Top 40 protocols by revenue over the past month, all growing while the market bled. A list: 1. Collector Crypt: $17M (+25%) 2. Polymarket: $17M (+7%) 3. Paxos: $9.7M (+6%) 4. Ripple USD: $7.4M (+4%) 5. Lighter: $5.1M (+15%) 6. Aave: $5.0M (+2%) 7. ORE Protocol: $4.4M (+69%) 8. GMX: $4.2M (+74%) 9. Lido: $3.5M (+9%) 10. Fidelity Crypto Fund: $3.3M (+0%) 11. tradeXYZ: $2.5M (+27%) 12. Curve Finance: $2.2M (+39%) 13. Predict Fun: $2.1M (+61%) 14. Trust Wallet: $2.0M (+14%) 15. Base App: $1.8M (+19%) 16. Arcus: $1.7M (+138%) 17. Maple Finance: $1.6M (+7%) 18. TxFlow: $1.5M (+100%) 19. BeaverBuild: $1.5M (+21,008%) 20. Solv Protocol: $1.3M (+2%) 21. Spark: $1.3M (+21%) 22. Veda: $1.1M (+9%) 23. Venice: $1.0M (+25%) 24. TRONSAVE: $948K (+6%) 25. Sentora: $741K (+4%) 26. Quasar Builder: $738K (+79%) 27. nest: $695K (+8%) 28. Rabby: $678K (+9%) 29. HyperDash: $667K (+153%) 30. Spiko: $569K (+7%) Context: BTC, ETH, and SOL are down 9%, 15%, and 22%. Total DeFi TVL is down 12%.

Inflows and outflows of tokenized assets over the past month are quite telling. $ETH -$1.4B $SOL +$833M Ethereum is clearly losing its monopoly over tokenized assets. https://t.co/erl0K3w7II

Everyone's asking, "where's the bottom?" Better question: who's the marginal buyer? If you can't name the buyer, you can't call a bottom.

I think @EtherFi's evolution from a liquid staking protocol into a full-fledged neobank has been one of the wisest moves of this cycle. 6 months ago: - Staking revenue: $121k - Card revenue: $965 Today: - Staking revenue: $197k - Card Revenue: $525k Most impressively, Etherfi is generating this with only 5% of the TVL. I own $ETHFI

This is $PUMP aligned. Paired to every chain the Pump app has enabled.

$AERO's first week as one DEX shows why the merge happened. Tokenized stock volume last week: → Aero $416M → Uniswap $395M → metric $244M → Raydium $196M Wonder what the first month will bring.

I think people are really underestimating how much of an effect perps will have on onboarding new users. $37.5M -> $375M 🔜 https://t.co/p8tw3QcJCW

158 protocols earned over $1M in fees in the last 30 days: $2.28B combined. But only 42 of them shared revenue with token holders. Over the past 30 days: - Hyperliquid: $64.47M - Papertrade: $60.00M - Pump: $30.73M - Aero: $7.75M - Uniswap: $7.60M - StonkFun: $6.68M - Sky: $5.73M - GMX: $4.44M - Pons: $4.31M - Chainlink: $4.25M - ORE Protocol: $3.74M - Lighter: $2.75M - PancakeSwap: $2.74M - Aster: $2.51M - BONKdotfun: $2.41M - Lido: $2.25M - Pharaoh Exchange: $2.24M - Jupiter: $2.14M - NEAR Protocol: $2.04M - Raydium: $1.95M - Curve Finance: $1.68M - Venice: $1.00M - Convex Finance: $890K - PaperStrategy: $752K - edgeX: $618K - Fake World Assets: $521K - RamsesX: $408K - Spark: $394K - Chainflip: $386K - Orca: $373K - Marinade: $219K - TokenWorks: $212K - Meteora: $206K - Venus: $183K - Collector Crypt: $177K - Maple Finance: $142K - Kinetiq: $130K - THORChain DEX: $30.1K - Lista DAO: $21.1K - Graphite Protocol: $7.9K - Swell: $5.1K About 10% (~$229M), the space is growing up but still has a long way to go.

Something I see continues to be underreported across CT is how integrated $STRC is across DeFi. For comparison: - All tokenized stocks, ETFs, and indices sit at ~8.2% utilization. - $STRCon (Ondo): 77.9% - $STRCx (xStocks): 32.5% The two STRC tokens are 5.6% of the tokenized stock value and 30% of what's deployed in DeFi. Impressive.

$CARDS is a bet on the acceleration towards a fully tokenized economy. - $5.2M in fees over the last 7 days, +43% WoW. - Annualized $218M against a ~$318M market cap, so a P/S of 1.5x. This is not a collectibles play; it's a play on a world where everyday items are tokenized. This is what NFTs should have been.