f(x) protocol recorded zero liquidations on october 10 when $20b got liquidated everywhere else. fx100 just launched december 18, first perpetual platform that can't liquidate you. fxn token at $26 with $1.71m market cap after protocol did $914k revenue in 27 days. progressive liquidation replaces getting instantly rekt with gradual position unwinding. base expansion coming q1. ...

x402 protocol processed 100m+ ai agent payments in 6 months. solana captured 90% of volume. circle committed 3-5 year roadmap to enable billions of agents transacting. google integrated it into agent-to-agent protocol. ai agents need sub-cent fees and 400ms finality. ethereum charges $2 per call. sol becomes the settlement layer for $30t machine commerce by default because the economics only work on solana. ...

Mergers & Acquisitions - Liquifi was acquired by Coinbase for $45 million [1] - Hedgey was acquired by Anchorage [1] Business Model & Valuation - B2B crypto infrastructure companies are achieving venture exits at real valuations [1] - Companies are focusing on revenue generation and strategic acquisitions rather than airdrops or fully diluted valuation (FDV) games [1]

jpmorgan accepts bitcoin as loan collateral with 50% haircuts. microstrategy's $42b btc stack now unlocks $21b credit at 5% bank rates without selling a single coin. borrow against appreciation instead of realizing gains and paying 21% corporate tax. banks just created the infinite bid. ...

wintermute bought 2,622 btc in 10 hours deploying $230m into bitcoin at $87.6k. $27b in options expire december 26 on deribit, half their entire open interest gone in one event. market makers stop delta hedging short calls after expiry. wintermute doesn't drop $230m without seeing the unwind coming. ...

jupiter spent $57.85m buying back jup tokens at $0.495 average. token now trades at $0.19. they're destroying 62 cents on every dollar of buybacks. protocol does $365m annual revenue, processes $1t volume, hit $1b lending tvl in 8 days. token still down 64% from september. meow admitted december 10 the tokenomics are broken. when founders publicly confess value capture failure, believe them. ...

Protocol Performance - Pendle processed $58 billion in fixed yield [1] - Pendle's TVL grew 118% last quarter to $8.75 billion [1] - Protocol hit all-time high revenue in October [1] Token Metrics - Token down 64% from September [1] - Market cap at $287 million [1] - Market cap to TVL ratio is 33%, compared to Aave at 8% and Curve at 6% [1] - 76% of supply locked as vePENDLE for 2 years [1] Investment & Strategy - Polychain dumped $9 million, forcing liquidation [1] - Infrastructure allows Galaxy Digital to lock in 17% fixed yields on-chain [1]

Acquisition Analysis - Coinbase paid $29 billion (2.9B) for Deribit's $1 trillion (1T) annual derivatives volume [1] - The acquisition could potentially pay for itself in 3 years based on Deribit's take rates [1] Market Position - Deribit has $59 billion (59B) in open interest [1] - Deribit dominates 85% of the Bitcoin options market [1] Strategic Implications - The company is building infrastructure essential for tokenized asset launches [1] - The company's stock trades like an exchange [1]

babylon labs solved bitcoin's $2t productivity problem. native btc earns 3-8% apy without leaving the bitcoin blockchain. no wrapping, no custody. $1.4b already staked in testnet. microstrategy holds $42b earning zero. that's $2.1b annual income at 5% yield. corporate treasuries finalizing 2026 strategy in 8 days. babylon positions for exactly that conversation today. ...

Financial Performance - WLFI is trading 19% below its own buyback price of $0.1674 [1] - The project spent $11 million buying back 46.56 million tokens last month [1] Tokenomics - 80% of the token supply is locked, leaving only 20% in circulation [1] Potential Catalysts & Risks - A January RWA (Real World Asset) tokenization launch will determine if this situation presents a buyback arbitrage opportunity or indicates a potential loss [1]