EJ Rogers

Co-Founder @4RCapital

[cap @CapApp]

Trust is the most valuable asset in finance. It’s why top teams count on Cap.

First off, Cap is Trusted by @ether_fi

From liquid vaults earning protected dollar yield to delivering sustainable yield on weETH, Etherfi relies on Cap as both depositor and underwriter, bringing utility across their entire product suite.

[ether.fi @ether_fi]

Pay for your favorite AI tools with https://t.co/gbHcksxzp2 Cash and get 15% cashback on your spend.

Start earning: https://t.co/08ZIVxCvzG

[Cap Labs Limited @caplabslimited]

https://t.co/W96qfMNg0C

[infiniFi @infiniFi]

https://t.co/mGWrCtWnM5

[cap @CapApp]

When it comes to security, every second counts.

That's why Cap has partnered with @HypernativeLabs to implement auto-pause, a system that automatically stops all platform activity the moment a threat is detected.

No delays. No hoping for the best. Just instant protection.

[EJ Rogers @ej__rogers]

@Nomaticcap

[Inveniam @InveniamIO]

1/ AI agents are making high-stakes decisions. Who's keeping the receipts?

[The Kobeissi Letter @KobeissiLetter]

Crypto card spending is the next big trend:

Crypto card spending volume has surged +500% since September 2024, now running at $600 million per month.

As a result, stablecoin-linked payment cards are now one of the fastest growing businesses on the blockchain, with 90% of transactions captured by Visa, $V.

Visa's strategy has centered around partnering with emerging infrastructure providers which reduces reliance on traditional sponsor banks.

The growth comes amid the launch of Jupiter Global which returns 4-10% cash back to crypto cards and has seen +660% MoM volume growth in April.

Crypto card adoption is growing.

[EJ Rogers @ej__rogers]

@StaniKulechov legendary

[ether.fi @ether_fi]

1/ We just completed a protocol-wide security hardening pass on the weETH bridge across majority of deployed chains.

No exploit occurred. This closes a latent risk proactively and puts every security-relevant bridge parameter fully under EtherFi's control.

[ZKsync @zksync]

Five U.S. banks
$600B in deposits
One tokenized deposit network

Powered by ZKsync's Prividium

[Optimism @Optimism]

The largest non-custodial crypto card just made OP Mainnet home. @ether_fi is live with $220M in TVL, 300,000 accounts, and 70,000 active cards — the largest single TVL event in OP Mainnet history.

Three days to migrate. Zero downtime. Cards kept working the entire time.

Sub-250ms finality. $0.00001 median fees. 99.99% uptime. The infrastructure a live consumer product needs to grow.

Gold Vaults and the Euro card are next. Every dollar that lands deepens the liquidity pool for everyone already here.

[Mesh @MeshClans]

Etherfi just did something wild that most DeFi protocols talk about but never actually pull off.

Their card product completely flipped the revenue model. Back in October 2024, cards were literally at 0% of revenue. Fast forward to March 2026 and cards hit 55% while staking dropped to 39%.

Look at those purple bars in the chart. They're telling a story that most people completely missed.

Most protocols love talking about revenue diversification. @ether_fi actually went and did it.

Q4 2025: $126M in card spend (+160% QoQ), running at $663M annualized with over 60% market share of all Visa crypto cards. ~$45M in FY2025, targeting $100M+ for 2026.

In less than two years, they built the largest non-custodial crypto card out there. We're talking about ~70,000 active cards and growing, migrating to OP Mainnet right now, processing around $2M in daily spend as of early 2026.

Here's the thing: staking revenue stays married to ETH price, hovering around $500K-$1M weekly, but card revenue grows with people actually spending money on groceries, rent, and daily life. Interchange fees keep stacking regardless of where ETH goes, borrow interest compounds every day, so you've got two revenue streams that basically move independently.

This is the part that blew my mind: 80% of card users are also Liquid Vault users. It's a flywheel most protocols can't touch:

- User drops ETH in vault (earns yield, rates move around)
- Gets a card backed by that same ETH (3% cashback)
- Spends like $2K monthly on regular expenses
- Generates interchange fees + borrow interest
- Never sells their ETH

The protocol's making money on both the parked capital and the daily behavior.

Perp DEXs and crypto cards are the only two things in crypto that generate real cash flow:

- Perp DEXs: Volume-driven, crushing it when markets are hot
- Crypto cards: Behavior-driven, steady across different conditions

Both work, just different superpowers. Perps print money in bull runs, cards print when people gotta eat.

The Visa crypto card market exploded 525% in 2025. Monthly spend went from $14.6M in January to $91.3M by December. Etherfi grabbed over 60% of that growth with a single product they launched in September.

Three things coming together right now:

- OP Mainnet migration: Way better compliance setup, basically zero gas costs
- GENIUS Act: Finally some stablecoin clarity in the US
- Payment rails: Crypto-to-fiat infrastructure actually maturing

The valuation thing is nuts. Etherfi's sitting at ~$417M FDV with $60M annualized revenue. That's roughly 7x price-to-revenue.

Here's what that looks like:

- Hit $100M revenue in 2026 → drops to ~4x
- Scale to $1B revenue in 3-4 years → the kind of re-rating that changes everything

Market's treating neobank revenue like it's farming APR. It's really not.

What etherfi's showing here is that neobank products in crypto can prove things traditional DeFi just can't:

- Cash flow that works in any market
- Actual product-market fit with real utility
- Revenue from both the money sitting there and people using it

Tons of room to grow as more people adopt.

Five things I'm watching:

1. Other liquid staking protocols launching their own cards
2. How card spending holds up when markets get rough
3. Borrow Mode adoption as they dial in incentives
4. What Coinbase and Crypto..com end up building in non-custodial
5. The corporate card play (eyeing that $100B opportunity)

The chart says it all. Card revenue (purple) growing right alongside staking revenue (black). Not cannibalizing, just adding.

Protocols that build actual products for actual problems find product-market fit. Multiple revenue streams make way more resilient businesses. DeFi infrastructure finally growing up past pure speculation.

This is what sustainable crypto businesses actually look like.

cc: @KoppKnows @MikeSilagadze @crypto_linn

[Pods Finance @PodsFinance]

Pods now integrates @hyperbeat yield strategies.

This means neobank builders using Pods can now access more advanced yield products, including cooldown-based strategies and cross-chain investment flows, through the same product-grade infrastructure they already use.

Most APIs stop at vanilla yield sources. Pods goes further.

We are building an integration layer that does not just expose conventional yield primitives, but also unlock more sophisticated opportunities that sit outside the usual standard set, while still preserving the simplicity, modularity, and reliability of the Pods API.

Book a call with our team to explore how Pods can help you: https://t.co/0lENx1eIZI

[Hyperbeat @hyperbeat]

Liquid Banking is live.

The first fully onchain banking layer on @HyperliquidX.

Save, spend, trade, and ramp from a single self-custodial account.

Open your Liquid Bank account now: https://t.co/vOSqdGX1kp

[Vaibhav⚡️ @vaibhavchellani]

excited to see this effort

abstract the chains, merge them all together into one is what alot of our time on @SOCKETProtocol is spent on

[Rob Montgomery🦞 @RobAnon]

https://t.co/GqvkcJKGgk

[Vaibhav⚡️ @vaibhavchellani]

Swaps on @BungeeExchange are now 30x faster

We have gone from 30 seconds overall to now 1 second transactions in the last month

This is not just transaction speed but everything from:
- API latency: Quoting and Order submission
- UI latency: How fast the UI reacts and loads
- Less screens: No blocking screen when you place an order

Watch this quick clip of me selling SOL -> USDC in 1-second

if you didnt notice, it was SOL(on base) to USDC(on arbitrum) but it works and feels like a same chain swap both in terms of UX and speed

jobs not done

[Benjamin @Benjamin918_]

It has been exactly 7 months since @capapp launched, and our flywheel is now transitioning our platform to a sustainable user base

Today, ~90% of Cap's TVL is from users that use Cap for its own merits

66% comes from financial guarantees that underwriters issue to cover institutional loans. These are mainly ETH and BTC holders looking for scalable yield.

24% comes from USD depositors, such as neobanks, retail users, and liquid funds, that earn ~5% from Cap's insured dollar product. They use Cap for yield, not incentives.

[Pods Finance @PodsFinance]

Pods is now available as a recipe on @privy_io.

This is what building the future of finance actually looks like.

With Pods now available as a recipe on Privy, builders can more easily embed yield products directly into their apps and user journeys.

That means less time stitching pieces together, and more time creating seamless onchain experiences for the next generation of users.

This is exactly how the Neo Finance Stack gets built: through modular layers that connect, reinforce each other, and unlock new use cases together.

Wallet infra, identity, custody, stablecoins, yield, tokenized assets, neobanks.

Each integration turns the stack from an idea into a real, usable financial system.

We believe the winners of this new era will not be isolated products. They will be the teams building the most powerful, composable rails for others to build on top of.

That’s why this matters.

Every new integration is not just a feature. It is another block added to the onchain financial system we are all assembling together.

The Neo Finance Stack is being built in real time. And this is what it looks like.

Access it here: https://t.co/8QUtlTeZJg