msci decides january 15 if marathon riot cleanspark get excluded from indices. $11.6b forced selling if yes. core scientific trades $3m per megawatt with $30b coreweave backlog. blackrock just paid $8m per megawatt for aligned data centers. same infrastructure different compute. citadel bought 5.5% of corz december 3. the exclusion creates the entry ...

strata protocol hit $200m tvl splitting ethena yields into tranches during usde's 50% supply collapse. senior holders getting 8-9% protected yields, junior holders taking 21% with first-loss risk. maven11 just backed them with $3m. tranching volatile defi yields into rated products captures both risk-averse and degen capital. the spread between senior safety at 8% and junior leverage at 21% prices how much traders will pay for downside protection ...

fuel network processing parallel transactions on mainnet with o2's orderbook hitting sub-10ms confirmations. no token yet, $81.5m raised, john adler who invented optimistic rollups running it. arbitrum worth $2.9b, its apps combined worth $800m. infrastructure captures 3.6x the value of applications built on it. fuel is the first l2 delivering cex performance without token farming ...

hyena trade paying 30-40% annualized on delta-neutral strategies. 6x long eth on hyena, short same on hyperliquid main. collect 4% usde yield plus 12% boost plus funding arb. 2.4b points converting to ena tokens in 6 months. ena down 46% in q4 at $0.22. farming points on a beaten down token that controls the margin currency for hip-3 markets ...

Market Position & Transaction Volume - BNB Chain processes $75 billion weekly volume, exceeding Ethereum, Solana, Base, and Arbitrum [1] - BNB Chain's market capitalization reaches $140 billion [1] TradFi Adoption & RWA - Franklin Templeton has deployed their tokenized fund on BNB Chain alongside BlackRock's BUIDL [1] - JPMorgan is reportedly building settlement infrastructure on BNB Chain [1] Token Valuation - BNB Chain's token is priced at $871 [1]

hyperliquid burns $467 per $1m btc perp volume. lighter burns $18. same zero fees but 26x the execution cost. lighter launches december 29 with zk verifiable matching and robot capital backing. hype at $27b market cap on declining volume, lighter points still accumulating. the migration already started, open interest down to may 2024 levels ...

aave labs diverts $200k weekly from cow swap fees plus undisclosed horizon rwa revenues from the dao treasury. token trades 21x earnings but actual p/e is 63-81x after accounting for labs revenue capture. $2.85b market cap prices dao control that doesn't exist. stani buying $10m worth doesn't change the math ...

jupiter doing $1m daily fees at $587m market cap. that's 1.6x annual revenue. tradfi saas companies trade 10-15x revenue for half the growth. protocol has $2.7b tvl, 34m wallets, launching jupusd thursday. kkr's former digital asset head just joined as president. market pricing bankruptcy on a protocol generating $365m yearly ...

circle getting occ bank charter approval means they can custody crypto as a federal bank. coinbase gemini and kraken still operating on state money transmitter licenses. $74b usdc supply about to come with federal reserve access and direct lending capabilities. coinbase trades at $60b market cap running the exact same custody business without banking powers ...

circle just committed 3-5 years to x402 protocol for ai agent payments across their $74b stablecoin supply. virtual down 72% at $467m cap generating $1.7m monthly revenue, entire agent economy settles through x402. magic at $34m integrating same rails. infrastructure getting built at 70% discounts ...