Messist

Current: Protocol Research @Coindesk Research.
Prev: research at @Re7Capital liquid token fund. Econ grad @ntusg

[Messist @Messistfc]

On-chain privacy is evolving from simple transfers to the core infrastructure required for institutional DeFi.

@UmbraPrivacy is building the solution: Verifiable Privacy. Their upcoming Feb 2026 launch on @solana enables: strategy protection for pro traders, composable private swaps & lending and voluntary auditability for compliance.

With the privacy sector up 636% YoY, Umbra is positioned at the center of the shift toward strategy protection.

Read my report for @CoinDesk Research on Umbra here: https://t.co/OSvahxvihC

[CoinDesk @CoinDesk]

RESEARCH: @binance launched Pre-IPO perpetuals on May 21.

Within days, the exchange took >60% category share, reaching >65% by May 27 with ~$400M cumulative volume.

The category is the newest within TradFi or RWA perps and is following a pattern visible across the segment.

[Messist @Messistfc]

@AvgJoesCrypto Is there any data on Collector Group volumes?

[CoinDesk @CoinDesk]

RESEARCH: @jito_labs already owns layers 1 and 2 of the Solana execution stack.

The Jito-Solana client runs on 97.61% of validators, and Block Engine plus BAM (Block Assembly Marketplace) sit at the ordering layer.

JTX, a new self-custodial trading platform, pushes the business up into layer 3, the execution venue itself.

[Messist @Messistfc]

@dontbuytops Currently doing $1.7m in cumulative fees - not bad at all

[Messist @Messistfc]

Tried to see what made sense as exposure to the broader rwa trend here

[CoinDesk @CoinDesk]

DATA: RWA tokenization has hit $25B and is growing independent of crypto market cycles.

But direct token exposure doesn't capture it, the value sits in the lending infrastructure layer.

@Morpho and @0xfluid are the two sides of that trade. Both with caveats.

[Messist @Messistfc]

Hi @sergitosergito - I’m the author of the Pudgy Penguins report for CoinDesk Research. Thank you for flagging the inconsistency regarding the revenue numbers between the two reports.
To clarify the discrepancy:
- The Primer: Used 2024 figures based on this tweet from Luca Netz (https://t.co/mPuobtH3Rf).
- The Recent Report: Utilized Animoca as a source which links the Pudgy Penguins portal (https://t.co/GR8iItbROl).
I also want to apologize for incorrectly linking your tweet in the report; that was a clerical error on my part while finalizing hyperlinks last night to ensure transparency for the sources. I hope this clears things up.

[Messist @Messistfc]

Wrote a bit about how unproductive stables have been + some emerging solutions

[CoinDesk @CoinDesk]

Stablecoins won the utility war, but they are losing the "capital efficiency" war. Currently, $270B in "Lazy Money" gifts centralised issuers $9.7B in annual interest while users carry the risk.

We’re entering the Productivity Meta - reclaiming the float for DAO treasuries, DEX liquidity, and neobank balances. From vertical solutions like HyENA to horizontal "Yield-as-a-Service" layers like @solomon_labs, new infrastructure is emerging to enable native yield without the friction of wrapping or changing tickers.

Read the report on reclaiming the $300B efficiency gap.

[Messist @Messistfc]

Appreciate this added context for Umbra - expands on what I wrote in my article for Coindesk. Definitely the most interesting privacy protocol I could find...UODL indeed. Read here https://t.co/nmP1CdelpR

[JW @JW100x]

Coindesk wrote a piece on Umbra, and specifically highlighted some aspects of it's moat, though I think they could have expanded on this through ownership / shielding

Shielding Umbra takes supply out of circulation, effectively cornering supply, while also building the anonymity set

Where they could have expanded further though, is on the aspect of ownership and how that makes the moat more sticky

Example: Say liquid funds / large holders introduce a proposal for revenue share in the form of quarterly dividends. The proposal passes, and then Umbra token holders receive a yield on their tokens, while also shielding these tokens

This effectively: corners supply through shielding -> builds the anonymity set -> provides yield through futarchy governance

Such a moat is only unique to Umbra, no other privacy token/project offers even half this, and it's ojectively one of the best moat's in all of crypto

Umbra M/M has already outperformed every privacy token, and the product is far more advanced compared to current encrypted wallets

It is something so unique in a sector so ready to explode that it simply can't be ignored, especially when it is so much cheaper(for now) than every other subpar competitor

$50

uodl

[Messist @Messistfc]

@JW100x Hey I wrote this for Coindesk - just wanted to say that I appreciate the added context here :) I definitely wanted to expand more on this but the key bit was to just bring more attention to Umbra tbh. UODL indeed

[Messist @Messistfc]

Why did Meteora's volumes drop suddenly post 8th Jan this year?

[Messist @Messistfc]

@ThinkingUSD Interesting indeed

[Messist @Messistfc]

@mdudas @coingecko and wrapped assets

[CoinDesk @CoinDesk]

📉 2025 Market Outlook: A Year of Divergence
We are excited to share our 2025 Ecosystem Outlook, supported by @IOGroup.

While L1 prices broadly stagnated, app-layer revenue surged - signaling a potential inversion in value capture from the underlying chains to the apps built on top.

Full report 👇

[Messist @Messistfc]

@CryptoStreamHub https://t.co/4wZREy68QH wrote something along similar line of thought here

[Messist @Messistfc]

Spent some time looking at @solomon_labs (another @MetaDAOProject launch)and wrote thoughts for @CoinDesk. Tldr - interest rates drop, funding picks up (assuming bull) - the spread becomes interesting and well, $SOLO acts as a play on that. https://t.co/4wZREy5B19

[Messist @Messistfc]

@metaproph3t Actually wrote a tiny piece on Coindesk about this - more along the lines of how speculative behaviour just evolves but needs guardrails in a way https://t.co/sZYaK0tTlQ

[Messist @Messistfc]

Why yes its my expertise helping me outperform the market. Not the fact that only 7% of the supply of the token is out there (out of which probably 6% is also controlled)

[Messist @Messistfc]

@waleswoosh @wagmigently Think it still has any more legs or your initial concerns remain?

[Messist @Messistfc]

@ZaStocks https://t.co/UNWaDhvcYa - got a dashboard here just for that specifically for crypto (and some other stuff I track for fun)