Mehrshaad.base.eth (mehrshaad)

DEXs are finally eating CEX territory – especially in perps. In Q3 2025, Solana DEX volume overtook CEX volume, signaling a structural shift in where leverage lives. The Oct 10 flash crash slowed momentum, but didn’t reverse the trend.

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Rough year-end for x402. Average transaction size kept bleeding out, hitting an all-time daily low below $0.05 in late December. Usage is there, value isn’t.

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Long-term BTC holders just stopped distributing – first time since July. Supply pressure eased, which usually sets the stage for a relief move. Market finally gets some breathing room.

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Robinhood looks expensive on multiples — #1 across EV/Revenue, EV/Gross Profit, and EV/Net Income versus peers. But it’s also posting ~100% YoY revenue growth, second only in the comp set. Same story we’ve seen before: valuation tension driven by growth expectations — HyperLiquid vibes.

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RWA topped 2025 in profitability, averaging ~186% YTD across leading tokens. Outperformance came mainly from Keeta, Zebec, and Maple Finance — though returns were still only a fraction of 2024’s mania. Narratives cool, cash flows stay.

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USDe, Ethena’s synthetic dollar, maintains its $1 peg through a delta-neutral structure: users deposit liquid collateral while Ethena shorts perps to hedge price risk. Yield comes from funding and collateral earnings, with sUSDe stakers auto-compounding returns. From near zero in 2024, USDe supply soared to $15B before easing to $9–10B — still several times higher than early-year levels.

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Minted One Year On Base — Still Day One

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