We recently led the round for @tori_finance, a protocol bringing institutional delta-neutral yield strategies on-chain, unlocking return amplification, composability, and access that traditional finance can't offer. Today we sat down with @0xNox_eth to go deep on the podcast: • How the carry trade actually works and why FX hedging spreads persist. • How positions survive a 30% currency drop. • The security architecture, from NAV oracles to lessons from recent DeFi exploits. • Why this yield was previously gated behind 8-9 figure balance sheets. • How real-time on-chain transparency actually works under the hood. • And how tokenization turns a strong baseline yield into something significantly more powerful.

built in silence for over a year.

We recently led the round for @tori_finance, a protocol bringing institutional delta-neutral yield strategies on-chain, unlocking return amplification, composability, and access that traditional finance can't offer. Today we sat down with @0xNox_eth to go deep on the podcast: • How the carry trade actually works and why FX hedging spreads persist. • How positions survive a 30% currency drop. • The security architecture, from NAV oracles to lessons from recent DeFi exploits. • Why this yield was previously gated behind 8-9 figure balance sheets. • How real-time on-chain transparency actually works under the hood. • And how tokenization turns a strong baseline yield into something significantly more powerful.

Piers compresses the entire sector into one variable: $/kg to orbit. Each price threshold unlocks entirely new possibilities. $500/kg opens orbital compute. $200 opens manufacturing. $50 opens the Moon. In hindsight, price per kg to orbit will be one of the defining numbers of the century. This is the clearest map of it I've read.

TLDR on @grass -Revenue is real -Value accrues to the token, not to an equity company above it -A longer write-up is coming on why the token is the value accruing vehicle Grass generates revenue off-chain, so it's harder to track than a defi protocol. On top of that, they're reinvesting rather than returning capital to holders. That combination has led to max skepticism. Good to see them address it with transparency on revenue and entity structure. On reinvesting, I think it's the right call at this stage. With no equity layer above the token, growth compounds toward the token rather than toward a company beside it. My read is capital return comes earlier than it would at a startup, just not from day one the way most crypto projects do it. They're expecting ~$70m in revenue this year, with additional products likely in the pipeline on top of that. Brief summary of their financials from the July call: xitter.cf/YanLiberman/status/207…

I'm bullish on the on-chain options space as a whole. Options have massive product market fit on the retail side, as evidenced by it being Robinhood's biggest trading revenue line, and on the institutional side based on how much global volume they do. It's also the biggest tradfi market that hasn't really seen material growth on-chain. In crypto, perps have dominated because they're simple to understand and it's easy to build up liquidity on a trading pair. But perps are path dependent. You can be right about where something ends up and still get liquidated on the way there. Oct 10 was a good example of that, and I think it's made people a lot more interested in options, where you know your max loss going in. On-chain options have been attempted before, but the models were subpar. We're now seeing teams build models that mirror centralized designs, which lets market makers provide liquidity on par with or better than Deribit. On-chain options also now benefit from perps liquidity, which makes it possible to offer RWA markets in a way that wasn't possible before. This is one of the reasons I particularly like $SYN. Aside from being incredibly bullish on its founder @trajan0x, I think the product itself is very compelling. Hypercall is built on top of Hyperliquid, so market makers can hedge there and use those same positions as margin. That means Hypercall can list options on anything with a Hyperliquid perp, whether that's majors, alts or the tokenized equities on TradeXYZ. You can already trade same-day and daily SpaceX options there, which you can't do on a traditional exchange, and the same will be true for pre-IPO names once Hyperliquid lists them. Anyone with a wallet can use it, it's USDC margined and it trades 24/7. I think the token side of things is also very compelling. • No equity entity, so all cash flows are governed by SYN • No VCs and no unlocks, with 88% of supply circulating • Builder codes for frontend revenue share With the governance structure in mind, I'm including a proposal below to kick off value accrual for the token. It has three parts. 1) 70% of protocol fees go toward buying SYN on the open market on Hyperliquid. The SYN that gets bought is distributed to SYN stakers. 2) 30% of fees go to SLP, the USDC vault that provides market making liquidity on Hypercall. Rewards are time weighted so people can't deposit right before a distribution and farm it. 3) Traders who stake SYN get fee discounts from 5% up to 40%, similar to how Hyperliquid does its staking tiers. There's a 24 hour activation period and a 7 day unstaking cooldown. The SYN thresholds for each tier still need to be ratified by the DAO. The split applies to fees actually collected, after discounts and builder/referral shares, and there are no new emissions. The proposal is pending a DAO vote. snapshot.org/#/s:synapse-gov…

ethereum:0x0f2d719407fdbeff09d87557abb7232601fd9f29 #2 in 7 day options volume and catching up to ethereum:0xb1d1eae60eea9525032a6dcb4c1ce336a1de71be rapidly while still 1/12th the FDV. Deeeeep value on ethereum:0x0f2d719407fdbeff09d87557abb7232601fd9f29 + the $SONI.CN @sonic_strategy announcement today of a 500K ethereum:0x0f2d719407fdbeff09d87557abb7232601fd9f29 purchase and $4.5M private placement! Also doing 8% of @tradexyz S&P500 perp volume on hyperliquid:native

Why #2 on notional but #5 on premium? 98% of Hypercall's 30D notional is SP500. Short-dated options on a low-vol index carry the most notional per dollar of premium. Jake: shorter-dated trades are the market worth winning.

How I’m positioned as someone who’s turned $600K into $30M+ over 6 years, basically full port; $GLXY is the leading data center developer & most connected in the energy capital of the USA - Texas! $DMGI - hidden gem data center play in Canada with the imminent closing of their first 50MW IT lease (easy 5-10x on closing) ethereum:0x0f2d719407fdbeff09d87557abb7232601fd9f29 - The $HOOD of crypto, decentralized options platform built on $HYPE - potential 1000x $BOT - Basically the Microstrategy of AI Robotics companies to capture the 100+ trillion dollar opportunity of infinite labour You can buy this basket at DIRT CHEAP prices right now. Generational entry - mark my words.

$UNI ratio will be rerated hard. Can genuinely only compete on long tail assets. LFG $AERO

They dont get it yet.. but they will Trade of the cycle

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Why I’m bullish @justinbebis and his vision on how we can innovate the trenches, and how $BUN sits in the middle of all this 👇🏼

Spoke to a friend recently and something he said really stuck with me “I don’t invest in a token unless I’ve personally spoke with the team and the founder. Bad founder gud token usually means the token follows sooner or later” Def gonna try do more of this this cycle

I FOUND 68 TOKENS WITH REAL BUYBACK MECHANICS. The list I started with had 26 unique names. I went through DefiLlama, protocol docs, governance, CEX reports and a bunch of buyback dashboards. It gets much bigger. A few of the numbers are crazy: $HYPE > 99% of relevant trading fees buy HYPE $PONS > 80% of protocol fees currently go into buybacks and burns dydx-chain:native > 75% of protocol fees go into buybacks $HOME > 80% of net fee revenue buys HOME $GNS > 54% of trading fees buy and burn GNS $APEX > 50% of fees buy APEX every week $ORDER > 30% of net fees buy ORDER And LayerZero entities have already deployed $112.7M into $ZRO buybacks. This isn't only a DeFi thing anymore. Exchanges are doing it too. ethereum:0xf34960d9d60be18cc1d5afc1a6f012a723a28811, $GT, ethereum:0x925206b8a707096ed26ae47c84747fe0bb734f59, $CET, ethereum:0x61ec85ab89377db65762e234c946b5c25a56e99e, $LEO and base:0x548f93779fbc992010c07467cbaf329dd5f059b7 all have their own versions. Then you have launchpads, perps, DEXs, AI, prediction markets and even messaging apps buying their own tokens with product revenue. The full 68 I could verify: HYPE PUMP UNI SKY CAKE PONS RAY JUP ORE ASTER LIT STONK NEAR SPK DBR SYRUP ORCA GMX DYDX GODL PENDLE KNTQ QUICK EKUBO PEAR FWA INV FT BIM COW GEAR MPLX JTO LINK MET ETHFI DRV ZRO PYTH BONK PNKSTR LDO SUN RLB KCS WBT CET HTX LEO BMX WOO TCY IMX RUNE TOWNS GNS ORDER HOME FLUID IR GT RAIN VVV OVER EDGE APEX GEOD MOR I left out pure burns and tokens where I couldn't verify an actual market purchase mechanism. Buybacks used to be a nice line in tokenomics. Now protocols are starting to compete on how much of their revenue actually comes back to the token. I'm digging into buyback / market cap next. That's probably where this list gets really interesting.

$INDEX HAS ALREADY PAID 43,800 WALLETS IN STOCKS. The numbers are getting harder to ignore. Indices has now done: > $26.5M in volume > $902K in tokenized stocks distributed > 43.8K wallets paid And that's only one part of what @TheIndexFi is building. The wider protocol has already distributed ~$1.65M in tokenized stocks. Now Indices lets other coins turn their own trading fees into stock rewards. robinhood:0x56910d4409f3a0c78c64dd8d0545ff0705389870 ~$29M market cap, I'm still watching the gap between the product and the token.

.@Ondo just launched Intelligent Portfolios, 7 of them A whole portfolio strategy, in one token Powered by BlackRock: > BLKGRWon - High Growth > BLKDIGon - Diversified Growth > BLKHIon - High Income Ondo's own: > MAG7Xon - Magnificent 7 + crypto > BRAINon - AI Leaders > YLD8on & YLD5on - targeted income Every holding, weight & rebalance visible onchain And since it's just a token, it can collateralize a lending or perps position (non-US, permitted jurisdictions)

That’s exactly why solana:jLz71QZfjnZZMLjUaCBw7KmUyftkkNq8NkWi2u9dyap caught my attention. The internet already runs on attention, but now we’re seeing new ways for the people creating that attention to participate in the value. Attention is becoming an economy of its own. solana:jLz71QZfjnZZMLjUaCBw7KmUyftkkNq8NkWi2u9dyap