One of the most robust businesses in crypto is providing liquidity, as unsexy as that sounds. People think of Pumpfun as a launchpad, but I think that is the wrong framing, and it is why products that market themselves purely as launchpads are built around a weak narrative. A better way to think about Pumpfun is as an automated market maker for the earliest, highest-velocity stage of an asset’s life. There is zero moat in a token-minting tool. The real moat is automated trust and liquidity. By hardcoding price discovery through a bonding curve, Pumpfun removed the developer from the trust equation. That predictability created a dense, two-sided network of traders and creators that copycats can replicate technically, but not easily recreate. The same dynamic is about to play out with RWAs. As demand for tokenized stocks and other real-world assets grows, especially on Solana, the biggest opportunity is not creating the assets. It is providing liquidity for them. Solana’s speed, low costs, and trading infrastructure make it a natural venue for this next wave, and the platforms that can consistently provide deep, reliable liquidity as demand surges will capture most of the value.

Any bet on a new crypto asset or mechanism needs a solid reason for how it will sustain volume once the novelty fades. Without one, it’s just a short-term trade. Crypto already has proven volume sources across the degeneracy spectrum, from memecoins and perps to RWAs like tokenized stocks. You’re much better off backing products that tap into this existing, growing demand.

The AGENCY Dilemma I just made a solid return on $AGENCY. I caught it early around a $1M to $3M market cap and saw the potential in what they were building. But I think there’s a bigger problem here: a human problem, or really, a lack of one. A lot of builders make the classic mistake of building something simply because they can. From a technical perspective, Agency is cool. It takes advantage of the agentic capabilities of LLMs in a crypto-native way. But that doesn’t automatically mean it should exist. The main issue I see with this launchpad, and with many of the coins launching on it, is that “meaning” gets diluted very quickly. These agents browse the web, create content, post on X, and do their own thing. It can be entertaining at first, but the novelty wears off because there’s no meaningful connection to humans and no shared story for people to become part of. Take @LobstarWilde. I’d argue its peak moment was when it accidentally sent all of its money to a random person. The mistake itself was interesting because it was unpredictable, imperfect, and directly impacted a human. It created a real moment. A memory. Something everyone could talk about. When agents are trapped behind strict guardrails, or simply don’t understand how to embed themselves into culture in a relevant way, they become uninteresting very quickly. Another example is @JeanPhilMadame. I think a lot of people initially believed Jean was a real person. It wasn’t universally understood to be AI until after the initial pump. Personally, some of the allure disappeared for me once I realized what it was. But even then, the way Jean organically emerged became part of the story. That organic emergence is what made it interesting. It felt like something people discovered rather than something manufactured specifically to capture attention. That’s very different from the intentional slop machines a lot of the agents on Agency are starting to feel like. At the end of the day, human connection and a shared story are a huge part of why certain memecoins succeed. People need something to relate to, participate in, laugh about, argue about, or remember. Without that, you haven’t given anyone much of a reason to care. It becomes technically impressive, but culturally irrelevant.

I’m seeing a lot of people lately expressing some variation of: "Why tf would I hold coins anymore? They all go to zero every time." I actually agree. Most projects aren't worthy of being long-term holds. However, you make a ton of money when you find and hold one that is. Typically, these are projects led by talented builders in markets with massive potential. They have solid fundamentals but remain overlooked or entirely undiscovered. In my opinion, one of those rare projects is @buypurps. It revolutionizes the concept of memecoins and what they represent. By backing coins with real assets in the form of perps, you’re no longer trading an asset that moves purely on narrative. The underlying asset acts as a cushion during moments of high volatility. Purps represents the intersection of memecoins and perpetuals, which are two of the highest-energy markets in crypto. It unifies these ideas elegantly, making both better and more approachable to the masses. The team is also determined to make the platform's UX more intuitive. We are already seeing builders realize what this new primitive unlocks, and I fully expect to see exciting projects built on the Purps infrastructure soon. I see many catalysts ahead and am looking forward to a repricing in the near future.

Real permissionless privacy: - Monero - Ethereum/Tornado Everything else is basically a gimmick.

Are we all just supposed to ignore the fact that the literal thumbnail that shows up whenever @PerpsPadfun posts their website matches the banner image from the rugged project @perpadfun? They’re supposedly “unrelated.” Nothing shady going on here guys, don’t worry about it.

They’re rebuilding tradfi banks from first principles in crypto. What a time to be alive.

I’m not even a user, but this makes me respect @THORChain even more for not compromising its values to cover up a CEX’s screw-up.

120M $PURPS has been bought back and burned. Because the burn rate is driven by perp profits rather than purely volume, token burns actually accelerate during market drawdowns. It's a new concept that sellers haven't fully understood yet.

For the @PerpsPadfun team, the job is not finished until you get the chart looking like this. 🫡

I just came across a new launchpad where all the top coins are themed after the platform itself. Unfortunately, I’ve seen this play out before with a now-defunct launchpad, and it’s usually a bad sign. It typically implies the base platform isn’t novel enough to inspire original coin concepts, or the branding is too overpowering and doesn't provide enough neutrality for creativity. I'm fairly certain it's doomed.

Purps just launched a unified API that lets you launch coins and manage the perpetual strategies attached to them. Profits automatically feed into buybacks, burns, and airdrops. Nearly every aspect is configurable, so you can do some incredibly creative things with it. Time to build!

During violent price drops, holding a solana:6GmAFSYs4gk3FDao5FzzySQpPZaWsa4rUJHacpMpUNgx ecosystem coin like $GP leaves you with very little as volume inevitably dies. There is nothing backing the asset except a fading narrative and transient volume. Currently, $GP sits at a $7M market cap with only $11K in pending distributions (left pic). In contrast, $PURPS sits at a sub-$700K market cap with $56K in its vault (right pic). That capital is actively deployed on Hyperliquid to generate additional yield, which is then used to buy back and burn the token. Would you rather invest in a static reflection token, or an economic engine that perpetually generates profit from trading fees? Make it make sense.

What just happened to Runescape coins perfectly represents the daily cycle on Solana. Trends get beaten to death until the novelty wears off, people get bored, and attention shifts. It happens to memecoins and entire products alike (you’d think people could spot a lazy Claude clone by now, but here we are). Whether you’re building, launching, or holding, you need to constantly question a project's durability in this environment.

SOL isn’t trading at a “monetary premium.” It’s trading at a premium because it’s the only place where interesting shit happens in crypto.

What if SOL was the real SoV this whole time?

🥱

In case you weren’t paying attention, @buypurps has bought back and burned ~2% of the supply over the past 5 days (1% in the past day alone). And to those who sold at a loss because they don’t know how to hold for longer than a day, thank you for playing.