farf

nCMO @fundable_ai and Cookin' with @0xCrema ; prev. @tributelabsxyz, @UMichblockchain

[farf @farf0x]

IDOF (in defense of fundamentals) Part 1:

I have decided to embark on a series highlighting the fundamentally strong businesses in the space

Of course, some will be my bags (NFA or whatever), but the goal is to illustrate how the plentiful data sources spoon-feed us overlooked opportunities and "good assets" amidst the mania.

Today's case is @TensorFdn

Tensor ($TNSR) was an easy first choice as my argument was only formed in the last 24 hours. $TNSR has been the asset governing @tensor_hq, the leading NFT marketplace on Solana since it launched last April. While I'm a hopeless romantic toward NFTs, the ownership of $TNSR was pure speculation on a glorious return of NFT mania and Solana finding its way into the middle of it. imho, not a crazy bet; however, the team announced yesterday that their other product @VECTORDOTFUN will now also fall under the $TNSR umbrella. This changes things.

According to a @Dune dashboard (https://t.co/EXteNhDBoI), @tensor_hq is doing about $1.25M in volume a day and $1.7M in fees per quarter (~$6.8M annualized). @TensorFdn has half of these fees sent to the treasury, which gives us a 132x Price/Earnings (P/E) multiple at $TNSR's FDV of $450M today. $NVDA is at about 49x P/E, so not crazy for an NFT hopeful like myself, but not great.

With the official addition of @VECTORDOTFUN to the @TensorFdn product line, things get a little more interesting. https://t.co/cybpsOEfO4 is only 3 months old and still in the early stages of its rollout. A @flipsidecrypto dashboard by @PineAnalytics (https://t.co/zMXLwHdldz) shows impressive growth with the volume over the last two weeks reaching around $20M on avg. https://t.co/cybpsOEfO4 has also been raking in fees. On Jan 23rd, it did $259k in fees and has averaged over $150k in fees per day the last two weeks. That annualizes to nearly $55M in revenue, with the new owner @TensorFdn, controlled by $TNSR holders, receiving half.

Bringing this together: from an annualized basis, the treasury accumulates ~$3.4M in fees from @tensor_hq and ~$55M in fees from @VECTORDOTFUN, which is still gated access. That brings us to a P/E multiple of 7.7x, a pretty damn good business.

In case I need to be clear, none of this is financial advice and I recognize there are many other factors to consider here. More than anything, I congratulate @0xrwu and @_ilmoi and the rest of the team for building some fantastic products.

--
The Fundamentals Manifesto is below for those still reading:

[Felipe Montealegre @TheiaResearch]

https://t.co/OT43pIlOEd

[farf @farf0x]

Trying to invest in private markets is going to ruin a lot of retail players

Bullish @fundable_ai offering data on these companies for all to access and inform investment decisions as @RobinhoodApp expands this offering

[Robinhood @RobinhoodApp]

Historically, investing in private markets was limited to institutions and the elite, but not anymore. With Robinhood Ventures, you can now get exposure to private companies like the ones listed below 👇

[farf @farf0x]

@benjamin_bolte if z-bots were in production rn, embodied clawdbots would be running rampant

[farf @farf0x]

@dwr @fundable_ai and it isn’t really close

[farf @farf0x]

@fundable_ai coded

[Dan Romero @dwr]

Best API to return information about a private company?

[vitalik.eth @VitalikButerin]

What we expected: cryptocurrency would normalize and become more like the stock market
What happened: the outside world went crazy and the stock market became more like cryptocurrency

[farf @farf0x]

Crunchbase’s data so disorganized they email me about live events to walk through it

@fundable_ai fixes this.

[tj @medjool_respctr]

🚨 The Autodidact: Blast Waves, Heavy Crude, & Heretics

Kicking off a slightly unhinged weekly round up of a bunch of things I randomly paid attention to or learned this recently. From the Taylor-von Neumann-Sedov formula, Babylonian Captivity in the 14th century, and why Venezuela heavy crude matters for the US....

[farf @farf0x]

Weapons-grade hopium

[Julien Bittel, CFA @BittelJulien]

A lot of people have been asking for an update on this chart, so I’ll just leave this here for anyone who needs to see it.

This shows the average BTC trajectory following an oversold RSI reading, with RSI falling below 30 at t=0.

So far, it’s been pretty bang on.

Unless you believe the 4-year cycle is still in play, which we don’t, this chart should hold up contextually over time.

No, it won’t be perfect, but assuming the bull market isn’t already over, it’s a useful chart to keep in mind.

As we’ve outlined many times, based on our work on the business cycle, the current path of financial conditions, and our expectations for overall liquidity, the balance of probabilities is that this cycle extends well into 2026.

In that world, the 4-year cycle is dead.

Remember, the 4-year cycle was never about the halving, despite widespread belief that it is, but instead has always been driven by the public debt refinancing cycle, as outlined in our work at GMI, which post-COVID was pushed out by one year.

In our view, the 4-year cycle is now officially broken because the weighted average maturity of the debt term structure has increased.

And the bigger picture is that there is still a vast amount of interest expense that needs to be monetized, which has far exceeded GDP growth.

Another thing to keep in mind is that bases can take time to form and usually come with plenty of chop before the bigger up-move kicks in.

Finally, let me repeat what I said when I first posted this chart last month.

If you think the bull market is over and we are now facing twelve months of pain, this chart is not for you. Move along...

[Doma Protocol @domaprotocol]

T1-Days to go time ⏰

$SOFTWARE.AI will go live as a tokenized asset on Doma Mainnet.

Trading opens soon.
Be there for day one 👇
https://t.co/I61eKsGbCO

[Doma Protocol @domaprotocol]

Doma Mainnet is LIVE 🌐

A new onchain economy is here, where the assets that power the web can finally be tokenized, traded, and put to work.

The DomainFi era starts today 👇
https://t.co/uXTJmf5Znr

[farf @farf0x]

Few…

[fundable @fundable_ai]

Introducing Fundable – a startup intelligence platform.

Lovable for this, Cursor for that. Every week, 100s of new AI startups raise - you can't keep up.

Fundable cuts through the noise - providing real-time funding signals from 10k+ sources.

try it (for free) - link in bio

[farf @farf0x]

Hey look at that ETH is deflationary again

[Art Blocks @artblocks_io]

Quine by @larvalabs

The final Art Blocks Curated release · Oct 9

Code Generates Art <> Art Generates Code

[farf @farf0x]

If it’s slop you want, it’s slop you’ll get

[OpenAI @OpenAI]

This is the Sora app, powered by Sora 2.

Inside the app, you can create, remix, and bring yourself or your friends into the scene through cameos—all within a customizable feed designed just for Sora videos.

See inside the Sora app👇

[Pareto @paretocredit]

$100m TVL locked in Pareto Credit Vaults! 💯

That’s nine figures of institutional private credit flowing transparently on-chain - generating real yield for lenders and streamlining access to capital for borrowers!

This milestone wouldn’t have been possible without our trusted partners @Rockaway_X @M11Credit @FalconXGlobal @FasanaraDigital @BastionTrading @adaptivefront Abraxas Capital Management @KeyringNetwork @gauntlet_xyz @MorphoLabs @term_labs @pendle_fi @Balancer @eulerfinance @NapierFinance and our community @ParetoNews!

Thank you for making this possible! Together we’re building the future of on-chain credit.

Check out our journey 🧵👇

[farf @farf0x]

Colleague produced some literature: https://t.co/TuSfhHd49b

[Pareto @paretocredit]

🚨 For the first time, Pareto Credit Vault can be used as collateral!

You can now borrow $USDC on @MorphoLabs by using capital deposited in the @FalconXGlobal Credit Vault as collateral: https://t.co/8sDDuBGKQw

Looking for leverage? Explore the @gauntlet_xyz and @aerafinance vault offering automated looping strategies: https://t.co/2jyC1yEDrl

How it works:
1️⃣ Deposit $USDC into the FalconX Vault and receive Credit Vault tokens (CV tokens) AA_FalconXUSDC, a digital representation of your deposit
2️⃣ Supply your CV tokens into the Aera vault on Gauntlet
3️⃣ Automated leverage via Morpho – Aera uses the CV tokens as collateral on Morpho to borrow $USDC
4️⃣ Borrowed $USDC is used to buy more CV tokens, amplifying exposure
5️⃣ Gauntlet dynamically adjusts leverage based on real-time yields, borrow costs, and market risk

Why it matters?
For the first time, capital deposited into Pareto Credit Vault is recognized as on-chain collateral, unlocking new utility beyond credit yield:
→ Capital-efficient strategies, like looping
→ Access to on-chain leverage
→ Deeper integrations across DeFi

Try it now:
→ Deposit $USDC into the FalconX Credit Vault (min. deposit: $250k): https://t.co/Vaqw3ys0L7
→ Use CV tokens to borrow $USDC via Morpho: https://t.co/8sDDuBGKQw
or
→ Dive into automated looping strategies on Gauntlet:
https://t.co/2jyC1yEDrl

Link to the full announcement: https://t.co/EUuHTDjdU0

Not financial advice. DYOR.

Participation in the FalconX Credit Vault is subject to FalconX review and approval.

[farf @farf0x]

These technical threads are how I got into crypto, love what your building towards @mteamisloading

[Christopher Goes @cwgoes]

"The scalability of a based rollup will be limited by the limits of the base layer."

It sure sounds to me like we agree! My "ordered by one set of validators" is your "base layer", the base layer (by definition, since it is singular) must have a well-defined set of validators. You can do extra ordering beforehand if you want, but if the base layer has an advantage in the sequencer election (per your definition), that "one set of validators" must be involved, and will be a bottleneck for any synchronous execution.

[farf @farf0x]

This is awesome

[Kalshi @Kalshi]

History was made by the underdogs.

[farf @farf0x]

@SHL0MS Here ya go