Over the past few months dcf cap has accumulated almost 1% of the grass supply It hits all the right narratives - high revenue / growth, ai, and decentralized compute There’s low emissions as they paid node operators in usdc and investors have been vesting for a bit already And the team has very clearly said the equity is worthless and everything is for the token… compare to vvv, which is a multi b ai bet even with equity v token drama It hasn’t caught a bid because the revenues are off chain We just got our first re rating as they proved last year and 2026 H1 revenue was real We will get our next when their projected 2026 revenue of $60 - 70M is proven real And another when they finally do some meaningful buybacks instead of reinvesting Also helps that Austin and the @Delphi_Digital team continue to support them Note: dcf cap holds @grass

Chapter II

A public company just added $SYN to its treasury. At Hypercall, we’re building the options infrastructure to help that market grow on Hyperliquid

I'm bullish on the on-chain options space as a whole. Options have massive product market fit on the retail side, as evidenced by it being Robinhood's biggest trading revenue line, and on the institutional side based on how much global volume they do. It's also the biggest tradfi market that hasn't really seen material growth on-chain. In crypto, perps have dominated because they're simple to understand and it's easy to build up liquidity on a trading pair. But perps are path dependent. You can be right about where something ends up and still get liquidated on the way there. Oct 10 was a good example of that, and I think it's made people a lot more interested in options, where you know your max loss going in. On-chain options have been attempted before, but the models were subpar. We're now seeing teams build models that mirror centralized designs, which lets market makers provide liquidity on par with or better than Deribit. On-chain options also now benefit from perps liquidity, which makes it possible to offer RWA markets in a way that wasn't possible before. This is one of the reasons I particularly like $SYN. Aside from being incredibly bullish on its founder @trajan0x, I think the product itself is very compelling. Hypercall is built on top of Hyperliquid, so market makers can hedge there and use those same positions as margin. That means Hypercall can list options on anything with a Hyperliquid perp, whether that's majors, alts or the tokenized equities on TradeXYZ. You can already trade same-day and daily SpaceX options there, which you can't do on a traditional exchange, and the same will be true for pre-IPO names once Hyperliquid lists them. Anyone with a wallet can use it, it's USDC margined and it trades 24/7. I think the token side of things is also very compelling. • No equity entity, so all cash flows are governed by SYN • No VCs and no unlocks, with 88% of supply circulating • Builder codes for frontend revenue share With the governance structure in mind, I'm including a proposal below to kick off value accrual for the token. It has three parts. 1) 70% of protocol fees go toward buying SYN on the open market on Hyperliquid. The SYN that gets bought is distributed to SYN stakers. 2) 30% of fees go to SLP, the USDC vault that provides market making liquidity on Hypercall. Rewards are time weighted so people can't deposit right before a distribution and farm it. 3) Traders who stake SYN get fee discounts from 5% up to 40%, similar to how Hyperliquid does its staking tiers. There's a 24 hour activation period and a 7 day unstaking cooldown. The SYN thresholds for each tier still need to be ratified by the DAO. The split applies to fees actually collected, after discounts and builder/referral shares, and there are no new emissions. The proposal is pending a DAO vote. snapshot.org/#/s:synapse-gov…

75% of the top AI labs and multiple F100/mag7 companies, actually

Grass has been criticized in the past for its comms. TLDR here - all revenue flows to foundation (no equity), all reported revenue checked by a 3rd party (report attached)

Even though I talk to @YanLiberman daily, listening to him on pods is still worth it because he oozes alpha on complex topics in the simplest way possible This episode was especially great because @JasonYanowitz + @santiagoroel ask the hard hitting questions on everyones mind rn

Synaptrix (@SynaptrixAI) is building a non-invasive neural interface. A foundation model that decodes motor cortex activity, and the hardware and software around it, starting with an EEG headset. For people with paralysis, that's a prosthetic for the mind. Today it steers a wheelchair by thought. Someday it may give back independent control of phones, computers and mobility more broadly. We led their seed in 2025 and couldn't be happier to back @aryangovil and the team. Since then they've built one of the largest publicly known non-invasive motor cortex datasets. members.delphidigital.io/rep…

AI labs need fresh data, but traditional agents keep getting blocked. This is why @YanLiberman is bullish $GRASS. Its network can scrape live data that centralized data centers and AI agents struggle to access, creating a potential recurring subscription business.

NEW POD We Cover: – Does the rally have legs? – Yan’s six-token portfolio – His favorite catchup trade – AI changing crypto venture – How @Delphi_Ventures evaluates founders @YanLiberman @JasonYanowitz @santiagoroel TIMESTAMPS: 00:00 Intro 00:34 Does Crypto’s Rally Have Legs? 05:49 Is AI Outshining Crypto? 10:35 Liquid Tokens Or Venture Bets? 16:17 Ads (Token2049, Avalanche) 17:57 Inside Yan’s Crypto Portfolio 23:25 What Returns Justify Crypto Risk? 29:53 Where Can Crypto Venture Still Win? 37:20 Aerodrome’s Catch-Up Trade 41:16 Why Delphi Backs Emerging Managers 44:42 How Delphi Evaluates Founders 50:29 Stop Trying To Be Clever? 57:53 Is Market Froth Taking Over?

A new episode of Hivemind is live! This week the team breaks down the growing altcoin rally, the rise of social trading, how tokenized stocks are creating an entirely new speculative playground, and more. Timestamps: 00:00:00 Intro 00:00:30 Bitcoin Flat, Alts Ripping 00:06:00 Is New Money Entering Crypto? 00:10:10 The Alt-Picker’s Market 00:13:20 Tokenized Stocks & the New On-Chain Meta 00:21:00 Can the On-Chain Mania Last? 00:43:15 ETH, HYPE & the Tokenization Trade 00:51:20 Taking Profits & Managing the Bull Market 01:07:30 What Could Kill the Rally? 01:16:30 VVV, OpenAI & Private Inference

RT @grass: The world is coming to realize what we've always known. The difference is the data.

One of the most exciting things about tokenized equities is the ability to bring them onchain and earn extra yield. @SynapseProtocol has been doing some incredible work in the onchain options space for some time. Them integrating into quotrons xstocks pools is incredibly bullish, as it will allow their users to now write covered call strategies against their tokenized equity positions. I have started trading on hypercall for the last few weeks and the 24/7 trading is great. Adding tokenized equities to their platform should only help with liquidity, as it will allow people long to also earn extra yield by writing covered calls against their positions.

Introducing @EthenaPay: the internet money neobank. →Card spend cashback at 5.0% →Best-in-class 6.0% dollar savings rate →Borderless, free, instant global money transfers →Free global onramps in USD, GBP, EUR and local FX →Multi-currency high-rewards savings accounts in local FX →Unified fiat IBAN integration with self-custodial stablecoin accounts →Buy Now Pay Never where your savings rewards covers daily expenses Not coming soon™️. Live now to download on iOS.

It’s really inspiring to see the new crop of analysts rise up in crypto @that1618guy has consistently been in our @Delphi_Digital members chat since joining, doing nothing but sharing alpha This message from one of our members is exactly what we do it for

The growth of equity and commodity linked perpetuals has been the most exciting development in the space in the last year, with RWA perpetuals already growing to >50% of Hyperliquid crypto volumes last month, and aggregate Binance RWA volume at 2x BTC-USDT last month. High conviction view that this is one of the very few 100x left in the space, and I expect both open interest and volume to exceed crypto perpetuals across all venues within the next ~24 months. For Ethena this is the most exciting opportunity since we started: effectively expanding the underlying asset base from ~$2.5tn of crypto to >$120tn of equities. USDe peaked at ~$15b on crypto alone and we expect by the end of this next cycle the opportunity here will unlock scaling to a multiple of that number. While we would have liked to do this earlier, we took a cautious approach to what was a nascent market and waited until we saw deep, liquid markets with a data history we could study before moving into the opportunity at scale. Over the next weeks we will begin deployments into equity basis across the venues where we already execute crypto basis with the same battled tested infrastructure used to date. Become more clear this cycle that the very best businesses in crypto aren't just levered to the crypto cycle but can be flexible enough to reposition their businesses every 4 years when crypto is in the gutter. Going forward the growth and through-the-cycle resilience of Ethena will be tied more closely to basis on these markets rather than crypto alone.

A new episode of Hivemind is live! This week the team breaks down whether the latest crypto rally has staying power, which assets could lead, and why the return of the debasement trade may signal a shift in the market. Timestamps: 00:00 Intro 00:35 Is the Crypto Bull Market Back? 08:55 HYPE & the Next Alt Season 15:35 What Wins This Cycle? 21:05 Consensus Trades vs. Hidden Alpha 29:20 Zcash & the Next Rotation 52:20 NFTs & Robinhood Chain 01:04:35 Positioning for the Next Leg 01:12:30 The Debasement Trade Is Back