When people hear “over-collateralized” they assume safety. @falconfinance's $USDf, for example, runs at 108–116% collateralization. On paper, it sounds airtight. But ratios don’t tell full story. What matters isn’t just size of collateral, but what "type" backs the stablecoin:🧵

Most traders think a prop firm challenge is a test of strategy. It’s not. The setups are usually the easy part. The real test begins after a loss, during a drawdown, or when you’re one trade away from hitting a limit. That’s when patience, discipline, and risk management stop being concepts and become decisions. Prop firm challenges don’t just evaluate your trading. They expose your habits. And sometimes, the biggest edge isn’t a better setup it’s better self-control. Good piece from @CFTradercom on what these evaluations really reveal about traders.

Everyone wants alpha… few know where to look. It’s not in trending tokens. It’s in early projects like these.🧵 ---------------------- ➢ @TachyonZcash is a proposed scalability upgrade for Zcash, eliminating runaway validator state growth, and introducing full post-quantum privacy for encrypted money at planetary scale. ---------------------- ➢ @brookwellapp is a modern cash account platform combining stablecoin banking, free on/off-ramps, projected yields of up to 5.75% APY. ---------------------- ➢ @MNX_fi is an AI-focused DEX that lets users trade AI company valuations, compute prices, AI-related equities, and prediction markets from a single account. ---------------------- ➢ @TVLCap is a financial infra firm building Chain-Traded Products (CTPs), institutional-grade structured products issued onchain that bridge tradfi and onchain. ---------------------- ➢ @ito_markets is a prediction market analytics platform that creates institutional-grade indices and systematic baskets, transforming data from platforms like Kalshi and Polymarket. ---------------------- ➢ @notional_xyz is an exchange layer on Hyperliquid, allowing users to earn yield on collateral while accessing deep liquidity, and a broader range of collateral assets. ---------------------- ➢ @tryKanarie is gearing up to be a platform for crypto content API. Will this be on infoFi or something else? Let's see. ---------------------- ➢ @heirloom_app is a solana-based inheritance protocol that uses a heartbeat-driven vault system to keep assets self-custodial during a user's lifetime and automatically transfer them to designated heirs. ---------------------- ➢ @packetchat is a communication layer on Solana that enable messaging between autonomous agents, allowing them to exchange payloads, coordinate actions, and execute tasks securely onchain. ---------------------- ➢ @polygraphso is an AI agent security platform that tests MCP servers and third-party agent tools for prompt injection, permission overreach, and data leakage. ---------------------- ➢ @CalmTreasury is building a payment platform on Hyperliquid. Teasing to bring calm deposits and massive volume. ---------------------- ➢ @agamafinance is a lending network for tokenized RWA, enabling users to earn yield from diversified private credit and other RWA strategies. ---------------------- ➢ @QMSNetwork is a post-quantum L1 that combines quantum-resistant consensus with a proof-of-useful-work model, allowing miners to secure the network while solving real-world computational problems. ---------------------- ➢ @Holvia_Harvest is an onchain farming game where players gather resources, grow crops, upgrade their floating island, and save progress onchain, with plans to expand into community events. ---------------------- ➢ @ShopAgentic is an agent-native commerce platform that uses specialized AI agents to manage product data, distribution, sales, and buyer interactions, helping brands automate ecommerce operations. ---------------------- ➢ @RelicGachaDrops is a Solana-based collectible drop platform that lets creators launch onchain gacha-style campaigns stocked with NFTs, memecoins, RWAs, and other tokenized assets. Which did I miss? Lemme know in the comments👇

Another week, another wave of launches, protocol upgrades, institutional milestones, and new opportunities across crypto. Last week saw major developments spanning DeFi, payments, AI infrastructure, lending markets, tokenized equities, privacy solutions, and stablecoin utility. There’s also a line up of events this week, and here’s a breakdown of the key developments worth tracking. — ● Major Updates • @altitude released their Card, a virtual Visa card that lets users spend globally from their Stablecoin balance. • @Xeffy_io introduced Xeffy Pixie Pocket, a Strategic Reserve Trust that manages token burns and treasury operations for its ecosystem. • @Excubialabs introduced Shush Protocol, a multi-chain privacy infrastructure designed for AI autonomous agents • @o1_exchange’s DEX Aggregator went live on Base. • • @Backpack’s Stocks public beta went live, offering users access to real US stocks and ETFs, in addition to crypto, perps, and yield • @3janexyz, a credit-based money market, became open to the public • @CurveFinance introduced Llamalend v2, a new lending framework built around Curve liquidity • @SaucerSwapLabs’ V3 mainnet went live, bringing a CEX-style trading experience to DeFi on @Hedera • STRK20, @Starknet’s ZK privacy framework went live • @VenusProtocol’s Fixed-Term Vault went live on @BNBCHAIN • @exodus Markets went live, powered by @OndoFinance • Public beta of @OndoPerps went live • @Mastercard introduced Agent Pay for Machines, a payment infrastructure that lets AI agents and digital assistants make purchases on behalf of users • @USDPrivate, a structured digital asset platform, went live • @humafinance’s Huma USDC Vault went live on @Morpho • @iEx_ec’s Nox went live on Ethereum testnet • @coinbase is releasing a system update tagged “Take Control” on the 16th — ● Upcoming TGEs and ICOs • @Xeffy_io ($XEF) - 15th • @_Earnpark ($PARK) - 29th • @grvt_io ($GRVT) - June (TBD) — ● Major Token Unlocks • @arbitrum ($7.97M $ARB) - 15th • @vana ($10.21M $VANA) - 16th • @LayerZero_Core ($22.34M $ZRO) - 20th — ● Recent Milestones Across Top Protocols • @krakenfx Earn Vaults surpassed $400M in deposits, becoming the largest enterprise DeFi vault integration currently • • @OndoFinance TVL hit an ATH of $3.7B, up about 200% YOY • • @HyperliquidX has generated $318.3M in revenue YTD — ● Yield Opportunities To Explore This Week • Protocol - @csigmafinance • Network - ETH • Steps ➊ Visit edge.csigma.finance ➋ Deposit USDC into the Superior Quality Private Credit USDC pool • Current yield - 17.42% APY • Protocol - @AffluentOrg • Network - TON • Steps ➊ Visit app.affluent.org/earn ➋ Deposit $TON into the TON Multiply vault • Current yield - 13.45% APY • Protocol - @ConcreteXYZ • Network - ETH • Steps ➊ Visit app.concrete.xyz/vault ➋ Deposit USDT into the Concrete DeFi USDT vault • Current yield - 8.5% APY — That’s all for this week. More updates next week.

One thing I’ve noticed with prop trading is that the cheapest challenges often come with the most restrictive conditions. You save on the entry fee, then spend the entire evaluation trying not to break a rule. BREAK takes a different approach. One phase. Up to 90% profit split. On-demand payouts. Simple enough to understand, but that’s exactly what makes it interesting. 50% off with my code: cft-Mayacrypt

As on-chain finance, payments, and trading continue to drive stablecoin adoption, the market keeps expanding. A Top 5 ranking among stablecoin issuers reflects strong scale, demand, and market presence. Interesting to see World Liberty Financial's USD1 reach $4.4 billion in outstanding supply.

Stablecoin yields are getting competitive again. Gate just launched Soft Staking for $USD1 with up to 20% APR and no lockup. All you need to do is hold USD1 on Gate. The APR adjusts daily as participation grows, which means the highest rewards go to early adopters. Simple setup. Full liquidity. Passive yield.

An Ethereum based project featuring a comprehensive utility ecosystem will be launching soon. The platform will include: Artificial Intelligence (AI) Trading Bot Wallet Giveaway Platform Telegram Game Split Functionality Staking Locking Mechanism I am eagerly anticipating the launch and fully supporting this project. I believe it has the potential to make a significant impact within the ecosystem. The best T1 exchanges will be launched

The next billion-dollar memecoin is probably the one Gordon gives a nod to.

I’ll admit it. The $2M robbery story got me too. The missing funds. The footage. The reserves dropping to zero. Everything looked real enough that nobody questioned it. Then the full video dropped. Turns out the entire thing was a setup to introduce BREAK, @CFTradercom’s new evaluation model. Not many campaigns can keep CT guessing for days straight. Whether you loved it or hated it, one thing is clear: They got everyone’s attention. And in a market where most launches get ignored after 24 hours, that’s saying something.

Our kids will judge us on how we regulate and progress AI and crypto innovations today.

One thing I think the market still underestimates about hyperliquid:native is how many independent demand sources are starting to form around it. ETFs, ETPs, staking products, treasury-style accumulation, HIP-3/HIP-4 participation, and users who simply want exposure to the exchange itself. Most tokens rely on a single narrative. hyperliquid:native is gradually building multiple demand engines at the same time. That’s usually how assets transition from being a trade to becoming an ecosystem bet.

Everyone's reading the @variational_io treasury news as buybacks incoming, number go up. But that's the surface. The real story is what a self-funding treasury tells you about the rest of the machine. ‣ $25B traded last month ‣ This week's pace running about 48% above the monthly average I trade my whole book on Variational (crypto and RWA both) so I'm not theorizing. The thing that clicked for me early was where the money actually comes from. The OLP is the counterparty to every trade and earns the spread on each fill. That spread covers the zero fees, the loss refunds and the rebates and still leaves a surplus. That surplus is the treasury and a growing treasury just means the model nets a profit after paying for everything it gives traders, which is why the free trading isn't going anywhere. Now the growth side and the data is clear. The money sitting on the platform stayed flat near $100M all this while, then jumped to $135M in three weeks once the RWA markets went live and that money feeds a simple loop: ➥ more deposits → the OLP can quote bigger size at tighter prices ➥ better pricing → more people trade → more spread earned ➥ more earnings → a deeper book → even more deposits And it's the right kind of money. 165K wallets have been created, but only about 35.7K are actually funded. Since that treasury is real earnings, 30% of it is already being set aside to buyback $VAR before the token is even live. This is the same engine that made Hyperliquid work on longer timeframe.

Everyone wants alpha… few know where to look. It’s not in trending tokens. It’s in early projects like these.🧵 ---------------------- ➢ @papertrade_xyz is a fully onchain trading platform on Hyperliquid, offering paper trading with up to 1000x leverage, zero market impact, and a 100% user-owned model. ---------------------- ➢ @TownAI is an AI-powered personal assistant that works exclusively for its user, helping manage tasks while prioritizing privacy, enterprise-grade security, encrypted data storage etc. ---------------------- ➢ @Special is an AI-focused holding company building a shared operating system for its portfolio of companies, using proprietary industry data and vertically integrated deployments to create. ---------------------- ➢ @joinshiftX is a platform that pays users to record everyday work and household tasks, creating real-world training data while allowing participants to earn weekly income. ---------------------- ➢ @eastworlds_io is a neodeployment lab for embodied AI that helps robotics teams move from controlled testing to real-world operations by providing deployment infrastructure. ---------------------- ➢ @Katch_live is a real-world data platform for AI agents that turns physical, time-sensitive observation needs into funded missions for verified humans. ---------------------- ➢ @RealityFi_xyz is an RWA platform that tokenizes stocks, ETFs, funds, and commodities into fully backed rTokens, enabling global users to access, transfer, and use regulated financial assets. ---------------------- ➢ @caspius_ai is a physical AI data network that rewards users for recording first-person demonstrations of everyday tasks, generating high-quality training data used to build and fine-tune robotics foundation models. ---------------------- ➢ @TxFlow_L1 is an L1 purpose-built for onchain finance, a fully onchain central limit order book (CLOB), and composable liquidity Channels that eliminate fragmentation and bridges. ---------------------- ➢ @winnr_trade is a Solana-native information markets platform building prediction market and optimistic oracle, combining gasless trading, private order flow, and CLOB-based execution ---------------------- ➢ @voxlyink is an AI writing agent for X that learns a user's unique writing style from their timeline, generates source-grounded posts and articles in their voice. ---------------------- ➢ @atlasmotion is building the sovereign motion systems supply chain for the autonomous era. ---------------------- ➢ @Valkrilabs is building the credit layer for prediction markets, enabling users to borrow against outcome tokens, unlock liquidity from active positions etc. ---------------------- ➢ @Fliptexts is an AI-powered personal finance assistant that lives in iMessage, helping users manage spending, optimize rewards, track cash flow, reduce unnecessary expenses. ---------------------- ➢ @talonprotocol is a privacy-focused launchpad on Base that enables users to deploy tokens from zk-addresses, enforce fair-launch mechanics onchain, and integrate token utility. ---------------------- ➢ @soulboundzip is a Uniswap v4 hook that lets users open recursive leveraged liquidity positions in one atomic transaction. Which did I miss? Lemme know in the comments 👇

Something feels off about the CFT situation. A reported break in. Nearly $2M allegedly gone. Proof of reserves showing $0. And now footage is circulating. Maybe there’s more to the story, but right now the questions are piling up faster than the answers.

Crypto’s biggest winners are usually obvious. Just not when they’re still investable. One of the most persistent patterns in crypto is that product precedes narrative, usage precedes attention, and revenue precedes consensus. Uniswap V2 launched in May 2020. Aave V2 launched in December 2020. Neither became immediate consensus trades. The products existed before the market collectively decided they mattered. That sequence keeps repeating. Most investors believe they are searching for innovation. In practice, they are searching for validation. They want to see: ➢ Growing users ➢ Growing TVL ➢ Growing revenue ➢ Growing mindshare The problem is that these signals arrive at different times. Product comes first. Usage comes second. Consensus comes last. By the time everyone agrees something is important, much of the asymmetry has already disappeared. Consensus reduces uncertainty. It also reduces opportunity. That is why some of the most important infrastructure tends to emerge during corrections rather than euphoric phases. Bull markets are good for distribution. Corrections are good for construction. When capital becomes selective, builders focus less on attention and more on product quality, retention, and economics. Historically, those periods have produced many of crypto’s defining protocols. The current market resembles those environments more than many realize. Attention has narrowed around a handful of large-cap assets while speculation has cooled. Historically, this is where the next generation of infrastructure starts separating itself. Not through price. Through usage. Every cycle creates a discovery gap. A period where a protocol is already working, but the market has not fully processed what it is becoming. The signals tend to look familiar: ➢ Real users ➢ Real revenue ➢ Product differentiation ➢ Limited attention ➢ Weak consensus The market struggles to value these periods because there is little social proof. Only evidence. Several protocols are already doing what past winners did before the market noticed. @HyperliquidX is proving a crypto-native exchange can compete directly with centralized venues while generating meaningful revenue. @Morpho reflects a broader trend where lending becomes infrastructure rather than a destination application. @JupiterExchange benefits from ecosystem fragmentation. As liquidity spreads across venues, aggregation becomes more valuable. @AerodromeFi has become a coordination layer for liquidity on Base rather than simply another DEX. @OndoFinance sits at the center of tokenized capital markets if RWAs continue expanding beyond Treasury exposure. @opentensor remains one of the few AI networks with measurable economic activity tied to compute demand. @peaq is building infrastructure for a world where machines become economic participants. @KASTxyz, @ether_fi Cash, and @gnosispay point toward another structural trend. Stablecoins are evolving from trading collateral into consumer financial accounts. The opportunity may not be the stablecoin itself. It may be owning the distribution layer through which users access them. What stands out is not the individual names. It’s the pattern. Most of these protocols are not winning because of tokens. They are winning because they own infrastructure, distribution, coordination, or revenue-generating activity. The names that define 2027 may ultimately be different. The underlying pattern probably won’t be. Every cycle produces protocols that look obvious in hindsight. The difficult part is recognizing them while the discovery gap still exists. History suggests that some of the protocols that define the next cycle are already live today. The market simply hasn’t reached consensus yet.

Cards stopped being a hobby and became an asset class while most people weren't looking. Onchain card platforms just set a record $227.6M in May, up from $148.6M in March. It's clear that the hobby is printing those numbers and it's moving onchain faster every month. And now we've the catalyst and it's the biggest one that exists. Nothing on the planet pulls attention like a World Cup. 1. FIFA projects up to 6B people will engage with 2026 2. Across 104 games and a first-ever 48 teams 3. Around $80B in global impact The Super Bowl draws ~120M. This is that, 50x over, for 39 straight days and this one's structurally different. 2022 in Qatar barely moved the needle abroad. 2026 runs across the US, Canada and Mexico, dropping the single largest event on earth into the biggest untapped card market there is and the reaction's already visible👇 ➥ A Ronaldo 1/1 just sold for $1.35M, up from his previous record of $420K a month earlier, both into the World Cup squad announcements ➥ Messi 1/1s clear $400-520K, with seven separate Messi cards topping $350K since August ➥ The football card market sits inside a $9.2B sports card market forecast toward $20B Now the problem here is the cards that hold value are 1/1s running six to seven figures and the average fan gets funneled into printed base cards instead. Messi's base Prizm 10s fell 29-43% after Qatar while his 1/1 tier rose. The scarce held. The printed gave it back. That gap is what @MarketCardsHQ is built into. A real 1/1, custodied, issued onchain as a token you can own a slice of for as little as $10. The tier that historically held, finally splittable. Football's the entry on purpose. Top football cards trade at a quarter to a third of basketball, so the door in is cheaper and unlike most sports the leagues run year-round, so a player's value reprices continuously, not once every four years. Football first, then other sports, then anime and TCG. Their first issuance is live now: ➥ 68 cards, all 1/1s, issued 100% publicly with no reserved allocation ➥ Commit USDC from $10, allocation by a verifiable draw seeded off the live BTC price, recomputable by anyone ➥ 30,000 boxes. Oversubscribed, earlier commits and more matches win first, the rest refunded in full ➥ If the raise target isn't hit, everyone refunded in full ➥ Participation closes June 8 and trading opens the same day ➥ Includes a Maradona, Batistuta and Messi triple oncard auto 1/1, a Ronaldo gold auto from the night he became football's all-time scorer and a Yamal Superfractor 1/1 The same tier that historically held, finally splittable. Card sales are up nearly 50% year over year and the top ten athlete cards alone moved $175M in seven months, before the biggest demand event in the sport even kicked off. Most people will watch the World Cup move these cards and do nothing, same as 2022. The difference now is the tier that actually held is finally splittable and the window is four days. Solana already had its breakout card play in CARDS, the onchain card market is real and most of it has happened there. @jessepollak' Base now has a full World Cup 1/1 issuance going live on it. That's a market worth paying attention to.

not just hyperliquid. over 20 protocols have: 1) revenue that accrues to tokenholders 2) yoy revenue growth 3) either high holders rev in absolute terms or relative to mcap