yyy

Trump has only done a little something on top of the existing situation rather than helping in a time of need.

To bring Hyperliquid into the US market.

iykyk.

#Hyperliquid $HYPE

A certain top-tier, high-performance L1 chain raised funds last year through a well-known launchpad, with its tokens set to unlock linearly after a one-year lockup.

Investors finally made it through the lockup period, only to see the token price get slashed. And then, to make matters worse, the project team and the launchpad started passing the buck back and forth, leaving investors unable to get their tokens.

$FOGO

We’ve spotted an unusual revenue surge for the niche multichain privacy protocol @NullMaskio. Its protocol revenue over the past 24 hours, 7 days, and 30 days has flipped past a number of established privacy apps, including Railgun, Tornado Cash, and Privacy Cash.

Its 30-day protocol revenue reached $1.12M, far ahead of @RAILGUN_Project, which ranked second with $376K in protocol revenue over the same period.

Yet Nullmask’s market cap is just one-seventh of Railgun’s.

#RAILGUN #Privacy

Good news:
@ritualnet is blooming again—airdrop at mainnet launch

Bad news:
You are not eligible.

The $RITUAL airdrop accounts for just 0.5% of the initial supply, and it was revealed that only 852 addresses qualify.

#RitualAI

Just 5 days ago, I was adamant that @soneium wouldn’t launch a token anytime soon. Today, I’ve been proven spectacularly wrong.

Sony-backed L2 chain Soneium just announced that it’s positioning itself as the infrastructure for an onchain entertainment economy, and plans to issue its native token, $SONEIUM, as the core asset of its economic layer.

Earlier, Soneium announced that it would use @Optimism’s enterprise-grade, fully managed services, outsourcing all underlying chain operations to OP. I’d imagined every possibility—except that this was very likely preparation for a token launch.

Leave professional chain operations to the pros, so you can focus on the big things: launching a token.

#Soneium $OP

A side-by-side comparison of @aeroxyz and @metricxyz on Robinhood Chain reveals something interesting:

Aero protocol TVL is $3.3 million, with $36 million in 24h spot trading volume;
Metric protocol TVL is $7.31 million, with $17 million in 24h spot trading volume;

Metric's protocol TVL is 2.2 times Aero's, while its 24h spot trading volume is less than half as much.

So smart traders are selectively abandoning the DEX with better depth and transparent swap-point incentives, and going to Aero to help the poor?

Can't rule it out.

#Aero $AERO

The team behind Aero really knows how to play the game:
They used a one-two punch of sky-high headline APRs and wash trading in spot swaps to launch on Robinhood Chain.

The APR shown for LPs is the theoretical APR for an extremely narrow CL100 range, which is why it can easily exceed 1,000%—but a price move of more than 1% will push you out of range;

Just two days after launching on RH Chain, its spot trading volume had already overtaken Fables and Metric. A DEX with only $3.6M in TVL somehow did $39M in spot trading volume in 24 hours. I find it hard to believe the team isn't wash trading;

Aero really understands how to get a DEX off the ground when launching on a new chain.

#Aero $AERO

A turbulent time for public blockchains: L2 chains are shutting down one after another, while L1 chains are being hacked frequently.

Another L1 chain, @initia, was just attacked by hackers and has halted block production.

The hackers exploited a bug related to MoveVM on Initia L1 to mint tokens without limit, then drained the liquidity of real reserves on the Ethereum side through a cross-chain bridge.

So far, the hackers have drained $2.6 million in liquidity from assets bridged to and from Initia.

Initia has a total TVL of just $5.8 million across its entire chain, meaning the hackers have indirectly drained nearly half of the chain's liquidity.

#Initia $INIT

The Robinhood Chain DEX race is heating up:

Besides Uniswap, the widely recognized leader, it’s still unclear who will claim the runner-up spot.

After its TGE, @fablesfi retained liquidity with high-emission incentives; @metricxyz copied Fables’ playbook, launching points and referral rewards; and @aeroxyz deployed across multiple chains to establish a foothold on Robinhood.

What’s remarkable is that these three different moves by three DEX protocols all happened on the same day.

#robinhoodchain $UNI $AERO

I just noticed that the banner on Optimism’s official X account has been changed to @soneium.

Even @base, which was once a walking advertisement, never got this kind of treatment. What has Soneium, incubated by Sony, done to deserve it?

Turns out Soneium uses OP’s enterprise-grade, fully managed services, outsourcing all the chain’s underlying operations and maintenance to OP—and has now become OP’s biggest client.

That said, Soneium’s on-chain data is really hard to look at. DeFi TVL across the entire chain is down to just over $5M, a 98% drop from its peak.

OP has undoubtedly set its sights on the prestige of a major corporation like Sony. It’s unlikely that Soneium will issue a token anytime soon.

#Sony #OP $OP

After lying dormant for 2 months, the hacker behind the Drift theft has started transferring the stolen ETH into Tornado Cash to mix it.

The stolen funds will likely be extremely difficult to recover. The Drift team saw this coming and completed its post-hack recovery months ago, rebranding as @VelocityDEX.

Even more ironically, the DFX bond tokens Drift previously issued to affected users are still trading at a 3.5x premium.

#DRIFT #TornadoCash.

The ecosystem on Arc, the star L1 chain backed by Circle, is actually quite fragmented.

The chain has a DeFi TVL of as much as $526 million, with over 90% of it contributed by just two major lending protocols: Morpho and Aave.

This fragmented capital structure effectively squeezes other ecosystem apps out of the market. Over the past 24 hours, all the ecosystem applications on the chain generated a mere $5,000 in app revenue.

As for whether the on-chain ecosystem is attractive, I think users have already voted with their feet.

#ArcChain #Circle

Demystifying technology is a must-learn lesson for every crypto newcomer.

The top ZK technology has taken the hardest beating, and ZKsync has provided a textbook case of what that looks like.
Arbitrum’s Orbit: at least Robinhood Chain is still lending it some credibility;

Optimism’s OP Stack: even after Base left, it still has L2 chains like Ink and Unichain that are worth showing off.

Only ZKsync’s ZK Stack:
From Cronos zkEVM to Abstract and now Sophon, they’ve all been wiped out.

#Zksync $ZK

It’s only been about 10 days since Abstract announced it was shutting down, and now its fellow sufferer @Sophon has followed suit.

The two flagship projects in @zksync’s tech stack, ZK Stack, have both fallen one after another. ZK Stack has been proven a failure.

A look at Sophon L2’s on-chain data over the past 24 hours:
Chain Fees: $0
Chain REV: $0
Active Addresses: 0
Total Chain TVL: $15K

Sophon’s founder, former ZKSync DeFi director @0xsseb, has gone silent on X, quietly fading into obscurity.

#Zksync #sophon $ZK $SOPH

No public-chain project team knows how to run token-splitting schemes better than Polygon.

Several token-splitting projects that had their TGE on Polygon this year:
Katana, Billions, and Tria have all fallen outside the top 1,000 by market cap.

#Polygon $POL

The greatest narrative is the one that ropes in the most people.

StarkNet knows this well.

#STARKNET $STRK

Robinhood Chain's TVL has climbed even higher, flipping Hyperliquid L1 and breaking into the top 8.

The only chain above it is Arbitrum, the parent chain of its tech stack.

It's only just getting started.

#Arbitrum $ARB $PONS

There aren’t many L2s that Vitalik has publicly singled out for praise. If I’m remembering correctly, ZKsync is the third one, after Scroll and Taiko.

I probably don’t need to say much about the path to oblivion that Scroll and Taiko set in motion.

Vitalik’s technical comments are worth studying seriously, but you really shouldn’t get on board with projects he’s bullish on.

#Zksync $ZK

Daylight may be a16z’s biggest investment blunder.

As a top-tier project in the DePIN space, @daylightenergy raised a total of $88 million across three rounds, with a16z leading the last two.

So what’s the current state of this crypto project backed by a star-studded lineup of VCs?

1/ The official X account hasn’t posted in over six months. Discord also shut down all discussion channels six months ago, switching them to read-only mode;
2/ The pre-deposit campaign, originally set to launch late last year, was postponed and has never restarted;
3/ Founder @jasonbadeaux, who used to be fairly active on X, hasn’t posted in over three months either.

Unless something unexpected happens, this top-tier DePIN project, Daylight, will most likely fail to launch its token and quietly rug.

This is the worst of times for VC coins, and the best of times for anti-VC coins.

#A16ZCrypto #Daylight

Today is probably Optimism’s most triumphant day since Base announced its departure from the OP Superchain ecosystem.

According to L2BEAT data, @Optimism’s OP Mainnet was the L2 chain with the largest net inflow of funds over the past 24 hours, at $25.91 million. Robinhood Chain followed, with a net inflow of $21.21 million.

Over the same period, @base saw a net outflow of $27.23 million.

#Base #Optimism $OP