Piligrim

let's make the world a better place

[Ignas @DefiIgnas]

Solana Foundation's last transparency report was on August 2020.

Almost 6 years ago.

At the time they were giving up to 8M SOL per month for grants, exchange deals, fundraising etc.

Founders held 62.5M SOL.

SAFT investors held 176.9M.

The Foundation and Solana Labs never disclosed an exact number on how much they actually held.

Since then $SOL pumped from $3 to $295 and back to $80.

The Foundation sold large discounted SOL blocks to DATs but no public accounting of how much they still hold or how much they've sold.

Wen a new transparency report?

[VIKTOR @thedefivillain]

A lot of coins look roughly like that

Until now, short martingalers have basically been rewarded since October 2025

Gun to my head, I favor upside but I'm not adding risk here

[VIKTOR @thedefivillain]

More than $1bn daily volume on the Binance perp contract of a mid/small altcoin usually coincides with a top

That being said, I was surprised $PIXEL managed to get back to the highs to print the Two Towers pattern

[Route 2 FI @Route2FI]

Second-order thinking in crypto means you don’t just ask: “What do I see?”

Instead, you ask, “What is everyone else seeing, and what will they do because of it?”

A good example is $SOL after FTX went under. Alameda were huge backers of Solana, so when FTX collapsed, everyone assumed “Solana is dead forever.”

For long term investors, the right question to ask here was: "Will users, devs/builders, and new investors really abandon a fast, cheap L1 forever, or will they return once the bear market and the FTX drama fades?”

At the very bottom ($8), you could have done a 30x till the new top in 2025 (almost $300). Ofc, most people didn't catch the exact bottom/top, but a 10x on this play were possible for everyone. Obviously this is easy for me to say now in retrospect, but I just wanted to illustrate it with an example (I did buy SOL at $23, though).

And going forward into 2026, will $BTC die and sink to $40-50k within the year? Yep, it's very likely, but I am pretty sure we will see new highs again some day. Scooping up quality like $HYPE in the $10-20 zone (if we get it), should be a $SOL play for the next cycle.

[CZ 🔶 BNB @cz_binance]

People often ask me where I think the next big opportunities are. I say: watch where I spend time. Make sense, right?

Yet they ignore it, chasing the “10x-overnight opportunity” with 99.99999% failure rate. 🤷‍♂️

[Henrik @Henrik_on_HL]

$LIT is currently valued at ~$650m circulating mcap ($2.7) and $2.6b FDV, with revenues annualising around $60m and declining.

$HYPE, by comparison, trades at roughly $6b circulating mcap ($25.5) and $25b FDV, while annualised revenue sits near $700m.

On a multiples basis, HYPE trades at ~8x P/E (circulating) and ~28x FDV P/E, whereas LIT trades at ~10.5x circulating P/E and ~43x on an FDV basis.

Given this, LIT is currently more expensive than HYPE on both circulating and fully diluted metrics, despite weaker fundamentals. Additionally, 100% of Hyperliquid revenue is directed toward buybacks, while LIT’s revenue distribution and token value accrual remain unclear. Fundamentally, there is no clear catalyst for LIT, and airdrop-related churn is likely to persist for some time.

[Ignas @DefiIgnas]

The beauty of $ZEC is that the higher the price goes, the better the product becomes.

Is it worth 7B or 70B? Why not 700B FDV?

$ZEC has no revenue metrics like DeFi tokens or perp DEXs like $HYPE, or L1s like $SOL, or $ETH.

It trades like a memecoin but it isn't one because of its privacy features and its potential to become money and a store of value.

The higher the price, the stronger the 'moneyness' premium it earns.

Very few on CT are allocated to $ZEC, and even then it's a small share of their portfolios. That is why it can still go higher.

Especially in the market when everything goes down so the higher the price the higher the mindshare.

And the loop continues.

Like BTC itself.

[Pink Brains @PinkBrains_io]

Top 10 crypto cards to try in 2025 🧠

@ether_fi: The most complete DeFi crypto card. Borrow against your ETH, spend stablecoins, and keep earning yield. Up to 3% cashback (sometimes 20% during promos), ~1% FX fee, and daily limits up to $1M for top-tier users. Fully non-custodial, Apple & Google Pay ready.

@gnosispay: Self-custodial Visa card linked directly to your Safe wallet. Spend USDC or EURc without converting. Zero FX fees. 1-5% cashback in $GNO depending on tier. Great for European users.

@BleapApp: 2% cashback in USDC, 0% FX fees, and no hidden costs. Apple/Google Pay supported, quick setup, and DeFi yield options up to 20% APY on USD/EUR holdings. Europe-only, but one of the smoothest user experiences.

@Payy: the 1st zk-powered privacy crypto card. Keeps your transactions untraceable and your wallet private. The light-up physical card is a nice touch. No cashback yet, but no fees either.

@Tria: Global Web3 neobank. Available in 150+ countries, supports 1,000+ tokens, and offers up to 6% cashback. Gasless, cross-chain payments powered by BestPath.

@KASTcard: Crypto card that offers up to 21% APY on staked $SOL through KAST validator with 0% commission + 100% MEV kickback. Apple/Google Pay supported. Cashbacks up to 10% in KAST points.

@Bybit_Official: CEX's card. Up to 10% cashback (with 20% promos), 0.9% conversion fee, and 0.5–1% FX fee. Works with Apple, Google, and Samsung Pay. Free $100 in ATM withdrawals/month, integrated with Bybit Pay, but custodial and limited to EU & Australia.

@MetaMask Card: 1% cashback on the virtual card, 3% on the first $10K yearly for the metal card. $1.2K free ATM limit, Mastercard network, Apple/Google Pay supported. Still early-access and regional.

@avici: Crypto-native neobank. Deposit USDC, get instant Visa access, and spend anywhere. No FX fees, and USD/EUR accounts for fiat ramps. No cashbacks and rewards yet. Ecosystem (lending, privacy tools) is expanding.

@BrahmaFi (Swype): the 1st DeFi-native card that lets you spend directly against your Aave or Euler collateral. Choose Borrow Mode or Spend Mode, keep earning yield, and automate DCA or yield triggers. 0.5% tx fee + 1% FX fee, Apple/Google Pay supported.

Which crypto cards are you using?

If you haven't had a crypto card yet, we hope you enjoyed this post and found some valuable information to choose your first one.

Like, reply, and RT to support us <3

[cookies (🍪,🍪) | 饼妹 @jinglingcookies]

Everything you need to learn about x402

With this thread, you can find
&gt; What is agentic commerce?
&gt; What is x402?
&gt; x402's traction
&gt; Agentic commerce landscape

🧵

[0xSammy @0xSammy]

After accidentally becoming a large XPL community member it prompted me to dig deeper into "Neo Banks" (+ crypto financial products).

I was today years old when I realized that Ripple is being referred to as a Neo Bank... it's trading at $183bn. That's 117x the current XPL market cap ($1.6bn)!

There's also a surprising number of other interesting opportunities and rewards:

1) @Plasma One (VISA): Waitlist sign ups available now. Earn yields of up to 10%, spend stablecoins + cash back of up to 4%. Fee free xfers plugging into 150m merchants worldwide should do the trick for distribution and UX upgrade.

2) @useTria (VISA): 6% kickback on purchases + lounge pass access. Get a physical VISA card that auto swaps the crypto deposited on the back end when making real world txs.

Currently additional rewards through @cookiedotfun points cSNAPS campaign. Costs $20 for the basic virtual card or physical metal card with 6% rewards is $220.

3) @EtherFi (VISA): Get 3-5% back on all purchases + ETHFI rewards ($4.5m distributed last quarter). Total of about $60m in cumulative spend volume now. Requires vault setup.

4) @Revolutapp (Mastercard): This one was surprising; I maxed out on Ultra membership ($60/month) for top interest rates to offset the monthly subscription cost by depositing enough in savings. Up to 1% casback rewards + points program

Optimal offramp and no trading fees for higher tier.

This also netted me several benefits; NordVPN, Uber One, WeWork, travel insurance (inc excess), Airport lounge passes + eSIM global data

5) @gnosispay (VISA): This has recently churned more than $100m in payment volume - essentially a 'Checking' account for crypto. 4% cashback (5% if validator)

6) @coinbase (VISA): Up to 4% in crypto cashback rewards, setup via Coinbase account and only eligible in US (currently)

7) @MetaMask Virtual Card (Mastercard): 1% cashback + LINEA rewards. Possible tie into the latest points program announced?

8) @cryptocom (VISA): Up to 5% cash back, tiered rewards based on CRO staking. Spotify, Netflix, F1, UFC events (Obsidian).

9) Bonus: @bitrefill: offers a plethora of vouchers by simply sending crypto to an address and you have a voucher code in seconds. Caps at $1k per month before having to register an email to do more.

TLDR: The future of finance is crypto; it's no wonder VISA and Mastercard have been doubling down on crypto payments. They're more integrated into crypto than many realize.

More recently they've been pushing AI integration through agents. Giving these cards to agents is a huge unlock, especially when you have physical AI / robots paying for their own needs, in the real world.

This is an insane industry to be in; it offers a glimpse into the future while regular people think this remains in the realms of science fiction.

Trillions.

Disclaimer: I'm not a financial advisor, this is for informational purposes only. Collating publicly available data points into a single place for you to peruse.

I'll publish the full spreadsheet to my subscribers.

[Cred @CryptoCred]

Every System Sucks

Social media trading glorifies perfect win rate systems with 0 drawdown entries that go straight to target.

Gurus don't talk about their losing trades or losing streaks to maintain the fantasy that you can consistently risk and win without losing.

This brainwashes their less experienced followers into believing they're doing something 'wrong' if they lose a trade (or multiple trades) and sends them on a goose chase for a mythical trading system that never loses money.

It doesn't exist.

If you trade, you're going to lose money at some point.

Every edge or profitable trading system either decays over time or gets washed out completely by a change in the market regime.

Trends end and have false starts. Trend followers get chopped.

Breakouts fail. Momentum traders get trapped.

Means stop reverting. Mean reverters get steamrolled.

That doesn't mean the system is inherently flawed.

It's just the cost of doing business.

The point of risk management is to allow you to absorb those unavoidable losses and stay in the game.

That's why it's called risk management, not risk avoidance.

If you want to avoid losing trades, there's an easy way to do it: don't trade.

Otherwise, you need to be comfortable with the fact that even the best trading system will eventually serve you losing trades.

This is precisely why traders obsess over position sizing: the goal is to maximise your edge while it's there/the regime is supportive, without losing your shirt once it decays or disappears entirely.

Crucially, if your previously profitable trading system starts losing, that can be an early warning signal that the underlying regime is changing.

Losing streak on a trend following system that was printing? The market may be consolidating.

Breakout trades turn into traps? The market may be running out of steam.

Mean reversion trades overshooting their expected ranges? Volatility expansion may be underway.

These are critical insights, but you can only meaningfully gain access to them if you're willing to stick to your system, learn its nuances, gather data, and take risk instead of panicking and abandoning ship after the first losing trade.

To summarise:

1. Losses are inevitable. Every trading system experiences losing trades. They are the cost of doing business, not proof of a flawed system.

2. Risk management is not risk avoidance. The goal is to size such that losses don’t knock you out, not to eliminate losses entirely.

3. Edges decay. Market regimes shift, so a once profitable strategy may stop working and losses can be an early signal of change.

4. Stay disciplined & collect data. By sticking to your system through different regimes and by stomaching variance, you can learn its behaviour and spot regime shifts early.

5. There's no free lunch.

[Pink Brains @PinkBrains_io]

$16T in assets will be tokenized over the next decade (predicted by BCG, now $26B @RWA_xyz). If that plays out, Chainlink is already embedded in the plumbing.

The takeaway is simple:

if tokenization really is the path forward for global finance, Chainlink will only grow larger over time.

[Seraphim @MacroMate8]

dont overthink it, just hold

ENA
AAVE
ETH
PENDLE

let this cycle pay you

[Zoomer Oracle @ZoomerOracle]

Time to full send $ENA above a dollar

- Fed rate cuts = higher funding rates

- Funding rates improving creates a loop of Ethena assets: people going to Aave and borrowing stables at 4/5% & supplying sUSDe and Ethena PT tokens at >10% APY

- This explains the growth of USDe TVL

- Circle revenue diminishing vs Ethena revenue

- USDe has been outperfoming USDC by a major margin in terms of net supply growth. Especially these last 2 months.

Whether you like it or not, the 'yield' usecase is outperforming the 'savings' usecase of stablecoins in general. We have seen it with Luna (not executed properly) and now with $ENA.

We had a small correction after the big surge of $ENA price last month. I believe $ENA is one of the few assets worth bidding in the long run outside of the established coins like eth/sol.

Luna without a crash 러그없는 루나

[Ash @ahboyash]

Prediction markets Overview

1. TLDR
• Allows users to trade “shares” on future events (sports, politics, culture, crypto) that pay $1 if the event happens and $0 if it doesn’t
• In theory, markets aggregate dispersed information into better forecasts; in practice the UX and distribution are shifting fast toward social, feed-native experiences
• Daily volumes are around ~$30M each on Polymarket ($1b valuation) and Kalshi (~$2B valuation) and a friendlier U.S. regulatory stance on this market
• Adheres to the "hypergamble/hyperfinancialisation" thesis and a growing social element --> every post has an attached market and “bets become statements” (identity + reputation), lowering intent/friction and broadening participation

- - - - -

2. Project landscape
a) Markets
• @Polymarket: largest crypto-native venue on @Polygon whose markets resolve through UMA’s optimistic oracle
• @Kalshi: A CFTC-regulated, U.S.-accessible exchange --> contracts listed on a Designated Contract Market with event specifications
• @DriftProtocol B.E.T: DeFi native market on @solana

b) Terminals & bots building on top
• @fliprbot: social trading bot + terminal that started on X, goal to become a cross-venue aggregator
• @polycule_bot: @telegram-native bot for Polymarket with copy-trading
• @betmoardotfun: a Polymarket web terminal with breaking-news feeds, on-page trading, wallet/profiles analytics

- - - - -

3. The risks (and why disputes happen)
• Unclear market rules: Recent example was the $14M “Zelenskyy suit” where the market showed how even widely reported “facts” (most outlets said he wore a suit) can still be argued both ways --> what is perceived fairness?
• Oracle design & governance trade-offs: On Polymarket, many markets ultimately rely on UMA token-holder votes. In the Venezuela election market, critics argue UMA voters overrode the event’s posted resolution rules (primary source of truth was the official results) and paid out based on a media-consensus standard instead --> i.e. conflicts if voters can also be traders
• Manipulation risk: can shift from “truth-seeking” to “tautology-seeking” --> incentives to push narratives rather than measure them

They were initially quite niche, but quickly moving into mainstream + socially distributed products.

The upside is faster, crowd-priced info; but the big downside is that wording, oracles, and incentives still has to be solved.

- - - - -

*Notable project mentions
a) Prediction markets
• @Truemarketsorg
• @HedgehogMarket
• @noise_xyz
• @inertia_social
• @trylimitless
• @swaye_co
• @metaculus
• @narrativexyz
• @trepa_io
• @xomarket
• @ManifoldMarkets
• @BRKTgg
• @MyriadMarkets
• @PredictBase

b) Sports focused
• @azuroprotocol
• @Overtime_io
• @SX_Bet

[Piligrim @JimiSmile10]

I'm stacking 🌀 Dreamcash points early before the app goes live. Use my code to sign up and we'll both earn rewards.

👉 Download the app: https://t.co/kvpzjaQU8E

👇 Enter this code at signup:

jg8rte

[Piligrim @JimiSmile10]

I'm stacking 🌀 Dreamcash points early before the app goes live. Use my code to sign up and we'll both earn rewards.

👉 Download the app: https://t.co/kvpzjaQmj6

👇 Enter this code at signup:

jg8rte

[Splin Teron @splinter0n]

https://t.co/aT8N6pWOLB

[DonAlt @DonAlt]

Bro wtf is this chart lmao

[Ignas @DefiIgnas]

$ETH

3000-3500: skeptics pay attention

3500-4000: maybe a strong rally is possible

4000-6000: holy shit I better get allocated. It’s going to 10k

6000-10k: ETH won the L1 wars. Going to 20k+

——

For months the bears dominated the ETH narrative.

Now, the higher the price goes the stronger the believe. A self fulfilling prophecy.

Do you believe?