ZerosXBT retweeted
USDC & USDT still earning 10% on ftUSD.
Burned unallocated 9bn FT bringing FDV to 100m.
Spot & TRS in private beta in discord.
Full update in blog below.
Flying Tulip Monthly Update
In July, Flying Tulip moved closer to an integrated on-chain financial system.
— Lend TVL reached $13.4M, with loans at $1.3M
— ftUSD supply grew to $4.5M, while Ethereum ftUSD APY stayed above 7% for a third month, without liquidity mining or token incentives
— PUT backing generated $1.2M in all-time yield
We also burned 8.8B FT, approximately 88% of total supply, reducing FDV to ~$100M.
Spot and TRS entered private beta for select Discord roles.
Read the full update: blog.flyingtulip.com/flying-…
Are Validators Accumulating $ETH ?
After months of sustained unstaking pressure @ethereum network is now showing a clear reversal → $ETH inflows into staking are far higher than $ETH outflows
Currently around 788.310 ETH are waiting to enter staking while only about 312.091 ETH are in unstake queue
This shift signals long term confidence is returning replacing defensive behavior and validator exits
More importantly $ETH leaving exit queue is not flowing to spot market → Instead it is directly absorbed by new staking demand
Rather than unstake and sell on spot this $ETH stays inside validator system
Simply put unstake does not equal spot selling. $ETH is transferred OTC to entities looking to stake which is why exit queue is no longer a bearish signal like before
Recent upgrades such as Pectra further reinforce this dynamic acting as a control valve for @ethereum
Validators cannot enter or exit staking all at once. Network limits number of validators that can join or leave per epoch forcing unstaked $ETH to be released gradually over time
This mechanism helps to ↓
• Absorb supply over time
• Prevent sudden liquidity shocks
• Reduce risk of systemic sell pressure
➥ In phases like this market often reacts slowly but once demand returns impact of constrained supply can be amplified quickly
Stablecoins Will See Mass Adoption?
Financial innovation usually starts on the edges of the system and outside regulation, If it proves to be systemically important → it eventually gets integrated into the system
Financial history always teaches us important lessons:
• Three banks that accepted crypto went bankrupt
• Smart contracts can be hacked
In traditional finance, banks usually have two choices:
• Borrow emergency support from the central bank → but this sends a signal to the market that the bank is weak
• Lend aggressively, knowing that someone will print money to save them if things go wrong
That’s a real story I want to share w/ you
Now, if we see stablecoin issuers as banks, then once stablecoins become systemically important, central banks may have no choice but to extend similar protections
There is one more very important factor → stablecoins are not just a technology innovation, but a global distribution channel for government debt
At the same time, public debt will no longer be limited by existing financial institutions
Many people worry that the rise of stablecoins means the collapse of fiat money
I don’t think so. These two assets can exist side by side and support each other
Banks and blockchains don’t replace one another ↔ they connect, creating strong money flows both off-chain and on-chain
The question now is which COUNTRY can control Stablecoins well??
That country will gain a long-term advantage → a powerful global expansion tool
After the Fukasa update went live
Here’s what we can see through @MayanFinance ↓
• 62.3M was bridged → making it the chain w/ the highest bridged volume
• Top inflows came from @arbitrum, @solana, @base and @BNBCHAIN
• Holding 31% of total bridge market share
Before that @ethereum also broke its TPS record from 31,000 TPS → 32,950 TPS
Triggered by @Lighter_xyz explosive growth
HAS THE YEN CARRY TRADE ENDED YET?
A Red Start to the week across the entire market
With so many things happening from last week until now, this is the story I feel most like sharing
The Japanese yen keeps falling → which forces the Japanese Government and the BOJ to change the rules → they have to raise interest rates to support the yen
But here’s where the real problem begins ↓
Higher interest rates → borrowing in JPY is no longer cheap → retail traders are pushed to unwind their carry trades
As a result risk assets/USD pairs get sold off heavily so people can repay their JPY debt
Japan’s 2-year bond yield has just reached 1% for the first time since 2008 → a strong signal that more rate hikes may continue at the Dec 18-19 meeting
To me, this is just a short-term bearish story → We need to get a clearer picture of how many retail traders are borrowing short-term → Those with long-term loans can stay calm
And honestly if you’re simply buying BTC long-term returns should easily cover the cost of the Yen carry trade anyway
At this moment it’s like claiming Lamine Yamal should win the Ballon d'Or over Mbappé. People don’t buy it but they still act cautiously when deciding
The market is the same. People think we’ve already hit the bottom, but they’re still hesitant to step in and buy
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Everyone knows hacks happen, but…
The surprising part is that the HACKED tokens are Pumping
$ORCA +118%, $DOOD +50%, $MEW +28%, $MOODENG +14%, $PENGU +11%, $TRUMP +10%
Upbit temporarily paused all deposits/withdrawals for investigation, which basically froze the arbitrage systems on the exchange
W/ money flowing in and prices no longer following the oracle, Upbit’s prices quickly drifted away from the global market
Token supply got stuck on the exchange → Korean retail traders took advantage of this by opening perp positions and then buying spot
These tokens will return to normal once Upbit reopens deposits/withdrawals
Upbit(@Official_Upbit) has been hacked — 54B KRW (~36.8M USD) in assets on #Solana have been transferred to unknown wallets.
upbit.com/service_center/not…
intel.arkm.com/explorer/enti…
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Data Streams: The New Era Of Wall Street 2.0
The U.S. needs to regain control of blockchain after a period of chaotic freedom
DeFi is creating a parallel banking system outside regulators’ control
Retail money rushing into DeFi → pulls liquidity away from traditional finance (TradFi)
If the U.S. wants to use blockchain as infrastructure for stocks and real world assets (RWA), it must clean up the old ecosystem
Clearing the field allows legal on-chain assets → tokenized securities/RWA to have a clear path
This is not a crackdown, but a necessary step to make blockchain part of the national financial infrastructure.
➥ To do this, the infrastructure needs to be fast, handle high throughput, and almost real-time → this is where Data Streams technology comes in
What @Somnia_Network currently lacks is time for traditional institutions to choose them for pilot tokenization of securities
Legal framework + capital flow + technology all favor using blockchain to serve TradFi rather than becoming a retail casino
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Timing follows the cycle
This can be seen as the “golden moment” for the market
Bitcoin has already doubled its previous cycle’s ATH, and a new wave is forming
It’s the right time to launch a token, @MetaMask still dominates and users are still interested in the wallet narrative
Once the meta shifts and new wallets rise, regaining the spotlight will be much harder
Earlier airdrop → sooner token unlock → more time to accumulate → easier to build momentum for uptrend
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CTs that share educational content you should read
@Jonasoeth
@0xjeff
@Mars_DeFi
@defileo
@Hercules_Defi
@DeFi_Dad
@0xCheeezzyyyy
@BringMeCoins
@Nick_Researcher
@yeak__
@alpha_pls
@hooeem
@KamBenbrik
@thedefiedge
@DefiIgnas
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ZerosXBT retweeted
What if → $USDH backed by $USDtb
• @ethena will deploy 95% of net revenue from USDH to benefit @HyperliquidX with $HYPE buybacks and distribution to validators
• Ethena covers all costs to migrate from $USDC to USDH if Hyperliquid switches quote pairs.
• Securitize will launch on HyperEVM at no cost to bring tokenized funds, stocks, and institutional-grade assets.
• $75M in incentives for HIP-3 frontends ( $USDe, $hUSDe, USDH) → Will increase to $150M if volume scales
• Ethena can offer special fee tiers for swapping to USDH and instant liquidity access (>$5B in USDT/USDC)
• USDH could later be backed by USDe or hUSDe if Hyperliquid community and validators approve.
If $5.5B USDH were backed by sUSDe ↓
- Based on average APY: $698M/year (13% APR) → 54% of Hyperliquid’s current cash flow
- Based on 2024 APY of 18%: $990M/year → 76% of Hyperliquid’s annualized cash flow
➥ Why MUST be Ethena
• USDtb = BlackRock-backed stablecoin and will become the first GENIUS-compliant stablecoin
• Commit to supporting the broader growth of Hyperliquid through a variety of other initiatives with Hyperliquid native teams and builders
• Ethena commits to supporting Hyperliquid regardless of proposal outcome
• Ethena has supported HyperEVM from day one with launching the first USD spot asset on HyperCore with ~10% APY
• Partnered with Hyperliquid-native projects, such as Hyperlend, Felix, and Hyperbeat, to provide Hyperliquid users with more earn opportunities across HyperEVM
• Strategic partnership with Based, the leading builder codes exchange on Hyperliquid
• Aligned with their plans to launch ENA/uENA as upcoming spot assets on Hyperliquid
• If Ethena wins the ticker, USDH will follow the same high standards as USDe and USDtb → setting up for billion-dollar scale
ORDERLY: OVERVIEW ANALYTICS DASHBOARD
Key Metrics from @OrderlyNetwork ↓
• TVL: $51.9M
• Daily new users: ~1,000
• Total accounts: 894,909
• 30D Volume: $20.3B → top 4 perpdex
• 30D Revenue: $526K
After just 1 year, Orderly has brought in $16M TVL on @solana, $12M on @CeffuGlobal, $10M on @arbitrum proving it’s best suited for a multi-chain platform, not limited to @NEARProtocol.
On token value accrual:
Orderly posted $526K revenue and proposed:
🔸 60% of net income → ORDER buyback
• 50% to stakers in esORDER (3m vesting)
• 50% to governance wallet (community vote: burn / incentives / liquidity)
Meanwhile, Multi-Collateral just launched → users can deposit stablecoins, LST, LRT, LP tokens as collateral.
🔹Grows user base
🔹 Reduces opportunity cost (no need to swap into one asset)
🔹 Prepares for omnichain liquidity routing
➤ More collateral → higher TVL & volume → more fees → stronger buybacks → direct value for ORDER holders.
You must follow them for Web3 education ↓
@0xKingsKuan
@Artistkatty_
@satswassie
@ssaintleger
@marvellousdefi
@BenYorke
@r_rainss
@Pacrypto55
@Duldul_Capital
@flb_xyz
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ZerosXBT retweeted
SynFutures Repositions for Real Growth
At first glance, Q2 looked tough for @SynFuturesDefi. Metrics were down across the board
But if you look closer, this wasn’t a quarter of weakness → it was one of conviction
Key Metrics ↓
- Trading volume: $13.4B
- Daily active addresses: ~2,250,
- Protocol fees: $2.7M, down from $7M
- Market cap: $17.1M
→ But let’s be real: these numbers were expected. SynFutures deprecated its Blast deployment on April 15 → a deliberate move to shift all focus to Base, where they see long-term product-market fit
_______________________________________
The Buildout
This quarter wasn’t about chasing volume → it was about building foundational infrastructure:
➤ Real-World Assets: SynFutures launched WTI oil and gold (XAU) perpetual markets with up to 10x leverage, using Pyth and Chainlink oracles
➤ AI-Native UX: Synthia, the AI agent launched in February, now lets users trade on Base via natural language commands on X
➤ The Builder Program: Launched June 11, this initiative supports new teams building on SynFutures' infra → providing grants, infra, liquidity, and frontend tools
➤ First partner: Monday Trade on Monad Testnet. It combines AMM and orderbook trading with CEX-like speeds
➤Projects share revenue → SynFutures uses that to buy back $F tokens
➤ Binance Alpha Trading Campaign: $F launched on Binance Alpha with a trading competition and 49.3M $F tokens distributed across top 6,940 traders
_______________________________________
The short-term metrics may spook surface-level observers, but I see SynFutures playing the long game and playing it well.
They’re moving from a just a Perp DEX narrative into something more powerful:
- A modular DeFi infra layer for RWAs
- A frontier in AI trading UX
- A hub for builders, not just users
- A token with real value capture, not just governance fluff
$F is still early. But SynFutures isn’t playing the short game. And that’s exactly why I’m paying attention.
Advantages of CLMM over AMM
AMM → Liquidity is spread evenly across the entire price curve → 90% of capital sits outside the active trading range → severe yield dilution. Idle capital = missed opportunity, yet still exposed to impermanent loss if price moves sharply. This is why pro LPs see AMMs as baseline infra for retail only.
CLMM → Concentrates capital in ranges with real trading volume → lower slippage → much higher capital efficiency → stronger fee APY → used to require active management (volatility, funding, sentiment) → mostly for pros → now opening up to the masses
AMM = passive ETF → evenly allocated, minimal rebalancing. CLMM = active fund → optimizes by “price band” using volatility forecasts. Wrong range = impermanent loss + zero fees → equivalent to an active fund going all-in on a stock that never trades.
CLMM isn’t new — but when paired with high-performance infrastructure, the execution meta shifts. Sui = high TPS, low-latency finality, sub-cent fees → enabling micro-rebalancing and automated LP strategies that ETH L1 or congested chains simply can’t support.
@MMTFinance DEX → A CLMM engine combined with multi-layer liquidity routing + smart order flow execution → reduces MEV leakage, improves order fill quality. LPs capture more true value from order flow, avoiding easy sandwiching or front-running.
Execution layer = the key differentiator. On high-fee, low-throughput chains → LP rebalancing is slow → ranges quickly go “out of money.” @MMTFinance leverages Sui to enable real-time rebalancing + efficient path routing → LPs get higher net yield, traders get tighter spreads and better slippage control.
You must follow them for Web3 education ↓
@Crouserrr
@tehMoonwalkeR
@0xrooter
@Defi_Warhol
@Steve_4P
@jussy_world
@matteodotsui
@PapiChuloGrim
@solashenone
@michaelh_0g
@chowtato
@friskk
@grebby
@0xnathan
@vohvohh
@SanjayWeb3
@Param_eth
@wyckoffweb
@panamaXBT
@RiddlerNFT
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