Dilly (dilly-27)

$HYPE vs $PUMP made me rethink how much buybacks actually matter in valuations. @HyperliquidX is doing $800M in annualized revenue. @Pumpfun is doing $440M. - both are extremely profitable businesses by crypto standards - both use substantial portions of their economics to buy their own tokens - both therefore have a relatively straightforward mechanism through which business activity creates recurring token demand yet $HYPE trades around a $65B FDV while $PUMP trades around $1.4B.

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This is quite big, @Ondo is partnering with @BlackRock to create Intelligent Portfolios. Yes, the name seems boring but its very interesting, here's the TL; DR Ondo Intelligent Portfolios packages that ongoing work into one token, using portfolio strategies developed by BlackRock.

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What is happening on Robinhood Chain is an exotic mixture of RWAs and crypto-native experiments. We all viewed RWAs as fairly standard products. Finance finally coming onchain... and now, novel protocols are experimenting with tokenized stocks in ways nobody could have foreseen.

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➥ @near_intents becoming a serious cross-chain execution venue latest available DeFiLlama snapshot: - $4.18B volume / 30D - $1.13B / 7D - $126.5M / latest 24H against only $176M TVL

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