wearer of many hats @defillama_res
Canada
Joined July 2018
- Tweets1.6K
- Following704
- Followers298
- Likes6.2K
jormpt retweeted
In the first half of 2026, @circle brought in $1.4B in revenue and kept $103M in net income, about 7 cents on the dollar.
Almost all of that revenue is interest. For every USDC in circulation, Circle holds a dollar in reserve, mostly in short-term US govt debt. Circle reports in a recent H1 2026 filing that those reserves earned them $1.32B.
Most of that interest goes back to its distribution partners. Of the $819M in distribution and transaction costs sent in H1 2026, $655.3M went to @coinbase alone. That's more than 6x what Circle kept as net income.
With this week's hotter-than-expected inflation data (September CPI: 3.7% vs. 3.6% expected, core 2.6% vs. 2.5%), what happens to Circle's model if and when interest rates change?
ALT Source: Circle H1 2026 results (https://www.circle.com/blog/the-economics-of-usdc-and-why-our-partners-win)
remember, these guys want to launch a stablecoin and don't want you to earn yield on your own.
the cycle will continue. you do not hate them enough.
🇺🇸 BREAKING: Bank of America has been fined $1.2 BILLION by the US government.
The bank failed to flag over $5 BILLION in suspicious transactions, the Treasury says.
The missed transactions were linked to suspected Chinese money laundering networks and illicit finance around the southern US border.
The Treasury called the bank’s money laundering and sanctions failures “egregious and continued.”
The penalty includes a $750 MILLION fine from the Office of the Comptroller of the Currency, per the FT.
the only time i felt more pain than now is when my hand ran into a skill saw.
"you only get one shot at TGE, and that sucks."
i'm not an Ethos user, nor do I know what WHUF is, but Serpin laid out one of the more honest post-TGE reflections to date.
one issue, though likely not the biggest (also noting @katexbt's scathing but truthful take), was choosing a market maker.
i won't pretend to know much about what it takes to properly TGE, but what I DO know is that @DefiLlama and @Forgd_ released the industry's best transparency tool in seeking out MMs.
this index currently lists 43 MMs and assigns them a grade and composite score weighted by the averages of all performance categories:
→ trading KPIs (reflecting depth and volume performance relative to their peers)
→ trust (measures the data-sharing relationship between Forgd; invitation acceptance, data drops, active engagements, reporting)
→ coverage & capabilities (breadth of exchange coverage and service offerings)
→ uptime (measures consistency and reliability of MM operations)
use it to compare MMs across metrics like depth, volume, and spread.
genuinely undervalued tool here.
jormpt retweeted
When people ask how to avoid hacks I usually recommend having 2 separate devices. One “daily driver” with 0 funds that never touches a blockchain and then a completely separate, dedicated computer used exclusively to also not touch blockchains. I don’t recommend using blockchains
still, RIP @dlnews
cointelegraph went from 12 million visits a month to 700k
coindesk reported theyre looking for a buyer.....
cointelegraph replied with an open letter to coindesks publisher
we are not for sale
two crypto news sites fighting over 700k readers while everyone gets their news from the x timeline
legacy media is dead
even in crypto
whoever wrote this one is probably dizzy and exhausted from the sheer amount of data available.
you think you might have seen it all just by glancing at @DefiLlama's yield section, but there is just soooo much more to be discovered.
Searching for yield while the market shakes, rattles, and rolls?
@DefiLlama's yield dash has plenty to choose from: almost 15K pools tracked across 499 protocols on 102 chains.
To make things easier, the dashboard has a couple of pre-configs to help filter based on needs:
anyone using @EthenaPay? curious how they stack up vs other neobanks.
5-10% cashback sounds pretty wild, but i'm not quite VIP material...
Known for USDe, a synthetic dollar backed by a delta-neutral basis trade, @ethena, the #10 DeFi protocol by TVL, is now taking that trade well beyond crypto.
Despite TVL falling ~66% over the year, Ethena's strategy kept paying, just not for Ethena: over the past 30D, the protocol generated $20.1M in fees and kept $16K of it.
Its answer is expansion: a self-custodial payments app called Ethena Pay, a basis trade on tokenized US stocks, and StablecoinX, a Nasdaq-listed company holding ~30% of ENA's supply.
Find out more about Ethena's expansion playbook:
defillama.com/research/spotl…
jormpt retweeted
Like I said last week, we're shipping faster than ever and building tools for users to track all of their investments on DefiLlama.
Crypto created a new standard in reporting and transparency, with some of the best tools for retail investors. We're now bringing that to TradFi.
We've massively expanded our equities dashboard.
Now featuring:
- Earnings call calendars for 2,786 companies
- Sector and industry market maps and rotation trackers
- Sector pages to track constituents and benchmarked performance
defillama.com/equities/secto…
i've never seriously considered a crypto card. once they became all the rage, the amount of new offerings grew so big so fast, all splitting hairs on which card does what, it didn't seem very +ev until time weeded out those that sucked.
this new card compare dash from @defillama really reduced enough headache that I might just pull the trigger on one.
any good picks out there?
Which crypto cards pay cashback? Which have no FX fees? Which are self-custodial?
Our new crypto card dashboard compares 30 cards side-by-side so you don’t have to.
defillama.com/crypto-cards
bangry closes with "tbh I don't even really know why I'm writing this, SNX is so irrelevant."
nail, meet hammer.
a great thread revisiting what was possibly one of the most absurd strategies for a DeFi OG to execute:
@synthetix is going to ZERO.
🧸🎯
I'm going to rant for a bit about why I think it's over for them.... (1/22)
oh dear that humidity.
have a Sling for me @rcel1559 🍹
Our Head of Research @rcel1559 packed a spacesuit for Singapore; nobody told him about the humidity.
Ryan and Yana will be at @token2049 on Oct 7-8 and want to meet you. Reply here or DM us to grab a chat and a Singapore Sling.
llamas on top
We've been quietly building a media arm within @DefiLlama.
Earlier this year, I set a goal of building distribution beyond our website and main X account. At first it felt like a distraction, but now we're finally seeing results.
Nearly 40K subscribers across our two newsletters, breaking down what our data shows. These have already changed how we launch new products. As we scale email acquisition, I expect this to turn into one of our biggest distribution channels.
We launched the @llama account, which users can tag to receive a response from LlamaAI. Llama is now tagged in hundreds of replies per month.
More recently, we launched the @FullyVested_Pod, a DeFi podcast hosted by me and @DeFiDave. Since launching over the summer, our videos have had over 60K cumulative views, with most of that in the past month.
Owning distribution means that we can get our data and products in the hands of more people, without being beholden to the algorithm.
"thanks for keeping an eye on things while we attend @token2049 and @kbwofficial!" - @defillama_res team
day 1:
FIRST 🥇
4 of the top holder-revenue names don't pass that revenue to passive holders:
→ Chainlink: LINK buybacks go to a reserve
→ Raydium: RAY bought back and held at a protocol address
→ BONK.fun: buys BONK for the BNKK treasury
→ Lido: buybacks accrue to the DAO treasury
Cheapest confirmed buyback-and-burn:
→ StonkFun: P/S 0.66 → Pons: P/S 1.19
→ ORE Protocol: P/S 1.41 (~90% of buybacks burned, ~10% to stakers)
→ Pump: P/S 3.89, with ~9.9% of supply unlocking over 12m
Lighter burns LIT at P/S 20.8 while ~12.4% of supply unlocks over the same window.
Sky, Aerodrome and Pharaoh only pay holders who stake or lock.
thanks @llama
Copy this LlamaAI prompt to identify protocols that generate revenue, pass that revenue on to tokenholders, and don't have significant dilution coming:
Screen DeFi protocols for a "quality value-accrual" cohort: protocols with (1) high revenue, (2) mechanisms that pass fee revenue through to tokenholders (buybacks, burns, or direct distributions/dividends), and (3) low ongoing token emissions/inflation.
1. Rank protocols by trailing 30d revenue and holder_revenue. Surface the ones where holder_revenue is a meaningful share of total revenue; this is the value-accrual signal, revenue that reaches tokenholders rather than sitting in a protocol treasury.
2. For the top candidates by holder revenue, confirm the accrual mechanism (buyback-and-burn, buyback-and-distribute, direct fee dividend, staking reward funded by fees) via governance or protocol docs. Don't assume the mechanism from the metric alone.
3. Cross-check each candidate's token emissions: current annualized inflation rate, percent of max supply still to unlock over the next 12 months, and whether emissions are declining. Flag any candidate where high emissions offset the buyback or dividend value accrual, so net token supply still expands despite the payout.
4. Add ps_ratio/pf_ratio for valuation context (market cap against the revenue stream), plus each protocol's category and chain(s).
5. Output a ranked table: protocol, 30d revenue, holder revenue, holder revenue percent, accrual mechanism, 12-month emission/inflation rate, P/S ratio, category.
6. Exclude protocols with no live token. Exclude L1/native chain gas tokens; keep the results to DeFi protocol tokens only.
jormpt retweeted
just toying around with LlamaAI terminal today
best part is being able to plug in @DefiLlama metrics like rev, fees, TVL, etc.. all on the same chart
@reynardoew cooked with this
jormpt retweeted
I’m launching my first project and my first website!
Many people know me as an investigator. And many have worked with me.
Now I’ve finally built a website that took a lot of time. But let’s get to the point.
My partners and I offer:
1. OSINT services, such as background checks
2. On-chain investigations
Save my website: maahes.io. I hope you won’t need it - but who knows?
jormpt retweeted
Super interesting write up from the research team here on @Kalshi combos
Also featured in our newsletter, which has doubled its subscriber count over the last month!
research-newsletters.defilla…
The "fake volume" debate around @Kalshi perp trades has been making waves, but it hasn't stopped the platform's prediction market combos from turning into fees.
Combos were 46.5% of August notional and 17% of fees. Since maker fees went live Aug 20, their fee share has nearly doubled to ~32%.
Read on to see why Kalshi is happy to let combos keep growing:
defillama.com/research/spotl…
i demand that @uniswap adopt "Pink Pony Club" as its anthem.
attn @saintniko
DeFi knows the Pink Unicorn.
Uniswap launched in 2018 and became the template DeFi has copied. Hundreds of forks later, the original still ranks first among 1,713 tracked DEXs by TVL, volume, and more.
@Uniswap's full record now lives on DefiLlama.
