Overview of Axiom's Business Model - Axiom is monetizing flow at every step, capturing the entire loop of connect, track, trade, and farm, unlike DeFi apps that monetize a single action [1][2] - Axiom functions more like a trading OS than a DEX, combining spot, perps, and yield under one roof, routing liquidity instead of owning it [4][5] - Axiom's biggest vulnerability is its reliance on trading volume; if traders slow down, revenue collapses [6] Financial Performance - Axiom is on a $600 million annual run-rate, regularly pulling $1-3 million per day in fees, all of it company revenue [2] - Axiom's revenue is up 560% quarter over quarter [3] - Axiom is the most capital-light revenue engine in DeFi, with a $0 TVL model, meaning its economics don't depend on asset custody or mercenary liquidity [4] Competitive Positioning - Axiom sits in a unique spot on the DeFi map as part aggregator, part execution engine, part rewards platform [3] - Axiom's competitive edge lies in capturing flow rather than winning liquidity wars [5][6] - Axiom relies on Solana for spot liquidity, Hyperliquid for perps, and MarginFi for yield, making it vulnerable to disruptions in these upstream dependencies [7] Potential Opportunities - Axiom has a points + rakeback system that rewards trading, referrals, and quests, potentially leading to a revenue-backed airdrop [8] - Axiom's biggest moat may be being the default interface where traders start their day, owning the flow in DeFi [9] Risks and Challenges - Other trading apps and perps venues can fight aggressively for order flow, creating competitive pressure [10] - Rewards programs may attract short-term users who leave once incentives fade, posing a mercenary flow risk [10]

RT Token Terminal 📊 (@tokenterminal)🚨💰 The @ycombinator-backed @AxiomExchange has made ~$300m in revenue since the start of the year.Axiom is a trading platform built on @solana. https://t.co/Ntcjb1hrSR ...

Group 1 - Robinhood Markets reported total platform assets of $303.9 billion, an increase from $298.0 billion in July and a significant rise from $143.6 billion a year earlier [4] - Equity notional trading volumes decreased by 5% month-over-month to $199.2 billion, but showed a remarkable increase of 107% compared to August 2024 [4] - The number of options contracts traded was approximately [4]

Company Overview - eToro has approximately $1.2 billion in cash and cash equivalents, with a cash position of $988 million and no debt, positioning the company well for potential mergers and acquisitions [3] - The company was founded in 2007 and raised $620 million in its initial public offering (IPO) in May [4] Strategic Plans - eToro aims to pursue more ambitious acquisitions to expand its asset classes and geographic reach, as stated by co-founder Ronen Assia [2] - Recent announcements include the addition of tokenization and artificial intelligence tools to enhance retail investor offerings [4] Market Position - Unlike competitors such as Crypto.com, eToro is not interested in acquiring prediction markets, as Assia believes they are not a long-term investment tool [3] - The company focuses on strengthening user engagement and expanding its addressable market through new features [5]

Acquisitions & Business Development - Kraken acquires Breakout, a proprietary trading platform [1] - Breakout was created by Tradermayne and CryptoCred [1]

Group 1 - Tradu offers a competitive interest rate of 4.5% AER on uninvested cash held in stocks and trading accounts, which is particularly attractive following the Bank of England's recent rate cut to 4% [1][3] - The new interest rate has no hidden terms, no lock-in periods, and is designed to be simple and transparent for all clients, whether they are new or managing large portfolios [2][3] - Active traders benefit from tight spreads on key markets 95% of the time compared to top competitors, enhancing their trading experience [2][3] Group 2 - Brendan Callan, CEO of Tradu, emphasizes the importance of transparency and accessibility in their offerings, aiming to provide clients with a smart way to earn returns on uninvested cash without complex conditions [3] - Tradu combines advanced technology, deep market access, and institutional-level pricing to cater to both active traders and investors [3][5] - The company is part of Stratos Group International, LLC, which is a wholly owned subsidiary of Jefferies Financial Group Inc., indicating a strong backing in the financial services industry [4][5]

Platform Promotion - AscendEX encourages users to trade on its platform [1] - AscendEX emphasizes its support for users' trading activities [1]

Project X Overview - Project X aims to be the premier platform for trading any coin on any EVM chain [1] - The project anticipates significant competition in its sector with over 100 teams potentially developing similar platforms [1] Strategy - Project X's core strategy is "distribution first defi," prioritizing distribution over technology [1] - The project believes technology is becoming commoditized [1]

Company Overview - AxiomExchange, backed by Y Combinator, is a trading platform built on Solana [1] Financial Performance - AxiomExchange generates approximately $1.7 million in daily revenue [1]