Zcash built 6 cross-chain bridges in just 30 days after already rallying 65%. zenZEC now live on Solana, Hyperliquid added 50x leverage perps, and Near intents enable 2-tap swaps. Wrapped ZEC assets are trading at a 0.5–2% discount to native coins. A whale just shorted 3,230 ZEC on Hyperliquid after depositing $3M USDC — signaling smart money preparing for volatility. Infrastructure is chasing price action instead of leading it, and arbitrage bots are about to feast on the growing cross-chain spreads.
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Morpho Labs is pulling drip funding from the Arbitrum DAO to build isolated lending markets that are growing faster than Aave and Compound combined on Arbitrum. Its modular architecture lets anyone launch custom lending markets without fragmenting liquidity — a design advantage legacy monolithic protocols can’t match. Arbitrum is using its treasury strategically to lock in top DeFi builders before Base gets serious about lending. Morpho’s risk-isolated lending model is quietly winning where others can’t adapt.
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Aerodrome turned deflationary in September 2025, becoming the first DEX where revenue exceeded emissions. It has generated $408M in fees against a $958M market cap, while Uniswap sits at $8.7B with zero holder revenue, and Curve continues fragmenting value across gauges. Aerodrome distributes 100% of fees to veAERO lockers, currently earning around 40% APR. Coinbase holds a mid–eight-figure stake, and Animoca recently max-locked their position. At just 2.5x revenue, Aerodrome is the only top 10 DeFi protocol with real cash flow — everything else trades 10x+ or has none. The ve(3,3) model just replaced the old governance token paradigm.
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