YashasEdu
Writing uncomfortable truths about money, systems and what we pretend we believe.
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Crypto and Tradfi are converging on the same architecture but just from opposite directions.
➥ Bilateral OTC derivatives settle privately
➥ Exchange traded products use public price feeds
That split exists today where execution is private and settlement is public. Canton Network is building the private side of that split as blockchain infra.
All of these privacy features are into the transaction model👇
1. Sub-transaction confidentiality
2. Legal enforceability
3. Identified counterparties
Which is a reason they completed cross-border intraday repo using tokenized Gilts with DTCC, Citadel, Euroclear and Tradeweb on the network.
This is also the chain that barely gets mentioned is generating 3-4x more fee revenue than the most talked-about L1s.
➥ $CC : $3.09M
➥ $ETH : ~$320K
➥ $SOL : ~$775K
➥ Bilateral OTC derivatives settle privately
➥ Exchange traded products use public price feeds
That split exists today where execution is private and settlement is public. Canton Network is building the private side of that split as blockchain infra.
All of these privacy features are into the transaction model👇
1. Sub-transaction confidentiality
2. Legal enforceability
3. Identified counterparties
Which is a reason they completed cross-border intraday repo using tokenized Gilts with DTCC, Citadel, Euroclear and Tradeweb on the network.
This is also the chain that barely gets mentioned is generating 3-4x more fee revenue than the most talked-about L1s.
➥ $CC : $3.09M
➥ $ETH : ~$320K
➥ $SOL : ~$775K
Bitcoin has never been this oversold before.
Every time Bitcoin has been this oversold, the next 6-12 months followed by recovery:
- 2022 (Luna/FTX crash) → RSI 28.3 → +85% recovery
- COVID Crash 2020 → RSI 26.4 → +160%+ recovery
- 2018 Bear Market → RSI ~28 → +108% recovery
Look at the history. LFG $BTC
Every time Bitcoin has been this oversold, the next 6-12 months followed by recovery:
- 2022 (Luna/FTX crash) → RSI 28.3 → +85% recovery
- COVID Crash 2020 → RSI 26.4 → +160%+ recovery
- 2018 Bear Market → RSI ~28 → +108% recovery
Look at the history. LFG $BTC
Boros crosses $10B in cumulative volume.
Yesterday it did $220M in volume.
Almost $100M $PENDLE is locked.
Yesterday it did $220M in volume.
Almost $100M $PENDLE is locked.
The non-commercial traders of $BTC futures are usually the smart money.
This week's COT Report shows that they are moving net long with some urgency.
Look back at what the last two similar excursions led to.
But remember, this is "a condition, not a signal".
This week's COT Report shows that they are moving net long with some urgency.
Look back at what the last two similar excursions led to.
But remember, this is "a condition, not a signal".
Tokenized commodities hit $6.1B mcap while crypto is dumping.
The main reason behind this is the growth of tokenized gold (99% share), which is now 0.02% of the total gold market which is $36.1T
➢ $XAU is up 187% in 6 months
➢ $PAXG is at $2.4B
Also if you want leverage, you can trade the same on Ostium too.
Same rails that made stablecoins work in emerging markets will distribute gold exposure to the same people. Tokenisation is building real financial infra on crypto rails and I'm loving it.
The main reason behind this is the growth of tokenized gold (99% share), which is now 0.02% of the total gold market which is $36.1T
➢ $XAU is up 187% in 6 months
➢ $PAXG is at $2.4B
Also if you want leverage, you can trade the same on Ostium too.
Same rails that made stablecoins work in emerging markets will distribute gold exposure to the same people. Tokenisation is building real financial infra on crypto rails and I'm loving it.
x402 volume is starting to pick back up to Q4/2025 level
Key driver to the increase is $VIRTUAL
Majority of the demand (99%+) comes from agent-to-agent services from Virtuals ACP (e.g. data queries, swaps, workflows, and inferences)
The increase in volume came 2 weeks after the announcement of $1M monthly incentives supporting productive agents within the ACP network.
Key driver to the increase is $VIRTUAL
Majority of the demand (99%+) comes from agent-to-agent services from Virtuals ACP (e.g. data queries, swaps, workflows, and inferences)
The increase in volume came 2 weeks after the announcement of $1M monthly incentives supporting productive agents within the ACP network.
So Anthropic caught DeepSeek, Moonshot AI and MiniMax running 24,000+ fake accounts to extract Claude's capabilities (16M+ exchanges)
Recently OpenAI had also told Congress DeepSeek is using obfuscated methods to keep distilling US models.
But honestly this was always going to happen.
Labs trained on the entire internet without asking are now upset because someone's doing it back to them through an API. The hypocrisy is hard to ignore.
> Export controls won't fix this
> You can restrict chips
> You can't restrict outputs
China will keep finding workarounds like they always do.
Recently OpenAI had also told Congress DeepSeek is using obfuscated methods to keep distilling US models.
But honestly this was always going to happen.
Labs trained on the entire internet without asking are now upset because someone's doing it back to them through an API. The hypocrisy is hard to ignore.
> Export controls won't fix this
> You can restrict chips
> You can't restrict outputs
China will keep finding workarounds like they always do.
1,006,353 $BTC only.
That’s less than 5% off all the supply remaining to be mined. Scarcity getting scarcer...
That’s less than 5% off all the supply remaining to be mined. Scarcity getting scarcer...
How to become rich in the AI era:
- Research and map out which market verticals Claude will dismantle in the next 12–18 months.
- Identify the publicly traded companies in those industries pretending nothing’s wrong.
- Short their denial.
- Rotate capital to new markets.
Few are leveraging AI this way.
Everyone wants to bet on who adopts AI first. The asymmetric trade is betting on who won’t adopt it quickly.
And that gap will be brutally violent.
Price it in before the market does.
- Research and map out which market verticals Claude will dismantle in the next 12–18 months.
- Identify the publicly traded companies in those industries pretending nothing’s wrong.
- Short their denial.
- Rotate capital to new markets.
Few are leveraging AI this way.
Everyone wants to bet on who adopts AI first. The asymmetric trade is betting on who won’t adopt it quickly.
And that gap will be brutally violent.
Price it in before the market does.
Lowest gas fees on Ethereum in over 3 years.
0.06 Gwei
Meanwhile, the $ETH supply is up 0.23% over the same timeframe.
0.06 Gwei
Meanwhile, the $ETH supply is up 0.23% over the same timeframe.
Each dot is 3.2 million people. 2,500 dots = 8.1 billion humans.
the grey? 6.8 billion people who have never used AI.
the green? 1.3 billion free chatbot users.
the yellow? 15-35 million who pay for it.
the red? that tiny sliver is us.
You think the AI space is crowded because you're in an echo chamber of the 0.06%.
Next few weeks I'll share some really good AI stuff with you guys and I am excited to do so with you'll.
the grey? 6.8 billion people who have never used AI.
the green? 1.3 billion free chatbot users.
the yellow? 15-35 million who pay for it.
the red? that tiny sliver is us.
You think the AI space is crowded because you're in an echo chamber of the 0.06%.
Next few weeks I'll share some really good AI stuff with you guys and I am excited to do so with you'll.
I wrote about Variational back in October when it had $18B cumulative volume, $60M TVL and had refunded $1.33M to traders.
4 months later:
➤ Volume: $18B → $163.5B
➤ TVL: $60M → $107.6M
➤ Loss refunds: $1.33M → $4.2M
➤ OI is sitting at $705.6M (Ranked 6th across perpDEXs)
I got in early and kept farming this and the points are now at $25 each with $3.75M/week in distributions. The cheap accumulation window is gone.
The thing that made me farm it was the structure.
Zero fees, tight spreads, RFQ model with an internal liquidity provider and a loss refund system that actually works.
There's still time left until Q3 and I'm accumulating slowly.
4 months later:
➤ Volume: $18B → $163.5B
➤ TVL: $60M → $107.6M
➤ Loss refunds: $1.33M → $4.2M
➤ OI is sitting at $705.6M (Ranked 6th across perpDEXs)
I got in early and kept farming this and the points are now at $25 each with $3.75M/week in distributions. The cheap accumulation window is gone.
The thing that made me farm it was the structure.
Zero fees, tight spreads, RFQ model with an internal liquidity provider and a loss refund system that actually works.
There's still time left until Q3 and I'm accumulating slowly.
$ONDO ' tokenized funds (USDY, OUSG) still do the heavy lifting. Stablecoins are growing steadily at +36% YoY.
But the number worth watching is somewhere else.
Tokenized stocks (still the smallest segment) grew over 3,000% YoY. That's roughly 14x faster than everything else in their product suite.
Small base, yes. But this is how category shifts start. The thing growing 14x faster than the core product usually isn't a side feature for long.
If tokenized stocks maintain even a fraction of this pace, they stop being a complement to the fund products and start becoming the reason institutions pay attention to Ondo.
But the number worth watching is somewhere else.
Tokenized stocks (still the smallest segment) grew over 3,000% YoY. That's roughly 14x faster than everything else in their product suite.
Small base, yes. But this is how category shifts start. The thing growing 14x faster than the core product usually isn't a side feature for long.
If tokenized stocks maintain even a fraction of this pace, they stop being a complement to the fund products and start becoming the reason institutions pay attention to Ondo.
Did you know?
80% of new tokens are trading below their launch price within 90 days. Typical drop is 50-70%. Meanwhile...
➣ Crypto IPO funding hit $14.6B this year
➣ M&A crossed $42.5B (five year high)
Most crypto equities trade close to the actual value of their treasury and some at ~5x NAV. So institutions are sizing these, modelling them and putting them in a portfolio. The wrapper is mattering more than the product right now as regulated, auditable, indexable equity gets a premium and tokens generating real revenue get a discount.
The "market is dead" take misses what's actually happening. The money moved upstairs but that doesn't mean every token is a lost cause.
80% of new tokens are trading below their launch price within 90 days. Typical drop is 50-70%. Meanwhile...
➣ Crypto IPO funding hit $14.6B this year
➣ M&A crossed $42.5B (five year high)
Most crypto equities trade close to the actual value of their treasury and some at ~5x NAV. So institutions are sizing these, modelling them and putting them in a portfolio. The wrapper is mattering more than the product right now as regulated, auditable, indexable equity gets a premium and tokens generating real revenue get a discount.
The "market is dead" take misses what's actually happening. The money moved upstairs but that doesn't mean every token is a lost cause.
$BTC has crashed 149% and wiped out over $1.21T from its market cap in the last 139 days.
This is the first time in BTC history we’ve seen such a big drop (–$62.8K) with 0 relief rally.
Something has changed in the crypto market since the Oct 10 liquidation event.
This is the first time in BTC history we’ve seen such a big drop (–$62.8K) with 0 relief rally.
Something has changed in the crypto market since the Oct 10 liquidation event.
So Anthropic has published data on how people actually use AI agents in practice.
Most of it's what you'd expect…
1. coding dominates
2. autonomy is increasing
3. median tasks are short
But one stat caught me off guard and that is experienced users let Claude auto-run 2x more often than new users and they interrupt it almost twice as frequently.
That paradox tells you everything about how real trust works.
> New users babysit every step
> Experienced users give freedom but develop sharper instincts for when to pull the brake
As someone who uses Claude daily, this is exactly how it plays out. You don't learn to trust more, you learn to trust better.
That's a skill most people aren't even thinking about yet.
Most of it's what you'd expect…
1. coding dominates
2. autonomy is increasing
3. median tasks are short
But one stat caught me off guard and that is experienced users let Claude auto-run 2x more often than new users and they interrupt it almost twice as frequently.
That paradox tells you everything about how real trust works.
> New users babysit every step
> Experienced users give freedom but develop sharper instincts for when to pull the brake
As someone who uses Claude daily, this is exactly how it plays out. You don't learn to trust more, you learn to trust better.
That's a skill most people aren't even thinking about yet.
nonUSD stablecoins are only $1.2B which is 0.5% of total supply.
Sounds irrelevant until you look that there are 59 local currency tokens across six continents. That's 30% of all active stablecoins.
The supply is tiny. The infrastructure is not.
These aren't competing with US stablecoins for DeFi volume. They're targeting remittance corridors, local payment rails, onchain capital markets in their own economies.
This looks a lot like early internet localization where English dominated for years. Then local language infra got built and adoption exploded in non-English markets almost overnight.
nonUSD stablecoins will follow the same arc.
Sounds irrelevant until you look that there are 59 local currency tokens across six continents. That's 30% of all active stablecoins.
The supply is tiny. The infrastructure is not.
These aren't competing with US stablecoins for DeFi volume. They're targeting remittance corridors, local payment rails, onchain capital markets in their own economies.
This looks a lot like early internet localization where English dominated for years. Then local language infra got built and adoption exploded in non-English markets almost overnight.
nonUSD stablecoins will follow the same arc.
$AAVE has become the first lending protocol to have $1B in RWAs deposited.
Are you paying attention to the RWA sector yet?
My favourites are $SYRUP $MORPHO in this sectors.
Are you paying attention to the RWA sector yet?
My favourites are $SYRUP $MORPHO in this sectors.
Everyone's debating whether DeFi is dead while institutions are quietly wiring it into their balance sheets.
$MORPHO is up 45% YTD in a market where most alts are down 20%+
‣ Deposits went from $3.5B to $9B
‣ $658M in RWA deposits ($337M in active loans)
‣ Coinbase uses it to power USDC lending (grew more than 5x in January)
‣ Société Générale (Regulated digital asset arm) is running lending markets on it
‣ Apollo (AUM ~$938B) committed to acquiring 90M tokens over 48 months
The pattern here is worth paying attention to. Morpho is selling lending infra to institutions who don't care what's under the hood. They just need it to work.
That's how adoption actually plays out. Expecting a good 2026 for them cuz fundamentals are strong.
$MORPHO is up 45% YTD in a market where most alts are down 20%+
‣ Deposits went from $3.5B to $9B
‣ $658M in RWA deposits ($337M in active loans)
‣ Coinbase uses it to power USDC lending (grew more than 5x in January)
‣ Société Générale (Regulated digital asset arm) is running lending markets on it
‣ Apollo (AUM ~$938B) committed to acquiring 90M tokens over 48 months
The pattern here is worth paying attention to. Morpho is selling lending infra to institutions who don't care what's under the hood. They just need it to work.
That's how adoption actually plays out. Expecting a good 2026 for them cuz fundamentals are strong.
Supreme Court just struck down Trump's IEEPA tariffs. 6-3.
Ruled the president can't use emergency powers to impose sweeping import duties and that's Congress's job.
What does this means 👇
The Liberation Day tariffs and trafficking tariffs are legally void from day one. Treasury may owe importers $130-175B in refunds (Tariff revenue had jumped from 1.3% to 5.2% of total government revenue)
But the tariffs aren't actually gone.
Trump immediately signed new ones under Section 122 (a 1974 trade law). Same 10% global rate. The legal foundation shifted, but the policy survived. But Section 122 expires in 150 days. After that, they need Congress or slower tools like Section 301 investigations that take 6-12 months.
Meanwhile the macro picture got worse on the same day...
1. GDP came in at 1.4% (expected 2.5%)
2. Core PCE inflation hit 3.0%
Fed can't cut rates to help growth because inflation is still running hot. So the trade uncertainty continues, the refund is stuck in courts might take years and the economy is caught between slowing output and sticky prices.
$BTC might go down
$XAU should do well
Commodities run 2.0 seems close
Ruled the president can't use emergency powers to impose sweeping import duties and that's Congress's job.
What does this means 👇
The Liberation Day tariffs and trafficking tariffs are legally void from day one. Treasury may owe importers $130-175B in refunds (Tariff revenue had jumped from 1.3% to 5.2% of total government revenue)
But the tariffs aren't actually gone.
Trump immediately signed new ones under Section 122 (a 1974 trade law). Same 10% global rate. The legal foundation shifted, but the policy survived. But Section 122 expires in 150 days. After that, they need Congress or slower tools like Section 301 investigations that take 6-12 months.
Meanwhile the macro picture got worse on the same day...
1. GDP came in at 1.4% (expected 2.5%)
2. Core PCE inflation hit 3.0%
Fed can't cut rates to help growth because inflation is still running hot. So the trade uncertainty continues, the refund is stuck in courts might take years and the economy is caught between slowing output and sticky prices.
$BTC might go down
$XAU should do well
Commodities run 2.0 seems close
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