Ben | The Fundamentals Guy

There will be times I am wrong - I will acknowledge that and get better. I will not fear monger, doom, or lie just to get clicks. I will be an honest, forward moving, transparent voice in crypto.

2021 cycle top data vs 2026 current market shows that the modern cycle is much more about: stablecoin flows tokenized assets trading infrastructure AI coordination layers interoperability yield products distribution ecosystems onchain cash flow generation Invest here.

By our calculations, $1.33B out of $4.4B of USDe's backing is lending against itself. Here’s the rule we used: Estimated self-lending = gross borrowing against USDe/sUSDe collateral × Ethena’s share of supplied liquidity in that market So if a pool has $556M borrowed against USDe/sUSDe, but @ethena supplies 47.4% of the liquidity, we attribute ~$263M of that as Ethena-funded self-lending. We’re not counting the full amount borrowed against USDe/sUSDe as “self-lending” where @ethena is not the only lender. Using this pro-rata method, we get: - Estimated Ethena self-lending: ~$1.33B - Gross amount borrowed against Ethena assets: ~$1.67B - Difference from pro-rata attribution: ~$336M Sources of data: AAVE: research.yuzu.money/aave-exposures Steakhouse USDtb: #overview" target="_blank" rel="nofollow noopener">app.morpho.org/ethereum/vault… Steakhouse Prime: app.morpho.org/base/vault/0xB… Kamino: kamino.com/earn/lend/ethe… Juplend: jup.ag/lend/ethena/ma… Backing: app.ethena.fi/dashboards/bac…

@marcopolo2027 @wagmiAlexander Really great visualization thank you for this!

That’s a really interesting ride 🏁 $AERO

@0xrishavb @risechain Can you link chain metric page?

This might piss off a lot of people but, just want to put it out there for whoever cares. @risechain raised less than $10M does more in chain fees than combined fees of : MegaETH + Monad + Linea + Morph + Worldchain + Ink + ZKSync + Tempo + Taiko + Soneium + Unichain + Scroll + Celestia + Sei + Sonic + Manta + Plasma + Story + Fluent + Peaq + Swellchain + Blast + Fuel + Fogo + Eclipse + Namada + Sophon + Zircuit + Zora + zkLink + Soon + Xion + Camp + Saga + many more. Can you guess the total venture capital these ecosystems raised in the last 2 years?

@LowKokWee214213 Bro, have you seen inflation lately? Ketamine is expensive!

@ASvanevik @0xAR1Flows top staking HYPE??

Nansen is now a top 10 staking provider globally. We will not rest until we flip Binance. Stake with Nansen 🤝

@vasily_sumanov @patfscott @uhr3al Some, yes, but the chance that you picked those is small.

@neverquitcrypto @patfscott @uhr3al At the same time we have some fundamentally-driven assets grew a lot in recent months. BTC also couldn’t make your portfolio appreciate during this bear

99% of crypto tokens are worthless, but there's value onchain if you know where to look. 60 protocols have MCap/Revenue ratios below 15X both on 1Y revenue and annualized revenue. Of those 60, only 32 pass on revenue to tokenholders. Of those 32, only 6 have accelerating revenue growth.

@stacy_muur @useTria @ether_fi RIP Avicii

Not all crypto cards are built the same. So I made a simple "best by" list for the current market (Tria vs. Ether Fi vs. Kast vs. Plasma vs. Avici) ↓ ▪ @useTria: Best by growth, cashback, chain abstraction, DAU engagement, and overall tech ambition. ▪ @ether_fi: Best by active usage, revenue per user, and DeFi integration. ▪ @KASTxyz: Best by scale, annualized spend, premium card perks, and cashbank setup. ▪ @Plasma: Best by positioning, yield, infra growth potential ▪ @AviciMoney: Best by credit product and growth ambitions. So with all that being said, I just gotta ask: which card best fits how you already use crypto?

LayerZero’s safety failure was the main reason for the $298 Kelp exploit. While cross chain infrastructure is integral, we must watch if projexts shift to other alternatives. I’ll be watching -message volume -retained integrations -bridge market share -fees/revenue post incident

@0xAR1Flows 😂😂😂😂😂

Can CT come together and diamond hand these bags until retail and institutions come back in full force? We shall see.

@stacy_muur @Neutrl @PreStocks @GetYieldFi Interested to see their tokenized product growth, not just their token MC. Speculation vs real usage

I found 10 RWA projects that exploded in the past 90-180 days. Ranked by growth ↓ 1. @Neutrl (sNUSD): tokenized yield strategy issuer (+1,421% in 180 days) 2. @PreStocks (ANTHROPIC): pre-IPO equity tokenization platform (+744% in 180 days) 3. @GetYieldFi (vyUSD): tokenized yield strategy issuer (+176% in 180 days) 4. @paretocredit (ParetoFAL-USDC): onchain credit fund issuer (+154% in 180 days) 5. @DinariGlobal (USD+): tokenized equities and yield product issuer (+127% in 180 days) 6. @nestcredit (YNRWAX): Plume's RWA protocol (+215% in 90 days) 7. @piku_dao (USP): tokenized yield strategy issuer (+128% in 90 days) 8. @onrefinance (ONyc): tokenized yield strategy issuer (+77% in 90 days) 9. @protocol_fx (fxSAVE): onchain yield strategy issuer (+59% in 90 days) 10. @VNX_Platform (VNXAU): tokenized gold issuer (+43% in 90 days) The RWA space is slowly but surely diversifying across the board.

@patfscott The 6 the passed are 1. Ore Protocol 2. Overtime 3. Chainflip 4. Geodnet 5. helium Network 6. THORchain DEX

@vasily_sumanov @patfscott @uhr3al Sadly, this is the case across the board. I’m a long term crypto Investor and sadly becoming more of a BTC Maxie as the only way to ensure my portfolio appreciates instead of being endlessly diluted.

@patfscott @uhr3al If protocol doesn’t share rev with token holders, the multiplier is worthless. It accounts nothing in relation to holder

@Flowslikeosmo @wagmiAlexander Are these the only coins that should be in a longterm portfolio? Let’s be real, 99% of People aren’t native staking to receive token emissions :/

$AERO generated more holder revenue than Uniswap despite doing 3x less volume. Efficiency beats scale.

@Flowslikeosmo @tether @circle @HyperliquidX @Pumpfun @Polymarket @Grayscale @SkyEcosystem @AxiomExchange @Paxos Can we make an ETF that allocates to top revenue products for longterm investors? How much of this revenue is passed along token holders?

Only 35 protocols cleared $2M in monthly revenue last month. Here are the top 25 by revenue: 1. @tether $476.6m 2. @circle $191.1m 3. @HyperliquidX $48.3m 4. @Pumpfun $33.2m 5. @Polymarket $20.2m 6. @Grayscale $19.6m 7. @SkyEcosystem $15.1m 8. @AxiomExchange $11.3m 9. @Paxos $10.3m 10. @aave $9.4m 11. @phantom $6.9m 12. @edgeX_exchange $6.4m 13. @titanbuilderxyz $6.4m 14. @Courtyard_io $5.7m 15. @LidoFinance $4.6m 16. @chainlink $4.5m 17. @JupiterExchange $4.0m 18. @gmgnai $3.9m 19. @ether_fi $3.8m 20. @AerodromeFi $3.7m 21. @PancakeSwap $3.4m 22. @Uniswap $3.1m 23. @MetaMask $2.7m 24. @phygitals $2.7m 25. @Securitize $2.7m The entire onchain economy runs on maybe 25 businesses.

How can we capitalized on crypto Agentic growth? BASE showing huge gain in transaction count + transfer volume, but VIRTUALS, TAO, agentic marketplaces showing minimal growth….is CIRCLE, BTC, ETH the answer? What are your long term plays?

@Flowslikeosmo L0 cooked?

Everyone's watching the LayerZero fallout narrative. Kelp's migration to CCIP. Stargate V2 has seen fees drop by nearly 50% over the last 30 days. The bridge security discourse has completely consumed the conversation about who wins in the long term across chains. But while everyone's watching this story play out, the actual fee leader in bridging right now isn't Stargate, Across, Wormhole, and it's not LayerZero V2. It's @near_intents. A quick comparison: - $2.99M in bridge fees over the last 30 days - LayerZero generated $154K over the same window. Stargate V2 generated $107K. Intents is doing more in fees than both of those combined, 19x more actually. I think $NEAR hasn't priced in any of this when you consider the supply-diminishing mechanisms. Fee switch + a halved inflation rate + burn on base-layer gas fees Data: @tokenterminal

Until I’m proven wrong, $crcl ‘s ARC is another no utility, cash grab L1 w/ only upside for early investors and Circle. If gas fees are paid in USDC, what is the value of holding ARC? I would not touch this thing until circle solidifies token holder rights. USDC revenue share?

@ProMint_X Saving to watch explosion later

Ethena Will Destroy MegaETH Yesterday and today, Ethena minted and supplied 100M USDm; in total, that is $200M USDm. The current TVL of MegaETH is $300M. This means 66% of the total TVL is in Ethena's hands. The primary goal: launching a leverage-looping strategy for USDe/USDm. 1. A user deposits USDe into Aave, earning base yield. 2. They borrow USDm against it. 3. With the borrowed USDm, they buy more USDe and repeat the cycle, multiplying their yield. Virtually the entire TVL depends on this Ethena/Aave synergy. Any failure could cause MegaETH’s key metrics to collapse several times over. The MegaETH team is fully aware they lack high-margin products to generate fee revenue for the network, so they are creating their own income. For instance, this strategy could generate $15K-$20K per month, placing the network in the Top 10 chains by fees. If the USDe yield drops below the borrowing cost of USDm, the loop becomes unprofitable, triggering mass position closures and a cascade of liquidations. At the beginning of this year, USDe APY already hit record lows. The Ethena team is actively working on adding new revenue sources, pivoting Ethena into a hedge fund model that works with institutional players, prime lending, basis trades, etc. This announcement was made on April 6, though it should have happened much earlier, as USDe supply has been steadily declining since its ATH. Since that ATH, it has dropped 4x, a situation that could have been avoided if this transition had been initiated sooner. Shifting to these new revenue models will take considerable time - time that USDm might not have. The MegaETH and Ethena teams must reassess their risk profile to prevent a collapse.

@Flowslikeosmo How we feel about smart contract risk vs risk free with tradfi rails? This is Continuously rolling around in my head

RWAs are in the quietest bull market in crypto right now. There is now $30B in onchain tokenized assets. Bonds → $16.0B +61% Precious metals → $5.6B +21% Private credit → $2.7B +10% Tokenized Stocks → $1.2B +104% Less than 10% of these assets are actively deployed in DeFi today. This is an opportunity for protocols with high utilization rates across DeFi ( @maplefinance, @SuperstateInc, and @OndoFinance OUSG) to continue to capitalize on this trend.