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I recently downloaded @fomo because I think this business is going to be certainly one of the more talked about companies in coming months in the venture world, congrats to the whole team on raising/announcing the recent $75m fundraise - awesome accomplishment. For those who are less deep, Fomo was started by three ex operators at dydx. @dYdX is hyperliquid competitor that actually got started before Hyperliquid back in 2017.
From my research it looks like dydx pivoted into perps and was one of the market leaders as late as 2024, but ultimately got outcompeted. There's probably some digging to do and a story to tell for another day but ce la vie. In any event, Fomo is pretty cool. You download the app and (presumably) a non-custodial wallet gets created for you via Privy and the first thing that happens in app is you are prompted to sync your profile on Twitter/X (can't help myself, twitter will always be twitter to me) which makes sense given that the goal for the business inherently seems to be social, and in one of the co-founders own words, "the goals is for it [Fomo] not to be seen as a crypto app"
I can separate out a long term vision, and a current state reality but the reality of the current state is that the app very much feels like a crypto app today. You login to the home screen and you immediately see quotes and price movements for BTC, ETH, BNB, XRP, SOL, TRX, HYPE, etc. I always describe my self as a Crypto 201 player/student so what I love about the app so far is the feed that they have, specifically the market recap (that looks daily). Crypto, much like any other corner of finance, has it's own specific language so if you don't operate in crypto 24/7, if you aren't crypto native, if you aren't a true DEGEN - it can be tough to actually get a true sense of what's going on and how the ecosystem works.
The market recap, which is produced by the Fomo team is awesome because it reads like a smart, sensible market participant wrote it in plain english instead of some of the weirder lexicon that comes out of crypto. Maybe most importantly from the market recap feature, I learned something - and I learned specifically that there are two memecoins and that seem to be some amount of a center of attention within the deep degen crypto ecosystem. in particular had a "mega +2,100% rally over the past 24 hours"
This leads me to the next component of Fomo I find interesting which is the leaderboard. Fomo literally ranks and shows investor performance over a daily, weekly, monthly, and all time lookback. The most profitable trader/user on Fomo has made $1.9m since joining in January, has made 519 trades, and has an average 3 day and 2 hour average hold time, oh and you can look through the ENTIRETY of their trade history
A few things that stick out to me about the business:
1/ what I loved about testing and downloading the app is that I wasn't forced into buying anything or linking an account or taking an action right at the beginning. I think way too many companies, as well as people, investors, founders, operators, in general, have human nature that wants outcomes on short timelines. It's how we're wired, I guess, to a certain extent. The way that FOMO as an app is designed is: if you know what you're doing and you know what you're getting into, you can get value out of that immediately through the UX and UI of the app itself. If you don't know what you're doing, there's enough room for you to navigate, feel your way around, and figure out what you want to do. I deeply appreciate that, and I think it's an underrated aspect of why there's probably a lot of positive buzz about the company in general.
2/ this business clearly is going to be on a path forward of trying to be the everything app for finance. You can see that's the general direction of all these businesses are headed. I've been calling of these businesses "alt brokers" and I'm loosely categorizing them as the new age brokerage businesses founded after 2020 but really most likely after 2022. The reason why their "alt" is because there's such a wide variety of asset types that any individual person can invest in, whether it's traditional stocks, perps, crypto, onchain credit, or digital assets more broadly. It doesn't make sense that any individual user (especially men) between the ages of 25 - 40 likely has a decent amount of money spread between Robinhood, Coinbase, Vanguard, and other applications. And then if they're actually HNW they probably have a good chunk of $$$ sitting with an RIA. Fomo is a wolf in sheeps' clothing and the crypto design/direction/orientation that they have is certainly going to mature over the next 24 - 36 months
3/this business is unimpeachably further evidence of the value of programmability and digital assets. I suspect that one of the core engagement mechanisms for this business is their leaderboard. It creates both credible social proof as well as powers the in app notifications that are likely driving engagement for this company. You don't get that without being onchain. Yes, you could do it in a custodial wallet, but obviously a non-custodial wallet gives the end user more confidence and control over their funds.
When I first started digging into more of this crypto ecosystem I really though of onchain programmability as linear. Programmability enables net new assets, new assets create new markets, new markets create new pools of risk, new pools of risk create trading activity, trading activity creates attention, attention brings new users to the market - end of story. I think this definitely true and will continue to persist in the crypto ecosystem, but I also think that onchain programmability should also increasing be thought of as enabling new features. Whether it's new features or new assets, the ending point you want to get to in this ecosystem is the same which is to get people trading, and credit to the Fomo team - they've certainly figured something out. Latest figures I've found point toward +625k users, $4 billion in cumulative trading volume, and probably somewhere north of $20m run rate revenue.
Huge credit to the team of getting this far and string together likely hundreds of correct, compounding decisions to get to where they are today. As I said at the top of this post - this is definitely going to be one to watch
🚨 BREAKING
🇺🇸 FED JUST INJECTED $3,925,000,000.00 INTO THE ECONOMY RIGHT AFTER THE U.S. MARKETS CLOSED!
THE NEW FED CHAIR, KEVIN WARSH, IS URGENTLY TURNING THE MONEY PRINTERS BACK ON TO PREVENT A HUGE MARKET CRASH.
SOMETHING VERY BAD IS HAPPENING RIGHT NOW...
Dune Dashboard for the Perp DEX Market, 2026
The majority of dashboards for perps just replicate the volumes the venue claims.
We built one that breaks down which of those figures the chain actually supports.
Six venues, head-to-head
@HyperliquidX, @Lighter_xyz, @JupiterExchange, @edgeX_exchange, @grvt_io, @variational_io
Each figure is labeled: onchain data only, or a number reported by the venue.
Here's what the chain says:
Hyperliquid has more open interest than all the others put together, there's no comparison.
Lighter's lifetime volume adds up to $1.7T. Most of it was points farming in the early days. Recent activity is much less dirty, and a lot smaller.
Jupiter is the only venue you can track trade-by-trade. So you can watch traders bleed into the pool, and they've been bleeding for well over a year.
Grvt is a black box. You see the capital walk into the venue and nothing after.
One metric does most of the heavy lifting: volume over open interest. Trade way more than you hold, and chances are you're farming, not trading.
A dollar of volume is not a dollar of demand.
Star it, dive in, and tell us where we got it wrong.
https://t.co/rcFQvkDOki
Base’s Beryl upgrade is live on Base Sepolia.
Beryl brings three changes:
→ The B20 token standard
→ Reduced withdrawal delays
→ Reth V2
Here’s what each means for Base 🧵
CZ is always on trend!
▶️ https://t.co/RhdwAMwOK0
Anyone can create a battle in the arena. Token deflation in every round! Trade and influence the outcome yourself.
Agent payments on Base are at 0.0001% of the stablecoin volume.
The value of the infrastructure built above it is measured in billions.
x402 collects 0 protocol fees. Gas on Base is zero cost. Micropayments can only happen on zero-cost rails.
So "Base controls 90% of x402" means owning 90% of something people aren't paying for at all. Total value ever moved through this is ~$35-50 million.
You can capture every transaction that happens in this economy and earn nothing.
Because the money is not moving. It lies in the dollars that don't.
Circle makes 94% of its revenue from yields earned on USDC treasuries. Q1: $653 million. Almost entirely from interest income.
You give up a dollar, get a token equivalent of that dollar that yields precisely nothing. Circle takes your dollar, buys T-bills with it, and takes 3.6%.
A bank that doesn't even pretend to give you any interest.
So why spend billions building "agentic payments infrastructure" when the float earned by the agents is literally dust?
No one is buying the flow. They are buying the liability.
Every dollar of USDC held in idle wallets of agents is a free loan to whomever owns them. Agents become the best depositors: huge balances, no requirements for yields, no churn, no fuss.
A human runs after 3.5% from Coinbase. Agent doesn't care.
Not payments. Deposit collection. And an agent wallet becomes the most beautiful deposit pool imaginable.
Which now explains the competition. Why give x402 for free? Because it will go directly into Coinbase custody wallet and the off-ramp. Coinbase already takes 100% of the yields on USDC deposits on its platform and 50% on all off-platform USDC holdings. In 2024 it took $907 million in yield distribution fees from Circle alone.
And that's what happened yesterday; they finally came clean about their scheme. Coinbase For Agents creates a separate Coinbase sub-account where the money of the agent is placed and all the trading, paying out, and storing of USDC happens from Coinbase's own books. The agent's idle dollar ends up sitting exactly where Coinbase keeps 100% of the yield. They didn't ship agent rails. They shipped the wallet the agent parks in.
Circle got taxed enough times and decided to cut all intermediaries out. Raised $222 million to build its ARC chain that uses USDC as gas. Not to mention agent infrastructure where the narrative is the exact same as everywhere else: "agents are the users."
They want the chain, the wallet, and the money. The float belongs solely to them.
After stripping away the facade, there is only one thing left. Treasury carry trade.
And the living part of this business model right now is the money-printing operation for a bad reason. Fed is at 3.6% on an oil shock and is not going anywhere anytime soon. The engine of the agent economy is fed funds rate. Keep that in mind.
But there is one drawback to having the perfect depositor. An intelligent agent won't leave its USDC in 0%-yielding accounts; it will sweep balances into higher yield during downtime.
Yield-bearing wrappers already captured more than half of all stablecoins growth last quarter. And when BPI offered frontier models a choice of where to keep savings, they chose Bitcoin and used stablecoins only to spend.
Agents are free lenders today and the most likely to automate themselves out of this function tomorrow.
So when mapping an agent economy's onchain loop, ignore the transactional aspect of it. See how many USDC dollars are parked in agent wallet at any given time. Who is earning on it?
Everyone working on "agent payment infrastructure" is competing for the right to hold the wallet containing that floating dollar. They fight over the float that currently doesn't even exist.
Focus on the wallet, not the rails.
Base just nationalized the asset layer. the standard's called B20
Built for issuers it certainly is. But built in a way that will come as a shock. The twist is who gets to be the keeper of the keys.
Every article about this release will read: Base released its native token standard with embedded compliance and bullish RWA. They'll be spot-on. But they won't go any further.
B20 tokens are not smart contracts.
They're precompiled tokens, made via a singleton factory located on the node level. This time your token isn't something that has to be deployed. This is an issuance mechanism that the chain will give you by default.
It is the timing that gives it away. This comes right after Azul, the first Base upgrade independently from OP Stack upgrades. Base gets the independence and immediately uses the newfound flexibility to pull one of the chain's most critical objects, the asset itself, out of the EVM and into a native precompile.
See where Optimism went with this power. Optimism chose cross-chain ERC20s with their SuperchainERC20 standard. In case you forgot, they're called Superchain for a reason. One token across every OP chain.
Base did the exact opposite thing. Native tokens issuance with full sovereignty, compliance-native, with no interest in ever issuing outside Base. Same roots, but entirely different view on token standards.
Now, with the compliance. Frozen, seized tokens. Allowlisting, transfers restrictions. All available and defaulted to fully open mode in B20. Without manual configuration, B20 will be permissionless.
Base didn't impose permissioning upon anyone. It included everything and let the issuer adjust the parameters of the token to create everything from fully permissionless token to a frozen-and-seizable treasury.
What this does not have is identity management. The allowlist here is simply a list of addresses, which means that there will always be an off-chain identity management solution that tells you whose address should be in there.
But this isn't Base absorbing the middleware. This is much bigger and much broader: a bet that the next leg of issuance volumes will be regulated and trying to make compliance chain-native rather than middleware native.
The actual twist lies with the precompile nature of these tokens. With your deployed smart contract, it's your business. With precompiled tokens, it's Base's business. If you were to consider yourself an issuer running upgradeable contracts already, so far so good. But your upgradeability key just got handed to the chain.
For a treasury desk, that's fine. For everyone who showed up for credible neutrality, that's the whole conversation.
The first real, 1:1 backed tokenized stocks are coming.
→ Own actual tokenized shares of U.S. companies
→ Trade, hold, and redeem - all onchain
→ Automatically receive dividends
No derivatives, no IOUs.
Welcome to the future of stocks.
Onchain agent activity should 1,000x this decade
Right now the real money moving through it is down 77% from its peak.
What's actually broken?
The rails are basically done. This week alone: Ripple shipped an agent-payment kit on x402, and Mastercard launched Agent Pay for Machines - its own protocol, but Coinbase and x402 are right there in the partner list. Base MCP's let agents move money straight from a wallet since May. The load went the other way.
@Base keeps posting $50M in agentic payments, except that's cumulative since last summer, and most of the early run was PING - a pay-to-mint memecoin you could loop for near-zero gas.
Pull that out and two trackers for the same protocol can't even agree with each other. x402(.)org says ~$24M last month. x402scan says ~$1.1M.
Same activity, 20x apart, depending whose dashboard you trust.
The true number is probably the low one. x402scan, Artemis, Liquid Mercury, Paddock all land near $1.1M a month, and Artemis has it down ~77% off a $5.15M peak last November.
And $1.1M is still generous.
Someone broke down a single day onchain on June 10: one wallet ran ~87% of the transactions, the median settlement was $0, and nine of every ten transfers came in under three cents.
A lot of the "agentic economy" right now is one bot paying itself nothing in a loop.
To be fair, not all of it is fake.
The stuff people actually pay for stopped being memecoins a while ago. It's compute and data now - StableEnrich, HYRE Agent, that whole lane.
Chainalysis has tester-to-payer conversion up 4x in six months, with retention creeping up and no real hype cycle to explain it.
Demand exists. It's just tiny, and most people are dunking on the wrong bottleneck.
Out of the box, Base MCP makes you sign every transaction yourself. Fine for a $40 swap. Miserable for a $0.001 API call firing a few thousand times an hour.
At that scale the click costs more than the thing it's buying.
That's the version people screenshot to dunk on agentic payments.
But it's the default.
I funded a separate wallet on @BlockRunAI about a month ago, set a spend cap, and the agent just went.
That's the permission layer doing its job: session keys, smart-contract wallets, signed mandates like what Google's pushing with AP2.
The rail isn't really the bottleneck anymore. Manual approval is half-solved for micro-spend. Hand an agent a real budget and the trust problem is still wide open.
So why does this 1,000x?
The market is real and huge. Juniper has agentic commerce at $1.5T by 2030, and Gartner figures 90% of B2B buying runs through agents by 2028.
But most of that still settles on cards, and cards are fine for it. A $40 checkout doesn't need a blockchain.
The part cards don't handle is how agents actually work.
An agent doesn't make one clean $40 purchase. It makes a thousand tiny calls - a model call, a data pull, a tool, another agent - each worth a fraction of a cent, firing all the time.
Stripe's floor is 30 cents plus 2.9%. On a sub-cent call, it's a 30x loss.
That layer has a pretty narrow set of options: it either stays fake / subsidized / bundled, or it settles somewhere else.
And the somewhere else is onchain.
That's the part people miss. This isn't really a market-share bet against cards. Cards keep the checkout layer. Onchain gets the layer cards can't price.
Today that slice does ~$1.1M a month.
The machine-to-machine flow underneath a $1.5T agent-commerce market should be orders of magnitude larger than that.
Catching even a fraction of a percent is where the 100 to 1,000x comes from.
Because this is the one payments layer with nowhere else obvious to live.
Funniest tell: same week, a16z and Paradigm dropped $175M into Morpho at a $2B valuation.
Onchain credit. $11B already in deposits. Demand that showed up years ago.
Capital isn't really betting on agent payments yet. It's betting on the one onchain rail where the load already arrived.
We flagged this in the BASE piece:
https://t.co/l5gAIaKdFb
This is the second one up close.
The micro layer is already solved - session keys handle the sub-cent stuff.
What's not solved is the layer above:
Who gives an agent its first real treasury, and what has to be true before they do?
$BASE at $40B FDV looks ridiculous until you model the mechanism
It's the stack Coinbase built around it: Coinbase-scale distribution through the Base App, ~$4B in onchain USDC liquidity now plugged into Visa settlement, $78M in sequencer revenue last year.
Looks like a solid start for a flywheel.
And then there's x402. Coinbase wrote it, the payment standard agents actually use - then handed it to the Linux Foundation so nobody owns it, not even them. Visa, Mastercard, Stripe, Google, and AWS all in. And ~85% of it still clears on base.
Does the token capture any of this?
$ARB and $OP don't pass sequencer fees through to holders and trade like it.
$HYPE routes 99% of fees into buybacks and sits at a $54B FDV.
Same exact question. Base just hasn't picked a lane yet, which is the whole trade.
~$15-20B if the token gets real fee-share or a staking sink and Base stays the only profitable L2 at scale.
$40B if the regulatory thaw lets @Base run actual buybacks, x402 becomes THE agentic settlement layer, agentic dollar volume 10x’s off its ~$600M base, and Coinbase funnels its users straight into the token.
Aggressive, but it's also half what $BNB trades at, and BNB doesn't own payment rails.
Watch 2 things - the token gets a buyback or fee-share mechanism and real agentic dollar volume grows.
Hit all two and $40B is the conversation.
the routing-to-cheaper-models part is already happening.
the other half is billing.
almost nobody is pricing it.
per-seat can’t meter machine consumption, exponential token usage makes that obvious.
the gap is price, but also proof.
when an agent pays per call, you need a receipt for what ran, what it cost, and where the budget stopped.
saas invoices can’t really do that between machines.
at that point, per-call, provable, budget-bounded settlement becomes the billing layer.
and it’s already running in your own backyard: agents paying per call for inference, search, and data on base, settling via x402.
the rail exists.
the market just hasn’t priced it as the answer to its own billing problem.
Collectible Cards Dune V2 is live
The onchain card market got easier to read.
V1 showed people are already using tokenized collectible cards. V2 starts showing how they use them: flow composition, project comparison, chain behavior, aftermarket activity, and user quality.
Current coverage: @Beezie, @Courtyard_io, @Collector_Crypt, @upshot_cards, @phygitals - across Base, Polygon, and Solana.
Cards are not one market.
They are packs, vaults, redemption, trading, gacha, prediction mechanics, and collector behavior all moving at once.
The question now: which loops bring people back?
We also cleaned up the plumbing, including Beezie methodology around Hub V1/V2.
V2 gets us closer.
Star it, dig in, send feedback.
Best feedback shapes V3.
https://t.co/nSu5UZzJSf
We reported a critical loss of funds bug to @Thorchain (32M TVL, 150M FDV)
They silently patched it and told us their bug bounty program is permanently retired.
We have more Thorchain chain halt DoS vulns. We intend to release them (open disclosure) in the coming few days
You don't have to time the market. You just have to keep showing up.
Glider does the showing up for you, buying any asset you want on a schedule, automatically. Not the short list other apps limit you to.
Stocks, crypto, even gold.