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gonna be a huuuge month ahead see you in the arena 🫡

Best WC marketing I’ve seen 🤯

One of the best essays I've seen on the Pre-IPO and "tokenized startups" scene. I remember there was a @bgurley quote from not too long ago that the IPO cycle has been "hijacked" by growth equity. The door is open today to reinvent the IPO, and reinvent what it means for everyday investors to get exposure to the most exciting companies of our era. Tokenization, Pre-IPO perps, SPVs, Closed-End-Funds are all natural market reactions in this directions. In the last year or so, TGE tokens have been going through an identity crisis. Reinventing the IPO may well become generational mission for tokens. The road is long, but as long as we march with purpose we will get there.

rip raybans

Pre-IPO offerings can largely be placed into 3 categories: SPV-backed, synthetic contracts and close-end funds. Each comes with its own set of risks and tradeoffs - which we cover deeper in the report

We were early backers of @tether, @circle & @Paxos Now every fund is bullposting stablecoin data $300B stables, $33T of volume etc But there’s been surprisingly little business analysis Who makes money? Who doesn't? Why? I pulled together our thinking below👇

Prediction markets have reached sufficient scale. The next step is to solve for efficiency and enabling derivatives on top of it. Read more:

This is cool

Agentic activity will continue to increase in the near future. The real question is what separates a good or bad agent and how can it retain alpha as they proliferate 🧐

⚡ INSIGHT: Crypto investors are ditching tokens for regulated crypto stocks as most new launches quickly sink below their listing price, per DWF.

RCT2 memories aaaaa

As crypto continues to mature, the next wave of adoption will flow towards the most complete ecosystems. @base has been leading the charge for this, by scaling its technical capability and growing a strong native flywheel. 2026 will be year for Base - docsend.com/view/c82uja4db96…

We’ve analyzed @falconfinance USDf. 🦅 Our risk assessment examines performance, on-chain management, and compliance. Key insights cover liquidity, volatility, smart contract security, and regulatory factors. Read the full report below ↓ Falcon’s USDf is incubated by @DWFLabs, with $2.1B in circulation, ranking it among Ethereum’s top 10 stablecoins. Falcon positions USDf as an overcollateralized “synthetic dollar,” minted against stablecoins and non-stablecoin assets. The protocol manages deposited collateral through diversified, market-neutral and arbitrage-based strategies, while enforcing risk-based overcollateralization depending on asset type. Collateral is secured via third-party custodians working on an off-exchange-settlement (“OES”) model. On-chain protocol operations are managed by multi-sig, which includes an on-chain Insurance Fund. Transparency is provided via weekly reserve recalculations and attestation reporting, supplemented by quarterly independent ISAE 3000 assurance from a reputable third-party firm, with disclosures published on Falcon’s public transparency dashboard. Our assessment employs quantitative and qualitative methods, providing insights for teams considering onboarding USDf into DeFi protocols and for capital allocators to understand the asset risk profile. It evaluates USDf across performance, reserves management, on-chain architecture, and regulatory/compliance factors, providing insights into risk and opportunities for safer DeFi integration.

$2,000,000,000 $USDf in circulation 🌤️ An extraordinary symbol or growth. Through every turn of the market, Falcon continues to rise with quiet strength. Thank you for flying higher with us 🦅 (sound on 🔊)