There is nothing investable yet in the ZK-TLS space, is there?

Anyone has a quantifiable thesis on FRAX? How do they finance buybacks, where are revenues coming from?

Seen this in the docs: They refer to Aura as a data availability layer

Aura Nodes efficiently index asset data and provide real-time data availability, secured and governed by the $MPLX token.

Also bullish on MPLX. They do a lot of things very well, eg the buyback is not burnt but used for value-accretive purposes (most recently the DEX LP programme that bootstrapped much better pool depth).

I have a feeling most peops think MPLX = cNFTs but ignore the fungible token standards. Also, the revenue function is a bit hard to understand as different token standards have different biling frequencies (eg one-off vs recurring).

How would you paraphrase the Metaplex Programme Library (MPL) in the context of AURA and SVMs? Struggling to conceptualise this.

I checked on Nansen and none of the large holders (Jump, Defiant) moved any tokens in the last 30 days. That excludes the buyers from the FTX estate deal, though.

Very good! Please share more insights like this. Some practical examples would help, eg where does Solana or ai16z fall in this proposed framework?

Great report! Makes me think DA will be a big theme going forward. TIA vs Eigen - what are the relative merits/pros & cons? NEAR DA = Nuffle Labs does not have a token afaik. Anyone else with a token and have you seen a good comparison of the various DA provider?

Have you seen a data dashboard to track adoption and GMV for the ACP? Or any idea where to look?

Are there precedents for this? Have there been many agent launches on ElizaOS w/out a token...? Or does this usually go hand-in-hand? I am asking to ascertain if there's any implication for $ARC value accrual.

Any tokens to buy around the zkTLS narrative? monk🙈

totally agree. there's few (visible) catalysts though in this particular moment. i still believe that in a not-too-distant future some US regulation might legitimize DeFi and then there'll be a revival of revenue-driven token repricing.

Very timely post, thanks! Looking at Bunni, I see very little traction as of today. What's your expectation when numbers should ramping up? Trying to understand when "fundamentals" will kick in.

Great summary! How do you think about value accrual to the token from all these anncts? Have you tried quantifying how fees/revenues might evolve for JUP?

$JUP has never really managed to break out.

Any idea how interactions with Nous might qualify for an aidrop? I've seen cryptic hints after VeniceAI launched. Is there something to actively use for retail/degens?

And who puts up the liquidity for the LP pair? Clanker just launches but how much liquidity goes in there?

It's cool that 60% of trading fees go to Clanker Protocol.

What's the launch mechanism like on Clanker? Similar to Pump's bonding curve?

Held $FP for some time, followed the game on the side. It's actually pretty entertaining but the token is stuck ever since the March/April frenzy.

One thesis is that BASE is for degens: Peops go to Coinbase to speculate on tokens but not necessarily convert into onchain users (other than onchain speculators).

Is Paladin already live? What are the hurdles for adoption?

I rmber you mentioned IPOR in a previous report and I still follow the project.

At $25m FDV also a small-cap gem and a team that keeps iterating to find PMFit.

Great idea to parse thru the small cap tokens. From experience, there's usually a reason why these tokens are trading at depressed valuations. Mostly related to subpar execution, product/PMFit, no community, less motivated founders.

That could however change once market comes back, tokens pump and traders will look for low-cap gems.

Just checked out the docs/website and this doesn't look easy to use tbh. I reckon that's where your reference about AI comes in for a future write-up.

Echoing the other comment: What's the value accrual for the token?

And what do you think about Gnosis trying to implement futarchy for ages w/out any success? Is their failure purely due to being overly focussed on prediction market design?