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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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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t's interesting to see how much L2BEAT has evolved from only L2s to other interesting sectors like Privacy and now "Interop", and if Modularity was still at its hype peak, Circle's CCTP would have already won the war. The top route by vol: Hyperliquid <> Arbitrum. And Hyperliquid continues its domination.

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The distribution layer is the real moat here Tokenized stocks and ETFs can proliferate into thousands of tickers while a handful of platforms control access @Ondo , @xStocksFi and @binance already sit on most of that issuer share, while the top names still make up less than a third of the stock sleeve Stablecoins and credit already show the mature version. liquidity and integrations cluster hard around the leaders

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