@standuquesne backing https://t.co/AAjXETjHDT. @drwconvexity long $HYPE. Hyperliquid just passed 3 million traders. Priority fees alone generated ~$4.2m over the last 30 days, burned in HYPE, alongside its trading-fee-funded buybacks. The interesting crossover is bringing more assets, traders and market makers onto infrastructure that captures the economics of their activity. Hyperliquid is doing an enormous amount of heavy lifting for crypto’s investment case.
I think the faster you accept that BTC will not be the bellwether of crypto forever the faster you will research novel protocols that could eventually unseat it.
bittensor:native needs to enter the buyback and burn conversation. Keep in mind this coin traded above $700 when none of this was true. Granted there have been a lot of new tokens issued but the buybacks are slowly starting to eat into that.
Prices getting tapped back but commercial activity on Bittensor bittensor:native keeps developing. Targon (SN4): -Roughly $580k in reported 30-day platform revenue in mid-October -Revenue-funded SN4 buybacks: 2,000 TAO worth announced in May, another 550+ in August -New Bare Metal servers and Sandboxes for developers and AI agents The buybacks matter because paying customers are funding purchases of the subnet’s token. Product usage translating into token demand. And Targon is one example of a broader subnet trend. Lium announced a 2,500 TAO buyback and burn funded by GPU sales. SubConnect’s October update put annualized subnet revenue above $50M, up from $32–35M a month earlier. Falling token price doesn’t automatically mean a deteriorating business. Customer demand, revenue and product development can improve while the market sells off.
Canton just voted to close a major gap in $CC’s economics. Today, institutions using dedicated Canton infrastructure pay licensing fees to Digital Asset. Zero CC burned for that traffic. Universal Burn replaces those licenses with fees paid in $CC and permanently burned. Example scenarios: 1,000 transactions/sec → ~$2B annual gross burn 10,000 transactions/sec → ~$9.9B annual gross burn Those assume sustained volume at discounted fees of 6.25¢ and 3.125¢ per transaction. Final pricing still needs another approval. Same issuance but a broader base of activity burning CC. Implementation targets Q1 2027; standardized discounts target Q3 2027. A direct economic link between institutional usage and the token.
this is what $NEAR has accomplished since its 2022 ATH: -shipped Intents: $33B+ in cumulative swaps across 36 chains -turned on the Intents fee switch, directing a portion of Intents revenue into $NEAR buybacks -shipped Chain Signatures so NEAR contracts can transact across other blockchains -upgraded sharding and cut block times to 600ms -launched Confidential Intents for private cross-chain swaps -launched NEAR AI Cloud and Private Chat -cut maximum annual inflation from 5% to 2.5% -completed the original token unlock schedule the argument has gone from “nobody uses it” to debating how much value all that usage captures. different fundamentals now
The cypherpunk dream has never been more real. You can deopsit $ZEC (unshielded) into $NEAR intents, fund a dedicated $HYPE account, trade perps on crypto and public equities with leverage and then exit to shielded $ZEC.
$BTC is an institutional asset at this point. Even $ETH. Part of the reason $ZEC and $NEAR feel so exciting, it’s a new day for crypto natives as the incumbents become the institution.
The Bittensor people remember from 2024 barely exists anymore. When solana:taoC6xyv2v8tDLcev4uaGUgV4vdQsWJrGft2kcBRrBY topped $700 in March 2024, there were roughly 32 subnets, emissions were allocated through Root validators, there were no subnet tokens and most activity revolved around miners competing for TAO. Today there are 128 subnets spanning inference, compute, coding, data, prediction and scientific research. dTAO created an internal capital market where holders can price individual subnets. Some teams are generating outside revenue and using it for buybacks. Daily TAO issuance has been cut in half, while ownership and institutional access are materially broader than in 2024. And the network is accelerating again. V440 makes emissions more selective, directs rewards toward subnets attracting real demand and lowers the economic barrier for new teams to enter. That clears the way for Bittensor to support more subnets without simply diluting the strongest ones. In 2024, TAO was primarily scarcity plus a vision. Today it is scarcity plus 128 competing AI markets, with capital actively searching for the ones creating real value. Same ticker. Completely different network.
Crypto is finally learning that every project does not need to rebuild the entire stack. Venice owns the user experience and base:0xacfe6019ed1a7dc6f7b508c02d1b04ec88cc21bf /DIEM economy while NEAR AI Cloud supplies part of its verifiably private inference infrastructure. L()NG builds markets like $AI/NVDA and $MOO/MU using Uniswap v4 and Doppler hooks, then layers stock pairings, fee-funded vaults and supply sinks on top. solana:3M6cMH5vxR8sHVGSMXUT4rYyLH1Z7UcQweVVerm8pump keeps its differentiated pair and basket-trading UX, analytics, agents and automation while routing execution into Hyperliquid’s order book. Its planned token migration to Hyperliquid spot and HyperEVM adds native distribution, composability and more efficient buybacks without Pear giving up what makes the product valuable. The application keeps the customer and differentiated product. The underlying protocol supplies compute, liquidity or execution and gains usage and volume. These are only a few examples. The onchain economy is starting to look less like isolated projects fighting to own every layer and more like specialized protocols making one another stronger. Crypto is finally becoming an economy, not a collection of islands.
