Dreetske

@MetaCvx @aladdindao @0xC_Lever @0xconcentrator @protocol_fx @FX100Perp Tokenomics: If I understand the docs right 50% of fx100 revenue goes to VeFXN (50% bfxn locked forever by fx protocol). Of that 50%: 95% is rev share and 5% is buy and add to the ve Fxn stack?

.@aladdindao COMPANY 2021: @0xC_Lever October 2022 Cumulative Revenue : 1.23m 🔥 @0xconcentrator March 2022 Cumulative Revenue : 424k @protocol_fx September 2023 Cumulative Revenue : 3.76m @FX100Perp - 2026 @??? 2027 👀 No hype. No seasons. Just constant building and conviction.

@llamaintern @newmichwill @CurveFinance If it’s all about centralised stablecoins, it makes sense. It shows that decentralisation is not on top of people’s minds. It should though. We need to be silvergate event proof. We need decentralised stablecoins and infra. Thanks @newmichwill for building.

interesting decision to leave out @newmichwill from @CurveFinance

@defitea_ @llamalend It’s such an underrated product! Been using for years, in my more degen years it saved my collateral more than a few times. Overall way better experience than fluid, morpho and aave, but on others you can earn on the collateral (maybe LL v2 changes that),

🟦 Substantia Fund continues migrating its BTC position from Aave to LlamaLend @llamalend The Health Factor is now much stronger, giving the position a significantly larger safety buffer. Combined with LlamaLend's liquidation protection, the overall structure feels even more resilient. And the borrowing rate is another nice bonus – it's significantly lower than on Aave.

@fede_intern It’s not when a player goes down that it’s a foul. As an outsider, first half was abysmal, both sides equally annoying. Comparing Swiss to Paraguay goes a bit too far imho. Congrats on qualifying tho, banger goal. There’s quality, just play ball, play less games within the game.

@Dreetske 1. argentina played like shit 2. switzerland did a stupid amount of fouls the first half

Switzerland is doing fouls every few minutes to Argentina. Europeans complain about Paraguay but when they play like this nobody says anything.

@llama @crypto_linn Pendleeeeee

@crypto_linn Correction: I never said bullish. The data: Pendle core TVL $1.03B (+4% 7d, -9% 30d), fees ~$840K/30d (-10%), P/S ~26.6x — not cheap for a shrinking business. Boros' "$20B volume" claims are unverified, not in our data. NFA. defillama.com/ai/chat/shared…

Why I am long term bullish on $PENDLE Detailed answer given by @DefiLlama AI .

@WenLlama Wen back rev share? I understand growing the asset stack at these prices is a great opportunity, but do you guys set a threshold? Like when vecrv >200k/w = revshare and when below = accumulation.

wen face melted

@0xAero8 Yb weth pool increase maybe accounts for a large part of the metrics. Wen 1 billy tho

Fun fact about $crvUSD: metrics look good across every timeframe on Defillama 👀 Up 10%+ on the month Up 16%+ on the week Up 6.7 today Mcap: $212m on mainnet

@evan_van_ness Man, should have taken a bet 😅 but fair enough! TL was insufferable with Americans telling we were scared of Balugun, which really wasn’t the case. In Belgium we were quite surprised he got the Portugal job. I guess he’s op in solicitations 🫠

@Dreetske We were slight favorites in markets I don't understand why Martinez keeps getting jobs. I was telling everyone Portugal was ded. So much talent and depth and start a 41 year old and Joao Felix

As good as we were in this World Cup, that's how terrible we are today against a very mediocre Belgium when we were favorites No energy, no fight, not winning second balls, getting pushed around Round of 16 as the hosts is the bare minimum.

@evan_van_ness Imho it’s a bit too much to state you were favorites. We never thought that was the case. 100% this team doesn’t have the same qualities of 2014-2018 generation, but there’s still a lot of talent. Yeah Martinez, did it again with Portugal…

@evan_van_ness Belgian here. I guess your American ego got in the way of rationalism. Belgian team was way better on paper than USA team, but we underperformed heavily. USA performed good against shit teams. Defence ate Balugun like an American tourist eats a Belgian waffle. Be humble.

@nic_carter Man, just stick to American soccer

lots of people who don't watch football weighing in on the Balogun thing. let me summarize yes it was a wrongly-granted red during the game. it wasn't serious foul play or a reckless tackle. he was playing the ball. he was unlucky and the intent was not there. anyone watching it live agreed - never a red. it shouldn't have even been a VAR intervention because it wasn't an obvious error. the yellow card originally granted was more than enough. so on the merits - not a red card, not even close. now, can the red card be appealed or suspended in the World Cup finals? yes, this is an explicit written rule, FIFA's Article 27. Ronaldo notably benefited from this in this very World Cup, avoiding a 2 match suspension. Otamendi of Argentina and Caicedo of Ecuador were also due to miss their opening WC matches and had those red card suspensions waived as well. so this kind of thing absolutely happens. there absolutely is precedent. what's the difference? Balogun's red card and suspension happened _during_ the World Cup rather than in qualifiers. that's the only difference. now do red cards get appealed in club competition? all the time. in fact, every major league has red card appeals, because red cards are sometimes incorrectly granted! no one who watches football thinks "red cards given on the pitch are absolutely final and incorruptible". red cards get appealed all the time. they are appealable in: - the English Premier League - the FA cup - La Liga - Copa del Rey - Serie A - Bundesliga - Ligue Un - MLS this is how I know so many of those weighing in don't watch football, because red card appeals are incredibly common in club competition. in fact they are universal, aside from CL. why are international tournaments like the World Cup different? for the very simple reason that there isn't as much time in between matches to have a formal appeals process. (whereas in club you have a week between matches). it's not like the WC or CL have some kind of philosophy that refs are absolutely incorruptible. Anyone who watched Italy v South Korea in 2002 or England Germany 2010 knows that refs can fail terribly. could the FIFA WC add an appeals process for red cards? easily, and they probably will. this incident could well be the catalyst. and when it happens, and the game gets fairer overall, you can thank Folarin Balogun and President Donald J Trump.

@nic_carter You think if Tielemans got an “unfair” red card against Senegal fifa would cancel his suspension. Sue me if there wouldn’t be an US statement if they did. Am belgian, looks like the team is more focused on the game itself. They play against Balugun level player on weekly basis.

@Dreetske Then say nothing instead of doing this whole complaining bit x.com/belreddevils/s…

If you’d have told me before this tournament that Belgium would be quaking in their boots at the sight of Folarin Balogun I wouldn’t have believed you

@Nebraskangooner Who?

Balogun is back!! 🇺🇸🇺🇸

@DeFi_Made_Here Incredible “no risk” whilst in 2026 alone there was bad debt out of the USR depeg and fluid giving itself an uncollateralized loan, losing control over private keys resulting in a merkle reward exploit and a preventive (centralized) action regarding the kelp dao exploits.

It is not a secret that Fluid DEX is the most efficient venue for stablecoins. We accounted for more than 50% of all stablecoin DEX volume across DeFi. At the same time, we have learned that many existing and emerging stablecoin issuers either don't know how to leverage our infrastructure or can't interact with DeFi directly. That's why we launched DEX Liquidity-as-a-Service. We provide liquidity for stablecoins, yield-bearing stablecoins, and select RWAs for a flat fee starting at 2% per year. Our partners get: • No inventory risk • No counterparty risk • No smart contract risk • No LP risks • No management of the positions This is the most competitive offering on the market, available across both EVM and Solana.

@fede_intern Well, last 5 WC editions, 27 of 40 teams (67,5%) reaching last 8 were European followed up by South American teams (22,5%). Last 4 is 75% vs 20%. I am from Belgium and I enjoyed watching Panama or Paraguay way more than most European teams. So gg, hope it will get even better!

I remember seeing a lot of Europeans on X saying the World Cup is basically just the Euros plus Argentina and Brazil. Welcome to LATAM and Libertadores fútbol.

@NaveenCypto @DefiLlama Uff fees and revenue comparison

Fluid vs Curve Data - @DefiLlama

@lordjorx @valueverse_ai I guess price drives attention. These tokens are at ATL and look dead. I’m amazed that people prefer dex perp dexes (>cex tho) over real innovation and potential financial infrastructure of which you can own a piece of and pays you out. Could maybe change with clearity act.

Will crypto ever value DeFi on cash flows? I've been digging through @valueverse_ai data recently, and two metrics changed how I look at DeFi valuations. > The first is Effective Market Cap. Many DeFi tokens have emission schedules that dilute supply for years. Comparing revenue to FDV often tells you very little. A more useful approach is comparing revenue to the tokens actually circulating and locked in the market today. > The second is FCFM. It compares recent revenue to annualized revenue, helping distinguish between sustainable cash flows and short-term spikes. A good example is @yieldbasis. Recent volatility caused fees to surge, with a large portion of its annualized revenue generated in just a few days. Then you have @VelodromeFi and @AerodromeFi. Their revenue is far less exciting on a week-to-week basis, but it's remarkably consistent. I own some VELO because I find that type of predictability valuable. However, what's most surprising is how little the market seems to care. Crypto still prices assets based on narratives, momentum, and liquidity cycles. Meanwhile, some protocols are generating recurring cash flows while trading at valuations that would look absurdly cheap in traditional markets. At some point, fundamentals have to matter.

The chart unfortunately paints a much different picture than the caption. That chart depicts a steady decline in onchain activity ($ wise) since 2021, supported by alt metrics like google trends which also show a decline in crypto interest over that same timeframe. If you look closely, Ethereum’s share of activity was in a down trend until 2025, but since then has stabilized and is now regaining dominance, albeit at snail’s pace. Hyperliquid fees shouldn’t be conflated with general purpose onchain activity as all of their revenue comes from perps trading. I bet if we had better insight into bybit, or binance, or bitmex, or any other CEX we’d see that it’s their revenue being cannibalized rather general purposes block space. Look I get it. ETH has been underperforming BTC quite a bit. I don’t like it. You don’t like it. Vitalik doesn’t like it. The EF doesn’t like it. I think the reason Ethereum is the target of these hit pieces is that it has a large and active community and poking at it sparks engagement. (The very same chart illustrates an even steeper decline in Solana market share over a shorter timeframe, but makes no mention of that) I also think VCs and funds are incentivized to poke at Ethereum because they see blockchains as inevitable, and think that there’s enormous upside in capturing capital rotations out of ETH and into their bags. This gives even more fuel for hit pieces in Eth. What they miss is that Ethereum development has not been losing market share. Alt L1s are not a new phenomenon, they’ve been around since before ETH. And even in 2021, there was no shortage of them. What these VCs and hit pieces don’t understand by spinning narratives is that activity as a whole has been declining. Painting Eth in a negative light is just a red herring for the fact that most of the industry is struggling. Bitcoin is seeing supply centralization and mining consolidation in a way that is completely unprecedented in its short history. Solana engineered a social narrative that lead to massive amounts of extraction from retail to its own and the rest of the industry’s detriment. Binance/BNB has and continues to engage in some of the most manipulative and corrupt practices in crypto, and these hit pieces actually credit them for their wash-trading sourced revenue! Tron is widely known to have onchain activity of questionable provenance, and largely serves as a sandbox for Tether. Hyperliquid is the new shiny thing that’s making holders money so all its sins are washed, but everyone is forgetting that the chain is literally closed source. I’m not telling you to buy ETH. You can invest how you want. But ETH’s price action is probably the strongest signal of genuine crypto interest. Its decline means that interest in crypto more broadly is in decline. The chart below illustrates that fact more than anything else. And spinning anti-ETH narratives is just a projection that crypto simply isn’t capturing mind share or capital flows the way it did. “Ethereum losing to competitors” isn’t the story here. The story is that capital is largely expensive as result of high glob interest rates, and what liquidity is available is being funnelled into Sam Altman’s and Dario’s quests to build god. But there are exceptions. It’s not all doom and gloom. Prediction markets are an exception. Equity/commodity perps are an exception. And amazingly, in a massive breath of fresh air, onchain privacy solutions are an exception. Interestingly, the top prediction market, the top perp-DEX, and almost all of the privacy solutions are either built on Ethereum, built adjacent to Ethereum, or adopt Ethereum tech. But we don’t see that in any of the headlines do we?