Welcome to the show. Hosted by @marcarjoon Podcast by @BlockworksRes
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NEW POD grading the @citrini portfolio pt. 2
We Cover:
▫️ Why $UNI deserves 10%+, not 4%
▫️ $AERO: a catalyst trade, not a hold
▫️ Backpack's token is an IPO bet
▫️ $ZRO's unlock overhang vs. Tether win
▫️ Is $ONDO's $4B FDV too rich?
@marcarjoon @0xMether @Kunallegendd @minnus
TIMESTAMPS:
00:00 Intro
00:32 Sentiment Check
03:37 Is Aerodrome Really A Bargain?
11:42 Should Uniswap Be A Top Holding?
21:02 LayerZero’s Adoption Vs Token Unlocks
27:47 Can Chainlink Justify Its Valuation?
31:56 Can Backpack Compete With Coinbase?
41:17 What Does Maple Need To Win?
46:55 Can Pendle Escape The Yield Cycle?
54:00 Can Ondo Turn Adoption Into Revenue?
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Uniswap did ~4x Raydium's tokenized-equity volume in September. Citrini gave it 4%. Our desk says 10–15%.
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Backpack (5%)
Sam: the most legitimate onchain equities and the best spreads. He said ~20% of the token supply can become equity after an IPO, and he'd go at least 10%.
Kunal is less sure. He'd rather play the theme through Uniswap, Raydium, Kamino or Morpho.
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Pendle (3%) + Ondo (3%)
Luke: Pendle is fairly weighted. Revenue is a fraction of its 2025 peak, and Boros is the long-term bet.
Ondo: Kunal calls 3% fair, but $2B mcap vs $4B FDV is rich. Sam points out Backpack issued far less and still traded more.
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Full breakdown, both parts:
Pt. 1, Derive to Hyperliquid: nitter.siddz.com/0xResearch/status/2110…
Pt. 2, Aerodrome to Ondo:
NEW POD grading the @citrini portfolio pt. 2
We Cover:
▫️ Why $UNI deserves 10%+, not 4%
▫️ $AERO: a catalyst trade, not a hold
▫️ Backpack's token is an IPO bet
▫️ $ZRO's unlock overhang vs. Tether win
▫️ Is $ONDO's $4B FDV too rich?
@marcarjoon @0xMether @Kunallegendd @minnus
TIMESTAMPS:
00:00 Intro
00:32 Sentiment Check
03:37 Is Aerodrome Really A Bargain?
11:42 Should Uniswap Be A Top Holding?
21:02 LayerZero’s Adoption Vs Token Unlocks
27:47 Can Chainlink Justify Its Valuation?
31:56 Can Backpack Compete With Coinbase?
41:17 What Does Maple Need To Win?
46:55 Can Pendle Escape The Yield Cycle?
54:00 Can Ondo Turn Adoption Into Revenue?
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Maple / Syrup (5%)
Luke is very constructive. Deposits held up through the 2026 bear, and it's one of the cheaper names in lending.
Kunal loves the business, but it needs fintech distribution like Morpho has. Sam: 5-10% total for lenders makes sense.
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Uniswap (4%)
Sam: "a lot higher than 4%, probably more 10-15%." It did ~4x Raydium's tokenized-stock volume in September.
Kunal: at least 10%, as the trading layer. Luke: above 10%, citing what he called a ~$100M annualized burn. The multiple is rich, but it pays for growth.
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Solana (8%)
Luke and Shaunda are fine with 8% in a thematic basket.
Kunal: right weight, wrong reasons. Tokenized-equity volume rotates between chains, and x402 is a tiny share of SOL transactions. If Pump drives the fees, "why not just own Pump itself?"
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Aerodrome (7%)
It's now the #2 DEX for tokenized stocks, but Kunal calls it a short-term trade into the V3 catalyst, not a hold, and says 7% is too high.
Emissions run ~2x revenue, so the discount to UNI is smaller than it looks. Sam (@minnus) and Luke both rank UNI above it.
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Hyperliquid (7%)
The biggest miss, in our view. Shaunda would go 25%: perps, HIP-4 upside, borrow/lend, stablecoin yield.
Luke would make it the top holding. Kunal says ~15%, still above Derive.
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Aave (9%)
Bullish on onchain lending, not on a single-ticker bet.
Luke would rather own a basket of ~3 large-cap lenders. Kunal: "would I allocate 9%? Probably not." Morpho is taking share, and Aave trades ~42x. Alternative floated: equal-weight Aave, Morpho, Kamino, Syrup.
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Ethena (9%)
Kunal agrees with 9%: it's the purest bet on a risk-on cycle.
Shaunda disagrees. Only ~20% of USDe is deployed in the basis trade, yet ENA is worth 4x+ EtherFi's FDV. Luke: without sats campaigns, past yield premiums won't come back.
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EtherFi (10%)
The desk favorite. Kunal calls it one of the most reasonable valuations in the basket (~13x FDV to annualized revenue), with card spend up and to the right.
Shaunda: "I'm going to be long EtherFi any day of the week." No pushback on the weight.
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Lighter (10%)
Shaunda's first question: why does it outweigh HYPE? Luke would rather be overweight HYPE too.
Kunal is the bull: the sell-off after Robinhood picked Bitstamp for perps is a buying op, with options coming and a cheap multiple vs Hyperliquid.
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Derive (10%)
Kunal (@Kunallegendd): the multiple is "a bit too much." At ~80x+ FDV/revenue, it's the basket's priciest name.
Luke (@0xMether) is a conviction long, but 10% in an illiquid ticker is too heavy. Shaunda (@shaundadevens) flags Hyperliquid options risk.
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Citrini (@citrini) gave Uniswap 4%. All four of us on the desk would put it at 10% or more.
Over two episodes we graded every token in Citrini's 15-asset tokenization basket, from the 10% names down to the 3%s.
Here's where we'd add, trim, and swap 👇
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0xResearch retweeted
We just sent the SEC our comment letter on Regulation Crypto Assets.
Our goal is to give every token one current, public record to make onchain compliance cheaper and faster.
Our asks:
1) Let projects file disclosures through Qualified Onchain Disclosure Agents
2) Let third parties file on behalf of projects
It's time we protect investors so we can protect this industry.
cdn.blockworks.com/s/assets/…
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0xResearch retweeted
On today's @0xResearch newsletter I talked about why I added @Uniswap on the dip.
I essentially see the long-term upside on ethereum:0x1f9840a85d5af5bf1d1762f925bdaddc4201f984 coming from institutions and tokenized assets moving onchain, alongside the added short-term upside of another memecoin season on Robinhood.
blockworks-research.beehiiv.…
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Lighter sold off after Robinhood picked Bitstamp for perps, but @Kunallegendd says that's a buying op.
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