moonboy69

@orbiodotso launched a private AI chat on Nov 3, moving into Venice's core product. $ORBIO jumped as much as ~80% after the launch and is still up ~50%. $VVV market cap is ~$1.01B, $ORBIO ~$29M Most of Orbio's revenue (88%) comes from people trading $ORBIO. The chat is its shot at revenue from people using AI What Orbio is: - A marketplace for AI usage on Robinhood Chain. Every answer an AI model gives costs money (inference), and Orbio turns access to that usage into a token called CREDIT - 1 CREDIT represents $1 of nominal AI usage at Orbio's listed prices, before activation fees - CREDIT trades below $1, so buyers can get the same usage cheaper. Orbio lists Claude Opus 5.5 output at 20 CREDIT per 1M tokens, the same as Anthropic's $20 list price, which costs ~$11 at a $0.55 CREDIT price, before activation fees - $ORBIO trading fees fund CREDIT rewards for $ORBIO stakers - Orbio also has a launchpad where an agent's token trading fees can fund its AI usage. Kivo, launched on @Moshdottrade, trades on its own research and pays for its thinking in CREDIT from its own fees What launched on Nov 3: - One chat with the major models, paid in CREDIT, plus an agent that searches, runs code, builds sites and sends email - Private mode: messages are encrypted in the browser and only opened inside a verified enclave. It works with open models like DeepSeek and Qwen, not with Claude or GPT. Tool calls like search or email go to outside providers How Orbio makes money (~$147K from Oct 7 to Nov 5): - $ORBIO trading fees: ~$130K, 88%. Swapped to USDG every hour, half goes to the treasury and half backs CREDIT rewards for stakers - Agent launchpad: ~$13K, 9%. Orbio's cut of agent-token trading fees. Its analytics list 2,248 agents with a combined token market cap of $6.9M, or ~$3K each on average. Weekly launchpad fees peaked at ~$29K in early October and are now ~$2K - CREDIT sales and activation: ~$4K, 3%. Fees from order book purchases, card purchases and turning CREDIT into AI usage - Paying chat users buy and activate CREDIT, creating demand for the tokens that stakers can sell The numbers: - ~$29M market cap, fully diluted. 950M supply, no emissions - ~30% of supply is staked (~286M $ORBIO). Only stakers get the CREDIT staking rewards, a holder who doesn't stake gets nothing - Staking yield: ~9% a year in CREDIT at face value over the last 30 days, ~5% at the $0.55 market price. At last week's pace it's ~6% and ~3% - Of the $147K, $65K went to stakers as CREDIT and $82K to the treasury: half of the trading fees plus all launchpad and CREDIT fees - Weekly DefiLlama-tracked fees fell from a peak of $106K in late September to $19K in the last 7 days (Oct 30-Nov 5), with market-wide $ORBIO trading volume down from ~$45M to ~$13M a week - That's the main risk, and it has two parts: less $ORBIO trading, and more of it routing through regular pools that pay Orbio nothing. Fees per $1 of volume halved from ~0.30% to ~0.15% since September, and over the last 24h about half of the volume traded in Ramses and Uniswap v3 pools Why the CREDIT price matters: - A staker who uses CREDIT gets AI usage, while a staker who sells it receives its market value - The main Robinhood Chain pools quote ~$0.55, 45% below face value, before selling fees and slippage - New CREDIT adds sellable supply, while activation burns it into AI usage balance - Paying chat users can absorb that supply and support the price, making existing rewards more valuable. More paid usage does not automatically increase the CREDIT allocated to stakers Compared to $VVV (Oct 7-Nov 5, annualized): - $ORBIO trades at ~37x its staker allocations at face value, or ~66x valued at $0.55 per CREDIT - $VVV trades at ~79x its burns, ~131x on fully diluted value. About 40% of the period's burns came from one monthly discretionary burn on Oct 7, so the multiple depends heavily on that payment - VVV emits 2M new tokens a year. At the last 30 days' pace, burns remove ~0.5M a year, so supply still grows. $ORBIO has no emissions - The benefits differ: VVV burns reduce total supply, while ORBIO's CREDIT rewards go only to stakers. VVV also gives inference access through DIEM - Venice's founder reported annual revenue above $150M on Oct 14. That's company revenue, only part of it reaches VVV through burns Possible tailwinds: - Paying customers who buy AI usage regardless of what the token does - Treasury buybacks as a second lever. On Sep 19 Orbio announced that half of platform revenue buys back and stakes $ORBIO. At the current pace that would be ~$27-41K a month, or ~1-2% of the market cap a year - Paid demand that absorbs new CREDIT, bringing its market value closer to its usage value - More apps building on the gateway. This week @Orbancyio announced 100 AI clones of top traders on a public leaderboard, and @SlopCash said its code-review bot is moving onto Orbio's gateway Risks: - Usage is still small: ~$20K of API usage in the 14 days to Nov 5 at listed prices. That's consumption, not cash revenue - More staking spreads the same reward budget over more tokens - CREDIT has no guaranteed $1 cash redemption, so the discount can persist Orbio has one of the more interesting designs in AI x crypto: trading fees pay for AI usage, agents can fund their own inference, and the private chat gives CREDIT a real consumer use. The market liked the launch But the engine behind the rewards is shrinking. $ORBIO trading is down, and more of what's left routes through pools that pay Orbio nothing. The chat now has to bring in paying users fast enough to carry the token, and getting trading back into Orbio's own fee pool would be the quickest win This is part 2 of my short series on AI agents onchain. Part 1, on credit for agents with @priors_trade, is linked below Data: Orbio analytics, @DefiLlama, @coingecko, @dexscreener (Nov 6, 16:15 UTC) Orbio's launch post: xitter.cf/orbiodotso/status/2117…

@vladtenev answered 27 questions in yesterday's Robinhood Chain AMA. I summarized the most important answers The most concrete part was how chain projects will reach Robinhood's users. The rest was general direction, plus a few hints at what's coming, mostly beyond Stock Tokens: Distribution in the Robinhood app - Robinhood Wallet already has a dApp browser and trending Robinhood Chain tokens - The main app shows trending tokens in Search and in the Crypto section - More projects will be surfaced over time, balanced with customer safety. "A longer track record will help" - Robinhood Earn (USDG lending via @Morpho, inside the main app) is "just the start" Beyond Stock Tokens - "Stock tokens are just the beginning", three times, once with "more to share soon" - Which assets next? "All of them" Memes still have a place - Why its own chain: to build "the #1 chain for real world assets (and memes too)" - Hooks-based launchpads like @Hookrfun: "Love it" Agents and security - Agents "will be a big part" of onchain finance and can already use Stock Tokens permissionlessly - Security "can't be an afterthought", formal verification from @HarmonicMath is in the works For builders: ship, and build for real users instead of other builders Robinhood puts Stock Tokens and useful apps in front. That's been the plan since it unveiled the chain alongside Stock Tokens in 2025, it fits a brokerage, and it's easier to defend to regulators and customers. But Vlad knows memes bring the activity and attention, so he keeps the door open without pushing them (yet) In his words: "Culture gets people in the door. Utility is why they stay" xitter.cf/vladtenev/status/21184…

Robinhood's roundup shows where it wants the chain to go. October revenue shows what pays today The 24 featured projects made $7.1M on the chain in October, 32% of all revenue. The projects Robinhood left out made $13.5M, or 61% The biggest earners that didn't make the roundup: - @standard_rsv $4.2M, an onchain reserve funded by a tax on its own token - @ponsdotfamily $2.5M, the chain's biggest launchpad - fomo $1.7M and GMGN $1.6M, multichain meme trading apps - @Collector_Crypt $780K and @S_L_V_R_FUN $538K, card packs and an onchain lottery On the featured side, Lighter and Arcus carry most of it: $4.0M of the $7.1M, up 74% vs September So the builders Robinhood highlights are not yet the ones that pay. Perps are growing, while most revenue still comes from token trading, launchpads, token taxes and games of chance Data: @DefiLlama, Robinhood Chain revenue only, October xitter.cf/RobinhoodCrypto/status…

The NEAR ETF ($NRR by @Bitwise) just had its first outflows - net inflows peaked at $89.7M on Oct 26, now $81.2M - 3 outflow days since my last update (Oct 20, Oct 27, Nov 3), $11M in total - no inflow day since Oct 26 That lines up with the price: since the ETF launched NEAR is down ~20%, vs ~4% for BTC and ~11% for ETH Fund assets are at ~$64M now, ~$17M below what went in, because of that drop Staking: the fund stakes 94% of its NEAR at ~5% gross. After fees ETF holders get ~3.3% a year, that's ~530K $NEAR (~$2M) a year accruing to the fund Also new: Bitwise added NEAR to its 10 Large Cap indexes in the Oct 30 rebalance. Still small, $BITW holds ~$1.7M of NEAR at a 0.25% weight, but it's a second institutional channel next to $NRR Data: SoSoValue, Bitwise (Nov 4)

Robinhood featured 24 builders in its new ecosystem roundup this week. I mapped all of them by category, with tracked October revenue on Robinhood Chain The focus is clear: trading infrastructure, Stock Tokens, AI agents and easier access to the chain for new users and capital - Stock Tokens are spreading through DeFi: borrowing against them on Morpho, 200+ traded via @arcus_xyz in Robinhood Wallet, 30+ on @RamsesExchange, index tools from @glider__ and @IndexifyApp - Trading: Lighter and Arcus for perps, @CatalystMkts_ just added event markets, Metric and KyberSwap launched next to Uniswap, @ClutchMarkets added Pair Tokens - Lending: Morpho holds about $590M, more than half the chain's TVL - AI agents: @Moshdottrade runs 96 trading agents, @priors_trade launched a record board for AI agents - Access: NEAR Intents swaps from 30+ chains, Mercuryo on-ramps, ZenGo wallet - 14 of 24 have a token, only 5 of them native to the chain: $UP $STONKBROKER $BUN $PRIORS $NET Robinhood and Arbitrum also run Open House, a builder program with $1.8M in total grants. Applications for the next mentorship cohort close Dec 6 Data: @DefiLlama, Robinhood Chain revenue only xitter.cf/RobinhoodCrypto/status…

Robinhood Chain revenue by app (September vs October) @standard_rsv: $4.6M → $4.2M* @ponsdotfamily: $23.4M → $2.5M (−89%) @Lighter_xyz: $1.7M → $2.2M (+30%) @arcus_xyz: $594K → $1.8M (+211%) @Uniswap: $8.7M → $1.8M (−80%) @fomo: $14.0M → $1.7M (−88%) @gmgnai: $23.3M → $1.6M (−93%) Robinhood sequencer: $32.3M → $1.4M (−96%) @Collector_Crypt: $312K → $780K* @S_L_V_R_FUN: $1.3M → $538K (−60%) @uponrh: $1.6M → $500K (−68%) @fablesfi: new → $295K Revenue on the chain fell from $128.0M to $21.9M (−83%) What changed since the last update (Oct 23, quoted): - Meme related revenue is still falling. Pons, GMGN and fomo are all down ~90%, and the RH sequencer went from $32.3M to $1.4M - Perps are still growing. Lighter and Arcus made $4.0M in October, 18% of all revenue on the chain, up from 2% in September - STANDARD and Fables are new in the list, STANDARD straight at #1 with $4.2M Unlike the native tokens, the chain overall hasn't found a floor yet: weekly revenue went $5.1M → $5.2M → $4.0M → $3.5M through October, the lowest week since launch. *no full September on DefiLlama, so no change: STANDARD from Sep 16 (excl. $6.9M on its Sep 15 launch day), Collector Crypt on RH from Sep 25 Data: @DefiLlama, Sep vs Oct. Multichain apps only with their Robinhood Chain revenue xitter.cf/0xMadaba/status/211361…

Robinhood native projects generating the most revenue (September vs October) $STANDARD (@standard_rsv): $4.6M → $4.2M* $PONS (@ponsdotfamily): $23.4M → $2.5M (−89%) $SLVR (@S_L_V_R_FUN): $1.3M → $538K (−60%) $UP (@uponrh): $1.6M → $500K (−68%) $FABLES (@fablesfi): new → $295K $STONKBROKER (@ClutchMarkets): $1.3M → $289K (−77%) $ORBIO (@orbiodotso): $200K → $228K* $RAM (@RamsesExchange): $118K → $202K (+71%) $BUN (@Moshdottrade): $281K → $78K (−72%) $SHROOM (@shroom_network): $1.4M → $75K (−95%) $INDEX (@TheIndexFi): $208K → $51K (−75%) Revenue fell from $34.4M to $9.0M (−74%) What changed since the last update (Oct 23, quoted): - Momentum is still negative, but the decline is slowing down. Only 1 of 8 projects with a full September grew: Ramses (+71%) - STANDARD, Fables and INDEX are new in the list, STANDARD straight at #1 with $4.2M, partly from the tax on trading its own token - Pons keeps losing share: 68% → 28% of this group's revenue (79% → 52% even without STANDARD) New this time: mcap / annualized revenue. Most trade at 2–8x, while INDEX (14x) and Orbio (11x) price in more growth. This is protocol revenue, not necessarily what holders receive. *no full September on DefiLlama, so no change: STANDARD from Sep 16 (excl. $6.9M on its Sep 15 launch day), Orbio from Sep 15 Data: @DefiLlama, Sep vs Oct. Projects with most of their revenue on RH and >$50K in October xitter.cf/0xMadaba/status/211369…

robinhood:0x56910d4409f3a0c78c64dd8d0545ff0705389870 is up ~40% in 24h, and the reason is @TheIndexFi's first update since Oct 8. Quick recap: INDEX has a 3% tax on trades, and those fees buy a basket of stock tokens (NVDA, AAPL, MSFT and more) that gets sent to every wallet holding 10K+ INDEX, no staking or claiming needed. What changed: - Distributions were paused from Oct 18 to 29 while the system was rebuilt, fees kept accruing and were paid out once it went live - Since Oct 29, 3 cycles sent ~$23.6K in stocks to 4,163 wallets - Payouts now run on fixed 36h cycles, so they're predictable again - Pools holding INDEX no longer receive payouts, so LP pools stop collecting distributions meant for holders - ~$3.7K in banked stocks went to 5,366 former holders that had fallen below the threshold The onchain numbers back this up. DefiLlama shows $0 from Oct 19 to 28 and $23.1K since Oct 29, pretty much what the team reported. What's still open: The main revenue problem is the vampire pools I wrote about last week. A large part of INDEX volume trades in pools without the fee hook, so it never pays the 3%. The team has this on their radar, they call it a deeper change that's already in development, with more details coming soon. They haven't said yet whether that means URC-5 or their own solution. Why the fix matters: - July, when most volume still went through the hook: $1.15M in fees, all paid to holders - October: $51K - Last 5 days (without the Oct 29 catch-up payout): ~$1.4K a day, ~$0.5M annualized, so ~15x at a ~$7.9M market cap So right now the token trades on the expectation of the fix more than on current revenue. If even part of the bypassed volume pays the 3% again, the payout picture changes a lot, and July shows what the model can do when the fees actually get paid. They're also building Blend, permissionless onchain baskets of tokenized assets, as an extra revenue source for INDEX. Data as of Nov 3: @TheIndexFi update, @DefiLlama (fees, price, mcap)

Top onchain protocols by revenue multiple (mcap / ann. 30d revenue) $PUMP 2.7x $AERO 5.2x $SKY 9.4x $ETHFI 12.4x ethereum:0x232ce3bd40fcd6f80f3d55a522d03f25df784ee2 13.7x ethereum:0x152649ea73beab28c5b49b26eb48f7ead6d4c898 14.1x solana:JUPyiwrYJFskUPiHa7hkeR8VUtAeFoSYbKedZNsDvCN 17.6x hyperliquid:native 25.7x ethereum:0x7fc66500c84a76ad7e9c93437bfc5ac33e2ddae9 32.4x ethereum:0x1f9840a85d5af5bf1d1762f925bdaddc4201f984 45.6x ethereum:0x514910771af9ca656af840dff83e8264ecf986ca 163.3x Median: 14.1x Revenue momentum (last 30 days vs 12-month average): - ethereum:0x1f9840a85d5af5bf1d1762f925bdaddc4201f984 +56% and $PUMP +49% - solana:JUPyiwrYJFskUPiHa7hkeR8VUtAeFoSYbKedZNsDvCN -36%, ethereum:0x7fc66500c84a76ad7e9c93437bfc5ac33e2ddae9 -32% and $CAKE -29% This is total protocol revenue, not holder revenue or buybacks. How much of it reaches the token differs a lot between these projects. I'll post a separate breakdown on buybacks in the next few days.

CFTC just cleared single-stock perps for US exchanges, so traders don't have to "turn to offshore, and often unregulated, venues". - it backs the path ICE and @tradexyz announced last week, bringing 24/7 perps on HL to the US - every approved US product built on HIP-3 is new fee flow into $HYPE buybacks - @Lighter_xyz plans to file for its own US license this month, and the CFTC is clearly open to bringing perps onshore - stock perps are one of the fastest growing parts of the perps market, weekly volume went from $2.7B in late January to $15.6B in May (CMC Research) They're deemed approved as security futures, with both CFTC and SEC oversight

@Pumpfun quietly added NEAR as a chain, and 15 NEAR tokens are already integrated That puts NEAR tokens one step away from Pump's up to ~90K daily traders. Most of them were on my NEAR ecosystem map last month (map in the reply): DeFi & infra - $RHEA (@rhea_finance): NEAR's main DEX and lending hub, DEX revenue funds buybacks - $rNEAR: RHEA's liquid staking token - $AURORA (@auroraisnear): Ethereum-compatible chain running on top of NEAR - $NPRO (@NEARMobile_app): utility token of the NEAR Mobile wallet - $QTC (@QuantusNetwork): own post-quantum chain, chose near.com as its launch venue in October Launchpads - solana:5Upkgkqx9nZJGDCz4Kgo8tiT995Gu1PiF7AGMQbBxEg (@nearlytrade): launchpad whose tokens go straight into RHEA pools - $HOOT (@justhootfun): JustHoot, the other big NEAR launchpad Memes - $BLACKDRAGON (@dragonisnear), solana:FHqhvvLCVThubEjeT9kk4UaUNQSawvbWypCn6XM7dF7r (@shitzuonnear), $BATMAN: the bigger NEAR memes - $SINGULARITY (@SingulartyNEAR), $IKP, $THREE: smaller memes launched on Nearly and JustHoot Wrapped - $ZEC (bridged), $WBTC Most of the memes sit between $80K and $500K mcap with only a few thousand dollars of daily volume. With liquidity that thin they can move fast once new buyers show up Pump has been adding a lot of chains in the last weeks: Monad (Oct 24), TON (Oct 27), Arbitrum (Oct 28), Polygon (Nov 1) and now NEAR. So far that hasn't given listed memes an immediate boost Trading on NEAR isn't live yet, coin pages still return a 404 Data: @coingecko (Nov 3)

HSP-029 passed with 100% of votes in favor (3.29M veNEAR for, 0 against), so the $NEAR issuance cut from 2.5% to 1.6% is one step closer What still has to happen: - veto window for the Security Council until Nov 16, no veto so far - validators with >80% of stake need to adopt the upgrade - then a one quarter grace period before the 24 month ramp starts Once live: ~12M fewer NEAR over 2 years, ~66M over 6 years On the other side, @near_intents closed October with $2.19M in revenue going into NEAR buybacks, a new monthly high, even though volume dropped from $4.8B to $4.0B Issuance is still ~$11M a month at today's price, so buybacks cover about a fifth of it, but the gap is now closing from both sides Data: House of Stake, @DefiLlama. Issuance in USD is my own calc at $4.01

The @AnthropicAI pre-IPO trade is already live on @HyperliquidX, and open interest on the two main HIP-3 markets is up ~58% since Friday to ~$128M - EntropyIO ANTH: $83.7M OI, $15.8M volume in the last 24h - @tradexyz ANT: $44.4M OI, $6.4M volume, listed on Oct 26, the day Anthropic filed its S-1 - Friday morning those were $52.9M and $28.4M ANTH is quoted at $1 per $1B of fully diluted valuation, so it implies ~$1.76T right now, slightly above the $ 1.5-1.75T existing investors expect for the IPO according to the FT. Trade.xyz lists Nov 20 as the anticipated listing date, but Anthropic hasn't confirmed the timing Last week I said the IPO should bring a lot of TradFi attention to HL, and the OI is already moving that way. I'd expect attention, volume and OI to keep climbing the closer we get to the listing The fee contribution for $HYPE is probably still modest at ~$22M of combined daily volume, but the pre-IPO trade is running on HIP-3, where every deployer has to stake 500K HYPE Data as of Nov 2, 16:30 UTC: Hyperliquid API

AI agents already have wallets, onchain IDs (ERC-8004) and a way to pay per API call (x402). What they don't have (yet) is anyone willing to lend them $5 before their work pays @priors_trade is building exactly that on Robinhood Chain and looks promising. It tackles a real problem, but there's still far too little activity to read any real demand from it Why does an agent actually need credit: - Agents already sell work onchain, like research, market data or credit checks, and get paid per job - To do that work they pay for data, model calls or other agents first, e.g. @MadeOnSolx charges agents $0.04 per data call on Robinhood Chain - Today the owner has to prefund the wallet, with Priors the agent borrows only when it's short - On Nov 1 an agent on Priors ran out of money, borrowed $5 on its own and used it to pay $0.02 for a model answer How does Priors work: - An agent with an onchain ID can borrow $5 to $500 in USDG for up to 30 days, at 1% per 30 days - Someone has to vouch for it by locking USDG or robinhood:0xedbf91223639800bcd5756815caf908df3b890be, and if the agent doesn't pay back, that stake covers the loss - Every loan and repayment is public and feeds a score, basically a credit score for agents - An agent with a long clean record is one you'd rather lend to, pay upfront or hire over an unknown one, and since only money someone else put at risk counts, it should be much harder to fake than reviews What's going for it: - Every agent that pays for things runs into this problem, and Priors is the only live credit option for agents I found on Robinhood Chain - The long-term prize is the record itself. If more apps check an agent's Priors score before they pay or hire it, Priors becomes something like a credit bureau for agents - A good record already pays off on Priors, agents with repaid loans pay lower fees on its market and can be sold with their record - Since today owners can rent out their agents by the day while the record and score stay with the agent, so a good record becomes something you can earn from - The first outside app reads it too. Since Nov 1 @Hookrfun lets pool creators on Robinhood Chain require a minimum Priors score and give top agents lower fees - The team shipped 45 releases last week alone, incl. auto-borrowing and plugins for Coinbase AgentKit, elizaOS and Hermes Agent - They also wrote 10 draft ERC standards for agent credit (loan interfaces, a credit history format, a default registry), now open for review in Ethereum's ERC repo, so other lenders could build on the same rules - Robinhood itself is pushing agents, ~200K customers have opened Agentic Trading Accounts in the app according to its Q3 report. That's separate from Robinhood Chain, but it shows where Robinhood wants to go - Robinhood also pushes Priors directly, robinhood:0xedbf91223639800bcd5756815caf908df3b890be has its own page on Robinhood and @RobinhoodCrypto quote-posted the Priors board ("Now live on Robinhood Chain") What's still missing: - 462 agents and 55.3K repaid loans sound big, but only ~$1.8K is lent out right now, so it's the same small pool lent again and again - No agent on Priors' board has reached the "income-backed" tier yet, so there's no proof agents repay from their own earnings - In September the team said most borrowers were its own agents, and there's no public number on outside borrowers today - The incentives for outside money are still weak, lenders earn at most ~6% a year and only on what's actually lent out, while backers get 25% of very small fees plus whatever premium an agent offers them for taking the default risk - There's no public audit report for the contracts yet robinhood:0xedbf91223639800bcd5756815caf908df3b890be value accrual: - 25% of loan fees go to a reserve, which sends half of its surplus to robinhood:0xedbf91223639800bcd5756815caf908df3b890be buys and half into liquidity - Even $1M lent out for a full month would mean ~$1.25K of buys, so fees won't carry a ~$10.5M mcap for a long time - The bigger lever is robinhood:0xedbf91223639800bcd5756815caf908df3b890be locked behind agents (at least 2x the line, 75% burns on default), which matters more once holders can back agents they don't run So robinhood:0xedbf91223639800bcd5756815caf908df3b890be today is a bet on where agent credit goes, not on what it earns now. The idea and the team have a lot of potential, but the model still has to show that it can pull in outside capital and real usage. You'll see that once agents the team doesn't run borrow bigger amounts from backers they don't know. Data as of Nov 2: priors.trade, @DefiLlama, @coingecko, Robinhood Q3 report xitter.cf/RobinhoodCrypto/status…

Binance lost ~$6.3B yesterday, the largest crypto hack on record That's almost twice the previous record (LuBian, 2020, almost all coins seized by the US gov) and more than 4x Bybit's $1.4B from February 2025. What happened: - Oct 29, ~20:05 UTC: Binance hot wallets on 10 chains start sending funds to attacker addresses - within ~30 minutes most of it is gone: ~$3.4B in stablecoins, 18,270 BTC, ~200k ETH plus XRP, SOL and others (TRM) - Tether, Circle, Ripple and WLFI freeze ~$2.7B, the first freeze lands 37 minutes after the main sweep - Binance pauses withdrawals, deposits keep running - TRM, Chainalysis and ZachXBT link the attack to North Korea, Binance hasn't confirmed that Where it stands: - ~$3.7B is not frozen, that's ~2.5% of the ~$145B Binance held before the hack (DefiLlama) - Binance and CZ say all losses will be covered from SAFU and company funds, so users shouldn't lose anything - withdrawals are expected to resume within 48 hours Crypto is much bigger than in the Mt. Gox or Ronin days, so part of that gap is just scale, but nothing of this size has happened before.

Two positive developments happening at the same time with $NEAR right now: issuance is likely to be cut again soon, and @near_intents continues to increase the revenue that goes back into NEAR The cut proposal (HSP-029): - max issuance 2.5% → 1.6%, ramped down over 24 months after a one quarter grace period - ~12M fewer NEAR over 2 years, ~66M over 6 years - staking yield drops from ~5.3% to ~3.4% - vote closes Nov 2, ~99% of votes in favor so far - if it passes, validators with >80% of stake still need to adopt the upgrade The other side, Near Intents: - ~$4.8B swap volume in September, up from ~$6M a month in Jan 2025 - $7.3M in fees in September, $1.8M of that as revenue going into NEAR buybacks - October is already at $2.0M revenue with a few days left Buybacks don't cover issuance yet. In October ~$12M of new NEAR was issued vs ~$2M bought back, and even at 1.6% and today's price, revenue going back to NEAR would need to grow ~3.5x to fully offset issuance. But lower issuance and growing revenue moving together is pretty much what you want to see as a holder. Intents is the main revenue source today, so every new stream on top closes that gap faster. Data as of Oct 29: @DefiLlama, NEAR gov forum (HSP-029). Issuance figures are my own calc.

Stock-payout tokens on Robinhood Chain lost most of their fees since the summer. The meme cooldown explains a lot of it, but there's a second reason that gets less attention: the tax can simply be skipped. How these tokens work: - $INDEX, $SHROOM or $BUCKET charge a 3–4% tax on trades - That tax buys stock tokens for holders - It's charged by a hook on one specific Uniswap v4 pool, not by the token itself So anyone can open a pool without the hook, and routers send trades wherever it's cheapest. $INDEX shows it best: - 444 pools, the biggest one is a plain Uniswap v3 pool - ~$557K in 24h volume, at 3% that would be ~$16.7K a day for holders - Fees recorded since Oct 18: $0 Monthly fees (cooldown and vampire pools combined): - $INDEX: $1.15M (Jul) → $208K (Sep) → $30K (Oct) - $SHROOM: $684K (Sep) → $29K (Oct) - $BUCKET: $98K (Aug) → $28K (Oct) The fix, URC-5: - New Uniswap standard from the @standard_rsv team, merged into Uniswap's URC repo on Oct 19 - A token declares its official pool onchain, and routers can read it - In "Enforced" mode the token blocks trades outside that pool - INDEX, STANDARD and FWA are named in the proposal as examples - @RobinhoodCrypto announced yesterday that it's live on the chain STANDARD had the opposite problem btw: routers kept sending trades to pools the token doesn't allow, so volume got lost. Price since Robinhood's announcement: - $INDEX +39% - $STANDARD +10% - $SHROOM +3% - $HEDGE −8% Every hook-based fee model on the chain has this weakness, and URC-5 is the first standard that makes those fees enforceable. But a token has to support it in its own contract, and for tokens that are already live it's unclear if they can add that without migrating. Until a team confirms it and fees show up again onchain, it's a hypothetical fix. Data as of Oct 29: @DefiLlama, Uniswap governance forum xitter.cf/RobinhoodCrypto/status…

Next one from @USDai_Official: a $106M facility for NexGen Cloud. - 1,728 NVIDIA B300s in Finland, 4-year term - Fully contracted under a take-or-pay agreement - NexGen came back for 3x its first loan ($34M in June) - Silver Point and Victory Park lend alongside USDAI - 5% stays in sUSDai, funding expected mid-December with server delivery After the $98M Duos sale, this is the second big deal running through GLX, and this time at origination. Two large private credit funds took most of the facility. For USDAI that means bigger deals, fees on the full size and relationships with institutional lenders, without tying up its own pool. $531M in GPU financing across 20 deals and $200M+ through GLX in its first month. USDAI is now winning repeat borrowers and bringing in funds like Silver Point to do deals of this size. For yesterday's programmatic buybacks regarding $CHIP the effect is small. ~$5M in sUSDai adds roughly $60K a year in NIM. With ~$270M still idle in sUSDai, I'm curious how USDAI will balance syndicated deals like this one with loans funded from its own pool.

The ICE x Hyperliquid rumours were true after all. For weeks there was speculation about a link between ICE, @HyperliquidX and @tradexyz, and now it's official: - ICE (owner of the NYSE) is making a strategic investment in trade.xyz - together they want to bring trade.xyz's 24/7 perps on Hyperliquid to the US, subject to CFTC approval - Stan Druckenmiller (Wall Street legend) invested too, announced in his first tweet ever - whether ICE also bought the team's 3.75M HYPE OTC is still unconfirmed Why it matters for $HYPE: - trade.xyz says its HL markets did $650B+ in volume in just over a year - every HIP-3 market needs 500K HYPE staked - the owner of the NYSE is now backing a business built on HL instead of fighting it A $21.7B market cap looks expensive in crypto terms, but TradFi can reprice a fintech that executes really fast. $HOOD went from an $11B market cap at the end of 2023 to over $100B at the end of 2025. Another catalyst could be the Anthropic IPO. Like SpaceX before it, Anthropic already trades pre-IPO on Hyperliquid, so HL should get a lot of TradFi mindshare in the coming weeks. $HYPE +14% today to ~$91

Robinhood's Q3 earnings were weak, but for Robinhood Chain they were the best signal since launch. Robinhood Chain, first quarter on mainnet: - $50M+ in gross chain fees, a top 5 chain by revenue and volume per Robinhood - $26M in net revenue for Robinhood, per the Q3 earnings report - That's ~22% of Robinhood's entire crypto revenue ($120M) Without the chain, crypto revenue would have dropped 6% QoQ to $94M. With it, it grew 20%. Vlad on the call: - The chain "caught us by surprise", they had to staff up a team for it - Builders told them they could do more for the community - "You should expect to see us really ramp that up" Robinhood admitted they underestimated the chain and weren't ready for it. Now they've seen what it can earn and say they want to support it a lot more. You can already see it in the AI agent integration with @priors_trade that @RobinhoodCrypto pushed, @Ondo integrating, and most RH Chain tokens up 10–50% in 24h. But they've reposted and integrated projects before, and that alone won't bring the activity back. Q3 was also this strong because of the Aug/Sep meme mania and congestion pushing gas fees up. October is the weakest month since launch so far. The foundation is there: chain, distribution, brand. What's still missing: - Much stronger support for builders - More liquidity, especially around stock tokens - More consumer apps That's what brings users and capital back to the chain. If Robinhood actually follows through on the ramp up, there actually could be a round 2 for the RH ecosystem. Data: Robinhood Q3 earnings report & call (Oct 27), @dexscreener (Oct 28)