0x_Musashi @0x_Takezo - Twitter Profile

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about 1 month ago

Miyamoto Musashi’s Way, applied to markets. Earth — foundation Water — stance and adaptation Fire — engagement and timing Wind — other styles Void — emptiness Everything you need is within you. Do nothing that is of no use.

0x_Takezo's tweet photo. Miyamoto Musashi’s Way, applied to markets.
Earth — foundation
Water — stance and adaptation
Fire — engagement and timing
Wind — other styles
Void — emptiness
Everything you need is within you.
Do nothing that is of no use. https://t.co/brhXJjNcwc

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0x_Takezo retweeted

Pink Brains

@PinkBrains_io

8 days ago

DeFi revenue is recovering. Protocol revenue is up 11% in a month, and the revenue meta is the playbook everyone is quoting. So I went through the major DeFi tokens: 30-day revenue, how much reaches holders, and what keeps it growing. S tier $HYPE: 99% of trading fees buy and burn HYPE. That was $55.4M in 30 days, the most of any token, but at 30x holder revenue the price already reflects it. The first USDC yield payout (~$14.5M) hits the buyback fund on 3 Oct, and HIP-4 outcome markets will add fees after testing. A tier $PUMP: Half of revenue goes to buy and burn, $23.9M last month for a 10.4% yield. It trades under 10x because the income depends on memecoin launches. Custom Pairs and trading on EVM chains broaden that. $UNI: The fee switch reached v4 and Robinhood Chain in late July, taking the monthly burn from $9.6M to $15.2M. Votes to extend v4 fees to 5 more chains are expected. $AERO: All swap fees go to lockers. That was $15.1M last month, triple the month before, though emissions offset part of the 23% yield. The Velodrome merger launches as Aero on 21 Oct across 7 chains. $AAVE: Borrowers paid $36.5M in fees and Aave kept $5.1M. Aavenomics 3.0 buys back ~292 $AAVE a day, Stani has floated burning them, and V4 TVL grew 82% in September. B tier $SKY: Holders got $5.2M of $13.5M revenue last month. Spark, Grove and Obex borrow $5.9B of USDS against $17.5B in limits, so borrowing has room to triple. $JUP: Half of revenue buys back JUP, about $3.1M last month. Unlocks outweighed it until team emissions were paused this year. A community proposal would lift the share to 70% and burn. $LIT: Trading fees buy and burn LIT, $2.6M last month for a 3.2% yield. Options are next. Against that, Robinhood is routing its US perps elsewhere, and team unlocks start Jan 2027. $LDO: Lido buys $LDO from its staking fee, capped at $10M a year. Its share of staked ETH fell from 26% to 23% over the year. stVaults is meant to reverse that, and its fee waiver ends 31 Oct. $ENA: Ethena made $23.5M in fees and ENA captures almost none of it. The fee switch turns on at $7.5B USDe supply, starting at 5% and rising to 20% at $20B. Supply is $4.9B today. $BP: The exception. Backpack is an exchange, so $BP gets no buyback or fee share, but stakers of 1+ year get a claim on up to 20% of company equity at an IPO or acquisition. With 75% of supply locked, it's a bet on that IPO and Backpack's lead in tokenized stocks on Solana. C tier $ETHFI: EtherFi earned $3.8M last month, mostly from the Cash card, where spend went from $54M in January to $129M in September. Buybacks stopped after Q2, and resumed in mid-Sep with over 500k $ETHFI bought back. $PENDLE: 80% of revenue goes to $sPENDLE, but revenue fell from $2.1M in April to $0.35M in Sep. Boros earns about $35K a month, and its volume has fallen since April. New tokenized assets on Pendle v2 and new markets on Boros will support Pendle's bounceback. $RAY: A cut of trading fees buys back $RAY. Revenue rose about 5x to $7.5M after LaunchLab opened to any pair, including stock-paired launches. The 10.7% yield holds only if that volume stays. $CAKE: Every swap burns some $CAKE, and supply has shrunk for nearly 3 years. It yields 7.1% at 9.5x revenue, with the Infinity AMM deploying on Circle's Arc next. D tier $MORPHO: $19.8M in fees last month and no fee switch. It runs Robinhood's Earn product, has $5.5B in loans, and Coinbase now offers BTC-backed fixed-rate loans on it. Until a fee vote, the token is priced on an option. $FLUID: Revenue is $0.6M a month, with no buybacks since Q1 after $4.75M over the year. DEX v2 and Jupiter Lend's growth could change that. $JTO: Staking and MEV fees go to the DAO treasury, and the token is down 67% on the year. Since July, 80% of JTX terminal fees go to buying and burning $JTO, the first direct link between product and token.

PinkBrains_io's tweet photo. DeFi revenue is recovering.

Protocol revenue is up 11% in a month, and the revenue meta is the playbook everyone is quoting.

So I went through the major DeFi tokens: 30-day revenue, how much reaches holders, and what keeps it growing.

S tier

$HYPE: 99% of trading fees buy and burn HYPE. That was $55.4M in 30 days, the most of any token, but at 30x holder revenue the price already reflects it.

The first USDC yield payout (~$14.5M) hits the buyback fund on 3 Oct, and HIP-4 outcome markets will add fees after testing.

A tier

$PUMP: Half of revenue goes to buy and burn, $23.9M last month for a 10.4% yield. It trades under 10x because the income depends on memecoin launches. Custom Pairs and trading on EVM chains broaden that.

$UNI: The fee switch reached v4 and Robinhood Chain in late July, taking the monthly burn from $9.6M to $15.2M. Votes to extend v4 fees to 5 more chains are expected.

$AERO: All swap fees go to lockers. That was $15.1M last month, triple the month before, though emissions offset part of the 23% yield. The Velodrome merger launches as Aero on 21 Oct across 7 chains.

$AAVE: Borrowers paid $36.5M in fees and Aave kept $5.1M. Aavenomics 3.0 buys back ~292 $AAVE a day, Stani has floated burning them, and V4 TVL grew 82% in September.

B tier

$SKY: Holders got $5.2M of $13.5M revenue last month. Spark, Grove and Obex borrow $5.9B of USDS against $17.5B in limits, so borrowing has room to triple.

$JUP: Half of revenue buys back JUP, about $3.1M last month. Unlocks outweighed it until team emissions were paused this year. A community proposal would lift the share to 70% and burn.

$LIT: Trading fees buy and burn LIT, $2.6M last month for a 3.2% yield. Options are next. Against that, Robinhood is routing its US perps elsewhere, and team unlocks start Jan 2027.

$LDO: Lido buys $LDO from its staking fee, capped at $10M a year. Its share of staked ETH fell from 26% to 23% over the year. stVaults is meant to reverse that, and its fee waiver ends 31 Oct.

$ENA: Ethena made $23.5M in fees and ENA captures almost none of it. The fee switch turns on at $7.5B USDe supply, starting at 5% and rising to 20% at $20B. Supply is $4.9B today.

$BP: The exception. Backpack is an exchange, so $BP gets no buyback or fee share, but stakers of 1+ year get a claim on up to 20% of company equity at an IPO or acquisition. With 75% of supply locked, it's a bet on that IPO and Backpack's lead in tokenized stocks on Solana.

C tier

$ETHFI: EtherFi earned $3.8M last month, mostly from the Cash card, where spend went from $54M in January to $129M in September. Buybacks stopped after Q2, and resumed in mid-Sep with over 500k $ETHFI bought back.

$PENDLE: 80% of revenue goes to $sPENDLE, but revenue fell from $2.1M in April to $0.35M in Sep. Boros earns about $35K a month, and its volume has fallen since April. New tokenized assets on Pendle v2 and new markets on Boros will support Pendle's bounceback.

$RAY: A cut of trading fees buys back $RAY. Revenue rose about 5x to $7.5M after LaunchLab opened to any pair, including stock-paired launches. The 10.7% yield holds only if that volume stays.

$CAKE: Every swap burns some $CAKE, and supply has shrunk for nearly 3 years. It yields 7.1% at 9.5x revenue, with the Infinity AMM deploying on Circle's Arc next.

D tier

$MORPHO: $19.8M in fees last month and no fee switch. It runs Robinhood's Earn product, has $5.5B in loans, and Coinbase now offers BTC-backed fixed-rate loans on it. Until a fee vote, the token is priced on an option.

$FLUID: Revenue is $0.6M a month, with no buybacks since Q1 after $4.75M over the year. DEX v2 and Jupiter Lend's growth could change that.

$JTO: Staking and MEV fees go to the DAO treasury, and the token is down 67% on the year. Since July, 80% of JTX terminal fees go to buying and burning $JTO, the first direct link between product and token.

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0x_Takezo retweeted

iroh.hl (🥅,🥅)

@0x_iroh

8 days ago

holy moly, we won the 1st prize on the hackathon with a 3D tea shop using three.js and mostly Opus 5.5, Cursor and with Nansen API data under the hood. kuddos to my team and h/t to @nansen_ai for organizing. had a lot of fun building this. more cool stuff about to come to our cozy teashop! also h/t @MengTo for inspiration and three js elements used inside the app and @tripoai for building a great product which helped us create a nice 3d model of uncle inside the teashop.

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0x_Musashi

@0x_Takezo

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