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BNB Chain is creating a real revolution in how users engage on the network.
New ATHs prove it all.
Grab the opportunities on @BNBCHAIN below.
A thread🧵.
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DEFI Kadic
14.1K posts
DEFI Kadic
@defikadic
🔸 web3 nerd 🔸 educational content creator 🔸 close fren w @GREEND0TS dm for inquiries ✉️
Earth Katılım Eylül 2023
545 Takip Edilen11.8K Takipçiler
So this means @HyperliquidX is giving up on USDH.
FYI, USDH serves as the official quote and collateral asset for HyperCore, which inherits lower taker fees and better maker rebates.
With USDH, Hyperliquid can both build a loyal user base on the platform and generate more income to support HYPE.
USDC will gradually take over the spot of USDH on the largest perp volume platform.
I agree that this creates a seamless experience on Hyperliquid, but it eliminates the potential mark of a native stablecoin.
Coinbase 🛡️@coinbase
Today we’re expanding our support for @HyperliquidX by becoming the platform’s official treasury deployer of USDC. Onchain markets operate 24/7 and require collateral that is always available, instantly transferable, and deeply liquid - USDC delivers exactly that. Alongside this, we’ve also significantly increased our position of staked HYPE.
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@Ken_marque @Canborsa_DEX Early points programs like this usually end up rewarding the grinders most
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. @canborsa_dex is launching the first RWA Perpetual DEX on Canton Network, the institutional grade L1 blockchain purpose built for secure tokenization of gold, stocks, real estate & more.
A major airdrop is coming for early participants.
You can start earning points right now in the first stage of their points program.
Complete daily quests on X & Telegram: connect your accounts, finish simple tasks, rack up points and lock in your spot for the upcoming airdrop.
Top performers will get extra rewards... ambassador status, exclusive product perks and USDT incentives.
Check here: canborsa.com
Don’t sleep on this one
Canborsa@Canborsa_DEX
The Canborsa Points Program is live! → Earn points with simple social quests → Refer friends for extra points → Climb the leaderboard to qualify for future rewards This is your chance to be an early user of the first RWA Perp DEX on Canton Network. Join now: canborsa.com/p/early-access
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@ronaparajit @WebX_Asia @token2049 @kbwofficial @philippinebc_wk @MalaysiaWeek This niche is way bigger than people think
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Running merch for WebX, KBW, Token2049 and beyond.
If you're a founder, project, or conference host who needs end-to-end event merch design, sampling, production, fulfilment , drop a dm and we got you.
HyperBuilder@hyperbuilder_hl
Hyperliquid Builder Meetup in Seoul! 🇰🇷 Are you looking for… * Insights from OG builders & traders? * A stage to showcase your project? * A way to onboard more traders? * Real connections that matter? * The wholesome Hyperliquid store you’ll love? 👉 Then this is the place. Join us here: luma.com/rrhswu2t 🗓 2:00 – 6:00 PM, 24 Sep. Much love to our co-hosts & sponsors: @xtrade_gg @Scaling_X @WalletV_io @DCENTWALLETS @vectis_finance for making this happen 🩶
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RWA is booming but most platforms still feel miles away from institutional grade
@Canborsa_DEX is building the first RWA perpetual dex on canton network and early users can already start positioning through the points program
right now you can connect your accounts, complete daily quests on x + telegram, earn points, and secure your spot for the upcoming airdrop
top participants can also unlock extra rewards like
> ambassador status
> product perks
> $usdt incentives
with the DEX expected to launch end of may and stage 2 onchain quests coming after, this is probably the best time to start stacking points early
join here:
canborsa.com/p/early-access
Canborsa@Canborsa_DEX
The Canborsa Points Program is live! → Earn points with simple social quests → Refer friends for extra points → Climb the leaderboard to qualify for future rewards This is your chance to be an early user of the first RWA Perp DEX on Canton Network. Join now: canborsa.com/p/early-access
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so dario was right. once u see it u just cant unsee it
@R3ORDR my pfp with chatgpt, gemini & grok
more chaos 👀
Dario De Siena - 💎🫵😹🐸@Dario_Desiena
I’ve been building REORDER in silence for over 6 months now. Not just to create a collection, but to challenge myself creatively and mentally. It was time to @R3ORDR To break patterns. To reorganize the noise. To find out what was hidden somewhere deep inside my mind all along. Appreciate everyone already connecting with the signal 🔁💙🙏
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@CryptaCobra @EspressoSys @awscloud @LitecoinVM This is the kind of backend infra people ignore until it becomes essential
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real-time finality isn’t a feature, it’s the foundation, and @EspressoSys just proved it with one of their biggest months yet☕️
• live crosschain collateral demo w/ @awscloud across 5 chains, 1.6M positions recalculated every 500ms
• @LitecoinVM integration, fast BFT finality without touching settlement
• joined @lfdecentralized alongside central banks & institutions building credibly neutral infra
• @ChainPatrol now running 24/7 security across Espresso + its rollups
frictionless finance doesn’t work without finality
Espresso is proving that in production
watch the full video breakdown 👇🏽🎥
Crypto Cobra@CryptaCobra
quick breakdown on why @EspressoSys PoS upgrade is such a big move, not just for Espresso itself, but for every rollup relying on fast finality, economic security, and real crosschain composability☕️ Espresso has already proven the tech in production Now it’s stepping into a new era with a more decentralized, community-secured base layer If you want the simple version of why this matters and why it’s such a major milestone for the crosschain future, this video will make it click!🎥🤝🏽
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$ASSET staking is live
early stakers split 50k $USDC + get front-row seat to PoA transition + future fee rewards
same playbook: earlier = heavier weight, simple as that
not financial advice, just timing is what matters here
Real@RealFinOfficial
Staking Is Live! Stake $ASSET now for a time-weighted share of 50,000 USDC during the three-month genesis campaign. Early stakers secure Day 1 participation as REAL transitions to a Proof of Authority (PoA) and network-driven staking model. What Staking Provides: → Time-weighted share of 50,000 USDC during these 3 months → Early positioning for validator participation and rewards → Share of transaction fees once live Following the campaign, staking transitions to the PoA model, with rewards accruing from real network activity: transaction fees and validator block rewards. Rewards are calculated on a time- and amount-weighted basis. The larger your $ASSET stake and the sooner you add it to the pool, the greater your proportional share of 50,000 USDC will be. Stake now to maximize your allocation → staking.real.finance Read the staking guide → @RealFinOfficial/stake-asset-participate-in-the-50-000-usdc-genesis-campaign-eec37c285fc1" target="_blank" rel="nofollow noopener">medium.com/@RealFinOffici…
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@Defifundamental @RallyOnChain Creator Network could end up being the real moat long term
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Reading Rally's Two-Month Roadmap Without the Marketing Lens
The article @RallyOnChain just published gets framed as a roadmap, but it reads more like a stress test of the team's own thesis. Distribution is the scarce skill, not code. Every item on the list flows from that single sentence.
Spendable RLPs is the one worth circling first.
Points are easy. A reward unit that actually circulates inside the protocol is hard, because it forces a closed economic loop instead of a leaderboard. That step is the part most teams skip, and it is what separates an incentive program from real infrastructure.
A few other items worth attention:
• Creator Network, structuring the supply side that most marketing protocols leave informal
• Communities and Ambassador features, the slow-burn distribution layer
• Multichain integration, removing the chain question from campaign design entirely
• APAC expansion, a geography most Web3 brands keep treating as optional
Shipping nine of these in two months would be ambitious in any market. Doing it while the rest of the space is in conservation mode is the part that should be read as a signal.
What is the item on that list that gets underestimated the most?
Rally@RallyOnChain
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@0xAltKing @HyperliquidX 1.8M day one volume is honestly stronger than I expected
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➥ Hyperliquid just hit another major milestone
The first ever @HyperliquidX ETF officially launched and had what analysts called a “very solid” first trading day.
The ETF reportedly saw:
→ around $1.8M in trading volume on day one
→ roughly $1.2M in inflows after launch
Why this matters:
This gives traditional investors exposure to Hyperliquid without needing to directly hold or manage crypto wallets.
It’s another sign that onchain trading infrastructure is slowly entering traditional finance.
Interesting part: Hyperliquid started as a crypto native perp trading platform , and now it’s getting packaged into ETF products for broader market access
What stands out to me is how fast the perception around onchain trading platforms is changing.
Not too long ago, perp DEXs were seen as niche crypto products and now they’re becoming promising financial assets for traditional markets too.
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As I've mentioned earlier, privacy hits the top by TVL gainers.
A part of the reason comes from the recent exploit, but a bigger part is privacy is a vital pillar of any finance.
Besides the solid list of privacy leaders provided by @stacy_muur, I'm adding some the emerging ones:
+ @Mixoordotfun
+ @theprivacycash
+ @0x0exchange
+ @aztecnetwork
+ @0xbowio
+ @zama
+ @zano_project
What do I miss?
Stacy Muur@stacy_muur
Privacy is finally being taken seriously this year. Every major primitive (ZK, FHE, MPC, TEE) shipped a real working product in the last 5 months. The 2026 Privacy Landscape ↓ TEE • @iEx_ec: Building TEE-based confidential computing since 2017. Shipped Confidential Token, turning any ERC20 into a confidential & auditable asset, along with Confidential Vault on Arbitrum Sepolia, a plug-in tool for onchain vaults to keep balances, LP positions, and strategies hidden. • @PhalaNetwork: TEE network purpose-built for confidential AI agents. Powers private inference and agent workloads with attested execution off-chain. • @OasisProtocol: First confidential EVM through its Sapphire runtime. Brings programmable privacy to standard Solidity, no new language required. ZK • @aztecnetwork: Alpha Network went live on March 31, 2026, the first Ethereum L2 with fully private smart contracts. Built around Noir, with client-side proving and dual public/private state. • @RAILGUN_Project: Private and bridgeless DeFi using ZK proofs to shield balances and transactions. Integrates directly with major protocols, no wrapping required. • @AleoHQ: First private programmable L1, built around offchain ZK execution with onchain verification. Designed for apps where the entire computation stays private by default. • @namada: IBC-first shielded asset hub, with multichain expansion. It acts as a shared anonymity set for assets bridged from any connected chain. FHE • @zama: FHE tooling infra powering most encrypted compute on EVM today. GSR completed the first confidential OTC trade on Zama in March 2026. • @fhenix: Encrypted computation rollup built on Zama's stack, bringing fully homomorphic privacy to L2 scale. • @inconetwork: Full-stack privacy layer combining FHE with cross-chain modularity, offering confidential compute as a service to connected chains. MPC • @nillion: Decentralised blind compute network for private data and AI inference. Migrated to Ethereum in Jan 2026. for deeper composability with the EVM stack. • @Arcium: MPC-based encrypted supercomputer. Mainnet Alpha live on Solana with 25+ projects actively building. • @LitProtocol: Decentralized key management network for programmable signing and encryption. Did I miss anything?
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After this post, some suggested I collect data from these best revenue generators until the end of this year.
It's interesting that some protocols can remain at zero revenue cost, leaving each transaction made via the protocol as a profit.
A unique model that you might want to take a closer look at is @CantonNetwork.
Chain fees on Canton started to increase since the beginning of 2026, where its only core business surrounds Broadridge DLR (see the image below).
This leaves Canton with quite a niche model, serving private use cases only.
If the data is correct, then Canton is doing a good job over this period.
DEFI Kadic@defikadic
To me, all defi protocols who can generate positive revenue during this market period deserve a tier S class. However, if you take a closer look into these aspects of their operatings, you may see a more fulfilled picture on how they can maintain a good operational performance: + DeFi niches + Fees generated vs. expense defecit + Reputations A better operational picture should include a solid user base and a sustainable fees generated through time. Protocols who cut down expenses will be considered as lower tier on the list. Let's start with the list: 1. Tier S: goated, no seasonal protocol, solid pillar of the market @tether - $491.4m - the issuer of USDT, all yields from USDT backing assets investments, mostly US Treasury Bills collected by Tether. @circle - $198.52m - the 2nd largest stable issuer USDC, establishing a 100% earnings from revenue with zero cost of revenue. @HyperliquidX - $51.74m - the vital pillar of perp trading, generating a sustainable revenue line thanks to a solid user base. @Paxos - $10.92m - the issuer of PAXG, accumulating revenue back since the hype of RWA. 2. Tier A: strong-built models, market dominance @Pumpfun - $37.03m - PumpFun once stood at a much higher position due to the massive hype of meme cycle, now maintaining at top 5 by revenue. @trondao - $30.94m - being the best network for stablecoin transfer. @Polymarket - $20.55m - still the best prediction market by revenue generated, even though being competed for the 1st place by Kalshi. @Grayscale - $19.48m - zero cost of revenue, printing millions for managing RWA investments. @SkyEcosystem - $15.36m - fees collected minus savings rate paid to DSR depositors. @aave - $9.74m - being the largest money market but Aave faces a huge cost of revenue, making above 85% each month. @chainlink - $4.63m - being the largest data infra of the market. 3. Tier B: @CantonNetwork - $66.22m - Canton ranks the top 3 by revenue, but their model is running private RWA streaming, which means the user base and the actual volume are unknown. @AxiomExchange - $12.36m - low reputation for the highest revenue trading platform. @edgeX_exchange - $7.88m - emerging perp dex, still maintaining the heat after the TGE. @LidoFinance - $4.83m - facing a high cost of revenue, making the whole model felt short in gross revenue 4. Tier C: @Courtyard_io - $6.03m - running zero cost of revenue in the digital card collection, still a narrow niche to scale up. @gmgnai - $4.39m - not a sustainable model, going seasonal due to the activity of meme market. What did I miss?
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@0xgilllee @OndoFinance @xStocksFi @Securitize @SuperstateInc @WisdomTreeFunds @Figure staying with the goats
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DEFI Kadic retweetledi
Tokenized stocks market leaders:
+ @OndoFinance | 231 RWAs | $847.5M value
+ @xStocksFi | 131 RWAs | $403.6M value
+ @Securitize | 2 RWAs | $90.4M value
+ @SuperstateInc | 3 RWAs | $27.6M value
+ @WisdomTreeFunds | 6 RWAs | $25.7M value
+ @Figure | 1 RWA | $21.2M value
+ @stokr_io | 4 RWAs | $11.1M value
In overall, there're some more emerging names with good operational stats over the last 30 days but these names above account for the largest market share.
You can find these products on most recent networks.
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To me, all defi protocols who can generate positive revenue during this market period deserve a tier S class.
However, if you take a closer look into these aspects of their operatings, you may see a more fulfilled picture on how they can maintain a good operational performance:
+ DeFi niches
+ Fees generated vs. expense defecit
+ Reputations
A better operational picture should include a solid user base and a sustainable fees generated through time.
Protocols who cut down expenses will be considered as lower tier on the list.
Let's start with the list:
1. Tier S: goated, no seasonal protocol, solid pillar of the market
@tether - $491.4m - the issuer of USDT, all yields from USDT backing assets investments, mostly US Treasury Bills collected by Tether.
@circle - $198.52m - the 2nd largest stable issuer USDC, establishing a 100% earnings from revenue with zero cost of revenue.
@HyperliquidX - $51.74m - the vital pillar of perp trading, generating a sustainable revenue line thanks to a solid user base.
@Paxos - $10.92m - the issuer of PAXG, accumulating revenue back since the hype of RWA.
2. Tier A: strong-built models, market dominance
@Pumpfun - $37.03m - PumpFun once stood at a much higher position due to the massive hype of meme cycle, now maintaining at top 5 by revenue.
@trondao - $30.94m - being the best network for stablecoin transfer.
@Polymarket - $20.55m - still the best prediction market by revenue generated, even though being competed for the 1st place by Kalshi.
@Grayscale - $19.48m - zero cost of revenue, printing millions for managing RWA investments.
@SkyEcosystem - $15.36m - fees collected minus savings rate paid to DSR depositors.
@aave - $9.74m - being the largest money market but Aave faces a huge cost of revenue, making above 85% each month.
@chainlink - $4.63m - being the largest data infra of the market.
3. Tier B:
@CantonNetwork - $66.22m - Canton ranks the top 3 by revenue, but their model is running private RWA streaming, which means the user base and the actual volume are unknown.
@AxiomExchange - $12.36m - low reputation for the highest revenue trading platform.
@edgeX_exchange - $7.88m - emerging perp dex, still maintaining the heat after the TGE.
@LidoFinance - $4.83m - facing a high cost of revenue, making the whole model felt short in gross revenue
4. Tier C:
@Courtyard_io - $6.03m - running zero cost of revenue in the digital card collection, still a narrow niche to scale up.
@gmgnai - $4.39m - not a sustainable model, going seasonal due to the activity of meme market.
What did I miss?
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@defikadic nice mapping, would be cool to revisit this at the end of this year again haha
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@CARLOSALBERTOI5 @circle @arc Well said, it really leans more into infra play than just another short term narrative
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Arc has been all over my feed lately.
A big reason sits behind the name - @circle.
One of the largest stablecoin issuers in the world is backing it with serious conviction.
fyi: @arc is a dedicated blockchain where transactions move fast, fees stay affordable, and USDC can be used directly for gas.
With this kind of support, I'm sure Arc is gonna be an on-chain bank and a payment layer built for future enterprises.
CNBC@CNBC
Circle raises $222 million from BlackRock, Apollo and others in Arc token presale valued at $3 billion cnbc.com/2026/05/11/cir…
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