This edition of the newsletter analyses covers blockchain's transformation of traditional assets into liquid markets (from real estate and bonds to social capital and predictions) and Solana's comprehensive roadmap to build Internet Capital Markets through Application-Controlled Execution, targeting millisecond-level transaction control and ~150ms finality by 2026.

Last week, we wrote about how Pump.fun has established itself as the breakout dApp of the cycle, revolutionizing token launches on Solana. Since then, it has now face serious competition from Letsbonk.fun, which has aggressively captured over 50% market share in daily token deployments and even exceeded Pump.fun's trading volume in recent weeks.

This edition of the newsletter analyses Pump.fun which has become Solana's leading memecoin launchpad and one of crypto's most successful consumer dApps, generating nearly $700 million in cumulative revenue through its integrated platform that allows anyone to create and trade memecoins while capturing fees from both issuance and secondary trading.

This edition of the newsletter analyses Hyperliquid which has emerged as a breakout decentralized application, starting as a perpetuals DEX in June 2023 and achieving over $1.8 trillion in trading volume while representing 4.8% of centralized exchange trading activity.

This edition of the newsletter analyses how the cryptocurrency industry is experiencing unprecedented institutional adoption, driven by the approval of Bitcoin ETFs (which have attracted over $45 billion in inflows), corporate treasury strategies led by companies like MicroStrategy (now called Strategy), and supportive regulatory developments including Trump's establishment of a Strategic Bitcoin Reserve.

This edition of the newsletter analyses how crypto incentives are accelerating robotics from lab demos into a token-powered “machine economy,” and some projects combine full-stack control, community funding, and open-source tooling to crowd-source data, bootstrap fleets, and give retail investors upside.

This edition of the newsletter analyses how crypto, particularly Worldcoin's iris-scanning identity verification system and token distribution model, could serve as the infrastructure for implementing Universal Basic Income (UBI) on a global scale. We suggest that UBI becomes more likely due to automation and AI displacing jobs, crypto-based solutions like Worldcoin's decentralized identity system and blockchain rails could overcome traditional barriers to UBI implementation, though this may ...

This edition of the newsletter analyses how Ripple has built a vertically-integrated fintech platform combining the XRP Ledger, an EVM-compatible sidechain, RLUSD stablecoin, payment rails, and custody services to offer banks and institutions a unified solution for real-time settlement and compliant dollar liquidity.

This edition of the newsletter analyses Proof of Humanity (PoH) protocols aim to verify real human identities to prevent sybil attacks and ensure fair participation in crypto applications like airdrops and DAO voting, with three main approaches emerging: biometric hand scanning (Humanity Protocol), biometric eye scanning (Worldcoin), and zero-knowledge proofs of Web2 credentials (zkPass).

This edition of the newsletter explains Real Economic Value (REV) as a blockchain metric that measures the total fees and tips users pay for transactions, providing a more direct indicator of economic demand and activity than metrics like TVL or user counts.