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Every time markets seem to be looking up, and positive news keep fueling what seems to be an unstoppable pump which will send us all to the Lamborghini dealership, some catastrophic event comes through to once again humble us, and remind us to take profits.
This pump was no different, as our dear middle eastern neighbors are once again blasting unfriendly ballistic missiles through the skies, as we watch in disarray, and risk assets sell off, but maybe this is all a buying opportunity?
But let's discuss some more positive topics shall we? $CRCL is up 7x from it's IPO, Solana's yield markets are nearing TGE, and SatLayer is harnessing $2 Trillion in liquidity to secure the dApps we know and love. Let's get started!
As mentioned last week, Circle; the company behind $USDC, the second-largest stablecoin globally has officially gone public. Unlike more flashy tokens, Circle is a regulated fintech firm building the rails for digital dollars and compliant blockchain-based finance.
As you may know, USDC is Circle’s flagship product: a fully reserved, dollar-backed stablecoin with over $50 billion in circulation across 15+ blockchains, including Eth, Sol, Base, and Avax.
Circle’s broader stack includes Circle Mint for institutional on/off ramps, Programmable Wallets for seamless Web3 integration, and Treasury APIs to automate global USDC settlements. Clearly, theres a lot to be bullish on.
Its products are already embedded across major platforms: Coinbase, Robinhood, Stripe, Shopify, and fintechs like Nubank and MoneyGram. In DeFi, USDC is core collateral on Aave and Compound, and is deeply integrated in ecosystems like Base and Solana.
Financially, Circle has also been doing well. Revenue growth has been parabolic since 2020, with earnings beating expectations by many multiple. For year-end 2024, Circle reported revenues of $1.7B, up 15% year-over-year, suggesting a shift towards steadier expansion.
The timing of the IPO also couldn’t be better, as U.S. Senate just passed the GENIUS Act, a landmark stablecoin bill mandating 1:1 reserves, disclosures, and user protections. As regulation tightens, Circle stands out as a compliant, transparent issuer, especially in contrast to Tether’s shady structure.
This has of course, sent $CRCL even higher, with price currently sitting at an ATH of over $240, suggesting an astounding $45B mcap. To put that into perspective, that would make it bigger than $HYPE, $SUI, and $ADA. Combined.
$CRCL really is the crypto of stocks at the moment. In a traditional finance environment, the P/E ratio is insanely over valued. But at the same time, this is one of WallStreet's only proxies to the stablecoin gold rush.
Ultimately, the IPO marks a turning point in how crypto infrastructure is viewed, with Circle taking the mantle as public-market infrastructure for tokenized dollars. It will be interesting to see if other stablecoin issuers like Tether jump on the IPO train, but until then, $CRCL will be king.
Couple weeks ago, we broke down how one should go about purchasing YT-Tokens, and why they can be a very capital efficient way to get large airdrop exposure without the associated whale-like bankroll.
It's no wonder those markets are extremely popular on EVM, with Pendle leading the charge with almost $5B in TVL, and it's associated token (Which was almost fully airdropped to users!) sitting at just under $1B mcap.
But this isn't about Pendle, this is about it's equivalent on Solana: RateX and Exponent.
RateX and Exponent have both been battling it out as the go-to yield platforms on Sol, and successfully so. They currently boast similar TVLs at around $100M, and have gained traction through partnership with flagship projects like Fragmetric, Huma, and Solayer.
Besides the YT markets, what we really want to yield is points. RateX's point system has been up and running for a while, while Exponent's supposedly runs in the background. Both protocols have teased TGE in late 2025.
For the sake of simplicity, I will be discussing RateX's point system because it's already tangible, but keep in mind Exponent's system is probably quite similar.
You might have heard this before, but liquidity is king, and this is no different. Farming RateX points at scale is going to be reliant on capital allocation, but clever distribution will give you an edge. There are 2 ways to provide liquidity on RateX (Applies to Exponent too).
Let's take the fragSOL market, as it is extremely liquid at the moment, and features a 4x RateX point boost which we will want to take advantage of. The 2 sections we will need here are the ones to the right.
The middle one is my favorite, and it implies providing liquidity. Here, you simply deposit your fragSOL, and accrue points on both Fragmetric and RateX. You can withdraw anytime, and there are no risk of liquidation or withdrawal penalties.
The 2nd option which would be viable here is the one most to the right: "PT-fragSOL". This instrument is a little different from providing liquidity, and this market will provide you with steady APY (Derived from YT traders) but will require you to hold until maturity. This also will not be earning you points anywhere but RateX unlike liquidity.
The reason why at first glance, liquidity APY seems much more attractive is because RateX calculates it at a level where liquidity pools are being used at 100% capacity (Which is almost never the case) meaning the actual liquidity APY is much lower.
There's also role boosts based on weekly user TVL which can help you climb the leaderboards.
Overall there are some really attractive products on RateX and Exponent. Providing liquidity gets you a small APY boost and tons of points, while PT tokens offer higher APY with less points.
The choice is yours, but definitely give it a shot if you hold some of those tokens. Putting them to work and stacking points for the airdrop might wind up to be extremely rewarding. You can try it all out here.
It's not everyday you see brand new protocols delivering real, yield-producing, fee-backed assets. Especially not with Bitcoin as the engine. Satlayer is just that.
SatLayer is an infrastructure protocol designed to help dApps like DEXs, bridges, and oracles secure themselves through restaking. It acts as a marketplace where applications can outsource security by paying $BTC restakers to validate or monitor their operations.
At its core, SatLayer connects those restakers with middleware protocols seeking decentralized security. In return for securing these apps, restakers earn a share of the protocol’s fees or token incentives creating a real yield-generating model for idle staked assets. No ponzi, no nonsense.
Bitcoin hodlers can convert their $BTC to Satlayer's $UniBTC, and automatically enter the restaking pool. The revenue shared will then reflect on the price of $UniBTC; kind of like $jitoSOL does for $SOL stakers.
The model is already widely adopted on $SUI, with dApps like SuiLend and NAVI using Satlayer's services.
But of course, this wouldn't be on LebThree's newsletter if there wasn't some juicy airdrop to farm on top.
Currently, $UniBTC holders have a point system called Sats², which will turn into an airdrop later on (Ticker should be $SLAY). There are some additional campaigns like the current OKX wallet collab which can give users point boosts so be aware of those.
This airdrop would be especially interesting because the product is useful and straight forward, meaning it has a great shot at longevity. It's also important to note they raised $8M in pre-seed, with some big names backing it.
And to make it even sweeter, Satlayer is registered on Kaito with 0.75% of their token supply dedicated to yappers & Kaito stakers. Yap on!
At the end of the day this really is a good way to put your $BTC to work. The airdrop will most likely be worth your time, and you can also try climbing the yap leaderboard for some tokens.
[All topics are meant to be educational only. None of it is financial advice, please do your own research.]
LebThree
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