ICYMI: Telegram Wallet now lets you deposit USDe at 15 % APY.

Limit: 25,000 USDe per account

Risks: funds sit in Telegram’s internal wallet and KYC is required

On a risk-reward basis it’s a solid way to park some stables for the summer - especially for mid-large sized balances.

You can even deposit USDT directly, it’ll be auto-converted to USDe.

Stocks are now on-chain

xStocks, in partnership with Kraken, Bybit, and Solana, has finally brought TradFi into DeFi.

You can now trade 55 top U.S. equities (TSLA, NVDA, etc.) and 5 tokenized ETFs directly on Solana.

🔹 Each xStock is backed 1:1 by the underlying asset and issued as an SPL token on Solana.
🔹 Dividends are auto-reinvested: instead of cash payouts, the xStock token price increases.
🔹 Hold your tokens in hot wallets like Phantom.

Why on-chain stocks beat broker stocks

◆ 24/7 trading. React to global events at any time (liquidity may thin out overnight and on weekends).
◆ Fractional buys. Grab just a few cents’ worth of a share on-chain.
◆ Collateral for loans. Kamino already accepts xStocks as collateral, so your capital works harder.
◆ LP yield. Provide liquidity in pairs like NVDAx/USDT and pocket the fees instead of Jane Street.
◆ No broker KYC. Useful for sanctioned regions (issuer can freeze tokens if needed, similar to USDT/USDC).

Although based on the data from this Dune, there are no volumes yet.

Big congratulations to our client ARCOIN Tiles on securing an investment from TBV, a leading early-stage Web3 venture capital fund.

ARCOIN is addressing one of the biggest challenges in digital marketing: fake traffic and wasted advertising spend.

For context, Web3 businesses can lose up to 50% of their advertising budgets to fraudulent traffic (bots, sybils, drophunters)

Proud to be part of ARCOIN Tiles’ journey and to help them level up their game in the Web3 ecosystem.

TON Drama & High Stakes

We’ve been watching the TON ecosystem closely, and lately Telegram has sparked a string of questionable headlines:

“Grok × Telegram” - a fake partnership announcement that sent TON vertical; 24 hours later Elon Musk clarified nothing had been signed.

“Golden Visa for staking 100 K TON” - the news raced across CT, only for UAE officials to deny any such program.

Why these pumpy news drops keep happening is an open question. We’re still bullish, but the backstage games around TON aren’t going away and risk-assessment is getting harder.

Why TON can still become a big thing

A new interview (ru language) with Pavel Altukhov (co-founder of TAC) hints that TAC could be the real turning point:

◆ TAC is an EVM layer - a gateway for Ethereum protocols into TON
◆ Not an L2. Liquidity stays in TON wallets; TAC simply adds a familiar EVM runtime on top.

Key numbers

🔹$11.5 M raised - the largest seed + strategic round in the TON ecosystem.

🔹 TVL > $750 M pre-mainnet - already 4× the TVL of the TON base chain.

🔹 Uniswap, Curve, Morpho, Euler are reportedly ready to deploy with zero marketing spend - they want access to Telegram’s potential billion-user funnel.

🔹 Co-founder Marco (ex-Linea, ex-ConsenSys growth) brings deep Ethereum DNA and is steering go-to-market & partnerships.

If TAC launches clean and holds liquidity, it could give TON a fresh growth engine in the post Tap-a-Coin era.

Crypto’s biggest crisis - bloated metrics and inflated valuations.

Let’s start with the basics: TVL is often treated as a proxy for success and liquidity, but it can be wildly misleading.

🔹Protocols artificially inflate their TVL with looping strategies - one user deposits $100, borrows against it, redeposits, and suddenly the dashboard shows $200–300 “locked.”

🔹Many platforms incentivize farmers with high yields in native tokens or points. Users chasing these outsized APYs will park funds in the protocol temporarily, pumping the TVL

🔹Sometimes protocols even route deposits into external yield venues like Pendle Finance, so the same dollars get double-counted: once in the protocol, once in Pendle.

All of this produces fake TVL that leaks out right after the TGE. You don’t have to look far for examples - the yield-bearing stablecoin / “fixed income” crowd (Usual, Resolv, Treehouse, Level Finance) makes it obvious.

Why pump the metric? Simple: look bigger, raise faster, then cash out at a higher valuation.

Most high-FDV launches backed by VCs follow the same noscript: massive insider allocations, a nine-figure headline FDV, and a sharp slide once insiders unload (usually via OTC deals or perp hedges before their tokens unlock).

The industry has, in part, “naturally attracted bad actors” due to the lack of stringent oversight and the riches to be made

How do we fix it?
To be continued…

Pre-market trading for $PUMP just went live on Hyperliquid.

Demand is still muted, pricing implies a $5 B FDV.

Will the PUMP token actually get a pump or not?

Is $CLANKER the next Pump.fun?

With $PUMP’s run, traders are hunting for the next big bet and $CLANKER on Base looks like a prime candidate. This AI-driven token launchpad has metrics that make it cheap at current prices.

Current metrics:
🔹Generates ~$50K in daily fees. Annualized, that’s a P/S of 2.7 at $50M FDV. Compare to $PUMP’s presale P/S of 7 (and higher now). Relative value gap is clear
🔹$6M daily trading volume.
🔹1K tokens created daily.

Near-term catalysts:
◆ Base’s native DEX launch in August could drive memecoin liquidity, boosting the network’s top launchpad.
◆ More details expected at the BASE conference on July 16
◆ Clanker’s v4 upgrade adds Uniswap hooks, MEV protection, and better profit-sharing for token creators.
◆ As $PUMP stabilizes, traders will seek undervalued protocols. $BONK’s an obvious play, but $CLANKER seems undervalued with obvious opportunities

$NOICE - next SocialFi tip revolution at just 10 M FDV

Noice is a tipping / reward token for Farcaster activity. Road-map: influencer-token launchpad (perfect rotation target after $PUMP), plus integrations with X and Solana.

Valuation
FDV ≈ 10 M USD
Checkr score almost on par with $DEGEN (gap <2×) while FDV is 10× smaller. Risk-reward looks asymmetric.

July 16 catalyst
NOICE’s founder speaks today at the Base Conference in LA. Any wallet or launchpad reveal could ignite the chart.

Coinbase Wallet relaunch + fresh SocialFi narratives around Farcaster may boost the Base ecosystem. If a native wallet layer lets all Farcaster apps tip by default, $NOICE becomes a prime beneficiary.

For $NOICE and $DEGEN, that’s a whole new user base directly engaging with tips - boosting metrics and visibility for both. Yet NOICE starts from a fraction of DEGEN’s FDV.

The Base App – all new features

Base just rebooted its wallet into an everything-app that blends social, chat, payments, and trading in one place. What are those main features?

1. Social Feed on Farcaster rails
🔹 Every post is an NFT on ZORA, so creators truly own (and can monetize) their content
🔹 Tips & on-chain comments built in
🔹 Farcaster + Base audiences merged.

2. Base Pay
🔹 One-tap USDC checkout (Shopify already live)
🔹 Volumes still small, but clear shot at a crypto-native PayPal

3. Money inside chat
🔹Gas-free USDC P2P transfers - feels like Revolut, settles on-chain
🔹Plug DeFiAI bots straight into any chat.

4. Mini-apps (WeChat style)
🔹 Play games, farm yield, place prediction bets - never leave the Base App

5. Frictionless onboarding
🔹Sign up with email, Apple / Google ID or Coinbase - no seed-phrase anxiety

MicroStrategy: digging into the debt stack

Everyone in crypto knows MicroStrategy keeps buying bitcoin with leverage and many believe the company has a precise “liquidation price” that would nuke the market. Reality is a bit messier.

Operating business
The legacy software division hasn’t generated real profit for years.

2023: software profit < $1 million

2024: net loss – $63 million

With zero free cash flow to service interest, Saylor rules out selling BTC, so the only path is more debt.

Three taps for liquidity

The company has three main sources of liquidity for buying BTC

◆ Common-stock issuance – the least risky lever: print new shares, sell them, buy more BTC. This route has raised roughly $19 billion so far.

◆ Convertible notes – coupons around 0.5 % (peanuts vs. 4-5 % Treasuries). If MSTR stock rallies, holders swap debt for shares; if not, they demand cash back. About $7 billion outstanding – effectively a giant call option for bondholders.

◆ Preferred shares – 8-10 % annual dividends, the most expensive capital. Already ~$3 billion issued (target up to $5 billion). Dividends alone could soon run $500 million per year.

Altogether the company needs roughly $300-350 million every year just to cover coupons, preferred dividends, and software-unit losses.

Where the liquidation trigger hides
A prolonged bear market would choke demand for MSTR stock. The company couldn’t roll old debt into new, and holders of convertibles would likely opt for early repayment instead of conversion. With no free cash, MicroStrategy would have to sell spot BTC to cover coupons, dividends, and maturing notes – adding extra sell pressure when the market is already weak.

The first big test: 15 September 2027, when up to $1 billion in convertibles can be put back to the company. Further maturities cluster multiple times a year after that. So the real default risk lives post-2027. Until then, the structure survives on faith in relentless BTC upside and Saylor’s ability to keep borrowing.

Linea just dropped its tokenomics - hunting for a second wind

$LINEA breakdown
🔹 75 % — ecosystem & grants
🔹 15 % — treasury (5-year lock)
🔹 10 % — airdrop to early users (9 % real users, 1 % early contributors)

No checker yet

Fee model
• 20 % of net gas burns into ETH
• 80 % burns into LINEA

The chain only made $1.2 M in fees during 2025, so the burn impact is tiny, but burning ETH at all hints at a tight bond with mainnet.

The main problem: a dead ecosystem

Beyond Aave there’s almost nothing to touch on Linea. Still, this L2 might become an institutional gateway to Ethereum.

◆ Joseph Lubin - ETH co-founder, head of ConsenSys (and thus Linea).
◆ In May he became chairman of SharpLink Gaming - tiny i-gaming traffic company but its stock already did a 10× after announcing plans to load ETH on its balance sheet - a straight-up Saylor move.

Linea has also teased auto-staking for ETH. With the SEC edging toward green-lighting staking, SharpLink could park its treasury directly on Linea and earn yield on-chain instead of holding on L1.

None of this is official yet (pure thesis), but an “institutional treasury” narrative might be the lifeline this overlooked L2 needs.

DYOR. We could be watching MicroStrategy-style corporate leverage, but this time riding on top of Linea. 🫡

Where to park stables while the market cools down?

If you took profits on the last leg up (you did, right?), now’s the moment to put those stablecoins to work.
Katana Network is giving 20-49% APY, paid mainly in $KAT at a $1b FDV valuation.

Katana - an L2 on Polygon AggLayer backed by Polygon Labs and GSR. You deposit once; Katana auto-routes liquidity into lower-risk strategies like Morpho lending or Sushi LPs - no manual chain-hopping.

Current Yearn vaults show:
🔹 49 % APY on stables
🔹 20 % APY on ETH

$KAT rewards farm today, but remain non-transferable until Feb 2026.

$KAT tokenomics
No VC rounds, so the upside should stay with the community.

◆ 15.65 % team
◆ 35 % community
◆ 49.35 % ecosystem

Supply hard-capped at 10 B, with a modified ve(3,3) model: $vKAT holders vote where incentives flow and collect a fee share. Once emissions run out, new pools rely on sequencer fees.

Open questions for the team:
1) Net profit must stay positive for Flywheel effect:
revenues (seq-fees + bribes) – emissions > 0.

Sequencer fees are tiny for most L2s, Katana included.
• Cut emissions → profit stays positive but APY is low.
• Keep emissions high → juicy APY but endless sell-pressure.

2) We’re not quite sure where the tokens for early incentives (those meant to be distributed by vKAT holders after the TGE) will come from if only 5 % unlock in year one for liquidity and grants, and just firts portion of 44.35 % ecosystem allocation unlocks a year later.

3) We remember Blast - the first L2 with native liquidity for core assets. Katana builds on that concept and promises more efficient capital routing, yet Blast faded quickly after its TGE. How will Katana avoid the “Blast syndrome”?

All in all, we’re still positive on this new DeFi chain and believe the APYs look appealing even if $KAT gets repriced lower.

More than 60 % of all wrapped Bitcoin locked in lending protocols is now sitting on Aave

The undisputed leader in DeFi lending

ve (3,3) tokenomics
where the profit comes from, what rebases do, and why “bribes” aren’t bad

The ve (3,3) model powers DEXs like Aerodrome or Thena. Flow is simple:

1. A user locks the base token for a chosen period → receives a ve-token.
2. The ve-token lets them vote which liquidity pools will receive token incentives.
3. Fresh tokens land in those pools as extra incentives for LPs.
4. A week later the cycle restarts: vote → emission → rewards.

At first glance an endless printer means an inevitable death-spiral. In practice the spiral appears only when the protocol spends more than it earns.

How to measure profit?

Cost side: new-token emissions.
Revenue side: swap fees + bribes.

A Bribe is a payment from a project that wants ve-holder votes; the pool gets incentives, the voter gets income.

Base formula:

Fees + Bribes – Emission = Net PnL

But not all emission dilutes holders: a slice goes back to voters as a rebase, offsetting dilution. The real formula is:

Fees + Bribes – (Emission – Rebase) = Net PnL

If the number is positive, holding and even adding tokens makes sense: real income beats inflation.
If it’s negative, dilution wins: reward sellers push the price down, LPs exit, fees drop further - the classic death spiral.

Pendle just rolled out Boros - on-chain futures on funding rates

Now you can trade (or hedge) the rate itself, not just BTC/ETH price action.

What’s Boros?
◆ A new market on Arbitrum built by the Pendle team.
◆ Tokenises funding rates from major exchanges, starting with Binance, later Hyperliquid, even off-chain RWA yields.
◆ The trading unit is YU (Yield Unit): 1 YU = the funding rate on 1 BTC/ETH for the chosen market until maturity.

Long YU → you pay the fixed rate, receive the floating (underlying).
Short YU → you pay the floating rate, pocket the fixed.

Right now the implied APR (fixed leg) on ETH is about 6.64 %. If activity comes roaring back after August, the average underlying rate could print higher.

You can also provide liquidity via Vaults:
Deposit USDC/ETH, become LP, and earn:
• $PENDLE incentives
• Swap fees
• Extra gain if implied APR drifts upward (long-bias!) - read the docs before aping.

Risks: standard IL and that same long bias - if rates drop, LPs lose.

Once again Pendle sits at the forefront of on-chain derivatives, shipping a product we haven’t seen before.

More toys for the degen crowd, and a cleaner hedge tool for the suits.

How does airdrop % affect TGE price?

There’s a common misconception: “the larger the community airdrop %, the better the token performs after TGE - so every project should do that.” People often cite Hyperliquid, Jupiter, Kaito.

But it’s easy to confuse cause and effect. In reality, larger projects are the ones that can afford big airdrops because they have the budget to manage selling pressure and to set up a proper market-making strategy in advance.

The airdrop percentage by itself doesn’t predict price. Across 2025 launches, the initial circulating supply (your float, which an airdrop increases) showed no consistent correlation with 1-week or 1-month performance. What mattered most was the dollar value of the initial float - i.e., Initial Market Cap (IMC).

Very often projects inflate their valuation and list already “at a multiple” to the last round. That leaves little room for further market cap growth and leads to a downward chart. Moreover, with a huge FDV at the start it’s hard to provide sufficient liquidity, so even modest selling triggers sharp drawdowns.

Example. Wormhole launched with a massive ~$13B FDV. With 17% of tokens allocated to users and only about $6M of day-one liquidity (across pools and CEX order books), this setup created heavy sell pressure. Since launch, $W is down ~94%.

The point isn’t the airdrop percentage itself, but the size of the dollar float relative to real liquidity and order book depth.

Stablecoin Payments Summary

According to Visa, the volume of stablecoin payments has surged from virtually zero in 2019 to approximately $949 billion as of July 2025. The lion’s share comes from USDT and USDC:

USDT – 60% of total volume
USDC – 35%, growing rapidly on the back of regulatory adoption in the U.S.
Other stablecoins – 5%

Top 4 networks by share of total volume:

Ethereum – 35.6%
Tron – 34.1%, retaining massive volumes largely due to cross-border P2P and OTC transfers, including “grey” channels
BSC – 14.6%
Solana – 5.0%
(The remaining 10.7% is split among other networks)

Breakdown by payment segment:

B2B – 49.3%
P2P – 24.7%
Card-linked – 18.1%
B2C – 4.5%
Prefunding – 3.4%

The stablecoin market is steadily shifting on-chain, with Ethereum and Tron maintaining dominance in payment traffic, while USDC is accelerating its share gain from USDT thanks to rising institutional demand in the U.S.

Almanak or where to park stablecoins at ~57% APY

Almanak is a protocol powered by AI agents that build and optimize strategies, automatically deploying liquidity across DeFi protocols. You deposit USDC or ETH into a selected vault, and the agent rebalances positions across available opportunities.

At present, there is only one vault available for USDC on Ethereum, offering 57% APY:

~9% – “native” yield from strategies (real net yield after the protocol’s 10% fee).
~48% – boosted by an airdrop of the project’s token, calculated based on a target valuation of $90M FDV.

The incentive campaign is announced to last until September 21; after TGE, the boost will likely be reduced.

Investors
The project is incubated by Delphi Digital (mentioned publicly) with additional ecosystem support from Near.
So far, the team has raised $1M at a $43M FDV via a Legion sale and has announced another public sale on Legion on August 21, this time at a $90M FDV with 100% unlock — this is the benchmark from which the airdrop-APY is calculated.

Audits / Security
As of this writing, no public audit reports of Almanak’s smart contracts are available (some trackers explicitly flag “Security Audit: No”). The platform emphasizes its non-custodial architecture and deployment through a SAFE multisig, but this is no substitute for a formal audit (consider the early-stage risk).

Bottom line
This is a very early-stage project which, by crypto standards, has raised a modest amount. Still, the involvement of an incubator like Delphi Labs lends credibility. For those looking for a short-term stablecoin parking option with an asymmetric risk-reward profile, the current Almanak vault could be suitable — provided allocations are sized responsibly and one is prepared for APY volatility.

Why Etherex Could Deliver Significant Returns

Linea’s Total Value Locked (TVL) doubled to $316M in a month, largely driven by Etherex, a decentralized exchange (DEX) recently acquired by ConsenSys.

Etherex is the leading DeFi protocol on Linea, boasting the highest TVL, and is distinguished by several key features:

🔹 x(3,3) Tokenomics – A variation of the classic ve(3,3) model: it retains the voting lock mechanism but offers an early exit option.

Unlike other DEXs, Etherex allocates 100% of trading fees to stakeholders and 100% of liquidity rewards to liquidity providers (LPs), with no share reserved for insiders or the team. Its token, $REX, powers a reward flywheel: LPs earn REX, and staking REX as xREX grants governance rights and a share of all trading fees.

🔹 Proven Team: The team behind Etherex has successfully launched x(3,3) DEXs before, including Ramses (Arbitrum) and Shadow (Sonic).

🔹 Local Network Support: Etherex is set to receive 30% of Linea’s 1B $LINEA incentive program, with the remainder allocated to Aave and Euler.

Following the recent $REX Token Generation Event (TGE), the fully diluted valuation (FDV) stands at approximately $166M. The upcoming activation of Linea’s incentives and the $LINEA TGE could drive significant user and liquidity inflows.

Why It Could Take Off

The x(3,3) model has a track record of delivering double-digit APRs for top trading pairs, attracting TVL and enabling the DEX to dominate its chain, as seen with Aerodrome on Base or Shadow on Sonic.

At launch, a supply shock often occurs due to limited circulating supply and high demand for staking/LP, which can drive prices upward. However, risks remain: the x(3,3) model is prone to high volatility cycles—initial pumps from scarcity followed by sell pressure from farming.

Current inflation/emission rates are more critical than narrative. Monitoring the issuance pace and the proportion allocated to staking/LP is essential.

Where’s the Opportunity?

Farming core pools on Etherex offers high APRs in REX.

Our Take: We see a setup of a “local flagship DEX + network support + x(3,3) model.” Similar to Aerodrome and Shadow, this could yield multiple-fold returns during the hype phase. However, investors should remain mindful of the model’s nature and the potential for a reversal post-farming phase.