ethereum revenue dropped from $2.52b to $604m this year. base generates $80m revenue but only pays eth $6.7m in settlement fees. that's 8% capture rate. arbitrum, optimism, polygon all extracting similar value. eth built the infrastructure for l2s to get rich. burning supply doesn't fix a broken revenue model. short eth/sol ratio until l2 value extraction gets addressed. ...

figure technology filed with sec to issue native equity on solana. not wrapped shares. actual primary issuance that trades as both nasdaq stock and defi collateral. shareholders can deposit $fig into kamino vaults and borrow stablecoins against their equity. jpmorgan tested debt, galaxy tested equity, figure scales the entire stack. if sec approves, every ipo in 2026 launches dual traditional/blockchain. solana becomes the equity issuance layer. ...

azuro protocol processed $1b cumulative volume across 50+ prediction market apps. trading at $0.004, $1m market cap. kalshi and polymarket fighting for $10b+ valuations on similar volume. azuro powers the white-label infrastructure every new prediction app needs. picks and shovels trade. ...

chainlink ccip just locked $7b in coinbase wrapped assets under exclusivity. cbbtc, cbeth, cbdoge can only move through ccip. every defi protocol that wants coinbase's liquidity now has to integrate chainlink. payment abstraction converts all fees to link for the reserve. forced adoption at scale. ...

udi wertheimer extracted 800 btc from taproot wizards and quantum cats ordinals collections then proposed erasing all bitcoin inscriptions from existence. sold $35m worth to believers, now calls the entire protocol a "mistake" that needs retroactive deletion. ordinals volume already down 94% from peak. he's just asking permission to bury what he already killed ...

arcium's 16,000x speed improvement over homomorphic encryption just made private defi viable. umbra protocol already secured $155m commitments (206x oversubscribed) for their c-spl implementation. both launch mainnet december 19. solana gets working privacy infrastructure exactly when jpmorgan and dtcc need confidential tokenization. $arx captures computation fees from every encrypted transaction ...

Financial Performance - Aave generates $140 million annually [1] - Aave controls 87% of all DeFi lending revenue [1] - Aave's price/sales could reprice from 2.1x to 5x overnight if DAO wins back 30% of diverted fees [1] Revenue Streams & Governance - Aave Labs pockets CowSwap integration fees and mobile app revenue [1] - These fees and revenue should flow to token holders [1] - ACI is forcing a transparency vote on V4 and Horizon revenue splits [1] - Aave Labs built on DAO grants and then privatized the revenue streams [1]

zerebro down 97% from $700m after founder faked his death. goat collapsed from $1.4b to $39m. virtuals protocol's acp still hit $100m in agent gdp last month, powering chatgpt's instacart integration. entire ai agent sector getting flushed except the one protocol with actual revenue flowing through it. infrastructure survives, shitters die. ...

jpmorgan and bank of america now issue credit at 65-70% ltv against bitcoin holdings. company posts 10,000 btc, borrows $600m tax-free, buys more btc, borrows against the new stack. banks earn 2-4% annually on $60b in btc-backed loans. they need you to accumulate bitcoin to generate revenue. the leverage loop is their business model now. ...

kraken acquired backed finance's xstocks december 2 then announced deutsche börse partnership december 4. eurex derivatives on tokenized stocks launch q1 2026. institutions couldn't hedge btesla or baapl positions before. now they get regulated futures clearing through €13.7 trillion eurex infrastructure. 84k holders control $186m today. once banks can hedge this becomes a different asset class entirely. ...