diepchitrann ↑↑↑ | ♦️ | HUDL π²

We all know StandX is winding down and won't launch a token. Eligible users get a one-time $DUSD airdrop instead. You can choose to swap DUSD → USDT/USDC on @KyberNetwork for the best rate (0.01% price impact).

Tokenized stocks have come a long way. It can now be used as lending collateral and as margin for equity perpetuals. What we care about now: legal ownership, redemption rights, custody, corporate actions, liquidity, distribution, price integrity, and collateral utility. The stack is becoming clearer: ➊ Issuance and Asset Administration Function: Create the token, maintain the shareholder/asset record, handle corporate actions. Ex: @Securitize, @SuperstateInc, @Centrifuge, @Figure They build the legal and operational foundation: token issuance, ownership records, custody, transfer restrictions, redemption, dividends, splits, and other corporate-action mechanics. ➋ Asset Distribution Function: Get tokens into wallets, exchanges, and DeFi apps. Ex: @Ondo, @RobinhoodApp, @xStocksFi They bring tokenized equities to users through exchanges, wallets, brokerages, and onchain applications. Distribution determines whether an asset has real liquidity. Ondo has also expanded its tokenized-asset footprint across multiple chains, reducing dependence on a single network. ➌ Lending and Collateral Function: Let holders borrow against equity without selling. Ex: @Morpho, @Kamino, @EulerFinance These are turning tokenized stocks into usable collateral. Holders can borrow stablecoins against equity exposure without selling it, loop positions for leverage, or post collateral for equity perps. This is the transition from tokenized ownership to productive capital. ➍ Risk and Curation Function: Decide what is safe to list and how it should be parameterized. Ex: @Gauntlet_xyz, @SteakhouseFi, @GalaxyHQ, @SentoraHQ These ones decide how these assets can safely enter DeFi: collateral factors, supply caps, liquidation thresholds, oracle design, and market isolation. Tokenized equities carry market-close risk, corporate-action risk, issuer risk, and token-underlying basis risk; they can't be risk-treated like generic crypto collateral. ➎ Credit Underwriting Function: Extend structured or institutional credit against assets. Ex: @MapleFinance and @Figure They point toward the institutional layer: underwriting the legal structure, issuer quality, custody arrangement, collateral eligibility, and borrower risk. This is where tokenized equities move from retail DeFi collateral toward a broader onchain credit system. --- The next phase? It could be making tokenized equities legally sound, redeemable, liquid across venues, safely financeable, and useful as collateral.

This one from @Onchain_Matrix is about the operating setup: - No single wallet can move the treasury - The people setting rules aren't the ones executing them - Capital is split across risk tiers with an automatic pullback Worth reading if you care about how a protocol treats principal ↓

Looking for the next Variational? I'll leave my top picks here: @arcus_xyz, @entropyIO, @risextrade, @TxFlow_L1, @papertrade_xyz If next Variational means a fast-growing, broad-access perp venue with a standout non-crypto/RWA proposition, I'd rank them: Arcus 1st, Entropy 2nd, RISEx 3rd, TxFlow fourth, and Papertrade fifth, but Arcus and Entropy are aiming at different parts of Variational. - @arcus_xyz is the strongest candidate to become a major venue on its own merits - @entropyIO is the closest match to Variational's market niche. In the latest snapshot I found, Oct 11, Arcus led this group in reported daily volume and OI: $287.18M volume and $105M OI, versus: - TxFlow at $170M/$35M - RISEx at $92M/$38M - Entropy at $35M/$65M. (Metrics can vary by tracker and change quickly) How they compare: - Arcus: dYdX x Robinhood partnership; Robinhood Chain distribution; crypto plus stock, index, and commodity perps. - Entropy: Equity and pre-IPO/RWA markets on @HyperliquidX; $14M funding round and $40M in HYPE staking. - RISEx: Fully onchain orderbook on an Ethereum L2, designed for low latency and synchronous DeFi composability. - TxFlow: Own L1 and onchain CLOB; broad reported market count and meaningful activity. - Papertrade: Onchain perps 1000x leverage, 0 slippage, no funding & self-bootstrapping LPs on HL. --- Btw, @variational_io strength is its Omni product uses an RFQ model and an in-house liquidity provider. That aggregates liquidity sources, a setup intended to support broad listings and tight trading costs without relying on a conventional public orderbook. So @arcus_xyz has the best combination in this group of distribution, team experience, product breadth, and current activity. I'd pick Arcus as the likeliest of these to become a large, durable perp venue. My plan is to learn all the products; track organic OI, repeat users, spreads, and trading activity.

The Privacy race across chains. @monad just announced privacy features and its quantum roadmap. Other major chains are pursuing both themes, but the designs differ: - @solana offers app- and token-level privacy - @CantonNetwork is built around selective disclosure for institutions - @0xPolygon with CDK privacy upgrade for enterprises - @ethereum has a broad but still-in-progress protocol migration plan Privacy Approach: ▸ Privacy bolted onto a Public Chain This is Monad's camp. Unlink deposits ERC-20s into a contract, holds encrypted notes, and proves transfers with ZK. Private Settlement aims at encrypted domains that still touch the public book. @SuiNetwork is doing the same move with confidential transfers on an otherwise transparent chain. @solana and @0xPolygon have also added confidential-transaction work. The shared bet is that privacy should not force capital off the existing liquidity. ▸ Private Smart Contracts but still tied to Ethereum @aztecnetwork is the cleanest of these. It's a zk rollup for private and hybrid public-private apps, shielded balances and transfers on existing EVM chains. @Starknet sits nearby. It's a zk execution layer with a privacy push, and it is the only major L2 actively floating a move to L1 so it can be fully quantum-resistant by 2027. ▸ Privacy-first Chains @MidnightNtwrk is Cardano's partner chain. Dual ledger, zk-SNARKs, selective disclosure, contracts in Compact. The design is compliant privacy: prove the rule was followed without showing the data. @AleoHQ is its own L1 for ZK apps, with offchain proving. Both are built so privacy is the default execution model, not a feature on a public book. ▸ Institutional Priority @CantonNetwork is the outlier. Transactions are visible only to the parties. DTCC, JPMorgan, and Visa are on it. There is no shielded pool and no retail anonymity. The privacy is who is allowed to see the record. ▸ Payment Privacy @Zcash and @monero hide the transfer. They don't give you private smart contracts or a shared DeFi book. That is a different job from everything above. --- @ethereum supports privacy through application and scaling technologies, including ZK systems; that is different from a built-in confidential L1 settlement model like Monad Private Settlement. Monad is closest to Sui and the Ethereum bolt-on stack. It wants confidential settlement without leaving public liquidity, plus an auditor window. Midnight and Aztec want private application state. Canton wants party-only records for regulated finance. Starknet is the one pairing privacy with an explicit quantum-resistant L1 plan. @Algorand has a post-quantum account roadmap too, but that is key security, not privacy. The useful split is simple. Hiding a payment, hiding a position while staying in a public pool, and hiding a whole application are three products. Did I miss any?

How to pivot to @arc? • Wallet: @Rabby_io, OKX @wallet • Bridge: @jumperapp, @relay • Launchpads: @Arguspad @TollyLabs @liftdotfun • Aggregator: @KyberNetwork • Trading app: @fomo @BasedBot @gmgnai • NFTs: check out @Whitelist1Media for top collections • Top performance tickers: $ARGUS $TOLLY $LONG $LIFT NFA. DYOR.

GM everyone. Good to see @BeldexCoin closed a new $8M funding round Total capital raised now sits ~$36M. The funds are focused on building privacy with main priorities: tools, confidential assets, an EVM sidechain, AI agents. Near-term work includes: - Beldex Extension Wallet - SDKs - Account-based addresses - Confidential assets - EVM sidechain testnet Longer-term focus covers Fully Homomorphic Encryption research, Quantum-resistant tech and Agentic Finance. The goal is simple: make privacy practical for developers and usable for applications across Web3 and AI.

Money don't sleep on RBH and Kyber Incredible 3-fig APY Robinhood yields I found on @KyberNetwork, dyor: - cashcat/WETH - 382% APR: kyberswap.com/pools/robinhoo… - WETH/STONKBROKER - 299% APR: kyberswap.com/pools/robinhoo… - USDG/NVDA - 203% APR: kyberswap.com/pools/robinhoo… - WETH/GWOOD - 201% APR: kyberswap.com/pools/robinhoo… Find more: kyberswap.com/earn/pools

Solana is the market bet for @NolusProtocol There is open discussion in the community that @cosmos never delivered the liquidity or desirable trading pairs they needed. The @solana expansion is framed as the growth opportunity: Success or failure will be judged by whether the product can attract real volume once it sits on Jupiter/Raydium-depth liquidity. More to come.

Apys is live on Solana It's a lightweight stablecoin allocation layer, building to capture the large pool of lazy or overwhelmed stablecoin holders on SOL who want yield without researching markets or managing multiple positions. @apys_co differentiates others by being thinner: - No intermediate vault share and non-custodial - Just allocation + execution into the major markets - User remains the direct depositor in @kamino / @JupiterExchange / @Loopscale → Looks more like a smart allocation frontend > traditional yield aggregator Worth a look if you've been leaving stables on the sidelines. Early USDC incentives are a nice touch too.

I think we all agree that onchain economy = next trillion-dollar market. RWAs + crypto perps are already live and growing. @tradehotstuff is currently one of the cheapest venues to trade them - negative maker fees on many pairs, unified margin, and real volume. Cheap execution compounds.

Robinhood Chain on KyberSwap: - 7D Volume: $91,59M - 30D Volume: $315.51M - Total Volume: $322.49M - 7D Wallets: 11,130 - 30D Wallets: 24,906 - Total Wallets: 25,391 @KyberNetwork team put in serious work integrating RBH and it shows. They built tools that make trading better: - Trending tokens based on real onchain activity - New / recently whitelisted tokens so you can catch things early - FairFlow + EG for stronger LP yields - Limit Order 2.0 for cleaner, more precise entries Everything in one place: fast discovery, better execution, and real yield tools. If you're active on @RobinhoodCrypto Chain, KyberSwap is currently one of the best places to trade.

Look at HyperEVM top revenue protocols. You're right that pure trading interfaces dominating makes @HyperliquidX L1 look thin as a standalone L1. But $HYPE deliberately made HyperCore the high-performance trading engine and let builders monetize on top via interfaces and HIP-3. The fact that XYZ, Phantom Perps, Invo, etc. are generating real revenue shows the builder-code / HIP-3 model is working as intended → The money is still flowing to people building on the orderbook, not away from it. A huge portion of Solana, Base, or Arbitrum DeFi TVL is also concentrated in perps, dexs, and yield that depends on trading volume. So HyperEVM looking trading-heavy just more honest about where the economic activity is.

A useful way to think about the onchain economy: - As more traditional assets move onchain, the competitive axis shifts from pure speculation toward efficient intermediation. - Venues that can intermediate RWA and crypto flow at low cost will attract professional and semi-professional volume. @tradehotstuff combination of negative maker fees + unified margin across crypto + RWA markets positions it relatively well on that axis. Whether that translates into durable market share depends on liquidity depth and sustained volume, but the fee design is a clear structural positive. Check out this fees model ↓

GM everyone, happy Sunday! Looks like Robinhood making Coinbase sweat. @RobinhoodApp has been pulling in a solid numbers across both stocks and crypto, partly thanks to the roughly 7% yield it offers on deposits. @coinbase clearly doesn't want to sit this one out. The yields look like this: - Robinhood: ~7% - Coinbase: ~6.5% The gap is not massive, but it's telling. It wouldn't be surprising if Binance and other major exchanges start pushing similar products soon. Exchanges are competing with banks and traditional investment apps.

Deliberate Anti-Hype Positioning While the market chases 50-100x perps, @NolusProtocol intentionally stays in the 2-2.5x range with partial liquidations and fixed costs. This is a feature for capital that prioritizes survival and predictability over maximum leverage. It may age better in choppy or bearish regimes, and could appeal to more conservative or longer-horizon users who want real asset ownership > synthetic exposure.

Solana DEX volume = 2.5x Ethereum on Sunday, with 8.5x less TVL @ethereum remains the TVL king by a wide margin, yet a growing share of trading flow is happening on faster + cheaper chains.

GM fellas Paperhand won't get this