Mesh

RedotPay controls 80.6% of crypto card volume. Ask 100 people in crypto if they've used it, maybe 2 have even heard of it. I hadn't either until I saw this chart. I spent some time digging into this anomaly, and what I found changed how I think about crypto adoption. The data from @obchakevich_ 's Dune dashboard shows @RedotPay processed $2.95B in card transactions during 2025, over 4x what its next 13 competitors did combined, and they hit a $10B+ annualized run-rate by November 2025. But here's the weird part the app ranks #705 in Egypt's Finance category and #624 in Thailand, while sitting at #2,242 in the US. I asked 30+ people in Western crypto circles about RedotPay. Two had heard the name. Zero had actually used it. So how does a platform almost nobody on crypto Twitter knows about hit $10B+ in annual run-rate? Turns out we've been looking at the wrong map. RedotPay built for people in Bangladesh, India, Egypt, Nigeria, and Brazil who don't have reliable banking, and the actual use case is straightforward: hold USDT so your savings don't get destroyed when your local currency tanks, then spend it via Visa card for everyday stuff like groceries and bills. They're not chasing airdrops or staking yields. They just want their money to hold value. Instead of burning cash on Facebook ads, RedotPay recruited local crypto traders, community leaders, and OTC merchants as agents who earn up to 40% commissions when someone activates a card. The $100 physical card fee and $10 virtual card fee fund the whole thing, and most of their 2025 growth came from people searching for them organically through pure word of mouth in communities we never see. Getting started takes two minutes: download app, send some USDT, spend anywhere Visa works. Why is RedotPay so far ahead? - Two-minute onboarding from download to spending, versus hours learning DeFi protocols - Real infrastructure through partnerships with Circle (June 2025) for instant BRL payments to Brazil and Ripple (December 2025) for NGN to Nigeria, moving money in minutes instead of days - Local communities built on Telegram groups in Yoruba, Hindi, and Portuguese, generating massive engagement in languages most of CT doesn't read - Offline-first distribution with agents on the ground in Lagos and Cairo beating online ads every time What people actually do with it: - Deposits are 98%+ stablecoins (USDT/USDC) - Spending happens in small amounts multiple times per week - Real uses include buying food in Cairo, sending money to family in Lagos, and protecting savings from currency collapse in Nigeria The numbers back it up: they hit 5 million users by August 2024, got to 6M+ users by November 2025 while adding 3M+ just last year, tripled their volume in 2025, and they're profitable. They built it for specific people with specific problems we don't face, and actual adoption looks like a guy in Nigeria making sure his paycheck still buys groceries next month, a family in Egypt paying bills without bank fees, or someone in Bangladesh sending money home without losing 8% to Western Union. Utility beats speculation when it comes to real volume. Needs drive actual scale. Sometimes the biggest things happen where we're not looking. Makes me wonder what else is out there that we're completely missing.

RWA has grown fast, but focusing only on the numbers misses the real shift Yes, moving from $5B to $20B+ in a little over a year is meaningful But growth alone isn’t the story, crypto has seen bigger percentage moves on weaker foundations What’s different here is where the yield is coming from For most of DeFi’s cycle, returns were largely internal due to incentives, leverage loops and volatility. That model worked in expansion phases, but it was always fragile. The moment conditions tightened, yields compressed because there was no external source feeding them RWA changes that dynamic It introduces cash flows that don’t depend on crypto native activity, like Treasuries, credit, structured products and makes them accessible onchain And that’s why the type of players entering matters When @BlackRock,@OndoFinance, and @centrifuge show up, it wasnt for experimentation or narrative exposure It’s because tokenization improves distribution for faster settlement, broader access, and more flexible usage of familiar instruments But tokenization on its own is not that transformative Because, putting a treasury onchain and calling it a token doesn’t suddenly unlock new value. It just makes the asset easier to move. The real shift happens when DeFi starts to do something with that asset This is where I think @pendle_fi is more important than most people give it credit for Pendle doesn’t create yield, it reframes it. By splitting principal and future yield into separate components, it turns a passive position into something you can actively structure. You can fix returns, take directional views on rates, or combine both depending on what you’re trying to achieve Although it may sound as a small abstraction, but it fundamentally changes how capital behaves You move from holding yield to positioning around yield And once that layer exists, the rest of DeFi starts to make more sense Protocols like @aave and @Morpho can use these positions as collateral, which means predictable cash flows can now support borrowing, leverage, and more complex strategies. At the same time, credit protocols continue expanding the supply side, feeding more real world assets into the system What you get is a system that is slowly becoming more capital efficient, not because of higher risk, but because of better structuring That’s the part I think is underappreciated In other words, the edge isn’t in accessing the yield, it’s in how you use it. Zooming out, this is where the TradFi → DeFi bridge starts to feel more interesting Not because everything is moving onchain, but because the most useful parts like liquid, yield generating asset are being integrated into a system that can recombine them more flexibly IMO, DeFi doesn’t need to replace traditional finance, it just needs to make its components more efficient and composable And if that trend holds, RWA starts to look more like core infrastructure layered on top of DeFi

@0xspicexr @pendle_fi Well said Spice i agree, Pendle’s ability to split and reframe yield is massively underappreciated, the bigger play happens when you can actively structure, fix, or leverage real cash flows and w that protocols like aave, morpho, and the rest become far more powerful

@YashasEdu @ethena good work brother, i think the entire bull case now rests on whether HyENA + commodity/equity DN can restart the funding engine that crypto perps no longer provide

Here's a reality check on @ethena I've been covering this protocol since early days. If you hold ENA or use sUSDe, this is something you need to see👇 ➥ The Ethena we all bought: ➢ Delta-neutral synthetic dollar (short crypto perps against spot) ➢ Earn funding rates ➢ Pass yield to sUSDe holders ➢ Protocol takes a cut At the peak that model generated $151M in a single quarter and sUSDe yielded 27% where the protocol kept $10.18M. Take rate was 6.74% ➥ The Ethena that exists today: ➢ 93% of USDe backing was delta-neutral at the start of 2025. Now it's 11% ➢ Crypto funding rates compressed and the engine stopped ➢ sUSDe yield dropped to 3.20% The protocol pivoted to institutional lending and RWA allocations to keep any yield flowing at all changing the product. ➥ Here's the income statement that tells us everything: ‣ Q1 2026 had $65M gross revenue while the protocol earnings were $655K ‣ Q2 2026 is tracking $20.26M gross with $370K in earnings so far ‣ Annualized fees of $193M. What the protocol actually keeps is $3.99M (that's a 2% take rate) ‣ Monthly revenue of $327K with a mcap of $889M. We're holding a token at ~320x its actual earnings The fee switch won't fix this as the activation conditions were met when USDe supply was above $6B with peak revenue. Supply is $3.9B now and revenue has collapsed. Activating it today means taking yield away from sUSDe holders already earning less than Sky's sUSDS. Every basis point redirected to ENA stakers makes USDe less competitive against the one rival it can't afford to lose to. The catalyst everyone is waiting for is trapped in a paradox where activating it makes the underlying product worse. ➥ Here's what still works👇 1. Their $62.45M reserve fund held through every BIG crisis of Bybit hack, 10/10 depeg, rsETH exploit 2. Collateralization at 101.2% 3. USDe as a stablecoin product is sound 4. If you hold sUSDe purely for yield the product delivers what it promises. Whether 3.72% justifies the risk compared to simpler options is the question you need to answer for yourself. ➥ What could change everything? Ethena is expanding delta-neutral into commodities and equities through HIP-3 on Hyperliquid via HyENA. Gold funding rates on Binance averaged 24.6% in March 2026 while crypto sat near zero. If commodity delta-neutral works ⭢ the yield premium returns ⭢ sUSDe becomes competitive again ⭢ the take rate has room to grow The fee switch math that fails at 3.72% yield might work at 15-20%. HIP-3 OI grew from $70M to $1.43B in 6 months. HyENA already uses USDe as collateral. The infrastructure exists but Ethena has never executed delta-neutral on commodity/equity markets so this is a test for it. Also beyond HIP-3, the pipeline is aggressive: ‣ Converge chain with Securitize targeting institutional settlement ‣ iUSDe wrapping sUSDe for regulated capital backed by Franklin Templeton and Fidelity ‣ Stablecoin-as-a-Service whitelabeling USDe for other ecosystems These need to generate protocol revenue over a period of time to prove the models work and the post needs to be judged on what exists today, not what's planned. ➥ Here are the three numbers to watch before making any decision👇 1. sUSDe vs sUSDS. The moment sUSDe consistently beats Sky's yield again is when depositor demand returns (rn it's losing) 2. Take rate needs to be recovered. There is slight recovery but needs to sustain above 3-4% before protocol earnings matter at this valuation (Q3 2025: 6.74% | Q4 2025: 0.48% | Q1 2026: 1.01% | Q2 so far: 1.80%) 3. HyENA commodity volume. If gold and equity perps start generating real funding rate revenue for USDe backing, the thesis changes entirely (track it weekly) The protocol and neither the model is dead or broken but the version of Ethena that justified an $889M mcap doesn't exist right now. What exists is a fee passthrough machine earning $327K a month betting that commodity delta-neutral will restart the engine that crypto funding rates turned off. That bet might pay off. If you hold $ENA today, make sure you understand you're holding a transition, not a proven model. The proven model ended in Q3 2025. NOTE: NFA. Use this information for educational purposes only and not any financial decisions. Thankyou. h/t to @DefiLlama @EntropyAdvisors for the data

@HYPEconomist i see PENDLE.

full transparency: here is my watchlist of tokens i want to accumulate what am i missing?

@0xspicexr @volo_sui @SuiNetwork Well said spice, although three incidents in 10 days isn’t looking any good, but we can say sui passed the real test - their L1 stayed solid, teams moved fast, users got made whole, and the Foundation actually showed up, solid response

Sui Just Faced Its Biggest Maturity Test And Its Response Proves It’s Ready for Prime Time While April hasn’t been really good to Sui DeFi. In the span of roughly ten days, the ecosystem absorbed three separate security incidents, @volo_sui lost ~$3.5M, @ScallopFi, Sui’s leading money market, saw ~$142K drained from a deprecated rewards contract and @AftermathFi, bled $1.14M USDC through a logic flaw in its fee accounting system But, none of these incidents compromised the Sui L1 itself, no consensus failures, widespread state corruption or mass draining of user assets across the chain, unrelated objects and transactions continued processing normally Here’s How Sui Responded: ➣ Protocols affected immediately paused vulnerable components and froze what they could ➣ Teams committed publicly to full user compensation from treasury or reserves, shielding retail participants ➣ @Mysten_Labs and the @SuiFoundation actively stepped in for Aftermath, pledging support for fund recovery, investigation, and protocol continuity Comparing this to larger historical incidents including Sui’s own Cetus event in 2025. The pattern emerging in 2026 is faster detection, coordinated containment, and a bias toward making users whole In a maturing market, this matters more than zero exploits. Perfect security at zero velocity is a dead chain. The question is whether the system learns and hardens faster than attackers evolve Moving Forward, @SuiNetwork core architecture, the object centric data model + Mysticeti consensus continues to deliver on its promises of sub-second finality, high sustained TPS under real load, and reduced contention for unrelated transactions This design makes more sense for DeFi primitives, gaming assets, and future agentic workflows precisely because objects can execute in parallel without serializing the entire state The recent exploits didn’t undermine these L1 properties. Actually they exposed that the safety guarantees at the consensus level do not automatically translate to bulletproof application logic, especially in sophisticated products like onchain perps or reward systems Every major chain has endured similar phases, solana had its share of program exploits and outages before maturing liquidity and tooling, Ethereum’s early DeFi was littered with rug pulls and logic failures The difference lies in how quickly an ecosystem professionalizes @SuiNetwork benefits from strong institutional tailwinds that amplify the importance of this maturity test: ➤ Spot ETPs in Europe ➤ Upcoming CME regulated SUI futures ➤ Partnerships like GoogleCloud for AI-enhanced tools and payments ➤ Ongoing work on native private transactions and the broader Sui Stack Institutions demand reliability and clear recovery paths. Coordinated responses from Mysten and the Foundation, combined with user-first compensation, send a stronger signal than flawless security theater They indicate that Sui is building not just for retail degens chasing memecoins, but for capital that requires predictability and recourse mechanisms during stress What i suggest should be the remaining work and should be the focus of the next cycle: ➢ Stricter deprecation policies and automated sunset mechanisms for old contracts ➢ Deeper integration of runtime monitoring and formal verification for complex financial logic ➢ Enhanced incentives for ongoing audits and bug bounties, especially around edge cases like accumulator overflows or fee accounting ➢ Better education for builders on the nuances (and limitations) of Move’s safety model In DeFi, the chains that attain prime time are those that treat exploits as feedback loops rather than existential threats, @SuiNetwork’s response making users whole, containing damage, and leaning into collective recovery shows that they are internalizing that lesson

@YashasEdu @SkyEcosystem smart move by Sky, even if it hurts token holders in the short term Dropping buybacks from 75% to 7.5% to build a $150M solvency reserve shows real maturity

So @SkyEcosystem cut token buybacks from 75% to 7.5% ‣ No regulator forced this ‣ No exploit triggered it The protocol looked at $407M in annualized fees and decided to build a balance sheet instead of distributing it and that's the first DeFi protocol publicly choosing to be a bank instead of a token project. Token holder net income collapsed from $20.60M to $1.16M in one quarter. The income statement tells the story clearly: ➥ Q1 2026 buybacks: $20.60M ➥ Q2 2026 so far: $1.16M So where's the money going? A $150M solvency reserve. Currently at $50.9M. At $5.7B in TVL that's roughly 0.9% coverage. Banks hold 4.5-7% minimum. Sky isn't close to bank-grade yet but it's the first DeFi protocol to acknowledge that zero reserves isn't decentralization. It's a liability dressed up as capital efficiency. If you hold $SKY and this frustrates you, I get it. You bought a governance token expecting buybacks to support the price. Instead the protocol is saving the money you thought was yours. But the protocols that blew up in 2022 (Terra, Celsius, FTX) all had one thing in common: they paid out everything during the good quarters and had nothing left when the bad ones arrived. Different products, same pattern i.e zero cushion underneath. Revenue in ⭢ distributions out Sky is making the decision that would've saved every one of them. It just doesn't feel good while it's happening. The question isn't whether you like this quarter's allocation. It's whether you'd rather own a token with a weaker chart today or a protocol that's still standing after the next stress test. The next 2-3 years are going to be real stress test for the protocols. Here's what to ask about every DeFi protocol you're in right now👇 1. What happens to your deposits when an exploit creates hundreds of millions in bad debt and the protocol has nothing saved? 2. Whether the buybacks you're receiving are coming from revenue the protocol should be keeping as a buffer? 3. Whether a protocol generating hundreds of millions in annual fees and choosing to distribute all of it is being generous or reckless? Sky just set a standard every other protocol will eventually have to meet. IMO the ones that do it voluntarily will earn institutional capital. h/t to @DefiLlama for the data

@Brick_Suit @MrBeast nikita thinks he cares, lol.

.@MrBeast has lost monetization this cycle as a penalty for engagement farming. Ouch.

@Kruys_Collins @airbillspay really great video bro 👍

P2P anxiety has been a problem for the African crypto community for too long. Between the high gas fees & the endless KYC hurdles, off-ramping often feels like a full-time job. Now, with Orbit by @airbillspay, you can convert $USDC to Naira in < 30 secs. → Zero Gas Fees → No KYC. → Instant Bank Credit. Watch to the end (in 1080p 🙏🏼) to see why Orbit is the new standard for off-ramping. ↓ cc: @airbillspay @SuperteamNG

@heyjxck_ real.

call me insane, but the line between faith & delusion is so ridiculously thin that betting on something no one else sees is often considered insanity

@koolk123456 @SuiNetwork i believe as well, tell me what you think.

@MeshClans @SuiNetwork The next few months are going to be huge

The payment rails you don't see are about to change everything. In March-April 2026, @SuiNetwork crossed a threshold most people missed while everyone else was busy optimizing fees by fractions of a cent. Sui quietly built the invisible infrastructure for the next economy. Gasless stablecoin transfers with: - Users pay 0 SUI in fees - 0.50-second finality (Mysticeti consensus) - 164 million daily transactions (March 2026 peak) - $2 trillion+ cumulative stablecoin volume trajectory This is production infrastructure running at scale right now, not testnet hype. The fee story matters here because it reveals the architecture advantage. Solana averages $0.00025 per transaction, while Ethereum sits at $0.019 with slower finality. Sui maintains predictably flat fees at $0.0023 because non-conflicting transactions execute in parallel via the object-centric model, which enables consistent performance regardless of network load. Here's how the gasless model actually works: Your wallet builds the transaction without gas attached, a sponsor API adds its own gas payment and co-signs, and both signatures validate the transaction. Users get genuine zero-cost UX without breaking network security or validator incentives. Economic abstraction handles fees at the protocol level. USDsui comes from Bridge, the stablecoin company Stripe bought for $1.1 billion, with reserves backed by: - BlackRock - Fidelity - Superstate All GENIUS Act compliant, making it the first federal stablecoin framework. The part nobody's connecting yet: - USDC's Treasury yield → Circle keeps it - USDT's Treasury yield → Tether keeps it - USDsui's Treasury yield → Sui ecosystem gets it More volume means larger reserves, which generates more yield that funds DeFi protocols and network growth, creating a self-reinforcing loop that compounds ecosystem value. The institutional response has been immediate, with @RedotPay and @Revolut seeing the infrastructure play and moving fast. Mainstream fintech recognizes Sui as the first blockchain actually built for real consumer payments at scale. So redotPay brought: - 7 million users - $10 billion annualized payment volume - 130 million Visa merchants Revolut added SUI staking for mainstream fintech users who've never touched crypto wallets, and this is already resonating beyond crypto because the infrastructure that makes payments invisible to users while compounding value internally is exactly what mainstream fintech has been waiting for. Validator economics scale because Sui's architecture aligns incentives across the stack. March 2026 peak performance: - $377,000 daily fee revenue distributed across validators - Linear growth with transaction volume - 0.1% global payment threshold = $15 billion daily transactions - Processes more value than Visa's current daily average at scale The agent economy application is immediate because AI agents running automated tasks need to send hundreds of microtransactions daily for compute, data access, API calls, and inter-agent services. Traditional fee structures break when each $0.001 transaction costs $0.01 to process, but Sui's sponsored model lets agents transact freely while application layer economics stay profitable. What this enables: - Free transfers → massive stablecoin volume - Reserves generate yield → funds high-value DeFi - Ecosystem compounds internally - AI agents: microtransaction rails at any scale - Consumers: zero-friction payments (Venmo-like UX) What breaks the $100B monthly volume threshold first?

@0xspicexr @SuiNetwork haha let’s see man, gm spice!

@MeshClans @SuiNetwork another banger? has gm gm ser, wonderful read on sui.

@FuryMetaa @SuiNetwork yes, in most cases real adoption > macro upgrades w incentives alignment

@MeshClans @SuiNetwork It should still depend on real adoption volume right

@OGFIGO @SuiNetwork you welcome mate!

@MeshClans @SuiNetwork Thanks for sharing this insight mesh

@kengdaica @SuiNetwork absolutely.

@MeshClans @SuiNetwork gasless stablecoin transfers enable zero-cost ux

@Fairu_90 @SuiNetwork fr man, have you dug into sui performance lately?

@MeshClans @SuiNetwork Looks promising

@timo_crrypt @SuiNetwork thanks man.

@MeshClans @SuiNetwork Well said

@1mikelei @SuiNetwork you should.

@MeshClans @SuiNetwork I'll check it out

@hizqilsky @SuiNetwork yess.

@MeshClans @SuiNetwork Sui nailed it

@0x_Dashh @SuiNetwork ty ty man, have a good month ahead dash!

@MeshClans @SuiNetwork Sui narratives>>>> Happy new month big mesh.

actually most protocols fail at this, but user retentivity is managed across other protocols under that chain, depending on what they continue to ship, if it matches user behavior then we see user retentivity, otherwise it’s hard to say, unless incentives alignment with sui we see all aspect of these so yeah i think users should still stay

@MeshClans @SuiNetwork if subsidies stop, will users still stay?