For the first time, all ZK circuits used by Lighter perp DEX L2 were regenerated from sources by L2BEAT!
Now you don’t have to trust the Lighter team to perform a permissionless emergency exit.
👇Learn more in the thread👇
I found 59 all-time highs in crypto last week.
- @Kalshi OI
- @tempo MPP Volume and TXNs
- @RobinhoodApp Tokenized Shares
- @ether_fi Card Volume
- HIP-3 OI, HIP-4 Volume
- @ventuals OI
- and more from @tradexyz, @trondao, @solana, and others
The full list is here, https://t.co/GmaiBtKkuR
🚨NEW EP ALERT: The State of Tokenization in 2026🚨
In today’s episode, we’re diving into the state of tokenization, unpacking what “real usage” actually looks like beyond headlines. Plus, the TradFi onchain vibe shift happening at conferences.
We discuss:
- The suits takeover and the Agora side-event
- TradFi players moving onchain (Bloomberg, S&P, and more)
- “Crypto is fintech now” and the industry narrative split
- State of Tokenization dashboard
- Transferability vs composability: what actually makes assets useful
- Permissioned wrappers, regulatory constraints, and 24/7 markets
- How DeFi can learn from curated collateral standards (Morpho)
- Why real estate is uniquely hard to tokenize
- Better tokenization metrics: wallets, velocity, volume, DeFi deployment
- Perp rails and Hyperliquid catching TradFi attention
- What’s next: how much TradFi volume moves onchain
And more—enjoy
—
Timestamps:
(00:00) Intro
(03:21) TradFi moves onchain
(04:35) Crypto becomes fintech
(15:57) State of tokenization dashboard
(20:55) Redemption frictions and heatmap
(27:21) Morpho collateral rating lessons
(30:35) Wrappers vs composability limits
(36:55) Real estate tokenization problems
(41:35) Metrics beyond tokenized value
(44:22) Perps and Hyperliquid draw
(52:27) Outro
🚨NEW EP: Is DeFi dead? The biggest bank run in history🚨
In today’s episode, we’re breaking down the @KelpDAO exploit and the cascading fallout across DeFi. We unpack how a @LayerZero_Core configuration was abused to mint unbacked rsETH, how the attacker used Aave to extract liquidity, and why this turned into DeFi’s first true “bank run” moment.
We discuss:
- Kelp DAO rsETH exploit overview
- LayerZero configuration and RPC attack
- Minting 290m unbacked rsETH
- Bridged assets and blast radius
- Depositing fake collateral into @aave
- How looping and leverage amplified risk
- Aave’s monolithic pool design flaw
- Morpho’s isolated market comparison
- Liquidation mechanics and bad debt
-$10B Aave outflows and bank run
- TVL quality vs headline TVL
- DeFi reputation and permissioned shift
And more—enjoy
Ep below👇
Introducing OFTScan, a free & open source tool for listing all LayerZero OFTs in your wallet
Given the recent LZ hack and the massive fallout, it's prudent to audit your portfolio for OFTs and swap them to safer assets
Onchain HTML, forever online™️
Our podcast posted this warning from @donnoh_eth on the DVN set up of LayerZero bridge risks 2 months ago
The LayerZero Risk Explorer:
https://t.co/WDSpnFmJKK
🚨NEW EPISODE: The RWA Reality Check🚨
In today's episode, we're joined by @JW_Seoul from @NexusDataLabs for a deep dive into the current state of RWAs, onchain data, and where real usage actually stands.
We discuss:
- JW’s path from TradFi credit to onchain analytics
- Building Nexus Data Labs
- The reality behind RWA growth vs headlines
- Why most RWA stablecoins sit idle
- The missing piece: DeFi composability
- Permissioned vs permissionless token constraints
- Tokenized funds, treasuries, and actual usage
- Prediction markets growth and Polymarket dominance
- Hidden revenue dynamics of stablecoin collateral
- Polymarket’s impact on Polygon usage
- Onchain data gaps and the rise of crypto data analysts
- The convergence of TradFi and crypto skillsets
And much more—enjoy!
Here's one you won't want to miss at The Unexpected track: "Bridges/Interop data unleashed" with hildobby (@hildobby).
Cross-chain insights that actually make sense of the chaos happening between blockchains.
Why don’t they just tokenize the oil in the Middle East and transport it across permissionless financial rails, thereby avoiding the Strait of Hormuz altogether
🚨NEW EPISODE🚨
The Hidden Risks of Crypto Bridges
Today we’re joined by @donnoh_eth, Head of Research @l2beat, to dive deep into interoperability, bridging risk, and the hidden trust assumptions behind cross-chain assets.
In this episode we’re discussing:
- Luca’s background and path into crypto
- The L2 roadmap debate and @ethereum's direction
- The new L2BEAT interoperability dataset
- Research goals behind the interop dashboard
- Lock & mint vs burn & mint bridges
- Intent-based bridging and counterparty risk
- Liquidity providers and bridge execution risk
- Canonical vs non-canonical tokens
- Wrapped asset systemic risk
- Multi-chain token configurations (LayerZero-style)
- Bridge exploits and historical failures
- The future of rollups, shared stacks & competition
And much more—enjoy!
—
Timestamps:
(00:00) Introduction
(01:05) Luca’s crypto background
(04:36) Latest L2BEAT project
(13:20) Rollup value proposition
(16:08) L2 roadmap hot takes
(20:22) Interop dataset overview
(23:19) Research goals explained
(29:45) Non-mint bridging model
(35:24) Lock & mint mechanics
(38:47) Non-issuer token bridging
(44:31) Bridge aggregator UX
(52:12) Risky token examples
(57:03) Multi-chain failure risks
(1:01:12) Closing thoughts
We started by bringing transparency to rollups, and we’re working to extend that clarity to every key component of the ecosystem’s tech stack. Now, we’re doing the same for interoperability.
We’re thrilled to unveil L2BEAT Interop - your go-to resource for tracking how value actually moves across the ecosystem.
Open Interest in Prediction Markets is currently sat at just over $1B!
@Kalshi leads with $467M
@Polymarket follows with $389M
@opinionlabsxyz is third with ~$120M
@predictdotfun has $20M
Remaining marketplaces have just under $5M combined
Dragonfly just closed $650M for Fund IV. While most of the market is fixated on short-term price action, here's where they're actually looking towards in 2026/27.
@TheOneandOmsy, Partner at @dragonfly_xyz:
" @Monad, @MegaETH, @Ethena, those are startups. We look at them over a 10-15 year duration. This is just the very beginning of their story."
On the payments side, local stablecoin issuers launching in foreign markets caught his attention most.
"For onchain FX to be real, you need underlying liquidity in each of those local stables and deep markets. We're taking long, hard looks at that."
New neobanks, fintechs adopting crypto, RWA primitives.
Their aperture is wide.
We just closed Dragonfly Fund IV at $650M.
It's a big milestone, and yet, it’s a weird time to celebrate. Spirits are low, fear is extreme, and the gloom of a bear market has set in.
But here's the thing: we raised almost every single Dragonfly fund into bear markets.
Fund I we raised through the 2018 ICO winter, when almost nobody believed in this space anymore. Fund III we raised right before Luna collapsed. Those were brutal times to deploy capital. But they turned out to be our best vintages.
Last week I caught a lot of heat for arguing that non-financial crypto has failed. I meant that. But the flip side of that argument is: financial crypto is exploding. Stablecoins are eating the world. DeFi has grown so big it's rivaling CeFi. Financial institutions around the world are racing to build out their crypto strategies. And prediction markets are becoming the most trusted source of truth on the internet.
Fund IV is our biggest bet yet that the crypto revolution is still early in its exponential. If you look at our recent bets—Polymarket, Ethena, Rain, Mesh—the growth speaks for itself. Agentic payments, on-chain privacy, the tokenization of everything—crypto's surface area is about to explode, and we want to be backing the founders at the center of it.
We've always believed that the most important work gets done when the noise dies down. We believe moment is now. In fact, we’re putting money on it.
If you're building what comes next, @ us.
🚨NEW EPISODE🚨
Who is the leading crypto payment card?
Today we’re joined by @datadashboards, Co-Founder at Paymentscan.
In this episode we’re discussing:
- @Dune as the new frontend for data
- Onchain vs API data confusion
- @Polymarket vs @Kalshi data transparency
- Notional volume vs real volume
- Open interest spikes explained
- Sports dominance in prediction markets
- Data plumbing vs product narratives
- Crypto payment cards landscape
- Privacy tradeoffs in onchain payments
- Stablecoin usage across cards
- Cashback incentives and token risk
- Building https://t.co/dyg1YYZaqn
And much more—enjoy!
We studied 282 NFL games and found that ☝️
@Kalshi leads faster pricing in reaction to live-game by 7s, while @Polymarket's design provides deeper concentrated liquidity by 3.5x.
Bookmark this as your guide for the SuperBowl game betting this weekend! 🧵:
https://t.co/gWRF7VB0Fm
🚨NEW EPISODE🚨
Demystifying Prediction Markets Beyond Volume Charts
In today’s episode, we're unpacking what’s really driving prediction markets and how to think about them as information and distribution systems, not just gambling venues.
We discuss:
- @Polymarket vs @Kalshi: onchain vs offchain tradeoffs
- Distribution advantages and partnerships
- Liquidity, market making, and arbitrage dynamics
- Why volume alone is misleading
- Sports betting vs long-duration markets
- Fees, incentives, and wash trading concerns
- U.S. regulation and launch implications
- Prediction markets as news and truth-discovery tools
- The long arc from @AugurProject to today
- And much more—enjoy!
—
Check it out now, here or via the link:
Youtube: https://t.co/uZTkzNwW7K
Spotify: https://t.co/HXlLXUht3p
Apple: https://t.co/oxIhSA6YbX
—
Timestamps:
(00:00) Introduction
(01:50) Prediction markets return
(05:16) Offchain vs onchain
(09:37) Kalshi distribution edge
(13:23) US legality questions
(17:50) Market timing mechanics
(22:19) Market creation debates
(30:19) API delays and arbitrage
(32:55) Liquidity and market makers
(34:27) User growth questions
(36:00) Prediction markets as news
(39:11) From Augur to now
(40:07) Outro