➥ Marcro & The Bitcoin Minning Cost Correlation ✦ Trade war → rising retaliatory tariffs → rare earth prices ↑ → chip manufacturing cost ↑ → mining rig prices ↑ → mining cost ↑ You know #Bitcoin miners follow upgrade cycles, similar to the halving rhythm. This typically happens every 2-4 years, depending on hardware progress and competitive intensity. It’s now >1 year past the 4th Bitcoin halving (April 20, 2024). → Meaning that most mining rigs are still fresh new > A new wave of hardware investment isn’t due yet. → So any effect from the trade war on mining costs may not be fully priced in for another 6-12 months. ✦ However, in this geopolitical context: ▸ China holds a massive edge in rare soils → the raw materials behind cheap chip production (WTO: China holds 44M tons of rare earth reserves, ranked #1 globally) ▸ Trump isn’t taxing chip exports from China, yet chinese consumers are boycotting U.S. goods, which may dampen exports. → China will look for ways to leverage this resource surplus. If China allows large-scale #Bitcoin mining again: → Cheap domestic chips → competitive rigs → Pressure on U.S.-based miners rises → U.S. must produce domestically at higher cost → upgrades → cost inflation. All paths lead to one conclusion: rising #Bitcoin mining costs. Of course, cost inflation is part of #Bitcoin’s long-term design: ▸ Inflation → halving → new-gen miner competition But in today’s AI-driven, macro-unstable world, the competitive cycle may speed up faster than usual. ✦ Two core metrics reflect this: ➊ Hashrate just hit a new ATH: 1055 EH/s → That’s 1055 million trillion trillion calculations per second to mine BTC. ➋ Mining Difficulty is also at a record high: 121.5B → The market must stay alert to reactions from: • Earnings of China-exposed companies • Inflation spillovers • Geopolitical flare-ups • A potential U.S.-China breakdown • Crypto adoption progress in nations like Singapore, China, U.S… ✦ Zooming in: [1] Bitcoin's divergence from traditional markets: → Correlation with Nasdaq is fading → $BTC volatility is dropping while stocks and bonds grow more volatile → Institutional wallets are quietly accumulating again. [2] Gold has surged ~20% as central banks stockpile it at record pace. → [1][2] hint at a shift: $BTC is transitioning from a high-risk asset → to a strategic macro hedge. Long-term, $BTC won't replace gold, it's becoming a parallel reserve system. In a fragmented global order, capital is chasing neutrality. → That drove the gold rush. → But gold can’t keep surging forever. If #Bitcoin remains resilient under ongoing macro pressure. You may be witnessing the early signals of sovereign/institutional recognition and eventually, public adoption. ✦ TL;DR: ▸ Tech-wise: Bitcoin is engineered for long-term price appreciation ▸ Macro-wise: Geopolitical frictions may ignite an arms race in mining ▸ Sentiment-wise: After the gold rush, Bitcoin might be the only asset that ticks both boxes: liquidity + value refuge ▸ Option insights: Whale aims a big pump in Sept, expecting BTC to hit $140K So from my perspective, a #Bitcoin rebound is likely within the next few months.

➥ Stocks, ETFs, commodities and more issuers are steadily expanding onchain RWAs activity show positive signal the last few months RWAs aren't being issued and held anymore, instead i see a more active market is forming around them i’ve been digging through @coingecko's RWA data, and one rotation stands out capital remains concentrated in commodities, but trading demand is shifting toward tokenized stocks from Jan 2025 to June 2026: - tracked crypto TradFi market cap grew +366.7%, from $1.41B to $6.59B - H1 2026 trading vol reached $1.45T, ~10x the whole of 2025 - US stock vol jumped 337.4% MoM to $189.84B in June - tokenized stocks overtook precious metals in monthly volume for the first time - stock perp OI reached $2.01B, versus $1.69B for precious metals CG’s live RWA Charts currently show another useful snapshot: - $8.46B tokenized mcap - $1.46B tokenized vol over the last 24H i think RWA is developing in 2 directions commodities and Treasuries still provide most of the existing capital base tokenized stocks are becoming the higher-velocity segment, driven by 24/7 access, perps & the ability to use equities inside onchain markets this aligns with what we’re seeing from @RobinhoodApp, @Ondo Stocks and @xStocksFi the next phase is making them tradeable, composable and useful as collateral i now monitor RWAs everyday iykyk It helps me separate real adoption from simple price appreciation or new token listings You can explore the same RWA data here: coingecko.com/en/charts/rwa

➥ @wardenprotocol Token Terminal puts most of my token research flow in one place normally, i move between - Dexscreener for charts - CoinGecko for market data + wallet trackers - then another app to trade then i noticed that with Warden Terminal, i can: - find tokens across Robinhood, Arc, Base, BNB Chain - filter by liquidity, volume, age, mcap - see new tokens, market signals, profitable traders - open AI analysis for a quick second opinion - check recent trades, holders & key market data - trade directly from the same screen in this walkthrough, i bought $TOLLY thru the @arc leaderboard terminal showed the chart, liquidity, volume, holders & live transactions but the useful part was the warning that another token shared the same name and logo that small check matters when trading new tokens i also tested its cross-chain swap flow it shows the route and minimum received before confirmation supported swaps can be completed WITHOUT HOLDING GAS on the destination chain if a route is unavailable, it tells me immediately instead of giving me an unusable quote my PnL is then tracked inside the same terminal and the Top Cooks section lets me see which wallets are trading well rather than following random calls this is much closer to how i want a trading terminal to work so far you can try it here if you will: tokens.wardenprotocol.org/r/… share your code also gives both campaign points and you earn 20% of the trading fees generated by referrals

i genuinely did not expect this > @saturn_credit confirmed the $STRN TGE for Q4 2026 S2 points is officially included up to 5% of the total $STRN supply is reserved for S2 participants distributed based on each wallet’s relative share of S2 points fyi, before this announcement S2 points were an option on a possible future allocation the remaining unknowns are: • $STRN launch valuation • final S2 allocation • total eligible S2 points • distribution and unlock terms then i do the math for you, if the full 5% is distributed • $250M FDV = $12.5M for S2 • $500M FDV = $25M for S2 • $1B FDV = $50M for S2 if TGE happens before Dec 8, S2 ends shortly before TGE and the allocation is reduced based on the actual season length for example, if 75% of S2 is completed, 75% of the allocation is distributed at a hypothetical $500M FDV imo, that would leave an $18.75M S2 pool your wallet would need • 0.013% of eligible S2 points for a $2,500 allocation • 0.053% for a $10,000 allocation so literally 4 or 5-figs airdrop is possible this gives me a similar feeling to what i saw with Re airdrop the strategy i find most interesting now is YT-USDat on Pendle current setup on Ethereum - expiry: Jan 13, 2027 → Saturn points: 30× and YT leverage: ~51× → implied APY ~6.78% with underlying APY ~3% → market TVL ~$17M → ±10% implied-yield depth ~$3.9M YT gives leveraged exposure to the yield + points generated by the underlying USDat until maturity Saturn currently assigns YT-USDat a 30× S2 multiplier, the highest multiplier listed across its strategy page at ~3% underlying APY and 110 days remaining, the underlying yield may generate ~0.9% of notional before fees and rate changes the current implied YT cost is closer to 2% of notional that difference is what buyers are effectively paying for S2 point exposure and possible yield upside for different risk levels, i would look at - hold USDat: 5×, simplest route - Pendle LP-USDat: 15×, more balanced - Curve USDC/USDat LP: 25×, high points with LP risk - YT-USDat: 30×, highest points but highest expiry risk S2 positions continue earning until the snapshot, so the opportunity is still active if you want 10% bonus then use my referral code: NICK-RESEARCH disclosure: - yields are variable, YT can expire at zero, and eligibility restrictions apply. NFA - available to eligible participants outside the US, EU, and EEA

in crypto bull market, everyone’s calculating how many Xs they need to retire before i round-trip another life-changing bag waiting for one more leg i write this to remind what those numbers can actually unlock some early signals: > $STONK: +1,676% > $ZEC: +280% > $NEAR: +146% but wealth doesn't improve linearly, it moves in step functions across distinct levels each level unlocking fundamentally different lifestyle freedoms > L1: getting to mental stability - 6-9 months expenses > L2: $100,000 - the first aha moment > L3: $700,000 - middle class trap > L4: $3M - first significant lifestyle jump > L5: $6M - you are rich > L6: $20M - post economic > L7 - power and influence - $100M+ the first real level of rich is not a Lamborghini it is having enough money that nobody else owns your time

you will sideline every trend this bull cycle [1] $BTC - $STX - $ZEC [2] stocks-themed memcoins - $PONS - $AI - $STONK [4] tokenized stocks - ethereum:0xfaba6f8e4a5e8ab82f62fe7c39859fa577269be3 - $MORPHO [5] perps DEX - @variational_io - @arcus_xyz - @tradexyz - @entropyIO [6] RWAs infra - @Theo_Network - @xStocksFi - @saturn_credit - $FLUID [7] AI infra - $NEAR - $TAO - $VVV - $VIRTUAL - $REI many more will come, i and you will miss ton of 'em ppl will win life-changing money, but you and me stay sideline so i'll start with ₿, will fomo wen it hit $60K - $70K again show me the other way if there is any ↓

➥ top protocols building AI analysts for all the first 2 tools are most important to aid my research flow with real-time and precise data for context, AI analysts are becoming one of the most practical applications of AI in finance they will not eliminate the research edge but they will remove much of the operational gap between an independent researcher & a professional research desk these are the 3 i’m equiped: [1] @artemis AI Analyst [2] @DefiLlama LlamaAI [3] @SoSoValueCrypto AI Socrates i’ve personally used Artemis and LlamaAI the most i use LlamaAI at the start of my research flow it helps me screen protocols, compare competitors, and quickly check changes in TVL, rev, vol, fees, stablecoin supply, or market share instead of opening ten dashboards and manually building a table now i can first ask a specific question, identify what changed, and decide whether the signal deserves deeper research i use Artemis when the thesis requires more context for example, onchain activity alone cannot explain how Robinhood Chain may affect Robinhood’s earnings i also need txn rev, company guidance, public-market comparisons, and broader financial conditions Artemis is useful for connecting those layers in one workflow i’m still exploring Socatis, mainly as another source for macro context, market trends, and cross-checking my initial view the benefit is not limited to saving time, these tools can help people: - turn a broad idea into a testable research question - compare protocols using consistent metrics - find changes that are easy to miss across dashboards - connect crypto activity with macro and public markets - build charts, reports, decks, and financial models - challenge a thesis before publishing or allocating capital i still verify important figures against primary sources AI can retrieve and organize the evidence, but it cannot decide which metric matters, whether the data is comparable, or what the market has already priced in that is why i think AI analysts expand access without removing the edge the edge shifts from finding data to asking better questions, checking the evidence, and forming an original view

➥ AI tools have made building an app much easier launching its own chain is still expensive and technical this is why i’ve been digging into @CNPYNetwork | $CNPY Canopy lets builders turn an AI-generated app into a sovereign Nested Chain without assembling validators, wallets, explorers, or security from scratch builders can use familiar languages and templates, deploy through Canopy Terminal, inherit shared restaked security, and become more independent as the app grows backed by Arrington Capital, Borderless Capital, Fenbushi, SNZ, and others Canopy is targeting a clear gap between vibe-coding an app & launching it onchain what interests me most is how $CNPY captures network growth: - gas and network fees are paid in $CNPY - validators bond $CNPY and risk slashing - bonded $CNPY can secure multiple Nested Chains - terminal uses $CNPY for launches and graduation - graduated apps can offer dual staking with their token + $CNPY the demand path is straightforward: more apps → more launches → more chains requiring security → more $CNPY bonded and used for fees its open-source approach could also strengthen the product over time more public apps provide more training data for Canopy’s agents, helping them build future apps more effectively price action has been strong too $CNPY launched near a $20M market cap, dropped toward $10M as early sellers exited, then recovered to new highs it recently approached $0.40 and is now consolidating around $0.35 while holding the rising structure i’m positive, the thesis confirmed from actual usage Canopy addresses a real problem, now i’m ready for the next milestone

➥ i rank every high-quality strategies on official strategy board lives at @Saturn_Credit app [1] Hold USDat → core position (5× points) - treasury-backed dollar - no STRC credit risk, no queue, no Pendle decay - you give up the ~14% STRC yield - best if you want points + a cash-like asset you can later route into Curve/Pendle/Morpho [2] Curve USDC/USDat LP → best “set and forget” points farm (25×) - two dollar stables, so IL is usually small - points jump from 5× (idle USDat) to 25× - lowest-maintenance S2 route if you don’t want to babysit YT decay or Morpho LTV - same 25× exists for USDC/sUSDat, but that adds STRC/sUSDat price risk - Pancake active-range USDT pairs on BNB are also 25×, but only while in range [3] Stake sUSDat → the actual product (1× points, ~14% yield) - this is the Bitcoin-credit exposure - you earn STRC dividends as the share price rises - exit is a queue, not instant - during the V2 window, treat this as less liquid than usual - better as a yield position than a points position [4] Pendle YT-USDat → highest official points multiple (30×) - you are long implied yield / points and short time - YT decays to zero at maturity, current listed maturities ~13-14 Jan 2027 - Saturn is also sending weekly USDat distributions into Pendle USDat markets on Ethereum + Monad, scaling with market size - good if the goal is Orbital Points density; poor if you want principal-protected dollars - YT-sUSDat is 10×; YT-srUSDat is 15× [5] Pendle PT-USDat + Morpho/Euler loop → best “real yield” structure when the spread is open - buy PT, post it as collateral, borrow USDC, buy more PT - earlier this month the spread looked roughly: - PT implied ~6.7% vs Morpho borrow ~4.8% - so a conservative ~3× loop was ~10% before gas - with utilization already high + little USDC left to borrow - that spread comes and goes - Saturn points on the raw PT-borrow markets are often zero; you do this for carry, not Orbital farming [6] Morpho / Flowdesk credit overlay - lend USDC into Saturn’s Morpho vault: 1× points - lend AUSD in the Flowdesk vault: 1× - borrow AUSD against sUSDat: 2× - this is how you lever the STRC yield without going through Pendle - same warning as any money market: utilization spikes, oracle risk, and sUSDat is not a vanilla stable [7] Strata junior | jrUSDat → 5× points, higher risk - junior absorbs losses first; srUSDat is the protected slice - only use jr if you explicitly want leveraged credit residual » disclaimer: not available to US, UK, EEA, or sanctioned users yield is variable. this is not investment advice

➥ Uniswap v4 has finally flipped v3 latest 30D snapshot: @Uniswap total vol in the lastest 30D snapshot = $81.33B - v4: $42.90B - v3: $36.78B so v4 is now doing ~54% of v3 + v4 flow, despite being the newer architecture v4 Hooks let pools add their own logic around swaps, liquidity, fees and accounting basically, ethereum:0x1f9840a85d5af5bf1d1762f925bdaddc4201f984 is moving from one AMM design → infra where each pool can behave like its own product and i’m starting to see where that matters on Ethereum, v4 already represents around 54% of Uniswap volume on @RobinhoodApp it’s only ~27%, which means there’s still a pretty big migration runway if the newer pools keep winning flow Robinhood is especially important here - contributed ~$33.1B of Uniswap’s $81.3B 30D volume - this makes it Uniswap’s largest chain by trading activity, even ahead of Ethereum at ~$24.1B and the mix is getting weird in a good way memecoins, tokenized stocks, stock-paired tokens & custom liquidity mechanics are all markets where programmable pools actually make sense if v4 keeps taking share from v3 while Uniswap expands into new markets like Robinhood and @arc then Hooks are moving from an interesting developer feature into the protocol’s default liquidity architecture i think that’s one of the cleaner signs yet that the Hooks thesis is actually translating into usage

➥ best crypto cards in 2026, ranked for $1,000 in monthly U.S. spending i think crypto cards are becoming one of the clearest consumer use cases for stablecoins i ran the simple test > how much value do i receive after spending limits, fees and redemption conditions? here is my comparison of the free entry tiers: • @ether_fi: 3% → $30 • @lava_xyz: 3% → $30 in BTC • @KASTxyz: 1.5% → $15 • @Plasma One: 1.05% blended → $10.50 in XPL my picks: [1] best overall: etherfi - the free Core tier pays 3% in USDC on the first $2,000 spent each month - at $1,000, i receive the full $30. It also supports Apple Pay, Google Pay and spending against crypto collateral - the card is still unavailable in 17 U.S. states [2] best Bitcoin cashback: Lava - returns $30 on $1,000 of eligible U.S. spending, but rewards are paid in BTC - partner merchants can offer up to 5% - ilike this option for users who already want to accumulate Bitcoin - 0.001 BTC redemption threshold could delay access for lighter spenders [3] best flat-rate alternative: KAST - free Standard tier pays 1.5% in USD on the first $2,000 each month - that is only $15 at my spending level - Visa Platinum benefits and occasional welcome campaigns - its milestone bonuses can materially improve the first-month return, although eligibility varies by account and region [4] best for spending below $500: Plasma One - Lite tier pays 2% on the first $500, then only 0.1% above it - at exactly $500, i get the full 2%. At $1,000, the blended return falls to 1.05% - rewards are paid in XPL and can be converted to USD stablecoins are no longer limited to trading, lending or transfers crypto cards are turning them into practical balances that can be used for normal daily purchases simple settlement and everyday usability are the real catalysts

What’s NEAR shipping recently? $NEAR has different products but starting to look like one coherent business @NEARProtocol is no longer positioning itself as another general-purpose L1 it wants to become the commerce layer for assets + AI agents: - one account - capital accessible across chains - private transactions - agents that can hold credentials & spend thru the same rails the official framing is building the Agentic Economy i see 3 parts supporting that vision: → @near_intents for cross-chain financial activity → @near_ai and @IronClawAI for private, transaction-capable agents → NEAR One for scalable execution, chain signatures, and post-quantum security the important part is that Intents already has users, volume, and fees so, what has NEAR actually shipped? [1] confidential perps live on near.com on Sept 17 | execution happens through Hyperliquid [2] confidential Intents TVL crossed $90M [3] near.com is becoming NEAR’s distribution layer [4] private AI is becoming a usable product [5] brought dynamic resharding + support for the ML-DSA post-quantum signature scheme [6] part of the rev generated by Intents has flowed toward protocol rev + token buybacks what remains a roadmap thesis several major parts of the vision are not fully delivered yet: - tokenized US equities and Treasuries - B2B Earn and Confidential Intents - prediction markets - agent market 2.0 - AI portfolio management - agents embedded directly into near.com - SPICE and faster block production - single-block cross-shard txns SPICE is particularly important because it aims to 1) separate consensus from execution and 2) reduce block times from roughly 600ms toward 200ms NEAR’s current product is private, cross-chain financial execution i believe the next signals matter more than the recent price action

➥ @LaunchOnSF doing only 22% of Pump’s fees, but already generating 67% of its protocol revenue latest 24H: [1] Stonk - $1.11M fees + $1.11M protocol rev [2] @Pumpfun - $5.10M fees + $1.66M protocol rev so Pump is producing ~4.6x more gross fees, but only ~1.5x more retained rev because the economics are completely different it counts Stonk's platform fees + creator fees + fees harvested from permanently locked Raydium liquidity as protocol rev that gives it effectively 100% fee-to-rev conversion Pump currently converts ~32.5% and this isn’t just one random day as StonkFun rev hit $5.95M / 7D that already puts a memestock launchpad at #5 across all crypto protocols by daily rev behind only Tether, Circle, Hyperliquid and Pump i’ve spent years assuming launchpad economics are basically: create token → speculate → collect trading fee StonkFun adds another layer: launch against tokenized stocks → graduate to Raydium → permanently lock liquidity → keep earning from secondary trading so every successful launch can potentially become a small recurring rev asset rather than ending when the bonding curve graduates and it’s another signal that the memestock narrative is spreading beyond @RobinhoodApp @ponsdotfamily is still doing $3.01M fees / 24H on RH, while Stonk is now doing $1.11M rev / 24H on @solana different chains, same behavior since TradFi assets are becoming the quote layer for crypto speculation

How does crime token and price manipulation happens? How do you profit out of it as a retailer? Our full pod with @thecryptoskanda from last week where he breaks down how the "house" manipulate price and how do you spot it. 00:32 Intro — Who is Skanda & the origin of CryptoSkanda 02:12 What is a crime token? Definition, mechanics & famous examples (MMT, RaveDAO, Lab) 07:02 How short squeezes work — supply control, liquidity vacuum & V3 concentrated liquidity 16:32 Funding rate deep dive — how the house weaponizes basis, -2% rates & funding arb 26:32 Venue & listing cost breakdown — KYC accounts, Sybil attacks & the real operating cost 36:02 How to trade crime tokens as a retailer — OI signals, stop loss discipline & Hertzflow Alpha Skill 51:32 Why crime tokens aren't going away — attention economy, CEX incentives & Hertzflow's vision

➥ 96.7% of sUSDat backing in STRC, which distributes at 12% @saturn_credit currently has: • $138M total TVL • $70.8M USDat • $69.8M sUSDat • 13.8% sUSDat APY but the opportunity map around that yield has expanded via Pendle still @pendle_fi now shows sUSDat at ~16.14% fixed APY, one of the highest yields in its dedicated STRC/RWA section rn and Saturn is layering weekly USDat distributions into the Jan 2027 Pendle markets on both Ethereum + Monad the first published period allocated about $12.8K/week to Monad and $9.2K/week to Ethereum, with distributions scaling alongside USDat in the pools so there are basically different ways i’d play the same Saturn thesis: [1] PT-USDat / PT-sUSDat [2] YT-USDat [3] Curve LPs [4] @Morpho → sUSDat can be used as collateral [5] @strata_markets → sUSDat can be split into senior srUSDat + junior jrUSDat that’s why my Saturn thesis has changed a bit earlier i was mainly interested in the external 12% STRC yield now i’m more interested in what happens once that yield becomes composable hold it → fix it on Pendle → lever the yield with YT → LP it → borrow against it → tranche the credit exposure that’s how a yield asset starts becoming actual DeFi infra right now Saturn combines yield + points + composability into a surprisingly deep strategy stack

➥ i’ve mixed feelings watching @ZetaChain move away from the original cross-chain L1 vision honestly, i think this is the right decision one way or the other i don’t believe every project should keep defending its original direction when real users are clearly showing up somewhere else and for ZetaChain, that real usage is now @AnumaAI, numbers never lie: - 300,000+ users - every account is already a wallet - over 1.26M AI requests - one encrypted memory across 35 models - thousands of new signups every day the Private Memory Layer has also been live since Feb, this is already a WORKING PRODUCT i believe Solana gives ZetaChain something its own L1 couldn’t offer at the same scale think about distribution, liquidity, active users and an existing AI agent eco meanwhile, ZetaChain brings something Solana’s AI stack still needs it’s easy for me to name some: - a consumer app people are already using - with private memory that users control across models, apps and eventually agents $ZETA is already the token behind Anuma the bigger plan is for it to become the common access token for other AI apps + agents building on the same app layer on Solana that direction makes more sense to me than continuing to spend resources maintaining an L1 while the strongest product is already taking ZetaChain somewhere else just to be clear, $ZETA is not on Solana yet holders approved the proposal, but exchanges still need to confirm the swap a second vote will determine the snapshot, mechanism and dates for holders, it remains 1:1 under the same ticker total supply, vesting, balances and locked positions stay unchanged, and we users do not need to do anything now finally, i believe ZETA may now have a better chance to turn a real private AI product into something much bigger

➥ every mega crypto M&A announcement from H1 2026 → @Bullish acquired @Equiniti: $4.2B → @Mastercard acquired @BVNKFinance: up to $1.8B → @Figure acquired @kiavi_inc: $717M → IREN acquired @MirantisIT: $625M → @Payward, Kraken’s parent, acquired @reapglobal: up to $600M at first glance, H1 looks like a major expansion in crypto M&A imho sisclosed value increased 223% from H2 2025 to $9.66B however, i don’t think the headline number tells the full story deal count actually fell 25% to 87, while the median disclosed txn stayed at $100M only 24.1% of deals disclosed a value, and the 4 largest transactions contributed 76% of the total bullish-Equiniti alone represented 43% so this was a small number of buyers paying heavily for strategic infra the assets being acquired explain where the industry is moving these buyers are acquiring: - licenses + payment distribution - enterprise customers + regulated record-keeping - credit origination + cloud software all routes to TOKENIZATION ASSETS capital is concentrating around businesses that connect crypto rails with existing financial activity the meta now is about controlling the infra through - payments - securities - credit & privacy - enterprise workloads operate $BTC already made the move $ZEC already passed 4-figs price $NEAR is building towards AI infra for payment tokenized stocks is moving onchain thanks to Robinhood & Arc now i expect full season of the next bullrun

5 days into @arc mainnet, market is already separating real winners from launch-week noise the chain itself is holding: - $342M DeFi TVL - $628M stablecoins, ~99% USDC - $327M DEX volume / 7D - $41.8M DEX volume / latest 24H that last number is way below the ~$411M mainnet-day spike, which is expected what matters now is what survived after the first wave cooled my Arc map right now: [1] credit is already the strongest fundamental layer @Morpho → $185.5M TVL @aave V4 → $127.2M together they hold roughly 91% of Arc DeFi TVL it tells me Arc is starting with deep USDC credit markets instead of trying to build them later [2] @Uniswap basically owns spot liquidity Uniswap → $24.2M TVL + $286K fees / 24H it currently accounts for almost all tracked Arc DEX activity while @aeroxyz and the smaller venues remain far behind [3] @Arguspad won the first native-app battle launchpads drove 82% of Arc’s mainnet-day DEX volume Argus alone handled ~$202M that day 4 days later, the frenzy cooled hard, but Argus was still doing ~$11M to $20M/day, cumulative pool volume around $274M more importantly, $ARGUS moved from the ~$2.8M pre-mainnet MC i was tracking to ~$16M to $17M still keeping the deepest native-token liquidity i can find on Arc that makes Argus my clearest native winner so far [4] @TollyLabs still makes my shortlist $TOLLY was around $4.8M MC on Sep. 18 w ~$654K liquidity, the 2nd-deepest native-token book in that snapshot its launchpad + trading-terminal positioning still makes more sense to me than the dozens of copy-paste pads that appeared around mainnet [5] the next trade may be very different from the first one mainnet week was dominated by memes and launchpads but Circle launched Arc with Aave, Morpho, Uniswap, Dinari, Robinhood, edgeX, Extended, 1inch and 100+ other builders the network itself is designed around stablecoins, credit, payments and tokenized financial assets so the rotation i’m looking for now is: launchpads → USDC credit → RWA / stock markets → perps around those assets that’s why i’m still here, not chasing every new Arc token anymore then i’m watching closely for the first RWA + derivatives apps that can turn Arc’s ~$628M stablecoin base into actual recurring volume capital arrived first now the last hope for the chain is to find who actually learns how to monetize it

my AI <> crypto thesis is increasingly skewed towards a market for inference models are commoditizing so the gap between them is narrowing, open-source is getting better, and apps increasingly route between multiple models rather than depend on just one that changes where value can accrue if intelligence becomes abundant, the scarce commodity then becomes access and execution, who serves the inference, at what price, with what latency, capacity and privacy guarantees today, that market is fragmented across closed APIs, GPU networks, credits and idle capacity. there is essentially no common pricing, liquidity or settlement so i see three layers emerging: 1) decentralized intelligence, $TAO, markets for producing intelligence 2) private inference, $VVV, $ROUTER, $POD, accessing intelligence without sharing data 3) inference markets, $ORBIO, $MANY, @idleaixyz, markets for pricing, routing, settling and eventually trading intelligence itself i am most intrigued by the last category. so while agents become the dominant buyers of that commodity, they won’t care which LLM serves the request, they will want to optimize for price, quality, latency, privacy and availability. that pushes inference from just fixed-price APIs → competitive markets. and if inference becomes a commodity, the largest opportunity may not be another AI model. it may be the market infrastructure where intelligence gets priced and traded. below are some projects and tokens that i believe will lead thier category. 1) Decentralized AI Networks $TAO / @opentensor AI incentive network prices useful intelligence. Specialized subnets compete to produce work someone will pay for; $TAO is the scarce root asset that decides which of those markets get emissions. $DOT / @usedotai The private inference layer where users buy uncensored, no-retention inference on Base; $DOT is the credit and burn rail sitting in front of that demand. 2) Inference Markets / Exchanges @idleaixyz (something in 24hrs) Worth to keep watch, early waitlist phase though they teased something in another 24hrs. AI inference do not have a place to trade and a price on them. IMO Idle is the first of its kind to have an NYSE for intelligence; both pricing inference credits and allow people to trade. $ORBIO / @orbiodotso Turns inference into a credit you can stake into, spend, and resell. Leading the inference capital markets on RH. $MANY / @manyways_rh An onchain OpenRouter: one balance, many models, compare-and-route. It will wins if agents standardize on one RHC endpoint. 3) Private / Permissionless AI $VVV / @AskVenice This is the reference for private inference. Models already commoditize; while Venice prices the right to ask without handing the prompt to a lab. Usage is real enough that CT now quotes daily token volume, not just the ticker. $ROUTER / @SolRouterAI Solana’s attempt at a $VVV-like private inference layer: decentralized model access, censorship resistance, and an actual team that has been building before the narrative arrived. $POD / @dphnAI Uncensored models plus a peer-to-pool GPU network. Venice needed models that would actually answer so Dolphin supplied them, then tried to own the inference rail those models run on. Token thesis only works if network revenue keeps buying $POD. $CEST / @CestusNetwork Permissionless GPU mesh for open-model inference. The product pitch is around a no lab owns the servers. The debate is around the relaunch story. $MINI / @miniroutersh A cheaper Solana router competing for the same private-inference order flow as ROUTER. The bet here is in same category, much smaller cap, and some debates that the sites look related. $OPAN / @Opanarchyai This is more of a robotics bet. It has an open robotics stack (library, sim, training) with a private inference layer for machines that cannot leak their context. The bet is physical AI will need a private brain, not another chat frontend. $DARK / @darkwoodslabs On RH chain, no-account, no-log private lab, uncensored models, usage buyback, stake-for-USDG. a few days old, NVDA-paired launch, narrative should push it much higher. Think of it as RH chain privacy-AI option. $AILE / @AileLabs Rents idle seats Claude, Codex, leftover API keys, because closed weights cannot be served by a DePIN cluster. Its the Airbnb for subscriptions for AI models, USDC settlement on Solana.

➥ Pokémon card marketplace getting hotter @Collector_Crypt is doing ~$9.28M protocol rev / 30D that puts it above @phantom, @Raydium, @PancakeSwap on DeFiLlama’s current 30D rev leaderboard Collector Crypt does - sells tokenized physical card packs - stores the underlying cards in insured vaults - lets users redeem them for the actual collectibles so this is literally a niche inside the broad tokenization trend, along side with tokenized stocks atm latest numbers: - $372M+ pack sales in Q3 so far - $28.18M gross protocol revenue in Q3 - $119.63M DEX volume / 30D Q3 pack sales are already around $372M, versus ~$401M for the entire Q2 yet Q3 isn’t finished after pack buybacks, CARD has still retained roughly $28M, or about 7.6% of pack sales, as gross protocol revenue by my calculation this is a completely different kind of crypto product-market fit users aren’t coming because they need leverage, yield or another token launch they’re coming for an existing offline market, and crypto handles the ownership + liquidity layer underneath it i wouldn’t compare this revenue 1:1 with pure software protocols Collector Crypt’s model includes physical inventory economics, pack sales and buyback costs, so the business has very different operational risks but i’m paying more attention to this category now

every best performance trends atm - tokenization - stocks-theme on @RobinhoodApp - privacy coins - $ZEC and its beta - top rev DeFi - $MORPHO $AAVE ethereum:0x1f9840a85d5af5bf1d1762f925bdaddc4201f984 - buyback & burn - $HYPE $SKY $PUMP - AI aligned projects - $NEAR $VVV bittensor:native - launchpads - $PONS $AI $STONK