In this edition of The Weekly Alpha:

📚 This Week's Intel

🎧 Podcast Picks

🧑‍🌾 How RWA Is Rebuilding Global Finance Onchain

🧐 Onchain Analytics

This Week's Intel 📚

The signal from the noise, this week's developments that actually matter for your DeFi positioning.

I've filtered through the endless stream of headlines, hot takes, and crypto Twitter drama to bring you the stories moving the ecosystem forward. These aren't just news updates; they're intelligence briefings on where capital is flowing, which narratives are gaining traction, and what regulatory shifts could reshape your strategy.

Skip the timeline doom-scrolling. This is your weekly intel drop.

• Espresso Token Launches at $275 Million Valuation - read

• Vitalik Buterin: Hedging on Prediction Markets Could ‘Replace Fiat Currency’ - read

• Ether steadies after $540 million sell wave to outperform wider crypto market - read

• Onchain analytics tool Parsec winding down operations - read

• Crypto markets feel the chill, Base, ether.fi reorganize layer-2 landscape - read

• How Ethereum devs will use AI to boost blockchain’s development - read

• ZeroLend Latest DeFi Platform to Shut Down Amid Liquidity, Revenue Pressures - read

• Hyperliquid-Based Ventuals’ Trading Volume Surges 100% in 17 Days - read

• deBridge launches MCP, enabling AI agents to execute non-custodial cross-chain transactions - read

• Aave price tumbles as ‘most productive’ contractor leaves DAO - read

• BNP Paribas taps Ethereum for new money market fund tokenization pilot - read

Subscribe now

Podcast Picks 🎧

This week’s audio alpha: handpicked conversations that shaped my thinking and could shift yours too.

I sift through hours of DeFi content so you don't have to. These are the episodes worth your commute, the insights that made me pause and rewind, and the perspectives that are moving markets before they hit mainstream media.

Queue these up and stay ahead of the narrative.

Subscribe now

How RWA Is Rebuilding Global Finance Onchain

While crypto markets have been taking a beating, RWA has been telling a different story. Sure, tokens like ONDO are down significantly, but the underlying fundamentals have remained largely intact. Adoption is growing, TVL is holding, and institutional interest isn't going anywhere. That disconnect between price action and real-world metrics is hard to ignore, and it points to something worth paying attention to: RWA might be one of the better ways to diversify right now without ever leaving the chain.

Tokenized stocks

Tokenized stocks are playing an increasingly significant role in the onchain RWA economy, and protocols like Ondo Finance are leading the charge. The core value proposition is simple but powerful: you can trade 24/7 and plug directly into DeFi protocols like Uniswap. Want exposure to the S&P 500 ETF, Tesla, or Google? You can find them on Ondo Finance and put them to work like any other onchain asset.

Take tokenized NVIDIA as a concrete example. It may not be the largest holding by TVL, but its holder count and transfer volume have both climbed meaningfully over the last 30 days — a signal that Ondo is gaining momentum and, more importantly, filling a real gap for investors.

Getting in is straightforward: head to Ondo Finance, buy directly with USDC, no intermediaries, on Ethereum mainnet. Trades settle instantly — no waiting for market open, no cut-off times, no Monday morning scramble if something moves over the weekend.

That last point is where tokenized stocks genuinely outshine their Web2 counterparts. Traditional brokerages lock you into fixed hours, leaving you watching prices move without being able to act. Onchain markets don't care what day it is. It's worth noting that BlackRock clearly sees this too — their growing commitment to tokenized assets through the BUIDL fund isn't a side bet, it's a strategic signal about where capital markets are heading.

Stablecoins

Stablecoins are the backbone of Ethereum and decentralized finance, and I don’t think that point gets made enough. Whether you’re parking liquidity during a bear market, chasing yield across DeFi protocols, or simply moving value across borders without friction, stablecoins are the infrastructure everything else runs on. But not all of them are built equal.

The market is massive, $295.76B in total market cap, and right now it’s heavily concentrated. Tether and Circle’s USDC dominate the lion’s share, which raises legitimate questions about decentralization. That concentration is exactly why new entrants like Polaris are worth watching. They’re positioning themselves as a more decentralized alternative, and I’m genuinely curious to see what they bring to the table.

What’s also worth highlighting is how broad the demand actually is. Stablecoins aren’t just a tool for DeFi natives. Startups are using them to pay developers across the globe, institutions are quietly increasing their exposure, and the on-chain metrics reflect that growing appetite across the board.

On the DeFi side specifically, a few smaller players are making serious moves. USDS from the Sky ecosystem and Ethena’s USDe are emerging as strong alternatives, purpose-built for DeFi and gaining traction fast. These are the projects worth keeping an eye on as the stablecoin landscape continues to mature.

Share

Stablecoins deserve a place in every portfolio, not just for DeFi natives but for anyone who understands what’s at stake. Internet money is freedom. You can deploy capital across protocols like AAVE or Pendle, generate yields that most traditional banks simply can’t compete with, and maintain full control over your assets around the clock.

The utility here is hard to overstate. Stablecoins act as a hedge against a banking system that has repeatedly shown its limitations, offering an alternative layer of financial infrastructure that doesn’t ask for permission. The centralization concern is real and worth acknowledging, most of the dominant stablecoins today carry meaningful counterparty risk. But the direction of travel is encouraging. Demand for censorship-resistant money is growing globally, and that pressure will keep pushing the ecosystem toward more decentralized solutions over time.

Commodities

Commodities represent one of the most underrated opportunities in the onchain RWA space. At $7.03B in market cap, the category is still small relative to stablecoins, but the growth trajectory is hard to ignore. Over the last few months, as crypto markets pulled back, tokenized commodities quietly gained momentum, a sign that investors are looking for onchain assets that move independently from the broader market.

The space is still early and concentrated, with Tether and Paxos leading the pack. Gold dominates by a wide margin, but Oil, Silver, and even Diamond are carving out meaningful presence and growing fast.

From a portfolio perspective, tokenized gold makes a compelling case for itself. It gives you exposure to one of the oldest stores of value in history while keeping you fully onchain, no custodians, no brokerage accounts, no friction. In the context of a new financial system being built in real time, that matters. I expect the commodity market to roughly triple over the coming year, closing the gap with stablecoins enough that it starts commanding serious attention from both DeFi natives and traditional investors alike.

My take on RWA

The world is moving onchain, and the momentum behind RWA makes that clearer than ever. Tokenized stocks, stablecoins, commodities, and real estate are all growing in adoption for the same fundamental reason: you get access to global markets around the clock, and you can put those assets to work across any protocol you choose. This is what money legos actually looks like in practice.

The opportunity for builders here is enormous. Open protocols mean anyone can come and create on top of these assets without asking for permission, something the traditional banking system has never been willing to offer. Decades in, that system has grown increasingly closed and innovation has stalled. The new generation has a real chance to rewire that, connecting global markets and building products that would have been unimaginable a few years ago.

The democratization angle is just as significant. Buying a single share of Apple was out of reach for most people in developing countries, let alone real estate or gold. Fractional ownership changes that equation entirely, opening up investment access to anyone with an internet connection and a wallet.

From a portfolio standpoint, RWA brings something crypto has always struggled to offer: stability and diversification without having to step offchain. It hedges against volatility while keeping you inside a composable, permissionless financial system.

The infrastructure of global finance is being rebuilt in the open. RWA is not a niche, it is the backend of what comes next.

Onchain Analytics 🧐

This section is usually where I share my own onchain investigations, the kind of digging that helps me position myself better in DeFi. It keeps me sharp, and sharing the process openly is part of what keeps me motivated to go deeper. Today though, I’m taking a different approach. Instead of an investigation, I want to walk you through the analytics tools I rely on for my research.

Subscribe now

#1 Growthepie

Growthepie is my go-to for fundamental metrics across Ethereum and L2s. When it comes to positioning yourself for the medium to long term, fundamentals matter more than most people admit. Is a chain actually gaining momentum? Are wallets genuinely active, or just inflated by incentives? What does the revenue picture look like?

I’ll be honest, I’m not particularly bullish on L2 governance tokens as investments right now. But that’s not why I use Growthepie. I use it to track where liquidity is moving, so I can follow it early rather than show up late to a narrative that’s already played out.

#2 DeFiLlama

DeFiLlama is one of the most well-known open source analytics tools in the space, but most people only scratch the surface with it. Beyond TVL and general DeFi metrics, I use it heavily for airdrop research. Their dashboard for protocols without a token yet is genuinely underrated. Filter by TVL, focus on the mid to high range, and you start uncovering real opportunities to position yourself before a token even exists.

It sits firmly in my top three analytics tools for that reason alone

What I don’t see talked about enough is the API. I’m currently building my own app to streamline research for this newsletter, and the DeFiLlama API has been central to that workflow, pulling exactly the metrics I need directly into my own ecosystem, completely free. That kind of open, accessible infrastructure is exactly what public goods for Ethereum should look like, and DeFiLlama is one of the best examples of it.

If you're serious about DeFi research and not yet using DeFiLlama, start there. It's free, open source, and deep enough to support everything from casual portfolio tracking to the kind of systematic research that gives you a real edge.

#3 Token Terminal

Token Terminal is where I go when I want to go deep. It's less of a quick-check tool and more of a research environment, covering everything from RWA to lending, derivatives, and well beyond. If you learn how to read what it's telling you, it gives you a genuine edge over most market participants.

The reports are another highlight. Well-written, thorough, and particularly valuable if you're investing in DAOs or want a clearer picture of protocol fundamentals. I tend to read them on a quiet Sunday after publishing the newsletter, and they consistently spark ideas for the week ahead.

These three tools are a strong foundation for anyone looking to get serious about onchain analytics. I rely on other, more technical resources too, Dune Analytics and some of the Blockworks data among them, but those deserve their own dedicated breakdown. Let me know in the comments if that's something you'd want to see in a future edition.

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

In this edition of The Weekly Alpha:

📚 This Week's Intel

🎧 Podcast Picks

🧑‍🌾 Where to Deploy Stablecoins: 4 Yield Strategies Compared

🧐 Onchain Analytics

This Week's Intel 📚

The signal from the noise, this week's developments that actually matter for your DeFi positioning.

I've filtered through the endless stream of headlines, hot takes, and crypto Twitter drama to bring you the stories moving the ecosystem forward. These aren't just news updates; they're intelligence briefings on where capital is flowing, which narratives are gaining traction, and what regulatory shifts could reshape your strategy.

Skip the timeline doom-scrolling. This is your weekly intel drop.

Citadel and Ark Invest back LayerZero as it launches blockchain, partners with Google Cloud and DTCC

LayerZero launches 'Zero' Layer 1 blockchain with backing from Citadel Securities, Ark Invest, Google Cloud, and DTCC. Claims 2M TPS (~100,000x faster than Ethereum, ~500x faster than Solana). CEO: "We can bring the entire global economy onchain.".

Read the full article

Robinhood Launches Public Testnet for Ethereum Layer 2 Blockchain

Robinhood launched its public testnet for Robinhood Chain, an Ethereum L2 built on Arbitrum with $2.3B TVL. The testnet lets developers build apps for tokenized real-world assets, lending, and perpetual futures - first step toward moving all Robinhood infrastructure on-chain.

Read the full article

Other news

• Vitalik draws line between ‘real DeFi’ and centralized yield stablecoins - read

• Trend Research cuts ETH exposure by over 400K as liquidation risk rises - read

• MegaETH Unveils Token Buyback and TGE Plan - read

• Uniswap ETF enters the chat: Bitwise files a registration statement with the SEC - read

• Robinhood shares fall after earnings as crypto revenue slides 38% in Q4 - read

• BlackRock enters DeFi as institutional crypto push accelerates: Finance Redefined - read

• Binance France CEO Targeted in Home Invasion Attempt - read

• Aave Labs seeks $50M grant to redirect product revenue to DAO - read

• Ethereum Foundation co-director resigns to focus on AI - read

• Tether invests in Hyperliquid frontend Dreamcash, offering perps markets for TSLA, gold and more using USDT0 collateral - read

Subscribe now

Podcast Picks 🎧

This week’s audio alpha: handpicked conversations that shaped my thinking and could shift yours too.

I sift through hours of DeFi content so you don't have to. These are the episodes worth your commute, the insights that made me pause and rewind, and the perspectives that are moving markets before they hit mainstream media.

Queue these up and stay ahead of the narrative.

Subscribe now

Where to Deploy Stablecoins: 4 Yield Strategies Compared

Sky Lending SUSDS - The New 4% Standard

Sky Lending’s SUSDS pool is offering a steady 4.00% APY with nearly $5B in TVL, making it the largest stablecoin yield opportunity in DeFi right now. This represents a consistent yield that’s been stable at 4% over the past 30 days, suggesting strong demand and sustainable economics.

How it works

• Deposit stablecoins into Sky’s SUSDS savings rate mechanism

• Earn yield from Sky’s lending protocol revenue and DSR mechanics

• Benefit from MakerDAO’s rebrand momentum and institutional adoption

Current Yields: On-chain: 4.00%, 30-day average: 4.00%

Key details

• $4.87B TVL

• Ethereum mainnet

• Sky protocol smart contract risk

• Direct deposit access

My take

With $4.87B TVL and rock-solid 4% yields, Sky is becoming the new benchmark for risk-free stablecoin returns. The consistency here is impressive.

Maple USDC - Premium Institutional Yields

Maple’s USDC pool is delivering 4.4% APY with $3.71B TVL, representing one of the highest yields for traditional stablecoins. The 30-day average of 5.14% shows this pool has been even more attractive recently, though yields have compressed slightly.

How it works

• Lend USDC to institutional borrowers through Maple’s credit-based system

• Earn yield from loan interest paid by verified institutional counterparties

• Benefit from Maple’s underwriting and risk assessment framework

Current Yields: On-chain: 4.5%, 30-day average: 5.14%

Key details

• $3.71B TVL

• Ethereum mainnet

• Credit risk from institutional borrowers

• Pool delegate screening required

My take

Maple continues to offer premium yields for those willing to take credit risk. The slight yield compression from 5.14% to 4.5% suggests strong demand, but still beats most alternatives.

Ethena sUSDe - Synthetic Dollar Powerhouse

Ethena’s sUSDe is pulling in $3.63B TVL while offering 3.30% APY, down from a 30-day average of 4.35%. This synthetic dollar strategy remains one of the largest stablecoin plays, though yields have compressed as the protocol matures.

How it works

• Stake USDe tokens to earn yield from Ethena’s delta-neutral trading strategy

• Benefit from funding rate arbitrage and staking rewards

• Participate in Ethena’s synthetic dollar ecosystem growth

Current Yields: On-chain: 3.30%, 30-day average: 4.35%

Key details

• $3.63B TVL

• Ethereum mainnet

• Synthetic asset and funding rate risks

• Direct staking interface

My take

The yield drop from 4.35% to 3.30% reflects Ethena’s growing maturity and competition. Still solid for a synthetic dollar play, but the premium is shrinking.

Merkl RLUSD - Riding the Ripple Wave

Merkl’s RLUSD pool is offering 4.15% APY purely through rewards with $619M TVL, though down from a 30-day average of 4.71%. This newly launched Ripple stablecoin is seeing significant incentive programs to bootstrap liquidity.

How it works

• Provide RLUSD liquidity to earn Merkl protocol rewards

• Benefit from early adopter incentives for Ripple’s new stablecoin

• Participate in cross-protocol reward distribution mechanisms

Current Yields: Rewards: 4.15%, 30-day average: 4.71%

Key details

• $619M TVL

• Ethereum mainnet

• New stablecoin adoption risk

• Merkl rewards interface

My take

RLUSD incentives are generous but fading from 4.71% to 4.15%. Early stage stablecoin with solid backing, but rewards dependency is high.

Onchain Analytics 🧐

MegaETH Metrics: Early Growth Signals

Recently launched, MegaETH is steadily growing in terms of TVL. Performance has been solid given current market conditions, not exactly the ideal time for a launch, but builders remain undeterred by macro headwinds.

The chain currently holds $66.85M in TVL with a limited number of dApps deployed.

MegaETH recorded 149.99K active addresses yesterday, representing a 439.67% increase over the last 7 days.

On the dApp front, the ecosystem remains sparse. Kumbaya dominates the protocol rankings by a significant margin with $51.88M TVL and over 30% TVL growth in the last 30 days.

There is currently no MegaETH token, though one is expected to launch soon. This could drive a spike in activity in the mid-term, assuming the protocol finds product-market fit.

My Take

MegaETH has enormous potential, but success hinges on attracting builders and executing a strong TGE. As Vitalik has noted, the current state of L2s doesn’t make much sense; they’re not paying enough rent to Ethereum mainnet. We haven’t yet seen a real-time blockchain handle substantial user activity, so it’s difficult to predict how MegaETH will perform under load or how the token will fare post-launch.

That said, I believe there could be compelling opportunities with asymmetric risk/reward for those positioned early in the MegaETH ecosystem.

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

In this edition of The Weekly Alpha:

📚 This Week's Intel

🎧 Podcast Picks

🧑‍🌾 3 DeFi Yield Strategies While Markets Consolidate

🧐 Onchain Analytics

This Week's Intel 📚

The signal from the noise, this week's developments that actually matter for your DeFi positioning.

I've filtered through the endless stream of headlines, hot takes, and crypto Twitter drama to bring you the stories moving the ecosystem forward. These aren't just news updates; they're intelligence briefings on where capital is flowing, which narratives are gaining traction, and what regulatory shifts could reshape your strategy.

Skip the timeline doom-scrolling. This is your weekly intel drop.

• Bitcoin Faces Renewed Scrutiny Over Quantum Computing Threat - read

• MetaMask Adds Tokenized US Stocks, ETFs via Ondo Global Markets - read

• Zama launches token, debuts privacy metric after more than $121 million shielded on Ethereum - read

• Aave winds down Avara, phases out Family wallet in DeFi refocus - read

• Vitalik Says Ethereum’s Layer 2 Vision ‘No Longer Makes Sense’ - read

• RNBW Tanks 65% Below ICO Price on First Day of Trading - read

• Vitalik Buterin offloads nearly $6.6m in ETH amid price decline - read

• Bithumb Mistakenly Airdrops $30 Billion of Bitcoin - read

Subscribe now

Podcast Picks 🎧

This week’s audio alpha: handpicked conversations that shaped my thinking and could shift yours too.

I sift through hours of DeFi content so you don't have to. These are the episodes worth your commute, the insights that made me pause and rewind, and the perspectives that are moving markets before they hit mainstream media.

Queue these up and stay ahead of the narrative.

• The Daily Gwei: The Future of Ethereum's Layer 2 Ecosystem - listen

• Empire: Why Is Crypto Crashing? - listen

• Unchained: 'No More Dry Powder to Come Into Tokens': Why Crypto Is Down - listen

• The Rollup: How Codex Cracked Stablecoin FX - listen

• Empire: Are L1s Still Overvalued, Hyperliquid’s End Game & State of The Market - listen

• Bell Curve: Crypto’s Reality Check - listen

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3 DeFi Yield Strategies While Markets Consolidate

ETH at around $2k and Bitcoin at around $60k is not good news if you were expecting a super cycle, but it is a good moment to consolidate and build future-proof positions within DeFi. Whether with stablecoins or not, you can still put your crypto to work and earn a solid yield regardless of the market, you just need to be more strategic and more careful with your investments.

Strategy #1: sUSDC on Wasabi (Base)

This first strategy is very straightforward. It’s actually a protocol I discovered on the Base app called Wasabi.xyz. You can supply assets to power the leveraged market and generate auto-compounding yield on your assets.

• Supply assets to power the leverage market. Traders borrow your liquidity to execute trades, paying you interest that accrues every second.

• Yield comes from borrow interest, not trader PnL. Benefit from zero counterparty risk, full self-custody, and no lock-ups.

• Experience single-sided yields with no impermanent loss, zero fees on deposits/withdrawals, and total flexibility.

The current APY on sUSDC on Base is 8.17%. Is it worth the risk? It’s up to you, but I wouldn’t trust the protocol as much as I trust AAVE or a Uniswap pool that has been battle-tested over years.

The thing for farmers is that with the Wasabi vaults, you're accumulating points for a potential future airdrop. But as always, don't invest what you can't afford to lose.

The protocol has a TVL of $18.17m across 5 chains including Base and Ethereum. It's very low if you compare this to Hyperliquid or other leveraged protocols, so for me, I wouldn't risk too big a sum of money on this protocol. But for experimentation purposes and being an early adopter, why not?

Overall I give it a 3/5 stars. The yield on USDC is solid, there's some activity, but I'm still unsure of the sustainability of the protocol. It didn't take traction like Hyperliquid or other protocols.

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Strategy #2: Ethena sUSDe on Pendle (Plasma)

The second strategy is happening on Plasma with Pendle. This one is offering 4.59% fixed APY at the time of writing this article with the PT sUSDe token.

sUSDe is the yield-bearing synthetic dollar from Ethena, a protocol that combines yield from staked ETH and basis spread from perps and futures to create an on-chain money solution.

How it works:

• 1 PT sUSDe (USDe) earns you 4.59% fixed APY, equal to 1 USDe staked in Ethena at maturity

• 1 YT sUSDe (USDe) gives you the yield and points of 1 USDe staked in Ethena until maturity

Current Yields:

• On-chain Yield: 4.31% APY (USDe)

• Off-chain Yield: 0.12% APR (XPL)

• Plasma Rewards: 0.12% APR (XPL)

• Points: 20x Sats

Key Details:

• Conversion Rate: 1 sUSDe = 1.21964 USDe staked in Ethena

• Deposit and withdraw through Pendle Router (automatically finds best route between native minting and DEX swapping)

• Minimal risk of generating negative yield

• Built on Ethena protocol

• Initiated by Pendle Team

My take:

Unlike Wasabi, Pendle is a battle-tested protocol that’s been around for years. The fixed APY gives you certainty, and you’re not exposed to the same smart contract risks as newer protocols. The yield is lower than Wasabi (4.59% vs 8.17%), but you’re getting significantly more security and predictability. Ethena’s sUSDe has proven to be stable, and the Pendle mechanism is well understood by the DeFi community.

Overall I give this a 4/5 stars. It’s a safer play for conservative farmers who want reliable yields without taking excessive risks. The only downside is the lower APY compared to riskier alternatives.

Strategy #3: cbBTC / LBTC on Aerodrome Finance (Base)

The third strategy is also a very interesting one. For this play, you need to lock some AERO tokens to be able to vote on the pool and earn incentives with a current voting APR of 110.39%.

Pool Details:

• Pool Type: Concentrated Stable Pool (cbBTC/LBTC)

• TVL: ~$3,808,306.67

• Current Voting APR: 110.39%

• Fees: ~$967.13

• Pool Fee: 0.02%

How it works:

You lock AERO tokens (veAERO) and use your voting power to direct emissions to this pool. In return, you earn:

• Rebase APR from your locked AERO

• Trading fees from the pool

• Incentives/bribes from votes

Key Details:

• The APR on this pool is very volatile and changes based on voting dynamics

• No available incentives currently shown (could change)

• This is a concentrated stable pool between two Bitcoin-pegged assets (Coinbase BTC and Lombard BTC)

My take:

If you’re bullish on both AERO and BTC, this is a great play. I personally locked my AERO for 4 years and keep voting for pools including BTC. This one is particularly attractive because it’s a stable pool (minimal impermanent loss risk since both assets track BTC), and you’re earning the rebase APR, fees, and incentives all at once.

The 110% APR is eye-catching, but remember it’s highly dependent on voting participation and can fluctuate significantly. The longer you lock AERO, the more voting power you get, which means higher returns.

Overall I give this a 4/5 stars. Great for AERO believers and BTC holders, but requires a longer-term commitment with your AERO lock. Not suitable if you want liquidity or short-term plays.

Onchain Analytics 🧐

State of the market

The crypto market faced significant headwinds this week, with most assets experiencing sharp declines. Ethereum broke below the psychologically important $2,000 level, while the top five cryptocurrencies saw average losses of approximately 20% over the past seven days.

These sustained downward moves suggest we may be entering bear market territory.

Hyperliquid Decouples: How HIP-4 and Record Volumes are Driving HYPE’s Independent Rally

While BTC and ETH have faced significant selling pressure, Hyperliquid (HYPE) has demonstrated clear "risk-off" decoupling, gaining 24% over the last 30 days. This idiosyncratic price action is underpinned by robust protocol fundamentals rather than speculation alone. As a vertically integrated Layer 1, Hyperliquid is capturing an increasing share of the PerpDEX market, recently hitting a record 24-hour volume of $5.45 billion.

The current momentum is driven by three core pillars:

• Aggressive Token Value Accrual: Unlike protocols with inflationary emissions, Hyperliquid’s buyback-and-burn mechanism directly ties HYPE’s value to exchange throughput. With daily revenues consistently crossing $4M, the protocol is recycling organic demand into token scarcity.

• The Launch of HIP-4 (Outcome Trading): Hyperliquid is evolving beyond perpetuals with HIP-4, introducing fully collateralized, binary-settlement contracts that allow users to trade on real-world events—similar to prediction markets like Polymarket.

• Capital Efficiency: By integrating Outcome Trading into the existing HyperEVM and cross-margin framework, traders can hedge or speculate on event outcomes using the same collateral as their perpetual positions. This creates a unified liquidity hub that competitors currently lack.

The Analytic Take: While market irrationality remains a factor, HYPE’s growth reflects a shift from platform speculation to utility-driven demand. If the protocol successfully captures prediction market volume via HIP-4, it could establish a non-correlated revenue stream that sustains this trajectory regardless of BTC’s price action.

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

In this edition of The Weekly Alpha:

📚 This Week's Intel

🎧 Podcast Picks

🧑‍🌾 Building a Resilient DeFi Portfolio

🧐 Onchain Analytics

This Week's Intel 📚

The signal from the noise, this week's developments that actually matter for your DeFi positioning.

I've filtered through the endless stream of headlines, hot takes, and crypto Twitter drama to bring you the stories moving the ecosystem forward. These aren't just news updates; they're intelligence briefings on where capital is flowing, which narratives are gaining traction, and what regulatory shifts could reshape your strategy.

Skip the timeline doom-scrolling. This is your weekly intel drop.

• Bitcoin Slips Under $88K as Markets Await Fed Decision - read

• Bitwise to launch onchain vaults via Morpho - read

• Tokenized Gold Capitalization Tops $4 Billion as Spot Approaches $5,000 - read

• Theo Launches Yield-Bearing Tokenized Gold as Price Tops $5,100 - read

• Macro fears mask Ethereum’s momentum, SharpLink CEO says - read

• Ethereum treasury firm buys jet engines amid tokenization push after selling ETH - read

• Ethereum OGs Bring The DAO back in $220 Million Security Initiative - read

• Lido’s new stVaults will let L2s create their own rules for Ethereum staking - read

• Step Finance treasury wallets breached, $27M in SOL drained as STEP crashes 90% - read

• HYPE rallies 60% on staking flows and balance-sheet buying - read

• Infinex Token Launches at $300 Million Valuation - read

• Ethereum Supply Tightens With 45% of ETH Locked: Sygnum - read

• MEGA Premarket Plummets Ahead of Mainnet Launch - read

Subscribe now

Podcast Picks 🎧

This week’s audio alpha: handpicked conversations that shaped my thinking and could shift yours too.

I sift through hours of DeFi content so you don't have to. These are the episodes worth your commute, the insights that made me pause and rewind, and the perspectives that are moving markets before they hit mainstream media.

Queue these up and stay ahead of the narrative.

• Bits + Bips: Why Gold Still Leads — And How Bitcoin Could Close the Gap - listen

• Forward Guidance: The Generational Metal Squeeze Exposing Broken Sovereign Debt - listen

• The Chopping Block: Crypto Is Boring… So Everyone’s Levering Silver Now - listen

• When Shift Happens: Why Bitcoin Will Hit $6.5 Million (and is better than Gold) - listen

• Empire: The Bull Case For DePIN, RWAs on Hyperliquid & The Onchain Endgame - listen

• The Chopping Block: Monad Madness: Hype, Hate, Tokenomics & the New Crypto Meta - listen

• Bell Curve: The Infrastructure Behind Agentic Finance - listen

Subscribe now

Building a Resilient DeFi Portfolio (Not Just a Profitable One)

The hardest thing in DeFi, or crypto in general, isn’t making money. It’s staying in the game long enough to actually keep it.

Over the years, I’ve watched countless friends, influencers, and people I know burn out way too early. And it’s almost always the same story: they ape first, think later. Look, I get it, sometimes you gotta send it. But when you’re doing that with your entire portfolio? That’s how you last exactly one cycle.

There’s no get-rich-quick in crypto. It’s more about not getting poor slowly.

For me, aside from a small DCA, I haven’t thrown much fresh cash in over the years. But I’ve still managed to grow my portfolio exponentially. How? Consistency. Sticking with solid protocols that actually rewarded users with meaningful airdrops. Not chasing whatever shitcoin was being shilled in the group chat. Yeah, I’m looking at you, SafeMoon and all those other tokens people were hyping at my old workplace.

The portfolios that survive aren’t the flashiest. They’re the ones built to last.

Bitcoin and Ethereum: The Anchors

These are the pillars of my portfolio. This is how I’ve survived multiple bear markets without burning out. For me, blue chips are the assets I have high conviction could stand the test of time. In my case, that’s Bitcoin and Ethereum.

Both networks are decentralized enough that they won’t get shut down by some coordinated regulation, and they’ve got proven track records. I hold Ethereum because it’s a network I actually use, not just to speculate but for real stuff. Social media with Farcaster, hanging out at community events like ETH Denver and EthCC. It’s part of my life, not just my portfolio.

Bitcoin? That’s my savings account. My biggest hedge against the dollar. Those two together make up over 70% of my portfolio. That might be too much for some people, but that’s how I stay sane during bear markets.

Take right now, for example. Bitcoin’s sitting around $78k. The reason I’m not shaken up? Conviction. I’m convinced that over a medium to long term period, it’ll get back to all-time highs. Every cycle is the same: we dump, some people panic sell, some hold. And usually, the ones who panic sell end up regretting it. That’s not a position you want to be in.

Stablecoins: The Working Capital

As a DeFi power user in both bear and bull markets, stablecoins make up a big chunk of my portfolio, roughly 15% depending on where we are in the cycle. More in bear markets when other assets dump, less in bull runs when everything’s pumping.

I usually accumulate stablecoins by taking profits from airdrops or exiting assets I’ve lost conviction in. Here’s the key though: 90% of those stablecoins are not just sitting there. They’re working. From AAVE to Euler to more complex protocols like Pendle, I make sure they’re always generating yield. Sometimes I’m farming governance tokens that I’ll either hold or dump immediately, depending on my conviction.

This is a crucial part of my strategy. Outside of depeg risk and smart contract risk, I know I have this cushion if I need quick cash and don’t want to sell other assets at the bottom. Having that stable position matters.

One other option, depending on your jurisdiction, is taking loans against your crypto. But in my case, that’s a taxable event, so I can’t leverage it without getting hit with taxes. Basically the same as selling for me.

DAO Tokens: The Governance Plays

Most of these I’ve accumulated either with stablecoins from what I mentioned earlier or through airdrops. I rarely buy them outright, but I try to stay active in governance. Some examples: a bit of UNI from the airdrop, TIA, ENS, OP, ARB, and others.

I’ll be honest, I’m rekt on most of these positions. But here’s why I keep holding them. First, I didn’t invest direct cash to buy them, so it doesn’t sting as much. Second, I don’t think the airdrop meta is dead. I think it’s coming back in a different form, and it’s going to reward DeFi power users. The ones who actually participate in protocol governance, vote, hold the tokens, and use the apps. All of that is easily traceable onchain.

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I think the era of farm and dump is ending. Or at least, it’s becoming way more important to have one or two wallets with solid track records. And like I said, even though I don’t have strong conviction in all these DAO tokens, they weren’t cash investments. I have no problem selling if I need liquidity for something else.

NFTs and Low Caps: The Speculative Edge

Let’s start with NFTs. Honestly, I don’t recommend heavy investment in NFTs right now. I think they’ll come back eventually, but even the blue chips are way too volatile at the moment.

The reason I keep my Pudgy Penguin? I got an excellent entry at a very low price, and now it’s become part of my personal brand. I have no intention of selling short to medium term. It’s opened up amazing opportunities and connected me with great people in the community. I don’t see my Pudgy as an investment anymore, it’s more like a networking tool.

If you’re planning to invest in NFTs right now, NFA, but it might not be a great play. Even for blue chips. And the liquidity sucks.

For low cap crypto, I keep very few of them. I’m not into the moonshot, get-rich-quick mentality. If I hold a low cap, it’s because I have conviction in the project or there’s a solid team with a proven track record behind it. I’m not the guy buying the next cat or dog coin. Those are a tiny part of my portfolio.

The few times I tried to gamble on shitcoins? Got absolutely rekt. And we all know where those go in a bear market. Zero.

Final Thoughts 🧠

I think I’m ready for whatever bear market is coming. My strategy hasn’t changed since the last cycles, and I can sleep at night. Being heavy in blue chips, holding some stablecoins, and having a bit of mid to low caps keeps me sane. I’m not stressing because I know my blue chips will eventually recover after a few months or years. As long as I don’t need immediate cash, I’m good. And if I do? I can tap into my stablecoins without selling at the bottom and touching my core positions.

The shitcoins I have are basically already at zero, so I don’t even think about them. My Pudgy NFT? Not selling. I’ll keep going to community events, networking, and building my brand around it.

Drop a comment with your strategy for the upcoming bear market. What did you think of this approach? Let’s discuss.

Leave a comment

Onchain Analytics 🧐

While Price Drops, Validators Queue Up

Here's a metric worth watching: while ETH price is struggling, the validator entry queue has ballooned to 70 days, compared to just 3 minutes to exit. This massive imbalance suggests deep conviction among large holders, likely institutions and treasuries moving to stake their ETH positions.

The chart tells the story clearly: entry queue at all-time highs, exit queue at all-time lows. Price and fundamentals are telling two different stories right now.

Lido’s Dominance: A Double-Edged Sword

Lido Finance controls roughly half of all liquid staking assets ($26.8B), more than double its nearest competitor EigenCloud ($12.1B). While this dominance reflects Lido's product-market fit and user trust, it poses a long-term centralization risk for Ethereum. A healthier liquid staking ecosystem would see capital more evenly distributed across Lido, EigenCloud, Ether.fi, and emerging alternatives.

As the sector matures, watch for whether market forces naturally diversify this concentration or if protocol-level solutions become necessary.

That’s it for this week.

If you found this edition valuable, please consider sharing it with your network

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

In this edition of The Weekly Alpha:

📚 This Week's Intel

🎧 Podcast Picks

🧑‍🌾 Ethereum Stablecoin Yields in a Bleeding Market

🧐 Onchain Analytics

This Week's Intel 📚

The signal from the noise, this week's developments that actually matter for your DeFi positioning.

I've filtered through the endless stream of headlines, hot takes, and crypto Twitter drama to bring you the stories moving the ecosystem forward. These aren't just news updates; they're intelligence briefings on where capital is flowing, which narratives are gaining traction, and what regulatory shifts could reshape your strategy.

Skip the timeline doom-scrolling. This is your weekly intel drop.

Vitalik Buterin calls for a new DAO design for onchain disputes and governance

Ethereum co-founder Vitalik Buterin is pushing for a major redesign of DAOs, arguing that current token-voting treasury models are inefficient and vulnerable to capture. He's calling for purpose-built DAOs that tackle specific infrastructure needs like oracles, onchain dispute resolution, and anti-scam registries. Buterin suggests different governance approaches for different problems: robust consensus for matters requiring compromise, and decisive leadership for high-stakes bets. With DAO tokens valued at $17.5 billion, he warns that projects building on Ethereum should treat DAO design as half their work, not an afterthought.

read the full cointelegraph article

Base App Pivots to ‘Trading-First’ Six Months After SocialFi Rebrand

Coinbase's Base App is pivoting back to a "trading-first" approach just six months after rebranding as a SocialFi-focused super app. Base lead Jesse Pollak says hundreds of thousands tried the social features, but user feedback was mixed, with many finding it "too close to web2" and overly social-heavy. The app will now prioritize finance and trading functionality, layering social features on top rather than the reverse. The move mirrors Farcaster's recent shift away from social-first and reinforces the view that blockchains work best for moving money, with Base potentially being the last major holdout of the social-first web3 approach.

read the full The Defiant article

Other news

• ZachXBT Highlights $282M Theft of Bitcoin and Litecoin in Hardware Wallet Scam - read

• Ethereum validator exit queue falls to zero as staking demand soars - read

• ETH derivatives reset and the next retail trade - read

• Paradex refunds $650K to 200 users after maintenance bug triggers liquidations - read

• Ethereum L1 Activity Exceeds L2s, But Researchers Point to ‘Address Poisoning’ - read

• Bitcoin Hovers Around $90,000 As Dollar Drops, Gold Surges - read

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Podcast Picks 🎧

This week’s audio alpha: handpicked conversations that shaped my thinking and could shift yours too.

I sift through hours of DeFi content so you don't have to. These are the episodes worth your commute, the insights that made me pause and rewind, and the perspectives that are moving markets before they hit mainstream media.

Queue these up and stay ahead of the narrative.

• Bell Curve: The Intersection of AI and Crypto: What Worked, What Didn’t, and What’s Next - listen

• The Chopping Block: Banks vs. Crypto: The $1T Yield Fight - listen

• Empire: AI Breaking Software Economics, CLARITY Bill, & Debating BitGo’s IPO - listen

• All-In Podcast: Coinbase CEO's Top 3 Crypto Trends for 2026 - listen

• Forward Guidance: Markets Are Entering A Wartime Economy - listen

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Ethereum Stablecoin Yields in a Bleeding Market

As markets bleed and volatility dominates price action, strategic positioning into solid stablecoin yields becomes essential for preserving capital while maintaining productive deployment. I've consistently chosen Ethereum as my settlement layer for stablecoin strategies due to its unmatched economic security and battle-tested infrastructure. With recent market conditions prompting a reassessment of my positions, I'm evaluating three stable lending markets that prioritize security over flashy APYs. These protocols offer moderate but sustainable returns, backed by substantial TVL and smart contracts that have withstood years of real-world stress testing.

syrupUSDC/USDT Pool on Maple Finance

Risk: Low to Medium 🟡
APY: 5.1%

Total Supply: $3.90B

The syrupUSDC/USDT pool offers a competitive 5.1% APY on Ethereum, translating to approximately $5,282 in annual yield on a $100K position. This represents solid returns for stablecoin strategies, particularly during bear market conditions when preserving capital while earning sustainable yield becomes paramount. Maple Finance’s institutional-grade underwriting and multi-year track record provide additional comfort for those seeking a reliable parking spot for Ethereum-based stablecoins without chasing unsustainable rates.

RLUSD on Euler Finance

Risk: Medium 🟡
APY: 7.62%
Total Supply: $189.96M

RLUSD on Euler Finance

Euler Finance has been my go-to protocol for stablecoin positions on Arbitrum, and this RLUSD pool on Ethereum has caught my attention with its attractive 7.62% APY. The yield is currently boosted by a rewards mechanism running until January 29th, likely incentivized by Ripple to drive adoption of their stablecoin on Ethereum. While an extension of the program isn’t guaranteed, the base rate remains compelling even without additional incentives.

RLUSD represents Ripple’s entry into the stablecoin market, and despite my general skepticism toward Ripple’s ecosystem, the fact that this deployment sits on Ethereum’s secure settlement layer combined with Euler’s battle-tested infrastructure makes it an attractive opportunity for above-average stablecoin yields.

Beyond the APY, this pool offers valuable diversification away from the USDT/USDC duopoly. With ongoing regulatory uncertainty and periodic FUD surrounding both Tether and Circle, allocating a portion of stablecoin holdings to alternative assets like RLUSD on a smaller scale helps mitigate concentration risk. As the saying goes, never put all your eggs in one basket, especially when those baskets face persistent scrutiny.

GHO on Fluid Lending

Risk: Low 🟢
APY: 5.77%
Vault Total: $24.928M

Fluid Lending has established itself as a solid protocol with substantial TVL, and the GHO pool offers an attractive 5.77% APR, composed of 4.79% in GHO rewards plus 0.98% in Fluid’s native token. As Aave’s native stablecoin, GHO represents an interesting opportunity to gain exposure to the ecosystem that dominates DeFi lending while earning sustainable yields.

I’ve been consistently impressed with Fluid’s execution and innovation, and the protocol continues to present compelling opportunities for strategic positioning. If there’s interest, I’m considering launching a detailed tutorial on maximizing Fluid positions, so leave a comment if you’d like to see that content.

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While I’m not currently allocated to this pool, I’m evaluating GHO as a potential destination for reallocating capital from higher-risk assets during this market downturn. As a long-term Aave bull, gaining exposure to GHO at these levels while earning 5.77% feels like a strategic play, especially for DCA strategies. Yes, GHO is relatively new compared to USDT or USDC, but modest exposure to emerging stablecoins backed by proven protocols can be valuable for diversification. The 5.77% APR isn’t flashy or “degen” by any means, but that’s precisely the point of this analysis: finding sustainable, inflation-beating returns that prioritize capital preservation. In bear markets, we take the small wins.

Onchain Analytics 🧐

Bitcoin Exchange Reserve Dynamics

The chart reveals a compelling inverse relationship between Bitcoin held on exchanges and price action. From February through October 2025, exchange reserves (purple line) declined steadily from approximately 2.85M BTC to 2.45M BTC while price (black line) remained relatively resilient within the $100K-$120K range despite notable volatility. This inverse correlation typically indicates accumulation by long-term holders, reducing available supply on exchanges and alleviating selling pressure.

However, late December 2025 marks a critical inflection point. Exchange reserves have plummeted from ~2.45M BTC to 2.35M BTC as of January 18, 2026, while price simultaneously collapsed to $88.6K. Unlike the earlier period’s gradual reserve reduction, this rapid dual deterioration signals panic-driven behavior. Holders are aggressively withdrawing coins from exchanges, likely to either secure holdings amid uncertainty or realize losses.

The severity and velocity of this movement warrant concern. Such dramatic reserve depletion during a price collapse historically precedes heightened volatility and potential capitulation events, particularly in derivative markets where reserve dynamics often serve as leading indicators of major price swings.

Aave's Market Dominance

The stacked chart illustrates Aave’s commanding position in the DeFi lending sector, where it maintains over 50% market share with the protocol shown in green vastly outpacing competitors such as Morpho, Maple, and Venus. Through late 2025 and into early January 2026, Aave’s active loans have remained steady between $23B and $23.8B, even as the broader crypto market experienced significant stress with Bitcoin falling below $90K amid geopolitical pressures.

The line chart reveals the protocol’s resilience over time, showing only minimal fluctuation from December’s $30B peak to current stable levels. Notably, this stability comes as the total sector has grown to $26.8B in active loans, suggesting that Aave is not only retaining its position but maintaining borrower confidence during uncertain times.

This performance amid early 2026 market headwinds points to the continued maturation and growth potential of DeFi lending as a sector. Aave’s ability to hold steady likely stems from its borrower-friendly features, including flexible collateral options and competitive rates, which have helped the protocol approach nearly $1T in cumulative loan issuance since inception.

The reason for this placement is that you want readers to first see the market share distribution when you introduce Aave’s dominance, then immediately after discussing the dollar amounts and timeframes, you show them the temporal trends that prove the stability you’re describing.

That’s it for this week.

If you found this edition valuable, please consider sharing it with your network.

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

In this edition of The Weekly Alpha:

📚 This Week's Intel

🎧 Podcast Picks

🧑‍🌾 Don’t Miss the ETHGAS Airdrop on Ethereum

🧐 Onchain Analytics

This Week's Intel 📚

The signal from the noise, this week's developments that actually matter for your DeFi positioning.

I've filtered through the endless stream of headlines, hot takes, and crypto Twitter drama to bring you the stories moving the ecosystem forward. These aren't just news updates; they're intelligence briefings on where capital is flowing, which narratives are gaining traction, and what regulatory shifts could reshape your strategy.

Skip the timeline doom-scrolling. This is your weekly intel drop.

Lighter Token Struggles as Farmers Transition to Alternative Exchanges

Just two weeks after its TGE, Lighter’s LIT token is down 27% on the week as traders rotate to competitors. Daily volume has crashed from $7-12 billion to $1.73 billion, dropping Lighter to fifth place behind Aster, Hyperliquid, EdgeX, and GRVT.

The rapid decline shows how quickly mercenary liquidity moves in perp DEXs. Weak post-TGE performance from both LIT and Hyperliquid’s HYPE could dampen enthusiasm for future perp airdrops, as traders realize these tokens often peak at launch before bleeding value.

Read the full The Defiant article

Perfect storm of activity sees record surge in new Ethereum wallets

Ethereum is experiencing a user growth surge with 327,000 new wallets created daily over the past week, peaking at a record 393,000 in a single day. Total non-empty wallets now stand at 172.9 million.

The growth is driven by December’s Fusaka upgrade (which lowered fees and improved L2 data handling), renewed DeFi interest, and rising stablecoin activity. With ETH up 7% and over half its supply now staked, fresh users and capital are flowing back into the ecosystem.

Read the full Cointelegraph article

Other news

• Perp DEXs will ‘eat’ expensive TradFi in 2026- read

• Yield Suffers $3.7M Loss Due to ‘Unintended’ Stablecoin Swap - read

• DePIN and crypto gaming led a surprising end-of-year rebound - read

• Euler’s Founding CEO Steps Down as Protocol Refocuses on Institutions - read

• CARDS Token Surges as Gacha Volume Hits All-Time High - read

• Paradigm leads $7.1 million seed round for attention market Noise ahead of Base mainnet launch - read

• DeFi Crypto Mutuum Finance (MUTM) Reports $100K Inflows in 48 Hours Following Halborn Audit Update - read

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Podcast Picks 🎧

This week’s audio alpha: handpicked conversations that shaped my thinking and could shift yours too.

I sift through hours of DeFi content so you don't have to. These are the episodes worth your commute, the insights that made me pause and rewind, and the perspectives that are moving markets before they hit mainstream media.

Queue these up and stay ahead of the narrative.

• The Rollup: The Neo Finance Bull Thesis with Vance Spencer & Michael Anderson - listen

• Forward Guidance: Commodities & Cyclicals Are 2026’s Mega-Cap Tech - listen

• Unchained: Who Actually Owns the Aave Brand -- the DAO or Labs? - listen

• Bell Curve: Why Crypto Still Struggles to Capture the Value It Creates - listen

• 0xResearch: Aerodrome’s Big Upgrade | Alexander Cutler - listen

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Don’t Miss the ETHGAS Airdrop on Ethereum

If you’ve been active on Ethereum, ETHGAS is launching a points program for power users, and the airdrop could be substantial if you’ve spent gas fees since the Beacon Chain launch.

How to participate

Visit the community section on the ETHGAS website to begin completing quests. For example:

• Linking your primary EVM wallet earns 30 beans

• Following ETHGAS on X earns 50 beans

(Beans are points that will likely convert to airdrop tokens.)

Next, generate a gas report by clicking “Gas Report” in the navbar. This awards the most points and will be used for the airdrop snapshot. The more gas you’ve spent on Ethereum, the more points you’ll accumulate.

Across several wallets I’ve connected (including archived ones), I spent $17,595 on gas fees post-Beacon Chain, possibly more.

As a top 5% Ethereum gas spender, I’m hoping for a solid allocation from this airdrop. The process is straightforward, but if privacy concerns you, consider not linking all your wallets to the same account.

Final Thoughts

ETHGAS could be a valuable airdrop for Ethereum power users. If you’ve generated substantial gas fees since the Beacon Chain launch, you could be well-rewarded. This project is directly aligned with Ethereum’s ecosystem.

Onchain Analytics 🧐

Ethereum’s User Base Surge: Active Addresses Hit All-Time Highs

Ethereum has reached a significant milestone with 12.8 million monthly active addresses as of January 2026, marking the highest level of network activity in its history. This represents a dramatic resurgence after years of fluctuation, signaling renewed confidence and utility in the world’s leading smart contract platform.

The Multi-Year Journey

The data reveals a fascinating narrative of Ethereum’s evolution. From early 2022 through mid-2024, monthly active addresses ranged between 5-10 million, showing relatively stable but unremarkable growth. The network experienced periodic dips during crypto winter and bearish sentiment, with activity occasionally falling below 5 million addresses during the deepest troughs of 2022-2023.

However, the inflection point came in late 2024. Starting around Q4 2024, Ethereum saw a consistent upward trend that accelerated dramatically into 2026. The current 12.8M active addresses represents more than a 2x increase from the 5-6M baseline seen during quieter periods, demonstrating genuine user adoption rather than temporary speculation.

What’s Driving the Growth

This surge in active addresses correlates with several key developments: the maturation of Layer 2 ecosystems that make Ethereum more accessible, increased institutional adoption post-ETF approvals, and the continued dominance of Ethereum as the settlement layer for DeFi and NFT activity. Unlike wash trading metrics, active addresses represent real users interacting with the network, making this a fundamental indicator of Ethereum’s health.

The steady climb rather than volatile spikes suggests organic, sustainable growth. Users aren’t just speculating but actually using Ethereum for its intended purposes: DeFi protocols, stablecoin transfers, NFT marketplaces, and emerging onchain applications.

Looking Ahead

With active addresses at all-time highs and maintaining strong momentum, Ethereum appears positioned to continue expanding its user base throughout 2026. This metric validates Ethereum’s position as the dominant smart contract platform and suggests the network effects that made it valuable are only strengthening with time.

Arbitrum’s $8.4B Stablecoin Moat: Why L2 Liquidity Wars Are Already Decided

Arbitrum One dominates Layer 2 stablecoin supply with $8.44 billion as of January 2026, nearly double Base Chain’s $4.65B and 16x larger than OP Mainnet’s $526M. When one L2 holds more stablecoins than its two major competitors combined, that’s a decisive liquidity advantage.

The Year in Review

Over the past 12 months, Arbitrum grew from $5.5B to $8.4B in stablecoin supply, a $3B net inflow that demonstrates its ability to attract and retain serious capital. The gap with competitors actually widened rather than narrowed.

Base showed steady growth from $3.5B to $4.65B, proving Coinbase’s distribution power can bootstrap meaningful liquidity. However, it hasn’t closed the gap despite aggressive user acquisition.

OP Mainnet tells a different story: declining from $1B to just $526M represents a 47% capital flight, raising serious questions about its competitive position.

Why This Matters

Stablecoin supply is the most important L2 metric because it represents actual working capital. Unlike speculative tokens, stablecoins are the fuel for DeFi protocols, trading, and real economic activity.

Arbitrum’s $8.4B treasury creates powerful advantages: deeper DEX liquidity, more lending capital, lower slippage, and stronger incentives for protocols to deploy. This flywheel effect makes the lead increasingly difficult to challenge.

For DeFi users and builders, the data is clear: the deepest liquidity lives on Arbitrum, and that moat is only getting wider.

That’s it for this week.

If you found this edition valuable, please consider sharing it with your network.

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

In this edition of The Weekly Alpha:

📚 This Week's Intel

🎧 Podcast Picks

🔓 Vesting Watch

🧑‍🌾 How to Farm the $Base Airdrop (3 Strategies)

🧐 Onchain Analytics

This Week's Intel 📚

The signal from the noise, this week's developments that actually matter for your DeFi positioning.

I've filtered through the endless stream of headlines, hot takes, and crypto Twitter drama to bring you the stories moving the ecosystem forward. These aren't just news updates; they're intelligence briefings on where capital is flowing, which narratives are gaining traction, and what regulatory shifts could reshape your strategy.

Skip the timeline doom-scrolling. This is your weekly intel drop.

Stablecoins Are Set to Transform Global Payments: EY-Parthenon

A new EY-Parthenon survey reveals stablecoins are rapidly gaining traction in global finance, with 13% of financial institutions and corporations already using them and over half of non-users planning adoption within 6-12 months. The report projects that by 2030, stablecoins will handle 5-10% of cross-border payments—worth $2.1-4.2 trillion. Current users are already seeing tangible benefits, with 41% reporting cost savings of at least 10%. While infrastructure integration remains a challenge (only 8% of corporates currently accept stablecoins), momentum is building with 80% of non-users actively exploring adoption. The recent passage of the GENIUS Act has provided regulatory clarity that's expected to accelerate growth, contributing to the stablecoin market's impressive 69% year-over-year increase to nearly $291 billion in total market cap.

Yala’s YU stablecoin fails to restore peg after ‘attempted attack’

Yala's Bitcoin-collateralized stablecoin YU crashed to as low as $0.2046 following an "attempted protocol attack" on Sunday, failing to recover its $1 peg despite team assurances that all funds remain safe. According to blockchain analytics firm Lookonchain, the attacker exploited the protocol by minting 120 million YU tokens on Polygon, then bridging and selling 7.71 million YU for 7.7 million USDC across Ethereum and Solana networks. The attacker converted the proceeds into 1,501 ETH and still holds significant YU positions across multiple chains. While Yala has paused Convert and Bridge features as a precaution and is investigating with security firm SlowMist, YU continues trading around $0.79—well below its intended dollar peg. The incident highlights ongoing stability challenges for newer stablecoins, even as the broader stablecoin market approaches the $300 billion milestone driven primarily by established players like Tether and USDC.

Read the full Cointelegraph article

Other news

• Bitcoin price $150K target comes as analyst sees weeks to all-time highs- read

• EigenCloud Surges 25% After Partnering with Google to Boost Trust in AI Payments - read

• Ethereum Fusaka upgrade set for December 3 launch - read

• France goes rogue, Bitcoin pumps on Fed rate cut: Global Express - read

• Trump-backed World Liberty votes for token buybacks and burns - read

• TWT Soars Nearly 40% as Trust Wallet Reveals Plans to Add 100X Perps, Prediction Markets - read

• Titan raises $7M seed round alongside public launch of meta-DEX aggregator - read

Subscribe now

Podcast Picks 🎧

This week's audio alpha—handpicked conversations that shaped my thinking and could shift yours too.

I sift through hours of DeFi content so you don't have to. These are the episodes worth your commute, the insights that made me pause and rewind, and the perspectives that are moving markets before they hit mainstream media.

Queue these up and stay ahead of the narrative.

• The Rollup: Pantera, GSR, Pump Science, AI Supercycle EP 1 - listen

• Bankless: FinTech Meets Crypto: The Future of Global Payments - listen

• Forward Guidance: Winners & Losers After The Fed’s Dovish Pivot - listen

• The Chopping Block: Why Every Chain Suddenly Wants Its OWN Stablecoin - listen

• Shawn Ryan Show: Brian Armstrong - Mining 21 Million Bitcoins, Satoshi Nakamoto and Elizabeth Warren - listen

Vesting Watch 🔓

Token unlocks to watch this week. Expect potential volatility around these dates as new supply hits the market.

• Moca (0.06% of released Supply) – September 26

• TRIBL (1.96% of released Supply) – September 26

• FET (1.72% of released Supply) – September 17

• OP (1.74% of released Supply) – September 30

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How to Farm the $Base Airdrop (3 Strategies)

Base creator Jesse Pollak recently revealed the project is "beginning to explore" launching a network token, sparking massive speculation about a potential airdrop. Given Base's position as one of Ethereum's most successful L2s, backed by Coinbase's resources and user base, this could be one of the largest airdrops in crypto history.

With Base hosting major protocols like Aerodrome and Compound, early users are positioning themselves now. Here are 3 strategic moves to maximize your potential allocation without requiring significant capital or complex farming strategies.

Farcaster

Farcaster is a decentralized social network (think X/Twitter) built natively on Base. Every action like posting, using mini-apps, and token swaps generates on-chain transactions that could count toward a Base airdrop. Most interactions are free, making it a low-risk farming opportunity.

The bonus? Farcaster doesn't have its own token yet, meaning active users could potentially qualify for two airdrops: Base and Farcaster.

Strategy: Post consistently (aim for daily), engage with other users, and experiment with Farcaster's built-in features like Frames (interactive posts) and mini-apps. Quality matters more than quantity since authentic engagement typically performs better for airdrops than obvious farming.

Follow me on Farcaster and let's grow together on the platform.

Aerodrome Finance

I discovered Aerodrome Finance through their airdrop to Velodrome (VELO) token holders, and it's become my main Base farming strategy.

Aerodrome serves as Base's primary liquidity hub and ranks among the top 3 DeFi protocols by TVL, alongside Morpho and AAVE. This central position in Base's ecosystem makes it a strategic choice for potential airdrop qualification.

My approach: I've locked my AERO tokens for the maximum 4-year period and vote in every epoch. This demonstrates long-term commitment to the network, which protocols typically reward heavily in airdrops. I focus my votes on high-value pools like cbBTC, earning weekly rewards while staying aligned with Base's growth.

The strategy kills two birds with one stone: generate consistent yield from voting rewards while positioning for both Aerodrome and Base airdrops through active participation.

Morpho Lending

Morpho has become Base's fastest-growing DeFi protocol and maintains deep alignment with the ecosystem. The integration with Coinbase's lending services signals strong institutional backing, making it a prime candidate for Base airdrop eligibility.

Morpho operates as a lending optimizer that enhances yields on platforms like AAVE and Compound, while offering additional reward incentives. On Base, I'm focusing on established vaults like Spark USDC, which provide competitive yields plus potential boost rewards.

My strategy: Deposit stablecoins into high-TVL Morpho vaults on Base and maintain consistent positions. The protocol's rapid growth and Coinbase partnership suggest that early Base users could see significant airdrop allocations.

Risk consideration: Like all DeFi protocols, smart contract risks exist. Always review vault parameters, underlying strategies, and risk factors before depositing. Start small and scale up as you become comfortable with the platform.eFi protocols.

Final Thought: Quality Over Quantity

The key to any successful airdrop strategy is authentic usage. Base, like most modern protocols, employs sophisticated sybil resistance mechanisms that can easily detect and disqualify obvious farming behavior across multiple wallets.

My approach: I concentrate all activity in one primary wallet to demonstrate genuine engagement rather than diluting interactions across multiple addresses. This creates a clear onchain profile of consistent, meaningful usage that airdrop algorithms typically reward.

Remember, airdrops should be a bonus, not the primary goal. I'm focused on long-term DeFi portfolio growth through these protocols, the potential token rewards are just upside. By choosing Base-aligned protocols like Aerodrome and Morpho, you're naturally positioning yourself while building real value.

Bottom line: Use the network genuinely, consolidate your activity, and focus on protocols with strong Base ties. Authentic users with concentrated, consistent activity typically fare much better than scattered farmers when airdrops arrive.

Onchain Analytics 🧐

Base's Transaction Supremacy: The L2 Volume King Eyes Historic Airdrop

Base has achieved something remarkable in the Layer 2 landscape: absolute transaction dominance with 12.5 million daily transactions as of September 20, 2025. This represents a staggering 6.6x advantage over its nearest competitor Arbitrum One (1.9M), and an 11.5x lead over OP Mainnet (1.1M). When a single L2 processes more transactions than the next three competitors combined, we're witnessing network effect acceleration in real-time.

The transaction volume trajectory tells the story of organic adoption rather than artificial incentivization. Base's steady climb from sub-1M daily transactions in late 2024 to current peaks above 12M demonstrates sustainable user behavior patterns. Unlike wash trading or bot-driven volume spikes common across other chains, Base's transaction growth correlates directly with actual utility—stablecoin transfers, DeFi interactions, and onchain commerce.

The $BASE Token Bombshell: September 15th Changes Everything

On September 15, 2025, Jesse Pollak confirmed that a BASE token is under consideration, noting that Coinbase is exploring a network token as a potential tool to help build the next-generation onchain economy. This announcement represents a seismic shift from Coinbase's previous "no token" stance and signals the most anticipated airdrop in crypto history.

At BaseCamp 2025 in Stowe, Vermont, Base creator Jesse Pollak said the project is "beginning to explore" the launch of a network token, marking a reversal from Coinbase's long-held position that no token was planned. The timing isn't coincidental, with Base processing 12.5M daily transactions, a token launch would reward the largest active user base in L2 history.

The potential airdrop scope is unprecedented. While previous L2 airdrops distributed tokens to thousands of users, Base's massive transaction volume suggests hundreds of thousands of eligible addresses. Early estimates indicate this could be the largest crypto airdrop by both recipient count and total value distribution.

That’s it for this week.

If you found this edition valuable, please consider sharing it with your network.

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

In this edition of The Weekly Alpha:

📚 This Week's Intel

🎧 Podcast Picks

🔓 Vesting Watch

🧑‍🌾 The Best DeFi Yield Opportunities Right Now

📊 Token Watch

🧐 Onchain Analytics

🔥 Want to earn yield and front-run a potential airdrop?

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Your click supports this newsletter and gets you direct access to the protocol before it breaks out.

This Week's Intel 📚

The signal from the noise, this week's developments that actually matter for your DeFi positioning.

I've filtered through the endless stream of headlines, hot takes, and crypto Twitter drama to bring you the stories moving the ecosystem forward. These aren't just news updates; they're intelligence briefings on where capital is flowing, which narratives are gaining traction, and what regulatory shifts could reshape your strategy.

Skip the timeline doom-scrolling. This is your weekly intel drop.

Linea Token Launches at $500 Million Market Capitalization

Linea, an Ethereum Layer 2 network, finally launched its LINEA token after more than two years of mainnet operation, but the token generation event has been marked by significant challenges and disappointing performance. Despite launching at a $550 million market cap, LINEA quickly dropped 20% to $382 million as airdrop recipients sold their tokens, reflecting a broader trend of underwhelming Layer 2 token launches where projects like ARB, OP, ZkSync, and Blast have all fallen 80-90% from their peaks. The launch was further complicated by technical issues, including a 46-minute block production halt caused by a sequencer problem from a large transaction bundle, and widespread difficulties for users trying to claim their airdrops, highlighting the ongoing scalability and reliability challenges facing Layer 2 networks even as they mature.

Read the full the Defiant article

Ethena exits Hyperliquid USDH race, clearing path for Native Markets

Ethena has withdrawn from the race to issue Hyperliquid's USDH stablecoin, citing community pushback over not being a "Hyperliquid-native" project and graciously conceding to Native Markets, which now holds a commanding 92% chance of winning according to Polymarket odds. However, the selection process has sparked controversy, with critics like Dragonfly's Haseeb Qureshi calling it "a bit of a farce," alleging that Native Markets had advance notice and questioning how the newcomer secured over 70% of validator commitments despite having limited track records compared to established players like Paxos and Ethena. The stakes are substantial, as roughly $5 billion of USDC currently sits on Hyperliquid, representing approximately 10% of Circle's business, while Native Markets' proposal promises to funnel half of USDH's interest revenue into HYPE token buybacks and ecosystem growth, though their reliance on Stripe's Bridge platform has raised concerns about potential conflicts of interest and single points of failure.

Read the full Cointelegraph article

Other news

• Ethereum Validator Exit Queue Spikes 150% as Kiln Unstakes All Its ETH - read

• Optimism Scores Another Big Deal as Ronin Joins Its L2 Stack - read

• Consensys CEO Joe Lubin hints at future LINEA perks - read

• Starknet’s Grinta upgrade is massive, but arrived with turbulence - read

• RWA tokens surge 11% weekly as onchain value peaks at $29B - read

• How Hyperliquid hit $330B in monthly trading volume with just 11 employees - read

• Tether Unveils USAT 'American' Stablecoin - read

• Pendle’s Kinetiq Markets Surpass $1 Billion - read

• Polymarket Taps Chainlink to Settle Price Bets - read

Subscribe now

Podcast Picks 🎧

This week's audio alpha—handpicked conversations that shaped my thinking and could shift yours too.

I sift through hours of DeFi content so you don't have to. These are the episodes worth your commute, the insights that made me pause and rewind, and the perspectives that are moving markets before they hit mainstream media.

Queue these up and stay ahead of the narrative.

• The Rollup: My ENA & HYPE Bull Thesis For 2025: Ryan Watkins - listen

• Bankless: One Chart Determines if We're in a Bull or Bear Market - listen

• Forward Guidance: The Data Is Screaming Two-Speed Economy - listen

• EMPIRE: Ethena Founder: The Next Chapter For Ethena - listen

• Bits + Bips: Does USDH Prove DAOs Aren’t Dead? & Why DATs Are Broken - listen

• The Rollup: The Biggest Winner from Hyperliquid’s USDH - listen

Vesting Watch 🔓

Token unlocks to watch this week. Expect potential volatility around these dates as new supply hits the market.

• ARB (2.03% of released Supply) – September 16

• ZK (3.61% of released Supply) – September 17

• APE (1.72% of released Supply) – September 17

• FTN (2.08% of released Supply) – September 18

Subscribe now

The Best DeFi Yield Opportunities Right Now

The DeFi landscape is experiencing a renaissance that feels reminiscent of DeFi Summer, but with significantly more maturity. As I recently shared on X, today's ecosystem features more robust projects, fewer rug pulls, and a genuine economy built around stablecoins that offer far greater stability than the speculative yield farming of previous cycles.

After experimenting with various protocols recently, I've refined my approach to a straightforward strategy: farm governance tokens, take profits when I'm comfortable with my position, then reinvest the proceeds into stablecoins. These funds either go toward earning attractive APY through trusted protocols like AAVE and SKY (formerly MakerDAO), or get deployed into new farming opportunities.

Below, I'll highlight three farms that have caught my attention for their compelling combination of high APY and manageable risk profiles. As always, "manageable risk" is relative to your personal risk tolerance, so please do your own research and never invest more than you can afford to lose.

Three High-Yield Opportunities Worth Watching

SKY Protocol (Formerly MakerDAO) - Staking Yields

MakerDAO's complete rebrand to SKY Protocol represents one of the most strategic moves in DeFi this cycle. I recently upgraded my MKR tokens to SKY, and the decision has already proven worthwhile thanks to the attractive staking rewards now available.

The protocol currently offers two compelling yield options:

• 14.97% APY on USDS (their stablecoin)

• 14.25% APY on SPK tokens

I've opted for the SPK rewards rather than the stablecoin yield, betting on continued upside in this bull market cycle. My strategy involves accumulating these SPK tokens and planning to take 50% profits once my position reaches a substantial size.

As an added bonus, you can stake your earned SPK tokens to accumulate Spark points within the Spark ecosystem, creating a potential multiplier effect on your rewards.

Risk Assessment: Low to medium risk given MakerDAO's proven track record and the protocol's established position in DeFi infrastructure.

USDai Pool on Pendle - Pre-TGE Opportunity

The USDai pool on Pendle has emerged as the hottest new market, climbing to the top of the 24-hour rankings with an impressive $25.5M in liquidity on Arbitrum. This momentum signals strong institutional and retail interest in the protocol.

Current Yield: 25.76% APY at time of writing

What makes this opportunity particularly compelling is the dual reward structure. Beyond the generous base yield, participants earn points toward what many expect to be a highly anticipated airdrop. The consistent pattern of USDai pools reaching their capacity limits suggests strong demand and potential upside for early participants.

The key timing factor here is that the Token Generation Event (TGE) hasn't occurred yet, meaning we're still in the accumulation phase for potential airdrop rewards. For those comfortable with pre-launch risk, this represents a classic "get in early" DeFi opportunity.

Access: Pendle USDai Pool on Arbitrum

Risk Assessment: Medium to high risk due to pre-TGE status and smart contract risks, but potentially high reward for early adopters comfortable with protocol risk.

Euler Finance USDC Vault - Multi-Layered Rewards

Euler Finance has become a standout beneficiary of Arbitrum's recent Drip campaign, creating an attractive multi-reward structure for USDC deposits on Arbitrum. The vault currently offers a compelling 11.91% total APY broken down as follows:

• 4.72% from core lending yield

• 6.08% in ARB token rewards

• 0.93% in rEUL rewards

• 0.23% additional rEUL boost from vault optimization

My Strategy: I treat this as a hybrid play—keeping the USDC earned from lending while actively harvesting and selling the ARB and rEUL rewards. These token sales either get reinvested back into the USDC pool for compounding or diversified across other protocols.

This approach makes sense for my portfolio since I already hold a substantial ARB position from the original airdrop (currently underwater but held for long-term appreciation). Rather than accumulate more ARB exposure, I prefer to capture the yield and redeploy the capital strategically.

Risk Assessment: Low to medium risk given Euler's established protocol and USDC's stability, though users should be aware of smart contract risks and potential changes to reward emissions.

Token Watch 📊

Markets move in whispers before they roar.

Calculated plays backed by fundamental shifts and asymmetric upside.

Position accordingly.

SKY (SKY Ecosystem) - Post-Rebrand Momentum Play

As a long-time MKR holder, I've always appreciated MakerDAO's Ethereum-aligned approach and OG status in DeFi. The protocol completed its major rebranding to Sky on September 18, 2024, and I successfully upgraded my MKR position to SKY tokens, which I've now staked for additional yield.

The Upgrade Opportunity: The migration offers a 1:24,000 conversion rate from MKR to SKY, but there's a critical timing element. With upgrade deadlines creating natural scarcity, holders who fail to migrate face penalties, potentially creating medium-term buy pressure as stragglers rush to convert.

Multi-Layered Value Proposition:

• Immediate Yield: As detailed in the opportunities section, staking SKY generates attractive returns through multiple reward streams

• Ecosystem Growth: Sky Protocol distributed $1.6M in USDS staking rewards during just its first week, demonstrating strong protocol momentum

• Airdrop Potential: Mainnet stakers are likely positioned for future SKY ecosystem airdrops as the protocol expands

• Governance Evolution: This rebrand is part of the "Endgame Plan," an ambitious proposal to overhaul MakerDAO's governance and tokenomics

Strategic Positioning: The combination of penalty-driven conversion pressure, robust staking rewards, and potential ecosystem expansion makes SKY a compelling medium-term hold. The protocol's transition from the complexity that limited Maker's scaling to a more accessible Sky ecosystem could unlock significant value for early adopters.

Risk Factors: Protocol transition risks, smart contract vulnerabilities, and dependency on Ethereum ecosystem performance.

Onchain Analytics 🧐

Ethereum's $9.4B Net Flow Victory: The L1 Capital Migration Story

Ethereum has reasserted its dominance as crypto's primary value accumulator, recording a commanding $9.4B in net positive flows over the past three months while every other major blockchain hemorrhaged capital. With $22.3B in inflows against $12.9B in outflows, Ethereum captured virtually all institutional and whale migration during this cycle, leaving competitors fighting over crumbs.

The data reveals a stark winner-take-most dynamic in L1 capital allocation. While Ethereum enjoyed massive net inflows, the rest of the top chains showed neutral to negative flows, with most major competitors including Solana, Bitcoin, and the various L2s failing to achieve meaningful net positive positioning. This represents one of the most lopsided capital flows in recent crypto history.

Source: Artemis Analytics

The flow metrics expose Ethereum's transition from "expensive but necessary" to "preferred institutional infrastructure." At $9.4B in net inflows over just three months, Ethereum is attracting more capital than entire countries' sovereign wealth funds deploy annually. This suggests institutional mandates are driving systematic allocation toward Ethereum's established ecosystem rather than chasing yield on alternative chains.

Unlike previous cycles where capital rotated between competing L1s, current flows indicate institutional preference for Ethereum's battle-tested infrastructure, regulatory clarity, and deep liquidity moats. The concentration of capital flows mirrors traditional finance, where institutions prioritize security and liquidity depth over marginal cost savings or technical features.

When $22.3B chooses to flow into Ethereum despite higher fees and congestion, it signals that the market has made its verdict: infrastructure resilience trumps alternative chain promises for serious capital deployment.

Arbitrum & Base's Stablecoin Surge: The L2 Infrastructure Race Heats Up

Arbitrum One has emerged as the undisputed leader in L2 stablecoin adoption, commanding $9.05B in stablecoin supply with explosive growth metrics that dwarf the competition. With +95% growth over the past year and +4.9% in just the last 30 days, Arbitrum has captured the lion's share of users migrating from expensive Ethereum mainnet operations to cost-effective L2 infrastructure.

Base Chain follows as a formidable second with $4.03B in stablecoin supply and impressive +22% annual growth, while the rest of the L2 ecosystem fragments across smaller players. Linea shows the most aggressive growth at +514% annually but from a much smaller $286M base, suggesting early-stage adoption rather than institutional-grade traction.

Source: Growthepie

The stablecoin supply metrics reveal two distinct adoption patterns: Arbitrum's mature ecosystem attracting serious DeFi infrastructure, while Base leverages Coinbase's retail distribution for steady growth. At $9.05B in stablecoin supply, Arbitrum hosts more stablecoin liquidity than most sovereign nations' M1 money supply, positioning it as critical infrastructure for global DeFi operations.

The growth trajectories suggest L2s have moved beyond experimental phases into production-ready financial infrastructure. When combined, Arbitrum and Base control over $13B in stablecoin supply—demonstrating that the future of DeFi operations has migrated from expensive L1s to efficient L2 solutions while maintaining Ethereum's security guarantees.

This concentration of stablecoin supply creates powerful network effects: more liquidity attracts more protocols, which attracts more users, creating a virtuous cycle that's increasingly difficult for newer L2s to break into.

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

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

In this edition of The Weekly Alpha:

📚 This Week's Intel

🎧 Podcast Picks

🔓 Vesting Watch

🚁 3 Airdrops to farm on Hyperliquid

🧐 Onchain Analytics

📊 Token Watch (NEW)

This Week's Intel 📚

The signal from the noise, this week's developments that actually matter for your DeFi positioning.

I've filtered through the endless stream of headlines, hot takes, and crypto Twitter drama to bring you the stories moving the ecosystem forward. These aren't just news updates; they're intelligence briefings on where capital is flowing, which narratives are gaining traction, and what regulatory shifts could reshape your strategy.

Skip the timeline doom-scrolling. This is your weekly intel drop.

EF Outlines L2 Interop Layer to Make Ethereum ‘Feel Like One Chain Again’

The Ethereum Foundation announced a new initiative called the Ethereum Interoperability Layer (EIL) on August 29, aimed at making the fragmented Ethereum ecosystem feel like a unified blockchain again. The EIL will enable seamless cross-Layer 2 transactions while maintaining Ethereum's core principles of censorship resistance, privacy, and security. Currently, users face a 3.5-day waiting period when withdrawing funds from Layer 2 chains like Base or Optimism back to Ethereum mainnet. The foundation is also researching ways to reduce Ethereum's finality time from the current 13-19 minutes down to seconds, and plans to publish a design document for the new layer in October. This effort aligns with Vitalik Buterin's recent proposals for faster withdrawals using zero-knowledge proofs and other advanced technologies.

Read the full the Defiant article

Justin Sun blacklisted after a brutal drop of WLFI token

The WLFI token crashed 61% shortly after launch, tumbling from $0.47 to $0.18. Justin Sun, a key early investor and political ally of Trump’s digital asset push, found his address blacklisted, freezing nearly $600 million worth of unlocked tokens. While WLFI officials hint at manipulation, Sun insists his transactions were harmless technical tests. The dispute has escalated into a wider battle of narratives across the crypto community, leaving retail investors with heavy losses while Sun’s large locked position remains intact.

Read the full Cointribune article

Other news

• Hyperliquid Could Launch USDH Stablecoin in Next Network Upgrade - read

• Euro stablecoin push runs into thin liquidity - read

• 7 largest Ether treasury companies right now ranked by holdings - read

• ARK Invest Snaps Up $23.5M in BitMine - read

• Ethereum Foundation to Unload Another 10K ETH - read

Subscribe now

Podcast Picks 🎧

This week's audio alpha—handpicked conversations that shaped my thinking and could shift yours too.

I sift through hours of DeFi content so you don't have to. These are the episodes worth your commute, the insights that made me pause and rewind, and the perspectives that are moving markets before they hit mainstream media.

Queue these up and stay ahead of the narrative.

• The Rollup: The Truth Behind Story Protocol - listen

• Bankless: ETH Hits All Time High, But Will It Stick? - listen

• Forward Guidance: Gold is the Only Trade Left - listen

• Empire: Are DATs Sustainable, Stripe Launches Tempo & WLFI’s Token Launch - listen

• The Chopping Block: Garbage Moat or Next Big Thing? WLFI Breakdown - listen

Vesting Watch 🔓

Token unlocks to watch this week. Expect potential volatility around these dates as new supply hits the market.

• MOVE (1.89% of released Supply) – September 09

• AXS (0.25% of released Supply) – September 09

• APT (2.20% of released Supply) – September 11

• MOCA (0.06% of released Supply) – September 12

• STRK (5.98% of released Supply) – September 15

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5 Airdrops to farm on Hyperliquid

Hyperliquid is one of the fastest-growing protocols right now, and I don't think the airdrop meta is dead - even though it's evolved significantly over the past few years.

With more airdrop farmers entering the space, increased liquidity requirements, and stronger sybil resistance mechanisms, it's become crucial to position your capital strategically in legitimate, high-potential projects rather than just farming everything.

1. Kinetiq

Kinetiq is a non-custodial liquid staking protocol built on Hyperliquid L1. Users can stake their HYPE tokens and receive kHYPE in return - a liquid, yield-bearing token that represents their staked position while remaining fully composable across DeFi protocols.

Playbook:

• Stake your HYPE tokens to receive kHYPE

• Earn 2.22% APY on your staked position

• Accumulate Kinetiq points for potential future rewards

2. Hypervault

Hypervault Finance is a multichain yield optimization platform that automatically maximizes returns for users

Playbook:

• Deposit into any available vault to start earning yield

• Accumulate points automatically as you earn

• Climb the leaderboard for potential airdrop rewards

3. BrownFi

An enhanced automated market maker (AMM) built on Elastic's parameterized limit order book technology.

Playbook:

• Swap tokens on Hyperliquid DEX to generate trading volume

• Provide liquidity to HyperVM pools to earn fees and points

• Focus on major pairs for better rewards and lower impermanent loss risk

Token Watch 📊

Boundless (ZK Coin)

Boundless hasn't launched yet, but I'm bullish on their potential given the ZK infrastructure they're building for Ethereum and other chains. The universal proving network could become critical infrastructure as more protocols need ZK computation.

The Kaito launchpad for Boundless pre-TGE has already closed, which required KYC verification anyway. I'm personally skeptical about sharing identity documents across multiple platforms, so I'll wait for the TGE and pick up tokens on DEXs instead. Sometimes patience pays off with better entry points anyway.

What is Boundless?

Boundless is a universal ZK proof generation protocol that allows independent prover nodes to generate zero-knowledge proofs for any blockchain, rollup, or application without requiring changes to existing networks.

What is ZK Coin?

ZK Coin (ZKC) is the native token that secures the Boundless network by requiring provers to stake it as collateral before generating proofs, with more ZKC locked as network usage grows and slashed stakes burned to reduce supply.

Onchain Analytics 🧐

Tether's $5B Fee Dominance: The Stablecoin Infrastructure War Is Over (for now)

Tether has cemented its position as the undisputed king of stablecoin infrastructure, generating $5.0B in fees over the past 365 days and capturing 64.5% of total stablecoin fee revenue. This represents one of the most dominant positions in all of crypto, with Tether processing more fee volume than most major blockchains. Circle follows as a distant second with $2.0B in fees (25.5% market share), while the remaining 90% of market participants fight for scraps with Ethena ($378M), Sky ($364.7M), and Usual ($26.7M) rounding out the top five.

The fee metrics reveal Tether's transition from controversial early mover to essential crypto infrastructure. At $5B in annual fees, Tether likely generates more revenue than most Fortune 500 companies while operating with minimal overhead. The 64.5% market dominance suggests network effects have kicked in, where users choose Tether not just for stability but for liquidity and universal acceptance across exchanges and protocols. Unlike the blockchain wars where multiple chains can coexist, stablecoins exhibit winner-take-most dynamics since users prioritize liquidity depth and merchant acceptance over technical features. When institutions and retail users collectively generate $7.8B in total stablecoin fees annually, it demonstrates that crypto has found genuine utility in payments and treasury management, with Tether capturing the lion's share of this value creation.

Ethereum Stablecoins Hit $153.6B All-Time High: The Digital Dollar Infrastructure Reaches Maturity

Ethereum stablecoins have reached a historic $153.6 billion market cap, surging +$3.649B (+2.43%) over the past week to establish a new all-time high. This milestone represents more than just numbers—it signals that Ethereum has become the primary settlement layer for digital dollars, processing more stablecoin value than most national economies. USDT's commanding 48.92% dominance demonstrates that despite regulatory uncertainties, users prioritize liquidity and universal acceptance over technical features, with the market consolidating around proven infrastructure rather than fragmenting across competitors.

The sustained growth from under $30B in 2020 to today's $153.6B peak reflects institutional adoption moving beyond speculation into genuine economic utility. At this scale, Ethereum stablecoins have achieved the liquidity depth necessary for large institutional operations, creating self-reinforcing network effects where increased adoption drives better liquidity, attracting even more institutional users. The 2.43% weekly growth indicates healthy, sustained demand from businesses using stablecoins for cross-border payments, DeFi protocols, and treasury management—proving that crypto has found its killer app in reimagining how digital dollars move through the global financial system.

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.

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

In this edition of The Weekly Alpha:

📚 This Week's Intel

🎧 Podcast Picks

🔓 Vesting Watch

🚁 The Intelligent Investor's Crypto Risk Management Blueprint

🧐 Onchain Analytics

🎯 Airdrop Alpha (NEW)

📊 Token Watch (NEW)

This Week's Intel 📚

The signal from the noise, this week's developments that actually matter for your DeFi positioning.

I've filtered through the endless stream of headlines, hot takes, and crypto Twitter drama to bring you the stories moving the ecosystem forward. These aren't just news updates; they're intelligence briefings on where capital is flowing, which narratives are gaining traction, and what regulatory shifts could reshape your strategy.

Skip the timeline doom-scrolling. This is your weekly intel drop.

Ethereum Hits New All-Time High Following Russell 2000 and Dow Jones Breakouts

Ethereum hit a new all-time high of $4,845 (with an intraday peak of $4,882) on August 22, gaining over 14% and bringing its 2025 returns to approximately 45%—significantly outpacing Bitcoin's 25% year-to-date gain. The crypto rally coincided with strong equity market performance, as the Dow Jones surged over 800 points (1.9%) to its first record close of 2025, while small-cap stocks led the charge with the Russell 2000 jumping 3.9%. This synchronized rally across crypto and traditional markets was driven by renewed optimism around potential Federal Reserve rate cuts as early as September, following dovish signals from Chair Jerome Powell. The broad-based strength suggests growing institutional appetite for risk assets and renewed confidence in both emerging digital assets and traditional blue-chip sectors.

Read the full blockchainreporter article

Digital Asset Treasury Companies Drive New Wave of Corporate Crypto Holdings

Digital asset treasury companies now control over $100 billion in crypto holdings, with 98 firms raising $43+ billion since June to buy Bitcoin and other tokens. While MicroStrategy leads with $73+ billion in Bitcoin, the trend is expanding beyond BTC, companies are increasingly holding Ethereum, Solana, and emerging altcoins like Sui and Ethena's ENA for yield generation and strategic alignment. This shift represents a fundamental change in corporate treasury management, though volatility and regulatory risks remain key concerns for public companies betting their balance sheets on digital assets.

Read the full The Defiant article

MetaMask adds Google and Apple logins to streamline wallet setup

MetaMask has introduced a new "social login" feature that allows users to create, back up, and restore their crypto wallets using Google or Apple accounts, eliminating the traditional barrier of managing 12-word recovery phrases that have long deterred newcomers to cryptocurrency. Powered by Web3Auth, this update is currently available on browser extensions and will soon expand to mobile, automatically syncing networks, tokens, and accounts across devices to streamline the onboarding process. While this change makes wallet access more user-friendly and familiar, it introduces trade-offs including dependencies on third-party providers and potential privacy and centralization concerns, though users can still maintain traditional recovery phrases as backup to mitigate risks if they lose access to their social accounts.

Read the Blockworks article

Hyperliquid Captures 80% of DeFi Derivatives Market with $30B Daily Volume

Hyperliquid has achieved dominance in decentralized perpetuals trading, processing up to $30 billion daily and controlling over 80% market share according to a new RedStone report. The platform's success stems from three key innovations: fully on-chain order books delivering CEX-level performance, HIP-3 permissionless market creation that incentivizes builders with revenue sharing, and a dual-architecture design (HyperCore + HyperEVM) enabling novel financial primitives.

With $2.2 billion TVL and $330 billion in monthly volume, the self-funded exchange demonstrates how technical execution can outcompete venture-backed competitors. The platform's builder-first approach and infrastructure-level positioning suggest it's becoming foundational infrastructure for on-chain finance rather than just another DEX.

Subscribe now

Podcast Picks 🎧

This week's audio alpha—handpicked conversations that shaped my thinking and could shift yours too.

I sift through hours of DeFi content so you don't have to. These are the episodes worth your commute, the insights that made me pause and rewind, and the perspectives that are moving markets before they hit mainstream media.

Queue these up and stay ahead of the narrative.

• The Rollup: The Truth Behind Story Protocol - listen

• Bankless: Will Crypto Peak in 2025… or Run Into 2026? - listen

• When Shift Happens: Why Crypto Needs Wall Street to Go Mainstream - listen

• Forward Guidance: How to Measure Market Froth & Systemic Risk - listen

• The Chopping Block: Robinhood’s Vlad Tenev Claps Back: From Memecoins to Real Assets - listen

Vesting Watch 🔓

Token unlocks to watch this week. Expect potential volatility around these dates as new supply hits the market.

• JUP (1.78% of released Supply) - August 28

• OP (1.90% of released Supply) - August 31

• DYDX (0.59% of released Supply) - September 01

• SUI (1.25% of released Supply) - September 01

• ENA (0.64% of released Supply) - September 02

Subscribe now

The Intelligent Investor's Crypto Risk Management Blueprint

The difference between crypto millionaires and cautionary tales isn't luck or timing, it's risk management.

While everyone focuses on which coins to buy, the real alpha lies in knowing when to sell, how much to risk, and how to survive the inevitable 80% drawdowns. This isn't about playing it safe; it's about playing it smart. The most successful crypto investors aren't the ones who hit every moonshot, but those who consistently compound gains while avoiding catastrophic losses. Here's your blueprint for building generational wealth without losing your shirt.

Portfolio Diversification Never allocate more than 5% of your total portfolio to any single altcoin, regardless of conviction. Spread exposure across blue chips (40%), established DeFi (30%), emerging narratives (20%), and high-risk plays (10%). Remember that crypto correlations approach 0.9 during crashes, so geographic and sector diversification within traditional assets remains crucial.

Profit-Taking Strategies Implement systematic exit rules before euphoria hits: sell 25% at 2x, 50% at 4x, 75% at 10x. Use reverse DCA by taking profits weekly during parabolic moves. Set trailing stops at 30-50% below recent highs to protect gains while allowing for continued upside. The goal isn't to time the top but to ensure you never give back life-changing money.

Safe Harbor Assets Rotate profits into yield-generating stablecoins rather than holding cash. Aave's USDC pools offer 4-8% APY with minimal smart contract risk. Consider Bitcoin as your crypto allocation's defensive anchor, typically 30-50% of total crypto exposure. During bull markets, resist the urge to rotate BTC into alts until you've secured profits elsewhere.

DeFi Risk Management Stick to protocols with $1B+ TVL and multiple audits. Never chase 100%+ APY yields during market euphoria; they signal unsustainable tokenomics. Diversify across 3-5 different protocols to avoid single points of failure. Always keep 20% of DeFi allocation in blue-chip protocols like Aave or Compound as stability anchors.

Psychological Safeguards Create separate wallets: one for long-term holds you never touch, one for trading. Remove your initial investment once positions reach 200-300% gains to eliminate emotional attachment. Set calendar reminders to reassess risk allocation monthly, not daily. Write down your sell targets when sober and stick to them when euphoric.

Market Cycle Awareness Monitor exchange inflows and long-term holder distribution to gauge cycle positioning. When retail FOMO peaks and your barber asks about crypto, begin rotating to safer assets. Maintain 6-12 months of living expenses in traditional savings as your bear market survival fund. Bull markets make you feel like a genius; bear markets reveal who actually had a plan.

Tax-Efficient Strategies Harvest tax losses in December to offset gains. Use FIFO accounting to minimize short-term capital gains where possible. Consider taking profits across multiple tax years to stay within lower brackets. Keep detailed transaction records; the IRS is watching. Remember: paying taxes on crypto gains means you actually made money.

Token Watch 📊

REX Token

Etherex is a decentralized exchange on Linea that launched in late July and has quickly become the #2 protocol by TVL on the network, trailing only Aave. With $177M in TVL and consistent growth.

The protocol has already generated $1.39M in net income for REX token holders since launch.

This looks like bullish mid-term play if Linea continues scaling. We could see similar dynamics to Aerodrome Finance on Base, where the primary DEX captures outsized value as the ecosystem grows. Etherex is positioning itself as Linea's liquidity hub, offering attractive yields like 11% APR on the USDC/USDT stable pair to bootstrap liquidity.

The token currently trades at $0.348 with weak chart action, but the real catalyst is a potential Linea token airdrop. If Linea launches governance tokens and drives user migration to the network, Etherex should capture significant fee flow as the dominant trading venue. You can farm REX tokens by providing liquidity to protocol pools, creating a natural accumulation strategy.

The risk-reward favors holding through a Linea airdrop event. Until then, Etherex offers both yield farming opportunities and exposure to Linea's ecosystem growth.

Airdrop Alpha 🎯

Football.Fun - Fantasy Football Meets Token Trading

Football.Fun combines fantasy football with asset trading mechanics in a free-to-play format. Instead of setting weekly lineups, you collect player shares through pack openings and trade them like tokens based on real-world performance. Players automatically compete in twice-weekly tournaments, earning you Gold rewards when they perform well on the pitch

.

The game operates on three main strategies: passive accumulation of undervalued players, fixture-based trading around favorable matchups, or pure market speculation buying low and selling high. Currently in Gold Rush beta with no deposit required, rewards include physical kits and tokenized squads for the full launch.

Unlike failed platforms like Football Index, this is genuinely free-to-play without real-money gambling mechanics. The sustainable tokenomics and transparent financial model address the issues that killed previous football trading platforms. Early beta participation could position you well for potential airdrops when the platform fully launches with its native token economy.

Worth checking out if you understand football markets and want exposure to a potential gaming token play with actual utility beyond speculation.

How to Play Football.Fun

The core gameplay revolves around pack opening, trading, and passive tournament participation. You start by ripping player packs to build your initial squad, collecting shares in real footballers from Europe's top leagues. Each player has a market value that fluctuates based on real-world form and performance.

Trading happens continuously using Gold as the in-game currency. Buy undervalued players before good fixtures, hold performers during hot streaks, or flip based on market sentiment. Unlike traditional fantasy football, there are no lineups to set. Your entire squad automatically enters twice-weekly tournaments, earning Gold rewards when your players perform well in actual matches.

The strategy layer comes from portfolio management: diversify across leagues and positions, time your trades around fixtures and transfer windows, and balance between holding for tournament rewards versus quick trading profits. Squad value is your main metric, combining individual player valuations with accumulated Gold reserves.

Currently free-to-play during beta, making it a zero-risk way to learn the mechanics and potentially position for future tokenized rewards when the platform launches its full economy.

Airdrop Potential

With $6.77M TVL already locked on Base and significant social media buzz, Football.Fun shows early traction that often precedes major airdrops. The platform is building genuine user engagement and economic activity during its beta phase, creating the foundation for a valuable token distribution event.

Early players who accumulate Gold, build valuable squads, and participate in tournaments are likely establishing on-chain history that could be rewarded when the platform tokenizes. The combination of TVL growth, active trading volume, and user acquisition suggests Football.Fun is serious about building sustainable tokenomics rather than just extracting value.

Getting positioned during the free-to-play beta costs nothing but time, while creating potential upside if the platform follows the typical path from beta to token launch. The Base ecosystem has been rewarding early adopters of quality projects, and Football.Fun's sports-focused niche could capture significant value in the growing GameFi sector.

Worth dedicating some time to build up your profile and squad value before the inevitable transition to paid mechanics and token rewards.

Onchain Analytics 🧐

Ethena's Synthetic Dollar Surge: $12B TVL Explosion Signals USDe Adoption

Ethena has experienced explosive growth in 2025, with TVL rocketing from around $5B in early 2025 to $11.9B currently, representing a near-doubling in just months. The protocol's synthetic dollar USDe has found genuine DeFi-market fit, evidenced by $1.147B in annualized fees flowing through the system. At $405M in annual earnings with zero incentive spending, Ethena demonstrates that sustainable yield can attract capital without requiring token emissions or artificial subsidies. The dramatic TVL acceleration starting around April 2025 suggests institutional adoption of delta-neutral stablecoin strategies has reached an inflection point.

The metrics reveal Ethena's positioning as a serious DeFi primitive rather than a DeFi 2.0 experiment. With $549M in daily trading volume and $146M in liquidity, USDe has achieved the scale necessary for institutional use cases. The protocol trades at roughly 10.6x annual earnings based on its $4.3B market cap, indicating reasonable valuation for a high-growth DeFi protocol. Most tellingly, the $6.6B in outstanding fully diluted valuation against $9.7B fully diluted suggests strong token distribution and community ownership. When a synthetic stablecoin can generate $1.1B in annual fees while maintaining $12B in deposits, it proves that users will pay for yield stability in an otherwise volatile crypto landscape.

Ethereum's Stablecoin Dominance Strengthens as L2s Drive Multi-Chain Growth

Ethereum continues to dominate the stablecoin landscape with approximately $140 billion in supply, representing over half of the total $270 billion market as of August 2024. The network's stablecoin supply has grown consistently from around $60 billion in August 2021, demonstrating sustained demand for digital dollars on the world's largest smart contract platform. This growth occurred despite increased competition from alternative chains, highlighting Ethereum's sticky network effects and deep DeFi liquidity that keeps institutional and retail users anchored to the ecosystem.

The emergence of Ethereum Layer 2’s tells an even more bullish story for the broader Ethereum ecosystem. Arbitrum and Polygon PoS have carved out meaningful stablecoin market share, collectively holding billions in digital dollar supply that complements rather than competes with mainnet Ethereum. Base's rapid ascension in 2024 further validates the L2 thesis, showing that users prefer Ethereum's security guarantees paired with improved transaction costs and speed. When combined, Ethereum mainnet plus its L2 ecosystem likely commands 60-65% of total stablecoin supply, creating a moat that alternative L1s struggle to breach.

The data reveals that while Tron captured significant market share through ultra-low fees, Ethereum's multi-layered architecture is positioning it for long-term dominance. As institutional adoption accelerates and regulatory clarity improves, the security and decentralization trade-offs become more critical than marginal transaction cost savings. The steady growth across Ethereum's L2 ecosystem suggests that scaling solutions are successfully retaining users who might otherwise migrate to competing chains, reinforcing Ethereum's position as the primary infrastructure for the digital dollar economy.

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.

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

In this edition of The Weekly Alpha:

📚 This Week's Intel

🎧 Podcast Picks

🔓 Vesting Watch

🚁 The 2025 playbook for Airdrop

🚁 The 2025 playbook for Airdrop

🧐 Onchain Analytics

🎯 Airdrop Alpha

📊 Token Watch

This Week's Intel 📚

The signal from the noise, this week's developments that actually matter for your DeFi positioning.

I've filtered through the endless stream of headlines, hot takes, and crypto Twitter drama to bring you the stories moving the ecosystem forward. These aren't just news updates; they're intelligence briefings on where capital is flowing, which narratives are gaining traction, and what regulatory shifts could reshape your strategy.

Skip the timeline doom-scrolling. This is your weekly intel drop.

Subscribe now

Saylor’s Strategy started buying Bitcoin 5 years ago. It's now up 2,600%

My Personal Take:

Strategy's execution has been brilliant. Five years ago, they started their Bitcoin accumulation strategy, which has helped their share price surge nearly 2,600% since 2020 and revived the company from a 20-year lull. What makes this even more impressive is that early Strategy investors actually outperformed Bitcoin itself during this period—a leveraged play that paid off spectacularly.

The timing couldn't have been better. Strategy's share price had been stuck mostly floating around $10 to $20 for two decades after their accounting scandal in 2000. Bitcoin gave them a second life, and they executed flawlessly.

Now we're seeing the same playbook emerging with Ethereum. Companies like Sharplink and Bitmine are building ETH treasuries, potentially setting up similar opportunities. While there are no guarantees, I believe the risk-reward profile is compelling enough to warrant strategic positioning in these ETH treasury plays.

The thesis is simple: As ETH prices rise, these leveraged corporate holdings should amplify returns. But the downside risk is equally real—if crypto enters a prolonged bear market, these stocks could get crushed.

My position: I'm willing to take calculated risks on this emerging trend, but investors need to understand they're essentially buying leveraged crypto exposure through traditional stocks.

Read the full Cointelegraph article here

Etherex on Linea Crosses $120 Million TVL Mark Through (3,3) Mechanism

Etherex, the recently launched V(3,3) DEX, has achieved significant traction since its token launch, surpassing $120M in Total Value Locked (TVL) and establishing itself as the most-used DApp on Linea. This milestone reinforces the continued strength of the V(3,3) model, which has proven successful across multiple chains—most notably with Aerodrome dominating Base and Velodrome leading on Optimism.

Token Metrics:

• Current price: $0.41

• Fully diluted valuation: $147.9M

• Max supply: 353.5M REX tokens

For investors seeking exposure to the Linea ecosystem, REX presents an intriguing opportunity—assuming the protocol maintains its growth trajectory. The investment thesis extends beyond the protocol itself to include a bet on Linea's broader adoption.

Market Context: To put this in perspective, Aerodrome Finance currently holds $599.54M in TVL, suggesting significant upside potential if Etherex can capture a similar market position within the Linea ecosystem. This makes REX both a protocol play and a strategic bet on Linea's continued development as a Layer 2 solution.

Read the full The Defiant article here

Abstract mining game Bigcoin plots comeback after BIG crash

Bigcoin, an Abstract-based crypto “mining” game that boomed and then busted earlier this year, is making a comeback under new community-led management. Originally launched by an anonymous creator known as “Bigtoshi,” the game let players buy virtual rooms, install quirky pixelated rigs, and mine the in-game token, BIG. After an April surge to nearly 70,000 users, activity and token prices crashed — down 93% from the peak — amid Ponzi accusations. Now, led by prominent community member “BoredElon” and others, Bigcoin 2.0 has turned its rigs into 29,000 NFTs on OpenSea to fund development and improve liquidity. Over half of mined BIG has been burned, and early buyers of the new NFTs suggest some renewed faith in the project’s “fair token launcher” vision. Whether this revival will stick remains to be seen.

Read the full Blockworks article here

Lost your crypto password or seed phrase? Here’s what actually works in 2025

In 2025, losing access to your crypto wallet remains a common and sometimes costly problem, but recovery options depend heavily on the wallet type. Custodial wallets from exchanges like Coinbase or Binance can often be restored through password resets and ID verification, while non-custodial wallets like MetaMask or Ledger require the seed phrase for recovery. Without both the password and seed phrase, regaining access is usually impossible. The article warns against scams from fake recovery firms, advising users to seek services with no upfront fees, transparent processes, and verified track records. For high-value cases, advanced methods like brute-force tools, blockchain forensics, or legal action may be worth considering, though success is never guaranteed.

Read the full Cointelegraph article here

Podcast Picks 🎧

This week's audio alpha—handpicked conversations that shaped my thinking and could shift yours too.

I sift through hours of DeFi content so you don't have to. These are the episodes worth your commute, the insights that made me pause and rewind, and the perspectives that are moving markets before they hit mainstream media.

Queue these up and stay ahead of the narrative.

• The Rollup: We Asked an RWA Expert About Asset Tokenization. - listen

• Bankless: Vitalik Buterin: How Ethereum Becomes The World Ledger - listen

• Forward Guidance: Markets Are Underestimating the Risk of a 10–15% Correction - listen

• Bell Curve: The Best of Bell Curve - listen

• The Chopping Block: Circle’s Arc & Stripe’s Tempo Chains; Monero 51% Attacked - listen

Vesting Watch 🔓

Token unlocks to watch this week. Expect potential volatility around these dates as new supply hits the market.

• KAITO (10.85% of released Supply) - August 20

• MURA (1.09% of released supply) - August 23

• VELO (0.83% of released supply) - August 25

• VENOM (2.28% of released supply) - August 25

Subscribe now

The 2025 playbook for Airdrop 🔗

Airdrops aren't dead—they're just getting selective.

While crypto Twitter debates the "death of airdrops," I'm quietly positioning for the next wave. Projects like Hyperliquid prove that quality airdrops still reward early, genuine users with life-changing amounts.

I've been fortunate to catch major airdrops including Uniswap ($12k+), dYdX ($15k+), PENGU, 1INCH, Paraswap, and dozens of smaller wins. The difference? I focus on authentic usage patterns rather than mechanical farming.

In this section, I'm sharing my complete 2025 airdrop methodology—from identifying promising protocols early to building the exact onchain footprint that gets rewarded.

Building Onchain Credibility

The key to future airdrops isn't transaction volume—it's building legitimate onchain reputation. While others chase quick farming strategies, I'm focused on creating the behavioral patterns that protocols actually reward.

Smart airdrop hunters are already adapting their approach. Here are the specific methods I'm using to maximize credibility for the next wave of quality airdrops:

Vote on Snapshot – Earn Influence:

If you hold governance tokens like ENS, OP, ARB or many others, you can help shape the future of your favorite protocols by voting on proposals via Snapshot.

Voting on Snapshot is free. It only requires a quick wallet signature to prove you own the tokens. No gas fees and no token transfers.

With Snapshot, you can easily find governance proposals and cast your vote, often just by clicking Yes or No. This activity not only helps steer projects you care about but also shows other protocols (especially those without a token yet) that you are an active governance participant.

Why is that important? Some protocols have rewarded active Snapshot voters with airdrops. Your governance history could one day make you eligible for future distributions.

Past examples of protocols that rewarded Snapshot voters include:

• Optimism (OP)

• Seamless Protocol

• OIP (Open Custody Project)

• Maverick Protocol (MAV)

Active governance is not just good for the ecosystem. It could be good for your wallet too.

Use DeFiLlama to your advantage:

DeFillama is a very great tool that I constantly use to find new airdrop, you have a dashboard specifically made for protocols that does not have a token yet, and most DeFi protocols needs a token for governance proposition and voting.

To access the dashboard, click on Airdrop, and here you will see all the tokenless protocols, but be careful, because by default, they are sorted by listed date so there is a lot of noise from this page.

In that case what I recommend you to do is select a chain, in example Base, and you want to sort by TVL.

In the example below, we selected Base as the chain and we filtered by TVL, so as you can see we have the top DeFi protocols on Base that does not have a token, from that list, I will probably do some reasearch on Yield Aggregator such as Yo Protocols, or derivatives such as RollX

If you want to filter the noise, you can also filter by TVL Range, in example, you want protocols with only a TVL above $3M.

And even tho low TVL protocols are interesting to explore, they are much more risky, even if it is a fork of AAVE or other protocols, so for me I prefer to play it a bit more safe and think long term.

By doing that, I managed to score multiple high quality airdrops over the years, stuff that you can miss on crypto twitter with all the noise

Airdrop Alpha 🎯

Every week I share the airdrop opportunities I'm personally targeting and the exact strategies I'm using to position for them.

My approach focuses on high Total Value Locked (TVL) protocols to minimize risk while maximizing opportunity.

Symbiotic

Symbiotic uses permissionless restaking: it allows validators to secure multiple networks by staking assets once (not just ETH), maximizing capital efficiency while maintaining robust security.

The protocol currently holds $1.542B in TVL and operates exclusively on Ethereum mainnet. This Ethereum-only deployment is actually a strategic advantage for potential airdrop hunters, as the high gas costs on mainnet naturally deter industrial-scale farmers who typically operate hundreds of wallets. This creates a more favorable environment for genuine users to qualify for potential rewards.

The Strategy:

Step 1: Access the Deposit Page Navigate to the Symbiotic website and click on "Deposit" to begin the staking process.

Step 2: Select Your Vault You'll see a table displaying multiple vault options. For this tutorial, choose a Public vault that's actively running (not in pre-deposit status). We'll use the Gauntlet vault as our example.

Step 3: Review Vault Information Before depositing, examine the vault details including:

• Total Value Locked (TVL)

• Vault contract addresses (Burner, Delegator, Slashers)

• Asset type and requirements

Step 4: Make Your Deposit This particular vault accepts wstETH deposits. Enter the amount you wish to stake based on your risk tolerance. Remember that all deposits carry slashing risk - only invest what you can afford to lose.

Step 5: Start Earning Once your deposit is confirmed, you'll immediately begin accumulating Symbiotic points. These points will likely convert to future rewards or airdrop eligibility.

Dashboard Overview You can monitor your progress anytime through the Dashboard, which displays your total deposited amount across all vaults and your accumulated Symbiotic points. This gives you a complete overview of your staking positions and rewards earned.

⚠ Important Reminder: Always understand the slashing risks before depositing. Your funds help secure networks, but validators can be penalized for misbehavior, potentially affecting your stake.

Symbiotic Points - Simple Breakdown

What is it? Symbiotic rewards users with points for helping secure decentralized networks by staking their crypto assets.

How to earn points:

• Deposit crypto into Symbiotic vaults (1x points)

• Actively delegate to secure networks (2x points - better rewards!)

• Supported assets: ETH, liquid staking tokens, other ERC-20 tokens

Key Strategy: Don't just deposit and sit idle. Actively delegate your assets to networks for double the points.

Why it matters: Points typically convert to airdrops or governance tokens later. The protocol has $1.542B TVL and runs only on Ethereum mainnet, which reduces farmer competition due to high gas costs.

Strategy Summary This is a straightforward approach, but with Symbiotic's impressive $1.542B TVL on mainnet, this protocol has serious potential for a significant airdrop. The high-value, single-chain deployment suggests this could be one of the bigger opportunities this cycle.

Advanced Opportunities For more experienced users, creating your own vaults opens up additional earning potential. If you're interested in exploring vault creation strategies, feel free to discuss ideas in the Substack chat - I'm always happy to share insights on advanced techniques.

Bonus Airdrop Potential Here's a key advantage many miss: by depositing into Symbiotic vaults, you're not just positioning for the Symbiotic airdrop. You can also earn points from other protocols building on top of Symbiotic, potentially making you eligible for multiple airdrops with a single deposit. This "airdrop stacking" effect significantly increases your potential returns per dollar invested.

Bottom Line Simple execution, high TVL protocol, multiple airdrop exposure - this checks all the boxes for a quality opportunity that doesn't require complex strategies to participate in effectively.

Token Watch 📊

PENGU

With the upcoming Abstract chain TGE, PENGU stands out as one of my top picks for the year. The token has pumped 178% over the last 3 months, but I believe there's still momentum left in the tank.

Multiple catalysts are aligning: we're likely entering an NFT season where Pudgy Penguins should outperform, Abstract is gaining TVL traction, and the Pudgy team has consistently shipped throughout the entire bear market. This execution track record makes a DCA strategy into PENGU compelling.

Currently trading in a range after a 14% pullback over two weeks, this looks like healthy consolidation before the next leg up. When markets go parabolic, having PENGU exposure should pay off significantly.

The smart money agrees. According to StalkChain data, PENGU has been the most accumulated token by whales over the last 3 days, and this pattern has repeated for weeks. These players clearly see something brewing.

Given PENGU's volatility, I'm holding my position while initiating a small DCA to capture multiple entry points. Post-Abstract airdrop, I'll reassess and likely trim some exposure since this is my only memecoin allocation. But unlike most Solana memes, I'm betting on the Pudgy team's long-term execution rather than pure speculation. They've proven they won't rug, and that's rare alpha in this space.

Onchain Analytics 🧐

Aave's Capital Efficiency Revolution: From Speculation to Utilization

Aave's lending metrics reveal a fundamental shift in DeFi capital efficiency across market cycles. During the October 2021 peak, the protocol maintained $19.1B in TVL with $12.0B borrowed, achieving a 63% utilization ratio. Fast forward to August 2025, and despite TVL nearly doubling to $37.6B, borrowed amounts have surged 129% to $27.5B, pushing utilization to 73%. This isn't just growth; it's optimization. The market has learned to actually deploy capital rather than simply park it for speculative yield farming.

This utilization improvement tells a deeper story about DeFi maturation. Higher borrowing ratios mean depositors earn better yields, protocols generate more fee revenue, and capital allocation becomes more productive. The 2021 cycle was characterized by liquidity mining rewards inflating TVL without corresponding borrowing demand. Today's 73% utilization suggests genuine economic activity: users borrowing against collateral for real financial needs rather than farming tokens. When utilization rises alongside absolute volumes, it signals that DeFi infrastructure is finally fulfilling its promise of efficient, programmable capital markets.

Tether's Fee Engine: $449M in Monthly Revenue Signals Stablecoin Dominance

Tether's fee generation has reached a staggering $449.3M over the past 30 days, showcasing the economic powerhouse behind the world's largest stablecoin. The steady climb from mid-July through August reveals consistent demand for USDT across global markets, with fees representing the cost users pay for minting, redeeming, and transacting with the token. This isn't just impressive revenue; it's a direct measurement of Tether's utility as financial infrastructure. At an annualized run rate of $5.4B, these fees demonstrate that stablecoins have evolved from crypto curiosities to essential monetary rails for the digital economy.

The fee trajectory tells a compelling story about market maturation and Tether's moat. Unlike speculative DeFi tokens that generate fees through temporary incentives, USDT fees stem from genuine economic necessity: businesses need dollar-denominated settlements, traders require stable base pairs, and emerging markets demand access to digital dollars. The consistent upward trend through August suggests growing institutional adoption and cross-border payment flows. When fee generation grows this predictably, it indicates that Tether has achieved something rare in crypto: sustainable product-market fit with defensible economics that compound over time.

Ethereum vs Solana

Ethereum's capital flows tell a tale of two ecosystems diverging. With $21.9B in inflows against $13.3B in outflows over the past three months, Ethereum has maintained a healthy $8.6B net positive flow, demonstrating sustained institutional and retail confidence. Meanwhile, Solana shows a more modest $1.25B inflow versus $1.2B outflow, resulting in just $54.5M net positive. The stark difference in absolute volumes reveals Ethereum's continued dominance as the primary entry point for crypto capital, processing nearly 17x more inflow volume than Solana despite the latter's narrative momentum.

The netflow dynamics expose deeper market psychology around these competing ecosystems. Ethereum's massive inflow advantage suggests it remains the primary vehicle for new money entering DeFi, whether through ETFs, institutional adoption, or whale accumulation. Solana's comparatively balanced flows indicate a more retail-driven, trading-oriented ecosystem where capital rotates quickly rather than accumulating for long-term holds. When Ethereum captures $8.6B in net flows while Solana barely breaks even at $54M, it signals that despite all the "Ethereum killer" narratives, serious money still views ETH as the safer, more established store of value in the L1 wars.

That’s it for this week.

If you found this edition valuable, please consider sharing it with your network.

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

In this edition of The Weekly Alpha:

• 📈 How I'm Getting Leveraged ETH Exposure Through TradFi

• 🧐 Onchain Analytics

• 📚 This Week's Intel

• 🎧 Podcast Picks

• 🔓 Vesting Watch

How I'm Getting Leveraged ETH Exposure Through TradFi

This week, I'm diving into an ETH treasury play that's been on my radar. It's early-stage, high-conviction territory—the kind of opportunity where being first matters more than being safe.

I'm positioning myself ahead of what I believe could be the next wave of institutional ETH accumulation. Below, I'll break down my thesis and why I'm allocating capital here despite the obvious risks.

Remember: I'm sharing my playbook, not dispensing financial advice. Do your own research, size your bets appropriately, and never invest more than you can afford to lose. This is alpha, not guaranteed returns.

The New MicroStrategy Playbook

If you're active on CT, you've probably heard about Bitmine, Sharplink Gaming, The Ether Machine, and other companies that have recently started using ETH as a treasury asset on their balance sheets.

For ETH as an asset, this is one of the most bullish cases. It could follow a similar playbook to what Michael Saylor did with Bitcoin at MicroStrategy.

Right now, the three biggest companies holding ETH are Bitmine, Sharplink, and The Ether Machine, and this all happened incredibly fast. For example, Bitmine grew its ETH balance by 410.68% in just the last 30 days. Wild stuff.

It's reasonable to expect that more traditional companies will join this narrative in the future.

Why I'm Betting Big on ETH Strategic Reserve Companies

Why am I investing in companies that use ETH as a strategic reserve? Simple—I'm a degen who likes to take risks, but calculated risks. Here's why these plays are genius:

Traditional Market Exposure with Crypto Upside These companies give me exposure to TradFi while keeping my ETH bag intact—an asset I've been bullish on for almost a decade. It's like having your cake and eating it too.

Tax Optimization (The Boring Stuff That Actually Matters) The tax benefits are actually insane. In my jurisdiction, traditional company investments get way better tax treatment than direct crypto holdings. So I'm essentially gaming the system while staying exposed to ETH—big brain moves right there.

Leveraged ETH Play (Degen Mode Activated) This is basically a leveraged bet on ETH, and CT knows I'm long-term bullish AF. When EIP-1559 improvements really kick in and those fees start burning hard, the buy pressure is gonna be absolutely wild. Having leverage on ETH through these companies? Chef's kiss.

Staking Alpha When these companies start staking their ETH reserves, it could create serious value for shareholders through yield distribution or similar strategies. That's another layer of potential returns that direct ETH holders might miss out on.

Proven Leadership (Not Just Another Rug) These aren't random projects with anon devs. Tom Lee is Chairman of Bitmine, and Joseph Lubin (literally co-founder of Ethereum) chairs Sharplink Gaming. Both advise on ETH strategy, bringing real expertise and credibility to these plays.

The combination of TradFi access, tax optimization, leverage potential, staking alpha, and solid leadership makes these ETH strategic reserve companies a no-brainer for any serious degen portfolio.

Onchain Analytics 🧐

AAVE on Track for $100B TVL

Aave is currently sitting at an impressive $62.1B in Total Value Locked (TVL) and $25.8B in active loans. If this growth trend continues, I project it could reach $100B in TVL by Q4, especially if Ethereum gains momentum.

As I mentioned in my recent X post, no one is expecting an airdrop from Aave, this growth is driven by genuine DeFi utility and relatively low risk compared to many other protocols, thanks to its long track record and battle-tested infrastructure.

Abstract is showing slow but steady growth.

Despite a relatively modest TVL of $48.61m, it’s up 7.33% in the past 24 hours, a sign of healthy momentum. Stablecoin market cap sits at $9.86m, and daily app fees are a solid $28.9k, with $3.7k in app revenue. Trading activity is picking up too, with $8.92m in DEX volume and $52.3k in perps volume in the last day, plus $110.8k in net inflows.

What makes Abstract interesting to me isn’t just the numbers. The L2 is full of quirky, onchain games and applications, with an onboarding process that’s smooth and beginner-friendly. As a Pudgy Penguin, I’m expecting a decent Abstract airdrop, but that’s secondary. I’m here because the chain feels genuinely useful.

I usually avoid short-term trading in favor of long-term investments backed by deeper research. But Abstract’s fast, low-friction approach to meme coin trading is surprisingly fun. It’s a new paradigm, and I’m happy to have some capital deployed here to see how it evolves.

PENGU Near ATH with 168% Growth in 3 Months

Key Metrics

• 3M Performance: +168.3%

• Current Price: $0.03728

• Market Cap Rank: #55

• Status: Near all-time high

• Category: Meme coin within the Pudgy Penguins ecosystem

Recent Performance
After a sharp post-launch downtrend, PENGU has staged a strong recovery and is now approaching its previous all-time high. Trading volumes have been consistently high, cementing its position as one of the most active meme coins in the market.

Catalysts

• Potential Abstract airdrop, which may benefit PENGU holders

• Consistent development and shipping from the Pudgy Penguins team throughout the bear market

• Renewed interest in ecosystem tokens as sentiment improves

Outlook
With price momentum strong and key ecosystem developments underway, PENGU is positioned to potentially outperform if market conditions remain favorable. Long-term holders in the Pudgy Penguins ecosystem may see compounded benefits if both PENGU and Abstract deliver on growth expectations.

Ether's Bullish Performance

Ether is currently experiencing strong bullish momentum, with prices rising above $4,000 over the weekend. This surge is primarily driven by traditional finance (TradFi) demand for ETH treasury assets, though we're also seeing retail investors pivoting from Solana and other Layer 1 blockchains to Ethereum.

ETH Net Inflow

Over the past three months, ETH has demonstrated significantly positive net inflows compared to most Layer 1 chains. Ethereum recorded a net inflow of $8.5 billion, while Solana lagged considerably with a net outflow of $12 million.

Strategic ETH Reserves and ETF Supply Account for 4.89% of ETH Supply

The current strategic ETH reserve momentum that we discussed above is currently very strong to drive the price upward, is it a top signal? I don’t really know and I don’t think so to be honest and the reason is that we see real thesis and institution starting to take this asset seriously, not only as an investment but as a fuel for there activity and build RWA, we can take Robinhood for example, building on top of Ethereum with the Arbitrum stack.

This Week's Intel 📚

The signal from the noise, this week's developments that actually matter for your DeFi positioning.

I've filtered through the endless stream of headlines, hot takes, and crypto Twitter drama to bring you the stories moving the ecosystem forward. These aren't just news updates; they're intelligence briefings on where capital is flowing, which narratives are gaining traction, and what regulatory shifts could reshape your strategy.

Skip the timeline doom-scrolling. This is your weekly intel drop.

• Hyperliquid drives $487B July surge in decentralized crypto trading - read

• Top 5 cities where you can pay rent entirely in Bitcoin - read

• Tornado Cash Verdict Threatens to Hold Back DeFi Where it Matters Most - read

• Gemini Teases ‘Onchain’ Platform as CEXs Push for DeFi Adoption - read

• Ethereum stakers face 9-day wait as stETH loops fall into the red - read

• Base outage highlights growing pains of a chain with real users - read

• Ethereum’s Fusaka upgrade may face delay - read

• Ethereum TVL Hits All-Time High as ETH Rallies - read

• Behind the scenes of public companies that are rushing to create crypto treasuries - read

Vesting Watch 🔓

• STRK (5.98% of released Supply) - August 15

• ARB (2.04% of released supply) - August 16

• ZK (3.61% of released supply) - August 17

Podcast Picks 🎧

This week's audio alpha—handpicked conversations that shaped my thinking and could shift yours too.

I sift through hours of DeFi content so you don't have to. These are the episodes worth your commute, the insights that made me pause and rewind, and the perspectives that are moving markets before they hit mainstream media.

Queue these up and stay ahead of the narrative.

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.

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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

In this edition of The Weekly Alpha:

• 📸 The Rise of Zora: Redefining the Creator Economy

• 🧐 Onchain Analytics

• 📚 What I’m reading this week

• 🎧 What I’m listening this week

• 🔓 Token Unlocks

The Raise Of Zora And The Creator Economy

Over the past few weeks, I’ve spent a substantial amount of time using Zora, a new mobile app. If you haven’t heard of it, Zora is a social platform similar to Instagram, but with integrated crypto features.

The app rewards creators, is well-designed, and is genuinely fun to use. In this article, I’ll share my honest opinion on Zora—and whether or not it’s worth onboarding yourself to the platform.

My experience with Zora

I didn’t start using Zora because of the hype—I’ve been following the team for a long time. Over the past few years, they’ve gone through countless iterations, constantly refining their vision. What started as an experiment with physical goods on Uniswap evolved into NFT auctions, redeemable drops, timed editions, and eventually a full social platform layered with crypto primitives.

They’ve shifted from marketplace-style UX to a social UX, moved to their own L2 before others were live, integrated secondary markets, and most recently, doubled down on ERC20 creator coins—tying posts, people, and tokens together in one symbiotic ecosystem. It finally feels like all the pieces are coming together, and they’re gaining real traction.

Zora’s Onboarding Experience

The onboarding process on Zora is incredibly smooth. You create an account using Privy, which means no complex key management is required—just your email address. Once you're in, you can start posting photos and videos right away, similar to how you would on Instagram.

Trading Zora content

The moment you post content, it instantly becomes tradable. That means by simply sharing on Zora, you can start earning money, investing in other creators' content, and selling your holdings. Each piece of content becomes a token—not an NFT, but an ERC-20 token—so you're able to sell just a portion of your holdings if you want.

This model means I don’t need a massive following to earn a few bucks on Zora. The app is thoughtfully designed and easy to use. For example, double-tapping on a post in your feed doesn’t just "like" it—it actually buys a piece of the content. You can later resell it at a profit or a loss, just like any other token.

My only issue with the platform is that everyone tends to rush toward big creators—especially those with large followings on X. That makes total sense, of course, but it would be great to have a better discovery flow to help smaller creators grow on the platform. Even though the team is clearly working hard on it, I think there’s still room for improvement.

Creator Coins on Zora

One of the coolest features on Zora is the ability to launch your own creator coin. Once enabled, other users can start investing in you directly on the platform. What makes this powerful is that beyond just posting photos, there’s now a real financial incentive for creators to consistently share content and get their voices heard.

In my opinion, the simplicity of the onboarding process—creating a coin takes just a few taps—and the fact that it’s instantly tradable could be a major draw for non-crypto-native users. It makes it easy for creators to move their communities from platforms like Instagram to Zora, where the incentives are much stronger.

Every time someone trades your creator coin, you earn a fee paid in $ZORA, the platform’s native token. Those fees can be reinvested into other content, used to buy back your own coin, or simply withdrawn. Some top creators are earning hundreds of thousands of dollars in fees—similar to liquidity providers on Uniswap. And that’s no coincidence—Zora is built on top of Uniswap, tapping into the power of DeFi composability.

Affiliate Rewards on Zora
Zora also lets you invite users to the platform through an affiliate system. If someone you invite becomes an active trader, you earn a portion of the fees they generate. It’s a smart incentive that encourages users to bring their friends and communities onto the app—further fueling organic growth.

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Final Thoughts

After spending a few weeks on Zora, my experience has been overwhelmingly positive—not because of the financial incentives, but because it aligns perfectly with the things I love: creating content, DeFi, and photography. For me, it’s the ideal creator platform. I don’t need sponsors to start earning from my creativity; all I need is my community and the willingness to share what I enjoy—just like I would on Instagram.

What makes Zora so exciting is that it gives me a place to combine both of my passions—photography and DeFi—into a single experience. That’s why I’m genuinely enthusiastic about where this platform is headed.

Have you tried Zora yet? If so, I’d love to hear about your experience. It’s completely free to get started, and you don’t even need to deposit anything—just post consistently, and you’ll get notified as your content gains traction.

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Onchain Analytics

Bitcoin Exchange Reserves

Bitcoin reserves on centralized exchanges have continued their sharp decline, now reaching approximately 2.37 million BTC as of August 1st, 2025—one of the lowest levels recorded in recent years. At the same time, the price of Bitcoin has surged to an all-time high of $114,800, reinforcing the clear inverse correlation between exchange reserves and price.

This trend suggests growing investor preference for self-custody and long-term holding, reducing the available supply for trading. Historically, such conditions have led to supply shocks, where constrained availability meets increasing demand—often resulting in rapid price appreciation.

Notably:

• The chart shows a persistent downtrend in exchange reserves from around 3.2 million BTC to 2.37 million BTC, marking a drop of over 25%.

• During the same period, Bitcoin's price has more than quadrupled, despite multiple correction phases.

• The divergence has accelerated in recent months, indicating heightened market conviction and likely institutional accumulation.

With fewer coins available on exchanges and most supply held in dormant wallets, Bitcoin is becoming increasingly scarce. If demand continues—or even plateaus at current levels—the price is likely to continue its upward trajectory due to basic supply-demand mechanics.

This ongoing liquidity squeeze is a strong bullish signal and may precede further parabolic moves if macroeconomic conditions or ETF inflows intensify.

Ethereum Looks Strong Right Now

With recent restructuring at the Ethereum Foundation and the emergence of publicly listed Ethereum treasury companies like Bitmine and SharpLink, Ethereum appears stronger than ever.

NFTs are making a comeback, activity on both the mainnet and Layer 2s is increasing, and token trading volume has surged by 77.5% over the past 30 days.

In the short term, after an healthy pull back, Ethereum could easily go back to the $4000 mark given that Ethereum treasury such as SharpLink Gaming keep accumulating

We may soon see a wave of traditional finance (TradFi) companies racing to become the "next MicroStrategy." The key question is whether this trend is sustainable in the long term. In my view, Ethereum’s fundamentals remain intact. While it has lagged behind newer smart contract platforms like Solana, these alternatives do not offer the same level of economic security and network decentralization.

What I’m reading this week 📆

In this section, I curate the week's most impactful DeFi news. This way, you can bypass the chatter on Twitter and concentrate on the essential updates.

• Corporate crypto treasury holdings top $100B as Ether buying accelerates - read

• Ethereum turns 10: Here’s how its booms and busts shaped history - read

• SEC Chair Paul Atkins pledges to move financial markets onchain - read

• Record crypto product inflows in July brings ETH demand into focus - read

• CryptoPunks Floor Price Hits 3-Year High of $208,000 - read

Token Unlocks 🔓

• IMX (1.30% of circulating supply) - August 08

• STRK (3.31% of circulating Supply) - August 15

• ARB (1.80% of circulating supply) - August 16

What I’m listening this week 🎧

In this section, I feature the week's most compelling DeFi podcasts and videos.

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.

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

In this edition of The Weekly Alpha:

• 🧑‍🌾 Bitcoin Below $100K; Altcoins Under Pressure

• 🧐 Onchain Analytics

• What I’m reading this week

• 🎧 What I’m listening this week

• 🔓 Token Unlocks

Bitcoin Below $100K; Altcoins Under Pressure

Over the past few months, Bitcoin has shown remarkable strength, consistently trading near the $100,000 mark. Frankly, I expected it to break through $110,000 before retracing below $100K, especially given the recent wave of bullish sentiment: a friendlier regulatory outlook from the U.S. government and positive developments surrounding both Bitcoin and Ethereum.

Geopolitical Tensions: The U.S. Strike on Iran’s Nuclear Facility

However, the landscape shifted dramatically following reports of a U.S. strike on Iran’s Fordow nuclear site. While Bitcoin is often positioned as a store of value, the market clearly continues to view it—along with the broader crypto space—as a high-risk asset during moments of geopolitical uncertainty.

The potential for escalation between the U.S. and Iran looms large. In the short term, this uncertainty will likely drive heightened volatility across both Bitcoin and altcoins. That said, I remain confident in Bitcoin’s long-term store-of-value thesis; these developments are unlikely to derail its fundamental trajectory.

As an example of the market's rising concern, Polymarket’s prediction market on whether the Fordow facility will be further destroyed by July has surged to 53%—a clear sign that traders are bracing for further conflict escalation.

What’s Next?

As a long-term investor, I remain largely unconcerned with short-term price swings. In fact, I see this as an opportunity to continue dollar-cost averaging into Bitcoin. Whether tensions ease through diplomacy or escalate further, history shows that Bitcoin and the broader crypto market have repeatedly recovered over the long term.

Of course, the threat of a larger global conflict—possibly even the early signs of World War III—adds complexity. But this also underscores the value of holding self-custodied, sovereign assets such as Bitcoin or gold. In times of global instability, financial independence is more important than ever.

Conclusion

For short-term traders, especially those using leverage, caution is warranted. Geopolitical uncertainty—combined with the unpredictable nature of figures like Donald Trump—could trigger sharp, unexpected market moves.

For long-term holders, however, the playbook remains unchanged: stay the course, stick to your accumulation strategy, and expect volatility along the way. That said, I wouldn’t be surprised to see Bitcoin testing the $80,000 level before the market finds its next support zone.

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Onchain Analytics

Base continues to dominate transaction activity with over 11.3 million daily transactions on June 21, 2025, reflecting a 3.3% daily increase, 5.2% growth over 30 days, and an impressive 253% rise over the past year. This confirms Base’s growing adoption, possibly driven by DeFi and social apps expanding on the network.

Bitcoin Exchange Reserves Hit Multi-Year Lows—A Brewing Supply Squeeze?

One of the most bullish on-chain signals for long-term Bitcoin holders is unfolding before our eyes. The chart below illustrates Bitcoin's Exchange Reserve metric (in blue), which has been on a steep and consistent decline since early 2024. As of June 22, 2025, reserves across centralized exchanges have dropped to approximately 2.49 million BTC—a level not seen in years.

This sharp reduction in exchange-held Bitcoin suggests that more coins are being moved into long-term self-custody rather than being left on trading platforms. Historically, such patterns have preceded supply squeezes, as fewer coins remain available to meet potential surges in buying demand—particularly from institutional players.

In plain terms: if demand spikes—whether driven by ETFs, sovereign funds, or corporate treasuries—there may simply not be enough liquid Bitcoin on exchanges to fulfill that appetite without triggering significant upward price pressure.

This scenario sets the stage for a potential supply shock, which could act as a powerful catalyst for Bitcoin’s next major price rally—especially in the context of recent macro and geopolitical uncertainties that are increasing Bitcoin’s appeal as a store of value.

With reserves at these historic lows and institutional interest continuing to build, the odds of a dramatic price repricing event are growing stronger.

What I’m reading this week 📆

In this section, I curate the week's most impactful DeFi news. This way, you can bypass the chatter on Twitter and concentrate on the essential updates.

• ZachXBT slams Bitcoin bridge Garden Finance for laundering hacked funds - read

• Staked Ether hits record high driven by corporate crypto treasury adoption - read

• Samson Mow wants Bitcoin in ‘all of Europe,’ receives invite to France - read

• Onchain Gold Trading Volume Hits Record High - read

• Kraken’s Layer 2 Ink Unveils Token Launch and Airdrop - read

Token Unlocks 🔓

• OP (1.79% of circulating supply) - June 30

• STRK (3.79% of circulating Supply) - July 15

• ZRO (23.13% of circulating supply) - July 20

What I’m listening this week 🎧

In this section, I feature the week's most compelling DeFi podcasts and videos.

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.

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

In this edition of The Weekly Alpha:

• 🧑‍🌾 The Best Stablecoin Yields You Can Capture Right Now

• 🧐 Onchain Analytics

• 📆 What I’m reading this week

• 🎧 What I’m listening this week

• 🔓 Token Unlocks

The Best Stablecoin Yields You Can Capture Right Now

1. infiniFi
   A decentralized, depositor-driven system that optimizes asset-liability matching for stability and higher returns without intermediaries.
   👉 Current yield: 7.48% APY on USDC deposits.

   

2. Convex Finance
   A DeFi protocol that enhances yields for Curve Finance LPs and CRV stakers by simplifying staking and compounding rewards without locking CRV.
   👉 Current yield: 62.13% APR on the sUSD+FRAXBP pool.

   

3. Morpho
   A decentralized lending protocol that peer-matches users on top of Aave and Compound to improve capital efficiency and rates for lenders and borrowers.
   👉 Current yield: 6.80% APY on USDC via the MEV Capital vault.

   

4. Fluid

   A decentralized yield marketplace that lets users deposit stablecoins into curated, high-yield DeFi strategies while retaining instant liquidity through its "Fluid Landing" mechanism, which enables penalty-free withdrawals from most vaults at any time.
   👉 Current yield: 7.73% APR on USDT via the Fluid Landing vault.

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Onchain Analytics

Ethereum Dominates Capital Flows with $3.2B Net Inflow

Ethereum continues to assert its dominance in the onchain economy, recording a net inflow of $3.2 billion over the past three months — significantly outpacing all other chains. According to Artemis data, Ethereum attracted $15.3B in inflows versus $12.1B in outflows, reflecting strong investor confidence and capital retention despite rising L2 activity.

Notably, several new or emerging chains like Sonic, Unichain, and WorldChain also posted positive net flows, suggesting early adoption or liquidity mining incentives. Conversely, Base, despite high user activity, saw the largest capital exodus among all tracked chains, with sustained outflows indicating that transaction activity is not yet translating into retained capital or sticky TVL.

Base Leads in Activity, But Ethereum Holds Transactional Relevance

When it comes to transaction count, Base has emerged as the undisputed leader, closing the last 30 days with nearly 298 million monthly transactions — a staggering +338% YoY growth. While the surge is partially fueled by social-fi and meme coin activity, it underscores the demand for low-cost execution layers.

Ethereum Mainnet, however, remains resilient with over 40 million monthly transactions, showing steady growth (+20% YoY), which is particularly notable given its higher fees. This suggests that Ethereum continues to attract high-value and serious dApp usage, especially around DeFi and institutional-grade activity.

Meanwhile, Arbitrum One has seen a small drop over the 6-month mark (-5.2%), indicating cooling momentum compared to its L2 peers. Unichain and World Chain show explosive growth figures, but sustainability and actual utility remain key metrics to watch as these ecosystems mature.

Stablecoin Liquidity Still Heavily Concentrated on Ethereum

In the stablecoin arena, Ethereum continues to tower above all networks with an average of $127.83B in stablecoin market cap, up +51% YoY. This cements Ethereum as the liquidity bedrock of DeFi, with USDC, USDT, and DAI activity underpinning lending protocols, onchain treasuries, and tokenized real-world assets.

Arbitrum One, holding $6.26B, has quietly become the leading L2 for stablecoin liquidity, growing +57% YoY, largely due to its DeFi-native user base. In contrast, Base, despite its massive transaction volumes, holds just $3.74B, suggesting that much of its activity is speculative or non-financial in nature.

One major outlier is OP Mainnet, which suffered a -71.7% collapse in stablecoin cap over the past year. Whether this is due to capital rotation or systemic risk aversion will be a key question heading into Q3 2025.

What I’m reading this week 📆

In this section, I curate the week's most impactful DeFi news. This way, you can bypass the chatter on Twitter and concentrate on the essential updates.

• How to use ChatGPT for crypto strategy, signals, and sentiment - read

• Morpho V2, the Top Crypto Lender Seeks to Make DeFi More Like TradFi - read

• ETH Is Mispriced ‘Digital Oil’ That Could Hit $80,000 - read

• How Peter Todd stored bitcoin in his brain wallet - read

• ‘There’s so much opportunity’ in crypto: BlackRock COO - read

Token Unlocks 🔓

• ARB (1.91% of circulating supply) - June 16

• FTN (4.65% of circulating Supply) - June 18

• APE (1.95% of circulating supply) - June 17

What I’m listening this week 🎧

In this section, I feature the week's most compelling DeFi podcasts and videos.

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.

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

This week: One of the most technically advanced DeFi protocols we’ve seen in a while is flying under the radar — and it could be your best shot at yield and an airdrop before Q3.

In this edition of The Weekly Alpha:

• 🚁 The Smartest DeFi Yield Play Right Now (+ Likely Airdrop)

• 📆 What I’m reading this week

• 🎧 What I’m listening this week

• 🔓 Token Unlocks

infiniFi: DeFi’s Best Yield Play Right Now

The Airdrop Meta Isn’t Dead—It’s Evolving

Despite the current slowdown in market activity, it would be premature to declare the end of the airdrop era. On the contrary, airdrops remain one of the most effective mechanisms for decentralized distribution and user acquisition—especially for DeFi protocols aiming to bootstrap liquidity and incentivize governance participation.

As regulatory clarity improves—particularly in the United States under a more crypto-favorable administration—we’re likely to see a resurgence in token distribution strategies. Among them, airdrops continue to stand out due to their dual utility: decentralization of governance and user onboarding.

Airdrops: Still the Most Viable Tool for Decentralized Governance

At their core, airdrops enable protocols to shift governance into the hands of their community. This is critical to avoiding excessive concentration of power among early investors or centralized entities. Done right, an airdrop can democratize protocol control, catalyze network effects, and cultivate a loyal user base.

But execution is everything.

The Incentive Design Problem

One of the most persistent challenges in token distribution lies in aligning incentives—ensuring that recipients don’t simply dump tokens for quick profits, but instead become engaged stakeholders. Ideally, these users will hold tokens, participate in governance, and contribute meaningfully to the ecosystem’s evolution.

However, most airdrops struggle to achieve this. Retroactive rewards often fail to differentiate between high- and low-intent users. Meanwhile, sybil resistance remains difficult to enforce at scale. In short, rewarding users who actually contribute long-term value—without creating perverse incentives or encouraging short-term speculation—is still an unsolved problem in Web3.

Case Study: HyperLiquid L1 — A Post-Airdrop Success Story

One standout example of effective airdrop execution is HyperLiquid L1. As evidenced by their post-token generation metrics, HyperLiquid not only distributed tokens efficiently but also retained user engagement and grew key performance indicators such as trading volume and total value locked (TVL).

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Unlike many protocols that experience a sharp decline post-airdrop, HyperLiquid demonstrated sustained growth. This suggests that with thoughtful distribution mechanics, strong product-market fit, and post-airdrop activation strategies, the "airdrop meta" can still deliver outsized results.

Now, coming to the protocols that I think have a chance to execute well:

infiniFi: A Protocol Reimagining the Deposit-Lending Model

I believe infiniFi has strong execution potential, a newly launched DeFi project on Ethereum mainnet. While still under the radar, its approach to capital efficiency, liquidity management, and decentralized governance is among the most technically sophisticated I’ve seen in recent cycles.

So, what is infiniFi—and why does it matter?

At its core, infiniFi is a fractional reserve staking system—a concept borrowed from traditional banking, but rebuilt using DeFi primitives. Think of it as a decentralized alternative to how banks manage deposits and loans, but without the opaque balance sheets, systemic risk, or reliance on central banks.

What Makes infiniFi Different?

Traditional banks lend out customer deposits and keep only a fraction as reserves, creating a mismatch between what depositors can withdraw at any time and the long-term loans issued by the bank. This "duration mismatch" is why banks can go insolvent during a liquidity crunch.

infiniFi fixes this at the protocol level using:

• Depositor-Led Duration Matching
  Users choose how long they’re willing to lock funds. Longer commitments earn higher yields. This self-ladders capital across durations and eliminates the mismatch problem that breaks banks in TradFi.

• Fractional Reserve Deployment
  Not all assets are locked. Some remain liquid and are deployed into yield-generating protocols (e.g., AAVE), while the rest are used in longer-term strategies—creating an efficient yield curve for depositors.

• On-Chain Governance and Transparency
  All decisions are protocol-driven and governed by smart contracts. There’s no bank manager deciding where capital goes—everything is visible and verifiable on-chain.

• Automated Yield Optimization
  The system intelligently balances liquid and illiquid capital to maximize yield for everyone. Liquid depositors earn more than they would via traditional DeFi lending, and locked depositors earn even more thanks to duration risk.

How iUSD Works

When you deposit stablecoins like USDC or FRAX into infiniFi, you receive iUSD, a yield-bearing stablecoin backed by a mix of liquid and locked strategies:

1. Deposit: Mint iUSD by depositing stablecoins. This base iUSD already earns DeFi yields.

2. Lock: Optionally, lock iUSD for 1–13 weeks to earn higher returns. Each lock position becomes a tokenized ERC-20.

3. Yield Boost: Longer locks enhance system-wide returns by letting the protocol deploy capital into longer-duration, higher-yielding assets.

4. Stability Mechanism: If reserves are temporarily depleted, mechanisms like Curve pools and a future stability pool act as backstops to help maintain peg stability.

Why This Matters

infiniFi’s approach addresses several long-standing problems in DeFi:

• Illiquidity risk is transparently priced and borne by those who choose to take it.

• Capital efficiency is increased through dynamic fractional reserves and automated laddering.

• Governance is fully decentralized, removing any centralized entity from critical economic decisions.

In many ways, infiniFi isn’t just a DeFi protocol—it’s a complete redesign of the banking stack, optimized for transparency, efficiency, and fairness.

Protocol Analytics: infiniFi’s Early Growth Is Outpacing Expectations

Since launch, infiniFi has shown one of the strongest early traction curves we’ve seen in recent DeFi memory.

According to DeFiLlama, Total Value Locked (TVL) has grown rapidly from ~$2.5M on May 28 to over $17.35M as of June 8. That’s a 7x increase in just under two weeks—a clear sign that users are resonating with the protocol’s novel deposit model and yield mechanics.

But TVL alone doesn’t tell the whole story.

Here’s a breakdown of onchain behavior that matters:

• 🟢 iUSD Staked: 7,599,641 iUSD
  This represents users who minted iUSD and are earning base DeFi yields via the protocol’s liquid strategies (e.g., Aave).

• 🔒 iUSD Locked: 4,954,931 iUSD
  This reflects users who opted to lock their iUSD for 1–13 weeks to access enhanced returns from the protocol’s duration-matched strategies.

👉 That’s 65% of iUSD supply actively locked, showing strong early conviction in the protocol’s incentive design and long-term yield profile.

This level of lock-in so early post-launch is a bullish signal for both user stickiness and capital efficiency. It also implies that infiniFi has already established trust in its peg stability, since locked users are voluntarily taking on exit timers.

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What I’m reading this week 📆

In this section, I curate the week's most impactful DeFi news. This way, you can bypass the chatter on Twitter and concentrate on the essential updates.

• Circle hits $75 per share in first-day pop on NYSE - read

• Umbrella reshapes Aave staking - read

• Ethereum Foundation Reorganizes Leadership Around New Roadmap - read

• Hyperliquid-based Felix Protocol Crosses $100M in Outstanding Loans - read

• Gemini files confidential S-1 with SEC in road to IPO - read

What I’m listening this week 🎧

In this section, I feature the week's most compelling DeFi podcasts and videos.

Token Unlocks 🔓

• MOVE (1.96% of circulating supply) - June 09

• APT (1.79% of circulating Supply) - June 12

• STRK (3.79% of circulating supply) - Feb 15

That’s it for this week.

As always, I’ll keep surfacing under-the-radar plays, early token design insights, and signals before the rest of CT catches on.

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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

I deliver insights on the cryptocurrency market, emerging projects, macroeconomic trends, and DeFi directly to your inbox.

In this edition of The Weekly Alpha:

• ✳️ The Abstract gaming ecosystem

• 📆 This week in DeFi

• 🎧 Pocasts of the week

• 🔓 Token Unlocks

Farm the Abstract Airdrop: Top 3 Games to Play Now ✳️

Abstract is an Ethereum Layer 2 (L2) built with ZK-rollup tech for fast, low-cost, and secure transactions—while staying fully compatible with Ethereum’s ecosystem. Unlike other L2s that are laser-focused on DeFi, Abstract is purpose-built for consumer experiences, with an emphasis on gaming, meme coins, and viral social-first apps.

What makes Abstract different? It offers seamless onboarding with smart contract wallets, gasless transactions, and easy social logins, stripping away the usual crypto friction.

The ecosystem thrives on rapid experimentation and community-driven trends, making it arguably the best chain today for gaming and meme coin trading. With over 100+ projects already building viral games and tokens—and features like Panoramic Governance that reward both users and devs—Abstract is quickly becoming the go-to chain for fun, accessible, and sticky Web3 experiences.

In this section, I’ll be sharing the best alpha to help you accumulate XP and potentially become eligible for airdrops—with minimal effort and a small amount of capital by simply playing games.

Capital Needed: $50–$100
Potential Airdrop: $1,000–$50,000+

The airdrop range is wide because it depends on factors like your activity level, the upcoming Abstract token’s tokenomics, and other unknowns. But based on past drops by the Igloo team, if you’re even moderately active, it’s reasonable to expect $1,000+ in rewards.

There are already plenty of tutorials out there explaining how to create an Abstract Global Wallet and deposit funds, so I won’t cover that here.

🔹 1. Bigcoin

Bigcoin is an onchain simulation game on the Abstract blockchain that mirrors Bitcoin mining. Players start by purchasing a facility (using ETH) and get a free basic miner to begin generating $BIG tokens. By collecting more miners, players increase their hashrate, which boosts their share of block rewards—just like in Bitcoin. The game includes reward halvings, facility upgrades, and strategic decisions around miner placement and energy use. Miners can be sold (without earning tokens) to free up space or power for better ones. $BIG used for upgrades is burned, adding a deflationary mechanic.

Get started with Bigcoin here!

Capital Needed to Start Bigcoin

Getting started with Bigcoin is accessible and affordable. Players can begin by purchasing a virtual facility for 0.01 ETH, which serves as the foundation for mining activities. Additionally, each new user receives a free Potato Miner, allowing them to start mining immediately.

For those looking to enhance their mining capabilities, investing in additional miners is an option. However, it's important to note that miners are purchased using $BIG tokens, not ETH. This means that while the initial setup cost is in ETH, subsequent investments in miners will require holding and using $BIG tokens.

Given the low entry cost and the free miner provided, players can begin their mining journey with an initial investment of approximately $20–$30 USD, depending on the current ETH price. This makes Bigcoin an attractive option for those interested in exploring blockchain-based gaming without significant upfront costs.

🔹 2. Gigaverse

Gigaverse is a blockchain-based RPG set in a vast, endless multiverse where players explore, fight, and level up. The game combines easy-to-learn turn-based battles with retro-style pixel art for a nostalgic feel. As you progress, you earn experience points and unlock new skills and items. Unique NFTs let you customize your character and gain extra perks. Plus, Gigaverse uses the Abstract Global Wallet, making it simple to start playing without hassle.

Get started with Gigaverse here!

Capital Needed to Start Gigaverse

You can begin your Gigaverse adventure by minting a Giga Hero NFT for about 0.0037 ETH (roughly $6–$7 depending on ETH price). This NFT acts as your character to enter the game.

There are also optional ROM NFTs that provide daily energy boosts and special rewards; these typically cost around the same but may be sold out or only available on secondary markets.

To enhance gameplay, you can buy Giga Juice power-ups that boost your energy and give other bonuses. Prices for these range from about 0.004 ETH to 0.038 ETH depending on the duration and tier.

Overall, you can expect to start playing Gigaverse with an investment around $20 to $30, making it a low-cost entry into blockchain RPG gaming.

🔹 3. Death.fun (Risky game ⚠️)

Death.fun is a simple but risky gambling game on the Abstract blockchain. If you’re prone to gambling addiction, it’s best to avoid it.

The game’s pretty straightforward: you click on boxes one by one. If you avoid clicking on the “skull” box, you keep winning more ETH with each safe click. But if you hit the skull, you lose everything. Because it’s fast and can be addictive, this isn’t financial advice — just a fun way to maybe farm some Abstract airdrop rewards if you want to risk a little capital.

The math behind the game multiplies your winnings based on how many safe boxes you click, minus a small house edge of 5%.

🎮 Get started with Death.fun here!

Death Points:
You earn Death Points every time you play—whether you cash out or bust. Points are calculated by multiplying the amount of ETH you risk by 150. For example, if you risk 1 ETH in a game, you earn 150 Death Points, even if you hit a skull and lose. These Death Points will be used for future rewards within the Abstract ecosystem.

Capital Needed: Just about 0.001 ETH to start playing.

Final Thoughts
There’s a whole world of games to explore on Abstract beyond just these few — and I’m always discovering new gems!

The best part? You don’t need to be a blockchain expert or have a huge budget to get started. Abstract’s gaming ecosystem is designed to be easy and fun for beginners — no complicated DeFi strategies, just straightforward games where you can enjoy yourself and gradually accumulate XP with low capital.

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What I’m reading this week 📆

In this section, I curate the week's most impactful DeFi news. This way, you can bypass the chatter on Twitter and concentrate on the essential updates.

• Hyperliquid whale losses near $100M after Bitcoin dips below $105K - read

• Polygon preps a DeFi-focused chain to showcase AggLayer - read

• Avalanche Activity Hits All-Time High as MapleStory Marketplace Takes Off - read

• Ethereum Foundation Moves Deeper Into DeFi with $2 Million GHO Loan - read

• Stablecoin Protocol Resolv Launches Governance Token With Airdrop - read

• Up 50% in Three Weeks, Ethereum’s Sustained Rebound Is Mostly Thanks to Pectra - read

• The LOUD token sale has ended, and users are expected to receive 225,000 and 56,250 LOUD in both phases - read

• Bitcoin Booms and DeFi Soars in May 2025 - read

What I’m listening this week 🎧

In this section, I feature the week's most compelling DeFi podcasts and videos.

Token Unlocks 🔓

• ENA (0.70% of circulating supply) - June 02

• EIGEN (0.42% of circulating Supply) - June 03

• MOVE (1.96% of circulating supply) - June 09

Wrapping up for this week.

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

I deliver insights on the cryptocurrency market, emerging projects, macroeconomic trends, and DeFi directly to your inbox.

In this edition of The Weekly Alpha:

• 📈 The state of the market

• 📆 This week in DeFi

• 🎧 Pocasts of the week

• 🔓 Token Unlocks

The state of the market 📈

It has been a challenging few weeks since the election of Donald Trump, primarily due to tariffs and market uncertainty, which has led to a correction in the crypto market.

The most affected coins are, unsurprisingly, those with weak fundamentals, such as memecoins and many AI-focused coins that were likely overvalued in the short to medium term.

The Memecoin Market

I understand this may be an unpopular opinion, but for the market to regain its health, 99% of memecoins need to disappear. The pump-and-dump dynamics have attracted many bad actors, similar to what we've seen in previous bull markets, and we all know how that typically ends.

DeFi Fundamentals

As a DeFi power user, I believe that the fundamentals are strong and that DeFi continues to thrive, especially on Ethereum. While Ethereum may not be the best-performing Layer 1 in terms of current price action, it is, in my opinion, the best long-term investment. Solana, with its highly centralized and monolithic architecture, is unlikely to sustain long-term growth. Simply increasing block size does not address fundamental issues, and there are other Layer 1 solutions with similar levels of centralization, such as SUI and others.

For those like me who use DeFi to slowly accumulate more tokens through yield generation, Ethereum offers the best long-term guarantees. Over the years, I have seen many speculative bets and gambling-like investments, such as EOS, come and go.

Final Thoughts

I am convinced that this is not the end of the bull market, even though it is playing out differently this time. Liquidity is not rotating from Bitcoin to altcoins due to traditional finance (TradFi) investors bringing liquidity to Bitcoin off-chain via ETF inflows.

I believe there is still a strong place for DeFi and some altcoins. However, the current situation, with thousands of new tokens being created daily in a pump-and-dump casino-like environment, is not sustainable. There simply isn't enough liquidity to support this, and it is not healthy for the market, especially after the Melania launch. I think we need a reset and a return to fundamentals if we want to see another leg up in the bull market.

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What I’m reading this week 📆

News 🗞️

In this section, I curate the week's most impactful DeFi news. This way, you can bypass the chatter on Twitter and concentrate on the essential updates.

• Tornado Cash developer Alexey Pertsev leaves prison custody - read

• MegaETH defies airdrop farming craze, dives headfirst into NFTs - read

• Ondo Finance to Launch RWA-focused Layer 1 Blockchain - read

• DeFi Lenders Processed Nearly $300 Million of Liquidations on Feb. 3 - read

• Why DeFi Will Benefit From Trade Wars - read

What I’m listening this week 🎧

In this section, I feature the week's most compelling DeFi podcasts and videos.

Bell Curve: Market Volatility, Stablecoin Regulation, and Saylor’s Next Move

The Rollup: How AI x ZK Will Power A New Era of Crypto with Scott Dykstra

When Shift Happens: Why Crypto AI Agents Won’t Take Over The World

Bankless: The U.S. Crypto Task Force Is REAL! Their Bullish Plans For 2025 Explained

the defiant: The Ethereum Controversy: What's Next for the Foundation?

Token Unlocks 🔓

• BERA (12.08% of circulating supply) - Feb 10

• EIGEN (0.55% of circulating Supply) - Feb 11

• ATH (10.21% of circulating supply) - Feb 12

Wrapping up for this week. For daily DeFi updates, follow me on Twitter

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

I deliver insights on the cryptocurrency market, emerging projects, macroeconomic trends, and DeFi directly to your inbox.

In this edition of The Weekly Alpha:

• ✳️ The bullish case for Abstract

• 📆 This week in DeFi

• 🎧 Pocasts of the week

• 🔓 Token Unlocks

The bullish case for Asbtract ✳️

When discussing the current crypto landscape, it's essential to filter out the noise—particularly the explosion of unsustainable meme coins flooding the market. Beyond this chaos, one of the biggest challenges facing crypto adoption is user experience. Interacting with blockchains often involves confusing signature requests, leaving users uncertain about what they’re approving. It’s clunky, unintuitive, and a significant barrier to broader adoption.

Solana attempted to address these UX issues, but the chain has become largely driven by speculative meme-coin trading. This reliance on “casino economics” raises concerns about long-term sustainability.

In contrast, Abstract—a new Layer 2 solution built on Ethereum with the zk-stack—presents a compelling vision for the future. Although currently at stage 0 of decentralization, Abstract has ambitious goals to become a fully permissionless Layer 2. While that journey will take time, it’s a long-term project worth paying attention to.

Why I’m Bullish on Abstract

The primary reasons for my optimism are Abstract’s focus on user experience and its strong community.

Seamless Login with Account Abstraction

Abstract utilizes account abstraction with a Privy login system, allowing users to bypass cumbersome signature requests. This creates a smooth, user-friendly onboarding experience that drastically lowers entry barriers for newcomers.

Discovery Dashboard

Abstract offers an excellent dashboard where users can discover new apps, interact with the blockchain, and earn points weekly through streaming activities. This design keeps the experience approachable, preventing users from feeling overwhelmed by the myriad of decentralized applications (dApps).

Overcoming the Crypto-Native Bubble

While many crypto-native users will likely flock to Abstract in hopes of a future airdrop, the real challenge lies in attracting non-crypto natives. To succeed, Abstract must continue refining its seamless user experience. I’m confident that Luca and the Abstract team are up to the task.

Abstract reminds me of Infinex in its near-consumer-ready approach to blockchain interaction. For blockchains to deliver real value, they should function primarily as backend infrastructure, providing sufficient decentralization to safeguard against the rising tide of authoritarian regimes. Even though this may not seem urgent in the West, laying a strong foundation now is crucial.

The Streaming Experience: A Genius Move

Initially, I was puzzled by the inclusion of a streaming feature on the Abstract dashboard. However, upon reflection, it’s a brilliant marketing strategy. Why? Users can directly tip content creators with Pengu, ETH, or USDC, with funds going straight into creators' wallets. This functionality could attract a new, non-crypto-native audience looking for alternative income streams.

In the long run, this could create a snowball effect, drawing in content creators who bring fresh audiences unfamiliar with blockchain technology. Abstract would be wise to secure partnerships with major non-crypto content creators once the streaming platform stabilizes.

Final Thoughts

Overall, the user experience on Abstract is impressive. The tipping system is smooth and intuitive, giving practical utility to the PENGU token. Abstract’s thoughtful approach to UX, combined with innovative features like streaming and tipping, positions it as a strong contender for mass adoption in the blockchain space.

There’s still work to be done, but Abstract’s foundation is solid. If it continues on this trajectory, it could become one of the most user-friendly and impactful ecosystems in crypto.

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What I’m reading this week 📆

News 🗞️

In this section, I curate the week's most impactful DeFi news. This way, you can bypass the chatter on Twitter and concentrate on the essential updates.

• Uniswap v4 launches on 12 chains - read

• Ethereum’s native rollups promise trustless scalability - read

• Hyperliquid Flips Ethereum in Fees and Revenue as Token Rallies - read

• Venmo Co-Founder Releases Fair-Launch Token for New Platform - read

• Strategic Bitcoin reserve: Not only for countries but for protocols - read

What I’m listening this week 🎧

In this section, I feature the week's most compelling DeFi podcasts and videos.

The Rollup: 2025 Crypto & AI Predictions with Haseeb Qureshi

Bankless: Bitcoin on the US Balance Sheet?! Trump’s Crypto Stockpile Explained

Scott Melker: Bitcoin Will Crash Before It Skyrockets To $250K!

Bell Curve: DeepSeek’s Impact, the JellyJelly Launch, and Crypto Payments

Token Unlocks 🔓

• XDC (5.36% of circulating supply) - Feb 05

• MOVE (2.17% of circulating Supply) - Feb 09

• APT (1.97% of circulating supply) - Feb 10

Wrapping up for this week. For daily DeFi updates, follow me on Twitter

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

I deliver insights on the cryptocurrency market, emerging projects, macroeconomic trends, and DeFi directly to your inbox.

In this edition of The Weekly Alpha:

• 🧑‍🌾 Actionable DeFi Strategie On Base

• 📆 This week in DeFi

• 🎧 Pocasts of the week

• 🔓 Token Unlocks

Liquid Bitcoin Staking With Lombard Finance

One of my strategies over the years has been to use DeFi protocols like AAVE and Aerodrome Finance to accumulate more Bitcoin. The reason for this is that I consider Bitcoin to be my savings account. Given its fixed supply and sound monetary policy, I continue to believe that Bitcoin is the superior store of value.

This week, I want to introduce you to Lombard Finance, an LST (Liquid Staking Token) for Bitcoin on EVM blockchain.

Why Lombard Finance?

Lombard Finance is built on Babyblone, and by holding LBTC, you can earn a native yield from Babylon Staking. To put it simply, think of it as Lido’s Staked ETH, but for Bitcoin. Essentially, you’ll be putting your BTC to work through Lombard Finance.

LBTC is backed 1:1 by native BTC, but what makes it interesting is that by holding LBTC, you can also use it on DeFi protocols like AAVE.

By holding LBTC, you’ll earn LUX points, and I won’t lie—the potential for an airdrop is an added incentive. However, I truly believe that earning yield on my Bitcoin is a game changer.

Available EVM chains for LBTC:

• Ethereum

• BNB

• Base

• Corn

• Swellchain

To acquire LBTC, you can swap for it on platforms like Uniswap or Aerodrome Finance, or stake native Bitcoin to receive LBTC in return. You can also unstake your LBTC to get your native Bitcoin back.

Since its launch, Lombard Finance’s TVL has been growing exponentially, currently reaching $1.979 billion.

So, in addition to the airdrop speculation, there’s a real demand for earning yield on Bitcoin, and the protocol is gaining significant popularity, especially with the rising Bitcoin price.

Subscribe now

What I’m reading this week 📆

News 🗞️

In this section, I curate the week's most impactful DeFi news. This way, you can bypass the chatter on Twitter and concentrate on the essential updates.

• ZachXBT rug pull drama reveals extent of unpaid detective work - read

• Bitcoin bull market at risk? 7 indicators warn of BTC price ‘cycle top’ - read

• Magic Eden Unveils No-Code NFT Launchpad - read

• Clout.Me Blends Social-Fi with Memecoins - read

• THORChain halts withdrawals amid $200M insolvency - read

• Ethereum’s native rollups promise trustless scalability - read

What I’m listening this week 🎧

In this section, I feature the week's most compelling DeFi podcasts and videos.

Bell Curve: Crypto's Speculative Phase & Ethereum's Mass Reform

Unchained: Why Ethereum’s New Marketing Arm Is Convinced Wall Street Will Adopt ETH

The Rollup: America’s Crypto Golden Era with Stani Kulechov and Omer Goldberg

Empire: The Real Strategy of Optimism's Superchain | Ben Jones & Ryan Wyatt

Token Unlocks 🔓

• OP (2.32% of circulating supply) - Jan 31

• SUI (2.13% of circulating Supply) - Feb 01

• EIGEN (0.55% of circulating supply) - June 28

Wrapping up for this week. For daily DeFi updates, follow me on Twitter

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