@Enter_Elysium testnet is live, so I started indexing it.
51 blocks in so far out of ~42k, with the first batch of onchain data coming through.
More soon.
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HyperEVM activity is thin and expensive relative to demand. Swap costs have spiked to levels that price out casual users, even with only a few thousand daily active addresses.
This is the gap @Enter_Elysium is explicitly positioning against
dune.com/tacjournal/hyperliq…
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What is the world actually betting on right now?
I pulled the top 10 highest-volume @Polymarket questions over the last 30 days
Capital always follows attention
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If you buy a tokenized Apple stock, what exactly do you own?
The answer is much more complicated than “Apple stock, but onchain.”
Broke down the main structures below 👇
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Tokenized stocks have grown 30x+ over the past year and now sit at roughly $1.6B combined across equities and ETFs.
Over the last 30 days:
- Tokenized ETFs: +2.8%
- Tokenized equities: +6.3%
Worth watching.
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Think about the internet.
Building websites used to be the hard part.
Eventually…
Distribution became the moat.
I think RWAs are approaching the same inflection point.
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The winners of the next RWA cycle probably won’t be the ecosystems that tokenize the most assets.
They’ll be the ones where capital moves the fastest.
Because finance has always rewarded movement.
Not storage.
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This framework completely changed how I looked at @Mantle_Official's recent announcements.
At first they felt unrelated:
→ SpaceX
→ Franklin ETF
→ Fluxion
→ Atomic RFQ
→ Bybit
→ InsightX
Stepping back…
They’re actually solving different parts of the same problem.
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That led me to a framework I haven’t really seen discussed.
The evolution of RWAs looks something like this:
Representation
↓
Distribution
↓
Financialization
↓
Capital Velocity
Each stage unlocks an entirely new layer of value.
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The more I researched RWAs, the more I realized something.
We’ve become incredibly good at creating digital representations of assets.
We’ve become far less effective at making them productive.
Representation ≠ Utility.
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We’ve spent the last two years asking one question:
Can we bring real-world assets onchain?
Looking at the market today…
I’d argue we’ve already answered it.
The better question is:
What happens after they get there?
↓
(Full research below)
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We’re starting to see the emergence of:
• embedded onchain savings
• programmable yield rails
• internet-native treasury infrastructure
A category I think will become much bigger over the coming years.
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The strategy is also extremely scalable.
@OseroHQ doesn’t need to onboard millions of retail users directly.
Instead, it integrates with:
• wallets
• exchanges
• fintechs
• custodians
• neobanks
Every integration becomes a distribution engine.
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The architecture flow is elegant.
User deposits USDC.
Osero’s SDK automatically:
USDC → USDS → sUSDS
It handles:
• routing
• approvals
• vault deposits
• transaction sequencing
• redemption flows
Without the developer touching DeFi complexity.
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Current allocation structure backing the Sky Savings Rate:
• 51.2% → USDC stablecoins
• 17.9% → Treasury Bills
• 15.6% → Onchain lending
• 9.6% → OTC lending
• 4.4% → AAA corporate debt
• 0.3% → Private credit
This resembles institutional fixed-income infra
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At first glance, Osero looks like a stablecoin yield product
It’s much deeper than that
Osero is building:
• Embedded savings infrastructure
• Yield routing middleware
• Risk visibility systems
• SDK rails for fintechs & wallets
This is infrastructure.
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While most of crypto is focused on payments.
The next trillion-dollar battle may be savings.
I spent time researching @OseroHQ, a project building an embedded stablecoin savings infrastructure powered by @SkyEcosystem.
A thread🧵
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It seems we are watching what a zero-CAC onboarding looks like in real time
@ton_blockchain DEX volume went from a sleepy $1.9M on April 29th to $57.15M yesterday
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Over 28,800 wallets made their first ever transaction on @ton_blockchain in the last 72 hours (via Dune).
Their first action was buying memes.
Don't fade the mechanics of human behavior.
The @durov effect is live onchain.
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The market rewards people who can see structure before narrative
I broke down $TAC recently:
→ what it’s building
→ why TON needed it
→ where the asymmetric upside was
TAC is positioning itself as the liquidity layer for the Telegram economy
I broke this down in a deep dive:
• What @TacBuild is actually building
• The real problem it solves
• Onchain signals so far
• Where the upside is (and risks)
notion.so/TAC-Deep-Dive-Liqu…
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Here are 3 ways onchain data actually drives growth:
• Identifying real vs fake traction
• Tracking competitor weaknesses
• Guiding where to deploy incentives
Everything else is noise
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This comment from @utexocom’s cofounder is worth paying attention to.
During a conversation with BlackRock, they raised an interesting concern:
When institutions move funds, everything is visible onchain.
For serious payment activity, that’s a problem.
Let’s talk about why.🧵
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Meet Tunde.
He runs a small import business in Lagos.
Every month he sends payments to suppliers in China using USDT.
It works… but the process is still surprisingly inefficient. 🧵
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The data is telling a very specific story. Net capacity is steadily climbing over the last 30 days
We are seeing multiple days where the base layer outflows (channel closures) are an absolute 0
What does 0 outflow actually mean?
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Utexo just raised $7.5M to bring native USDT to Bitcoin via the Lightning Network
But the success of instant stablecoin settlement depends entirely on a deep base-layer liquidity
I pulled the onchain data for the last 30 days to see if the network is ready🧵
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Digital asset investment products recorded $2.17bn in weekly inflows, the largest since Oct 2025.
Notably, sentiment softened into Friday amid geopolitical risk, tariff threats, and policy uncertainty.
Capital is allocating, but selectively.
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12.6M new Ethereum addresses in 30 days.
A new ATH for rolling monthly growth.
Structural demand > short-term narratives.
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Bitcoin treasuries helped institutions gain exposure,
preserve custody,
and reduce operational risk.
What they didn’t enable was productive deployment.
For context, $120B+ worth of Bitcoin sits idle on institutional balance sheets
That’s the gap we’re about to explore
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Public + private companies now hold 1.08M BTC.
Up 448% since Jan 2023.
This isn’t speculation.
It’s balance-sheet conviction.
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Put together:
Arch executes fast on ArchVM → validators sign Bitcoin txs that reflect those executions → txs settle on BTC.
This means:
• Native BTC liquidity (no fragmentation)
• Composability
• Bitcoin level security for final settlement
• Sub-second UX for users
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Piece #4 ⇢ FROST + ROAST multisig: threshold signatures across permissionless validators.
They jointly sign real BTC txns
Piece #5 ⇢ Accounts model & Cross-Program Invocation: Arch lets programs call other programs, compose liquidity, and trade assets without bridging.
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@arch_prime introduces that missing piece.
A system that evaluates smart contract logic…
without ever taking Bitcoin off the base layer.
Execution happens offchain.
Settlement happens directly on Bitcoin.
And Bitcoin nodes can independently verify everything.
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That’s a smart contract in meatspace:
Trigger → Verify → Execute → Stop → Reset.
To do this onchain, you need a programmable system.
A Turing complete environment.
i.e, something flexible enough to express logic.
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Nick Szabo described the idea in 1994.
Crypto wasn’t even a thing yet.
Think vending machines.
You pay → machine checks → product drops → process stops → resets.
It's this simple, automated, and w/o middlemen.
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Let's explore how Arch enables smart contracts on Bitcoin.
Everyone thinks smart contracts = Ethereum magic.
But the idea is way older than crypto.
Let’s rewind for a little bit.
Blockchain at its core = triple-entry bookkeeping + digital certificates.
🧵
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HoneyB is fixing the biggest scam in DeFi:
fake yield
@loancyborg (HoneyB cofounder) said it best:
“DeFi yields right now are mostly juiced, abstract, and unreliable”
What that means is that: Most yields = airdrops + inflation... They're neither real nor sustainable
HoneyB aims to bring institutional yield to Bitcoin… and pay it back in Bitcoin
Actual yield → from real financial products → settled in BTC
Your $BTC should work without you selling it
Deposit $BTC → borrow against it → earn BTC yield → keep your stack
What HoneyB actually solves (simple):
•Real yield
•Denominated in Bitcoin
•From real-world credit products
•Backed by compliance
•No middlemen
Bitcoin becomes productive, finally.
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From zero to $30B+ in volume in the last 30D and ~30% Solana DEX dominance, a couple of months after launch
Prop AMMs are proving superior to x*y=k AMMs… and @humidifi is proving superior to other Prop AMMs
And December might be the moment everything flips
💧 Dec 3, $WET becomes the first DTF launch on @JupiterExchange
Let’s get wet
Track Humidifi's onchain metrics live on Dune: dune.com/praizejr/humidifi-s…
Humidifi started from nothing in June and just did >10B in volume in the last week
You can just do things
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Everyone’s asking what’s the next chain?
I’m watching the chain that solves throughput and liquidity gravity at the same time
Most people won’t notice that shift until the charts update
By then, entry’s gone
Early ≠ risky
Early = asymmetric
Below are some of my picks on @arch_prime
@Saturn_btc
@AutaraFinance
@BUMPbtc
GM CT
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Saturn is one of the first real market structure layer Bitcoin has ever had:
→ Orderbooks on UTXOs
→ Real sat classification
→ Clean inputs and clean outputs
In my opinion, this is how:
→ Liquidity actually gets organized
→ Price discovery actually forms
→ Bitcoin stops being static and becomes programmable capital
If you’re looking for Bitcoin’s next liquidity frontier,
start with @Saturn_btc
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GM
Another beautiful morning watching people misunderstand Arch because they still think “Bitcoin execution” means wrapped assets and multisig bridges
Meanwhile, Arch is out here:
• Turning execution into native Bitcoin property
• Making FROST + ROAST the new minimum IQ requirement
• Letting makers take risk while takers settle on real Bitcoin
• Bringing DeFi to Bitcoin, not Bitcoin to DeFi
But yeah, keep coping...
“bRiDgEs WiLl Be BeTtEr NeXt TiMe”
Arch isn’t building a sidechain
@arch_prime is rewriting how programmability even plugs into Bitcoin
GM to those who get it
Stay confused to those who don’t
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