In April of this year, we outlined our thinking around Ethena. Since then, a lot has changed:

• Ethena added an additional $750M in USDe supply, officially making it the fourth largest “stablecoin” at $3.1B
• The protocol has now generated over $100M in cumulative revenue, $42M of which has been retained as protocol earnings
• Ethena is now th

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Zircuit has finally released enabled claims for their governance token $ZRC.

Since the start of 2024, they have been running a points campaign for people who deposit assets in the protocol.

TVL is currently ~$2B (comprising mostly LRTs) and was as high as ~$3.5B.

The maximum supply is 10,000,000,000, of which 700,000,000 are allocated

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Have we even had a bull market? Sure, BTC has had a good year, SOL and memes have done well, but everything else has been absolutely destroyed. Modular sector is -50% YTD, ETH DeFi is down, Cosmos has been obliterated, the list goes on.

 

I had this tweet the other day. Since the market selloff was purely macro driven, wouldn’t the disper

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While the Starknet ecosystem has performed poorly since the $STRK airdrop in February, several opportunities remain to capture asymmetric returns through their 2.0 DeFI Spring program.

These returns exist because while Starknet is still valued at ~$3.5B, the chain is hardly used and thus has very little TVL.

The first DeFI spring program

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Given the overnight move in the Majors, ETH is now negative on a year-to-date basis (-2.6% as of 3:00 AM EDT), while SOL is not far behind (+4.1%).

More broadly, 10 out of 13 assets within our L1 basket now have negative returns on a YTD basis.

It’s important to zoom out during these times, and remember that events like these can be com

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Initia recently unwound its VIP program, an attempt to align the incentives of the Initia L1 with the applications building on top.

They believe an emphasis on controlling the supply side of $INIT is flawed because true value accrual occurs on the demand side by creating utility.

The overarching emphasis of this system is that Minitias (L

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Blackbird is a loyalty-based application for restaurants built on Base.

The simplest way to think about this is that it’s tokenized Chipolte rewards.

Blackbird is releasing a second token $F2 to complement FLY.

FLY

FLY is the native token within the Blackbird ecosystem. It is designed as a a loyalty token, with the primary utility being p

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Momentum is the most powerful force in markets. And right now, stocks are taking it on the chin.

Plenty of people have been calling for a selloff in US equities for well over a year now, and see the latest pullback as the start of a bigger downtrend. Whether or not that proves true, we’ll see.

But even leading up to their peak a few weeks

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TLDR: Prediction markets rely on efficiency, but efficiency is not guaranteed.

Prediction market structures can work. However, they rely on so many different components being in place that they do not consistently create accurate probability.

The systems rely on complete market efficiency, which is not realistic.

In my first post on predi

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We are halfway through our DeAI series, so I thought now may be a good time to call out a few themes / categories which I was particularly bullish on which hadn’t been discussed much.

 

So far, my top three candidates are:

 

1) Datalakehouses / Warehouses

 

2) Graph Neural Net Foundational Models

 

3) Agent Orchestration / Interoperatibil

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