Delphi_Digital

The @Aptos ecosystem is quietly gaining traction

• @ThalaLabs : DeFi Superapp with $30M+ daily volume
• @EchoProtocol_: BTCFi layer on Aptos with $278M in BTC assets, largest protocol by TVL
• @hyperion_xyz : New CLAMM that recently grew to $100M+ daily volume
• @AriesMarkets: Largest Aptos money market with $770M in deposits
• @AmnisFinance: Liquid staking provider that uses a dual-token system
• @Merkle_Trade: Perp DEX with $47M average daily volume
• @emojicoindotfun: Memecoin launchpad where every token is an emoji.
• @EchelonMarket: Money market that enables isolated lending with a vault-accounting system.
• @MoarMarket: Credit primitive offering 15x leverage on your collateral
• @mirage_protocol: CDP-stablecoin & perp DEX hybrid where minters become the LP in a self-repaying loan model
• @ekidenfi: Off-chain CLOB with on-chain finality targeting

Aptos has built a solid foundation with its tech and ecosystem. With the stage set, Aptos now needs to execute on its mission of becoming the Global Trading Engine.

MicroStrategy gained 22x since 2020. BTC gained 8x. The difference is reflexive accumulation.

• MSTR has acquired 550K+ BTC now worth $50B+
• When MSTR trades above its BTC value, management raises capital to buy more BTC creating a self-fulfilling cycle
• This amplifies both upside and downside. BTC's 29% correction triggered MSTR's 50% decline in early 2025

MicroStrategy created a blueprint for turning capital markets into an accumulation engine.

Solana is one of the most actively accumulated altcoins by public companies.

• Sol Strategies scaled to 420K SOL last month with $1.5B in capital facilities.
• DFDV secured a $5B credit line to accelerate its Solana treasury strategy, one of the largest capital authorizations for a public altcoin accumulator.
• Upexi raised $100M for SOL accumulation, acquiring locked tokens at a discount which is staked for validator rewards.

This is a new breed of ecosystem native firms aligned with Solana.

Most DeFi yields are just moving money in circles.

@USDai_Official is aiming to bring real yield through infrastructure powering AI.

While most RWA protocols aim to bring TradFi yields on chain, USDAI is designed for a different approach: direct financing of productive hardware such as GPU clusters and charging stations.

Outside of treasuries, RWA models often struggle with tokenizing physical assets.

Many of them use SPV-based ownership with little insight into legal processes, requiring significant amount of trust in protocol operators.

To fix this, USDAI built the CALIBER framework (Collateralized Asset Ledger: Insurance, Bailment, Evaluation, and Redemption) with UCC Section 7 compliance.
Through Caliber, the borrower sells hardware to a Tokenizing Agent who creates NFTs representing a digital deed with enforceable legal ownership.

Through a bailment agreement, the borrower operates the equipment on behalf of the NFT holder, then receives the NFT back to use as collateral.

This creates direct asset ownership with clear repossession rights. Default means the NFT gets auctioned on-chain and the physical equipment can be legally reclaimed.

The framework is attracting capital. USDAI already closed $10M in partner deposits during their private beta.
When Maker shifted to RWA, they bought bonds.

When Ethena launched USDe, they used delta-neutral perps.

USDAI is building toward backing USDai with AI infrastructure machines, complete with enforceable ownership rights.

Stablecoin supply has passed $250 billion for the first time.

• Yield-bearing stablecoins are growing fast. Ethena has grown to nearly $6 billion since launch.
• Tether and Circle still dominate, holding a combined 86% of outstanding supply.
• Issuer diversity is increasing. 10+ stablecoins now exceed $100 million in circulation.
• Over $120 billion in U.S. Treasuries are locked inside stablecoins, forming a liquidity sink outside traditional markets.

The market looks very different from 2022.

Stablecoin supply has surpassed $250 billion for the first time.

• Yield-bearing stablecoins are growing fast. Ethena has grown to nearly $6 billion in under a year.
• Tether and Circle still dominate, holding a combined 86% of outstanding supply.
• Issuer diversity is increasing. Ten stablecoins now exceed $100 million in circulation, up from four in 2022.
• About $180 billion in U.S. Treasuries are locked inside stablecoins, forming a liquidity sink outside traditional markets.

The market looks very different from 2022.

Crypto AI projects crashed 90% this year due to most projects lacking real utility.

@Covalent_HQ provides the tools to built truly autonomous agents that could optimize DeFi yields, execute arbitrage strategies, and manage autonomous hedge funds.

This is made possible with Zero Employee Enterprise (ZEE) framework, an autonomous system powered by a coordinated group (swarm) of specialized AI agents.
Each agent within the swarm leverages Chain of Thought (CoT) reasoning, allowing it to think through steps logically and break down complex problems.

However, agents need shared understanding in order to collaborate.

This is where Covalent's Model Context Protocol (MCP) comes in.
MCP is the shared memory layer that enables agents to access and share contextual information with each other, sourcing verified context directly from Covalent's GoldRush API to ensure accuracy and coordination.

Covalent's tech enables autonomous use cases such as:

• Cross-Chain Arbitrage Finders spotting and acting on price discrepancies instantly.
• DeFi Lending Optimizers dynamically adjusting strategies across protocols.
• Automated DeFi Investment Agents managing portfolios for yield optimization.
• DevX Agents providing data driven insights for developers.

Covalent is building multi-agent systems that can reshape how we work and interact on chain.

How does BTC compare against other asset classes?

Last month revealed:

• Negative correlation with safe haven assets: Gold (-0.11), Bonds (-0.33)
• Weak correlation with major stock indices: S&P 500 (-0.13), NDX (-0.04)
• Slight positive correlation with volatility: VIX (0.15)

Bitcoin has carved out its own risk category from traditional asset classes.

Despite billions in funding, crypto has much fewer apps compared to traditional app stores.

The problem isn't just adoption. Development is just too complex.

@Ensobuild makes building simple.

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Introducing our first free report of Macro & Markets.

This extensive report covers:

• Our BTC Top Signal Model and what it's showing
• Why miners face structural pressures despite strong prices
• How tariff policies will reshape crypto markets
• Why Bitcoin ETFs are surging as institutions rotate to Ethereum

Comprehensive market analysis. Completely free.

Plasma's Pre-Launch Vault raised $500M in minutes.

Why has a "Tether chain" garnered so much demand?

Because current infrastructure isn't built for payments.

@PlasmaFDN is building the blockchain for digital dollars.

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Plasma's Pre-Launch Vault raised $500M in minutes.

Why has a "Tether chain" garnered so much demand?

Because current infrastructure isn't built for payments.

@PlasmaFND is building the blockchain for digital dollars.

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Stablecoins process trillions annually on chains that aren't designed for them.

@PlasmaFDN is the first chain built to be the global settlement layer for digital dollars.

How is Plasma different from general-purpose blockchains?

First it's liquidity. Roughly $155B USDT is scattered across a dozen networks, increasing fragmentation & bridge risks.
Plasma plans to unify this under one settlement layer where stablecoins can be swapped & redeemed. No need for bridges and wrappers.

Is a Stablecoin Chain Necessary?
Performant chains like Solana solve throughput but not liquidity coordination. They treat stablecoins as just another token, not the foundation.

Plasma treats stablecoins as the primary use case, enabling potential optimizations like zero fee transfers.

With Plasma, Tether is not only the issuer, but also the monetary and infrastructural substrate.

This lets Tether:
• Build vertical integration between issuance, transfer, and redemption
• Set protocol-level guarantees around things like redemption timing and compliance requirements
• Provide native tools and SDKs without needing to support different chains and environments

Think of it like Visa launching a global card network that also controls the payment rails, identity layer, and the merchant backend.

Plasma isn't competing to be another L1 but to be the settlement layer for the digital dollar economy.

World metrics are trending up

• @world_chain_ reaches ~5M monthly active wallets
• A record 1.6M transactions was reached in one day
• 12.8M+ unique humans have joined World
• New user growth accelerates 64% from last month

Real growth from real people

PumpFun is still one of the most profitable projects on Solana.

• Pump projects account for ~90% of Solana launchpad market share.
• Pump averages ~$1.5M in daily revenue.
• PumpSwap is generating ~$380M in daily volume.
• There are ~29k tokens launched daily with ~370 graduating to full trading.

While memecoins have cooled down, @pumpdotfun still dominates.

Avalanche's Etna upgrade has supercharged its L1 architecture.

The Appchain thesis has been building for years. As apps scale teams want their own chains.

The problem was that launching them remained expensive and complex, until now.

With Etna, teams can now:

• Deploy sovereign chains for ~1.3 AVAX monthly per validator
• Customize everything from consensus mechanisms to validator requirements
• Maintain native interoperability with the broader ecosystem
• Capture value within their own ecosystem instead of leaking it to base layers
• Eliminate shared congestion and performance compromises
Since Etna, more Appchains are choosing to launch on @avax.

One recent example is @MaplestoryU, which launched Henesys, their own permissioned Avalanche L1 which enables gasless transactions and custom gaming mechanics for millions of players.
Traditional enterprises are going live too.

Bergen County (NJ) plans to tokenize $240+ billion in property deeds on their own sovereign chain.

California's DMV is digitizing 42 million vehicle titles using dedicated Avalanche L1 infrastructure.

JPMorgan's Kinexys platform tested out tokenized fund operations on a permissioned Avalanche L1.

The numbers reflect this momentum:

• Monthly Active Addresses surged 145% in May.
• Daily transactions across Avalanche L1s hit 13M+ (ATH).
• L1 transaction fees have been reduced by 96%.
• TVL increased 13.5% to $1.50B since January.

Hyperliquid's dominance is clear

• HyperEVM is nearing $1B TVL with 20k+ daily active addresses.
• Unit is clocking ~$600M+ in weekly spot trading volume.
• Protocol fees have topped $70M/month.
• Reached $78B ATH in weekly perps volume.
• Leading 71% of DeFi perp volume.

Hyperliquid

AI is blurring the lines between humans and bots.

As AI takes over, how can we prove what is real?

@worldcoin is positioning itself as the identity layer to solve this.

Our Markets Research Analyst recently built the Hope Signal Metric to identify shifts in market sentiment before they appear in price action.

It measures seven metrics including monetary policy, macro indicators, institutional flows, exchange liquidity, & more.

Last week highlighted a growing divergence: BTC’s price remained steady above key technical levels, while sentiment indicators showed emotional dislocation beneath the surface.

Depending on broader market conditions, this could mean a sharp move upward if sentiment improves or a swift correction if sentiment weakens and price adjusts downward.

In short, BTC may have reached a pivotal moment, with volatility potentially expanding as the market resolves this tension.

Could @KeetaNetwork be the blockchain institutions have been waiting for?

Keeta has quietly gained momentum since launch, positioning itself as the the bridge between crypto and institutions. But can it deliver?

Let's dive in.
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