It’s great to be back! It’s been a while. I made the intentional decision to step away from writing and focus on other areas of my life, but I’m happy to say the newsletter is officially back. Going forward, I’ll be aiming to show up consistently with at least one post per week.

I’ve also been thinking about the Weekly Alpha edition and have some ideas to take it in a new direction. I’d love to hear your thoughts on that too.

Leave a comment

With that said, I’m writing this letter because over the last few weeks I’ve been closely observing the market, and I believe we are somewhere near the bottom.

First, the Digital Asset Treasuries are running at full speed. Strategy leads the pack with 818,334 BTC in holdings, followed by Bitmine with roughly 5,078,386 ETH held and 4.7M ETH staked.

This tells us something important: institutional investors simply don’t care about market conditions right now. That is a positive signal in a bear market, especially when retail investors seem more focused on AI than crypto. Based on this alone, it makes sense to start positioning, though caution is still warranted.

Michael Saylor put it well when he said...

Bitcoin has won. Global consensus is that $BTC is digital capital. The four-year cycle is dead. Price is now driven by capital flows. Bank and digital credit will determine Bitcoin’s growth trajectory. The biggest risk is bad ideas driving iatrogenic protocol changes.

I couldn't agree more. To me this is one of the clearest signs that crypto is maturing. We are moving away from hype driven speculation and toward a market shaped by institutional capital and real infrastructure. That changes everything about how you should think about positioning.

Subscribe now

Bitcoin is reacting far less to geopolitical instability than it used to, but black swan events can still happen. Whether it’s an escalating global conflict, a new virus shutting down the economy, or an oil crisis, no one can predict what’s coming. Holding high risk assets through those moments is never comfortable.

That said, I don’t personally consider Bitcoin to be a high risk asset, at least not on a long enough time horizon. Over the last ten years it has proven to be a remarkable investment and store of value. Having at least a small allocation in your portfolio remains a wise decision.

I’ve also been keeping an eye on NFTs. Over the past 30 days, top collections have risen significantly, which could be another early sign of a bull market.

Personally, I see PFP NFTs as a way to flex online, much like wearing a Rolex in real life. The interesting thing here is that crypto has been flat or down, yet NFT prices are climbing. To me, that suggests a new wave of tech-savvy buyers have entered the market and started accumulating, rather than the dynamic we saw in 2021, where liquidity flowed from Bitcoin and Ethereum into altcoins, and then from altcoins into NFTs.

This time the entry point looks different, and that distinction matters.

On the RWA front, the metrics are also looking bullish. ONDO Finance just crossed $1B in total value locked, and to me that is an early signal that traditional finance is genuinely moving into DeFi on the Ethereum ecosystem.

It might sound naive at first, but it really isn’t. ONDO is backed by Blackrock and other major institutions, and if you think about market efficiency, there are few things more efficient than tokenizing real world assets. The data speaks for itself.

Finance has always been a closed loop, so it is exciting to see traditional players stepping into DeFi. The reason it matters so much is composability. Any protocol can plug into any other protocol, and that kind of open infrastructure is exactly what DeFi needs to interface with the traditional financial system and succeed long term.

Subscribe now

I could go on with the bull case for crypto this year, from stablecoins to prediction markets, but I’ll keep it short for my comeback. I hope you enjoyed this format and I’d love to hear from you in the comments. If you want more letters like this one, let me know. Otherwise I’ll get back to the Weekly Alpha. As always, I could be wrong, and I’m very open to feedback.

Other news

• Starknet launches strkBTC to bring ZK-powered shielded bitcoin to its Layer 2 network - read

• Senate Banking Panel Releases CLARITY Act Draft Ahead of Thursday Markup - read

• Bitcoin miner MARA sold $1.5 billion of bitcoin as it shifts toward AI infrastructure - read

• Ark Invest buys $5.5 million worth of Circle shares as stock jumps 16% on Q1 earnings - read

That’s it for this week.

If you found this edition valuable, please consider sharing it with your network — it helps grow our community and keeps the alpha flowing.

Follow me on X and Farcaster

Leave a comment

None of the information in this newsletter constitutes financial advice. While I personally use most of the protocols that I discuss, it’s important to understand that they involve substantial risk. Don’t invest what you can’t afford to lose

Navigating DeFi can feel like a labyrinth, especially for newcomers. Setting up a Coinbase account? Sure, that’s manageable if you've gone through a KYC process or logged into any basic platform before. But the real challenge begins after that. Creating an externally owned wallet (EOA), sending funds on-chain—questions start piling up: Is this the right address? Am I using the correct network? Should I double or triple check before clicking send? The uncertainties and complexities create a significant barrier to entry, overwhelming even the most motivated users.

In this article, I’m laying out my case for why I’m bullish on Infinex—not just for beginners, but for seasoned degens, too.

Subscribe now

🔍 What is Infinex

Infinex is a next-generation DeFi interface built by Kain Warwick, the founder of Synthetix—one of Ethereum’s original and most battle-tested DeFi protocols.

At its core, Infinex is a smart account wallet that lets you access DeFi across multiple blockchains—without juggling wallets, seed phrases, or clunky bridges. Think of it as a powerful, all-in-one crypto dashboard that makes investing, swapping, and bridging assets simple—even if they live on totally different chains.

Instead of logging in with a wallet extension like MetaMask, Infinex uses passkeys—a secure, seedless login system similar to Face ID or fingerprint authentication. This makes getting started faster and safer, without compromising self-custody.

But the real magic is in the experience:
Let’s say you have SOL on Solana and you want to swap it directly for ETH on Base. Normally, that’s a multi-step process involving bridging, swapping, and paying gas on multiple chains. With Infinex, it’s a single click—done directly from your portfolio dashboard.

Infinex isn’t just for EVM chains either. It’s built to support non-EVM networks like Solana, and plans to integrate Bitcoin and other major L1s soon—creating a truly unified interface for all of crypto.

🚀 Infinex Could Onboard the Next Generation of Users

As DeFi and crypto power users, we often overlook how insanely complex onboarding is for newcomers. From buying crypto on a CEX, to creating a non-custodial wallet, understanding how to transfer funds, and finally interacting with dApps—it’s a confusing, multi-step process. Even though there are plenty of tutorials online, when you step back and really look at it, the experience is overwhelming for someone new. Infinex has the potential to solve this. Its passkey-based login and clean interface remove much of the friction, making DeFi more accessible.

That said, one key piece is still missing: a way for users to easily top up their Infinex wallet with a debit card or bank account. I’m confident this will be solved in the near future. With that in place, Infinex won’t just simplify onboarding—it will guide users toward real opportunities, thanks to its curated integrations with top DeFi protocols.

🚁 Infinex Airdrop Potential — and How to Farm It

One thing is that at the moment, there is not too many innovative protocols coming on EVM or other chains, i can name only a handful one and Infinex is one of them, with a current TVL of $443,558,576.

In my opinion it is still a very early play, one reason im bullish on a future infinex airdrop is that I know that Kain is an OG Ethereum builder and has been studying it since the beginning so he definitely know how to execute and I don’t doubt that if Infinex launch an airdrop, it will be massive for most of the users, we could potentially see something like Hyperliquid if they are find product market fit.

One bullish aspect of Infinex is that you gain exposure to airdrops from other protocols simply by using the app. This highlights the power of DeFi composability—seamlessly integrating with other open-source protocols is something traditional finance simply can’t offer.

For example, through my Infinex wallet, I’ve already claimed three airdrops: one from Ethena for depositing stablecoins into the protocol, one from Pudgy Penguins just for being an Infinex user, and another for opening a crate within the first 24 hours of CrateRun.

This kind of opportunity doesn’t exist anywhere else. The fact that Infinex offers a unified interface makes it especially valuable for tracking and managing my DeFi positions.

🧠 Final Thought

Overall, I’m very bullish on Infinex. I believe it has the potential to become a one-stop platform for all DeFi activity. While there’s strong competition from projects like Abstract and the Base App—which currently have broader appeal to non-crypto users—Infinex could definitely attract both newcomers and experienced DeFi users with solid execution and effective marketing.

As for a potential token, considering it’s being built by an OG DeFi team that truly understands the market, I’m definitely keeping a close eye on Infinex—I won’t be sleeping on this one.

What’s your take on Infinex?

Leave a comment

If you found this edition valuable, please consider sharing it with your network — it helps grow our community and keeps the alpha flowing.

None of the information in this newsletter constitutes financial advice. While I personally use most of the protocols that I discuss, it's important to understand that they involve substantial risk. Don’t invest what you can’t afford to lose

Subscribe now

At the time of writing, $TRUMP is trading at $14.56, with a fully diluted valuation of $14,508,916,247.

The token has definitely absorbed a significant amount of liquidity from the market. As a result, we’re seeing other memecoins on Solana take a sharp dip following the launch of $TRUMP. This is largely due to degens rushing to buy $TRUMP while selling off their positions in other memecoins.

The launch of the $TRUMP token is sending a strong signal to the market. Even though I believe it won’t have any real utility, it delivers a clear message to the world: crypto is here to stay, and America is the place to build. The timing of this launch is particularly notable, as it comes just before Gary Gensler from the SEC is set to leave office.

Are you bullisn on $TRUMP?

I’ve been passionate about AMM and this new economy for a long time. From Uniswap V1 to now, the AMM field has evolved significantly. New and interesting tokenomics are being created and upgraded. It has never been easier or cheaper to generate passive income from on-chain activity if you are patient.

In 2024, Layer 2 scaling solutions like Base drastically reduce gas fees compared to the Ethereum mainnet.

In the past, transactions on the Ethereum mainnet were more accessible due to the low price of ETH and relatively low gwei. For example, in 2020, one of my Uniswap trades cost me only $0.42. Today, that same transaction would cost roughly $7.

What is Aerodrome Finance?

Aerodrome Finance is an AMM on Base, inspired by Solidly. It inherits architecture and security maintenance from Velodrome V2. There are four important components of Aerodrome Finance that we will discuss in this article:

1. Voting

2. Trades

3. Emissions

4. Rewards

Voting: As an $AERO token holder, you can lock your tokens for up to 4 years. The duration impacts your voting power. Once you lock your $AERO tokens, you receive $veAERO, represented as an NFT. This NFT can be traded on the secondary market or bought if you prefer not to lock your tokens.

Holding a $veAERO NFT gives you governance power to establish rewards for trading pairs. In return, you receive 100% of the fees and incentives generated by the pools you voted for, providing a great way to earn passive income.

Trading: Similar to Uniswap AMM, you can trade tokens on Aerodrome Finance. While there is no direct incentive for trading, the platform offers high liquidity and fast trade execution compared to the Ethereum mainnet. If you are reading this newsletter, you are likely familiar with Layer 2 solutions.

Providing liquidity on Aerodrome Finance is interesting. You can select stable or volatile pairs depending on your risk tolerance regarding token prices and impermanent loss. Research opportunities to find pools with high APRs and low impermanent loss to grow your portfolio.

For example, one of my favorite pools is ezETH/WETH, which has relatively low impermanent losses and an APR of 24.86%.

In my opinion, this liquidity pool is a great play. It offers exposure to Renzo Protocol and EigenLayer points by holding ezETH. Additionally, you benefit from the Ethereum beacon chain yield, currently at roughly 3%, along with ETH in its wrapped version. If you are bullish on ETH, this is a great play in my book (Note: This is not financial advice).

Growth and Analytics

Since its inception in August 2023, Aerodrome Finance has grown substantially, generating and redistributing over $26 million in fees to veAERO holders

Although daily transactions have dipped slightly, cumulative transactions recently reached 1.5 million within less than a year. This is impressive growth for such a young protocol and aligns with the overall growth of the Base Network.

One interesting metric to follow is the average lock duration of veAERO holders. Personally, I locked mine for 4 years due to an airdrop for locking my VELO tokens on Optimism. Currently, the average lock duration is 3.89 years, indicating that most users are in it for the long term and bullish on AERO emissions.

However, despite many AERO tokens being locked, the current inflation rate is fairly high.

This chart assumes that 40% of AERO emissions are locked at each epoch.

Aerodrome playbook

Voting Strategy: When you vote on Aerodrome Finance and lock veAERO, you receive rewards from the pool. The best strategy is to vote for pools with fundamentally strong pairs rather than worthless memecoins. Although those pools may offer high APRs, the tokens are more likely to become worthless once you receive your rewards

A good example is the ezETH/WETH pool, which currently has a voting APR of 129.86% if you are bullish on ETH. The voting period operates on an epoch basis, occurring every week. If you lock your tokens, set a reminder to manage your positions once a week to capture the best rewards and APR, as these can vary with each epoch.

Liquidity Provider Strategy: When you provide liquidity, you earn rewards on each swap that occurs on the AMM. A favored strategy is to provide liquidity in concentrated stable pairs that require minimal management, such as stablecoins. By providing liquidity, you can find great APRs even on stablecoins. However, ensure you avoid dark stablecoins that could depeg at any time, despite their high and tempting APRs.

Aerodrome Finance is a long-term game. After a few months, you will see your rewards start compounding. It’s better to lock your tokens for longer than 2 weeks if you are bullish long-term. This way, you gain more voting power and more rewards.

Subscribe now

Disclaimer: None of the information in this newsletter constitutes financial advice. While I personally use most of the protocols that I discuss, it's important to understand that they involve substantial risk. Don’t invest what you can’t afford to lose.