Everyone’s asking whether 12% is sustainable. For @EthenaPay Earn+, I think that’s the less aspect. The 12% isn’t really what $ENA Pay is selling here. Pay still has a waitlist of 10,000+ against roughly 1,400 active users, and the top rung of that ladder is a far easier sell than cashback. What I like is who’s footing the bill. Not new ENA emissions, which ended in September. As far as I can tell, it’s mostly yield Ethena already earns on USDe’s backing, handed back to depositors, with Avalanche covering part of the rest. Cheap acquisition, capped at $4.5M while they learn what demand looks like. And every dollar that goes in sits as USDe, nudging supply ($4.53B today) toward the $7.5B tier where buybacks switch on. The real metric is whether those savers increase spending volume via Ethena Pay. If they do, this could be their cheapest growth lever.

Though the CFTC has a 180-day window I do think (and hope) they’ll accelerate the process as quick as possible Choose your fighter(s) - perps like $LIT are probably the cleanest and easiest trades of this cycle Perps/acc

TL;DR: @aeroxyz’s Momentum Fund is the largest sAERO holder in the ecosystem. It never sells. Every $AERO it manages stays staked and earns exchange revenue like any other position. That revenue pays for everything else. It can: > Hold in reserve > Buy back $AERO > Pay builders Buybacks are discretionary and the fund accumulates when markets are strong and spends more when AERO trades below its historical range. No fixed schedule reduces front-running. Bought-back AERO can be restaked (to earn more revenue later) or burned (to cut supply). The Fund can also burn sAERO directly which ends the position’s claim on revenue, and its share goes to the remaining holders. Pretty neat mechanism here → permanent stake, revenue-funded flexibility, and the ability to shrink supply when it makes sense

I think we just gave tradfi another little correction to load up before we send higher - sometimes, stuff like this marks the near bottom "Surely, they're appeased now...right?" Jokes aside, its the best time to observe the extent of the recovery and study resilience of your current bags $HYPE is truly unbothered $NEAR is bouncing quite well $AERO looks even juicier at this price $ZAMA and $NIL looks technically primed for a breakout

Hyperliquid kept its EVM slow on purpose? HyperEVM’s tight gas limits protect HyperCore, but they left spot markets, market-making and most of DeFi with nowhere fast to live. Kinetiq’s @Enter_Elysium is going live soon to fill that gap. > Arbitrum Orbit L2 that settles to HyperEVM, pays gas in $HYPE, and targets 300 Mgas/s at 100 to 200ms blocks > Built to send its winners back into HyperCore order books and later HIP 3 perps > USDC and HYPE parked on Elysium count toward the AQA-v2 burn, hedging demand creates perps flow on HyperCore, and 50% of sequencer fees fund $KNTQ buybacks There’s a catch, though. HyperCore hooks land about four weeks after mainnet, so for its first month Elysium has to hold liquidity on its own. Here are 50+ apps betting it can 👇

Most DePIN tokens are a story still looking for revenue. $GRASS has the reverse problem → a business already selling to frontier labs, and a token that isn’t yet wired to most of what it earns 1) The edge > 8.5M+ users’ home connections across 190+ countries reach sites that block datacenter proxies > Data sold as training sets to frontier labs, Mag7 names and private AI companies 2) The business > $17M revenue in 1H26, roughly 6x year-on-year > FY26 guided at $65–75M against $2–3M of monthly expenses 3) Contents API & LCR model > Turns any public URL into model-ready text for agents, which moves GRASS from one-off dataset sales towards recurring, per-request demand > Grass’s own test: 97% retrieval vs 84% Firecrawl, 76% Parallel, 66% Exa. >4M+ requests a day shortly after launch. 4) The valuation > @FalconXGlobal base case: ~$165M revenue in 2027, ~$355M in 2028, with live retrieval near 40% of it > $GRASS trades at ~10x FDV to FY26 guidance, below historical private AI data peer multiples 5) The bear case > Most revenue gets reinvested - buybacks so far are small and discretionary > USDC node payouts kill emissions sell pressure but give the token no/arbitrary role in payments > The benchmark is self-run on 100 sites and unverified > Foundation-held supply makes the real FDV higher than the headline The play underneath it is that @grass routes a formal share of cash flow to the token while it still trades at a discount to its peers.

Seeing some boycotting of $PUMP and even leaked(?) messages on how its structured to be What we know: > @Pumpfun IS designed to be extractive > casino mechanics shaped into another form in crypto > raised huge and hence a huge marketing budget for rewards and KOLs > gave us good runners and also bad features (ridiculous live stream stuff) Yet despite all these it still remains the dominant volume platform on Solana, and with the amount of revenues its generating, it continues snowballing its position with what it can offer. Tough to take the degen out of crypto, cause who is here/will remain for the 'gud tek'? (Data: @Blockworks )

For BTCFi to succeed it needs: > Real borrow demand for BTC (not just another $15B sitting as idle collateral in $AAVE and $MORPHO markets) > Yields paid in BTC by actual borrowers, not temporary incentives or reward tokens like $BABY, $BARD or $SOLV emissions which is common phenomenon > Utilisation that gets meaningfully above the current ~3% in most lending markets > Products that answer who pays, who takes first loss, and how you exit w/o the rate collapsing when the campaign ends The $15B number looks big until you see almost none of it is actually being borrowed. Alternatively, the @Two_Prime Axiom WBTC Yield Vault is an interesting proposition, where Two Prime will absorb the first loss with 150 WBTC of its own capital.

Hence not actually a good thing if your tokens are shilled by him Higher for $ENA Higher for $UNI Higher for $ETHFI Higher for $AERO Higher for $PENDLE Higher for $ZAMA

A higher $AERO price buys the same LP rewards with fewer tokens, so this number moves with the chart as much as with the design. @aeroxyz now budgets rewards in dollars, capped against each pool’s projected revenue. Anything above the cap never gets minted - that is how the first day came in under the ~8% projection. The same rule cuts the other way. If $AERO falls, the dollar budget needs more tokens, and inflation rises just when holders feel it most. The Momentum Fund is built to offset that. It holds reserves while AERO trades strong and deploys them when AERO sits below its historical range, where each dollar retires more supply. Issuance and buybacks both respond to price, in opposite directions. The old fixed schedules ignored price on both ends, minting the same amount at the top and ran buybacks on a timetable anyone could front-run. Surely, one day is a thin sample. The sharper test comes in a drawdown, when the emission rate climbs and we find out whether the buybacks keep pace.