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.
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The Fundamentals Manifesto is below for those still reading:
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
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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
🚨 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....
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...
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 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
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🚨 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.
"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.