An addition to my $LIT spot buy thesis🍿 (read the below tweet to understand the metrics + Robinhood FUD) We know that @Lighter_xyz has applied for the CFTC license already. Soon. - For Robinhood, regulated US path was always Bitstamp first. RH owns the licenses. Main app routes there. Bitstamp is the shell. - Lighter never left the room. Still the ZK book on RH Wallet/Chain. That pipe is live. Real unlock = CFTC license they’re still chasing. Architecture is built for it. Verifiable matching and it has the best prices on majors. Approval → RH can send main-app flow to Lighter when it wins the quote. Bitstamp doesn’t compete here at all. Nothing broke. License is the gap you won’t get to reposition into. NFA. DYOR.

Pons fee mechanics are more interesting than the headline numbers suggest. 🔥 The current structure looks like this: • V1 charges a 1% pool fee on every trade • 70% of the pool fee goes to creators for current-factory tokens • Pons keeps 30% of the pool fee • 80% of Pons’ protocol fees fund $PONS buybacks • V2 takes its platform share first, but the exact rate isn’t publicly specified • V2 liquidity moves to a locked Uniswap v4 pool after the curve sells out So the interesting part isn’t just how much fee volume Pons generates. There’s a defined path from trading activity → protocol revenue → PONS buybacks. That fee architecture is worth watching as Pons scales.

Two tickers. Two dashboards. Don’t mix them. 👀 $HOOD is the Robinhood Summit trade. $PONS is the onchain activity to watch while the Summit is happening. Robinhood is talking about agents, weekend equities, perps, earnings contracts and a broader 24/7 trading experience. Meanwhile, Pons is already showing real onchain activity: • $1.6-1.8M 24H fees • $270-310K 24H protocol revenue • $12M fees over 7D • #2-3 among launchpads by fees • $0.54 token price / mid-$300M mcap If Summit announcements start pushing more tokenized assets, prediction-style markets or new trading products into the spotlight, Pons is one of the onchain venues I’d be watching for actual trading activity. Robinhood is building the distribution, Pons is already showing the onchain demand. 🔥

Robinhood just dropped a massive expansion of its trading stack at HOOD Summit ’26. 🔥 $HOOD is now pushing deeper into AI, derivatives and 24/7 markets: • U.S. perpetual futures with up to 10x leverage + 8 crypto pairs • Robinhood Agents for AI-powered research, strategies and trading • 150K+ agentic accounts already open • 24/7 stock trading planned, with weekend equities pending review • Extended options hours + OCO orders • Intraday margin coming next month • Earnings prediction contracts • 3% cashback agentic credit cards And this was just Day 1. No Robinhood Chain keynote. No broader stock-token rollout. No token lending. So for now, HOOD is the direct play on the brokerage expansion, while $PONS remains a Chain activity bet rather than an official Robinhood product. 👀

⏰ Robinhood’s $HOOD Summit ‘26 starts tomorrow, and the crypto angle is much bigger than a few token listings. The real story is Robinhood trying to turn its massive retail distribution into an onchain financial stack. Here’s what I’m watching 👇 • Sept 29, 5:30 PM CT: Vlad Tenev kicks off the keynote with new tools for active traders. • Sept 30: a full day of programming covering agentic trading, crypto, prediction markets, futures, options and the next phase of active trading. • Robinhood Chain is already live as an Arbitrum-based Ethereum L2 built specifically around financial services and RWAs. • The important part: this isn’t another generic L2 competing for TVL. Robinhood is building the chain around products it already distributes to millions of users. • Stock Tokens → tokenized exposure to US equities/ETFs for eligible users outside the US. • Robinhood Earn → USDG-based lending through Morpho, offering eligible US users a 7% APY product. • Perps → crypto and other perpetual products through integrations with third-party infrastructure. • Wallet → self-custody + access to onchain assets and products. • Agentic trading → AI moving from “research assistant” toward actually helping execute trades, with crypto also being rolled out. And this is where the thesis gets interesting. Robinhood isn’t trying to convince crypto-native users to download another wallet. It already has the distribution. > 28M+ funded customers. > $355B platform assets at the end of July. > $22B record quarterly net deposits in Q2. And there’s another important angle: Tokenization + DeFi + AI agents + retail distribution are converging inside one platform. 🔥 For HOOD, the market may still view crypto as one part of the business. But the optionality is expanding: → Robinhood Chain fees → tokenized assets → DeFi lending → perpetuals → wallet activity → staking → international crypto expansion → AI-driven trading The key thing to watch tomorrow isn’t just “what new feature did Robinhood launch?” Watch whether they reveal another layer connecting these products together. HOOD Summit ‘26 could give us a much clearer picture of how ambitious that strategy really is.

$RAY is becoming a serious fee sink, but there’s an important distinction: Buybacks are real. Burns are NOT automatic. ❌ Raydium’s fee flow: • 84% → LPs • 12% → RAY buybacks • 4% → Treasury • LaunchLab sends 25% of protocol fees to buybacks The scale is getting interesting too: • 69M+ RAY reportedly bought with protocol revenue • $190M+ spent historically • Recent peak buyback day reached $640K • Buyback activity has accelerated sharply since late August But here’s the key part: Those bought-back tokens are currently held by the protocol. They haven’t disappeared from supply unless governance decides to burn them. So the immediate effect is demand, not supply destruction. That distinction matters. The buyback machine is real, The “burn” narrative needs a little more nuance. 👀

Raydium is leading Solana’s tokenized stocks and commodities market in trading activity. Since March 2025, @Raydium has facilitated $6.16B+ in cumulative volume across tokenized assets, with activity up 606% over the past month alongside the rise of @LaunchOnSF. The platform now commands roughly 63.1% of the sector’s total volume on @solana, showing just how quickly liquidity is concentrating around on-chain real-world assets. The trend is clear: demand for tokenized assets on Solana continues to build. Data powered by @birdeye_data.

8.4x more $PENDLE bought back than V2 emissions. 🔥 That’s the headline I’m watching in Pendle’s tokenomics right now. Since sPENDLE replaced the old multi-year vePENDLE locks, the protocol has increasingly shifted toward a revenue-driven buyback model. • 64.4K PENDLE bought back • 7.7K V2 emissions • Buybacks = 8.4x new V2 supply • Emissions down 92-93% YTD • $4.27M spent on cumulative buybacks • 2.9M PENDLE acquired from the open market • Current buyback book worth $6.73M • 30.35M PENDLE currently in sPENDLE The mechanism is pretty simple: Pendle generates fees, 80% of V2 yield + swap fees plus Boros fees go toward buybacks, and the purchased tokens are distributed to active sPENDLE stakers. So while emissions keep shrinking, protocol revenue is being used to continuously buy the token from the open market. That’s a very different supply dynamic from the old model. And with the protocol showing $16.7M annualized revenue, I’m watching whether this buyback-to-emission ratio can stay elevated as Pendle scales. 8.4x is the number that stands out.🚀

$PENDLE Tokenomics check 👀 The supply side is looking very different from where it was earlier this year. • Emissions down 92% YTD • Buybacks running at multiples of new supply • sPENDLE has replaced the old locking system • Staked supply remains a key metric to watch • Revenue comes from YT yield share, AMM fees and Boros The important part is that supply dynamics are becoming increasingly favorable while the protocol continues to generate revenue from multiple products. I’d pay less attention to short-term price noise and more attention to how much supply is being staked, how fast new emissions are coming down, and where protocol fees are actually coming from. That’s where the real tokenomics story is. 🔥

Robinhood Summit Starts Tomorrow ✍️ (Bookmark this tweet and please make sure you read this entire tweet.) - Tue 5:30pm CT Vlad keynote from Houston. - Wed is the first full-day Summit livestream. Who’s on stage: - RH team: @vladtenev @SteveQuirk_ @ShivVerma @StephGuildNYC @abhishekf96 - Cathie Wood - David Hoffman (Bankless) - Tom Sosnoff Dan Nathan / Guy Adami - Big Short guys (Collins + Daniel) - CME, Cboe, Nasdaq, VanEck, BlackRock What’s confirmed on the agenda: • New active-trader products at the keynote • Live Agentic Trading demo (prompt → portfolio) • 24/7 market access session • Futures roadmap w/ CME (single-stock futures) • Prediction markets into the midterms • Robinhood Ventures / private markets What is rumor: - US perps & More stock tokens. - Token lending & Broader RWA. Morgan Stanley put those on the watchlist. Robinhood did not confirm them yet. NFA. DYOR.

StonkFun is quietly putting up some serious numbers. 🔥 Even with all the noise around the project, it generated more than $500K in revenue in a single day. • $526,391 revenue on Sept 27 • $316,237 used for buybacks • 1.19M $STONK burned • 60% of daily revenue went toward buybacks The part I really like here is the conversion from platform activity into actual token buybacks and burns. Over half a million dollars of revenue in one day is already meaningful, but sending $316K of that back into the token creates a very different tokenomic setup. StonkFun is still early, yet the revenue engine is already operating at a serious scale. 🚀

The launchpad war is actually THREE different businesses. Same casino. Completely different economics. 👀 $PONS • $146M fees / 30D • $25M revenue / 30D • $15.5M fees / 7D • 17% keep rate • Most of the fee flow goes to creators and LPs $PUMP • $45M fees / 30D • $33M revenue / 30D • $12.6M fees / 7D • $9.1M revenue / 7D • 72% keep rate • $1.24B cumulative fees $STONK • $24M fees / 30D • $24M revenue / 30D • Llama effectively treats fees as protocol revenue • 100% of its reported slice is retained • 60% of platform revenue goes toward STONK buybacks and burns That’s why comparing launchpads purely by “fees” can be misleading. Pons has the fattest top line, Pump is still the cash machine, while StonkFun is capturing an unusually large share of what it generates. StonkFun briefly took the 7D revenue lead in mid September, but by Sep 27 Pump was back on top of 24H revenue at $1.56M vs $192K for Pons. The real alpha isn’t who has the biggest fee number, It’s who actually keeps the money.

$PUMP is up 17.5% in the last 24 hours!

Is StonkFun starting to eat Pumpfun’s market share? 👀 The launchpad revenue race is getting interesting, and @LaunchOnSF is already making a serious dent despite being much newer. StonkFun: • $8.13M protocol revenue in 7D • $20.1M revenue in 30D • 60% of platform revenue goes toward $STONK buybacks + burns Pons: • $3M protocol revenue in 7D • $145M fees in 30D • 80% of protocol revenue goes toward $PONS buybacks/burns Pumpfun: • $7.99M protocol revenue in 7D • Still has the biggest established launchpad ecosystem • But StonkFun has already overtaken $PUMP on weekly protocol revenue The important part is that this isn’t simply about who generates the most fees. Pons is still printing massive gross fees, while Pumpfun has years of network effects behind it. StonkFun, however, is converting a very large share of its activity into protocol revenue and sending 60% of that revenue back into the token. If StonkFun can keep taking even small pieces of Pumpfun’s launchpad market share, the revenue gap could start looking very different over the next few months. That’s the part I’m watching. 🔥

$NEAR ✍️ Something has changed with the NEAR thesis. Daily REV just hit its highest level since April 2024, and unlike the last major revenue cycle, NEAR Intents is now a major part of the story. That matters because NEAR is increasingly sitting at the intersection of liquidity, privacy and agent-driven activity. The latest numbers are already getting attention: • +81% NEAR from Sep 13 to Sep 20 • +119% dollar-denominated open interest • +21% open interest measured in NEAR • Funding hit 1.6x its 2-month median • $30B Intents volume • $48M Intents fees The Sep 17 confidential perps launch is an important catalyst, but the bigger story is the infrastructure being built underneath it. Cross-chain liquidity through Intents. Confidential execution. AI agents that can hold capital. A unified UX through near.com. This is why I think the “just another L1” framing misses what NEAR is becoming. The real moat is the rails. 🚀

$ENA just got a much bigger collateral expansion 🔥 @ethena is adding @binance bStocks as spot collateral and using Binance equity perps to hedge the exposure. The important part is that the core machine isn’t changing. It’s still the same basis-trade model, but the collateral and funding universe is expanding beyond crypto-native perps. • USDe supply: $4.94B • Total backing + reserve fund: $5.01B • Protocol backing ratio: 101.36% • Current backing mix includes crypto basis, DeFi lending, institutional lending, liquid stables and RWAs The category breakdown is already pretty diversified: • 32% DeFi lending • 30% liquid stables • 19% crypto basis • 13% institutional lending • 6% RWA Guy Young called this the most important expansion of Ethena’s funding sources yet. And I think that’s the part worth watching. 👀 If tokenized equities can become another source of spot collateral while equity perps provide the hedge, Ethena gets access to a much broader set of basis opportunities without fundamentally changing how USDe works. The real metric to watch now isn’t the ENA chart. It’s whether Binance bStocks meaningfully change the backing mix, funding sources and risk distribution behind USDe.

Ethena is partnering with @Binance as our first venue for the extension of the basis trade into equity perpetuals, one of the most exciting updates to the USDe collateral backing since launch. This expands the addressable market of underlying collateral from $2.5 trillion of crypto to $150 trillion+ of real-world assets. As part of the partnership, bStocks will serve as tokenized spot collateral, hedged with Binance USDT-denominated equity perpetuals - the same delta-neutral structure Ethena has securely executed across crypto assets since inception. Importantly, Binance provides lower ADL priority for eligible delta-neutral accounts including Ethena's, adding another layer of risk mitigation for USDe holders. Binance equity basis has averaged ~11%+ annualized over the past 6 months, while open interest has grown on average ~30% per month in the last 3 month period. We expect the market opportunity size for equity perpetuals to far exceed the $15b+ of crypto perpetuals captured by Ethena last cycle. Allocations begin today.

$PENDLE is quietly becoming a black hole for onchain yield ✍️ The thesis is getting much bigger than stablecoin PTs. Pendle is now sitting at the intersection of 3 massive markets: • Stablecoins: $300B+ supply, with Pendle already processing billions in stable yield • RWAs: tokenized T-bills, private credit, stocks and funds are moving onchain • Perps: funding rates are becoming another yield stream, with Boros built to capture it And the live numbers are starting to reflect the thesis: • $1.3B TVL • $697K fees / 30d • $687K revenue / 30d • $520K returned to holders / 30d • $67.5M cumulative fees • Emissions down 93% YTD The really interesting part? For every 1 PENDLE emitted, 10.4 PENDLE was bought back over the last 3 months. Stablecoins, RWAs, funding rates. Different assets. Same gravity well. Pendle is building the marketplace where yield gets discovered, separated, traded and eventually leveraged. That is a much bigger thesis than “DeFi yield farming.” 🔥