Pumpether.base.eth (✸,✸) | HUDL

Ethereum is 8 years 6 months old

Due to the current market conditions ETH is now identifies as a memecoin.

[Nick Research @Nick_Researcher]

➥ I rank perp DEXs by listing scalability

I care about number of perps because listing count shows how fast a perp venue can expand beyond majors

In perps, depth matters, but coverage also matters

The next trading cycle will likely reward venues that can support more long-tail assets without carrying too much liquidity cost

Here's the rank:
- @Aster_DEX: broad market coverage + CEX-style UX
- @variational_io Omni: RFQ model + permissionless listing framework
- @HyperliquidX: strong liquidity network + native eco demand
- @OfficialApeXdex Omni: multi-chain access + high listing count
- @Lighter_xyz: performance-first perp infra
- @grvt_io: regulated exchange positioning
- @extendedapp: StarkEx-based orderbook model
- @paradex: appchain-style perp venue
- @edgeX_exchange: CEX-like perp UX
- @gmtrade_xyz: established perp niche
- @pacifica_fi: early-stage coverage expansion
– @EVEDEX: small coverage base
– @StandX_Official: minimal market coverage

In the next cycle, I think only few will capture liquidity

[Pumpether.base.eth (✸,✸) | HUDL @pumpether]

@Nick_Researcher Where's Nado Nick

[Startup Painkiller @johna2an]

https://t.co/aZpyS50fRQ

[CyrilXBT @cyrilXBT]

https://t.co/alKJ5Gf6LV

[Nick Research @Nick_Researcher]

https://t.co/ytrtBVUztm

[Pumpether.base.eth (✸,✸) | HUDL @pumpether]

@Nick_Researcher never fade Nick

[Pumpether.base.eth (✸,✸) | HUDL @pumpether]

@Nick_Researcher @Collector_Crypt lot of room to grow

[Pumpether.base.eth (✸,✸) | HUDL @pumpether]

@Nick_Researcher @tether @circle @HyperliquidX Tether is big af

[Nick Research @Nick_Researcher]

➥ Tether alone is ~46% of all tracked 24h protocol rev in the entire crypto industry

- @tether at $16.14M in 24h rev, the top protocol on the board
- @circle is next at $6.44M
- and the top pure crypto app, @HyperliquidX, is at $2.02M

USDT has $186.07B in stablecoin cap & 59.17% stablecoin dominance

Total stablecoin cap is $314.46B, so this is the largest balance sheet in crypto still converting scale into daily cash flow

I would not frame today around DEX volume or ETF flows

- Solana leads chain DEX vol at $2.03B, but the gap is not as decisive as Tether’s rev lead
- ETH ETFs are still showing outflow pressure in recent Sosovalue data

The cleanest signal today is that stablecoin infra is still where crypto’s most reliable rev is being captured iykyk

[Pumpether.base.eth (✸,✸) | HUDL @pumpether]

@Nick_Researcher @Grayscale @Bitcoin ETH
save ETH
plz save ETH
save ETH or i'll cut it

[Pumpether.base.eth (✸,✸) | HUDL @pumpether]

@Nick_Researcher @SuiNetwork SUI is leveling up

[Nick Research @Nick_Researcher]

➥ I’m getting more aggressive on @Theo_Network

I’ve been holding thBILL for a while because I wanted exposure to Theo’s earlier points system

Now I’ve also staked 3,526 thUSD for Season 2

Theo’s core product is thUSD, a yield-bearing stablecoin backed by physical gold, T-bills, and a delta-hedged gold carry strategy

The yield comes from real markets:
- $180B annual gold leasing volume
- $247.7B average gold futures open interest
- $14.8T annual gold futures volume
- Gold volatility around 14.4%, much lower than BTC and ETH

That matters because the yield source is not purely crypto-native lending, emissions, or leverage farming

fyi, thUSD’s yield comes from:
- Gold leasing
- Gold futures basis capture
- Cash-equivalent reserves through thBILL

The team looks serious, Theo gon be next big DeFi protocol after the unexpected $RE

I ran the math so you don't have to
- Season 2 launched and TVL is only around $100M
- Even a conservative scenario of 2% supply at $500M FDV would mean a $10M reward pool on around $100M of deposits

Over a 3-month season, that is roughly 40%+ APR in points alone, on top of the base yield

Mid-range scenarios can push the yield into triple digits, I couldn't help but thinking early deposits are heavily asymmetric

There are 3 main routes:
→ Liquid: hold thUSD / sthUSD
→ Core: fixed-duration vault
→ Boost: fixed-duration vault with looped exposure

I chose to stake and gonna dep into vaults because I’m comfortable being more aggressive here

[Pumpether.base.eth (✸,✸) | HUDL @pumpether]

@Nick_Researcher ppl gonna rush moving fund in next few days

[a16z crypto @a16zcrypto]

https://t.co/KPODhkrROo

[Pumpether.base.eth (✸,✸) | HUDL @pumpether]

@42space my pick = Lamine Yamal

[Pumpether.base.eth (✸,✸) | HUDL @pumpether]

@Nick_Researcher R7 the G.O.A.T

[Nick @nickrubin]

https://t.co/12BxsGCrmc

[Pumpether.base.eth (✸,✸) | HUDL @pumpether]

@Nick_Researcher solana:CARDSccUMFKoPRZxt5vt3ksUbxEFEcnZ3H2pd3dKxYjp is everywhere today lol

[Nick Research @Nick_Researcher]

➥ The winner of retail finance

the super-app thesis becomes increasingly relevant

i’d use these filters to find the winner protocols & categories:

- the intergenerational wealth transfer & super-app
- prediction markets as a new retail asset class
- the mega IPOs drive retail engagement
- L1 as the distribution engine
- TCG bring digital collectors onchain

the list of top protocols i'm into:
[1] Perps: @HyperliquidX
[2] L1: @ton_blockchain @solana
[3] Trading app: @RobinhoodApp
[4] PMs: @Polymarket @Kalshi
[5] TCG: @Collector_Crypt @phygitals

Perps show that retail wants high-speed, self-directed trading

$HYPE became important because it made onchain derivatives feel fast, liquid, and usable

L1s show that consumer distribution still matters

$TON has Telegram distribution + has strong retail culture, apps, and liquidity

prediction markets show that people increasingly want to trade info

Polymarket + Kalshi are turning news, politics, sports, macro data, and public opinion into financial markets

vertically integrated financial super-app poised to benefit from the intergenerational wealth transfer from Boomers to Gen Z and Millennials

the next golden bull is coded, i’ll not stay sideline

[Nick Research @Nick_Researcher]

➥ THE NEXT RWA WINNERS WILL OWN DISTRIBUTION

I think the next phase of RWAs will be judged by where does the capital actually go after it is tokenized?

Been looking at where tokenized capital actually ends up after issuance

And the data is pointing somewhere most of the narrative hasn't caught up to yet

In TradFi, an asset only becomes useful at scale when it has distribution, liquidity, financing channels, and places where investors can actually put it to work

The same logic applies onchain

After mapping where RWA capital is actually being deployed across chains

I believe @Mantle_Official stands out on a specific metric most people aren't tracking

$90M+ in RWA capital is already deployed across Mantle DeFi, and Mantle currently leads L2s on this specific measure

Small comparison:
- Mantle: $90.55M with total RWA onchain mcap = $238.61M
- Arbitrum: ~$48M
- Base: ~$36M

A meaningful of ~38% of Mantle’s onchain RWA cap is already active inside DeFi

For context, DeFi Active TVL = RWA value deposited, pooled, or used inside third-party DeFi protocols, excluding issuer-managed contracts and exchange wallets

That matters because RWAs win when they can move through an eco, so they need markets, routing, collateral use cases, yield venues

More than that, RWAs need users who can access them without leaving the onchain environment

It naturally proves my main argument:
→ Issuance creates assets
→ Distribution creates utility
→ Utility attracts capital

Growth speed is showing the real picture:

Mantle’s total distributed RWA value is -7.70% over 30D, while RWA holders are up 1.94% over 30D

That means asset value has pulled back, but participation is still expanding slightly

Mantle RWA league table by asset classes
- Active strategies: $115.1M, ~47.27% market share
- Asset-backed credit: $90.5M, ~37.16% market share
- US Treasury debt: $28.7M, ~11.78% market share
- Stablecoins: $5.2M, ~2.12% market share
- Stocks: $4.1M, ~1.67% market share

My most possible macro view is that tokenized capital will follow the same rule as traditional capital

IMO, it will move toward the venues where it has the most utility

→ An RWA that can only be issued is a balance sheet entry
→ An RWA that moves through DeFi is productive capital

That is the part I think the market is still underpricing

$MNT is building around that second thing, it makes more sense when you look at it through that lens