➥ Marcro & The Bitcoin Minning Cost Correlation ✦ Trade war → rising retaliatory tariffs → rare earth prices ↑ → chip manufacturing cost ↑ → mining rig prices ↑ → mining cost ↑ You know #Bitcoin miners follow upgrade cycles, similar to the halving rhythm. This typically happens every 2-4 years, depending on hardware progress and competitive intensity. It’s now >1 year past the 4th Bitcoin halving (April 20, 2024). → Meaning that most mining rigs are still fresh new > A new wave of hardware investment isn’t due yet. → So any effect from the trade war on mining costs may not be fully priced in for another 6-12 months. ✦ However, in this geopolitical context: ▸ China holds a massive edge in rare soils → the raw materials behind cheap chip production (WTO: China holds 44M tons of rare earth reserves, ranked #1 globally) ▸ Trump isn’t taxing chip exports from China, yet chinese consumers are boycotting U.S. goods, which may dampen exports. → China will look for ways to leverage this resource surplus. If China allows large-scale #Bitcoin mining again: → Cheap domestic chips → competitive rigs → Pressure on U.S.-based miners rises → U.S. must produce domestically at higher cost → upgrades → cost inflation. All paths lead to one conclusion: rising #Bitcoin mining costs. Of course, cost inflation is part of #Bitcoin’s long-term design: ▸ Inflation → halving → new-gen miner competition But in today’s AI-driven, macro-unstable world, the competitive cycle may speed up faster than usual. ✦ Two core metrics reflect this: ➊ Hashrate just hit a new ATH: 1055 EH/s → That’s 1055 million trillion trillion calculations per second to mine BTC. ➋ Mining Difficulty is also at a record high: 121.5B → The market must stay alert to reactions from: • Earnings of China-exposed companies • Inflation spillovers • Geopolitical flare-ups • A potential U.S.-China breakdown • Crypto adoption progress in nations like Singapore, China, U.S… ✦ Zooming in: [1] Bitcoin's divergence from traditional markets: → Correlation with Nasdaq is fading → $BTC volatility is dropping while stocks and bonds grow more volatile → Institutional wallets are quietly accumulating again. [2] Gold has surged ~20% as central banks stockpile it at record pace. → [1][2] hint at a shift: $BTC is transitioning from a high-risk asset → to a strategic macro hedge. Long-term, $BTC won't replace gold, it's becoming a parallel reserve system. In a fragmented global order, capital is chasing neutrality. → That drove the gold rush. → But gold can’t keep surging forever. If #Bitcoin remains resilient under ongoing macro pressure. You may be witnessing the early signals of sovereign/institutional recognition and eventually, public adoption. ✦ TL;DR: ▸ Tech-wise: Bitcoin is engineered for long-term price appreciation ▸ Macro-wise: Geopolitical frictions may ignite an arms race in mining ▸ Sentiment-wise: After the gold rush, Bitcoin might be the only asset that ticks both boxes: liquidity + value refuge ▸ Option insights: Whale aims a big pump in Sept, expecting BTC to hit $140K So from my perspective, a #Bitcoin rebound is likely within the next few months.

the next big project is usually building on strong infra you already follow – @Enter_Elysium on @HyperliquidX – @ProgrammableHQ on @Uniswap v4 – NEAR Business on @NEARProtocol i’m seeing more teams use existing execution, liquidity and security to build products that would have been much harder to launch from scratch so i’m looking for builders who can turn a growing eco into a business with paying users here’s the findings 1/ Hyperliquid → execution, credit and new markets Elysium is building a faster execution environment that settles to HyperEVM + HYPE for gas documented path for tokens to launch on Elysium and reach HyperCore spot markets whether faster execution attracts market makers and apps that generate additional trading demand i’ll judge that through deployed apps, liquidity and fees after launch other names worth researching: → @Kinetiq_xyz: kHYPE liquid staking and @Markets_xyz → @hyperlendx: lending for traders and market makers → @tradexyz: HIP-3 markets covering equities, commodities, currencies and other assets 2/ Uniswap v4 → launch infra and custom markets @ProgrammableHQe lets teams launch tokens and apps through configurable modules or their own contracts documented integrations for Ethereum + Robinhood Chain + Elysium 2 more names i’d add: → @dopplerprotocol: token auctions and liquidity formation using v4 pools → @flaunchgg: token launches with hooks that control fee distribution and treasury mechanics 3/ NEAR → treasury operations and cross-chain finance NEAR Business combines multisig approvals + Chain Signatures + Confidential Intents for treasury management across 35+ chains currently invite-only no subscription fees, but swaps carry a 0.35% fee one of the clearest business applications on my list payroll, vendor payments and treasury management are recurring needs companies also have practical reasons to keep balances and payment details confidential i’m also watching: → @rhea_finance: chain-abstracted liquidity → @TemplarProtocol: chain-abstracted lending 4/ @opentensor → compute businesses built around subnets the subnets i want to understand first: → @chutes_ai, SN64: serverless AI inference → @lium_io, SN51: GPU rentals → @TargonCompute, SN4: confidential compute → @gradients_ai, SN56: model training and fine-tuning 5/ @Zcash → more financial utility for ZEC holders Noir Protocol is building private access to tokens and DeFi through @noir_wallet the broader lending, perps and prediction-market features are still being developed its design also relies on NEAR’s Confidential Intents infra the potential use case = access liquidity and other assets while retaining ZEC exposure Ztarknet by @StarkWareLtd is another project, its repository describes a concept/PoC for a Starknet-style L2 settling to Zcash @ZakuraZcash belongs in the broader Zcash research list too it's node software focused on scaling the network, rather than an application built above it 6/ @Morpho → independent credit businesses @SteakhouseFi, @gauntlet_xyz and @SentoraHQ are another strong example of this pattern they use Morpho’s infra to run vaults, manage allocations and set risk parameters curators can charge fees for that work infra becomes reusable, while risk management and distribution become the business

everyone hunts smart-money wallets, yours is public too i came accrossed @nymrasi as they let users more control over what their wallets reveal → creating a fresh wallet does little for privacy if you fund it directly from your main, the connection is still there → paying someone can reveal far more than the payment: balances, positions and past activity keeping that info private is a practical reason to use privacy tools i'm super pumped for @nymrasi’s launch

underrated AI protocols i’m interested in first thing first, a very simple thesis keep me in touch useful AI needs cheaper compute, systems that learn from experience, agents that can operate real markets i’m interested in the protocols building those layers and how their tokens capture the resulting demand $VVV, $NEAR, $TAO offer useful precedents and they all outperforming - VVV has subscription-funded buybacks - NEAR connects staking to AI credits - TAO subnets supply useful AI workloads that’s why these 3 caught my attention: [1] @rei_labs | $REI adaptive AI that learns from measured outcomes its robotics simulation research shows improvement on unseen layouts [2] @dphnAI | $POD cheap decentralized AI inference powered by idle GPUs from the team that co-developed Venice’s uncensored model commitment to use inference revenue for POD buybacks [3] @Moshdottrade | $BUN AI market makers managing permanently locked launch capital opening-bundle backers earn trading fees, changing their incentive from selling an allocation to supporting an active market all eyes on ‘em if you missed VVV

➥ Morpho just had its strongest fee-generating month of 2026, while Aave barely grew September vs October 2026: → @Morpho fees: $19.59M → $25.82M (+31.8%) → @aave fees: $37.07M → $39.69M (+7.1%) → Morpho TVL: $11.02B → $11.05B (+0.3%) Morpho generated ~65% of Aave's October fees despite operating with a smaller capital base and its TVL barely moved the fee growth wasn't simply a case of attracting significantly more deposits It suggests existing lending capital was generating more interest income potentially through higher utilization, borrowing rates or changes in market composition Morpho's architecture also gives it a different distribution model instead of building every lending product itself it lets curators and third-party apps create specialized lending markets and vaults those fees largely represent economic activity benefiting lenders, not cash flow captured by the token Morpho is getting closer to Aave in lending fees i’d love to see how much of that economic activity can actually accrue to ethereum:0x58d97b57bb95320f9a05dc918aef65434969c2b2

when you trade perps regularly, even small fees add up that’s why @backtrade_xyz’s model makes sense to me: - losing trades earn BACK - which you can stake for a share of exchange fees same appeal as Papertrade iykyk you get a way to participate in the venue’s revenue beyond your own trading PnL launch is coming soon, waitlist is already open and i'm in already: backtrade.xyz

just joined @rarelistio, a new platform for creators easy to join, easy to earn and built for accounts of all sizes season 1 is already live with a $50,000 reward pool! so my post-to-earn collection expands verifying my account: RL-KF53FU

➥ @CantonNetwork activated the UNSTOPPABLE ENGINE 1) Universal burn → burning ~68% of $CC issuance every month 2) Universal distribution + privacy-enabled layer for @The_DTCC Tokenization Service (DTS) 3) No. 1 fee generated chain → ranked 1st among the rop 6 chains compared in every completed quarter of 2026 so DTS with $114T custody base is poised to be tokenized on Canton i’m following a few apps around that opportunity: → @temple_ny: already executed a live Treasury repo txn using DTS → @AlpendHQ: lending markets currently supporting CC, USDCx, CBTC + imagine when eligible tokenized securities eventually become supported collateral → @Cantex_io: trading infra focused on private execution and atomic settlement → @tradecraftfi: the planned Tradecraft ATS targets regulated trading of tokenized securities on Canton the chain remain early-stage iykyk

➥ why would a DeFi protocol open a bank? i look at three things: - how capital enters - how tokens are distributed - what happens when people leave @Oly_Dao’s Bank of OLY is opening on Robinhood Chain the mechanics caught my attention: → 1,000 founding Charters, each an NFT minted with ETH → each Charter can grow to 10 Branches → new Branches are auctioned daily for ETH, which goes into the OLY eco → more Branches give a Banker a larger share of the OLY issued each day it’s the same OLY token, there’s NO new token the exit mechanism is what i’m most curious about to collect, Bankers close Branches or exit their Charter and pay an exit tax that tax rises when more people leave at once understanding the exit conditions matters as much to me as understanding the allocation whitelist: oly.io/whitelist diclosure: - Banking Charters are NFTs - the Bank of OLY is a DeFi protocol, not a licensed bank or financial institution - nothing presented constitutes financial advice

➥ what if i told you there’s an AI agent using token trading fees to buy real Pokémon cards i want to see what it buys, what it pays, and whether the collection justifies the spending @collector1agent just launched is now live on District, the launchpad backed by a16z and Alliance Collector is designed to run its own card-collecting operation: → trading fees fund card purchases its treasury → it searches for graded cards and opens packs → it keeps selected cards and sells others → the collection sits in an insured vault it runs on @districtxyz’s AI agent infra, with control over its treasury, token liquidity, and buying decisions the part i’m curious about is the public record purchases and pack openings have onchain proof, while a live feed shows the agent’s actions and reasoning holders can also suggest cards for it to consider that gives me something concrete to evaluate beyond the AI narrative it also gives me a reason to follow $COLLECTOR as mentioned, trading fees help finance the collection, so i’ll be watching whether that income supports sensible purchases and sustainable operations follow @collector1agent and watch the agent in action: check it here: collectoragent.ai/

we’re officially in NovemBEAR but here’s what coming next week - monday: @CantonNetwork's token burn - tuesday: @Stacks' bitcoin bond + @aztecnetwork teaser something - wednesday: @RAILGUN_Project's private dollars - thursday: @Optimism's uptime business + @base Denim mainnet schedule - friday: @0xPolygon's fees and token mint - we chill in the weekend, BTC price holds strong above MA 50W best time to buy more between October 4 and NovemBEAR 15, 2026 choppy market lasts until Q1 2027, probly Jan or March then we will have a strong bullrun for ya all plan accordingly, thank me later! NFA!

➥ Primus is surprisingly user-friendly tldr: @primus_labs offers wallet-less crypto payments to social handles → Primus Pay / Programmable Gateway most people expect Primus to stay locked in heavy institutional privacy like - encrypted balances - Proof of Reserves - confidential vaults - private transactions the unexpected part is that the same zkTLS tech powers something much simpler and more everyday you can send crypto to someone’s X handle, email, or other social ID - no wallet address needed at all how it feels for normal users? 1) sender types a social handle and the amount 2) recipient gets notified, logs into that account as usual via the Primus browser extension or flow 3) zkTLS proof is generated in the background proving “I control this account” 4) funds land in their wallet - done no copying long addresses, no fear of sending to the wrong place, no sharing private keys or full account data it supports batch sends & even randomized amounts, very useful for rewards or tips this turns crypto payments into something as easy as tipping a creator or sending money to a friend on social media it’s especially useful for Web2 users, creators, community rewards, and anyone who finds wallet addresses intimidating why tf do i think it’s unexpectedly useful? - solves one of crypto’s biggest UX headaches without requiring the recipient to already be deep in Web3 - the same privacy tech that protects institutional positions also makes everyday sending private and simple - it’s live across chains and pairs with stablecoins the Chrome extension already has ~60k users it is the friendly on-ramp behind it and many other proofs - users just browse and log in normally; - proofs of things like follower counts, GitHub activity, KYC status, or balances generate without exposing passwords or raw data that’s what powers both the payments and lighter use cases like better Sybil resistance or social proofs for airdrops/rewards

top Hyperliquid’s beta play [1] @Kinetiq_xyz - not holding kinetiq:native is like not holding $HYPE when it TGE’d back in 2024 [2] @Enter_Elysium - Fomo & Pumpfun app supporting brings generational wealth effect for onchain similar to when $SOL had ran from $8 to $290 [3] @AscendLaunch - as a leading launchpad nobody ever focus, it’s like PONS the early days at $275K mcap

AMM-bivalent: how not to deploy tokenized stocks in DeFi i’m bullish on tokenized stocks, but Galaxy’s latest AMM research raised my bar for where i’d provide liquidity they modeled an AMM holding the S&P 500’s individual constituents: → ~3% underperformance versus holding, year-to-date → ~45x annual turnover needed to break even at a 0.05% swap fee → SPY turns over roughly 16x annually these are modeled results for a constant-weight AMM still, that’s a demanding fee target then i care about how how differently the stocks perform? as prices diverge, the pool sells relative winners and accumulates relative losers dispersion accounted for ~90% or more of impermanent loss in much of the analysis a rising index doesn’t prevent this neither does a falling market where stocks decline by different amounts i care about this because my equity thesis and my liquidity strategy need separate underwriting i can be right about stocks rising and still earn less by providing liquidity than by holding market needs to use tokenized index products for broad exposure consider lending or holding individual stocks, and favor structurally linked assets for passive pools from here, i’m comparing 4 approaches: → @Uniswap v4: assess whether custom execution and dynamic fees improve LP returns → @CurveFinance: assess which equity pairs have a durable reason to stay close → @Morpho: compare lending returns, demand, and liquidation risk → @1inch aqua: assess capital efficiency when one wallet balance supports multiple swap strategies aqua interests me because shared liquidity changes how capital is allocated but i’d still need evidence that the underlying strategies compensate LPs for adverse selection & impermanent loss no need doing DD here, you better ape one of these for the bullrun

➥ the $6.3B Binance hack created an unexpected winner = Ethereum block builders the numbers are pretty wild within the last 24h, and Titan Builder stood out. → $14.91M fees / 24H → $13.13M reported revenue / 24H → $4.66M revenue in all of Sept that's 2.8x Titan's entire Sept rev generated in just 24 hours so what happened? after the @binance exploit on Oct 29, the attacker rushed to swap stolen assets through onchain venues, including @Uniswap according to Bitquery's investigation: → ~$119M lost to unfavorable swap execution → ~$60M captured by traders & arbitrage bots after costs → ~$30M paid to Ethereum block builders and validators the hacker was trying to escape assets that could be frozen MEV bots were competing to capture the resulting price dislocations and block builders were monetizing that competition there's an important distinction here Titan's reported rev represents fees & MEV rewards after validator priority payments it isn't equivalent to Ethereum gas rev or ETH holder earnings meanwhile, Flashbots recorded $13.73M in fees over the same 24H, but DeFiLlama attributes $0 of that to Flashbots' own revenue aame MEV eco, but ery different value capture this is a reminder of how much economic value sits between users submitting txns and those txns reaching final settlement a massive exploit created exceptional arbitrage opportunities, but it’s just a seasonal event builder revenue normalizes once the stolen-asset swaps and emergency trading flows fade as more trading moves onchain, who actually captures the execution value = traders, searchers, builders, validators, or the protocols themselves

➥ @primus_labs is the pre-TGE privacy project i’m taking seriously tldr: @primus_labs addresses privacy for instituional participants thru technologies: → zkTLS verifies info from websites and APIs while allowing sensitive details to stay private → FHE lets apps compute directly on encrypted data, so balances and transfer the @UnitasLabs integration explains it better than another zkTLS or FHE intro USDu uses a delta-neutral strategy, with hedge collateral held on centralized exchanges publishing onchain wallets only shows part of the backing the exchange-held portion needs verification too Primus + Brevis have already built that verification for Unitas → Primus authenticates exchange data through zkTLS → A TEE protects sensitive inputs during processing → Brevis proves the reserve aggregation → the dashboard reports reserves, USDu supply + the backing ratio without publishing individual positions that where you can evaluate as a depositor you get evidence about assets held outside the chain, where a block explorer cannot help Primus also works with Unitas + @UTechStables on its Confidential Finance product on BNB Chain - shield stablecoins into encrypted versions - send them privately - earn yield in a confidential vault without revealing your position size so they work on confidential positions and verifiable backing On Sept 1, @allscaleio payroll tested 4 sample salary payments using Primus - amounts stayed encrypted, settlement was recorded on BNB Chain - recipients could view their own figures thru wallet authorization it was a technical validation with fictional employees moving that integration into recurring production payroll would be a meaningful adoption catalyst wallet relationships and timestamps remain visible today Primus adds privacy to eco where users and liquidity already exist it avoids requiring a new chain to attract both before the product becomes useful its proof-of-reserves platform also addresses a related problem of making offchain backing assets verifiable from a finance perspective, confidentiality becomes much more useful when counterparties can still check relevant claims

vault lending protocols landscape morpho’s vault deposits grew 51% in Q3 to $6.26B already so i wanted to understand what that capital actually finances across 102 measured vaults in Sept - 46% of deposits funded loans against bitcoin - 11% against ether - 21% against dollar stablecoins but the curator breakdown is where this landscape gets interesting here are the 5 names i’m watching, and why @Morpho remains my strongest pick for vault lending infra 1/ @SteakhouseFi - distribution at scale $2.27B in average net deposits in the measured sample with 40% financing bitcoin-backed loans and 35% stablecoin-backed loans its role curating Robinhood Earn is what stands out to me access through an app people already use can bring lending vaults to users who would never select individual DeFi markets themselves 2/ @SentoraHQ - expanding into real-world credit $1.13B in measured deposits, with 23% allocated against tokenized RWAs the highest share among these 5 curators its PYUSD vault lending against Huma’s PST makes that direction concrete the underlying receivables introduce payment-business credit exposure i see room for different economic drivers here while repayment quality & redemption terms deserve close attention 3/ @gauntlet_xyz - risk curation with growing distribution $860M in measured deposits, with 76% financing bitcoin-backed loans i’m particularly interested in its Uniswap integration: - earn launched with Gauntlet-curated Morpho vaults for USDC, USDT, and ETH - that gives its risk framework direct access to an established user base 4/ @sparkfinance - capital access matters $394M in measured deposits, with 79% financing bitcoin-backed loans + 16% held as idle cash Spark also allocates capital from the @SkyEcosystem that makes it worth following as both a curator and a source of lending liquidity 5/ Armitage - specialist collateral expertise $132M in measured deposits, with 54% financing loans against Pendle PTs @wintermute_t's curation business interests me because it brings liquidation execution capabilities alongside market analysis more specialized collateral, the ability to sell it during stress becomes a major part of underwriting why do i prefer Morpho? all 5 can compete on collateral selection, allocation, liquidity management, and distribution while using Morpho’s lending infra i see that as its strongest advantage: → more specialist curators can build more products on the same protocol → Bitwise launching its own RWA vault adds another asset manager to that eco the part i keep coming back to is withdrawal liquidity in the supplied analysis, 8 of the 12 largest vaults had a largest depositor whose position exceeded available cash BTC collateral alone cannot tell me how quickly i can exit my conviction is in Morpho’s ability to support this growing market