NEW POD We Cover: ▫️ DAS Singapore's consensus coin ▫️ @citrini's viral crypto basket ▫️ Why is $HYPE missing? ▫️ Grading Derive's 100x valuation ▫️ EtherFi vs Ethena & Aave vs Morhpo ▫️ Does Solana deserve its allocation? @marcarjoon @0xMether @shaundadevens @Kunallegendd TIMESTAMPS: 00:00 Intro 00:27 Is This Just Bullish Consolidation? 05:17 Is Citrini Overweight Derive? 12:23 Lighter Or Hyperliquid? 17:24 Is Ether.fi Still Undervalued? 23:42 Is Aave The Best Lending Bet? 28:15 Why Aren’t Tokenized Equities Taking Off? 33:19 Can Crypto Neobanks Go Mainstream? 36:19 Ethena’s Bull And Bear Cases 42:19 Can Ethena Grow Without Incentives? 46:45 Does Solana Deserve Its Allocation? 55:13 Should Hyperliquid Be The Top Holding?

Lighter sold off after Robinhood picked Bitstamp for perps, but @Kunallegendd says that's a buying op.

Solana is 8% of Citrini's basket. Kunal says RWAs and x402 payments can't justify it.

Only ~20% of USDe is actually deployed in the basis trade. Yet Ethena is worth ~5x EtherFi on an FDV basis.

Derive and Lighter now trade at higher multiples than HYPE. So why isn't $HYPE the top weight in Citrini's basket?

One of the most famous sell-side shops bull-posted a crypto basket. We see a ton of overlap with our own favorites.

Derive: ~$0.5M in 30-day revenue, ~$6M annualized, ~100x multiple. Great product, rich price.

90% of the people at DAS Singapore were asking about one coin: Pearl. "Pearl is to Zcash what Zcash was to BTC."

DATs were a market access trade, and ETFs ended it. Does anyone see them going back to their highs?

Should Ethereum start charging L2s more? Base, Arbitrum, and Robinhood Chain are all built on ETH, yet very little value actually reaches the L1.

90-95% odds the $BTC bottom is in at $58K @immutablejacob

~60 wallets hold 80%+ of Ethereum's tokenized stocks, and almost none of it is being used in DeFi as collateral or anything else.

Stablecoins went from zero to $300B. Tokenized stocks are next and Ethereum isn't even in the race.

ETH's stablecoin share has fallen to 30%. Is that a problem, or does it not matter because the whole pie keeps growing?

Without a monetary premium, ETH would be the most overvalued asset on Earth @0xcarlosg

NEW POD We cover: ▫️ Is ETH losing its liquidity moat? ▫️ ETH not even in tokenized stocks race ▫️ Should ETH charge L2s more? ▫️ 90%+ odds the BTC bottom is in ▫️ Why DATs won't reclaim their highs @marcarjoon @0xcarlosg @immutablejacob TIMESTAMPS: 00:00 Intro 00:30 Is Bitcoin’s Bottom In? 10:15 Are Crypto Treasury Trades Dying? 20:52 Does ETH Staking Still Matter? 30:35 Is Ethereum’s Liquidity Moat Eroding? 43:00 The Bull Case For Ethereum 55:14 Can Ethereum Capture More Value? 59:22 CFTC Opens A New Crypto Path

ATH in vibes

The StablecoinX DAT for Ethena $USDE was trading at a 0.3x mNAV and nobody could buy it onchain. Issuers should focus on assets onchain users actually want, not more $NVDA they can already buy on every other brokerage. @0xcarlosg