Kyle

[Leon @Leon_Defi]

Hyperliquid processed nearly 46x more volume yet generated only 1.6x more revenue of Polymarket (over 30 days):

> @Polymarket $3.76B volume → $21M revenue
> @HyperliquidX $190.85B perp volume → $37.46M revenue

Put differently:

> Polymarket captured roughly $5.59 per $1,000 traded
> Hyperliquid captured about $0.196 per $1,000

That’s a ~28.5x difference in revenue density.

This is why prediction markets are becoming one of crypto’s most interesting consumer categories, high revenue density with relatively modest volume.

[Leon @Leon_Defi]

10 infra projects raised a combined $6.89B

But yesterday their total protocol revenue: $1119

> @Vaulta_ $4.2B raised → $0
> @flow_blockchain $746M → $4
> @zksync $458M → $270
> @0G_labs $357M → $3
> @tezos $286M → $29
> @Somnia_Network $257M → $400
> @celestia $156M → $58
> @Polkadot $145M → $0
> @berachain $142M → $30
> @WalrusProtocol $140M → $325

At this pace the group needs roughly 16,900 years just to return the capital.

Raising capital is easy but turning it into actual economic activity is the part almost nobody has solved yet.

[Leon @Leon_Defi]

This NFT just went from 0.2 $ETH to 6.65 $ETH in just two weeks, on Robinhood Chain.

@OxSimpleFarmer has given NFT players and the community a lot of expectation and hope.

Really looking forward to the next stage of NFTs a combination of collecting, trading, and community economy.

[Leon @Leon_Defi]

➤ Robotics list worth watching

The robotics narrative is heating up fast, especially with Unitree’s IPO momentum.

Crypto is building the missing economic layer: identity, payments, coordination, and spatial data for machines.

Here’s the current stack I’m tracking:

> @peaq $PEAQ

- L1 purpose-built for the Machine Economy.

- Millions of peaqIDs already live, 60+ ecosystem projects, and the world’s first tokenized robo-farm generating real yield (~18% APY).

- Unitree integration is live via peaqOS. Lifetime volume crossed $10B. Machines can now get identity, pay, and earn autonomously.

> @codecopenflow $CODEC

- Execution and coordination layer for Physical AI.

- SimArena is live. Public robot training demos with Unitree G1 already running. Serving millions of inference calls across hundreds of models.

> @Auki $AUKI

- Building the posemesh, a shared 3D spatial map that robots and AR devices can reference in real time.

- Growing node network + open-source tools so machines can pull navigable maps directly.

> @StrikeRobot_ai $SR

- Agentic “brain” any humanoid can plug into (starting with Unitree G1).

- Enterprise revenue flows back to $SR stakers.

> @homebrewrobots $BREW

- Execution, payment, and coordination layer focused on paid robot actions, task routing, and on-demand teleoperation.

- End-to-end recovery loops already live.

Other names with real traction:

> @openmind_agi Open robot OS + machine payment demos (robots paying for charging in USDC).

> @GEODNET High-precision RTK positioning network critical for real-world robot navigation.

> @xmaquina DAO giving retail exposure to private humanoid companies (Figure, Apptronik, etc.).

Still early. Real recurring revenue is limited, but the infrastructure is shipping faster than most expect. DYOR

[Leon @Leon_Defi]

While narratives rotate, tokenized real-world assets keep stacking real numbers:

> Total tokenized RWA distributed value sits around $38B with over 1.7M holders.

> Tokenized equities alone: $2.38B distributed value, 1.31M holders, $23.1B monthly transfer volume, and nearly 572K monthly active addresses.

Who’s actually building the rails:

> @Ondo leads pure RWA plays with roughly $3.4 - 3.6B in distributed assets.

Strong in USDY/OUSG Treasuries and tokenized stocks (leading the equity category with ~$872M). Deep DeFi integration continues.

> @RobinhoodApp is pushing retail distribution hard via Robinhood Chain + Stock Tokens, giving existing users a direct onchain bridge to traditional equities.

> @coinbase is advancing regulated tokenized U.S. equities, custody, and issuance infrastructure (including ADGM approvals).

The bigger picture:

> Memes proved crypto can distribute speculation.
> NFTs proved crypto can distribute ownership.
> RWAs are proving crypto can distribute actual financial assets, stocks, Treasuries, credit, and more on a global scale.

Ondo, Robinhood, and Coinbase are already positioning for that shift.

[Leon @Leon_Defi]

On Solana, there is no shortage of apps to help bring idle stablecoin to earn.

But apys has some quite interesting points:

> Just enter the amount + risk level and it will build a plan by itself

> Non custodial clear, money goes straight to @kamino / @JupiterExchange / @Loopscale

> Early users are rewarded with real USDC, not points

The approach is quite clean and right for the current pain point.

[Leon @Leon_Defi]

Hyperliquid.

[Leon @Leon_Defi]

Here's the part of Borobudur nobody frames right.

BENJI earns Treasury yield.
Doesn’t care what $BB does, green or red, the yield keeps printing.

The only real variable is token price. And right now $BB is at historical lows.

That's what makes early activation so asymmetric:

> Yield keeps coming regardless
> Upside if BB moves from these levels

Worst case you still get the yield.
Best case you get yield + the token move.

Early just means both engines start working for you sooner.

[Leon @Leon_Defi]

Moderna ripped today on Phase 3 cancer vaccine news.

meanwhile some absolute legend on @TrueCurrentX has been long $MRNA, and I saw people saying he made almost 400%!!

man I wish this was me. I should look closer into new perps that are offering these perks man.

gonna start actually checking the pairs list.

[Leon @Leon_Defi]

https://t.co/yYwrIkUV2N

[Leon @Leon_Defi]

Whoever designed Blitz definitely knew what they were doing.

"Just one round."

Twenty minutes later...

Blitz is a new price market by @42space

Every 30 seconds, SOL, ETH, and BNB race against each other. You simply back the token you think will pump the hardest. Watch the race, settle instantly, collect if you're right, then the next one starts immediately.

It's ridiculously simple and somehow ridiculously entertaining.

Don't overthink it.

Here's the playbook before you dive in:

> Start with $0.50 and play a few rounds to get a feel for it.

> Enter early if you can-the first 5 seconds are the cheapest time to get in.

> Don't celebrate too early. Momentum changes fast, and the leader can completely flip in the final seconds.

> You don't have to back just one token. You can spread your position across two, or even all three, if you want to hedge in a close race.

> Every round pays out the entire event pool. Winners receive their proportional share once the race settles.

Check it out here:
https://t.co/dqpJgOcnUt

[Leon @Leon_Defi]

The World Cup Star of Stars market has just launched on @42space . This market trades which player will record the highest average SofaScore rating throughout the 2026 FIFA World Cup.

Unlike Golden Boot or Golden Ball, Star of Stars rewards a player's complete performance: goals, assists, chance creation, passing, defensive actions, and overall impact on the game.

A player doesn't need to score the most goals or even win the World Cup to win this market.

> Why I chose Messi

Messi is not only Argentina's best player but also the true spiritual leader of the team. Even at 38 years old, his presence still gives the entire squad more confidence and cohesion on the pitch.

After the first two matches of the 2026 World Cup, Messi has shown remarkable form:

- vs Algeria: Messi scored a hat-trick, including a beautiful goal from outside the box. He didn't just score—he also kept creating dangerous chances for his teammates.

- vs Austria: Messi continued to shine with 2 goals, one of which broke the all-time World Cup goalscoring record. Even though Argentina won comfortably, his performance and determination stood out as the highlight of the match.

With these performances, Messi is proving he can still carry Argentina on the biggest stage. He's also currently leading the SofaScore rankings with a 9.60 average rating, well ahead of the next closest player, Mbappé (8.65).

> What I like about this format

- You don't need to win the World Cup or the Golden Boot to win this market.
- Creative midfielders and players who influence every phase of the game have a real chance.

On 42, possible winners (outcomes) trade like liquid tokens, so after every match I can see the score and decide if i want to buy more, take profit, reduce risk, or rotate into another player instead of waiting until the tournament ends and the final scores are locked in.

> Go for Goals Campaign

This market is also part of the World Cup Go for Goals campaign with a $50,000 reward pool.

Every trade earns Tickets, and this market currently has a Ticket Booster - trade $200+ on Star of Stars and earn 50 bonus Tickets toward the campaign.

If you join through my link, you'll also receive your first Ticket for free, and you can join my team "The World" to compete for both the Individual and Team prize pools.

👇 https://t.co/6tzj2bhXJN

[Leon @Leon_Defi]

Cournot has just marked the match between Japan and Sweden as one of the matches with HIGH impact at this stage.

Although it is only the first stage of the qualifying round, Cournot's signal shows that this is a match that can affect the way the market evaluates the two teams in the coming time, especially with Japan.

About recent performance:

> Japan is playing very stable. They drew 2-2 against Netherlands and then won Tunisia 4-0. Disciplined defense, good pressing and the ability to control the match is quite solid.

> Sweden had a sharp attack when they won Tunisia 5-1 (Isak and Gyökeres both scored), but conceded 5 goals against Netherlands. Their defense is clearly showing its weakness.

@CournotProtocol is looking at the difference in control and stability between the two teams to assess the impact on the prediction market.

On @42space there is now a market multi outcome with a full range of score scenarios from 0-0 to ≥4-≥4.

Based on this signal, I am leaning towards Japan to keep the match tight or win by a slight difference.

Sweden has good offensive power but a loose defense can be exploited by Japan, especially when Japan is in higher form and discipline at this stage.

If you want to see full signal details and which markets are affected, check at: https://t.co/1lPHdxea0D

Join here: https://t.co/taRTkqiDFB

[Leon @Leon_Defi]

I'm using Cournot to follow matches during this period. Yesterday was Japan vs Sweden, today continues with Norway vs France.

@CournotProtocol has just marked this match as one of the matches with HIGH impact.

Although it is only the 3rd qualifying round, the signal shows that this is a match that can affect the way the market evaluates the two teams

Especially when both Norway and France are playing openly and tend to attack strongly.

About the recent performance:

- Mbappé scored 2 goals in France's victory.

- Haaland also scored 2 goals in Norway's victory.

Both teams are in the direction of attack. Norway plays physical kicks, high pressing and direct. France has sharp attacks, the ability to switch states quickly.

Today I changed my strategy a little. Instead of predicting which team will win, I am focusing on following the Total Goals market on @42space . The reason is that I like both teams, so I don't want to bet on who will win.

Based on Cournot's Signals, the attacking profiles of both teams may support a more open match and a higher-scoring scenario, including the possibility of three or more goals.

However, this remains only one possible scenario. Starting line-ups, tactical adjustments and in-game events may materially change the outlook.

Both teams tend to play offensively and are in good form on the scoring side, so it is highly likely that it will be an open match.

If you want to see full signal details and which markets are affected, check at: https://t.co/9NkfrxBxEM

Join here: https://t.co/taRTkqiDFB

[Leon @Leon_Defi]

Top Projects Launched in Q2 2026 (by FDV)

> @re Current $729M | ATH $1.05B

> @o1_exchange Current $728M | ATH $920M

> @megaeth Current $528M | ATH $3.7B

> @billions_ntwk Current $524M | ATH $2.32B

> @pharos_network Current $475M | ATH $1.15B

> @GeniusTerminal Current $393M | ATH $944M

> @USDai_Official Current $313M | ATH $1.38B

> @solsticefi Current $304M | ATH $464M

> @Arcium Current $280M | ATH $320M

> @KAIO_xyz Current $253M | ATH $2.47B

Most projects have decreased quite sharply compared to ATH FDV after launch.

[Leon @Leon_Defi]

➤ Undervalued Onchain Apps by Revenue Multiple

@Grayscale recently highlighted the top revenue-generating onchain apps, and many of them are trading at low valuations relative to the cash they’re actually generating.

Here are some of the most notable names from their list:

→ Extremely Low Multiples (1x-4x):

> @Pumpfun $459M revenue, ~1x multiple
> @PancakeSwap $322M revenue, ~1x multiple
> @MeteoraAG $62M revenue, ~1x multiple
> @Collector_Crypt $49M revenue, ~1x multiple
> @LidoFinance $77M revenue, ~3x multiple
> @Raydium $46M revenue, ~3x multiple
> @aeroxyz $124M revenue, ~4x multiple

→ Moderate Multiples:

> @SkyEcosystem $248M revenue, ~5x
> @JupiterExchange $130M revenue, ~6x
> @ether_fi $56M revenue, ~6x
> @Lighter_xyz $50M revenue, ~8x
> @aave $125M revenue, ~9x

→ Higher Revenue but Higher Valuation:

> @HyperliquidX $871M revenue (highest on the list), 15x multiple
> @worldlibertyfi $105M revenue, 17x
> @Uniswap $49M revenue, 37x (one of the highest multiples)

Several of these protocols are generating hundreds of millions in annual revenue while trading at valuations that imply very little growth is priced in.

This suggests the market is either skeptical about the sustainability of these revenues or is heavily discounting future growth.

[Leon @Leon_Defi]

Mining difficulty has dropped 20% from its all time high the largest decline since China’s full scale mining ban in 2021.

This is a clear sign of miner capitulation.

Many miners are struggling to cover electricity and operational costs, forcing them to sell their bitcoin:native holdings just to stay afloat.

Historically, heavy miner capitulation periods have often marked local bottoms for Bitcoin.

With selling pressure from miners potentially easing, I think we're getting closer to the bottom.

[Leon @Leon_Defi]

Fomo Builder is on @HyperliquidX

> Strong traction: 625k+ users, $4B+ trading volume, 110M+ social interactions, 68k first time buyers via Apple Pay ($25M).

> Funding: Just called the largest $75M round of crypto this year, with Coinbase participating.

> Team: Developer used to work at @Uniswap & @dYdX founder is a programmer.

> Hyperliquid Integration: Deep integration 20 days ago, using HL as the main infra for perps.

Currently the 6th builder of HL, contributing nearly $100M volume in the past 7 days.

> Strengths: Good user growth + large capital + real volume on Hyperliquid

> Risk: Many personal backers, founders are technical, mainly based on a marketing phase.

> Catalyst: If a token is released, @fomo has the potential to become the most competitive builder in the Hyperliquid ecosystem.

[Leon @Leon_Defi]

Crypto cards have become one of the most used real-world applications in crypto.

Total spending across major crypto cards has now surpassed $10B since March 2023 and the growth is accelerating.

Key Numbers:

> First $1B took roughly 2 years
> The next $9B was added in just 17 months
> $5B of that came in the last 7 months alone
> Average transaction: $419
> Over 23.9M lifetime tx

Below are the crypto cards I've ranked by spending:

> @RedotPay $6.09B (still dominates with ~61% market share)
> @KASTxyz $1.54B
> @ether_fi $1.12B
> @Cypher_HQ_ $203M
> @gnosispay $179M
> @holyheld $172M
> @Karta_Personal $153M
> @useTria $115M

The real story here is that people are now regularly using crypto for everyday spending (coffee, groceries, travel) without needing to convert to fiat first.

[Leon @Leon_Defi]

➤ Top 10 Biggest Token Unlocks This Week

This week has several notable unlocks that could create short-term selling pressure across different narratives:

> @Humanityprot $62M unlock on Jun 24 (2.93% of supply)
> @ton_blockchain $GRAM $58.2M unlock on Jun 23 (0.71%)
> @worldnetwork $WLD $24.1M (ongoing daily unlocks)
> @CantonNetwork $CC $22.4M (ongoing daily)
> @SUPERFORTUNE888 $GUA $19.7M on Jun 27
> @SaharaAI $SAHARA $13.8M on Jun 26
> @megaeth $MEGA $13.7M on Jun 23
> Official Trump $TRUMP $11.5M (ongoing daily)
> @Plasma $XPL $8.5M on Jun 25
> @newton_xyz $NEWT $7.39M on Jun 24