aave generates $948m in annualized fees at a $949m market cap. that's a 1.0x price-to-sales ratio. morpho generates $202m in fees, retains $0 for token holders, and trades at $1.27b. the market is paying a 6.3x premium for morpho's growth narrative over aave's proven revenue machine. aave V4 just shipped hub-and-spoke architecture copied directly from morpho. if the DAO turns on aggressive buybacks with that fee revenue the re-rating from 1x to even 3x P/S is a 3x. morpho's entire bull case requires tokenomics that literally do not exist yet. it is incredibly embarrassing that the market prices $0 in retained revenue higher than $948m in retained revenue
Buying Bitcoin today is front running the forced diversification of a completely AI saturated equity market.
With not one, not two, but three massive inclusion of 5 Trillion dollars of equity value into the index, diversification requires venturing out on the risk curve.
Elon likes retail investors in public markets because they don’t aggressively short and maliciously manipulate.
“Dumb money” has rebranded as likable, loyal, and patient.
Retail investors will be able to participate at the same prices as the big institutions. Expected SPCX price of $135 per share → https://t.co/eKBA0tzXbH
BREAKING: The first Federal National Mortgage Association-backed mortgage using Bitcoin in the US just closed using Coinbase 🇺🇸
The homebuyer said: “We closed on our home and my Bitcoin stayed intact. We didn’t have to liquidate, didn’t have to time the market” 🙌
New EIP!
pERC20 - Privacy-Native Fungible Tokens
🔗 https://t.co/DBDudAF6I7
Highlights:
- Not ERC-20 compatible by design: pERC20 removes public balance/allowance concepts (no balanceOf/approve/allowance/transferFrom) and replaces transfers with a ZK note-based interface (transfer(PrivacyCall)), because public balances would defeat the privacy goal.
- Privacy-native from issuance: tokens are always represented as encrypted ZK-UTXO notes (Orchard-style actions with Groth16 proofs); there is no “public-to-private shielding” step—transfers are note→note and amounts/participants are private by default.
- Public, on-chain verifiable supply: totalSupply remains public and is updated only through controlled mint(amount, ...) and burn(amount, ...); transfers must conserve value (valueBalance == 0), enabling “no invisible inflation” while keeping balances private.
- Built-in compliance via frozen-root binding: every action commits to the contract’s cmxFrozenRoot, and the ZK circuit must prove the spent note commitment is NOT in the blacklist SMT. Admin can update the root (setFrozenRoot) to freeze/unfreeze specific notes without revealing normal users’ balances.
- Security-critical invariants and checks: implementations must prevent double-spends with nullifiers and must range-check each public field (< Fr) to avoid nf + Fr-style bypasses; the core bundle execution must not be publicly callable to prevent unaccounted supply changes; signature points must be curve/field validated and replay protection must bind chainId + contract + note data.
ELI5:
This EIP proposes a new kind of token standard for Ethereum where people’s token amounts and who they pay are hidden by default. Instead of keeping a public “balance” per account like ERC-20, the token exists as many encrypted “notes” (like digital cash bills) that can be spent with zero-knowledge proofs. Everyone can still see the total number of tokens that exist (totalSupply) so the issuer can’t secretly create extra tokens. It also adds an optional-but-built-in “freeze list” mechanism: the token contract keeps a public fingerprint (root) of a blacklist, and the zero-knowledge proof must show you are not spending a frozen note.
It’s now fashionable for MBAs to give themselves “Member of Technical Staff” titles on LinkedIn.
This is the equivalent of your mom getting on Facebook.
Virtuals Protocol is officially migrating to @Chainlink CCIP.
For agent infrastructure, 99% security is not enough. As part of hardening our infrastructure, we are upgrading our cross-chain stack from LayerZero to Chainlink CCIP.
We have evaluated that CCIP strengthens the foundation behind Virtuals with the highest level of cross-chain security as we build the trusted economic layer for agents.
This enables the most secure agent infrastructure stack to enable agents to manage inference, cards, email, payments, services, commerce, and onchain value.