Defimap

@0xVishnya @ready_co @raincards which cards are safest from this kind of thing?

Ready just started killing its crypto cards 👇 Cards used mostly outside the EEA go dark within the hour Remember: the whole point of the card was being able to pull your money out anytime Who’s next?

@0xDani most people probably prefer seeing $80 over 0.03 ETH ;-)

EtherFi just switched cashback from ETH to USDC Big update that I think the market will definitely notice We’ve already seen the first $5,000+ purchase where the user received 80 USDC in cashback For everyday spending, getting cashback in USDC is simply more practical than getting it in ETH Do you think this will have a meaningful impact on EtherFi adoption?

@Octop3s every extra step is a chance to lose a user

Unpopular opinion: neobank forcing users to use its native stablecoin by default is adding unnecessary friction.

@0xDani ngl i've been seeing Plasma everywhere lately

Here are some of the projects with crypto cards that people talked about a lot this week I checked X Radar and looked at mentions of both the project brand and its card Feels like a shift is happening. Soon we’ll see discussions around crypto card projects and crypto cards themselves increase by multiples Which projects did you see the most in your timeline this week?

@0xDani people don't run $45k through a card just for the cashback

If you had $72,000 to spend yesterday, what would you buy? Looks like two Plasma One users bought something expensive One spent $45,000, while another made a purchase worth $27,150 The more I see spending like this, the more bullish I get on crypto cards as a sector

Crypto card users will spend hours hunting for an extra 1% cashback and completely ignore a 2% FX fee 😭

@0xVishnya @Plasma @ether_fi good time to be a crypto card user! Both products are top

Plasma One vs Ether_fi Cash: full tier comparison 👇 Yesterday Plasma revealed its 3 tiers, so I lined them up against Ether fi @Plasma One > Lite: free > Core: $120/yr or 20k XPL (~$1,760) > Platinum: 100k XPL locked (~$8,800) @ether_fi Cash > Core: free > Luxe: 15k ETHFI (~$4,620) > Pinnacle: 100k ETHFI (~$30,800) Cashback, caps and perks all in the image below I use both every day, they're my favorites. Whose terms look more attractive?

@Octop3s and half the users probably have no idea which category they're in =)

three types of crypto neobanks: • self-custody • semi-self-custody • custodial bet this is the first time you're hearing this 👀

@0xDani crazy week

Crypto cards had an insane week - Plasma One: announced Lite, Core and Platinum card tiers - EtherFi: launched global money transfers in 120+ countries - KAST: launched payments via shareable links - TRIA: launched global index perps with up to 50x leverage - RedotPay: secured VASP registration in Mexico - Whop: introduced Tax Service - Slash: partnered with Micro to offer free accounting tools for users - Altitude: launched its Visa card with up to 2% cashback - Rain: introduced Agent Control Layer for AI payments - Mastercard: introduced Agent Pay for Machines Onchain neobanks and payment infrastructure keep growing regardless of market sentiment What did I miss?

@0xDani if it's my money, I should always have a way to access it directly >.<

Avici does something many crypto cards still ignore They give users full control over their funds At any time, you can import your Avici wallet’s private key into Phantom, Solflare, Backpack, or any other Solana wallet and get direct access to your funds No locked funds These are the kinds of details that build real trust in a product Do you think this should be a standard feature for every crypto card?

@0xDani 750k txs in 3 weeks is kinda nuts

Few people realize how big EtherFi Cash already is My last EtherFi Cash update was 3 weeks ago, so here’s a fresh one Over the past 3 weeks - $64M in additional spend - 750k+ new transactions - 5,024 new active cards - $2.40 cashback per $100 spent The all-time cashback rate remains well above the industry average at 3.13% Another interesting detail: peak spend volume and transaction activity happen at nearly the same time That’s usually a sign that growth isn’t driven solely by large purchases, but by broad user activity This is how mass adoption starts. Does your EtherFi usage match the heatmap?

@Octop3s @Plasma where there's demand, users always find a way =)))

so chinese users have found a way to register with @plasma. this is a great and largely untapped market. waiting for his tutorial on how he did it btw 👀

@0xDani cashback gets people in, banking features keep them there

Nice to see crypto neobanks moving beyond just cashback Cashback is great, no doubt. But subscription perks, travel benefits, premium support, and even yield on idle balances are what really make these products stand out from traditional banks The gap between a crypto card and a full financial app keeps getting smaller What matters most to you in a neobank?

The crypto card market is starting to split into two categories: Cards that offer rewards Cards that are becoming financial accounts The second category is where most of the interesting growth seems to be happening.

@0xDani people don't swipe six figures through something they don't trust 🤓

Wow. These 17 EtherFi users spent over $1M in the last 10 days and earned $14,633 in cashback Large one-time purchases made with a crypto card. Who still says there’s no trust in crypto cards?

@0xVishnya @ether_fi @MikeSilagadze @0xpanicError the fact that they publish everything probably says a lot about their confidence in the product

This Card Has Paid Out $16.5M In Cashback   @ether_fi is the most transparent crypto card in the market. Nothing hidden  - $527M total spent - $80.4M in May biggest month ever after moving 100% to Optimism - 982k tx in May - Almost 2 years live. Growing every month   This is what transparency in crypto cards should look like   Would you trust a card more if it showed you every number?

@0xDani closed beta, iOS-only and still printing ATHs every week 👀 crazy

Absolutely every Plasma One metric hit a new ATH Transactions, daily volume and users are all growing at the same time. That’s usually a sign of healthy growth, not just a temporary spike And that’s with the product still being iOS-only and invite-only This is only the beginning. We’re still incredibly early Updated metrics below

@0xDani every month the "nobody uses crypto cards" take gets a little harder to defend

These 8 crypto card projects posted active address growth last week Together, they accounted for ~147,891 active addresses, representing ~82.2% of the entire market Don’t be surprised if these projects collectively reach 300k-400k active addresses by the end of the year Still early

@defyneric everyone wants to lend, nobody wants to do collections 😅

to expand on my take about credit: we’ve seen an enormous amount of inbound demand for us to launch Flex Capital as an API product. credit is one of the most profitable levers a fintech can pull, but it’s also one of the hardest to execute successfully. there’s a famous saying in private credit: “credit is a fantastic idea, until it’s not.” countless fintechs have went bust going down the credit route. on paper, lending looks simple: underwrite risk → issue capital → collect repayment in reality, it’s one of the most complex products in fintech. you need a strong underwriting process, risk models, fraud prevention, collections, compliance, and a constant monitoring of risk health. get any of those variables wrong and you end up filing for chapter 7. there are two sides to credit: → personal credit → business credit imo, business credit is the best route to down for two reasons: 1) it’s easier to underwrite you can analyze revenue, margins, cash flow, business model, repayment history, future expansion plans, and tons of other metrics. 2) loan amounts are typically higher businesses spend more money then consumers. with consumer credit it gets a bit more tricky. fraud is significantly higher as KYC credentials have become super easy to compromise, enforcing repayment is tough (especially non US) as a consumer can just flee to another country. (businesses can do the same but it’s a bit harder if they have a real org/operations/employees) overall, credit is one of the strongest moats a fintech can build. in the neobank api era, almost anyone can prompt claude and spin up a card wrapper with rain/bridge. but underwriting risk and issuing capital isn’t something you can prompt ai with (atleast not yet lol). that’s why i think whoever successfully builds a true credit as an api product for neobanks will end up building a multi billion dollar company. every neobank wants to offer capital, but very few have the expertise, capital, and risk team to be able to pull it off. the company that abstracts all of that away and turns credit into a simple api will own one of the most profitable layers in fintech. in a world where issuance products like cards, accounts, and stablecoin infra are becoming extremely commoditized: credit may end up being one of the last true moats.

The easiest way to tell if a crypto product is real: Would people still use it if the rewards disappeared tomorrow?