Robinhood now has 14 business lines making $100M+ a year. Robinhood Chain isn't on the list yet. By Robinhood's own math, it already qualifies. Quick breakdown: Robinhood counts a line once a quarter's revenue × 4 tops $100M. Robinhood Chain made $26M in its first quarter live. × 4 = $104M. Over $80B of DEX volume ran through it in Q3, with over $50M of chain fees. Robinhood owns the chain, so the main cost is paying Ethereum to store its data. About 90% of Q3 fees left after that bill. Without it, $HOOD crypto revenue fell 6% to $94M. With it, crypto rose 20% to $120M. Robinhood has every incentive to push the chain. It's the newest $100M+ line (it keeps most of every fee) and it's the reason crypto grew at all this quarter.

$HOOD is down about 7% after hours on an EPS miss. Robinhood just posted its biggest revenue quarter ever: $1.42B. Quick breakdown: GAAP EPS came in at $0.51. That includes $0.07 of unrealized losses on Robinhood's venture fund. Add it back and it's $0.58. Options hit a record $399M. Prediction markets did $173M, up over 6x, now ahead of crypto at $120M. Robinhood makes $200 a year per customer. In Q3 2022 it was $63. $71B of net deposits came in over 12 months. Platform assets sit at $396B. At $87.70 after hours that's about $80B, or 14x the $5.7B revenue run rate. The market is reacting to a small EPS miss while the trading machine set records.

Crypto protocols are spending about $3.9M a day buying back their own tokens. Using last 30 days of revenue: - $HYPE sends about 99% of revenue to buybacks. That's about $2.1M a day ($765M a year) - $PUMP sends about half, that's about $1.07M a day. - $UNI, $STONK, $ORE, $PONS and $JUP add another $720K a day combined. The more these apps earn, the more tokens get pulled off the market. Revenue is translating into steady daily demand. Impressively, Hyperliquid alone accounts for roughly 2x the volume of the next-largest buyer.

Galaxy is down 33% in October. Bitcoin is down 3.9%. Crypto stocks are falling harder than bitcoin:native, and Robinhood and Coinbase both report this week. - $HOOD -16.8% - $COIN -13.6% - $MSTR -6.3% - $CRCL -2.5% - $QQQ -2.2% Robinhood reports Tuesday, Coinbase Thursday

Brazil's main stock index fell 15.7% today after Lula won re-election. Investors are betting on more government spending. The real fell 6.7% against the dollar. Ibovespa: 205,083 on Friday, 172,862 now $EWZ, the US-listed Brazil ETF: -21.3% Trading was halted after the open The index hit a 1-year high of 209,067 on Oct 9

Aave is bringing back AAVE buybacks. Plus staking and burns. Stani Kulechov announced Aavenomics 3.0 on Aave's Q3 livestream. Buybacks have been paused since April 19, the day after the rsETH bridge exploit. Since then the DAO committed 25,000 ETH to cover losses and lined up a credit line of up to 30,000 ETH from Mantle. A buyback means the protocol uses its revenue to purchase its own token. A burn removes tokens forever. Fewer tokens, each one a bigger slice. Before the pause, the program picked up over 205,000 AAVE (about 1.28% of supply) in under a year. Meaning holders already saw this playbook once. Aave revenue is at $13.4M in Q3, down from $41.4M a year ago. ethereum:0x7fc66500c84a76ad7e9c93437bfc5ac33e2ddae9

Aave V4 just crossed $1.1B in deposits, 7 months after launch. Loans: $434M. Both up fast in the last 30 days. How it works: V4 is one shared pool of money, the Hub. Partners plug in their own lending markets, the Spokes. Each partner brings its own users. Those users borrow from money already sitting in the pool. Circle's chain Arc went live in September. It already holds $289M of deposits, about a quarter of V4. Deposits +30% in a month. Loans +57%. Partners do the user growth, Aave keeps the pool. The flywheel is only accelerating. ethereum:0x7fc66500c84a76ad7e9c93437bfc5ac33e2ddae9

The AI build-out stocks are down 4% to 8% today. Apple is green. Meta's new share class and $145B capex ceiling put the spending bill back in focus. $VRT -8.3% $AMD -7.5% $SNDK -7.5% $ANET -7.2% $SPCX -5.7% $META -5.0% $MU -4.8% $NVDA -4.0% $AAPL +0.4%

ethereum:0x232ce3bd40fcd6f80f3d55a522d03f25df784ee2 is +20% after Lighter's Q3 call. Q3 revenue: $8.55M, +19% from Q2's $7.2M. Q3 volume: $137.67B. Next month Lighter files with the CFTC to become the first US-approved onchain perps exchange.

Papertrade told $PAPER holders their tokens can't leave the staking contract. "At this juncture we do not have plans to allow off-contract token transferability." Papertrade is a 1,000x perps exchange where one USDC pool takes the other side of every trade. Losers get minted PAPER. Stakers earn the house's take. A tradable PAPER would let an attacker short the token, drain the pool, and profit on the crash. So the team locked it. • $57.1M paid to PAPER holders since Oct 10 • Peak day: $6.7M on Oct 15. Oct 20: $1.3M • New issuance cut from up to 100 PAPER per $1 lost to about 10 The market is pricing the payouts to keep shrinking.

$SPCX is up 10% today on earnings and Tesla merger talk. The path since listing: - IPO price: $135 - First close (Jun 12): $160.95 - Peak close (Jun 16): $211.39 - Low close (Aug 5): $108.27 - Today: $162 Four months, a 49% drawdown from peak to low, and the stock is back to about where it closed on day one.

zcash:native is a top-10 crypto again. - Price: $1,341 - Past year: +410% - Market cap rank: #10, ahead of hyperliquid:native and dogecoin:native Same year: bitcoin:native -22%, ethereum:native -35%

Citi just published a 24-page research note on Aave. The pitch: Aave as the collateral layer for tokenized finance. Quick breakdown: Aave lets you deposit assets and borrow against them. Onchain, no bank in the middle. Citi thinks tokenized Treasuries, funds and eventually stocks will need exactly that. A place to be pledged and borrowed against. Aave today: • $17.8B in TVL, $12.2B borrowed • About a third of all DeFi lending TVL • Horizon, its RWA market: $253M supplied Meaning the RWA side is still tiny vs the core. Wall Street now writes about Aave as market plumbing. ethereum:0x7fc66500c84a76ad7e9c93437bfc5ac33e2ddae9 sits at a $2.4B market cap while tokenization is still in its first innings of a multi-trillion-dollar wave.

Collector Crypt is on pace for its best month ever. (@Collector_Crypt) $10.2M in revenue in the first 18 days of October. At that pace, October ends near $17.6M The record is June at $16.1M October 2025 was $4.1M (that's 4.3x in one year). Last 30 days: $16.5M (annualized, about $199M a year) solana:CARDSccUMFKoPRZxt5vt3ksUbxEFEcnZ3H2pd3dKxYjp market cap: $252M The market is pricing $CARDS at about 1.3x a year of revenue.

bitcoin:native dominance is near 61%. The ETF data shows why. ethereum:native ETFs saw outflows on 11 of 12 trading days in October, per Farside. October so far: - ETH ETFs -$955M - BTC ETFs -$615M Bitcoin ETFs have pulled in 4.4x more money all-time ($56.9B vs $13.0B). So ETH funds just gave back 7.4% of every dollar ever put in. BTC funds gave back 1.1%. ETH/BTC is down 10% since Sep 20. Institutions are leaving everything that isn't bitcoin.

hyperliquid:native + solana:pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn is a duo we’ve been very bullish on for a while.

Today, producer prices just had their hottest month since March 2022. PPI rose 1.3% in September, more than double what economists expected. That's 6.3% over the year, highest since December 2022. Quick breakdown: PPI is what businesses pay. CPI is what you pay. Costs at the top usually get passed down. Energy costs for producers jumped 10.8% in one month, the biggest jump since the data started in 2009. Core, which strips out food and energy, still rose 0.7% vs 0.3% expected. Inflation is RED hot in the US. The odds of rate hikes are rising sharply on the news.