Perp markets will give amazing airdrops
@Lighter_xyz Polymarket odds for FDV after day 1 indicates it'll be somewhere between 2-4b FDV (of course this market also depends on it launching in 2025, which may or may not happen but that's why odds are lower than you might expect).
The interesting thing is when you look at fees, specifically revenue earned by Lighter.
Recently has been on track to do $200m+ in annualised revenue. With a 30x multiplier, that should be $6b approximately.
For reference, if we look at Hyperliquid, it currently trades at a 30x multiple to revenue - a couple of lower r

Just survive
Markets have been awful, really awful. I haven't seen general speculation sentiment this low since ever really. Perhaps recency bias speaking here but feels worse than last bear market. It's a dry dessert these days.
If there is one thing I think I've picked up in this industry though, it's that a good time will come back. An opportunity will reopen, so just survive. Stay alive until that comes in your plate. There will be a narrative we can all jump on again, of course it'll be different, it always is, but there will be something.
For me, what that means is just sitting in stab

How are we feeling my bulla friends

Things I am watching onchain right now:
It's winter, it's cold and so the my day is spent working with a warm hot chocolate on my desk. Below are some things to keep you occupied onchain whilst you can sip your warm cuppa!
Out with the old in with the new? - $HYPE staking
- Kinetiq TGE means some folks are looking for new places to speculate on with their HYPE.
- Interestingly, timing wise, @ValantisLabs just announced their points programme. Naturally I think a shift will occur as users look to farm, loop and speculate here as the next venue for HYPE staking.
A new onchain ponzi? @banditsd

When it feels scary to jump in.
That is exactly when you jump.
Otherwise you end up at the same place your whole life.

Pokemon gets all the attention
Which protocol is going to offer the best market for Yu-Gi-Oh?
I want to make this happen onchain

Major lack of interest in DeFi these days with many in my circle
As a farmer, happy days since that means I can find better yields + less competition to farm
So many under rated farming opportunities and novel markets to play with right now
Some examples include:
@boros_fi
@tread_fi
@yieldbasis
@upshift_fi
@pear_protocol
@nadoHQ
@spreads_fi
Just keep clicking

For the first time since summer 2023 - Stablecoin market cap has dropped
Stablecoin marketcap October 2025 - $309b
Stablecoin marketcap November 2025 - $303b
First time we've seen a drop in stablecoin marketcap over a 1 month period since summer of 2023, it's been 2 years of up only.
But why?
The last month saw a wide variety of things happen within the stablecoin world:
- @ethena_labs lost more than 50% of it's TVL following the massive reduction in funding rates and therefore yield
- The stream finance saga ended up causing deleveraging across other stablecoins
- Stablecoins that dropped in

Lying in bed thinking about how many airdrops I have to farm
You guys want a full list?

Stablecoin market cap today is at $304b but...
USD dominates this, take it out and we're not even at $1b. Take Euros out too and we're at $75m, TOTAL market cap for stablecoins.
Where is the onchain forex market?

Back after a 10/10 week 🇦🇷