Dark Side

To grow up is to embrace my degen dark side. I wanna be rich, that's all.

[Dark Side @Darkside_degen]

@DeFiDecoder_ $KAS 💎

[andrew.moh @andrewmoh]

icymi, @RobinhoodCrypto just crossed $1b in TVL. it took 84 days.

for context, here's how long the major networks needed to reach the same number:

@arbitrum: 33 days
@base: 233 days
@monad: 289 days
@solana: 406 days
@BNBCHAIN: 669 days (counted from the original Binance Chain launch)
@trondao: 996 days
Ethereum: 1,662 days
Bitcoin: 5,771 days

the bigger point is timing.

most of the older networks hit $1b during the 2021 bull run, when liquidity was everywhere and everything went up.

robinhood did it in a bear market, with no tailwind.

➜ second fastest on the list, in the worst conditions of any of them.

hats off to the team.

[Kaff 📊 @Kaffchad]

Built ethereum:0x152649ea73beab28c5b49b26eb48f7ead6d4c898 | @PancakeSwap thesis last month, and ethereum:0x152649ea73beab28c5b49b26eb48f7ead6d4c898 already went from $1.4 to $2.7 rn (~2x) but I think ethereum:0x152649ea73beab28c5b49b26eb48f7ead6d4c898 potential is far beyond.

Tokenomics 3.0 is what makes ethereum:0x152649ea73beab28c5b49b26eb48f7ead6d4c898 different from last cycle:

– residual emissions cut hard: August minted only 674k CAKE vs 2.75M burned

– weekly buybacks and burns funded by real product revenue: 60.9M CAKE burned (~15.6% supply)

Where the buyback, burn comes from:

– Spot AMM: 15–23% of trading fees (~95% of the burn came from core AMM fees)

– Perps: 20% of profits

– CAKE Pads: 100% of launch fees

– Lottery: 20% of Cake played

– Prediction: 3% of each round

PancakeSwap is now the #1 venue for bStocks with 41%+ volume share.

The whole loop: Usage → revenue → weekly burns → tighter float.

So, if you are looking for a token holding thru the bull and bear, I think $cake is a good pick.

[DeFi Compass @DefiCompass]

Called it

$HOOD closed above $120, ripped to $126.60, and when it dipped to $119.09 today buyers took it back within hours

The level that capped it for 3 months is now the floor

➥ the road up is clear

Still early

[Tanaka @Tanaka_L2]

$VAR just put RWA perps back on my radar.

@variational_io has announced its TGE for Q4, while the market is already discussing valuations around $1.5B FDV.

If $VAR launches well, I think the effect could spread beyond Variational.

The whole RWA perp sector could get another round of attention.

And the numbers are already interesting:

– Monthly RWA perp volume reached $117.3B in August, up 44x YoY
– OI reached $4.8B, nearly 30x from July 2025
– 86% of volume is now onchain
– Equities now account for 48% of volume, vs 28% commodities and 18% indices

A year ago, commodities represented 84% of this market.

Now the flow is moving toward stocks, indices and other TradFi assets.

So where am I looking for opportunities?

I would split them into 2 groups: projects that already have a token, and projects that still have a potential token/TGE ahead.

[1] $HYPE / @HyperliquidX

HIP-3 is one of the main reasons RWA perps accelerated.

Builders can deploy their own perp markets while using HyperCore infra.

More RWA markets = more activity around the Hyperliquid ecosystem.

[2] @tradexyz

Probably one of the clearest RWA perp plays right now.

Stocks, indices, commodities and even pre-IPO markets are already being traded through HIP-3.

No native token yet, so this is one I'm keeping on my watchlist.

[3] $VAR / @variational_io

The main catalyst right now.

Variational has already built serious trading activity before TGE.

If $VAR performs well after launch, it could become the valuation benchmark for the rest of the RWA perp sector.

[4] $LIT / @Lighter_xyz

Already has a liquid token and an established perp user base.

Existing crypto traders can move from BTC/ETH perps into stocks, commodities and FX without leaving the platform.

Distribution matters a lot here.

[5] ethereum:0xfaba6f8e4a5e8ab82f62fe7c39859fa577269be3 / @OndoPerps

Ondo has a different angle.

They already have tokenized RWAs and are now expanding into derivatives.

Longer term, I think the bigger story is using tokenized stocks and other RWAs as collateral, not only trading them spot.

[6] $EDGE / @edgeX_exchange

Another liquid-token play I'm watching.

The important part for me is simple:

volume → fees → revenue → token value capture.

If RWA volume keeps growing, projects with clear economics should get more attention.

[7] @gmtrade_xyz

One of the RWA perp projects I'm watching on Solana.

Stocks, FX, commodities and indices are already part of the product, while its points system gives it another potential TGE angle.

[8] @extendedapp

I'm actually trading on Extended right now, so this is one I'm following more closely.

I like the unified-margin direction: perps + spot + lending + yield-bearing collateral under one account.

If RWAs become a major collateral class, this model becomes much more interesting.

[9] @entropyIO

A smaller project, but the pre-IPO perp narrative caught my attention.

Anthropic and other private-market assets can suddenly become tradable 24/7.

Higher risk, but also a completely new market for crypto.

[10] @QFEX

More focused on TradFi-style markets such as equities, commodities and FX.

I'm watching whether platforms like this can bring in traders beyond the usual crypto perp crowd.

----------------------------------------------------

RWA perps are still early, while TradFi derivatives trade tens of trillions every month.

If $VAR TGE performs well, I expect money and attention to rotate quickly into the rest of this sector.

I'm already positioning my watchlist.

[Nick Research @Nick_Researcher]

you will sideline every trend this bull cycle

[1] $BTC - $STX - $ZEC

[2] stocks-themed memcoins - $PONS - $AI - $STONK

[4] tokenized stocks - ethereum:0xfaba6f8e4a5e8ab82f62fe7c39859fa577269be3 - $MORPHO

[5] perps DEX - @variational_io - @arcus_xyz - @tradexyz - @entropyIO

[6] RWAs infra - @Theo_Network - @xStocksFi - @saturn_credit - $FLUID

[7] AI infra - $NEAR - $TAO - $VVV - $VIRTUAL - $REI

many more will come, i and you will miss ton of 'em

ppl will win life-changing money, but you and me stay sideline

so i'll start with ₿, will fomo wen it hit $60K - $70K again

show me the other way if there is any ↓

[DeFi Compass @DefiCompass]

@peaq is now live on @solana 👀

IMO it's a strong fit for $PEAQ’s Machine Economy

Solana brings the speed, low costs and deep liquidity needed to scale

That creates a powerful economic loop

Identity → credit → financing → monetization

Powerful setup🔥

[Tanaka @Tanaka_L2]

AI-aligned tokens are entering a different stage on Robinhood.

Frens asked me how I think about $AI in specific, and AI tokens onchain in general.

So I share my genuine thoughts here, and I’m open to your opinions as well.

Giving an agent real capital, enforceable permissions and access to tokenized financial assets is hard.

The protocols I currently see building toward that second model:

[1] @virtuals_io

Virtuals is building the main agent-launch and coordination layer on @RobinhoodCrypto.

Its agents can raise capital, launch tokens and manage tokenized-stock positions.

The catalyst I'm watching is whether these agents begin generating measurable returns from real financial assets instead of relying mainly on token speculation.

[2] @sherwoodagent

Sherwood is experimenting with agent-managed ERC-4626 vaults.

Agents propose strategies, depositors vote and guardians verify execution.

The available assets include Stock Tokens, USDG and perps.

This is closer to an onchain asset-management model.

The catalyst is live vault AUM and a transparent performance history.

[3] @archeragentAI

Archer is building controlled agent execution:

Intent → policy check → human approval → transaction.

I find this important because financial agents need defined permissions before serious capital can use them.

The catalyst is integration with more Robinhood markets and recurring execution volume.

[4] @HoodAI0x

Hood AI is working on 2 less visible problems:

– correctly reading Stock Token balances after corporate actions.

– enabling agents to provide services through escrow.

This is infra rather than a narrative trade.

The catalyst is adoption by wallets, explorers and other agent protocols.

[5] @longdotxyz

LONG is not purely an AI protocol, but it provides important market infrastructure for AI-aligned tokens.

Tokens can trade directly against Stock Tokens such as $NVDA, while LongX adds leveraged stock exposure.

$AI paired with $NVDA is one early example, but the wider opportunity is allowing tokens, agents and communities to hold or earn productive financial assets.

Around these projects, @arcus_xyz, @Lighter_xyz and @Morpho provide the execution, leverage and lending rails that agents can eventually use.

This is where the sector becomes more interesting to me.

An AI token alone has limited utility.

An agent that can trade tokenized equities, borrow against them, hedge through perps and report its performance has a financial product.

The next immediate catalyst is Arc public mainnet on September 16.

Arc launches with USDC as gas, tokenized-asset infrastructure and Circle’s agent stack.

Native USDC should also remove much of the current friction around liquidity and settlement.

I do not see a clear AI-token leader on Arc yet.

Most projects are still launchpads, terminals or pre-mainnet experiments.

I want to see which teams attract real capital after launch rather than only temporary volume.

My current framework is simple:

– Agent tokens need recurring activity

– Agent vaults need AUM and verifiable returns

– Execution protocols need real transaction volume

– AI infrastructure needs integrations

– Stock-aligned tokens need transparent reserves and clear holder rights

At the macro level, the setup is strong.

AI spending continues to support assets such as $NVDA, while tokenized stocks are becoming usable across spot markets, lending, perps and automated portfolios.

[Tanaka @Tanaka_L2]

Robinhood’s Tokenized Stocks: The Good, The Bad, and The Fix

I first looked into Robinhood’s tokenized stocks in January.

At the time, Robinhood had around $10.8M in represented asset value.

As of September 10:

→ 192 tokenized assets
→ $150.7M in represented value
→ +385.8% over the past 30 days
→ 12.9% of all RWA value on Robinhood Chain

That is almost 14x growth since January.

But the bigger update is how the ecosystem around these assets has developed.

[1] The Good

Robinhood Chain is no longer only a place where tokenized stocks are issued.

Protocols are starting to build financial activity around them:

→ @Uniswap provides the main liquidity and trading layer

→ @Morpho introduces onchain lending and borrowing

→ @SteakhouseFi adds yield infra

→ @opensea and @gmgnai bring NFTs and retail trading distribution

Another trend I did not expect is the overlap between tokenized stocks, memecoins and DeFi.

Stock-related assets such as $PONS, $AI and $PAIR, alongside StonkBrokers NFTs, are attracting traders into the same ecosystem.

I do not consider these memecoins RWAs.

But they generate volume, fees and liquidity. Some of that activity can move into tokenized stocks, lending markets and stock-based liquidity pools.

This is the first sign that tokenized stocks can become active onchain assets rather than passive representations held inside one app.

[2] The Bad

The current product still has an important limitation.

A Robinhood Stock Token is not direct ownership of the underlying stock.

It is a tokenized debt security issued by Robinhood Assets (Jersey) Limited. The holder receives economic exposure but does not become a shareholder or receive the same voting and ownership rights.

@vladtenev recently explained @RobinhoodCrypto's current process:

→ Robinhood acquires the underlying stock through traditional markets

→ The share is held in custody

→ A corresponding token is minted

→ When the user sells, the stock is sold and the token is burned

So at the current stage, Robinhood is bringing existing equity exposure onchain. It is not yet replacing the legal share itself.

Corporate actions remain another issue.

Dividends, stock splits, reverse splits and return-of-capital distributions cannot be tracked correctly through normal ERC-20 mint and burn data.

DeFi adds more risk.

If tokenized stocks become collateral, protocols need reliable prices during US market closures, clear liquidation rules and enough redemption liquidity.

Memecoin volume can also make Robinhood Chain look more active without proving that people are actually using tokenized stocks inside DeFi.

[3] The Fix

I think the next stage needs 4 things:

��� A common onchain standard for splits, dividends and rebasing

→ Real-time proof of backing, custody and redemption liquidity

→ Market-aware oracles and risk parameters for lending protocols

→ Separate data for stock-token activity and speculative memecoin volume

The long-term solution is direct, issuer-approved tokenization where the onchain asset carries enforceable shareholder rights.

Vlad argues that tokenization should provide real-time settlement, 24/7 markets and greater control over assets.

I agree with that direction.

Robinhood has already proved the demand and distribution.

Now it needs to prove that tokenized stocks can support reliable liquidity, credit and ownership infra onchain.

[Fabius DeFi @FabiusDefi]

So #AI is exactly where attention + liquidity are flowing rn 👀

robinhood:0xaa07a0e9209e16ac99708c3ec70159c6ef3128a3 / @orbiodotso, an onchain marketplace for cheap AI credits on Robinhood Chain, is also up 500%+ over the past 4 days.

Any AI gems to ape, fam?

[DeFi Compass @DefiCompass]

$HOOD is showing some serious strength 👀

The downtrend off the ATH broke in June

➥ every dip since has been bought higher

September already tested $120 from below

One close above $120 and this gets loud🔥

[Defi Priest @PriestThePumper]

A quick recap: 🚀🚀🚀

8X on $YUKI
6X on $LAYOOO
4X on $EEEPY
4X on $MYCEL
5X on $PLONK
3X on $DUST

Some of you ask me where do I trade #memecoins…

https://t.co/uJAUeEhq5A

Get $50 bonus on joining & lock in 🔐

[Tanaka @Tanaka_L2]

The opportunity on @arc mainnet is growing fast, but the trading flow is still fragmented.

Tokens launch across different platforms, liquidity moves into different pools, and users often need separate tools for discovery, charts, risk checks, and execution.

This is why @peachlfg stands out in my priority list.

Peach is also Arc’s official launching partner, which gives it a much closer position to the ecosystem as mainnet activity expands.

Peach Terminal continuously indexes tokens and liquidity pools across Arc, then connects that data directly with routing and trading.

In one interface, I can:
– Discover new Arc assets
– Check charts and market data
– Review risk signals
– Execute trades

The key part is that a token doesn’t need to launch through Peach.

Assets from other Arc launchpads can also be indexed and traded there, so Peach can potentially become more than just a launchpad, but a trading hub for the broader Arc ecosystem.

As liquidity and attention spread across more venues, I think the platform that makes the whole market easier to follow and trade could become increasingly important.

I’m testing Peach from Day 1 → https://t.co/6oFT5k4Ue0

[Nick Research @Nick_Researcher]

a lot has happened on @arc just 2 days after mainnet

my launchpad ranking system is already proving useful

but several projects need to be re-ranked after what happened

> S-tier: only 3 remain
• @ArgusPad
• @TollyLabs
• @TradePool

TradePool is still weak at attracting attention, but its product keeps it in S-tier for now

> @fazedotfun → B-tier + red flag

it was heavily marketed as a day-1 launchpad

but multiple burned investors have linked the team to previous projects across other chains

including buzzdotfun on Abstract, alongside allegations of unpaid airdrops and presale issues

treat it with extreme caution

> @akadotfun → A-tier + red flag

the team is already monetizing through NFT sales before shipping a working product

the potential is still there, but asking the community for money before the core platform is live is a clear risk

> @minarafun → A-tier

the tech still looks genuinely promising, but the team’s handling of its token situation has been messy

$MINARA launched on its own pad and remained unconfirmed for around 24hrs

then team said it had no official token

now, it's supporting $CIRCLED as the official token

leaving the community even more confused and frustrated

Arc is moving fast, but speed also makes it easier for weak teams and questionable launches to hide inside the hype

i’ll keep updating the ranking as teams ship, communicate and prove themselves

[Defi Priest @PriestThePumper]

You can use the recipe book at the bottom… @OfficialPlonk Game! #P2E

If you press on “items” you’ll find the exact crafting recipe 🧵

Press on the stone to see… How to find it!

Each item in the game is handcrafted and properties are also made with care,

Devs adding new features everyday!

$PLONK

[Defi Priest @PriestThePumper]

Okay, this actually makes me more confident in @liftdotfun. 🥷🏿✝️

You can tell the dev has thought beyond just launching another pad.

The Arc + Circle angle, the fee structure, and the decision to keep Lift itself out of custody all make perfect sense to me.

There are many competitors, but only @liftdotfun is actually planning to build an ecosystem and not just to be the next $PONS.

Bet on tech that are built to last

[Fabius DeFi @FabiusDefi]

Arc launchpad - 2 days pre-mainnet (curated list) 💎

✅Already live

*Tier A

@TollyLabs: Strongest official volume, best swap experience rn. Notable tokens: $TOLLY, $COOL, $ARGUS.

@circlewarp: 285 tokens launched, $2.14M vol 24h

@Arguspad: 257 tokens launched, $ARGUS hit $2.3M

@liftdotfun: 285 launches, $100k+ volume, their 1st graduated token $DEPEG hit $269k lately

@Longdotsupply: stands out with a CRCL trading mechanism, notable tokens $LONG, $PEG. Frontend is under attack, which is causing FUD on CT rn

@Archemistdotfun: launched 11k+ tokens, 24h Vol: $7.16M

@SharcFun: $3.69M 24h volume, $5.28M LP across all pools

Bonus: @ArcDEXScan - Screener x Launchpad

*Tier B - already live, thinner activity

@arcpad_meme
@UBIdotFUN
@eve_dot_fun
@actfunxyz

Bonus: @ellipsefun - RWA claim markets (GLD / CRCL / USDT / BTCB)

🔃Live at mainnet (16/9)

@akadotfun: MemeFi + RWA fee split (Uni v4 hooks)
@synthra_finance: AMM + aggregator + launchpad. Broader infra than a pure meme pad.
@Fliptfun: incentivized testnet running (leaderboard/NFT tier)
@minarafun
@actfunxyz
@ArcadeSwap
@arclaunchfun
@ChainGPT_Pad
@wolfsheadxyz: OG Pass campaign is live 👈
@Arcwargg
@arcfunapp

I manually checked out every app btw, no AI info here.

DYOR.

[DeFi Compass @DefiCompass]

.@RobinhoodCrypto Chain is getting harder to ignore 👀

The growth is fast, but the economics are the interesting part

Just ~2 months in:

🔷 $47B+ DEX volume
🔷 ~$800M TVL
🔷 576M transactions
🔷 12.3M addresses
🔷 190+ stock tokens
🔷 $7.29B Lighter perps volume

And now the fee numbers are getting wild

Last week:
→ $25M in fees
→ $12.4B DEX volume
→ 396K daily active accounts
→ $15.90 fees per active account

The week before?
Only $1.4M in fees

That’s roughly a 17x jump in one week, while daily active accounts actually fell slightly

Meaning more activity from existing users❗️

And a lot of the spike appears connected to @ponsdotfamily

PONS generated nearly $6M in fees on Sept. 3, ahead of https://t.co/J2LhfgsZu1 and Hyperliquid that day

Its token also passed a $970M valuation, with ~80% of revenue reportedly going to buybacks and 28%+ of supply burned

➥The big question now is whether these numbers hold after the current launch cycle cools down

If fees stay strong, this starts looking less like a short-term spike and more like a real trading economy

And Robinhood has one major advantage: DISTRIBUTION

It already has a massive retail audience that can move into stocks, crypto, perps, prediction markets and onchain trading

IMO, that’s the bigger $HOOD thesis

Not another chain competing for crypto users

A financial platform bringing existing retail users onchain

[Nick Research @Nick_Researcher]

well, that @arc launchpad ranking aged fast 😭

since my first post went live, 10+ new launchpads have appeared in my notifications

i went through every one, did more DD and spoke directly with several dev teams

a few are run by solo devs, but they’ve been extremely active and are shipping upgrades fast

so here’s the updated ranking:

• 10+ new platforms added
• several launchpads re-ranked after deeper research
• added "X Alpha" feature scanning major news/project
• more changes likely as new teams keep appearing

now S-tier includes:
- @liftdotfun - $DEPEG = first-mover
- @akadotfun - AKA
- @Arguspad - ARGUS
- @minarafun - N/A

i'm looking into @TollyLabs | TOLLY as they are working smoothly, might be in S-tier

LONG has a RED FLAG because of the FUD + website is not working properly atm

Arc is moving way faster than i expected

this ranking will keep evolving with the eco

[Tanaka @Tanaka_L2]

➥ Arc mainnet in 2 days. Which launchpad are you betting on first? I’ve got @liftdotfun high on my watchlist.

The success of launchpads on Robinhood like $PONS and $STONKBROKER showed how quickly liquidity can concentrate around a new launchpad narrative.

Now the same war is starting on @arc.

Only 2 days until Arc mainnet, and everyone wants to capture the first wave of users and liquidity.

The first launchpad I’m watching the most right now is $DEPEG / @liftdotfun.

In my view, $DEPEG has one of the cleanest positions on Arc network because it is focused on native USDC launches, and that matters a lot on a new chain where early liquidity usually wants the simplest path possible.

I also think this kind of setup gives the pad a better chance to attract early users, early memes and the first real runners once Arc goes public.

Other Arc launchpads already positioning for day one:

– @Lolpad_ – stock-pair × token launchpad using USDC / tokenized stocks
– @Flutchdotfun – multichain launch infra with token creation, swaps, bridges, LP locks and anti-snipe tools
– @actfunxyz – social-first launchpad with bonding curves, livestreams and NFTs
– @bozodotfun – launches tokens directly into locked Uniswap v4 pools instead of using bonding curves
– @warponarc – bonding curve launchpad + terminal with crosschain USDC access via CCTP
– @minarafun – direct v4 liquidity launches with anti-snipe mechanics
– @akadotfun – launchpad with fee-sharing mechanics and an RWA treasury
– @Fliptfun – bonding curve launchpad where early buyers can remain as LPs after graduation
– @circlewarp – bonding curve + native DEX
– @synthra_finance – AMM, aggregator and token-launch ecosystem
– @ArcadeSwap – bonding curve launches + direct Uniswap v4 pools
– @arcpad_meme
– @TollyLabs
– @arclaunchfun
– @Archemistdotfun
– @UBIdotFUN
– @arcfunapp
– @eve_dot_fun
– @Arguspad

There are already a lot of launchpads fighting for the same early Arc liquidity before mainnet is even public.

Robinhood had $PONS and $STONKBROKER.

Arc looks like the next battlefield, and rn @liftdotfun is one of the launchpads I’m paying the closest attention to.