Topher retweeted
The fact that growing revenue is still viewed as a "narrative" and not "obviously the only thing that matters when making an investment" shows how badly the VCs, Coinbase/Binance, the media, and Bitcoin-only shops corrupted the brains of crypto users, investors, and casual observers.
Hard to believe a cohort of investors still own and shill inflationary tokens (like L1s or L2s) that accrue no economic value from the applications built upon the chain, or memecoins, or "currencies" when there are real businesses with good tokenomics available to the masses.
The investable universe is small and not hard to research ar.ca/blog/the-four-ways-to-…
ar.ca/blog/the-new-crypto-al…
Revenue has been one of the strongest narratives this year.
People will buy tokens of projects that actually make money.
Top 15 projects by revenue in 2026:
@HyperliquidX - $HYPE - $526.7M
@pumpfun - $PUMP - $390.5M
@Collector_Crypt - $CARDS - $90.4M
@edgeX_exchange - $EDGE - $86.8M
@aeroxyz - $AERO - $66.8M
@aave - $AAVE - $62.0M
@papertrade_xyz - $PAPER - $58.4M
@Uniswap - $UNI - $57.7M
@JupiterExchange - $JUP - $55.8M
@chainlink - $LINK - $47.5M
@PancakeSwap - $CAKE - $43.1M
@MeteoraAG - $MET - $35.8M
@Lighter_xyz - $LIT - $34.6M
@ether_fi - $ETHFI - $33.4M
@ponsdotfamily - $PONS - $28.3M
This is one of the easiest crypto narratives to understand.
You don’t need to decode a whitepaper to see that people are paying to use a product.
The next thing I look at: how much of that revenue flows back to the token.
Here’s how the top 15 changed throughout the year ↓
We 100% support @Blockworks’ comment letter on the SEC’s Regulation Crypto Assets proposal. Transparency is crypto’s #1 problem, and solving it is table stakes if this industry wants a future.
We 100% support @Blockworks’ comment letter on the SEC’s Regulation Crypto Assets proposal. Transparency is crypto’s #1 problem, and solving it is table stakes if this industry wants a future.
Hypothetically... how does one kick off said process
BREAKING: President Trump reveals his new anti-fraud program set up to reward people who expose fraud with a 1% commission on the money uncovered.
"If you turn somebody in and you, let's say report and you find $1 billion, we are giving a commission to that person of 1%."
Readers added context they thought people might want to know
DOJ's published guidance caps individual whistleblower rewards at up to $30,000 per tip, not an uncapped 1% of fraud uncovered, with a total program fund of $25 million. A $1 billion fraud tip would not yield a $10 million payout under the official program rules. newsweek.com/trump-vance-of… foxnews.com/politics/trump…
Topher retweeted
MAYBE I WAS WRONG ABOUT BLOCKCHAIN TECHNOLOGY
I wrote about how I always used to make fun of the guys who said things like "Bitcoin is speculative, but the underlying blockchain technology is interesting." And now I think maybe they kinda had a point.
The posts I see on CT about the @aeroxyz upgrade only mention the cross-chain expansion
Most analysts are totally unaware of the major economic upgrades that will drive its dominance
New rev lines, new buybacks, more efficient emissions, 8-9 figs MEV capture, low inflation
New article on the Aero economy is LIVE ✈️
From an analysis of Slipstream's upgraded Dynamic Fees module to Gauge Caps that will allow the rate of LP rewards to surge with volatility and risk, and much more.
Get ready for launch, and read below👇
aero.xyz/articles/the-aero-e…
Topher retweeted
I think all of the buy the rumor sell the news $AERO traders have already exited ahead of tomorrow's launch.
Looks like the traders that actually realize what is about to happen are now front-running the fundamentals
Saylor can try to play it off as much as he wants but $2B+ of MSTR selling from getting delisted is real
Topher retweeted
Aero is launching next week, here are six of the analytics I will be looking at to see how large of an impact this upgrade makes to AERO and sAERO allocators.
I don't understand the hate on @altcap
If your inv strategy is make or break on VC influencer bullish propoganda ad infinitum... stop
Topher retweeted
1/ Hyperliquid generated $716M in revenue over the last 12 months and is growing rapidly.
One protocol runs the largest liquid-staking token on the chain, runs a perp/spot exchange on top of it, and plans to launch Hyperliquid's first L2.
A thread on $KNTQ 🧵
Why did memecoins on RH only last 2-3 weeks this time around?
The Euthanasia Roller Coaster explains the path for markets that hold no true value
More and more people figure out the game over time--resulting in shorter and lower upside runs
So many ppl round tripping their gains "social trading" stuck in the prisoners dilemma of...
"If I sell, everyone has alerts on my fomo and front run me. If I don't sell, I'm the exit liq."
You either screw 100s of ppl over or you're the exit liq... not a game im interested in
Kicks off in 10 days
Blockworks research estimating $AERO's internalized MEV product could generate $100-$200MM per year in additional revenue.
Better execution drives more volume drives more profitability for LPs drives more liquidity drives more volume.
AERO growth post Ethereum mainnet deployment is going to look very obvious in retrospect
Topher retweeted
base:0x940181a94a35a4569e4529a3cdfb74e38fd98631 looks primed to rip higher over the next 10 days before the Aero upgrade
I had previously weighted base:0x940181a94a35a4569e4529a3cdfb74e38fd98631 slightly lower in my core positions because I worried that the tokenomics were too complicated for institutions and whales to understand and feel comfortable bidding.
@citrini not only included base:0x940181a94a35a4569e4529a3cdfb74e38fd98631 in their token basket, they had it at the same weight as $HYPE and nearly twice the weight of ethereum:0x1f9840a85d5af5bf1d1762f925bdaddc4201f984. Don't think the market has fully digested how much that stamp of approval means.
I also worried that there could be some last minute delay, as the previous Aero launch date delay led to a considerable nuke.
With the greenlight for launch on 10/21 and the recognition from Citrini, both of those risks are removed, and I now feel considerably higher conviction on base:0x940181a94a35a4569e4529a3cdfb74e38fd98631.
Previously to the Citrini piece, I expected most people to stay sidelined and wait for the flywheel to fundamentally prove itself post Aero upgrade. @wagmiAlexander expects spot volumes to roughly double by EOY, so that was my timeline where a rerating would organically occur without speculative fervor.
I'm now of the opinion that this recent bit of attention will cause price to lead fundamentals, and we might actually get a real pre-upgrade breakout.
The early August 2025 price action where base:0x940181a94a35a4569e4529a3cdfb74e38fd98631 doubled from $0.75 to $1.50 in just 10 days is a good example of what I think could happen in the pre-upgrade window. Due to how much supply is locked in LPs and veAERO, base:0x940181a94a35a4569e4529a3cdfb74e38fd98631 is naturally extremely reflexive.
It's very difficult to justify why ethereum:0x1f9840a85d5af5bf1d1762f925bdaddc4201f984 is trading at 5x the market cap of base:0x940181a94a35a4569e4529a3cdfb74e38fd98631. I don't expect parity until after the upgrade, but I do think there's a world where base:0x940181a94a35a4569e4529a3cdfb74e38fd98631 rerates to 50% of ethereum:0x1f9840a85d5af5bf1d1762f925bdaddc4201f984 market cap as the sidelined scramble to get exposure prior to the 10/21 upgrade. This coincides nicely with a run at the previous base:0x940181a94a35a4569e4529a3cdfb74e38fd98631 ATH of ~$2.30.
