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. ...

liquifi sold to coinbase for $45m without launching a token. they built token vesting infrastructure, got paying customers, sold the company. hedgey did the same with anchorage. b2b crypto infrastructure getting venture exits at real valuations. no airdrops, no fdv games, just revenue and strategic buyers writing checks. ...

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. ...

pendle processed $58b in fixed yield with $8.75b tvl growing 118% last quarter. token down 64% from september at $287m market cap. that's 3.3% market cap to tvl versus aave at 8% and curve at 6%. protocol hit all-time high revenue in october. 76% of supply locked as vependle for 2 years. polychain dumped $9m forcing liquidation not thesis change. you're buying the infrastructure that lets galaxy digital lock in 17% fixed yields on-chain. ...

coinbase paid $2.9b for deribit's $1t annual derivatives volume. at 0.1% take rates that's $1b revenue per year. acquisition pays for itself in 3 years. deribit brings $59b open interest, 85% bitcoin options dominance. coin trades like an exchange when they're assembling infrastructure that becomes mandatory for every tokenized asset launch. ...

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. ...

wlfi trading at $0.135647, 19% below their own $0.1674 buyback price. project spent $11m buying back 46.56m tokens last month then stopped. 80% of supply locked, only 20% circulates. january rwa tokenization launch decides if this is buyback arbitrage or dead money. ...