solana looks good

Just finished accumulating a bigger solana:KMNo3nJsBXfcpJTVhZcXLW7RmTwTt4GVFE7suUBo9sS position on the open market. Very bullish on the overall trend of tokenized equities, and I genuinely believe the supply here grows another 100x from here, led by @solana. I've been thinking a lot about how to best position for this. I'm a big fan of what Backpack, Securitize and co are doing, but I'm still hesitant on the business model and monetizability of the issuers, especially at these valuations. Much more interesting to me are the businesses and protocols actually built on top of that layer, the ones that benefit massively from this secular trend. DEXs are the obvious play here, but what has excited me far more is @kamino. I'm usually not overly excited about lending businesses, but they made the move into tokenized equity lending early and have been dominating market share ever since. As I expect this market to grow orders of magnitude from here, there's a realistic path for Kamino to massively expand their business in a positive-sum way, and a real shot at rivaling Morpho. Especially since I expect tokenized equities to keep being led by Solana, which Kamino has already proven it can dominate. Beyond that, the recent hire of @WeiszM is massive, and in my opinion still overlooked. If you want to dominate the upcoming institutional adoption and the influx of trillions in capital as an onchain financial business, you need someone at the top who not only speaks the TradFi language, but has the background and network to actually get the right things moving and open the right doors. Let's see how this evolves, but definitely one of the more interestingly positioned DeFi protocols right ahead of a massive DeFi supercycle.

T minus 7

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.

The cypherpunk dream has never been more real. You can deopsit $ZEC (unshielded) into $NEAR intents, fund a dedicated $HYPE account, trade perps on crypto and public equities with leverage and then exit to shielded $ZEC.

Shielded Bitcoin: Private Transfers on Bitcoin L1

BREAKING: $ZAMA from @zama is live on Solana via @sunrise

Already $10m in outstanding fixed rate debt

DoubleZero just announced its expansion to Hyperliquid, but onchain data shows the feed has been running since May DoubleZero's Hyperliquid market data feed was created on its ledger on 05/07/2026 under the codename tiredsolid, more than four months before today's launch. By announcement day it already had 12 publishers in Tokyo and 15 subscribers. A separate order intent feed, drawn from Hyperliquid's mempool, had 7 subscribers before it was ever mentioned publicly. Production groups went up on 09/16, billable feed products across 31 metros went up on 09/22 and 09/23, and today DoubleZero named Hyperion DeFi, MAVAN, and Kinetiq as the validator partners publishing the data. Over the last 24 hours, Edge delivered Hyperliquid order book updates first in 96.3% of 16.5M races against the public API and three unnamed commercial providers, with a median lead of 53.6ms. The closest competitor is beaten 87.3% of the time overall and 75.2% of the time in Tokyo, so the edge is real but narrowest where Hyperliquid validators are. With 15 subscribers before launch, Hyperliquid is already Edge's second largest venue, behind Solana and ahead of Kalshi, which DoubleZero announced in August. All data comes from DoubleZero's public data API, ledger, and GitHub

DoubleZero Edge now carries data from @HyperliquidX. Streams are entirely uncapped, every market, every order, the full L4 book including HIP-3. Introducing the first-class path to Hyperliquid’s order book, and the fastest commercially available feed on the market.

DoubleZero Edge now carries data from @HyperliquidX. Streams are entirely uncapped, every market, every order, the full L4 book including HIP-3. Introducing the first-class path to Hyperliquid’s order book, and the fastest commercially available feed on the market.

Oh hey, Hypurr… What are you doing here?

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