Berachain is unsustainable while its token emissions and vesting are still underway, even with its rewards structure. The alt-L1 race has been lost: corporate chains from Robinhood, Stripe and Coinbase will not rival Ethereum because they are its layer 2s, and current contenders will persist mainly on privacy and monolithic design. x.com 

Tokenization and demand for real economics make DeFi lending, spot and yield tokens extremely appealing on risk-reward. This unrivaled trend will grow DeFi value 50x or more over multiple years, and fast. The altcoin bear market is forcing better token structures: Ethena, Uniswap and Aave are improving unit economics, Chainlink to some extent. Battle-tested Pendle and Morpho, with efficient businesses and institutional ties, will re-rate hard. A DeFi Summer return is nearly certain. x.com 

Lending tokens fall short of the sector's strong economics because team conduct and uneven holder returns undermine them. Lending capital is sticky and protocols have pricing power, but Aave rugged its DAO and Compound rugged. Morpho signaled no interest in buybacks; Kamino is silent. Maple's buybacks are small, about a tenth of revenue, and inconsistent. Spark buys back about half its revenue, but revenue is very inconsistent. The sector is great; these projects are not. x.com 

Crypto's next cycle will be won by protocols with real users, revenue and utility that merge trading, banking, AI and cloud into one ecosystem. Hyperliquid has $1.06B of annualized fees, with HIP-3 adding stock perps and commodities; Aave holds $13.1B TVL; Chainlink secures $30.6B; Ondo brings treasuries on-chain. Ethena, Pendle, Maple, Bittensor, Virtuals, io.net, EigenLayer, Wormhole and Arbitrum round out the rails, though Ethena must survive weak funding and EigenLayer needs lasting revenue. … Show more

Movement Labs' Chapter 11 filing is one more group of grifters finally getting margin called, and the rest of the scammy, overvalued alt L1s will go the way of the dodo, same as Movement. x.com 

ETH's claim to be DeFi's money is weakening as stablecoins become the real unit of account, even on Ethereum. Aave's TVL on Ethereum has shifted from ETH toward stablecoins over the past three years. That undercuts @ryanberckmans's argument that ETH is a store of value accruing value from utility and confidence rather than cash flows. x.com 

Solana is struggling to sell blockspace, a commodity racing to zero, while heavily diluting holders. At this year's rate, fees come to about $300M against roughly $2.4B of newly minted SOL, and fees are down about 79% year over year amid competition from Ethereum, Base, Hyperliquid, Near and others. SOL is not money either, so neither a profitable-chain nor a monetary-premium bull case holds. Nasdaq earns 17x what Solana does while buying back about twice as much and issuing no shares. x.com  … Show more

Solana and Hyperliquid are the real race for crypto's future, because no other chain comes close on usage and revenue. Solana leads on real throughput at 5k+ TPS, while Hyperliquid earns billions a year, all bought back and burned. Solana relies on fee burning, so it needs more fees to turn deflationary, which remains viable long term. Hyperliquid is still too centralized; if it does not decentralize, Solana should overtake it. Permissioned chains don't count. x.com  x.com  x.com  x.com 

Ethereum is always cheap in an exponentially growing DeFi industry because it is the backbone of $50 trillion of stablecoin transactions, a real business. It has 20,000 developers and a better programming environment than any other layer 1, while Bitcoin is valuable mainly for being the first and the biggest. x.com 

Layer-2 networks are Ethereum's competitors disguised as allies, slowly draining it in a vampire attack. They take the users, keep the fees and lobby the base layer to stay small, returning almost nothing; the small fraction of fees sent back to ETH only confuses the narrative. L2s will either migrate or become their own L1s, and either way ETH is left holding the bag. x.com  x.com