Vinay

Build-2-Earn; Web3 enthusiast & cricket aficionado; Prev - Investments @NearIndia; JP Morgan & IIT Madras

[Vinay @web3vinay]

Trump PUT is in.

Bear market rally or recession cancelled?

- Bessent talking about deregulating Banking industry & American Dream.
- DJT says buy stonks
- SPX & Nasdaq down 20-25% ATHs

Keeping it simple, inclined to say recession cancelled & next leg rally starts here💥🍀

[db @tier10k]

*TRUMP: RAISING TARIFF CHARGED TO CHINA TO 125% EFFECTIVE IMMEDIATELY

*TRUMP: MORE THAN 75 COUNTRIES IN CONTACT WITH US TO NEGOTIATE

*TRUMP: AUTHORIZED 90 DAY PAUSE, LOWERED RECIPROCAL TARIFF OF 10%

Trade war against China only, for now

[MarineTraffic @MarineTraffic]

Two tankers turn away from Strait of Hormuz after US blockade begins

At least two tankers reversed course near the Strait of Hormuz shortly after the start of the US blockade, highlighting the immediate impact on vessel movements. According to #MarineTraffic data, the 188-metre tanker Rich Starry turned back within minutes of approaching the chokepoint. The vessel had departed Sharjah Anchorage on 13 April and was sailing laden, with a reported draught of 11.3 metres, while signalling China as its destination. A second vessel, the 175-metre tanker Ostria, also reversed course after approaching the Strait.

[Vinay @web3vinay]

Crude Oil PT updated to $200 / bbl

US is saying we are OK to take short term pain for long-term energy security upto $200 / bbl oil

[*Walter Bloomberg @DeItaone]

WRIGHT: UNLIKELY OIL WILL GET TO $200 A BARREL

[Vinay @web3vinay]

@zhusu hype looks more like LINK marines though. unless it takes another 80% crash from here

[*Walter Bloomberg @DeItaone]

🇺🇸IMMIGRATION CRACKDOWN SLOWS U.S. POPULATION GROWTH

U.S. population growth slowed to 0.5% in the year ending June 2025, reaching 341.8 million—the slowest pace since the pandemic. Net immigration fell to 1.3 million, half last year’s level. Five states—Vermont, Hawaii, West Virginia, New Mexico, and California—saw population declines, up from two the prior year.

[Vinay @web3vinay]

Sounds like a low float, high FDV problem in the equity world too..

IPOs are now essentially an exit for VCs/Founders marked up privately higher

SpaceX. OpenAI. Anthropic will be $1T+ lauches unfortunately

[Citrini @citrini]

https://t.co/BWlBJctAqB

[Ethereum @ethereum]

Ethereum is the #1 choice for global financial institutions.

Over the last few months, adoption has accelerated. Here are 35 stories of how institutions are building on Ethereum.

1/ @krakenfx launched xStocks on Ethereum, issuing tokenized versions of popular U.S. stocks and ETFs as ERC-20 tokens.

Kraken’s eligible clients can now deposit and withdraw fully collateralized equities, directly on Ethereum.

2/ @OndoFinance launched Ondo Global Markets on Ethereum with 100+ tokenized U.S. stocks & ETFs.

24/7 access to programmable equities, backed by real securities, is now available alongside DeFi integrations for lending, trading, and more.

3/ @ChinaAMC_HK launched its Select USD Money Market Fund on Ethereum, one of the first tokenized funds from a major Chinese asset manager.

One of Asia’s largest firms (over $449B AUM) now provides access to high-quality, short-term USD instruments with 24/7 settlement.

4/ @Fidelity introduced the FDIT tokenized money market fund on Ethereum.

The Fidelity Digital Interest Token (FDIT) brings the bank’s investors the speed of onchain settlement alongside the stability of traditional instruments.

5/ @Google announced the Agent Payments Protocol (AP2), enabling AI agents to autonomously execute payments using stablecoins on Ethereum.

Built in collaboration with The Ethereum Foundation, Coinbase, MetaMask, and others, AP2 allows AI to transact securely, bridging the gap between automated intelligence and finance.

6/ @UBS, @PostFinance, @sygnumofficial, and the Swiss Bankers Association successfully piloted Deposit Tokens on Ethereum.

By demonstrating legally binding cross-bank settlement on Ethereum’s public infrastructure, the proof-of-concept paves the way for programmable, instant, cross-institution settlement.

7/ Santander’s @openbank_es launched ETH trading services in Germany, allowing customers to buy, sell, and custody ETH directly through their bank accounts.

This integration is a strong signal of institutional confidence in ETH under MiCa regulation.

8/ @AmericanExpress launched Amex Passport, blockchain-based travel stamps minted as NFTs on Ethereum L2 @base.

Cardholders can now create an onchain record of experiences and memories from international trips, blending loyalty rewards with digital ownership.

9/ The first tokenized S&P 500 Index Fund licensed by @SPDJIndices, SPXA, was launched by @centrifuge on Base.

10/ SWIFT and 30+ banks are designing a blockchain ledger to support tokenized assets and real-time, 24/7 cross-border payments alongside existing financial systems, starting with a prototype with Consensys.

@swiftcommunity connecting 11,500+ institutions globally will create a bridge between traditional finance and onchain value.

11/ @SocieteGenerale FORGE, an integrated subsidiary of the 161-year-old commercial bank, deployed EURCV & USDCV lending and trading on Ethereum DeFi protocols Morpho and Uniswap.

One of the largest custodians in Europe now provides institutional-grade collateral and liquidity for DeFi markets.

12/ @Stripe expanded its crypto support on Ethereum to include stablecoin-based subscriptions and recurring billing.

Hundreds of thousands of companies that use Stripe can now accept USDC for subscriptions with automatic renewals, building on Ethereum for lower-cost payments with near-instant settlement.

13/ @Securitize and @FGNexusio tokenized the FGNX stock on Ethereum, representing the first NASDAQ-listed preferred equity issued fully onchain.

Ethereum is the platform to build programmable assets that bring public markets to the digital age.

14/ @AntGroup, the fintech behind @Alipay, launched @JovayNetwork, a L2 for institutional tokenization.

The company behind one of the world's largest retail platforms is now building global institutional settlement for tokenized assets on Ethereum.

15/ @jpyc_official launched the world's first yen-pegged regulated stablecoin on Ethereum.

Complaint, programmable yen transactions are now available worldwide, backed 1:1 by yen reserves under Japan’s Payment Services Act.

16/ @BNYglobal and Securitize announced a tokenized AAA-rated CLO fund on Ethereum.

Institutional credit moving onchain brings liquidity and transparency to traditional asset classes.

17/ Google partnered with @Polymarket, integrating onchain prediction market data to Google search results.

The largest search provider now leverages the Ethereum ecosystem as a primary source of truth.

18/ @StartaleGroup released the Startale App, a SuperApp for @soneium's growing Ethereum L2.

Mainstream users in the Soneium L2 ecosystem can now access simple onchain interactions and rewards with a unified platform for wallets, assets, and apps.

19/ @jpmorgan migrated its tokenized deposit product, JPM Coin (JPMD), from its internal permissioned blockchain to Base.

Moving from a private chain to an Ethereum L2 will meet demand from JPMorgan’s institutional clients for payments, collateral, and margin settlement on public infrastructure.

20/ @Mastercard announced it will build on Ethereum L2 @0xPolygon to expand its Crypto Credential program to self-custody wallets.

Working with @mercuryo_io, the expansion will allow Mastercard users to send crypto using verified, human-readable aliases.

21/ @Amundi_ENG, Europe’s largest asset manager ($2.75T AUM), launched a tokenized share class of its euro money market fund on Ethereum mainnet.

Bringing traditional cash management onchain unlocks 24/7 settlement and composability for euro-denominated capital.

22/ Sony Bank announced plans to launch a USD-pegged stablecoin on @soneium, its Ethereum L2, in early 2026.

From gaming to finance, Sony is building its ecosystem’s home base on Ethereum.

23/ @WisdomTreeEU introduced the world’s first physically-backed ETP for @LidoFinance Staked Ether.

The fund will provide European investors with regulated exposure to the spot price of stETH and its ETH staking rewards.

24/ The @CFTC announced a pilot program that will allow ETH, BTC, and USDC to be used as collateral in US derivatives markets, alongside new guidance on using tokenized assets as collateral.

This marks a significant shift in how ETH and other digital assets can be integrated into regulated US markets.

25/ @BlackRock filed for a staked ETH ETF.

Following the success of their spot ETH ETF, this filing seeks to unlock the value of Ethereum's native staking reward rate for traditional investors.

26/ The @ADI_Foundation, backed by IHC, announced the mainnet launch of institutional L2 @ADIChain_, part of the @zksync Elastic Network.

Supported by the UAE's largest conglomerate, ADIChain will host the country's regulated stablecoins and aims to bring 1 billion people onchain across the Middle East, Asia and Africa.

27/ JP Morgan launched MONY, their first tokenized money market fund, on Ethereum mainnet.

The firm seeded the fund with $100M of its own capital, signaling their commitment to public chain tokenization.

28/ @coinbase announced Coinbase Tokenize, built on Base, as their new end-to-end institutional platform for tokenizing RWAs.

Combining issuance, custody, compliance, trading, and infrastructure, the new product will streamline the process of bringing assets like tokenized stocks, equities, funds, and real estate onchain in the Ethereum ecosystem.

29/ @RobinhoodApp added 500 tokenized assets on @arbitrum, bringing their platform to nearly 2000 assets tokenized.

With over $14M in total tokenized value, Robinhood continues deepening their integration with Ethereum’s L2 ecosystem.

30/ @BlackRock, @Mastercard, and @FTI_Global partnered with the ADI Foundation in the UAE, builders of the ADIChain L2.

The group will explore tokenized asset structures, digital asset regulatory frameworks, stablecoin settlement, and cross-border payment infrastructure.

31/ @SoFi became the first national US retail bank to issue a stablecoin (SoFiUSD) on a public, permissionless blockchain.

Launched on Ethereum, SoFiUSD will first be used for faster, cheaper internal settlements for the fintech giant and its partners.

32/ @telcoin launched eUSD on Ethereum and Polygon, a regulated U.S. dollar stablecoin issued by Nebraska state-chartered digital asset depository institution Telcoin Digital Asset Bank.

The launch marks another milestone in U.S.-regulated banks issuing stablecoins directly on public blockchains, bringing traditional regulated banking to the Ethereum ecosystem.

33/ @Grayscale distributed the first ETH staking rewards to ETHE ETF shareholders.

In a first for US regulated products, investors received Ethereum’s native yield directly, proving that staked ETH ETFs can deliver the economic utility of the network.

34/ @MorganStanley filed for a Staked Ether ETF, doubling down on its crypto strategy.

One of the world’s largest wealth managers is moving beyond spot exposure to capture Ethereum’s native staking yield for clients, signaling a shift to productive participation.

35/ The ADI Foundation partnered with M-Pesa to bring 60M+ users onchain.

Africa’s largest mobile money platform is integrating blockchain rails to power instant cross-border payments and stablecoin transactions, merging massive fintech scale with Ethereum’s global settlement layer.

—

Ethereum is the trusted, global settlement layer for real-world adoption, used by institutions, governments, and enterprises worldwide.

Learn more about building on the institutional liquidity layer: https://t.co/jUshBvAXKa

[Vinay @web3vinay]

@MickiCrossChain @Lighter_xyz done!

same link: https://t.co/9U93JbgJf6

Quick note: I see variational has a very OI / TVL ratio, potentially high farming because of their loss refunds + points

All 3 have lower TVL = smaller retail farming vs institutional interest

Extended looks much healthier

[Vinay @web3vinay]

One week post-TGE of $LIT, market analysis of Perp DEXs and @Lighter_xyz fundamentals.
- The "Mercenary Flush" is now complete, liquidity has stabilized as ~15% of liquidity (farmers) rotated out
- Valuation Arb: $LIT currently trades at a 30%+ discount on asset fundamentals (OI/TVL), while 24H fees indicate ~30%+ premium. More markets, mobile app & other asset margining coming soon.
- Supply Vacuum: A 1-year insider cliff vs active competitor vesting creates a pristine float for 2026.

Track dashboard: https://t.co/MljWRtNy4i

[Vinay @web3vinay]

https://t.co/vptPSB4i6j

[Vinay @web3vinay]

@izebel_eth wrote a thesis for Lighter based on fundamentals. appreciate some love!

https://t.co/5mYywZPBBf

[Vinay @web3vinay]

One week post-TGE of $LIT, market analysis of Perp DEXs and @Lighter_xyz fundamentals.
- The "Mercenary Flush" is now complete, liquidity has stabilized as ~15% of liquidity (farmers) rotated out
- Valuation Arb: $LIT currently trades at a 30%+ discount on asset fundamentals (OI/TVL), while 24H fees indicate ~30%+ premium. More markets, mobile app & other asset margining coming soon.
- Supply Vacuum: A 1-year insider cliff vs active competitor vesting creates a pristine float for 2026.

Track dashboard: https://t.co/MljWRtNy4i

[Vinay @web3vinay]

@lBattleRhino Wrote a thesis for lighter based on fundamentals!

https://t.co/5mYywZPBBf

[Vinay @web3vinay]

One week post-TGE of $LIT, market analysis of Perp DEXs and @Lighter_xyz fundamentals.
- The "Mercenary Flush" is now complete, liquidity has stabilized as ~15% of liquidity (farmers) rotated out
- Valuation Arb: $LIT currently trades at a 30%+ discount on asset fundamentals (OI/TVL), while 24H fees indicate ~30%+ premium. More markets, mobile app & other asset margining coming soon.
- Supply Vacuum: A 1-year insider cliff vs active competitor vesting creates a pristine float for 2026.

Track dashboard: https://t.co/MljWRtNy4i

[Vinay @web3vinay]

@AsterBuild @GenerationY4 did some math.. Aster s definitely cheaper

[Vinay @web3vinay]

One week post-TGE of $LIT, market analysis of Perp DEXs and @Lighter_xyz fundamentals.
- The "Mercenary Flush" is now complete, liquidity has stabilized as ~15% of liquidity (farmers) rotated out
- Valuation Arb: $LIT currently trades at a 30%+ discount on asset fundamentals (OI/TVL), while 24H fees indicate ~30%+ premium. More markets, mobile app & other asset margining coming soon.
- Supply Vacuum: A 1-year insider cliff vs active competitor vesting creates a pristine float for 2026.

Track dashboard: https://t.co/MljWRtNy4i

[Vinay @web3vinay]

@ZoomerOracle @izebel_eth Did some comps work on Lighter

[Vinay @web3vinay]

One week post-TGE of $LIT, market analysis of Perp DEXs and @Lighter_xyz fundamentals.
- The "Mercenary Flush" is now complete, liquidity has stabilized as ~15% of liquidity (farmers) rotated out
- Valuation Arb: $LIT currently trades at a 30%+ discount on asset fundamentals (OI/TVL), while 24H fees indicate ~30%+ premium. More markets, mobile app & other asset margining coming soon.
- Supply Vacuum: A 1-year insider cliff vs active competitor vesting creates a pristine float for 2026.

Track dashboard: https://t.co/MljWRtNy4i

[Vinay @web3vinay]

@01Exchange @Lighter_xyz https://t.co/5mYywZPBBf

[Vinay @web3vinay]

One week post-TGE of $LIT, market analysis of Perp DEXs and @Lighter_xyz fundamentals.
- The "Mercenary Flush" is now complete, liquidity has stabilized as ~15% of liquidity (farmers) rotated out
- Valuation Arb: $LIT currently trades at a 30%+ discount on asset fundamentals (OI/TVL), while 24H fees indicate ~30%+ premium. More markets, mobile app & other asset margining coming soon.
- Supply Vacuum: A 1-year insider cliff vs active competitor vesting creates a pristine float for 2026.

Track dashboard: https://t.co/MljWRtNy4i

[Vinay @web3vinay]

https://t.co/vptPSB4i6j

[Vinay @web3vinay]

There is ~$25M TVL sitting on @Lighter_xyz contracts & ~$100M on @HyperliquidX Unit contracts

Lighter volume is heavily washed. anyway who says not is retarded

@arbitrum & @base have $B+ in TVL - so upside is huge, especially if ETH can be used as collateral

[Austin King @AustinKing]

Pretty crazy stat: this weekend @Lighter_xyz launched spot ETH/USDC and in the past 24 hours it has processed more volume than @coinbase's ETH/USDC market.

24h Volume on ETH/USDC
Lighter: $350,467,028
Coinbase: $330,002,912
Hyperliquid: $9,386,855

However, the key thing to understand is only possible if you read between the lines:

1) Goes without saying, Lighter is pre-TGE and the anticipated airdrop is increasing activity
2) The spot launch is Lighter's latest "hot thing" whereas Hyperliquid's latest "hot thing" is HIP-3 markets
3) Look at the attached charts. What do you notice that's different about Lighter's volume compared to HL and Coinbase?

In my opinion, these are the most important things to take away:
1) The future of trading is onchain. Did you know Coinbase charges 60 BPS even for advanced mode and most "simple" mode trades end up paying 2%? Insane. What happens when people can onboard directly onchain through apps lke @brightside_gg and @lumosdotwtf and experience 0 fees on the DEX? Huge market shifts are around the corner, and this will serve as tailwinds to the winners of this new era of onchain CLOBs like @Lighter_xyz and @HyperliquidX.
2) There is FUD around Hyperliquid right now downstream of no official S3 airdrop comms. In my experience, it is almost always +EV to counter-trade the current sentiment on crypto twitter. If you can participate in the maturation of HIP-3 markets while others are complaining it will likely pay off handsomely in the longer term.

A ton of respect to Lighter + HL teams. I've been building in this industry for 8 years and finally getting trustless, permissionless performant DEXs is the biggest change I have ever seen, and I think right now we're only seeing the beginning of the impact this will have on the industry.

[Vinay @web3vinay]

@_SDAV Mumbai is the city which never sleeps. There are people working round the clock & it’s probably one of the safest.

Would feel safer vs NYC/SF/Barcelona & many other European cities.

BKC (devcon zone) has many hotels + most Banks are there (Citi, JPM, etc) & much safer

[Vinay @web3vinay]

@rachit pls list 5 best hyderabadi biryani places in London which are better

[Vinay @web3vinay]

I guess we know the top contenders

sbf = @fundstrat , mNAV is for mid curvoors

Do = @jessepollak, mass cult + smart people calling out, should have the coined the luna journal 📝

[Aishwary @0xAishwary]

Now I know who will be the SBF of this cycle.

[Vinay @web3vinay]

Coinbase has 8-10m MAUs & 600K+ @coinbase one subscribers (definitely more active).

If only 1% (of 10M) of participate and commit >$2K, the average allocation will be close to the ~$1870 (more likely trending towards 1K average or lower). fyi @megaeth had ~50K participants

7.5% ICO + 3.3% airdrop (still small) gets a relatively very wide distribution & retail actually hold. If ecosystem supply is held tight, most participants are ignoring the fact how well this could perform.

Ignore the noise, participate in the ICO! Its going to cook.

gMonad

[CoinMamba @coinmamba]

Monad has one of the most predatory tokenomics.

- Team allocation is at industry highest 27%
- VCs get 20% which they got at much lower prices to retail
- Ecosystem Development is at 38.5%, which is similar to Plasma and you know how that ended