thing is coverage was still rolling out. – daily protocol revenue went from $114K pre-v4 flip to $325K after it. – Robinhood contributed $170K on one post-flip day. – latest 30d protocol revenue is ~$10.3M, up ~134% over the period. That’s ~$124M annualized versus the ~$26–35M annualized numbers at the beginning of the year. What actually printed: – 111.7M $UNI gone, 888.3M remaining. – 11.7M of that is actual Firepit, the rest is the 100M gesture. – L90D / L180D annualized ~$97.6M / $75.3M. – annualized burn cleared $250M on Sep 8, heavily driven by RH. Currently the pipe is finally large enough to matter versus a ~$4B mcap, and the Firepit run-rate now outruns the 20M UNI/year Labs budget. I think design quality is high. They solved the constraint that killed every prior vote by not paying holders, burning float, wrapping the DAO, and making Labs a vendor. Legally, it’s probably the constrained optimum for a US-touched major. Respect the engineering. But magnitude is still mid. If we want this to look like HYPE economics, we’ll be waiting a long time unless they turn PFDA / UniswapX / the rest of v4 into real take. DYOR.

Privacy sector will be a major trend just like RH the last few months changed how i think about the Privacy sector. Since the Oct 2025 market top, privacy has been the only major crypto sector still above that peak. ZEC alone went from roughly #82 to the top 10 and is now up more than 2,000% YoY. so i think of what does the privacy stack actually look like if trillions of dollars eventually move onchain? and i think we’re watching 2 different theses compete for that answer. [1] Privacy as money This is the $ZEC / $XMR thesis. You own an asset whose monetary network is designed around financial privacy. The timing makes sense to me since AI makes blockchain surveillance dramatically cheaper. Public ledgers were already easy to analyze. Now models can continuously connect wallets, transactions, counterparties, behavioral patterns and offchain identities at a scale that previously required dedicated analytics teams. That is uncomfortable for individuals. For institutions, it becomes a business problem. – a fund does not want competitors seeing its positions. – a market maker does not want every flow mapped. – a company does not want payroll, supplier payments or treasury movements exposed. an institution moving $100M onchain probably does not want the internet watching what it does next. i think institutional interest in privacy is fundamentally different from the privacy narrative of previous cycles. Privacy is becoming financial infra, ZEC has captured this story extremely well. The recent Grayscale @Zcash ETF launch only strengthened that institutional wrapper: ZEC crossed $1,000 shortly afterwards and entered crypto’s top 10. But there is another thesis that I find even more interesting. [2] Privacy as computation Instead of building private money, make existing crypto programmable without revealing everything. This is where ZK, viewing keys, stealth addresses, privacy pools and FHE become important. Ethereum is clearly moving in this direction. Its current privacy roadmap covers private reads, private writes and private proving. More importantly, Ethereum researchers are now discussing protocol-level shielded pools, private txns on L1 and eventually FHE-supported shared encrypted state. ZK is great when I need to prove something without exposing the underlying info. FHE goes further in another direction: applications can compute directly over encrypted data. That opens a much larger design space. – Private AMMs. – Confidential lending. – Hidden positions. – Sealed-bid auctions. – Private payroll + Private RWAs + Private voting. – Confidential token allocations. – And eventually things much more crypto-native. i’m already seeing the first versions. @zama is probably the clearest FHE bet right now. Its confidential USDC integration with Morpho + Steakhouse lets capital earn DeFi yield while deposit size, direction and timing stay encrypted. GSR has also executed a confidential OTC trade on Ethereum using Zama. @aztecnetwork is attacking programmable privacy through ZK. Its latest Alpha V5 cut private proving times by more than 2x and already has private transfers, @aave yield through Nyx, bridges and early apps running. @RAILGUN_Project brings privacy directly into existing Ethereum DeFi rather than creating a separate financial world. Ethereum itself now lists Railgun, @fluidkey, Privacy Pools/0xbow, Kohaku and other privacy tooling in its eco. I expect the same speculation cycle we see everywhere else to appear here too. – Private memecoins where holder balances are hidden. – NFT collections where ownership or trading activity can be selectively disclosed. – Games where hidden state is actually possible onchain. – Prediction markets with private positions. – Dark pools. – Sealed token launches. – Private governance. Aztec already has Raven House for private NFT trading and a version of Dark Forest built around hidden onchain info. and Zama’s ERC-7984 standard already makes confidential fungible tokens possible while keeping balances and transfer amounts encrypted. So yes, I think privacy memes and privacy NFTs eventually happen. But I’m much more interested in what happens when DeFi starts hiding info that should never have been public in the first place. There is also one a16z idea I keep coming back to. Privacy creates lock-in. Public assets are easy to bridge because the state is already visible. Secrets are different. When I move from one private environment to another, timing, amounts and other metadata can expose info. According to a16z’s Ali Yahya, “bridging tokens is easy, bridging secrets is hard.” That makes private ecosystems potentially much stickier than normal L1s. I think this has a major implication for investors. If privacy becomes important enough, the winning network can accumulate private state. Once enough encrypted state and applications depend on each other, moving somewhere else becomes much harder. That makes the current competition much more interesting than another L1 rotation. My watchlist is therefore split into two buckets: – Private money: $ZEC, $XMR. – Programmable privacy: $ZAMA, Aztec, RAILGUN, Privacy Pools/0xbow, Fluidkey and the broader Ethereum privacy stack. That’s probably the privacy trade i care about most from here. DYOR.

$VEX | @ProjectVEXai dumped tokens and extracted nearly $1.5M from users 👇👇 I’m pretty busy and tbh I didn’t really want to get involved in this drama, but the $VEX founder has asked me many times for proof that tokens were being sold. So I went back onchain and checked how these transactions actually work. [1] Why you can’t find the sell txs from the From wallet With a normal wallet, the flow is simple: EOA wallet → DEX → sell, so checking the From address usually shows the trading history directly. But some of the $VEX wallets I checked use a different setup, where the address shown in From is only a Bundler. The actual transaction can be executed through a Smart Account behind it, which means the visible From wallet may show almost no $VEX buy/sell history. Think of it like this: Bundler = delivery driver, Smart Account = the person deciding where the package goes. [2] How Smart Accounts work A normal EOA wallet works like: Private key → Wallet → DEX A Smart Account setup can look more like: Owner key / passkey / multisig → Smart Contract Wallet → Execution contract → DEX / bridge / app So if you only check the visible From wallet, you are only seeing the outer layer of the transaction. The real token movement can happen behind it through Smart Accounts, execution contracts and liquidity pools. [3] This is what I found when tracing $VEX Instead of stopping at the From address, I checked ERC-20 Transfer logs, Approval logs, Smart Accounts, Bundlers, execution contracts and liquidity pools. Once you follow the full path, the $VEX sell activity is there: token leaves the Smart Account, part goes to fees, and the rest gets routed into liquidity pools and swapped into other assets. So when someone says “show me the wallet selling $VEX,” checking only the Bundler wallet is basically useless. You need to trace the entire execution path. [4] Then I checked the top PnL wallets I quick checked around 100 of the highest PnL wallets around $VEX, and many of them show similar behavior. They were active around $VEX from very early on, traded continuously, used Bundler/Smart Account execution and ended up with very high PnL. From my quick calculation, the combined PnL of the wallets I checked is already close to $1.5M. That is a lot of money extracted from the market while users were still buying and holding $VEX. I’m still tracing these wallets one by one, so I’m not saying every address is already confirmed to belong to the team/MM. But the sell activity itself is onchain. [5] And don’t forget the 1% transaction fee $VEX also charges around 1% transaction fee, and with the volume the token generated, the fee side alone could be worth around $2M based on my estimate. So potentially we are looking at around $1.5M PnL from these wallets + around $2M from transaction fees. If the team thinks my wallet analysis is wrong, the answer is simple: public the team wallets, MM wallets, treasury wallets and fee wallets. Then everyone can compare them directly onchain. Send this sh*t to 0.

this is exactly why i didn’t want to FOMO BTC is still around $84.5K, but market cap is down ~2% today. more importantly: - Open interest is down 9.56%. - Long liquidations are ~$444M. - Derivatives volume is still above $1T/24h. this looks more like a leverage flush after a strong rally than a broken market. i still like the broader setup. i just prefer buying when leverage gets cleaned out, not when everyone feels invincible. 🤠🤠

Binance will list @HyperliquidX (HYPE) with the Seed Tag applied. More info → binance.com/en/support/annou…

You can now earn yield on Bitcoin, with your balance encrypted onchain, through the Wintermute Confidential WBTC (@WrappedBTC) vault. @RandHindi and @FrankResearcher from Armitage by @wintermute_t discuss what this unlocks for BTC in DeFi, and what's next for confidential onchain finance.

Tokenized equities on @Base have crossed $300M+ in Uniswap volume Still day one 🤝

i can see a future where AI can guide robots to do work but how do we know the robot actually completed the task correctly? That’s the part i find interesting about @konnex_world . Konnex is building a network where AI models can be used for robotic tasks, while the work results are checked by validators. a simple example: a warehouse robot receives a task → uses an AI model to perform it → validators check camera/movement data → the result is verified through Proof-of-Physical-Work. i think this is inevitable for robotics: it’s not enough to do the work, you also need to prove it was completed. The public testnet is now live, with workloads like drone navigation, robot-arm tasks, and 3D mapping. if you want to understand #Konnex better, i think the best way is to try the testnet yourself: 👉 subnets.testnet.konnex.world…

price already moved, but the ethereum:0x1f9840a85d5af5bf1d1762f925bdaddc4201f984 thesis still doesn’t feel fully priced in ngl, seeing ethereum:0x1f9840a85d5af5bf1d1762f925bdaddc4201f984 move like this feels pretty damn good. Price got close to ~$11 at one point. @Uniswap is making exactly the kind of move i wanted to see: price is running, but the thesis underneath still hasn’t cooled off. right now, $10–$12 is the nearest supply zone that needs to be cleared. if ethereum:0x1f9840a85d5af5bf1d1762f925bdaddc4201f984 cleanly breaks and holds this area, then $19–$20 is the next major zone I’m looking at. NFA.

🔥 TODAY: BlackRock's latest research says the rise of AI agents could become a major driver of crypto adoption, with stablecoins and blockchains serving as the payment rails for machine-to-machine commerce.

BNB memes have a lot going for them right now CZ clearly wants BNB Chain to have its own breakout period like Robinhood once did, so memes becoming a major focus here wouldn’t be surprising. Right now mubarak:native is leading, while $BROCCOLI, $4 and test-3:native are starting to follow. Momentum is back, structure looks better, and attention is in the right place. Not sure how far this wave can go, but while everything is lining up, I’m not taking my eyes off this basket. NFA.

. @Zcash as the first privacy ETF is doing what people said only BTC and ETH ETFs could do $ZEC traded above $1,200, gained roughly 45% in a week, and pushed its market cap toward $20B. Grayscale’s $ZCSH began trading on August 25 and already holds around $463M in assets. Price appreciation contributed to that growth, but the ETF also recorded real net inflows. Then leverage amplified the move. ZEC open interest crossed $2B, while more than $34M in shorts were liquidated as price broke higher. Spot demand → breakout → forced short covering → more momentum. Th most interesting thing is why privacy is working now. AI is making wallet profiling, address clustering, and identity linking cheaper. On transparent chains, every transaction can become part of a permanent financial profile. I increasingly view privacy as a hedge against onchain identity exposure. That gives Zcash something most alt narratives currently lack: → price confirmation. → institutional access through a new wrapper. → a cultural reason to own it now. I also spent time looking for the next ZEC beta play. One thing became clear: Zcash still doesn’t have a mature native token economy, so I’m separating real ZEC exposure from tokens that only borrow the narrative. My current map: [1] Clean exposure: $ZEC and $ZCSH This remains the most direct trade. ETF demand, shielded adoption, and derivatives positioning all flow back to the same asset. [2] Capital-efficient ZEC exposure @kamino has opened a ZEC-backed lending market on Solana, allowing users to borrow USDC against ZEC and loop the position up to 1.7x. That creates another demand path for ZEC, but it also adds liquidation and bridge risk. [3] Meme beta: $ZCAT $ZCAT uses a 3% transaction tax to buy and distribute ZEC to holders. More than 2,320 ZEC, worth roughly $2.8M, has already been distributed. This is not native Zcash activity, but it is one of the first meme structures where speculation creates direct ZEC buying. [4] Native Zcash optionality @zec_bit is testing private NFT ownership directly on Zcash, with its Genesis collection traded in ZEC. Further out, Zcash Shielded Assets and projects such as ZPrivDEX could create private stablecoins, tokenized assets, and native shielded trading. The privacy-first wallet @noir_wallet is probably where you start. Those products are still early. I see them as a watchlist, not liquid beta yet. This is where the bigger opportunity may form: ZEC as the monetary asset → memecoins creating speculative demand. → private tokenized stocks and stablecoins. → native shielded markets. for now, i’m watching where real ZEC is bought, locked, used as collateral, or required for settlement. that is a much stronger signal than buying every token with "Zcash" in its name. DYOR.

Introducing a new way to bring shares onchain. Starting today, approved institutions can use shares they already hold to mint Ondo Stocks through Alpaca’s Instant Tokenization Network. This gives institutions a direct path from existing share inventory to onchain markets, supporting tighter spreads and deeper liquidity. How it works: → Mint Ondo Stocks using underlying shares → Redeem tokens to receive the shares back → Live now on Ethereum and BNB Chain Building on Ondo Stocks’ just-in-time liquidity model, in-kind conversion adds a new route alongside cash-funded transactions. The result: more capital-efficient liquidity provision, tighter spreads, and greater depth across secondary markets.

Whales are buying $UNI! 3 newly created wallets have accumulated 782,130 $UNI ($6.97M). 0xbD9C just received 130,000 $UNI ($1.14M) from #GalaxyDigital. 0xf415 withdrew 221,955 $UNI ($1.99M) from #Bybit and #OKX 21 hours ago. 0x9681 withdrew 430,174 $UNI ($3.84M) from #Binance and #Gate over the past 3 days. arkm.com/explorer/address/0x…

i like this bounce, but i’m not going to FOMO right before a major macro event BTC has recovered to $85K, and momentum is clearly improving. but there are still too many variables over the next few days to ignore: - On Sep 24, Trump and Xi Jinping will meet in Washington, with the trade truce, AI, and US-China relations among the main topics. - The Fed just hiked rates by 25 bps to 3.75% -4.00%, and 16/18 policymakers still expect at least one more hike this year. - BTC ETF flows have only just started recovering after two large outflow sessions earlier this week. - The market has just gone through a large wave of liquidations, so leverage is still playing a meaningful role in price volatility. i’m not bearish. on the contrary, BTC reclaiming $80K is a positive signal. but the closer the market gets to peak excitement, the more important it is to check the risk before thinking about the reward. 🟡 Enjoy the rally, keep your positioning reasonable, limit leverage, and don’t let FOMO make decisions for you. when the market gets a pullback, i’ll still focus on the projects I’ve mentioned many times on my X: projects with real revenue, reasonable tokenomics and allocation mechanisms, and infrastructure that institutions may have to use in the future. DYOR.