state street deploying $200m on solana for tokenized treasuries. ondo bringing $350m securities platform q1 2026. schwab's 35m accounts got sol futures access last week. solana trades 122x revenue vs ethereum's 616x. tradfi doesn't build infrastructure on chains they don't trust for the next decade ...

polymarket processes $36b volume with 98% settlement accuracy. 83% of wallets lose money. platform generates $160m annualized revenue from the losers. $poly token launching 2026 with 500k users to airdrop. the house always wins, now you can own a piece of the house ...

base built a solana bridge and 95% of volume flows one direction: base to solana. 19 transactions went the other way in 26 hours. aerodrome claims better execution than solana but traders report $40k losses on $500k sol swaps. base has jpmorgan and $11.5b tvl but defi users still bridge to solana to actually trade. ...

canton network just got tradeweb's $3 trillion daily volume as a distribution channel. banks wouldn't tokenize on ethereum because competitors could see every trade. canton's selective disclosure lets jpmorgan trade with goldman without showing positions to the market. permissioned participation with atomic settlement and zero transparency risk. tradeweb processes more in a day than all defi combined in a month ...

Competitive Landscape - JPMorgan 的 JPM Coin 可以向持有者支付利息，且无需完全抵押，而 USDC 和 USDT 在法律上不能这样做 [1] - 稳定币领域的第一场战争是 USDC 对 USDT，第二场战争是银行对稳定币，只有一方可以在法律上分享收入 [1] Financial Implications - Circle 通过不支付利息，每季度获得 7.4 亿美元的收入 [1] - 银行获得了提供 4% 代币化存款收益率的许可，这可能会蚕食 Circle 的整个商业模式 [1] JPMorgan's Strategy - JPMorgan 每天处理 10 万亿美元的传统支付，计划于 2025 年 11 月在 Base 上推出 JPMD [1]

sports dot fun ico at 2x revenue multiple. $60m fdv on $30m annualized revenue from 20k paying users. most defi protocols trade 10-50x revenue, most icos have zero revenue. legion prime allocation in 28 hours. if this stays under 5x revenue after kraken listing, crypto has officially forgotten how to value cashflow ...

euler finance running 53% utilization ratio on $2.1b tvl. half the deposits are actually borrowed, not parked for points. privacy vaults went live last month, eulerEarn pulled $750m alone. morpho and fluid growing too but euler's the only one above 50% utilization. real borrowing demand beats tvl games every time. ...

pendle ranks #8 in protocol revenue but trades at 5x earnings. polychain dumped $9m at a loss after accumulating all year. protocol hit record fees in october, processed $58b in fixed yield, yet down 57% from september. vcs capitulating into revenue growth at distressed multiples. ...

Airdrop Analysis - Monad空投前450个钱包中，445个已售出，仅5个仍在持有[1] - 空投钱包抛售率高达98.9%，这些地址花费了12个月的时间进行挖矿[1] Tokenomics & Incentives - 团队确认将有“数十亿（few billion）”更多代币用于生态激励[1] - 行业观察到，最了解情况的参与者正在立即退出，表明他们掌握了未公开的代币稀释计划[1]

banks need $10m capital to hold $1b in usdc starting q1 2026. used to be $125m. basel committee just cut stablecoin risk weights 92%. circle got occ bank charter approval december 12, generates $740m per quarter on 99% margins. banks hold $10 trillion in liquid reserves. even 1% flowing to usdc means 2x current supply. permanent bid incoming, not trading volume. ...