In the last few months, a new class of private liquidity venues, proprietary AMMs (or prop AMMs), has been steadily capturing market share in Solana DEX volume. What are they? How do they work? And why are they dominating core trading pairs like SOL-USDC? Let’s break it down 🧠

TokenInsight Commentary 1️⃣ Focus Shift: From L2 Wars to Stablecoin Chains -While Layer-2 scaling solutions have dominated the spotlight in recent years, we’re now seeing a rapid pivot towards “stablecoin-native chains” — blockchains purpose-built by stablecoin issuers themselves. 2️⃣ Key Players Enter the Arena -Tether and Circle could evolve into fully integrated stablecoin ecosystems if they further develop proprietary infrastructure. -Stripe’s entry signals that traditional payment giants are now taking blockchain infrastructure seriously. -As Pink Brains points out, we may soon see a crowded field of competing stablecoin-native blockchains. 3️⃣ Why This Trend Matters -Ecosystem Integration & Interoperability: If many stablecoin chains remain siloed, DeFi protocols and bridges will face mounting compatibility challenges. -Governance & Regulatory Spotlight: Corporate-driven, on-chain stablecoins will attract regulatory scrutiny — raising questions around decentralization and fairness. -DeFi Architecture Evolution: Protocols may shift from “multi-chain adaptation” to “stablecoin-chain-first” development strategies. #TokenInsight #DeFi #StablecoinChains #L1 #L2 #Infrastructure

Forget L2 wars. The new battlefield is stablecoin chains. Tether, Circle, Stripe, and more are rolling out their dedicated blockchains for global stablecoin payment. Here are the top competitors in the race 🧠🧵

Lido DAO proposes a dynamic buyback of up to 70% for $LDO With over $145M in stables and stETH sitting idle, the DAO is looking to return value to holders. These assets generate no revenue. Time to put them to work. The proposal: • 70% of NEW incoming assets → $LDO buybacks • 30% retained for ops & strategy Why like this? To ensure the DAO doesn't run out of development money. There are some 'safeguard thresholds' the DAO should not cross. - If Treasury sits between $50M and $85M, buybacks drop to 50%. - If the liquid treasury falls below $50M, buybacks stop. Great to see a DeFi giant being serious about longterm token value. Still needs to be discussed and voted by the DAO. ---- Current treasury assets: • $17M USDC • $11.9M USDT • $12.2M DAI • 28,640 stETH (~$105M) I hope to support the proposal as an Lido DAO delegate. If you hold LDO, consider delegating to me: 0x3DDC7d25c7a1dc381443e491Bbf1Caa8928A05B0

If you’re exploring DeFi on @FlareNetworks, @luminite_wallet is the new native wallet to get started: - Instant, seedless onboarding (biometrics, passkeys, email) via Turnkey - Built-in fiat on-ramps to buy FLR, XRP, and more in a few clicks A one-stop DeFi access: - Delegate FLR to FTSO - Mint FXRP to dive into XRPFi - Swap & bridge assets - Liquid stake FLR to earn sFLR - Learn & Earn program with Revolut coming soon This app is a simple gateway for XRP holders and newcomers to Flare.

Avax is making waves in Q2. Transactions hit 19M/day (+450%). Daily users peaked at 2M. The most popular DeFi products on @avax to explore: - Lending: @aave @eulerfinance @SiloFinance - Liquid staking: @BenqiFinance @hypha_sh (formerly GoGoPool) - DEXs: @LFJ_gg @BlackholeDex @PharaohExchange - RWA: BlackRock BUILD, @FTDA_US, @opentrade_io - Yield aggregator: @yieldyak_ @spectra_finance - CDP: @avantprotocol - Perp DEX: @GMX_IO - SocialFi app: @TheArenaApp

The White House just released its full strategy on digital assets, a major roadmap for how the US plans to stay ahead in global finance. It’s a whole-of-government shift covering blockchains, stablecoins, BTC reserve, and crypto tax. Here’s your short breakdown 🧠🧵

Digital Asset Treasuries imploding could be the biggest risk in the new crypto bear market. So I need good dashboards to track this daily. @Delphi_Digital launched a new Digital Asset Treasury Dashboard. All DATs trade at a premium ranging from 1.1x to 2.9x over their Net Asset Value. Metaplanet highest at 2.9x NAV. It would be great to see this dashboard actively updated with all DATs for altcoins as well.

Total DeFi TVL has reached a new all-time high at $330.34 billion. Ethereum is the top 1 chain with $242.22b in DeFi TVL. Yet $ETH still trades below its 2021 peak. The market’s grown, matured, and multiplied, and $ETH hasn't even caught up. Imagine the wave when it does.

Before crypto, I couldn't comprehend the magnitude of large numbers. In my mid-20s: $1.8B market cap token? Is that a lot?" Compared to what? My anchor numbers I 'understood' were $5 meal, $300 rent, $1 ice cream. $1M felt like infinite wealth. $100M+? Just "crazy lots of money." And $500m? A billion? 10 billion? A WHOLE TRILLION? Our brains suck at magnitudes beyond lived experience. I had no scale to anchor it. The picture below visualizes the magnitude. Now, the MC of $DOGE is $36B. What does this number mean to you? In comparison, the GDP of Iceland is $31B. El Salvador - $34B. GDP measures annual output, market cap is speculative value. Imperfect comparison, but shocking for scale. Ralph Lauren clothing company MC is $18B, and Ford is $45b, 'just' $9B more than $DOGE. Putting a meme coin beside Ford feels... absurd? Well, #BTC market cap $2.3 trillion is the same size of GDP as Italy, and larger than Canada, Brazil, or Russia. Bitcoin overtook Alphabet (Google), Meta, and Silver! Now, I see everything through crypto MC: Norway's $2T wealth fund ~= Bitcoin's market cap. Is BTC overvalued, or is Norway just insanely rich? UK raised £12.1B in CGT? That's the market cap of $HYPE - a token with just a few tens of thousands of holders. --- Anyway, crypto industry is well aware of this Scope Insensitivity or large number numbness: You'll see retail degens dreaming of $XRP hitting $10. At $10 USD, $XRP FDV would hit $1 trillion (half the BTC) but they think BTC at $120 000 USD is 'expensive'. Many don't even know you can buy a fraction of BTC. That's why bitcoiners push to price BTC in sats. Seeing BTC at $120 000 feels 'expensive' yet seeing it at $0.12M on a Bloomberg terminal shows growth potential. --- By any traditional measures, crypto looks expensive. Adjusting for liquidity (cashing out $36B DOGE) shows our huge paper wealth. The comparisons force perspective. And I see numbers trough crypto market caps. Anyway, GM, and have a nice Sunday.