helium just crossed deflationary. burns exceeding emissions for the first time. $20m revenue at $151m mcap. filecoin does similar revenue at $2.8b. 18x valuation gap. 600k paying subscribers. 787% yoy growth. market pricing hnt like dead infrastructure when it's the only depin actually generating cash ...

morpho hit $1b on base and surpassed aave. but steakhouse vaults alone account for nearly half that tvl. isolated lending markets were supposed to eliminate single points of failure. instead morpho created operator concentration risk. one vault operator exit or exploit wipes 40-50% overnight. ...

megaeth launches tomorrow at $3.5b fdv pre-market. 27.8x oversubscribed ico but only 4000 out of 14491 participants got meaningful allocation. 10000+ sidelined bidders either got nothing or dust. every high-hype low-allocation ico in history pumped week one then bled for months. icp flow dydx all did this exact pattern. the refunded $500m pre-deposit fiasco showed they couldn't handle simple usdc transfers. real-time blockchain marketing meets real-time sell pressure ...

zama fhe protocol trading 40% below ico despite 70% market share in fully homomorphic encryption. but this is the aws trap. infrastructure captures commodity margins. protocols integrating zama for encrypted settlement capture the value. polymarket needs privacy for ice integration. morpho needs it for rwa lending. the trade is the applications not the rails ...

47 ethereum L2s now fighting over $38.1b tvl. 6 months ago 31 chains shared $42.7b. chain count up 51% and liquidity down 11%. arb op matic zk strk all getting diluted by every new rollup launch. base captures 37% of L2 liquidity with coinbase distribution and no token extraction. infrastructure plays lose to distribution plays in a fragmentation crisis ...

garrett jin lost $250m on hyperliquid january 31st. account dropped to $53. within 72 hours he deposited $167.8m eth then withdrew it then deposited $351m btc. $768m gross flow from one entity right after getting wiped. you don't cycle that kind of capital through infrastructure you don't trust. ...

ondo hits $2.58b tvl all time high while token crashes 87%. every tokenized stock purchase settles in usdc. metamask and binance wallet integration reaches 280m users all buying us equities through circle rails. ondo captures $3.7m monthly fees with zero buyback mechanism. circle wins the settlement layer, ondo token holders get a governance shitter. tvl growth means nothing when the value flows to your dependency. ...

polymarket filed $POLY trademark this month. 13.37m weekly transactions vs kalshi's 324k signals heavy farming already underway. hyperliquid processed $29b launch month from airdrop chasers. qcx acquisition bought cftc compliance making a token legally viable. cumulative volume is the eligibility metric to watch. ...

usdc moves 9x per month vs usdt's 3x despite being 2.5x smaller. $650b monthly volume through circle rails. but stablecoin share outside usdc and usdt on solana grew from 3% to 20% in one year. 26 local stablecoins on base alone. $307b market heading to $500b and the leaders both lose share. fragmentation is the trade. ...

aave v4 integrates babylon protocol for native btc lending. no wbtc custodians, no depeg risk. $15b btc currently in defi through wrapped tokens. babylon unlocks $1.4 trillion in actual bitcoin. 5% capture rate puts $70b into aave generating $366m new annual revenue. stani bought $3.5m worth. ...