HorusZ

Pendle: * PT-apyUSD (APYX) is being valued at a fixed yield of 16.5% * Compared to STRC dividend ~11.5% → There is a premium of ~480bps, as the market views APYX as unproven --- Key developments: * Michael Saylor has converted STRC dividends from cash payments to stock issuance → Meaning dividends no longer compete with accumulating Bitcoin in the treasury** → The risk the market is pricing in has been structurally reduced --- Cash flow & allocation: * $230 million USD of STRC is locked in strategies on Pendle → Accounting for 65.6% of APYX's TVL --- Core differentiator: → This is the first protocol to tokenize equity dividends → Instead of relying on T-bill yields within stablecoin wrappers --- Comparison: * T-bills: limited by Fed interest rates * Equity dividends (STRC): can scale according to the target yield of the BTC strategy * Currently: ~9.4% and accelerating --- Thesis: → If Saylor achieves ~15% BTC yield by Q3 → Then the current 16.5% fixed yield of PT is undervalued --- Conclusion: → The market is still pricing in “unproven risk” → While the profit structure has shifted in a more favorable direction

Chainlink (CCIP): * Processed over 18 billion USD in cross-chain value in the past quarter * Generates about 6 million USD/month in oracle fees * Zero exploits on more than 80+ chains --- Being used by major institutions as settlement infrastructure: * JPMorgan Chase (Kinexys) * Ondo Finance * DTCC → For a tokenized securities pilot expected to go live in October 2026, with 50+ participating institutions, including: * BlackRock * Goldman Sachs --- Context: * DTCC processes 98% of US securities transactions * Total assets of participating parties: ~87 trillion USD --- Valuation: * LINK market cap ~7.28 billion USD * The protocol is routing settlement for institutions holding tens of trillions USD → Yet it is still valued lower than Uniswap --- Argument: → Either this is a cycle mispricing → Or the market is correctly pricing the token's "value accrual" risk --- Conclusion: → One of these two is true. → And the "bet" lies in which side you believe in.

Zcash: * Open interest on Hyperliquid reached 503 million USD this week → surpassing Solana * Trading volume increased 100x YoY, but price only increased 10x --- Notable developments: * Robinhood listed ZEC on the exact day many exchanges simultaneously delisted Monero * “Selective disclosure” privacy is receiving legal green light * Meanwhile, default/mandatory privacy is being pushed out of the system --- On-chain data: * Usage rate of shielded pool increased from 30% → 59.3% in just 12 months --- Technology comparison: * Monero (FCMP++): technically superior * But: “legally untouchable” --- Conclusion (thesis): → The market is pricing a world where: privacy is only legal if you can turn it off when requested → That is the core "trade".

Solana is currently: * Holding 58% market share in the RWA lending sector * Processing about 1,000 billion USD/month in stablecoin volume * Accounting for 98% of on-chain stock transactions, equivalent to 650 million USD/week --- Major institutions are integrating: * Western Union uses it for cross-border settlement through 360,000 transaction points * State Street and JPMorgan Chase have both launched tokenized funds on this system --- However: * The SOL/BTC ratio is at its lowest since October 2023 --- Thesis: → Either this ratio is "mispriced", → Or three of the world's largest financial institutions have chosen the wrong infrastructure --- The decisive indicator: → Not the spot price of SOL → But the growth rate of stablecoin transfer volume over the next 2 quarters → This is the factor that will confirm whether the thesis is correct or not

Succinct SP1 is currently proving for: * $7.4 billion in deposits on Base * Over $15 billion across the networks: * Optimism * Arbitrum * Polygon --- AggLayer's SP1 bridge remained operational during the $290 million rsETH hack incident — when it should have failed. → This demonstrates that the technology has been proven at production scale. --- However, the PROVE token has still dropped 40% from its January peak. History has shown the reason: * Chainlink: from $40 → $6 * The Graph: from $2.80 → $0.10 → Infrastructure tokens that do not share revenue with holders often become “volunteer labor for the ecosystem.” --- The core issue: * Succinct has not announced a fee-sharing mechanism * The entire investment thesis at the $0.25 level is: → they will solve a problem that all previous infrastructure protocols have failed at --- The decisive point: In the next 90 days, the mainnet Base Azul metrics will answer: → Whether the economics of "proving" are valuable enough to justify a token or not.

Virtuals x402 Protocol has processed 50 million USD in payments for AI agents, with 420,000 buyers. * Google Cloud is paying 0.04 USD per Gemini API call, settled in stablecoin through this protocol * Protocol fee yield stands at 2.2% with a market cap of 543 million USD * Compared to: * Uniswap: ~0.8% * Aave: ~1.3% --- VIRTUAL is generating 12–15 million USD in annual fees from 18,000 deployed agents → Yet the market still values it under the “AI narrative” rather than infrastructure --- * 43% of all agentic transactions on Base run through this protocol** --- Conclusion: This is no longer a “story” (narrative). → This is a monopoly on the agent commerce rails And notably: → enterprise customers have already integrated it in practice.

Coinbase earned 300 million USD from distributing USDC in Q1/2025, while Circle only recorded 230 million USD in net profit. → Coinbase makes more money from selling Circle's product than Circle itself. --- Currently, the Clarity Act bans paying interest (yield) on idle stablecoin balances — this directly hits the ~3.5% APY product, which is the main factor keeping users engaged. --- Signs of weakening: * The third round of layoffs in 4 years, with total staff down 40% from the peak * DEX on Solana surpassed their spot volume last month * Holding 74 billion USD in ETF custody assets, but this is a passive segment with low profit margins * COIN stock down 10% since the start of the year, while Bitcoin is up over 20% --- Conclusion: When your largest revenue source is distributing someone else's stablecoin, and the profit-generating mechanism (yield) has just been "broken" by regulators — → you are no longer a genuine trading business. → you are just a distribution contract... with a clear expiration date.

MegaETH USDM has reached a supply milestone of 500 million USD, thereby triggering the unlocking of 50 million MEGA tokens. * Of that, 437 million USD is Ethena's own capital held in reserve. * A single partner holds the authority to decide whether 53% of the total MEGA supply gets unlocked, based on KPI milestones. * 5.3 billion tokens are locked and dependent on metrics that a single entity can generate on its own. → The tokenomics game is unfolding right before our eyes. → This is not an "accidental leak" — they are openly showcasing it.

Monero (XMR) will deploy FCMP++ stressnet tomorrow at block 2,997,100. --- Core upgrade: Anonymity set increases from: → Ring signatures with 16 outputs To: → Over 150 million outputs 👉 Equivalent to an improvement of ~10,000 times in privacy level --- Notable point: Binance has confirmed support for this upgrade. Meanwhile: → In the 2023–2024 period, many exchanges have delisted privacy coins 👉 But currently, the largest exchange is supporting the largest privacy upgrade of Monero ever. --- Market signal: Zcash (ZEC) reaches 761 million USD volume/day → This is a signal of attention But: 👉 The real catalyst lies in Monero --- Argument: It's not just the narrative of "privacy is back" But: → A leap forward in privacy technology → Supported by exchange infrastructure --- Conclusion: This week, what to watch is not just the flow of money, but: 👉 The combination of breakthrough technology + market acceptance → This is the real catalyst.

DTCC will begin production trading on the Canton Network in July. In which: Ondo Finance LayerZero are listed as the supported native assets on the network. --- DTCC is currently processing approximately: → 2.5 quadrillion USD in securities transactions each year --- Key point: When government bonds are tokenized, 👉 Ondo has been "plugged in" to the infrastructure. --- Current status of Ondo: Holds ~66% market share of tokenized stocks 800 million USD TVL 15 billion USD cumulative volume And now: → Right within the settlement layer that organizations like: JPMorgan Chase Goldman Sachs BlackRock are building. --- Important insight: The market could reach 300 trillion USD (addressable market) not flowing directly into the Ethereum mainnet. Instead: → Going through permissioned rails → Available compliance & controls --- 👉 Ondo acts as a "two-way valve": Connecting the traditional financial system (permissioned) With public yield markets (DeFi) --- Timeline: ⏳ July is only ~60 days away. --- Conclusion: If this thesis is correct: → Institutional money will not "flow directly into crypto" → But will go through intermediary infrastructure layers like Ondo 👉 And the position in the "plumbing" is more important than the narrative.