PAID CONFIDENTIAL (2ND SECTION): MOAR new project tips, SMART MONEY movements & coins, MOAR new coin launches, MOAR cool memes and NFTs. This is some deep crypto shit.

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THIS IS ADULT CONTENT - I’M NOT HERE TO HOLD YOUR HAND. DO YOUR RESEARCH. PREPARE TO GET ANNIHILATED. NEVER TAKE A BLIND RISK. NEVER GIVE UP.

MARKET COMMENTARY

Ayoooo! The August monthly candle is closing as I type this, hectic.

The “September is coming” choppy dip vibes are slapping everyone right in the face, with charts like these going around my whole feed this weekend.

Remember, these are meme charts. And we DO NOT want to see Bitcoin retrace that whole move. If that actually happens, something is wrong with the market; always consider both sides of the coin.

BUT. Right now, we have zero reason to start being bearish. You can hold a bearish outlook for a few weeks, even for the whole of September. I wouldn’t go as far as scratching the entire bullish thesis because of one month’s performance. Absolutely not.

As I’m once again ranting to you, Bitcoin sits around $78.5K with the monthly candle minutes from sealing, and the levels stay simple. First, we watch $75K. Then, if it happens, we DOUBLE watch the main line in the sand: $70K. Closes below on dailies and weeklies are definitely not something you should wish for, even if you missed the pico bottom.

As usual, I’d like to share Syko’s outlook again, an eternal bull who called $60K THE bottom for a whole year, right alongside us, back when I was still writing the blocmates newsletter. Still above every moving average that matters, his chart is at the bottom of this section.

And a shoutout to our mommy Madz and her group again. Her advice to watch USDT dominance is genuinely great advice going forward, if you want to be a pro, this is one of the charts you track.

If we get dips into September, it would go hand in hand with USDT dominance bouncing out of VERY deeply low RSI territory after its massive dump. Bounce, then slap it lower again as the Bulla continues to take over. That’s the sequence I’m watching for.

Macro corner: we’ve got FOMC, Quad Witching, oil back to $86 on fresh US-Iran strikes... lots of end-of-month shenanigans going into September. Don’t be surprised if the market isn’t overly excited heading into these events. Typical September stuff.

One more thing before the board. Watch out for a possible bullish engulfing coming out of this monthly close, explained right here if you want the full walkthrough. Things are looking bright; we’ll get back to this one and verify during the next episode. Keep your eyes peeled.

* * *

🎯 SOMETHING IS COOKING: HIX0N’S HOOD SCAN

Quick one, because you’ll hear a lot more about this soon.

I’m building the Hood Scan, a tool that shows you ONLY what you need to see when millions of tokens are floating around as the bull heats up. DexScreener, DeFiLlama, X, and Reddit sentiment, the best traders, all combined and filtered into one board.

I will add MORE features, making this a one-click tool to refresh your Outlook / Alpha straight into your pocket.

Coming soon. Readers of this letter see it first, that’s the whole point of being here.

* * *

📊 HIX0N AI SKILL: CONFIDENTIAL SCOREBOARD

The board at the monthly turn, one monster, one honest red:

✅ PONS - flagged Aug 19 at $22.3M → $246.7M today (+1,006%) - an ELEVEN X in twelve days, +13% today while everything bleeds, and Hyperliquid just listed PONS perps by community request. Full story below

✅ ZEC - called Aug 3 at $472 → $838 today (+78%) - the privacy complex is THE bid right now, XMR +12% today next to it

✅ NEST - called Aug 5 at $11.2M FDV → ~$22.2M today (+98%) - epoch 40 pays 600 HYPE to lockers, section below

✅ ENA - called Aug 3 at $0.088 → $0.1505 (+71%) - gave back some fee-switch pop this weekend, -4.4% today, thesis unchanged

✅ PUMP - called Aug 5 at $0.00252 → $0.0043 (+71%) - but -10.6% TODAY and what the profitable desks just did to it is behind the wall. Respect the win, respect the turn

✅ PROLOGUE - farming it since Aug 26 at $2.46M → $7.56M (+207%) - -22% today off the vertical, still one of my two ve(3,3) horses, section below

❌ DRV - covered Aug 26 at $0.173 → $0.1499 (-13.4%) - honest red, the venue keeps printing record months while the token chops. Patience or cut, I’m still patient

* * *

🎯 YOUR OWN HIX0N

Automated Self-Learning Skill to explore Crypto & AI every day, find new coins (or every minute, find a new trade, whatever you want it to do):

🎯 YOUR OWN HIX0N: The filter that you can use for anything you want.

$49.99 founding access (first 100, then $79), yours forever, no subscription.

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* * *

🏆 REFER & WIN

The prize stays the machine: Hix0n’s Confidential self-learning research, trading, whatever you want it to do, AI skill.

Two moves: share your personal referral link (leaderboard here), and post about the Confidential on X tagging @PhilMrlo. People are lazy. That’s your edge.

You get my Hix0n skill as a prize for free.

💥 FROM MY TIMELINE

Straight from my feed, and today my feed is one big Robinhood Chain victory lap, plus one product tease you already read above. The rest of what I’ve been loud about this weekend is the rotation call in the ve(3,3) section below, so let’s not waste time here.

One thing first, though:

NEET. Those who know, know, and now Gaz is explaining it to the normies:

Bullieve, stay NEET.

* * *

🔄 TGE DAY: Rotations considerations

🪙 GIGA Genesis FIRED at 20:00 UTC

The day we farmed for came and went: GIGA generated at 20:00 UTC, emissions are live, and the token opened its book around $0.022, a touch above the $0.02 sale price.

I’ll be real with you: I’m glad I ranked up easily in this one due to low competition. But I am considering a rotation here: compound my profits by providing LP and stacking points on Fables (PROLOGUE).

Not because GIGA is bad, the farm did exactly what we sized it for and had a VERY successful launch, props to them, it actually still has the shot to become THE one on Robinhood, but UP is in the lead atm, numbers are numbers.

I’ll keep you updated.

⬆️ Ve(3,3) Horse one: UP.

UP. went +134% TODAY to a dollar, one of the top gainers in all of crypto right now, and it leads the native-DEX volume race at $34.65 million a day against GIGA’s $20.77 million. Dynamic fees went live on it yesterday, fees that move when volatility demands it.

The stats page is where I check the flywheel every morning.

📖 Ve(3,3) Horse two: PROLOGUE

PROLOGUE is the Fables token, $7.56M today, -22% off the vertical after running 3x since I started farming the Fables points on Aug 26. Fables did $14.11 million in volume over the past day and a half. Its WEEK’S volume came in that day, the fastest-growing venue on the chain.

* * *

🐤 NEST: 600 HYPE FOR THE LOCKERS

HyperEVM Nest Exchange week! Epoch 39 printed the third-highest revenue in nest history, and epoch 40 is dropping 600 HYPE on lockers in the HYPE Engine Vault, another $49,000 straight to tokenholders. Absolutely massive payouts incoming:

Like HYPE? Deposit veNEST in the HYPE Engine Vault and collect 11% APR paid in HYPE, weekly:

The flywheel line from the team says it all: more TVL, more flow, more revenues to veNEST holders. Our call is +98% and this is the model UP and PROLOGUE are fighting to copy on Robinhood. The original keeps paying. I hold, I lock, I vote.

* * *

💸 PONS: OUR $22M FLAG IS NOW A $247M MACHINE

🚀 Eleven x in twelve days, and Hyperliquid noticed

Flagged at $22.3 million on August 19. Today: $246.7 million, +13% on a red day, an ELEVEN X, and by community request Hyperliquid listed PONS perps with up to 3x leverage overnight:

EllioTrades is now saying what this letter’s been printing for two weeks, PONS flipped $PUMP in fees, 30% of supply already bought back, 80% of fees burning supply:

$4 billion total volume traded, $20.93 million paid out to token creators in 47 days, and Pons V2 sits at #8 on the GLOBAL revenue board today, $810K in a day, ahead of Jupiter and Uniswap V3.

The builder’s reaction to his own chart is the only appropriate one:

MEAD also dropped the line of the weekend: the Pons Treasury will hold any tokenized stock they list.

Subscribe now

* * *

🏴 FLAGSHIP: HYPERLIQUID

🎰 HIP-4 went permissionless

HIP-4 deployments are now permissionless; any team can launch its own prediction markets, settling on Hyperliquid rather than building a full exchange. Within two days, Outcome launched the first markets with $1,000,000 in rewards:

And Skew, the venue that raised 500K HYPE (~$33 million) from HyperionDeFi for exactly this, is loading up:

Skew’s first product already went live overnight, a Bitcoin hourly Up/Down market on Hyperliquid. Hourly binary markets on BTC, on the venue that already owns the perp flow. Polymarket should be nervous, kek.

💰 The assistance funds keep eating

Gaz caught the detail most people miss, the 2nd and 3rd assistance funds are doing work, the buyback machine is not one wallet, it’s a system:

HYPE trades $84.2, +5.3% today, having eaten the Saturday unlock (14.18 million tokens) without a wobble, and the desk section below has what the venue’s two richest returnees did this weekend. Preview: It’s not what Friday’s story said it would be.

* * *

🪶 ROBINHOOD: $1.4 BILLION DAYS ARE NORMAL NOW

📈 The tape nobody can ignore anymore

DEX volume printed $1.4 BILLION over the past day, a chain record, TVL sits at $726.9 million, and the chain itself is #7 on the global revenue board, $960K in a day, more than Jupiter, more than Uniswap V3. Bluntz’s chart says the quiet part:

If you think you’re late, look at the TVL comparison; you are not late in the slightest. He’s also posting his bids on fomo if you want to look over his shoulder.

MaxLong frames the next 90 days better: Robinhood, Solana, Base, and Arc are all about to fight for the mindshare of the 10K onchainers who actually matter, by paying for liquidity:

Think like a suit, go where the money is. And the money is HERE.

🧠 The new meta, explained properly

C3NT wrote the piece to send to anyone who asks “what’s actually happening on Robinhood Chain”, the full new-meta breakdown:

💼 StonkBrokers is quietly building half the chain’s infrastructure

Goon flagged what the StonkBrokers crew has stacking: STORMM, their leverage platform built on Uniswap v4 hooks where LPs earn swap fees PLUS premiums from leverage traders, two more redacted projects from “A++++ teams” on the way, and broker cards already printing distributions daily:

His follow-up on the cards is worth reading too, go for it.

🥇 GG - the golden goose gets a reality check

DexGems made the maximalist case for $GG as the next $100M coin on Robinhood, S-tier ticker, gold pairing, the works. High R:R is real, so is the other side: GG is -36% today at $6.4M, and when my scanner caught it at 27 hours old it STILL had no website. Momentum coin, lottery sizing, honest label.

* * *

🏹 NEW FOCUS: ARCUS

New standing name on my desk: Arcus, the stock-token DEX built by dYdX Labs with Robinhood Crypto, live on Robinhood Chain since day one of mainnet. Their post this morning is perfectly timed, on the exact day NYSE reopens after a weekend of strikes:

Repeat after me: nothing opens at 9:30. Onchain, the weekend never closed, and the numbers pull their weight, $9.53 million in spot volume over the past day, roughly $46 million on the week, quietly a top-ten venue on the chain.

The kicker you already know if you’ve been here a while: dYdX has confirmed a future ARCUS token, separate from DYDX, with allocation reserved for dYdX traders, stakers and validators. Pre-token venue, real volume, dYdX pedigree, on the hottest chain in crypto. I’m starting to focus on this one properly, and I’ll bring MOAR coverage as we go. Watch this space.

* * *

🦔 NFT CORNER: EVERY NFT IS A HEDGE FUND

New and genuinely interesting on Robinhood: Hedge, where every NFT literally IS a hedge fund. 3,333 seats, each one an ERC-721 wrapping its own onchain vault (the 6551 + 4626 stack for the nerds), weekly Top Hog Pools settle rewards, and outperforming funds accrue yield straight to the NFT.

They just did the rounds on MCG, so let’s see. DYOR.

* * *

🎣 CAMBRIA: POKER IN THE DUNGEONS

No-Limit Texas Hold’em is now LIVE at the tables, play chips only, leaderboard climbs, giveaways, and exclusive cosmetics for top players, first snapshot September 3:

• TGE window is September, the grind still counts, and the lobby stays invite-GATED; you cannot play without a code. Use code Hix0n here.

• I can teach you how to reach top 100 rank in time, hit me up.

* * *

📈 AI STOCKS: CHIPS ARE GETTING MORE EXPENSIVE

🚨 Jensen ripped the band-aid off

The story your portfolio needs to understand this week: Nvidia is charging MORE for its chips, on purpose.

$CHIPS is a degen bet around this. I don’t have a bag.

🎰 The degen kicker: SEMI, the Micron vault coin

And because this chain tokenizes everything, there’s now a way to play the memory supercycle ONCHAIN.

My friend arjuwuami broke down SEMI (semivault.xyz on Robinhood, $516K, +35% today), a mechanism coin that locks tokenized Micron: sell and your tax buys $MU into a lock you can never pull, stake, and you only get minted when backing makes a new high, bond real Micron for discounted SEMI:

Sellers fund the floor. Genuinely novel game theory on top of the hottest input cost in tech.

The warts: $516K microcap, unaudited mechanism, mintable-by-design, LP lock unverified, 532 holders. This is a thesis-in-a-test-tube, lottery sizing only. But, these red flags are there also because of how the token functions, so DYOR and decide. I found it interesting.

📊 The weekend tokenized-stock tape

While NYSE slept: LONG crossed $210 million in cumulative tokenized-stock volume on Robinhood Chain, up from $155M just 4 days ago, with ~10% of the chain’s entire stock TVL now permanently locked in LONG markets:

Robinhood stock tokens crossed $50M in market cap with holder count doubling this month. The weekend market never closed, it just moved onchain.

* * *

📊 STATS & CHARTS OF THE DAY

💰 THE REVENUE BOARD

The standing board, because attention rotates and revenue compounds. Today’s top:

• Tether $15.84M/day,

• Circle $6.45M, Canton $1.67M,

• Hyperliquid Perps $1.49M,

• GMGN $1.49M,

• pump.fun $1.23M,

• Our newsletter double focus: Robinhood Chain $960K (#7) and Pons V2 $810K (#8)

And 0xngmi’s version of the same chart, dividends and buybacks, up only:

Buy things that earn. Hold things that pay. The board updates daily, and so do we.

🥷 The privacy complex is a bid tbh

XMR +12% today to $538, seven straight green weekly candles, +46% in August, short liquidations running 10x long liquidations, and THORChain shipping native Monero support.

Next to ZEC at $838 (+78% on our call), the two privacy majors are the strongest tape in crypto while everything else chops. When the casino gets loud, the exits get bid. One of the venue’s most stubborn bears is short BOTH, make of that what you will. Perhaps he’s right for the September, but… you already read the commentary.

🛢️ The oil footnote

The US has just 41 days of crude inventory left, the lowest in half a century:

Goldman says Hormuz flows recovered to about two-thirds of pre-war levels, which limits the crude shock, for now. Energy is the September wildcard nobody’s pricing.

* * *

🧠 WISDOM TWEET OF THE DAY

Madz, on the only two variables that matter:

Vaporware memes are losing to memes with utilities. Take notes. That’s why my only “classic” pick remain with NEET.

* * *

✍️ QUICK HITS

🏗️ Still interested in core DeFi infra

TraderJB’s CVX vs CRV rotation breakdown is the kind of boring-but-real analysis I never stopped reading. CVX +21% while CRV managed +0.86%, and the outperformance keeps rotating between them by structure:

I’m still interested in core DeFi infra like these two. The revenue meta above is exactly why the old fee machines keep coming back.

🫡 An account worth following

Shoutout to Graeme!

* * *

🔮 Sibyl, in two sentences

The hackathon build window is open, Sibyl Sunday walked the 250+ registered teams through it yesterday, and registration CLOSES today, last call if you build. Product keeps outrunning the token, standing read unchanged.

* * *

🧭 TRUENORTH: SMART MONEY, $35K AT A TIME

The story they posted this weekend is the whole product: a trader made $9,118 on two ZEC trades from a $35K position, in at $554, out at $598, re-entered the dip 53 minutes later, out at $684, +26% on the position in three days.

Not a whale. Just a disciplined book with an agent doing the watching:

I keep using the product daily.

Type /setup BTC to draw the levels on your chart and explain why each one is there. Agents that answer in charts.

Testnet on ATLAS soon.

* * *

🎯 FOCUS PULSE

🛡️ ZEC - the machinery hums while XMR steals the show

$838, +78% on our call, and the shielded machinery keeps compounding: Ironwood holds 3,835,070 ZEC (+16K/day trickle), the old Orchard rump is down to 473K, and total shielded supply hit 4,855,880, that’s 28.7% of ALL ZEC, a new all-time-high share.

💵 Ethena - the cooldown after the switch

USDe grew to $4.081 billion while ENA gave back 4.4% today, +71% on our call. Normal digestion after the fee-switch proposal week. The tiers still say what they said: the switch pays when USDe nearly doubles, it’s a growth bet, not a dividend.

• October 5 is the single final unlock. Book it.

* * *

🤖 AI CORNER

• Claude aligned other AIs on its own: Anthropic gave Claude 48 hours and 1 GPU to improve the alignment of smaller models, it researched methods, trained and tested them autonomously, and it worked “surprisingly well.” AI supervising AI is the research direction that decides whether the agent economy scales safely, and every agent-payments rail we cover depends on it

• tread.fi opened the agent marketplace, and $TREAD registration is LIVE: Beiu built a funding-arbitrage agent in 5 minutes, delta-neutral opportunities served across connected venues, agents hireable FREE from the marketplace, and you can build and sell your own. His take: tread is an AI company wearing a bot costume, registration for the token is open. The farm angle writes itself

• The eval layer is getting bought before it ships: REPPO locked three paying engagements for its eval API before the public rollout (targeted second week of September). Everyone fights over which model is smartest, almost nobody prices the layer that verifies output quality. That’s the bottleneck every agent company hits at scale

* * *

🌾 FRESH FARMS & CAMPAIGNS

• GIGA TGE fired at 20:00 UTC - Season 1 is closed, the token trades near $0.022 (+9% vs the sale), and the claim-day playbook, lock or liquid, is behind the wall. The epoch-one pools are live here

• Sibyl hackathon registration closed at the deadline - 250+ teams in, $10K plus an accelerator seat, the build window is open for everyone who made it

• $TREAD registration is live - see the AI corner above, secure the spot before the crowd reads the same tweet

• Outcome’s $1,000,000 rewards program - live on the new Hyperliquid prediction markets from the flagship section. The exact farming route is behind the wall

• Aerodrome’s $400K Sherlock audit contest is open - for the technical readers, the biggest pot of the month.

* * *

😂 KEK SEGMENT

* * *

📅 ON OUR RADAR

• THE TURN (Aug 31 → Sept 1) - the August MONTHLY CLOSE prints as this goes out, the only candle that mattered this week · GIGA Genesis FIRED 20:00 UTC, token live · Sibyl hackathon registration closed · US market reopened after the weekend US-Iran strikes · Aerodrome’s $400K Sherlock contest opened

• This week - Sept 1: ISM Manufacturing + JOLTs · Sept 2: ADP employment + Trenches “Lock & Loaded” · Sept 3: Cambria Social Poker first snapshot + AVGO earnings (the second NVDA day) · Sept 4: jobless claims + ISM Services · Sept 5: PEAK Everest climb begins (first summit livestream)

• September - Sept 9: doubled Treasury buybacks start ($4B/op) + MegaETH→Robinhood migration deadline · Sept 10: Virtual NEAR Day · Sept 14: NU7 votes close (19:00 UTC) · Sept 15: FOMC + CLARITY cloture · Sept 18: quad witching (the week AFTER closed red 7 of 8 years, median -2.4%) · Cambria RSGP TGE window

• October - Oct 3: first AQAv2 buyback payment (~$20M est) · Oct 5: Ethena’s single final investor unlock

* * *

⚡ QUICK HITS FROM BEIU

Three from the hardest-working DD account on my feed, rapid fire:

🏦 QFEX passed the vibe check

Beiu ran his first trades on QFEX, and the team shipped his feedback in ONE HOUR. Teams that listen to users at that speed are the tell, product details in this thread:

🎰 His HIP-4 explainer is the one to read

The cleanest breakdown of why the flagship section above matters:

⚖️ 200% APR: delta-neutral

His Vooi Arbitrage Desk walkthrough:

* * *

DeFi opportunities backed by numbers

Adrian’s DeFi Alpha shows you:

• What is actually growing

• Where revenue is flowing

• Which tokens capture value

• Where valuations make sense

A clear framework for finding and judging high-upside opportunities.

Subscribe here!

* * *

⭐ BEHIND THE WALL TODAY

• A nine-figure bear book HALVED over the weekend, and its withdrawable balance reads exactly $0.00, every position and liquidation price mapped

• The profitable desks just flipped from 7-to-1 LONG to 3-to-14 SHORT on one of CT’s favorite coins, hours before it dumped double digits

• Both of Friday’s “they bought the house” wallets quietly reversed this weekend, what they sold and what’s pending tells you the real top signal

• A $100 million long sitting 5.1% from its liquidation price, on the exact asset the best TA in the game says runs 20% from here

• The privacy coin the smart money loaded BEFORE today’s rip, with the biggest single book named

• The TGE claim framework: lock or liquid, with the actual day-one numbers

• The freshly listed perp is already charging 78% annualized rent, and the cheaper way in

• A backtest covering every single month since 2010 that says buying TODAY specifically paid +116% median within a year

• The $1,000,000 rewards program almost nobody has farmed yet, with the exact route

• A 1,000-seat onchain central bank just opened its allocation checker, plus the fake token is trying to ride on its name

• The all-time #1 trader on the hottest app in crypto just crossed eight figures, his book is public and we mapped how he does it

• The wallets of 12 quietly profitable traders just went public, grouped by how they actually trade, the full list is inside

• 10 Top Smart-Money buys + token list for Solana

• 10 Top Smart-Money holds + token list

Subscribe now

* * *

Read more

PAID CONFIDENTIAL (2ND SECTION): MOAR new project tips, SMART MONEY movements & coins, MOAR new coin launches, MOAR cool memes and NFTs. This is some deep crypto zone you're getting into.

THIS IS ADULT CONTENT - I’M NOT HERE TO HOLD YOUR HAND. DO YOUR RESEARCH. PREPARE TO GET ANNIHILATED. NEVER TAKE A BLIND RISK. NEVER GIVE UP.

---

MARKET COMMENTARY

Ayo. Prepare for the September dip, and I mean prepare like it’s a gift with a bow on it. As the Angels say, Do Not Be Afraid.

That’s my whole frame of mind right now: dips are opportunities, not threats. And this one even comes with a schedule.

Fifteen years of data says the September dip has a date and a depth, the stats from a closer perspective are right here, median bottom on day 14, about 8.5% below the August close, and whoever bought that low was up a median +33.6% by New Year. The most telegraphed dip of the year? Kek, we’ll see, the only question is how long that dip will last with SO many sidelined, still?

Ranting to you now, Bitcoin sits around $79.6K, knocking on the $80,000 door for the third day. Momentum cooled a lil, that’s what happens after the biggest weekly candle since March 2023, I mean… some of you, chill.

Plus, the evidence keeps stacking up on the bull side. The silver cross just printed, nailing down the medium-term trend, is very well explained here if you want the full walkthrough. The same data that was called the shallow dip now points to six digits. Noice.

Now, the housekeeping: because I run this letter on levels primarily, vibes secondary (that ratio might change once we get deeper in the green mania). We’re adding a SECOND line in the sand at $75K. The main line still sits at $70K. Closures below $75K are a red flag; I keep that scenario in my back pocket. Otherwise? Bullish af.

Castillo’s read backs the plan: dips aren’t really happening right now, so if we get a re-test of the $78,419 nPOC, that IS your dip-buying opportunity, we can be aggressive when the market finally gives you one. Worst thing, you’ll have to stomach a few days or weeks in red (talking spot here), so, again, do not be afraid when everything around you says it’s time to go.

Also, Follis pulled up a chart I fully agree with. If the cycle bottom is in, this price action is almost identical to the 22/23 bottom. Same shape, same disbelief, same people calling it a sucker’s rally… those of you going through more cycles already know and FEEL it all.

Warsh speaks at Jackson Hole today around 2 pm UTC, and I don’t think the market gives much of an F. He already said he won’t be providing forward guidance, so we should be spared the overly detailed macro debates. Good, if you ask me.

Less Fed theater, more price action reads. The only macro that mattered this week already happened, NVDA printed a monster and closed up 8.7%.

One date for your cute little notepad:

Monday is the August monthly close, +25.3% with sessions left, a top-3 August ever, printed in what is historically the WORST month on the calendar.

Watch where Monday closes against $80,000. Everything else this week is noise.

Once again, shoutout to our mommy Madz, she knows BTC better than anyone I know, respect where it’s due (follow her Discord in bio for daily updates):

The full September schedule, day and depth, sits in the tweet of the day below. Do your homework, set your bids, and stop being surprised by the most scheduled dip of the year IF we’re even gifted by it. Have a good one.

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🫡 ONE MORE THING, READ REKTIO’s UPDATES

Before the board: my brother RektDio does a daily “Crypto + Macro Stuff I’m Looking At Today” that perfectly summarizes all the happenings in about 40 seconds of reading.

Only 8 of the top 100 coins red on the weekly, DRV among the top performers, the whole map in one post:

Follow him, thank me later.

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📊 HIX0N AI SKILL: CONFIDENTIAL SCOREBOARD

The board on Friday morning, still very green with two honest cuts:

✅ ENA - called Aug 3 at $0.088 → $0.167 today (+90%) - +13.7% TODAY on the fee-switch proposal, full story in the Ethena section below

✅ NEST - called Aug 5 at $11.2M FDV → $24.2M today (+116%) - +22% today, the Green Ocean section below explains why

✅ ZEC - called Aug 3 at $472 → $803 today (+70%) - reclaimed $800 two days after the sell-the-news dip, and a whale just hit a $196 million portfolio ATH holding it

✅ PUMP - called Aug 5 at $0.00252 → $0.00478 (+90%) - revenue #4 in ALL of crypto today, the buyback engine is printing

✅ PONS - flagged Aug 19 at $22.3M → $93.5M FDV today (+319%) - now the #20 revenue project in crypto at one month old

✅ META - radar add Wednesday at $130M → $146M (+12% in two days) - the ownership meta is being bought

➖ DRV - new coverage Wednesday at $0.173 → $0.167 (-3.5%, +7.6% today) - it front-ran me on day one then gave it back, the venue itself just printed a record month, patience

❌ JUGGERNAUT - covered Wednesday with a chase warning at $8.2M, printed -21% the next day - that’s exactly why the warning was there.

New today: coverage of the fomo board turned brutal, Wednesday’s paid trio died 80-99.5% in 48 hours. Sized as lottery tickets, died as lottery tickets.

---

🎯 YOUR OWN HIX0N

Automated Self-Learning Skill to explore Crypto & AI every day, find new coins (or every minute, find a new trade, whatever you want it to do):

🎯 YOUR OWN HIX0N: The filter that you can use for anything you want.

$49.99 founding access (first 100, then $79), yours forever, no subscription.

→ Get Hix0n Radar

* * *

🏆 REFER & WIN

The prize stays the machine: Hix0n’s Confidential self-learning research, trading, whatever you want it to do, AI skill.

Two moves: share your personal referral link (leaderboard here), and post about the Confidential on X tagging @PhilMrlo. People are lazy. That’s your edge.

You get my Hix0n skill as a prize for free.

---

💥 FROM MY TIMELINE

Straight from my feed. I’ve been shoving this one down everyone’s throat since the beginning of the year, and I still think we haven’t seen ANYTHING yet:

---

🎣 CAMBRIA: SNAPSHOT DAY AND NECROMANCY

⏳ The snapshot is TODAY

Set an alarm: the RSGP snapshot for Cambria NFTs lands today around 17:00 UTC (1 am HKT), after which the Founders, Cores, and Companions collections get deprecated, and their value folds INTO the $RSGP token.

If your bags aren’t where they should be, you have hours, not days. TGE targeted for September, and honestly, as Gucci put it, Cambria couldn’t have picked a better market to launch into.

The grind itself keeps getting deeper. Patch V0.5 dropped with a Monster Fish pool, new Rare Fish collections, DUNGEON HARDCORE PT. 2, and Social Poker with Elo standings:

🧟 Learn NECROMANCY before your next run

The current dungeon meta pick is the Magic Necromancer, insane clear speed, strong sustain, Army of the Damned plus Chain Lightning melting rooms while your skeletons tank. Karina wrote the full build guide, core abilities, rotation, everything:

• The lobby stays invite-GATED, you cannot play or farm without a code. Use code Hix0n here and get your runs in.

---

🐤 NEST: THE GREEN OCEAN

🥚 The AERO of Hyperliquid, with the receipts

Interested in owning the AERO trade, but for Hyperliquid, and earlier? That’s the whole thesis, and I broke down the three ways to play veNEST on my own timeline this week.

Buy-and-lock currently pays around 20-40% back in HYPE in week one, depending on the epoch:

+116% on our call and the flywheel numbers keep stacking. HIGHER, much much HIGHER.

And the professionalization is visible: 0xMerp joined as an advisor for capital relations; APRs on the HYPE, KNTQ, USDV, and DRV pools are off the charts this epoch; and 0xcarlisle’s comp math says a nest at Aerodrome’s multiple is 6-11x from here.

I hold, I lock, I vote, I LP, I do it all. First leg now, another later in the bull.

🌊 The trenches wired themselves in

Access just got easier from every direction this week. Pumpfun added HyperEVM support, trade any HyperEVM token with USDC at near-zero fees:

LiquidLaunch cut starting liquidity to 60 HYPE, about a $5K market cap, so the launch pipe is wide open:

More apps routing into HyperEVM means more swaps, and 100% of nest’s cut of those swaps lands on veNEST. That’s the green ocean.

❄️ Even the biggest shorts are bending

One more tell while we’re here. Wintermute, whose $211 million short book we tracked all week, is now taking a LONG position on BTC while keeping shorts on the rest:

When the market maker that pressed the whole tape starts flipping legs long, you note the time. The rest of their book, leg by leg, is behind the wall.

---

🧭 TRUENORTH: “THAT IS NOT A HUMAN WORKLOAD”

Always covering the latest on this one, and the latest is the clearest explanation yet of WHY they’re building on ATLAS by LayerZero.

Read the pinned logic: TrueNorth owns the decision, what to trade, when, and how big. ATLAS owns everything after it, matching, clearing, settlement, and risk.

One of five teams building on the ATLAS testnet, and the only AI project among them.

Agents that see every market need pipes that keep up. Testnet soon. I keep using the product daily and keep positioning for the right direction.

---

🍬 41% of the supply is still unspent ammo

Degen speculation corner, because everyone’s asking what comes after the ATH. Obese Potato’s chart made the rounds for a reason:

41% of HYPE supply is reserved for future rewards, about $35 billion at current prices. Nobody outside the team knows the schedule or the shape, and that’s the point; the biggest airdrop-era war chest in crypto is still sitting there.

Majin the HyperEVM reward era, majin... Believe in something.

⚡ Kinetiq keeps compounding

KNTQ around $0.19 and the internal numbers keep growing: 5 million+ KNTQ accumulated internally, about 0.5% of total supply and nearly 2% of circulating, returning roughly 12.5% APY to sKNTQ stakers.

The Elysium L2 thesis got its best breakdown yet, zerokn0wledge’s TLDR is the one to read: HYPE as gas, HyperCore composability, and 50% of sequencer fees routed to programmatic KNTQ buybacks. Covered, held, compounding.

---

🪶 ROBINHOOD CHAIN: SIDELINOORS IN DISBELIEF

📈 The chain is printing its best numbers ever

The tape today, all verifiable: DEX volume is running at $851 million over the trailing day per DefiLlama, RWA trading broke $100 million in daily volume for the first time, stock tokens crossed $1.5 billion in cumulative DEX volume, and the wallet chart is the one that matters most, new plus returning wallets curling UP together, which is what sticky looks like:

The suits keep wiring in too: Robinhood Crypto added MORPHO and cbBTC via Chainlink CCIP this morning. Bonk Guy’s line sums up the mood, the eco is going parabolic, and sidelinoors are watching in disbelief:

💰 PONS: a one-month-old is out-earning giants

Our +319% flag keeps re-rating because the revenue is real: PONS did about $363K in fees over the trailing day across V1+V2 per DefiLlama, which puts a ONE-MONTH-OLD launchpad at #20 on the global revenue board, ahead of names that raised nine figures.

A third of new PONS launches are now paired against tokenized stocks, memecoins quoted in NVDA and SPCX. This is what a native fee machine looks like before CT fully prices it.

---

🪙 GIGA: SALE CLOSED, TGE MONDAY

The airdrop pick is doing exactly what we farmed it for. GIGA just printed a $20 million daily-volume ATH on its own venue:

The community sale window is CLOSED, it ended Thursday without fully selling out. Let’s see who wins, we’ve got 3 competing ve3,3 DEX on Robinhood now:

• UP

• GIGA

• Fable

  ---

🪰 Your veNFTs are about to get a credit line

The ecosystem is already building on top: FireFlies is shipping lending where you supply USDG and borrow against veNFTs like UP and GIGA, unlocking liquidity without selling the position:

ve(3,3) positions as collateral, on Robinhood Chain, before the flagship token even generates. The stack builds itself.

---

🔥 THE FIREHOSE OF NEW PROJECTS

The morning’s heat, scam-filtered, one line each:

• microduck - HuggingFace shipped an actual tiny robot called microduck, and Robinhood Chain instantly minted the meme: +1,223% since yesterday’s birth to $4.2M, $7.2M volume on the NVDA pair. Warts: 40x volume-to-liquidity churn and NO automated contract read exists on this chain, momentum toy only

• fone - the Solana casino’s hottest wheel: $31M cap and aixbt’s numbers say it all, $49.7M of volume through $855K of liquidity in a day, roughly 58x churn, it moves fast BOTH ways

• AI (Robinhood) - the chain’s AI ticker at $79.8M, +38% today on the NVDA afterglow, the “beta to the beta” trade

• NET - +14.7% to $57.4M, and the treasury officially crossed $5 million; their NVDA allocation alone made $72K in a day. The Button Empire compounds.

• SLEUTH relaunched - the Robinhood intel token we covered pre-collapse came back with a bonding curve, a decaying 50% anti-snipe tax and LP locked forever, old holders made whole 1:1 plus a 100% bonus. Rare to see a team actually fix a broken launch

• ArtFi arrived - Riggles is bringing a premier onchain art collection to Robinhood, the chain’s culture layer keeps thickening

• ORACLE - demi teased “the future is agentic” for a new HyperEVM agent project, pre-everything, unvetted, watch-only

• ☠️ killed today: VYNEX (+4,104% on 30x churn, no findable team, no socials, no narrative, textbook wash profile) and $Chomp (holder concentration failed the filter). Both logged

  ---

🖼️ NFT corner: Argonauts went vertical, then breathed

A.C.K.’s April Fools joke became the week’s NFT story.

Argonauts minted Wednesday at $300, spiked to a cheapest-listing near $860, and now sits at a 0.21 ETH floor (~$525) with $4.7 million traded in week one across 2,242 holders.

Fully onchain on Ethereum, no roadmap, no CEO, just a weird art which usually does well in crypto. I did not dig particularly deep into it, but I’m planning to, DYOR.

🎴 One more for the culture

Phygitals put the ACTUAL 1997 magazine where One Piece began, Luffy’s first appearance, graded and sealed, onchain, and even Solana’s official account amplified it:

118 graded copies exist worldwide. Tokenized grails are becoming their own asset class, and there’s a fresh points-system channel in their Discord; something might be coming there.

---

📐 DERIVE: THE RECORD MONTH NOBODY PRICED

Getting more and more bullish on this one, and the numbers are cooperating. August is already Derive’s record month by premium volume; the previous ATH of $55.9M from March fell with five days to spare.

They just listed ZEC options all the way to December 25, a festive red-and-green order book on the year’s hottest coin, plus a SOL Dec-25 expiry as Solana prints seven-month highs. And they filed a formal comment letter with the CFTC on the swap-definition consultation, which is what venues do when they intend to be around for the regulated era.

Tindorr’s frame is the one living rent-free in my head; he’s playing DRV the way he played PENDLE last cycle, a rising product in a category that looks niche today while mass adoption feels inevitable:

---

🌊 RHEA WATCH

Interesting: 40% of circulating RHEA supply is now staked, nearly half the float locked, earning 6% APY in RHEA, usable for gas AND as collateral all at once:

---

🔮 SIBYL WATCH

The hackathon had 250 registered teams, and tulips broke his silence with the bigger picture: Sovereign pilots in talks with multiple companies and a first Living Graph Network prototype was already built:

Registration closes Monday, the product keeps outrunning the token, make of it what you will.

---

🎯 FOCUS PULSE

💵 Ethena - the switch we waited two years for

I’ve ended every fee-switch rumor in this letter the same way: “still inactive, never let CT tell you otherwise.”

Today I finally get to retire the line. The Ethena Foundation dropped a four-part overhaul, a PROPOSED fee switch routing protocol revenue to ENA buybacks (95% of what the Foundation collects goes straight to buybacks), early investors who’d been selling since October bought OUT, the monthly unlock calendar DELETED with one final unlock on October 5, and the protocol’s IP and economics were assigned to the Foundation.

StablecoinX called it right: four structural changes in one go:

ENA went +13.7% today and sits +90% on our August 3 call.

Now the honest fine print: the revenue share scales with USDe supply, 5% at $7.5 billion, 10% at $10 billion, 15% at $15 billion, and USDe sits at $4.04 billion today, so the switch pays when the product nearly doubles.

Then this morning they showed you the growth plan itself, USDe backing is extending into EQUITY-perp basis trades, nearly $6 billion of open interest paying 15-20% average funding, 5x Bitcoin’s rate, on a $150 trillion underlying asset base:

They expect RWA perps to eclipse crypto in USDe’s backing within 12-24 months. The tokenized stock casino and the synthetic dollar just became the same trade. USDe is also past $300 million on Robinhood Chain, which is where that casino lives. Everything connects.

🟢 THE FOMO GREEN LIST

When you go into the shitcoin mud waters you have to expect to get very, very dirty sometime.

Wednesday’s paid trio of day-one coins died: MARPO -99.5%, MEEMERS -98.7%, BATON -80%. All three were labeled born-today lottery tickets, and lottery tickets is what they were. If you sized them any other way, re-read the labels next time.

Only two cleared the free bar today:

GTAAPE 🦍 · 74/100 · 5.5h old · $517K mcap · $63K liq · $1.09M vol · 6,269 holders · top-10 just 9.5%

✅ Mint & freeze revoked · LP 100% locked · 0 flagged insiders · RugCheck clean

The cleanest sheet on today’s entire board, top-10 holding under 10% is rare air for a day-one coin, and 2.1x churn is the sanest tape of the scan. GTA hype season is a real calendar (the game drops November 19). ▶ Trade GTAAPE on fomo

moonkey 🐒 · 72/100 · 12h old · $313K mcap · $56K liq · $5.27M vol · 8,770 holders · top-10 26.4%

✅ Mint & freeze revoked · LP 100% locked · 0 flagged insiders · RugCheck clean

Nearly 9K holders in half a day is a real crowd. The warning is the 17x volume-to-liquidity churn, this is a momentum coin, take profits like a thief. ▶ Trade moonkey on fomo

📒 Marked to market (the honesty ledger, and today it’s red):

✅ PANTS +90% WIN, still open - $630K call → $1.20M, gave back 34% today from the high. If you’re up 90% on a meme in two days, you know what to do with at least half

✅ Doge2 +8% open - the sane-ratios pick is the only other green on the board, boring wins

❌ MADE CUT -35% - the upgraded call didn’t hold the upgrade. Closed

❌ Morty CUT flat - round-tripped +44% to zero, -44% today alone. Scratch trade, momentum died. Closed

❌ Polycat DEAD -87% - Closed

❌ Qenis CUT ~flat - two straight decay days after a +44% peak, the Aug 15 pick goes to the archive. Trades, not marriages

---

🤝 A THANK-YOU TO MY GOOD FRIEND WACHITO

Mid-letter break for something that matters. Wachito went out of his way to put people onto this letter this week, unprompted, and I don’t take that lightly:

Thank you, brother, genuinely.

And the DROPS podcast sat down with 0xOmnia:

---

✍️ QUICK HITS

👔 Suits minted out on Robinhood

MaxLong’s SuitsOnHood minted out Thursday, secondary went straight to OpenSea, and the first $SUIT snapshot was taken with no warning, held-and-swept wallets are already ahead.

There are now a dozen NFT mints a DAY on this chain doing millions in volume. The NFT corner has a second home

🔮 SEDA season, with a burn attached

Covered project keeps printing: almost 1% of SEDA supply (10 million tokens) has been burned since the start of 2026, perps volume burns the token, and the Moon integration already pushed $1.34 billion of notional through their feeds in week one. “SEDA Season.” is how the team greeted the morning, cocky and earned

🌱 Pendle killed its own gauges

Linn’s TLDR is the best explainer: Pendle replaced vePENDLE gauge voting with AIM, an algorithmic model allocating emissions by TVL and fee generation, emissions down roughly 77% while liquidity depth held. Fee-to-incentive efficiency now ~1.5x. That’s a protocol acting like a business

🕹️ Side quest: Trenches looks DOPE

Holy moly, the Bodycam devlog for Trenches is live and it looks absurd for a game with crypto rails, Lock & Loaded drops September 2:

---

📈 AI STOCKS: NVDA SAID THE CYCLE CONTINUES

🚀 The blowout, in four numbers

Revenue $96.2 billion against $92.2B expected. EPS $2.22 against $2.10. Q3 guidance $108 billion against $104.2B hoped. Close: +8.74% at $227.98, erasing the seven-day losing streak fear in one candle.

The AI-slowdown thesis had one job this week and it failed. Two footnotes the bulls should still respect: NVDA paused its vendor-financing program that gave cloud providers credit in exchange for revenue share.

⚡ IREN: the $4 billion sentence

Buried in a net-loss headline (-$684M, mostly non-cash) was the sentence that matters: a new multi-year AI Cloud contract with a “leading frontier AI lab,” stacking to $4 billion of contracted ARR for 2026 capacity, funded by $2.4 billion of GPU financing at 9%. Miners that finished the AI pivot are becoming utilities with order books. The un-pivoted ones are still mining

🎰 The degen kicker: SHEIN before it exists

trade.xyz listed a SHEIN Pre-IPO Perpetual (IPOP), a market on the implied share price BEFORE the Hong Kong listing prices next week. You can now trade the IPO pop itself, 24/7, with leverage. And the Polymarket crowd is playing the same game one layer up, Anthropic-at-$2-trillion “Yes” trades at 72% while the io:ANTH perp’s open interest rose 117% in two days against a $1.27T private mark. Pre-IPO price discovery moved onchain and nobody sent a press release

💳 One body bag: PayPal

PYPL -17% pre-market after Stripe and Advent abandoned their acquisition pursuit. In a tape where everything AI-adjacent rips, the market has zero mercy for strategic orphans

---

• Anthropic wants agents touching real machines: the Model Hardware Standard research preview launched, a standard for AI agents to safely operate physical lab and manufacturing equipment, cutting integrations from weeks to minutes. Agents are leaving the browser, the physical-world agent economy is the next surface, and crypto’s machine-payment rails are sitting right there waiting for it

• Solana is the agent-payments chain, officially: the network now processes more x402 transactions than any other. The trend I told you to hold in your head for two years keeps becoming infrastructure

---

📊 STATS & CHARTS OF THE DAY

💰 NEW STANDING BLOCK - THE REVENUE BOARD

From today, this letter tracks the DefiLlama revenue board every edition, because the smartest operator I watched this week said the quiet part out loud, the guy running the #1-volume terminal, no points program, no airdrop teaser, says his new obsession is the revenue board:

Attention rotates, revenue compounds.

More incoming.

🥊 The revenue flippening, round two

Wednesday nooman caught PUMP flipping HYPE in daily revenue:

🏦 The RWA complex keeps compounding

🤖 The bots ate the terminal business

💴 Macro footnote of the day

Japan spent a record $98.7 billion defending the yen in one month, per WSJ. Every fiat defense budget is a Bitcoin ad with extra steps

---

😂 COMEDY (and perhaps alpha) SEGMENT

---

🌾 FRESH FARMS & CAMPAIGNS

• Lighter x Robinhood drop #2 lands TODAY - open Robinhood Wallet → Lighter tab → claim, and keep routing in-wallet volume for the 2x rate. Points convert to liquid LIT. What the smart money is doing about LIT itself is behind the wall, and it’s a genuinely split tape

• Cambria snapshot TODAY ~17:00 UTC (section above)

• TrueNorth x Ondo Week 3 - “you thought it ends at two weeks?” is not how a team ends a comp. Watch @get_truenorth, the small-account edge held two straight weeks

• Sibyl hackathon closes Monday - 250+ teams in, $10K plus an accelerator seat, register while it’s open

• Prologue points, marked honestly - the Fables farm we opened Wednesday saw PROLOGUE cool -15% to $1.91M. Points track real swap fees, the farm logic stands, the token mark is red today. Both things printed

---

📅 ON OUR RADAR

• TODAY (Fri) - Warsh’s first Jackson Hole keynote ~14:00 UTC (stablecoins and digital assets expected on the menu, no forward guidance) · prelim NFP benchmark revision · Lighter x Robinhood drop #2 · Cambria RSGP snapshot ~17:00 UTC · Size community space 17:00 UTC

• Aug 29 (Sat) - HYPE unlock, 14.18 million tokens (~1.4% of supply), straight into the 9-day ETF bid · PEAK hackathon weekend in SF (winning code ships on the Everest robot)

• Aug 31 (MONDAY) - the August monthly close, THE decision candle vs $80K · GIGA Genesis TGE 12:00 UTC + emissions start · Sibyl hackathon registration closes · Aerodrome’s $400K Sherlock audit contest opens

• September - Sept 2: Trenches “Lock & Loaded” · Sept 3: Cambria Social Poker first giveaway snapshot · Sept 5: PEAK Everest climb begins (livestream) · Sept 9: doubled Treasury buybacks start ($4B/op) · Sept 10: Virtual NEAR Day · ~Sept 12-14: NU7 votes conclude · Sept 15: FOMC + CLARITY cloture · Sept 18: quad witching (the week AFTER closed red 7 of 8 years, median -2.4%) · Cambria RSGP TGE window · Oct 3: first AQAv2 buyback payment (~$20M) · Oct 5: Ethena’s single final investor unlock

---

DeFi opportunities backed by numbers

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• Which tokens capture value

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---

⭐ BEHIND THE WALL TODAY

Today we’ve got:

• The full return ledger: both wallets, what they hold now, and why it’s the most bullish structure I’ve tracked all month

• A nine-figure gross book that just opened a fresh eight-figure short into a multi-month high, with every liquidation price mapped

• The most stubborn bear on the venue opened a brand-new short on the year’s best-performing coin, at the worst possible price

• The funding print that quietly normalized, and the trade that reset with it

• The exact levels: the door study, the shelf, the first leg target, and Monday’s decision candle, bull AND bear

• A perp farm with NEGATIVE maker fees plus a token-rewards stream, live now

• A competition ending Monday that most farmers haven’t noticed

• The TGE-day playbook for Monday’s genesis, and the snapshot-day checklist for tonight

• A 1,000-seat onchain central bank whose whitelist is being curated RIGHT NOW, with the full mechanism explained

• Two fresh coins scanned minutes ago, including a 90-minute-old sheet with zero flagged insiders

• Top Smart-Money buys + token list for Solana

• Top Smart-Money holds + token list

The coordinates are downstairs.

Read more

PAID CONFIDENTIAL (2ND SECTION): MOAR new project tips, SMART MONEY movements & coins, MOAR new coin launches, MOAR cool memes and NFTs. This is some deep crypto shit.¨

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THIS IS ADULT CONTENT - I’M NOT HERE TO HOLD YOUR HAND. DO YOUR RESEARCH. PREPARE TO GET ANNIHILATED. NEVER TAKE A BLIND RISK. NEVER GIVE UP.

MARKET COMMENTARY

Welcome to the Everything Day, ayo.

PCE this morning, the second Q2 GDP estimate right behind it, NVDA earnings after the close. So how did the morning half go? Core PCE printed 0.2% on the month and 3.3% on the year, exactly in line; the headline came in a hair hot at 3.7%; and GDP held at 1.5%. No hawkish ambush. Simply NOTHINGBURGER. We stay bullish. Macro is bullish, end of story.

And here is what it was doing. Right now, ranting to you, Bitcoin sits around $78.4K, digesting the biggest weekly candle since March 2023.

My frame from here is simple: if we reclaim $83K on the weekly timeframe, we flip into a FULL bull-market mindset (to be fair, I'm there already, just considering dips an opportunity). Buy dips, hold the fundamentally sound bags, and NEVER get shaken out when the show goes on the road fully. Well, do get shanken out - once you make so many multiples, you want to take a screenshot.

As Messi once said - Get addicted to pushing the red button. But do it in profits, oki?

Actually, not the end of the story: again, the macro is giving us jet fuel right now. The Treasury buyback leaks are some of the most bullish plumbing I’ve seen in years, very well explained here by the Macro Mondays guys.

Even Druckenmiller came out swinging at his own balls over it; Bessent’s mentor called the doubled buybacks "price management dressed up as liquidity support." When the old guard starts screaming that the government is defending bond prices, you know exactly what that means for the hardest asset on earth.

The $40 trillion debt pile isn’t shrinking, and CryptoQuant’s CEO already called it: the bear cycle is over. The Coinbase premium agrees, positive for the first time in three and a half months.

One more mental model, and I want you to keep this one for the whole bull run. The growth of AI hit a tipping point; check out the Claude Code stagnation chart right here.

AI is abundant. Bitcoin is not.

Everything that can be printed will be printed, compute, tokens, models, and dollars. The 21 million cap doesn’t care. That’s the trade. And that’s what will fuel the altcoins as well.

Now the honest part. Chop is still allowed, and dips are still coming. The opportunity zone sits around $ 75-76K. If Bitcoin dips there and you’ve been waiting to buy BTC or build your other bags, that’s where I’d personally be interested in deploying. You do you, of course.

Krown’s read backs the zone, he thinks sub-$76K on a closing basis is unlikely for at least a week or two, so patience on the bid, not panic on the chase. And for those who think they’re late: on every day Bitcoin spent 30% or more below its high, the median return a year later was +116%.

You’re not late, you’re early and scared, and those feel identical from the inside.

Funny footnote before the homework. Remember the Zoran account that announced hibernation in September 2025 and said see you in 2026? As funny as it looks, Zoran was actually super on point. The bull woke up exactly on his schedule. Kek.

Your homework tonight: read the latest Druckenmiller piece, the coverage is here, and the tl;dr is in the tweet of the day below. BTC to infinity. Have a good one.

---

📊 HIX0N AI SKILL: CONFIDENTIAL SCOREBOARD

The board every day morning, cooling but very green:

✅ NEST - called Aug 5 at $11.2M FDV → $24.2M today (+116%) - the liquidity hub of HyperEVM season, more below

✅ PONS - flagged the bottom structure Aug 19 at $22.3M → $78.8M today (+253%) - up ANOTHER 35% today, Bonk Guy now calls the Robinhood listing “inevitable”

✅ ZEC - called Aug 3 at $472 → $773 today (+64%) - cooling 7% the day after the snapshot, exactly the sell-the-news you’d expect, Grayscale was on Bloomberg talking a ZEC ETF

✅ PUMP - called Aug 5 at $0.00252 → $0.00472 (+87%) - and the profitable desks widened to 13 longs vs 1 short on it

✅ NET - featured Aug 17 → $60.8M FDV today (+89% TODAY alone) - both pairs trending on the chain, still not giving the entry we wanted, full story below

➖ ENA - called Aug 3 at $0.088 → $0.140 (+59% on the call, -5% today, second red day in a row) - the honest cooling major, StablecoinX rang the Nasdaq bell anyway

New on the board today: DRV at $0.173 / $173M. Coverage starts below.

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Two moves: share your personal referral link (leaderboard here), and post about the Confidential on X tagging @PhilMrlo. People are lazy. That’s your edge.

You get my Hix0n skill as a prize for free.

💥 FROM MY TIMELINE

Straight from my feed. HyperEVM season has me pulling rare cards:

A 1000% pump in NEST vote rewards during the first week of the bull run, that’s what securing the main liquidity hub of Hyperliquid looks like. IYKYK.

The rest of my feed this week: Cambria’s token is coming and I AM prepared, and an AI trading tool became part of my daily routine. Both stories get their own sections below.

🎣 CAMBRIA: $25 MILLION RISKED, AND THE TOKEN IS COMING

🚀 The announcement

The one we’ve been grinding toward all month, Cambria published the token piece today:

$RSGP arrives with Genesis mainnet and Gold Rush Season 4, and the team is going all-in on it.

📈 My grind, marked to market

Beginning of the month in this letter: $5M keys risked. Now:

$25 million in keys risked, a 5x in three weeks, and the pre-market price puts the token at around $56M. The wider numbers are even louder: $160M+ risked onchain, $3M+ revenue, 3.8K concurrent players, people genuinely enjoying a game that happens to settle onchain. TGE coming soon, I can’t wait, and I AM prepared.

• The lobby stays invite-GATED, you cannot play or farm without a code. Use code Hix0n here and get your grind in before Genesis counts it.

🌱 F(X) PROTOCOL: THE BUILDERS ARE SEEING THE FRUITS

The family bag opens the project section today, and for a good reason. f(x) Protocol and FX100 built through the entire ten-month bear without blinking, and now that sentiment has flipped, the work is compounding in public.

$FXN is up 58.9% over the last month, and FX100, the high-leverage perp with protection instead of liquidations, has testers running native BTC positions with protection active through exactly the kind of volatility that wrecks normal perps.

My brother RektDio said it best this week:

And while you’re there, do yourself a favor and follow @rektdiomedes. One of the best accounts in the whole of CT, zero exaggeration.

He was early on this one, the same way he’s early on most things. Even Linn’s Leverage #1094 covered f(x) this morning, the quality corners of CT are converging on it.

🧭 TRUENORTH: RIGHT PLACE, RIGHT TIME, BIGGEST PARTNERS IN THE SPACE

The feature of the day, and the timing writes itself.

LayerZero just announced ATLAS, a full trading, clearing, and settlement engine for global markets, the kind of infrastructure institutions run venues on. The first wave of builders on Open ATLAS is four names: GTE, Bullish, DefinedFi, and TrueNorth.

Read that list again. Bullish is an institutional exchange.

And sitting next to them is the AI agent trading platform we’ve been covering for weeks, the one LayerZero themselves called the first agentic brokerage.

TrueNorth is at the cutting edge of AI-agent-powered trading, which I genuinely believe is defining the future of how markets and their participants operate.

LayerZero built the universal backend for the world’s markets, and TrueNorth is building the intelligence on top of it. Right place, right time, partnering with the biggest players in the space. Testnet soon.

🤖 The proof keeps stacking

Willy’s friend shared his book this week, green trades from TrueNorth’s agents, red from the lead traders he copy-trades:

That’s the whole pitch in one screenshot.

---

🏴 FLAGSHIP: THE BUYBACK ENGINE SWITCHED ON AT THE ATH

💰 AQAv2 is LIVE, and HYPE noticed

Today is the day the machine got a second engine. AQAv2 yield accrual started this morning, roughly 90% of the yield on Hyperliquid’s $5 billion-plus USDC reserve now flows to the Assistance Fund, call it $135-180 million a year of fresh, volume-independent buyback fuel:

That’s about 7x everything HIP-3 has generated, stacked ON TOP of the $4.3 million a day in fees already buying HYPE. First payout lands on October 3. And the market front-ran the switch in style, HYPE printed a new all-time high at $83.73 this morning, while Pentosh1 says the math points at triple digits sooner than you think, 500-600K a day of new revenue at current rates.

One honest date for your calendar: the 14.18 million HYPE unlock hits Friday, roughly 1.4% of supply. The new buyback pipe turned on three days before the unlock lands. That’s the fight to watch this week.

💵 The stablecoin tell

The eve-of-AQAv2 stat that tells you capital positioned early:

$6.888 billion of stablecoins on the chain, a hair from the $7 billion record. Money parks where yield is about to be captured.

🐤 NEST: the trenches are noticing

+116% on our call and now the pump.fun crowd is catching on to what HyperEVM natives already knew:

The numbers behind the meme: nest just crossed $190K in fees and $200K in revenue, all of it going to veNEST lockers, and DeFiLlama’s own account confirmed nest takes 63.6% of all 30-day holder revenue among HyperEVM-native DEXs, $394K of $620K. My own position on the first leg:

Expecting exactly that, one leg now, another one later in the bull as HyperEVM catches fire. The egg economy around it keeps compounding, too.

Delpho routed $1M+ of fresh liquidity into a new HYPE-USDV pool via the nest Egg, and there’s even a Hyperliquid-native quantum-resistant vault live with voting incentives on the qONE-WHYPE pool. Protect your HYPE at all costs indeed.

⚡ Kinetiq: an L2 with a burn attached

Huge news for Kinetiq, and I’m bullish on these lads. They announced Elysium, a new L2 for the Hyperliquid ecosystem, HYPE as gas, direct line into HyperCore’s liquidity, and here’s the kicker: 50% of sequencer fees buy back and burn KNTQ through the Assistance Fund:

KNTQ ripped ~30% on the announcement and settled back to $58.6M today. No launch date yet, specs and partners “later”, so treat the pop as narrative, not cash flow. But the design is exactly the direction this ecosystem is heading: everything routes value back to a token.

🐱 PURR: the most offside funding print on the venue

The PURR beta trade from Sunday keeps working, +10% yesterday on real volume, and Pentosh1 flagged it trading at 1.17x mNAV with a big TWAP expected. New wrinkle this morning: PURR funding is now +74.8% annualized, the single most offside long print on the whole venue. Longs are paying hard to hold it. The desk’s PURR receipts and what the funding board says to do about it are behind the wall. Trade it on Hyperliquid here.

🌍 EARTHCOIN, EXPLAINED: A MEME THAT PAYS YOU IN SPACEX

Now for the weirdest, most beautiful thing on the chain this week. EARTHCOIN just flipped on a mechanism I’ve been waiting for someone to build:

Here’s the explainer, slowly, because this is a genuinely new category. EARTHCOIN is a memecoin on Robinhood Chain.

Its liquidity pool earns trading fees like any pool. The upgrade: 100% of those LP fees now stream directly to EARTHCOIN holders, paid out in $SPCX, the tokenized SpaceX stock.

You hold a meme about Earth, and it pays you dividends in SpaceX.

The tape: $597K market cap, +150% today, 618 holders, contract checks clean (no honeypot, not mintable, no hidden owner). Wachito’s second send of the week was Jedi buying in:

Size honesty: this is a three-week-old sub-$1M meme with $98K of liquidity. The mechanism is the story; the sizing is small on my side for now, but my expectations are very positive.

But if tokenized stocks are the chain’s killer app, memes that CASH FLOW tokenized stocks are the most Robinhood-native invention possible.

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🪶 ROBINHOOD CHAIN: OUT-EARNING ITS OWN PARENT

🏦 $1.5 billion in sight, and the revenue flippening

The chain that did $4.5 million to a billion in two months isn’t slowing:

TVL is approaching $1.5 billion with basically no dips, the most successful chain launch of the year by far.

The stat that made me laugh out loud: Robinhood Chain has generated $5.8M in revenue, flipping Arbitrum One, the chain it’s literally built on.

And the RWA engine underneath keeps breaking records, tokenized-stock volume hit a new ATH of $69.2M in a day, while Pons alone has pushed over $2.85 billion of the chain’s $25B DEX volume - Bonk Guy’s line on that one: the $PONS Robinhood listing is no longer IF, it’s WHEN.

🔘 NET: the Button worked, and the chart noticed

We called NetNet; it never gave the entry, and today it’s up 89% with BOTH pairs trending on the chain at a $60.8M FDV. The catalyst is the most degen-elegant thing I’ve seen all month:

🥊 JUGGERNAUT: Bonk Guy’s Robinhood pick moved TODAY

Bonk Guy went public this morning with his most underrated memecoin on the chain, and the market front-ran everyone reading slowly:

His setup: Vlad’s favorite meme, a prior $22M ATH from when CASHCAT ran, then a MONTH of quiet consolidation at $2-4M. That was the fair entry, and it’s gone, JUGGERNAUT is $8.2M as I type, +77% on the day.

I do not hold a stake in this, just informing.

📖 PROLOGUE: THE VE(3,3) STORY OPENS, AND I’M FARMING IT

Sent to me by my good friend Wachito, and after digging in, I’m sold enough to farm it. Fables is a hook-native ve(3,3) exchange built on Uniswap v4, live on Robinhood Chain, pair-specific markets with dynamic fees.

PROLOGUE is the opening chapter, $2.46M market cap, 13 days old, +43% today, and the contract sheet is genuinely clean: not mintable, open-source, 2,192 holders, top-10 holdings just 2.6%.

dd’s take is the one that got my attention:

“We’ll revisit this post in 6 weeks’ time.” I like that kind of confidence when the mechanism backs it.

Let’s see, UP, and this one will compete for the top ve33 top spot of Robinhood Chain, IMO.

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📐 DERIVE: NEW COVERAGE, AND IT OPENED +24%

Starting official coverage of a project I like a lot, and of course, it front-runs me on day one. Derive is the onchain options and structured-products venue (the old Lyra, rebuilt as its own OP-stack chain), options, perps, borrowing, and structured vaults with cross-margin, and a governance-mandated 35% of protocol fees funding monthly DRV buybacks.

Real product, real fee link to the token, in the one derivatives category (options) that hasn’t had its Hyperliquid moment yet.

DRV is $0.173 at a $173M market cap, +24% today. My friend Wajahat has been loud on exactly this rotation, one day it’s DRV, the next day it’s META, send it - go follow him, both of those names are approved around here.

And the degen kicker: you can LP DRV at high APR on nest right now, the APRs on the KHYPE, DRV, and USDV pools are soaring:

Honest ledger to open coverage properly: DEX liquidity for DRV is thin (most volume lives on Korean CEXs after the Upbit/Bithumb listings), and there’s a governance-approved possibility of up to a 50% supply increase hanging over the tokenomics from 2025. Coverage means we track both. On the board at $173M.

🏛️ METADAO: OFFICIALLY ON MY RADAR. BIG THINGS.

Say it officially: MetaDAO goes on the radar today, and I think big things.

The one-liner: it’s the Solana launchpad where tokens are actual OWNERSHIP, governed by futarchy, decision markets that make rug-pulling economically irrational because raiding the treasury gets priced in and punished by the market itself. Roughly $33M raised across its first ten launches, with completed ICOs averaging about 8.6x from launch price.

META itself trades around $130M, down 8% today, which is the kind of pullback you actually want on a radar add:

And for the completionists: FUTARDIO, the cult coin of the ownership meta, still sits under $250K. That’s the lottery-ticket end of a thesis whose serious end is “the credibility layer for token launches.” Radar tier, both of them, sized accordingly.

🟢 THE FOMO GREEN LIST

Status stat first: fomo broke 100,000 daily active traders for the first time, only Moonshot during the Trump launch has EVER done that number. The casino is officially crowded. One important nuance while everyone screams airdrop: fomo raised equity, not token funding, $94M at a $550M valuation, and its closest comps never launched tokens. Trade there because it’s the best terminal, not because you’re owed a drop.

The scan below ran minutes before this letter went out. Five cleared the bar today, the healthiest board in over a week:

MADE 🏭 · 74/100 · 6d old · $879K mcap · $99K liq · $525K vol · 13,532 holders · top-10 29.2%
✅ Mint & freeze revoked · metadata locked · LP 100% locked · 0 flagged insiders
Was radar-tier at 55 last Thursday, it built 13K holders and the cleanest volume-to-liquidity ratio on today’s board instead of dying. Upgraded to a call. ▶ Trade MADE on fomo

Morty 🧪 · 73/100 · 4d old · $1.23M mcap · $116K liq · $2.27M vol · 18,417 holders · top-10 21.9%
✅ Mint & freeze revoked · metadata locked · LP 100% locked · 0 insiders
Biggest crowd on the board, 18K holders in four days. The warning is the 20x volume-to-liquidity churn, momentum coin, take profits like a thief. ▶ Trade Morty on fomo

Polycat 🐈 · 72/100 · 3d old · $841K mcap · $100K liq · $1.73M vol · 13,024 holders · top-10 22.9%
✅ Mint & freeze revoked · metadata locked · LP 100% locked · 0 insiders
Clean distribution and a real crowd. Same churn warning as Morty at 17x, this board is fast money, not marriage material. ▶ Trade Polycat on fomo

Doge2 🐕 · 72/100 · 4d old · $259K mcap · $54K liq · $299K vol · 9,302 holders · top-10 27.4%
✅ Mint & freeze revoked · metadata locked · LP 100% locked · 0 insiders
The sane ratios pick: 5.5x churn, 9K holders at a quarter-million cap. Derivative name, honest chart. ▶ Trade Doge2 on fomo

PANTS 👖 · 71/100 · 7d old · $630K mcap · $86K liq · $373K vol · 12,895 holders · top-10 34.8%
✅ Mint & freeze revoked · metadata locked · LP 99.7% locked · 0 insiders
Last day inside the freshness window and it earned the look: 4.3x churn, the calmest tape of the five. The wart: top-10 at 34.8% pushes my concentration comfort line. ▶ Trade PANTS on fomo

📒 Marked to market (the honesty ledger):
✅ Qenis +16% open - the Aug 15 pick was +44% on Sunday, it’s decaying (-31% today). If you rode it, you know what a round trip feels like, don’t collect another one

❌ BULLSHIT CUT -11% - a week of nothing, the unlocked-Meteora warning never cleared. Closed
❌ EYE CUT -57% - 40K holders couldn’t save it, day-6 was decision time and the decision was down. Closed
🪦 And the big one: Sunday’s paid section printed FIVE radar-tier names with their warts and refused to call a single one. Two days later: CVXV666 -75%, CATCUS -99%, Office -66%, CYBERCAT -92%, Greed -97%. ALL FIVE. The refusal was the alpha

🔮 SIBYL WATCH

The Memory Hackathon keeps compounding: 241 registered teams now, up from 200 on Sunday, $10K plus an accelerator seat on the line, registration closes August 31:

Five days left if you build. The standing honesty line stands: the product is the alpha, the token is still an illiquid microcap chip.

🤖 NEAR - the quiet accumulation continues

$1.84, still +8% on the call. The profitable small desks are 6 long, ZERO shorts, $9.2 million net. Nobody tweets about it, the books just keep leaning one way. Quiet strength for two weeks running.

💵 Ethena - cooling, with a bell

ENA $0.140, -5.3%, the second straight red day after an +85% run, this is what normal cooling looks like. USDe supply holds $4.05 billion, so the product didn’t blink. And the equity wrapper had its moment anyway:

StablecoinX rang the Nasdaq closing bell. The fee switch is STILL inactive, never let CT tell you otherwise, but the pipes into TradFi keep getting built in public.

✍️ QUICK HITS

🧢 Cap’n Jack joined LayerZero

More ATLAS context: Jack Melnick, four years a protocol builder, joined LayerZero to run strategy and GTM for Zero and ATLAS:

Serious operators continue to focus on the exchange-infra thesis. File under “the TrueNorth feature above is not a coincidence.”

🥚 The intern wants a $200K epoch

nest’s next milestone, framed by the intern:

Fees over $190K this epoch already. HyperEVM is so back.

🔮 SEDA powers a 1000x casino

SEDA’s oracle infra is under Moon, the new bet-anything platform (crypto, stocks, futures, commodities at 1000x), which pushed $1.34 billion of notional through SEDA feeds in its first five days. “Asset context over asset price” is becoming their whole pitch, dynamic LTVs, and liquidation discounts for RWA lending. Covered project, real usage print.

🧠 Beldex raised $8M for private AI

Privacy beat bonus: Beldex closed a fresh $8M round ($36M total) for confidential assets, an EVM sidechain and privacy-preserving AI agents. The privacy narrative keeps getting funded, ZEC is the index, the small caps are the beta.

🖼️ Argonauts minted (NFT corner)

A.C.K.’s April Fools joke became a real PFP collection: Argonauts, 9,999 fully onchain on Ethereum, $300 mint, minting today. The NFT corner lives.

📈 AI STOCKS: TONIGHT DECIDES THE QUARTER

🎰 NVDA after the close

The main event: NVIDIA reports tonight after close; consensus is around $92 billion in revenue (+~97% YoY) and $2.09 in EPS. The setup into it is spicy: the stock just ended a 7-day losing streak, its longest since 2022, one day before the print. It has beaten estimates 22 of the last 24 quarters, and history says the beat doesn’t guarantee the pop.

Ram’s framing is the one I keep: bear case is 90th-percentile valuations, bull case is 99th-percentile earnings growth, and after tonight, NVDA may trade at a LOWER forward PE than the S&P itself. That’s not a bubble, that’s a referendum on whether the capex machine keeps spinning.

The degen kicker: the tokenized-stock casino trades it while you sleep, the NVDA pool on Base did $9.4M in a day, and Robinhood Chain’s RWA tape just printed its ATH. Whatever tonight does, someone’s trading it onchain at 3 am.

🌶️ The quiet bear headline on earnings day

SemiAnalysis dropped this into the party: OpenAI’s new Jalapeño inference chip benchmarks up to 2x better performance per watt than NVIDIA’s July Rubin results, without spec decoding enabled. One chip from one lab doesn’t dent a $92B quarter, but the biggest customer designing away from you is the ONE structural bear story that matters. Watch how the call handles custom-silicon questions.

⚖️ Meta pays $16.68 billion

Meta agreed to pay up to $16.68B to 48 states over child-safety claims, an $18B commitment with usage caps for minors, a $10B Q3 legal charge, and July guidance UNCHANGED. The market’s read: a parking ticket at Meta scale. The stock market opened green anyway.

📊 STATS & CHARTS OF THE DAY

💸 The liquidity spigot

Circle minted $6 billion of USDC in the past week, including $1 billion in a single day. Fresh stablecoins are the market’s fuel gauge, and it’s pinned.

🔥 Hyperliquid’s fee machine

$3 million of fees in 24 hours (it’s run as high as $4.3M/day this week), every dollar buying HYPE, and as of this morning the USDC reserve yield stacks on top. Two engines, one token.

🟢 The spot bid is real

BTC buying is increasing on ALL exchanges at once. Pair it with $2.57 billion of ETF inflows Aug 17-25 (87% through IBIT and FBTC alone), and the picture is spot-led, not leverage-led. That’s the healthy kind.

🎪 PumpFun’s quiet grind

TVL, fees and revenue all up over 30 days, per DeFiLlama’s data. That’s the fundamental floor under our +87% PUMP call, and the desks’ 13 longs-to-1 short says the smart money reads the same chart.

🌍 The RWA complex, in one line

Tokenized RWAs crossed $44.7 billion in combined market cap, $2.9B of it already productive inside DeFi. And Solana quietly set an all-time high of 4.2 billion non-vote transactions in July. The infrastructure numbers keep making the price numbers look slow.

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😂 COMEDY SEGMENT

📅 ON OUR RADAR

• TONIGHT (Wed) - NVDA Q2 after close (call 5pm ET, cons ~$92B) · GIGA space + AMA 10PM UTC · AQAv2 yield accrual now LIVE (first payout Oct 3)

• Aug 27-29 - Jackson Hole, theme “Financial Innovation: Implications for Payments and Policy” · Warsh’s first keynote as Chair Friday ~10am ET · Bitcoin Asia Hong Kong

• Aug 28 (Fri) - prelim NFP annual benchmark revision · Lighter x Robinhood weekly drop #2

• Aug 29 (Sat) - HYPE unlock, 14.18 million tokens (~1.4% of supply), three days after the buyback engine turned on

• Aug 31 (Sun) - GIGA Genesis TGE 12:00 UTC · monthly close = THE decision candle (rolling 365-day MA test) · Sibyl hackathon registration closes · NU7 vote runs to ~Sept 12 (1M ZEC quorum)

• September - Cambria RSGP TGE window (pre-market ~$56M) · Sept 9: doubled Treasury buybacks start ($4B/op) · Sept 15: FOMC + Senate CLARITY cloture · Sept 24: Phantom sunsets SUI support · ~Sept 29: Robinhood Chain gas sponsorship ends

DeFi opportunities backed by numbers

Adrian’s DeFi Alpha shows you:

• What is actually growing

• Where revenue is flowing

• Which tokens capture value

• Where valuations make sense

A clear framework for finding and judging high-upside opportunities.

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⭐ TWEET OF THE DAY

Your homework, graded by the shortest book report in history:

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⭐ BEHIND THE WALL TODAY

Today we’ve got:

• The exodus ledger: where the two best books went, what they left behind, and what that pattern has meant before

• A nine-figure short book that just covered MOST of its position, leg by leg, plus the anon whale still holding the other side

• The rebuilt degen book: gross size, equity, and both liquidation prices

• The funding board’s two most offside numbers, one paying longs, one paying shorts

• The exact levels: the bull-mode trigger, the deploy zone, the monthly-close test, bull AND bear

• A perp venue where the fee rebate is boosted to 100% for a limited window, with the exact code

• The final-days allocation math on a TGE that’s five days out, plus a $0.02 community sale playbook

• Three fresh coins scanned minutes ago that are too small and too early for the free side

• 10 Top Smart-Money buys + token list for Solana

• 10 Top Smart-Money holds + token list

The coordinates are downstairs. Guess wrong on your own time.

Read more

Subscribe now

FREE CONFIDENTIAL (1ST SECTION): Project tips, updates, new stuff I find interesting, some of my general musings around the market, price updates, NFTs and memes I like.

PAID CONFIDENTIAL (2ND SECTION): MOAR new project tips, SMART MONEY movements & coins, MOAR new coin launches, MOAR cool memes and NFTs. This is some deep crypto shit.

THIS IS ADULT CONTENT - I’M NOT HERE TO HOLD YOUR HAND. DO YOUR RESEARCH. PREPARE TO GET ANNIHILATED. NEVER TAKE A BLIND RISK. NEVER GIVE UP.

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MARKET COMMENTARY

Jackson Hole week! Pump it, dump it, then pump it again: I DON’T CARE. Much higher. GM.

Let me start with the thing half of you need to hear: you did NOT miss anything. Chill.

Look at the level we’re sitting at right now, a massive move straight into a monster resistance area, with the 50 and 100-week EMAs combining right around $80,000. Chop comes sooner or later here, I’m more than sure of it. Enjoy it. Be on the lookout, try new things, find the most important fundamentally sound projects, and once you pull the trigger: DO NOT GET SHAKEN OUT. That’s how we roll, you’re either made for it or not.

As I’m typing this, Bitcoin is at $79K, fresh off the largest weekly gain since March 2023. And today I’m moving THE line in the sand to $70K. If Bitcoin goes under it and starts closing lower on higher timeframes, something is wrong. Always look at both sides of the coin. BUT, as I repeat for ages now, I’m extremely bullish long term from here.

Dips will come. Look for a $70-75K retest IF the pullback gets initiated into the end of the month, explained perfectly right here. And for the extreme long-term bullishness, keep your eyes peeled on these levels into the monthly close; the months that closed above the rolling 365-day average have historically done so with sizable gains. Exciting times. These moving averages will help guide you too.

Missed the pump? Watch this one, because I will keep repeating to everyone that we haven’t seen NOTHING yet. It’s all coming; take it slow. Or think about it simply, just as Jordi does, the 200 MA is the key, listen here. Another account worth following is Syko; he was sharing our sentiment of $60K being THE LOW this whole year.

The week itself is loaded: Wednesday is the everything day: July core PCE, the second Q2 GDP estimate, durable goods, then NVDA earnings after the close, on the same day Hyperliquid’s AQAv2 flips on. Jackson Hole runs Thursday through Saturday, Warsh gives his first keynote as Chair on Friday morning, and September prices roughly 67% hold, 32% hike.

Meanwhile, the Bessent story I explained on Friday keeps growing; the Treasury could tap nearly a trillion dollars of cash to fund those bond buybacks. Oh, and his Iran sanctions press conference is at 2 pm ET today, keep half an eye on oil.

One crypto read before I let you go: the Zcash NU7 snapshot is TODAY at 19:00 UTC, and the shielded pool went absolutely vertical into it; the full numbers are in the ZEC section below. Friday’s edition aged well; every call on that scoreboard is greener today.

I leave you with this today: realize one thing: AI is abundant, Bitcoin is not. Have a good day.

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📊 HIX0N AI SKILL: CONFIDENTIAL SCOREBOARD

The board three days after the breakout, and it got greener:

✅ ZEC - called Aug 3 at $472 → $852 today (+81%) - an eight-year high, and it flipped DOGE over the weekend

✅ NEST - called Aug 5 at $11.2M FDV → $25.6M today (+128%) - the honest red of two weeks ago is now a double

✅ PUMP - called Aug 5 at $0.00252 → $0.00500 today (+98%) - $2 million a day of revenue now, and Ansem says the re-rating hasn’t started

✅ INDEX - called Aug 7 at $10.3M FDV → $15.9M today (+55%) - we were calling it for weeks, more below

✅ PONS - flagged the bottoming structure Aug 19 at $22.3M → $49.6M today (+122%) - new all-time high printed this morning, full story below

➖ ENA - called Aug 3 at $0.088 → $0.163 (+85% on the call, but -7% today) - the only cooling major on the board, but still much higher overall.

The honest reds live where they always do, in the Green List ledger below. The trenches don’t care what BTC did this week.

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Two moves: share your personal referral link (leaderboard here), and post about the Confidential on X tagging @PhilMrlo. People are lazy. That’s your edge.

You get my Hix0n skill as a prize for free.

💥 FROM MY TIMELINE

Straight from my feed, and the theme this week is survival:

Check your levels daily, don’t get chopped, and do NOT get liquidated. I’m talking to myself as much as to you there. The other thing my feed already knows:

HyperEVM season. The whole flagship section below is about it. And the family bag stays the family bag, I said $FXN is legit a 100x from here and I meant it, the testnet numbers keep backing it up.

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🏴 FLAGSHIP: HYPEREVM MEMESEASON IS BACK

🌋 The tape says it first

HyperEVM tokens printed $241 million of volume in 24 hours, gas is spiking, and alt.fun coins alone routed $20 million into Hyperliquid perps in a day:

Add the venue context: HYPE set its all-time high at $82.43 on Friday, open interest crossed $13 billion for the first time, fees are running ~$5.9 million a day into buybacks, and AQAv2 goes live Wednesday, routing roughly $135-160 million a year of stablecoin-reserve yield into the Assistance Fund. The chain is loud again, and this time the EVM side is leading:

🐤 NEST: the bottom-caller took his lap

The scoreboard already told you: +128% on our call. HYPEconomist nailed the exact bottom and is up 200% on it, and his thesis is the same as mine, the ve(3,3) DEX with 100% of revenue to the token is the best bet on HyperEVM:

And the intern’s framing of why the trenches migration matters:

🐱 PURR: the HYPE beta trade, again

Start watching PURR as HYPE beta again. +20% today, +99% on the week, and STILL 78% below its old high, that’s the beta gap. The smart money agrees quietly:

8 of the top-40 profitable desks hold spot PURR (up 12% in value in three days) and the cleanest book on the venue runs a PURR perp long on top. Pullbacks are for buying. Trade it on Hyperliquid here.

🃏 JOFF: hearing thingssss

I’m hearing things about JOFF on HyperEVM. I’m securing a bag. Hearing thingssss:

Full honesty on the tape: it’s a 15-month-old Jeff-parody meme that just went +1,488% on the WEEK, hit its all-time high this morning, then retraced 55% off that top in hours, and the last hour’s flow was pure sells.

There’s also no automated safety checker on HyperEVM; nobody can honeypot-test this chain for you. So: I got some JOFF, it’s a lottery ticket sized like one, and the trenchers who lived here longest feel the same pain you do:

🎣 CAMBRIA: THE DOUBLE-XP TRADE NOBODY CLOCKED

Overlooked but massively bullish: Abstract launched Builder XP, weekly XP paid to the PROJECTS that drive the chain:

Now connect the dots. Cambria is the biggest game on Abstract. Builder XP flows to the biggest builders, and playing Cambria already earns you regular Abstract XP on top of Cambria points.

I farm Cambria AND the Abstract XP at the same time, one session, two airdrop surfaces. That’s the whole reason this section exists today.

And the timing is stacking up. TGE lands in September, the pre-market already prices it at $50-60 million, the airdrop is HEAVY float by design, and the new Dungeons Hardcore patch (necromancy, Cut Gems worth 1,000 keys, a $20K seeded gem pool) made the grind genuinely fun:

The lobby stays invite-GATED, you cannot play or farm without a code. Use code Hix0n here and start climbing before the September window closes on you.

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🧭 TRUENORTH: TWO DAYS LEFT, AND THE LITTLE GUYS ARE WINNING AGAIN

Week 2 of the TrueNorth x Ondo comp closes Wednesday at 13:00 UTC, and the board says the same thing that week 1 proved: rank 8 did $70.9K in volume for +$4,461, more profit than the rank-6 wallet that traded $605K. Ranks 7, 8, and 10 are ALL under $100K volume and all in the prize money:

Volume gets you on the board, being RIGHT gets you paid, the design keeps favoring small smart accounts. Two days to move.

The zoomed-out reason I keep this section running is that agentic trading is going mainstream in real time. Willy posted a friend’s book, green trades from TrueNorth, red from copy-trading lead traders. And Lighter’s founder, Vladimir Novakovski, sitting on the CFTC’s new Innovation Advisory Committee, called agentic trading “a major achievement in democratizing finance” from an actual regulator’s table:

When the prop desks, the agents, and the regulators all point in one direction, position for the direction.

🚀 PROPR: the prop firm TGE is TODAY

Propr, the onchain prop firm built by XBorg and backed by SwissBorg, does its TGE today straight onto the Hyperliquid spot.

Trade a challenge, get a funded account up to $300K on HL’s 160+ perps, keep 80%, paid in USDC onchain. Their own count says 334 payouts in the last three days (their number, not independently verifiable):

Day-one TGEs are volatile by design, 20% of supply airdrops fully unlocked at genesis. Watch the sell pressure clear before sizing anything.

⚡ The meme basket, honestly marked

Heisenberg called his HyperEVM meme basket early, $LONG, $EGG, $MOTION:

Marked today: EGG -39%, MOTION -54%, LONG -30% on the day, all three red while JOFF and CHAMELEON rotate up. Memeseason rotates FAST here, early is early, and no checker exists on this chain. Radar tier only.

Two dates before we move on: AQAv2 Wednesday, Aug 26, and the 14.18 million HYPE unlock Friday, Aug 29. The buyback pipe turns on three days before the unlock hits. And one for the culture: the $IONQ ticker just sold for 600.66 HYPE in the HIP-3 auctions, quantum-computing perps are coming to the casino.

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🪶 ROBINHOOD CHAIN: ONE BILLION DOLLARS AND AN ATH

🏦 The chain crossed $1B TVL, fastest ever

$4.5 million to $1 billion in under two months, the fastest chain growth ever recorded. $700 million of daily DEX volume, sixth across all chains. Uniswap alone has processed over $1 billion in stock-token volume here:

And the man himself explained WHY this ecosystem produces weird magic, builders are making pools Robinhood “didn’t even think would exist”, including protocols where holding a memecoin airdrops you stock tokens:

🐘 PONS: the asymmetry trade printed its ATH

New all-time high this morning. $49.6 million, +84% today, +122% since I flagged the bottoming structure last Tuesday.

The V2 launchpad is live with RWA pairs and holder fee-sharing, a quarter of supply is already burned, and the revenue math is what has the big accounts loud, Bonk Guy laid it out: $56 million of annualized revenue, 80% of it buying and burning, fully circulating, sub-1x revenue multiple while PUMP trades at 4.35x. He holds over 2% of supply and calls it the most asymmetric trade in crypto:

My honesty lines, because a +84% day demands them: chase math applies in full up here, the biggest LP position sits unlocked in one address (80.7% of the main pool, standard-ish for this chain but real), and conviction-sized entries after an ATH morning are how you become exit liquidity.

The call was on Tuesday. Today is a hold-and-trial day, not a discovery day.

💧 DELTA: the new liquidity machine

The one genuinely new bullish project of the weekend, Delta, the fee-streaming liquidity layer CT is calling the Meteora of Robinhood Chain. LP, stake the position, get streamed swap fees in WETH while the router compounds depth:

Contract checks pass clean (renounced, zero taxes, top-10 holders under 3%), which is rare here. The other side: the token is 3.5 weeks old, +114% today, and the majority LP position is unlocked. Starter bags, not conviction bags.

📈 INDEX: the victory lap

The Index did +128% today to $15.9 million, +55% from our Aug 7 call at $10.3M. RWA dividends from a Pons-ecosystem treasury, 13,641 holders, top-10 owns just 2.1%, contract checks all green. We were calling it for weeks while it chopped sideways. This is what patience in a fundamentally sound small cap looks like.

🪙 GIGA: seven days to Genesis

TGE August 31 at 12:00 UTC. Boosts are dead, base-rate farming only, and at the last count fewer than ~300 wallets were splitting the whole emission into the finish line. Pre-token, tiny TVL, points may never convert, size like it. The last-week allocation math is behind the wall. Farm with me here.

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🎯 FOCUS PULSE

🛡️ ZEC - snapshot day, and the turnstile went vertical

$852, +81% on the call, an eight-year high, and Zcash FLIPPED Dogecoin this weekend. Now look at the migration tape: 3,659,972 ZEC are in Ironwood, 87.4% of the Orchard pool crossed, and the daily rate exploded from ~8K on Thursday to +282,320 ZEC in a single day as everyone scrambles through the shielded door before tonight:

The NU7 snapshot hits TODAY at 19:00 UTC, block 3,459,350. Spendable shielded ZEC in Ironwood at that block is what’s eligible. The coinholder vote opens tomorrow and needs a 1,000,000 ZEC quorum. If you’re reading this in the final hours and hold ZEC transparent, you know what to do.

The bigger tape: Grayscale’s ZCSH conversion filing keeps advancing (the trust got bid from a 17% discount to 1%), Pentosh1’s overnight stink bid filled 1,000 ZEC at $732, and the meme wrote itself:

Chaser’s warning, as always: ZEC funding runs +20% annualized and futures did $9.54 BILLION in a day against $1B of spot. Leverage is how you get shaken out of a generational chart. Spot, shielded, patient.

🤖 NEAR - quiet strength

$2.01, +17.5% on the call. The profitable small desks are 7 longs to 1 short on it, net long $10.5 million. Nothing loud today, which after last week is itself the story.

💵 Ethena - the cooling major, and a wallet worth watching

ENA -7% today after an +85% run on our call, the only red major on the board. Two honest reads: the fee switch is STILL inactive (never let CT tell you otherwise) and 171.875 million ENA vests monthly. And the wallet story, institutional custodian Ceffu pulled 120 million USDC out of Ethena’s Coinbase Prime custody wallets over the past day:

Could be routine treasury ops, could be de-risking. USDe supply holds at $4.07 billion, so the product is fine. The token just ran 85% in three weeks, cooling is allowed.

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🌊 RHEA WATCH

Perfect timing for the daily line: on snapshot day, ZEC is Rhea’s biggest DEX market. $28.73 million traded through the ZEC/NEAR pool, and shielded-native ZEC collateral on the platform keeps growing, 4,710 ZEC supplied now:

Private money finding private rails. The Rhea watch continues tomorrow.

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🔮 SIBYL WATCH

Two real ones this time. $SIBYL is now tradeable in the Coinbase app:

And the Memory Hackathon crossed 200 registered teams, up from 60 on Friday; registration closes Aug 31.

The standing honesty line survives the listing: the product is the alpha, the token is still an illiquid microcap chip, and a Coinbase surface doesn’t change the float.

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🟢 THE FOMO GREEN LIST

Some context before the scan: fomo just became the #1 trading terminal by daily market share, and it cracked the top-3 finance apps on the US App Store:

The scan below ran minutes before this letter went out.

Straight talk: ZERO coins cleared the 70 bar today. Seventeen made the size band, thirteen passed the kill filter, none earned a call. Everything fresh is running 10x-plus volume against its liquidity (churn territory) and nothing quality is under 72 hours old. The filter ate the board, and once you see the ledger you’ll thank it for the discipline.

📒 Marked to market (the honesty ledger, and today it’s a massacre):

❌ RIKA DEAD -99.4% - Friday’s top scorer went to ZERO in three days. Every gate passed, the twin-mint warning printed, still dust. This is why starter bags exist
❌ TAPCAT DEAD -99.5% - the 2.5-hour-old lottery ticket did what lottery tickets do
❌ CEZ CUT -45% - the 74x-churn warning was the tell, closed
❌ DPG CUT -38% - it showed +105% on Friday and gave ALL of it back plus the principal. Wins decay too, take profits like a thief
➖ EYE -20% open - 40K holders is still the biggest crowd the scan ever found, but day-6 is decision time
➖ BULLSHIT +2% open - gave the whole pump back, the unlocked-Meteora warning stands
✅ Qenis +44% WIN - the Aug 15 pick keeps grinding, $2.24M now, the copycat warning stands.

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🕶️ FOLD: THE PRIVACY TRADE’S NEW LEG

We called the ZEC run in every single edition of this letter, and privacy remains the narrative CT keeps underestimating. The new leg: $FOLD, The Interfold, Gnosis Guild’s rebrand of Enclave, confidential-compute infrastructure that lets parties compute on shared data without revealing it (MPC plus FHE plus ZK, “Encrypted Execution Environments” run by staked ciphernodes). Rafi’s framing is the clean one:

The tape: Upbit listed FOLD on Saturday, it spiked to $0.175, and it’s retraced 21% today to $0.098, a $32 million market cap. Honest ledger before you touch it: only ~30% of supply floats against a $116 million FDV, roughly 70% sits in project-controlled vesting contracts, and the chart is five days old. This is a narrative position you build slowly on red days, not a chase. The maxis are already forming:

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👁️ FOLLOW CORNER: ETHAN DEFI

Shoutout to a great account I found for DeFi and airdrop alpha, EthanDeFi. The find that got my attention, Morpho markets running on HyperEVM through Monarch, lending stables against UBTC, kHYPE and WHYPE collateral:

One honesty note from my own check: those juicy 17-20% prints move fast, the big USDC and USDT markets sit mid-single-digit as I type, with the teens showing up in spikes and smaller exotic markets. The alpha is the SURFACE existing, HyperEVM money markets are live and thin, early LPs and lenders get the volatility premium. Go follow him, this is exactly the kind of scanning I respect.

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⭐ TWEET OF THE DAY

The most important psychology post on the timeline right now, because the pain trade from here is UP:

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🥬 THE ONE THAT GOT AWAY (AND WHY I LET IT)

Full transparency section, because you deserve to see the filter’s losses too, not just its catches.

CYBERLEEK is a $19.4 million coin today. My engine killed it TWICE, on Aug 19 and again on Aug 21, for one non-negotiable reason: the token metadata is STILL mutable, plus 37 flagged insider wallets. It ran anyway. Minh doubled down through a 60% drawdown, wrote his thesis in public, and turned $1,000 into roughly half a million. Even Mókus tipped the cap:

And now crypto’s favorite lawyer is asking the genuinely interesting question, is this a one-off GTA-leak stunt or a new hacktivist collective that ties every future exploit to its coin:

My rule doesn’t bend: a mutable-metadata coin can be redrawn under your feet, and no story changes that. Minh earned his win through conviction I couldn’t underwrite for you. Respect printed, kill stands. That’s the whole deal with this letter, you’ll miss SOME winners, and you’ll miss EVERY rug.

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🃏 SIDE QUEST: THE PATTAYA CARD SHOP GEM HUNT (+ OP-17)

Something different, because alpha is alpha wherever it hides, and I spent the weekend doing to a Thai card shop what I do to token contracts. Grandline TCG, Pattaya’s number one One Piece and Pokémon shop. I priced 42 items across six-plus marketplaces, every PSA slab in the case comped against real solds:

https://x.com/PhilMrlo/status/2091863310451036188

The case findings, rapid fire: 19 PSA slabs worth about $4,700 at market, and almost NOTHING is price-tagged, the shop expects you to ask. That’s the edge, walk in already knowing the number. The three real targets: Silvers Rayleigh OP08-118 SEC manga PSA 10 (market ~$660, open at ฿15,600, walk away above ฿18,400), Boa Hancock OP14-112 SP PSA 10 (~$525), O-Nami Treasure Chest PSA 10 (~$420). The sleeper: the P-001 Champ-Set Luffy, up FIVE X in ten months on the vintage-promo boom, fair value ~$300. The one priced card in the case (Reiju at ฿6,500) is priced exactly fair, which tells you the shop knows its comps.

The ฿450 lucky draw: $7,690 advertised prize pool, dominated by ONE genuine grail (the Gear 5 Luffy OP05-119 SEC manga PSA 10, ~$6,700 on its own), and zero disclosed odds. Every pull returns less than it costs on average unless you hit the grail. Entertainment, not value. Two pulls max, then put the money in the case.

OP-17, the real event: the “One Piece 2017 collection” arriving is OP-17 “The World’s Strongest Warriors”, the 4th-anniversary Japanese set that released Aug 22. The shop has EIGHT boxes at ฿6,000 (~$188), which is exactly the current Japanese market rate, fair, not gouging, but understand you’re paying ~5x MSRP for launch-week hype. The chase cards are absurd: the Luffy “Pirate Crew Super Parallel” SEC lists around $21,900 in Japan right now, the Xebec SEC ~$12,450, Shanks manga rare ~$3,100. A typical box gives you 7 Super Rares and maybe a cheap secret. Buy ONE sealed box if you’re a collector (first-print JP anniversary boxes hold historically), skip for pure EV, launch prices historically fall 30-60% within weeks and the English set lands Aug 28. I grabbed mine sealed, thinking about one more for a rip.

The crypto angle, and why this belongs in this letter: the exit rails for cards went onchain. Tokenized Pokémon cards are outperforming Bitcoin this year, Collector Crypt has printed $1.6 BILLION lifetime volume on Solana with 2% sell fees against eBay’s 13.25%, floors sometimes 48-69% UNDER TCGplayer (a place to BUY, not just sell), and Phygitals runs an 85% USDC instant-buyback floor:

The playbook: buy the slab below the walk-away number in a tourist town with one card shop, free-deposit into a Collector Crypt vault, list at 2% or take the instant-buyback floor. Cards are the RWA meta nobody charts, even the NFT guys see the counterfeit-proof logic, and NEAR guys are literally buying PSA 10 Mewtwos as portfolio assets now. Caveats where they belong: JP graded comps are thin, mid values carry ±20% noise, and card markets are illiquid, sentiment-driven things. Same as your favorite altcoin, except you can hug these.

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✍️ QUICK HITS

🌊 MET left the accumulation

Bluntz’s read on Meteora’s token: six months of accumulation finally resolved, pullbacks getting shallower, the ramp-up phase likely starts here. The token is +42% on the week at $127 million, mint and freeze revoked, 207K holders:

🗑️ A bookmark the filter ate

$SEMI, the “bonding at a discount” pitch that crossed my desk today, went straight into the kill pile: the contract is mintable with an active owner wallet, 331 holders, ~$150K market cap, and it was down 65% on the day while being pitched as a “good spot to get in”. The 20% bond discount does not compensate for an owner-controlled mint. Receipt kept for the record:

⚠️ Term Labs got governance-attacked

~$8.5 million drained via a wrapper-voting exploit (2,843 ETH + 1.68M in stables, attacker funded from Tornado). If you LP or lend anywhere, the lesson is permanent: governance surface IS attack surface. Check what a protocol’s vote weights can actually move before you park size.

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🤖 AI CORNER

• Everything Wednesday: NVDA reports Aug 26 after close, consensus around $92 billion in revenue, the same day as PCE, GDP and Hyperliquid’s AQAv2. One print re-arms or breaks the whole AI tape

• NVDA is in talks to invest billions into Perplexity at a $30B+ valuation - Perplexity’s annualized revenue ran from under $250M to $750M+ this year. The circular-capital machine spins on

• SoftBank is selling Japan’s largest-ever retail bond, $6.3 billion at 4.3-4.9%, to fund its OpenAI commitments (already $60B+), having sold its entire NVIDIA stake to keep feeding the machine. Retail savings funding the capex supercycle, wild times

• Hugging Face is exploring a $13B+ sale, 3x its 2023 valuation, weeks after Stripe bought OpenRouter for ~$8B. The picks-and-shovels layer between models and developers is where the exits are

• The agent-payments rail keeps compounding quietly: AI agents pushed 3.3 million USDC transfers over x402 on Solana in the past week alone, 5.1 million over 90 days, with USDC at more than 99.99% of agentic volume. This is the trend I keep telling you to hold in your head for the next two years:

And a long-read for your commute, an X Article from Ruben Hassid making the rounds on AI content, bookmark it for the flight.

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📊 STATS & CHARTS OF THE DAY

📈 The week that broke the record books

Bitcoin’s +23% was the largest weekly gain since March 2023, spot BTC ETFs absorbed $1.92 billion on the week, and total DeFi TVL now sits at $93.1 billion:

⚡ Solana’s monster week, in one post

350ms slots (first slot-time reduction ever), $4B+ of RWAs onchain, 1.318 billion non-vote transactions in a week, Eli Lilly and Moderna stock tokens live, and the disinflation vote is running. The full changelog is worth the scroll:

🖨️ The quiet monsters

Gold broke $4,650. BitMine now owns 4.8% of all ETH, 97% of the way to its 5% target. Trading terminals did $2.35 billion in volume last week, up 18.7%. And Robinhood Chain, per the section above, crossed $1 billion in TVL faster than any chain in history. The liquidity is HERE, it’s just picky.

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😂 COMEDY SEGMENT

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Intermission. My public DnB playlist, curated for the heads - switch it to random play and enjoy. 344 tracks, zero fillers.

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🌾 FRESH FARMS & CAMPAIGNS

• TrueNorth x Ondo closes Wednesday 13:00 UTC - $20K pool, the small-account edge is real (section above), two days to print a green book

• Hyperbeat is running a Fantasy Premier League comp with $5K in prizes - free entry, pick a team, pay your week’s expenses with football knowledge. Beiu’s already in (ranked #2029, there’s hope for us all):

• Lighter x Robinhood Wallet weekly drop #2 lands Friday - keep routing volume in-wallet for the 2x rate, $LIT is live so points convert to something liquid. US/UK excluded

• GIGA’s final week (section above) - the last-seven-days allocation math is behind the wall

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🏆 REFER & WIN

The prize is my personal research machine, the exact engine that feeds this desk every morning, installed personally by me for the top referrer each month ($49.99 value and climbing). Two moves: share your personal referral link (leaderboard here), and post about the Confidential on X tagging @PhilMrlo. Chop weeks are when readers need a desk that was early, hand them one, win the machine.

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📅 ON OUR RADAR

• TODAY (Mon) 19:00 UTC - Zcash NU7 SNAPSHOT (block 3,459,350, shielded funds in Ironwood only) · Bessent’s Iran-sanctions press conference 2pm ET (”toughest in history”, watch oil) · PROPR TGE on Hyperliquid

• Aug 25 (Tue) - NU7 coinholder vote OPENS (~18 days, 1M ZEC quorum) · US housing data

• Aug 26 (Wed) - THE EVERYTHING DAY - July core PCE + Q2 GDP second estimate + durable goods · NVDA Q2 after close (call 5pm ET) · AQAv2 live on Hyperliquid (~$135-160M/yr into the Assistance Fund, first payout Oct 3) · TrueNorth x Ondo W2 settles 13:00 UTC

• Aug 27-29 - Jackson Hole, theme “Financial Innovation: Implications for Payments and Policy” · Warsh’s first keynote as Chair Friday ~10am ET · Bitcoin Asia Hong Kong

• Aug 28 (Fri) - prelim NFP annual benchmark revision · Lighter x Robinhood weekly drop #2

• Aug 29 (Sat) - HYPE unlock, 14.18 million tokens (~1.4% of supply)

• Aug 31 (Sun) - GIGA Genesis TGE 12:00 UTC · monthly close = THE decision candle (rolling 365-day MA test) · Sibyl hackathon registration closes · Shein prices its HK IPO

• September - Cambria TGE window (pre-market $50-60M) · Sept 9: doubled Treasury buybacks start ($4B/op, possibly funded from the $950B TGA) · Sept 15: FOMC (hold 67.5%/hike 31.5%) + Senate CLARITY cloture · Sept 24: Phantom sunsets SUI support

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⭐ BEHIND THE WALL TODAY

Three days ago the breakout graded every book we track. Today the tape did something stranger: the week’s biggest winner quietly moved eight figures to cash, the number-two desk is printing millions while showing an EMPTY book, and the most stubborn bear on the venue just bought his first long after losing twenty-eight million in a week. Meanwhile one of the world’s largest market makers built a nine-figure short into this exact candle, and a coin most of you have never held is paying its longs over 400% annualized to stay in the trade. Downstairs is the full re-pull: who banked, who pressed, who blinked, plus an old-school meme I’m calling for the first time while it still costs less than a used car, and the chain rotation I’m front-running before its token even exists.

Today we’ve got:

• The full post-breakout desk re-pull: the cash-out, the empty-book millionaire, the margin-add, and the first crack in the biggest bear book on the venue

• A nine-figure market-maker short, leg by leg, with the exchange flows that came with it

• The serial short-seller who is 0-for-14 and just went again at 40x - the wallet, the size, the level

• The funding board’s most offside number, above 400% annualized - and the two majors quietly joining it

• The exact levels for the week: the line, the retest zone, the monthly-close triggers, bull AND bear

• An old-school meme bottoming 95% below its high on crypto’s hottest chain - my first call on it

• A pre-TGE chain rotation thesis with the exact bridge route, before CT names it

• The last-seven-days farm math on a TGE that’s one week out, plus a zero-fee volume window that’s printing

• 10 Top Smart-Money buys + token list for Solana

• 10 Top Smart-Money holds + token list

The coordinates are downstairs. Guess wrong on your own time.

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PAID CONFIDENTIAL (2ND SECTION): MOAR new project tips, SMART MONEY movements & coins, MOAR new coin launches, MOAR cool memes and NFTs. This is some deep crypto land you're getting into.

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THIS IS ADULT CONTENT - I’M NOT HERE TO HOLD YOUR HAND. DO YOUR RESEARCH. PREPARE TO GET ANNIHILATED. NEVER TAKE A BLIND RISK. NEVER GIVE UP.

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MARKET COMMENTARY

WE. ARE. SO. BACK. Okay, composure, Friday, GM.

Yesterday, Bitcoin did the thing. First daily candle close above the 1D 200 SMA since November, and, as Sykodelic points out, every single time this has happened in Bitcoin’s history, it has marked the end of the bear market.

Every time. I spent the evening checking the levels for yesterday’s closure with Krown; four of his eight bottom signals have now flipped, and the closure itself was the heavyweight.

As I’m typing this, Bitcoin is at $78K. The old $65,631 ceiling that rejected us five times is now the floor I never want to see again.

All timeframes are ALIGNING for a macro bottom confirmation, we're gonna be so back, boys and girls. Check out this summary and get bullish, it’s the cleanest walkthrough of why this close was different.

And the fuel is not just charts. Make sure you understand the Bessent story, because it’s the most bullish macro development in months, years even:

The 30-year yield hit a 19-year high at 5.34% last week, and instead of praying, the Treasury announced it will at LEAST double its long-end buybacks: $2 billion per operation becomes $4 billion, with twice as many operations per quarter, running September 9 through November 4. Then Bessent went on TV and said it could be more than the $4 billion, that there’s “nothing magic about the $40 trillion figure”, and that fiscal consolidation news is coming within days.

Translation for humans: the Treasury buys old, long-dated bonds that nobody wants and pays for them with fresh T-bills. Debt stays the same, but DURATION leaves the market, and cash-like paper replaces it. That’s Operation Twist run from the Treasury building, QE-shaped liquidity without the Fed touching a thing, and it’s why long yields dropped on the spot while Bitcoin added $280 billion of market cap in 24 hours, liquidating $3.5 billion of positions on the way, the 7th largest liquidation event in history, 8.6 shorts nuked for every long.

This video explains the whole mechanism better than anyone. Watch it; it’s worth your time.

Next week is loaded:

Wednesday is the everything day (durable goods, Q2 GDP second estimate, July core PCE around 3.3%, then NVDA earnings after close), and Jackson Hole runs Thursday through Saturday with Warsh’s first keynote as Chair on Friday. The theme is literally “Financial Innovation: Implications for Payments and Policy”. I don’t expect Warsh to hand us anything substantial. The man deleted forward guidance as a concept. September stays priced roughly 71% hold and 28% hike, so the tape trades its own momentum until Wednesday.

Now, the part where I keep you alive:

This indicator says a lot, too; the long downtrend structure has broken, and the macro bottom keeps confirming unless something drastic happens by the end of the month.

So, don’t be afraid when pullbacks happen. And they WILL happen, longs are paying up to 97% annualized funding to chase some coins right now, which always gets flushed.

Also (hehe),here’s the volatility expansion we were expecting and talking about for weeks, a rare 5.8-sigma daily move, the strongest upside spike since October 2023. Expansion cuts both ways. I mapped the coil on Wednesday, and it fired up. The aftershocks come next.

For those of you sidelined and hurting, here’s one that might interest you. Price is sitting right at the anchored VWAP from the all-time high, the exact zone where previous cycles built their launch pads. You did NOT miss anything. We still operate inside lower highs on the high timeframes; there’s no rush. Stay patient, position on dips, then stay even more patient.

Bullieve, but with a plan.

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📊 HIX0N’S AUTO AI SKILL: CONFIDENTIAL SCOREBOARD

Breakout day report card, and I’m going to enjoy this one:

✅ ENA - called Aug 3 at $0.088 → $0.1396 today (+59%) - the day’s leader, and Wednesday I told you the Risk Committee reveal was “the biggest dormant catalyst on this beat”

✅ PUMP - called Aug 5 at $0.00252 → $0.00385 today (+53%) - the other leader of the day, buybacks plus breakout beta

✅ ZEC - called Aug 3 at $472 → $652 today (+38%) - 81% through the turnstile, snapshot in three days

✅ NEST - called Aug 5 at $11.2M FDV → $13.7M today (+22%) - Monday’s honest red is now green, more below

❌ ORANGE - the honest one: CUT as DEAD at -99.6% from the Aug 11 call - fomo lottery tickets stay lottery tickets on green days too, full body count in the Green List ledger below

Mokus called the whole thing on Tuesday, three months of waiting, one tweet:

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💥 FROM MY TIMELINE

Straight from my feed this morning, and the feed is FEELING it:

The clock’s tickin on every bag in that lineup, and each one gets its section below. Special mention for the family bag: I said $FXN is legit a 100x from here and I meant it, the testnet report passed last week, and now the chart is waking up too, +39% in 30 days while nobody watched:

The 100x leverage protection thesis hasn’t changed. The market is just starting to read it.

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🐸 NEET: THE SPOT PRINTED

My favorite memecoin pick for the upcoming season, and it’s not close. This is the next MOG, IMO.

Three days ago, I flagged the exact spot where the chart got interesting. NEET is +30% since, sitting at $32 million, and now even smolbrah is posting it:

When the wassie king says “dere”, dere it is. And for the zoomed-out picture, this is what vatN calls the anatomy of a multi-billion dollar cook, study the chart:

Sixteen months old, survived every trench winter, holders that don’t sell. NEET doesn’t work, NEET doesn’t sell, NEET stays my number one. Not adding here after +30%, my bag is my bag, but this stays the benchmark every fresh coin in my Green List gets measured against.

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🏴 FLAGSHIP: THE PRESIDENT SAID THE MAGIC WORD

Trump green-lights the US door

At Wednesday’s White House crypto summit, Trump said it out loud: “I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion.”

Gaz packed the whole green-light story into three minutes:

We’ve been pounding the table on Hyperliquid since this letter’s first edition, the $163 million Circle switch, the smart money flipping long, the unlock math. Called perfectly, and it’s still early: US access isn’t approved yet, it’s “being worked on”. That gap is where the trade lives.

The $100 million believer

Arkham surfaced the position of the cycle: trader “watershedpath” has been long HYPE since October 2025, $55M grew to $99.7M, up $46.3 million in profit, and he just took $10M off the table:

That’s what conviction plus patience actually looks like. Note he TRIMMED into strength, not out.

The machine keeps printing

$5M+ daily fees with 99% going to buybacks, and AQAv2 starts accruing August 26, roughly $171 million more annual revenue routed to the Assistance Fund, first payout October:

Vikingo also caught the ETF tape: $75 million of volume on Wednesday and the wrappers keep absorbing supply into the August 29 unlock:

Five days to Circle revenue-share + AQAv2 + NVDA earnings, all August 26. Biggest week of the flagship’s quarter.

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Two moves: share your personal referral link (leaderboard here), and post about the Confidential on X tagging @PhilMrlo. People are lazy. That’s your edge.

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🪺 NEST: THE CHEAP LEVEL IS GONE

Told you Monday, the machine pays even when the chart doesn’t. The chart caught up: NEST ripped to $13.7 million FDV, +46% off Wednesday’s level, and I don’t think we ever see the sub-$10M cheap level again.

This is the Aerodrome of HyperEVM, a ve(3,3) DEX where 100% of protocol revenue goes to the token, nearly $2.5 million paid to voters in under nine months, on the chain the President just green-lit.

And the tokenomics just got better while the price ran: emissions DOWN 1%, USD rewards UP 60% in the same epoch:

The degen advice: you can still buy the discount. HyperWarp just launched as a marketplace for locked veNFTs (hyperwarp.fi).

veNEST positions are listed below spot value because they’re locked; you buy the lock, and you collect the vote revenue the whole way through. Honesty line: the venue is brand new with near-zero volume so far, listings are thin, size accordingly. But buying locked governance positions at a discount while the underlying re-rates is exactly the kind of trade nobody does until it’s obvious.

---

🧭 TRUENORTH: ALL FIFTEEN FINISHED GREEN

The week-1 board of the TrueNorth x Ondo comp settled, and the stat got even better than the one I printed on Wednesday: the ENTIRE top 15 finished in profit, +$94,274 combined, on $85.9 million in RWA volume over seven days.

And it wasn’t whale math, #8 turned $263K of volume into +$4,497, nearly matching wallets trading ten times more:

Willy’s framing is the one that sticks:

“…agents shouldn’t help you trade MORE, they should help you trade BETTER, and a green book is the only proof that counts. Week 2 is LIVE with the board reset to zero, same $20K pool, same rules (2 days of chart analysis, 2 days of trades, one agent, $50K volume), settles August 26 at 13:00 UTC, and the team is teasing an easter egg on top. The design still favors small smart accounts. Go be one.”

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🪶 ROBINHOOD CHAIN: THE CASINO, THE LAUNCHPAD, THE COUNTDOWN

🎰 NET: the casino started publishing its books

The tokenized-stock casino doubled from $7.8M FDV at Monday’s feature to nearly $16M, cooled -18% today, and the updates underneath got MORE interesting than the chart: the treasury added $225K in 24 hours to ~$1.73 million, growing 13.2% against 1.5% token inflation, so backing per token rose 10.4% in a day:

Add the new TURBO desk (546 option-style cards sold in two days, calls selling out in 30 minutes, a claimed 126% net APR for RWA depositors) and community-built Dune dashboards tracking NAV per token, and this thing is evolving from casino into a weird little onchain Berkshire of degeneracy.

Numbers are the team’s own; verify on the community dashboard. Standing warnings hold: $2M-class microcap, live mint function, one LP holder. Chips are for playing, not marrying.

🚀 PONS: V2 is shipping in pieces, and the pieces are good

On Wednesday, I said I wanted the V2 ship date before saying more. It’s shipping NOW:

RWA pairing is LIVE (launch your token against anything from GME to AAPL), and holder fee sharing just dropped, new V2 tokens can route ALL trading fees automatically to holders, paid in RWAs, stables, or ETH:

Gaz sees the trade shaping up, the full launchpad flow hours away with the token still roughly 60% off its recent highs:

$PONS sits at $30 million, +34% since Wednesday’s letter where I said the structure was POTENTIALLY bottoming. Potentially is doing less work in that sentence now.

🏦 Safe Launch: the revenue printer nobody’s pricing

Quick follow-up on the Stonkbroker machine from Monday: the CLOCKIN launch angered every sniper on the chain, which means the anti-snipe mechanism worked exactly as designed, and goon’s numbers say the launcher printed $1.78 million of revenue in 24 hours off ONE hyped launch, ranked #1 on the chain above Uniswap and Pons (his math, receipts in the tweet):

🪙 GIGA: ten days to Genesis

TGE August 31, boosts are dead, base-rate farming only, and still fewer than ~300 wallets splitting the emission into the finish line. Pre-token, tiny TVL, points may never convert, size like it. Farm with me here.

---

🎯 FOCUS PULSE

Ethena - the day’s leader, and the wallet told you first

ENA +45% on the day to $0.1396, the single strongest major on the board. The spark: Arthur Hayes went public, calling ENA a 5x, “I think that this thing is a 5x in a very short period of time,” rising basis yields restart the flywheel, he says, and the Risk Committee results are due TODAY.

USDe supply pushed to $4.07 billion, protocol TVL added over $100 million this week, and the team knows exactly what kind of morning it is:

On Wednesday, I wrote that the fee switch was “the biggest dormant catalyst on this beat” and put an Ethena wallet note behind the wall. It’s not dormant anymore. +59% on the scoreboard call.

ZEC - three days to the snapshot

$652, +17% today, +38% on the call. Turnstile Watch: 3,108,497 ZEC in Ironwood, 81.1% of Orchard crossed, though the daily rate SLOWED to +5.9K. The NU7 snapshot hits August 24 at 19:00 UTC, the scramble window is now. And the smart money is treating the dip machinery as a feature, one whale pulled $3.9 million of ZEC straight off Coinbase Prime mid-rip:

Standing warning to the chasers: ZEC funding runs at +76% annualized; you’re paying real money to be late. Spot accumulation is how the whale above does it. Note the difference.

NEAR - green tracker, crowded boat

$1.90, +11% on the call, and the confidential-compute tracker keeps climbing. But NEAR funding is +97% ANNUALIZED, the most crowded long on the entire funding board. I like the beat, I don’t like paying 97 cents a year per dollar to hold it with leverage. Spot only up here.

---

🌊 RHEA WATCH

Quieter 48 hours after Wednesday’s RHEA Perp listing news, so today’s warm note is the detail I didn’t have room for: the whole cross-chain pipe is CHEAP. Bridging the same asset caps at 2 basis points, a full cross-chain swap caps at 5:

Hyperliquid perps from NEAR, Solana, or Tron with confidential deposits, at fees that round to zero. On the day the President greenlit the venue everyone will want to reach, the private side door got more interesting, not less. Rhea x Hix - approved.

---

🔮 SIBYL WATCH

The hackathon published its scoring system, and the weights tell you exactly what this team values: Memory is worth 40 of 100 points, ahead of innovation (25), execution (20) and pitch (15), with a +10 bonus for product-market fit:

Judging agents primarily on whether they REMEMBER is the whole Sibyl thesis in one rubric. 60+ teams registered, $10K USDC on Base plus Base Accelerator entries for winners, and registration is still open if you build.

---

🟢 THE FOMO GREEN LIST

My number one has its own section today (NEET, above), so the scan gets the full spotlight. Breakout days flood the trenches with garbage, 200 raw rows swept, 13 made the band, FOUR cleared the line. And before the picks, the body count, because a green tape doesn’t suspend the lottery math.

RIKA 🌸 · 75/100 · 10h · $698K mcap · $68K liq · $3.2M 24h vol · 2,685 holders · top wallet 5.5% ✅ Mint & freeze revoked · metadata locked · LP 100% burned · RugCheck 1 · ZERO flagged insiders Cleanest fresh sheet of the day, top-10 owns just 7.1%. Honest bear: churn runs hot at ~46x liquidity and a copycat twin-mint is already live, buy ONLY this contract. Starter bag sizing. ▶ Trade RIKA on fomo

TAPCAT 🐈 · 72/100 · 2.5h · $407K mcap · $54K liq · $1.3M 24h vol · 3,303 holders · top wallet 6.6% ✅ Mint & freeze revoked · metadata locked · LP 100% burned · RugCheck 1 · zero flagged insiders Three thousand holders in 150 minutes with a top-10 of 8.4% is organic-crowd shape. Honest bear: it’s TWO AND A HALF HOURS OLD, this is the purest lottery ticket on today’s list. ▶ Trade TAPCAT on fomo

CEZ ⚡ · 71/100 · 14h · $1.90M mcap · $124K liq · $9.2M 24h vol · 6,749 holders · top wallet 3.3% ✅ Mint & freeze revoked · metadata locked · LP 100% burned · RugCheck 1 · 7 flagged insiders (small) The day’s momentum leader in the band. Honest bear, and it’s a big one: $9.2M of volume against $124K of liquidity is 74x churn, some of that volume is renting itself. If the churn is wash, the crowd is thinner than it looks. ▶ Trade CEZ on fomo

EYE 👁️ · 70/100 · 3.8d · $1.08M mcap · $135K liq · $591K 24h vol · 40,763 holders · top wallet 6.5% ✅ Mint & freeze revoked · metadata locked · LP 100% burned · RugCheck 1 FORTY THOUSAND holders at a $1M cap, the biggest crowd-to-cap ratio the scan has ever printed, with a healthy 0.5x churn. Honest bear: top-10 holds 31%, one coordinated exit hurts, and day-4 is where fresh coins usually pick a direction violently. ▶ Trade EYE on fomo

Four, not five. The fifth-best sheet today had a rugged-token creator history and I don’t print those for any target.

📒 Marked to market (the honesty ledger, every prior pick, and today it bites):

✅ BULLSHIT +11% WIN - called Wednesday at $3.53M, now $3.91M and +45% on the day, the unlocked-Meteora warning stands

✅ DPG +105% open - but it took a -39% day off the +163% peak. Wins decay too, take profits like a thief ➖ Qenis +9% open, faded from +40, the copycat warning stands

❌ SOLUG DEAD -99.8% - Wednesday’s top scorer round-tripped to DUST in 48 hours. Every gate passed, still died, that’s what 30x churn on $79K liquidity does. This is why I say starter bags and lottery tickets, shown not hidden

❌ ORANGE DEAD -99.6% - the Aug 11 call is dust, closed ❌ MemeSeason CUT -65% and

ź❌ MOMO CUT -46% - both closed out

---

🔥 TRENDING + NEW PROJECTS

The breakout-day heat, scam-filtered

• CATE (Solana) - the old cat revived: $36M FDV, +173% today on $14.7M volume, 179,522 holders (!), LP 99.9% locked, top-10 just 13.5%. The one flag my filter raised: 254 tagged insider wallets in the graph. Big crowd, real distribution, watch the insiders

• BULLBALLS (Solana) - day-old bull-market meme with the cleanest sheet on the board: $6.7M, +367%, 11,408 holders, LP 100% locked, top-10 owns THREE POINT FIVE percent, zero flagged insiders. The name is the timing. Chase math applies after +367%

• AI (Robinhood Chain) - the day’s weirdest pair: a meme called AI trading AGAINST tokenized NVDA, $18.3M FDV, +125%. My filter says LOOK, DON’T TOUCH: proxy contract (upgradeable) and the top LP position unlocked, which on this chain is the signature rug setup. Radar only

Quick hits on Wednesday’s board

• Hayes runs it back: two days after announcing Flop Labs for the agentic economy, the man moved the OTHER lever, the public ENA 5x call (focus pulse has it). Retirement lasted a week, the follow-up for the airdrop is still free

• Harbor’s victory lap writes itself: the market liquidated $3.5 BILLION of positions in 24 hours, and the no-liquidation leverage protocol posted four words. Honesty line: Harbor’s TVL is ~$112K, a tiny experiment, and they retweeted that critique themselves, which I respect:

• Aligned’s claim checker keeps paying: if you ever held STRK, MINA, ZK, or EIGEN, the check is still one click, allocations under 10K unlock fully at TGE

• Variational’s Thursday distribution paid out yesterday - the 150K-point hard cap keeps ticking down, zero-fee volume still counts for next week’s cut

🗑️ What the filter killed today: the full kill sheet moved to the Green List, but the headline: RIKA’s copycat twin-mint (the real one is in the scan), MOONCOIN still doing $46M daily volume ON A PAUSABLE CONTRACT two days after I flagged it, and the ANSEM-wave insiders are still spending money on boosts. Trenches never change; they just rotate costumes.

---

🎣 CAMBRIA: SEPTEMBER, AND THAT’S GOOD NEWS

The AMA landed, and the headline is a delay done RIGHT: TGE is not happening in August. Why? Big exchanges came knocking, and the team is aligning listings with partners, a heavy airdrop is coming, and there will be no low-float nonsense at launch (If they learned from Hyperliquid, this is gonna be a bangerrrrr).

Early September is the window. CaezarX wrote the cleanest recap:

Read that again: they DELAYED to do a bigger airdrop with real float and exchange support. That’s the opposite of every rug you’ve ever watched. I said it this morning and I’ll say it again, best game in the whole of crypto, not even close.

Meanwhile, the community is minting culture: Cambrilio pfps are spreading on Base, and yes, I bought one for the vibes:

The lobby stays invite-GATED; you cannot play or farm without a code. Use code Hix0n here for 5% bonus points and get your rank up before the September window.

---

👁️ FOLLOW CORNER: JEDI

Two words from Jedi yesterday, and two words is all he needs:

Pay attention. Jedi’s chart eye is one of the sharpest on my feed, and he posts sparingly, which is exactly why it lands. Go follow him, thank me later.

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🧬 BIOTECH: THE OTHER BULL MARKET NOBODY TOLD YOU ABOUT

While CT stared at candles, biotech quietly became the momentum sector of 2026. The numbers first: XBI is +31.4% YTD versus +12.8% for the S&P, +85% over one year, and healthcare funds absorbed $2.44 billion of fresh money in July while AI-heavy growth funds BLED $7.2 billion. The rotation out of the crowded AI-capex trade has a destination, and it’s this.

The spark plug: Moderna went +176% IN ONE DAY last Wednesday when its Merck-partnered mRNA cancer vaccine hit both endpoints in Phase 3 melanoma, the first individualized mRNA cancer therapy to ever clear that bar. It gave back 24% the next day, that’s what parabolas do, but the science headline doesn’t un-happen.

Why does this keep running:

• The M&A engine is historic: $106 billion of biotech deals by June, faster than any year since pre-Covid, with big pharma sitting on $2.1 TRILLION of firepower while $200B+ of annual drug revenue falls off patent by 2030 (Keytruda, the world’s best-selling drug, goes 2028). Takeout premiums are running 50-86%

• Rates are the fuel line: small-cap biotech is a duration trade, and September hike odds collapsed from 82% to ~28% after the jobs miss. Same macro turn that lit crypto’s candle

• The binary calendar is LOADED: Capricor’s FDA decision lands TOMORROW (Aug 22, negative AdCom on record, pure lottery ticket, analyst targets run $5 to $28 on the same stock), Novo’s CagriSema obesity verdict comes ~October, and the full Moderna data drops at ESMO late October

The degen bridge: you don’t even need a broker. BIO Protocol, the DeSci index bet, is +15% today, moving with the sector, and Hyperliquid’s HIP-3 equity venues added a biotech category this year, 24/7 leverage on the exact names above. Crypto rails, biotech beta.

The bear ledger, because I keep you honest: Wednesday was a -3.6% profit-taking flush across XBI, Moderna trades ~49% ABOVE its consensus price target, pharma tariffs hit the broad market September 29, and if Warsh sounds hawkish at Jackson Hole the whole duration trade reverses. Trade the sector, respect the calendar.

---

🤖 AI CORNER, QUICK

• NVDA reports Wednesday, August 26, consensus ~$92 billion revenue, roughly DOUBLE a year ago. Same day as PCE and the Circle switch on Hyperliquid. Everything day

• Semis stayed nervous into it, the sector’s worst stretch in weeks, while biotech eats its flows (see above). One earnings print re-arms or breaks the whole AI tape

• Aave’s numbers went vertical with the breakout, the bullish dashboard made the rounds, +12.5% today. DeFi blue chips finally waking up is itself an AI-adjacent tell: the risk curve is extending

---

📊 STATS & CHARTS OF THE DAY

The onchain scoreboard went vertical

TVL at a 3-month high (now $86.2B and climbing since this tweet), DEX and perp volumes at their highest since June, $50M+ of daily fees, and the ETFs having their biggest inflow week since JANUARY:

That last one is the tell. January was the top of the last euphoria wave. The pipes are flowing again.

The whale who front-ran the candle

Thirteen hours before the rip, a fresh wallet deposited $20M USDC into Hyperliquid and opened a 4x long on 20,000 ETH. He’s up $6.66 million already:

Somebody always knows. The paid desk section today is entirely about who’s positioned how after the breakout, including one account that did NOT survive it.

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😂 COMEDY SEGMENT

---

Intermission. My public DnB playlist, curated for the heads - switch it to random play and enjoy. 344 tracks, zero fillers.

---

🌾 FRESH FARMS & CAMPAIGNS

• Lighter x Robinhood Wallet’s FIRST weekly points drop is TODAY. If you farmed the 2x in-wallet rate this week, check the drop; if you didn’t, the program keeps running and $LIT is live so the points convert to something real. US and UK excluded

• Axis Robotics is the best $0 farm on the board right now per Beiu, and I agree with his reasoning: task-based, high-friction, sybil-resistant by nature, which means humans who actually do it keep the whole pie:

• TrueNorth x Ondo runs through Tuesday (details in the TrueNorth section above, the week-1 book closed GREEN)

The exact steps of rotation (which pools, which order, which deadlines) are behind the pay wall today.

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📅 ON OUR RADAR

• TODAY (Fri) - Ethena Risk Committee results due · first Lighter x Robinhood weekly points drop

• Aug 22 (Sat) - Capricor FDA decision (the biotech lotto ticket above)

• Aug 23 - Binance blocks HTX transfers (dust-storm deadline)

• Aug 24, 19:00 UTC - Zcash NU7 SNAPSHOT (shielded funds in Ironwood only) - THREE days

• Aug 25 - NU7 coinholder vote opens (1M ZEC quorum)

• Aug 26 - THE EVERYTHING DAY:

• - Circle revenue-share + AQAv2 live on Hyperliquid · NVDA Q2 after close · July core PCE + Q2 GDP second estimate + durable goods · TrueNorth x Ondo comp ends

• Aug 27-29 - Jackson Hole, theme “Financial Innovation: Implications for Payments and Policy”, Warsh’s first keynote as Chair Friday ~10am ET

• Aug 29 - HYPE unlock, 14.18M tokens (the buyback pipe turns on three days before it)

• Aug 31 - GIGA Genesis TGE · monthly close = Krown’s decision date

• Early September - Cambria TGE window (moved from August, exchange alignment, per the AMA)

• Sept 9 - Nov 4 - the doubled Treasury buyback window runs (the Bessent regime, live)

• Sept 15-16 - FOMC (hold ~71% / hike ~28%) + Senate CLARITY cloture

---

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⭐ BEHIND THE WALL TODAY

Today we’ve got:

• The full post-breakout book of every profitable desk we track - the liquidation, the nine-figure fade, the margin add, and the winner who pressed

• The three tickers where funding says the crowd is offside by double digits - exact annualized numbers

• A bear whale fighting the entire board at once - the wallet, the legs, the pain threshold

• Krown’s exact levels for the reclaimed range - the floor that must hold, the trigger that must break, bull AND bear scenarios

• The farm rotation pays three-digit APRs on one chain, exact pairs, exact risk tiers, refreshed for the new tape

• A pre-TGE grind with a hard September deadline and a method I’m personally using to climb it

• The whale ledger, both directions - who front-ran the candle with eight figures and who’s quietly feeding exits into it

• What the filter did to the day’s meme wave, full kill sheet with contract receipts, plus who to copy instead

• 10 Top Smart-Money buys + token list for Solana

• 10 Top Smart-Money holds + token list

The coordinates are downstairs. Guess wrong on your own time.

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PAID CONFIDENTIAL (2ND SECTION): MOAR new project tips, SMART MONEY movements & coins, MOAR new coin launches, MOAR cool memes and NFTs. This is some deep crypto and AI land you getting into.

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THIS IS ADULT CONTENT - I’M NOT HERE TO HOLD YOUR HAND. DO YOUR RESEARCH. PREPARE TO GET ANNIHILATED. NEVER TAKE A BLIND RISK. NEVER GIVE UP.

MARKET COMMENTARY

Ayo, a pretty nice bouncy action we’ve got on our hands ey?

As I’m typing this, Bitcoin is at $65K, mid-range between the $62,500 floor that has now survived six weeks of everything (a war scare, a negative payrolls print, two inflation reports, a full Fed repricing) and the $65,631 ceiling that has never once seen a close above it, five attempts and counting.

Krown’s new video is the best walkthrough of these exact levels, listen to them right here, superb hopium for the second half of August, and all 14 of his 14 coil signals now say a big move is loading.

Here’s the strange part. Nobody is positioned for ANY move. The VIX just printed its 2026 low at 14.2, Bitcoin’s own vol index sits near its 2026 low around 36, and upside implied vol hit a record 23%, traders have literally never paid less for BTC upside. Compression like this is stored energy. Someone’s going to be very wrong, and soon.

FOMC minutes from the July meeting drop today at 2 pm ET. Three regional presidents voted for a HIKE at that meeting, so the only read that matters is how far the hawk camp extends beyond them. I don’t expect fireworks; a September hike is priced well under a coin flip, and minutes are old news in a new dress.

Stocks are pulling back a little. The S&P slipped 0.7% for a third straight red day since Thursday’s all-time high, the Nasdaq gave 1.3%, semis dropped 5% as a group, and the 30-year yield pushed above 5.3%, its highest since 2007. A breather after records, not a break. So far.

And the news that made me grin: Nasdaq is going 23-hour trading from December 6, Vlad is writing essays about why America must lead on tokenized stocks, and the Hyperliquid Policy Center is pitching pre-IPO perps to regulators in the same week their Unitree market got validated in the most spectacular way possible (AI corner has the numbers, they’re absurd). The entire legacy system is speedrunning toward what crypto already does. Hyperliquid coded, all of it.

One read to carry into the chop: large holders bought about 43,000 BTC worth $2.7 billion over the past 60 days, per Bloomberg. Quiet tape is somebody’s accumulation window.

Monday, I showed you the profitable book flipping. Below the wall today, they did something even more interesting, and it took them 48 hours. Stay patient, don’t force trades within a six-week window, and keep dry powder for day 14, when the 14 coils finally fire.

It’s go time soon, but not just yet.

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✅ ZEC - called Aug 3 at $472 → $508 today (+7.6%) - 80.6% of Orchard has crossed into Ironwood, snapshot in FIVE days

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💥 FROM MY TIMELINE

Straight from my feed, and it’s a good morning for the f(x) family: the FX100 testnet report is IN, and the verdict is 😎.

The 100x leverage protection people keep calling impossible went through its testnet paces and came out the other side. $FXN coded. If you still don’t understand how a 100x position survives the wick that kills it everywhere else, the explainer thread is pinned on my profile. Go read it before mainnet.

* * *

🎣 CAMBRIA: THE PRE-MARKET IS PRICING A WINNER

The market just put a number on the thing I farm every morning: Cambria keys trade at $0.5745 on Aspecta’s pre-market, an implied $57 MILLION FDV, before TGE even lands. Pre-market looking good af. Watch the live book here.

The community tape from the last 24 hours tells you why. The stat:

Keys risked DOUBLED from $10 million to $20 million in nine days. And the vibe check after the Emerald Bug compensation, players got made whole, and they’re saying it out loud:

That’s what a team that pays its players back looks like two weeks before a TGE, with Gold Rush Season 4 right behind it.

And a personal note: I know how to hit total rank 100 quickly before TGE.

The lobby is invite-GATED; you cannot play or farm without a code. Use code Hix0n here for 5% bonus points and climb while the ladder is still short.

* * *

🌊 RHEA: HYPERLIQUID WITHOUT THE BRIDGE

Warm one today. Rhea just listed RHEA Perp on the Hypurr ecosystem page: trade Hyperliquid perps straight from NEAR, Solana, Tron and every other supported network, no bridging, confidential deposits, and your Hyperliquid fee rebate intact:

* * *

🏴 FLAGSHIP: SEVEN DAYS TO THE $163 MILLION SWITCH

The Circle countdown

Hyperliquid’s revenue-share deal with Circle goes live August 26, expected to add ~$163 million in annualized revenue, and the countdown is now single digits:

Same date: AQAv2 (90% of stablecoin reserve yield → the Assistance Fund) and NVDA earnings. August 26 is the flagship’s macro day, mark it.

The ETFs refuse to sell

No Hyperliquid ETF sold a single HYPE last week, all net bought or held. Grayscale and Bitwise clients added $2.8 million:

HYPE trades at $58.63 with a 14.18 million unlock on August 29, and the buyback pipe turns on three days before that. The counterweight keeps arriving exactly on time.

Quick hits

• Nest keeps paying while the chart sulks: 100% of protocol revenue goes to the token and veNEST voters have collected nearly $2.5 million in under nine months. The actionable epoch deadline is behind the wall:

• The launchpad graveyard grows: printr is winding down by August 31 after raising $10 million - TGE and airdrop CANCELLED, staking unwinds automatically, users get refunds - the same week Ansem launched his own pad. Infrastructure was never the edge; distribution is, the Nest intern said it plainly:

* * *

🧭 TRUENORTH: THE BOOK FINISHED GREEN

Week 1 of the TrueNorth x Ondo comp settled with a stat that almost never happens in retail trading: 237 wallets on the board finished with combined PnL over +$50,000. The BOOK closed green. Aggregate retail PnL is always red; that’s the whole cynical joke of this industry, and this cohort broke it with agent-assisted trading.

Willy’s crew also shipped Workspace, a customizable dashboard where the widgets are live agents that pull in the data YOU actually check and dispatch from your phone. More to come from their giga brain, Joyce:

blocmates dropped a full Explained video on the platform the same day, and Willy’s reaction was “couldn’t have done it better myself”:

Week 2 is live with a fresh board, and the comp runs through August 26. The design favors small smart accounts. Go be one.

* * *

🪶 ROBINHOOD CHAIN: PONS GREW UP IN A MONTH

PONS V2: from meme launcher to RWA rails

One month in, the numbers are silly: $2.5 billion all-time volume, $15.6 million+ earned by token creators, over 28% of $PONS supply burned:

Now V2 turns the launchpad into infrastructure: ETH-based bonding curve, Uniswap V4 integration, creator payouts in ETH, and launches paired against tokenized stocks (imagine your meme trading against NVDA instead of ETH). The one-month retrospective lays out the road:

The chart? $PONS sits at $22.3 million, +11.6% today, and the structure is POTENTIALLY bottoming. Keyword potentially. I want to see the V2 ship date before saying more. Start at the chart with me here.

🎰 NET is getting bid on a red day

Otto caught it first:

That’s the tokenized stock casino from Monday’s letter (MSFT Flight Simulator, COINflip). Someone is accumulating the chips while the market bleeds. Same warning as Monday: $1M-class microcap, live mint function, one LP holder. The mechanic is a genius, the token is a casino chip.

🪙 GIGA: boosts are dead, twelve days to Genesis

The 2x meme boosts expired yesterday, so what’s left is clean base-rate farming into TGE on August 31, with 12 days to go. Fewer than 300 wallets split the entire emission; that math has never required a multiplier.

Points follow fees; park where the volume is. Pre-token, tiny TVL, points may never convert, size like it. Farm with me here.

* * *

🎯 FOCUS PULSE

ZEC - the treasury company became a MINER

The day’s biggest focus-beat story: Cypherpunk Technologies launched the largest Zcash mining fleet in the world, on US soil, running ~18% of network hashrate, with Bitcoin-mining OG Kevin Zhang joining as Head of Mining. Their own TL;DR is the cleanest:

👉 NEAR - the tracker turned green

Confidential-compute TVL jumped to $30.64 million, 43.8% of the $70 million trigger, up from $28.35 million on Sunday and +139% over 90 days. I printed the red last week, so I get to print the green too.

👉 Ethena - supply grows into Friday’s reveal

USDe pushed to $4.05 billion, up about $90 million since Monday, with Risk Committee results landing FRIDAY. That composition determines who implements the fee switch, which remains the biggest dormant catalyst on this beat. ENA $0.0842. One wallet note on this name sits behind the wall today; you’ll want it.

* * *

🔮 SIBYL WATCH

The hackathon is filling up fast: 60 teams registered for the Sibyl Memory Hackathon (backed by Base and Virtuals, with Base APAC mentoring winners), and JY’s first-batch subscription screenshot shows real builders, not tourists:

$10K USDC on Base plus two entries into a Base Accelerator program for the top builds. Building an agent that remembers across sessions is the exact primitive everyone says is missing. Registration is still open, fields are limited, a weekend project with a real prize.

* * *

🟢 THE FOMO GREEN LIST

First, my number one and it’s not close: NEET is my favorite memecoin on the board, period. Sixteen months old (a dinosaur in trench years), $24.7 million cap, +13% today while the majors sleep, RugCheck spotless, and the main LP burned. And the chart just hit the exact spot I flagged:

NEET doesn’t work, NEET doesn’t sell. ▶ Trade NEET on fomo

Now the fresh scan. Honesty first, because tulips posted the stat of the week: 0.0072% of active wallets made more than $100. THIS is exactly why I call fresh trench coins lottery tickets, nothing more:

You’re not buying a portfolio position. You’re buying a ticket where the filter already killed the rigged ones; that’s the entire edge on offer. Size like a ticket, take profits like a thief.

The wide sweep ran full width today: 14 discovery endpoints, 295 raw rows, 179 unique candidates, FIVE gate-passers, and only TWO cleared the 70 line.

SOLUG 🧼 · 75/100 · 8h · $959K mcap · $79K liq · $2.35M 24h vol · 5,296 holders · top wallet 4.4%
✅ Mint & freeze revoked · metadata locked · LP 100% burned · RugCheck 1 · zero flagged insiders

Cleanest holder sheet the scan has produced in weeks, top-10 owns just 6.7%, and the buy pressure is real (2,091 buys vs 1,479 sells last hour). Honest bear: you’re seeing it after a +1,705% day, liquidity is thin at $79K, churn runs 30x. Starter bag, nothing more. ▶ Trade SOLUG on fomo

BULLSHIT 🐂 · 73/100 · 40h · $3.53M mcap · $518K liq · $1.69M 24h vol · 21,879 holders · top wallet 3.8%
✅ Mint & freeze revoked · metadata locked · canonical LP 100% burned · RugCheck 1

The “bull-shit” meta leader with an actual crowd, 21.9K holders and a healthy 0.5x churn, which is rare air up here. Honest bear, and read it twice: most of the trading liquidity sits in an UNLOCKED Meteora pool that can be pulled anytime, the burned pool is the only real floor, and I’m flagging it after a +99% hour. ▶ Trade BULLSHI on fomo

📒 Marked to market (the honesty ledger, every prior pick): ✅ DPG +163% WIN - called at $689K, now $1.81M, the section’s best carry

· ✅ Qenis +40% open - warning: a copycat “Qenis evolved” is paying for boosts right now, 99% one wallet, do NOT confuse them ·

➖ MemeSeason +4.3% open, flat tape · ❌ FTR CUT at -53%, the tape decayed, out · ❌ ANIMALS -91.5% DEAD and ❌ .pump -96.4% DEAD - Monday’s two smallest calls both round-tripped. That’s the lottery-ticket math doing exactly what I keep telling you it does. Shown, not hidden.

The paid side carries the radar tier that ALMOST cleared, plus who to copy.

* * *

🔥 TRENDING + NEW PROJECTS

💩 FLOP: Hayes wants to feed your AI agent

The day’s biggest new-project headline by star power: Arthur Hayes is coming out of retirement to lead Flop Labs, building the currency of the agentic economy. No presale, no VCs, 100% fair launch, massive airdrop targeted Q4, genesis block Q1 2027:

Today’s farm action costs nothing: eligibility is currently tied to following @flop_labs. A chain that doesn’t exist yet, sold by crypto’s best macro storyteller, for agents that mostly don’t pay for anything yet. Genius or performance art, probably both, and a follow is free either way.

🪂 Aligned: the Genesis Drop checker is LIVE

8.74% of ALIGN supply goes to the community, and the claim checker just opened:

Allocations of 10,000 tokens or less unlock FULLY at TGE; small wallets win this one; bigger bags get 10K, then a 12-month vest. If you have ever held STRK, MINA, ZK, or EIGEN or touched the ZK ecosystem, the check takes one click.

⁉️ Quick hits

• Chainflip is evolving buy-and-burn into buy-and-distribute: revenue still buys $FLIP off the market, but it now pays stakers instead of the burn address. Agent Chud (aka Messi, the legend) called it right, distribute beats burn when the revenue is real:

• ETHFI became a neo brokerage, and Austin’s chart says the market noticed: tokenized stocks, metals, and Aave-backed portfolio loans in one self-custody app, $3.5 billion TVL, 500K members We bullish ETHFI:

• Variational dropped a fresh article on where the protocol is heading: zero-fee RFQ perps doing $16 billion in monthly volume, with 50% of VAR pledged to the community, and the points program ending no later than Q3. Clock’s real:

🗑️ Cross-chain kills today:

· MOONCOIN on Robinhood (a PAUSABLE contract doing $30.7 million volume on $210K liquidity, the day’s loudest catch)

· KII on BSC ($77.5M claimed volume against TWO holders, phantom float)

· OIL on Robinhood (LP 99.9% in one unlocked wallet at +5,779%, the chain’s signature rug, sixth sighting) · dogue on Base (+7,244% with null security data)

· two BMAI twin-mints

· and PEPECOIN-RH, killed August 11, now PAYING for a DexScreener boost. Rugs running ad campaigns. Never change, trenches.

* * *

🌾 FRESH FARMS & CAMPAIGNS

• TrueNorth x Ondo week 2 is live with a fresh board (the week-1 book finished GREEN, see above)

• Lighter x Robinhood Wallet’s first weekly points drop is FRIDAY - the 2x in-wallet rate stays the play and most people won’t move until the first drop makes it real. $LIT is live (not pre-token), points convert to LIT, US and UK excluded. One whale receipt on this name is behind the wall

• Kaito’s Infofi 2.0 “Aura” claims opened using your existing Yaps. One caveat before you connect anything: 0x_ultra’s source-code dig found Pulse fingerprinting devices, read it and decide your own privacy tolerance:

The exact-steps farm rotation for this week (four three-digit APRs on one chain) is behind the wall.

* * *

📈 AI CORNER: THE ROBOT THAT EMBARRASSED THE PERP

Unitree: +629% at the open

The humanoid-robot maker listed in Shanghai today and opened 629% above its ¥150.80 IPO price, touching a ~$66 billion valuation before closing +460% at ¥845. Fastest STAR approval in history, 8,000x oversubscribed by retail, first pure humanoid maker on a mainland exchange.

Here’s the part that matters for us.

Hyperliquid’s pre-IPO perp marked Unitree at around 4.4x the IPO price ahead of its debut, and CT called that pricing insane. The debut OPENED at 7.3x. Crypto’s most aggressive pricing venue was too CONSERVATIVE. Cerebras +89%, SK Hynix +14%, SpaceX +11%, now this, the pre-IPO perp keeps signaling the right direction and undershooting the size. Remember that on the next listing.

Virtuals took a deserved victory lap, their Eastworlds unit is Unitree’s official data partner and the largest G1 teleop data source outside China:

📼 The rest of the tape, play it quick.

• Semis had their worst day in weeks, the sector gauge 5% with NVDA, Meta, Tesla, and Oracle lower into NVDA earnings on August 26. Nervous, not broken

• Anthropic’s annualized revenue topped $65 billion, and Morgan Stanley, Goldman, and JPMorgan are prepping a potential FALL IPO. The AI-equity supercycle gets its next listing window

• NVIDIA is closing in on guaranteeing ~$100 billion of credit for OpenAI’s Ohio campus, per The Information. The vendor is co-signing the customer’s debt. File under circular, keep watching

* * *

📊 STATS & CHARTS OF THE DAY

Compound’s $52 million question

The Compound Foundation announced new leadership and a $52 million DAO-approved development program, the largest in protocol history, to bring institutional credit onchain:

Tulip King’s counter went viral for a reason:

Six years, roughly zero dollars returned to token holders, and now the biggest check yet. I’ll say it gentler than he did, watch what ships before the next tranche, and don’t marry governance tokens that never pay you:

The unlock week map

Stacy’s list is the supply calendar: ZRO $19M (7.3% of supply), KAITO $11M (13.5%!), SOON $3.9M, ZK $1.3M. KAITO’s percentage is the one that can actually move a chart, same week the Aura claims open:

RWA x DeFi: the 300x nobody celebrated

RWAs deposited into DeFi protocols grew from $12 million to nearly $4 billion in three years:

The quiet institutional on-ramp is working while CT stares at memecoins. The tokenized-stock casino above and the Ether.fi brokerage are the same trend in different costumes.

Solana’s aggregator war has a new leader climbing

OKX has climbed to 31% of daily DEX-aggregator volume on Solana while Jupiter’s long-standing lead slipped below 49% (Blockworks data, surfaced by Tom):

CEX distribution is eating a DeFi moat in real time.

The options desk is paying for BOTH tails

Two massive BTC structures crossed Derive’s RFQ, ~$67 million notional: a $47.7M September call spread paying toward $75K, and a $19.1M October put ratio targeting the mid-$50Ks:

Someone big bought both directions. That’s what record-low vol does: it makes both tails cheap, and it rhymes with the commentary’s 14-of-14 coils.

* * *

😂 COMEDY SEGMENT

📅 ON OUR RADAR

• TODAY, 2pm ET - FOMC minutes from the July meeting (three dissents voted to hike, watch how wide the hawk camp runs)

• Aug 20, 00:00 UTC (tonight) - Nest HYPE Engine Vault epoch lock window closes

• Aug 21 (Fri) - Ethena Risk Committee results · first Lighter x Robinhood weekly points drop

• Aug 23 - Binance blocks HTX transfers (the dust-storm deadline)

• Aug 24, 19:00 UTC - Zcash NU7 SNAPSHOT (shielded funds in Ironwood only) - FIVE days

• Aug 25 - NU7 coinholder vote opens (1M ZEC quorum)

• Aug 26 - Circle revenue-share + AQAv2 live on Hyperliquid · NVDA Q2, THE macro event · TrueNorth x Ondo comp ends

• Aug 27-29 - Jackson Hole, theme is literally payments innovation, Warsh’s first keynote Friday

• Aug 29 - HYPE unlock, 14.18M tokens

• Aug 31 - GIGA Genesis TGE · Cambria TGE window closes (”August” per the team) · monthly close = Krown’s decision date

• Sep 15-16 - FOMC + Senate CLARITY cloture

• Dec 6 - Nasdaq goes to 23-hour trading. The future arrives on a schedule

* * *

DeFi opportunities backed by numbers

Adrian’s DeFi Alpha shows you:

• What is actually growing

• Where revenue is flowing

• Which tokens capture value

• Where valuations make sense

A clear framework for finding and judging high-upside opportunities.

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* * *

⭐ BEHIND THE WALL TODAY

Today we’ve got:

• Four fresh three-digit APRs on one chain, exact pairs, and the risk tier for each

• Top Smart-Money buys + token list for Solana

• Top Smart-Money holds + token list

• Every profitable desk’s live book, re-pulled this morning - including the consensus trade that died in 48 hours and the new net number

• Two whales on opposite sides of the SAME ratio trade - both wallets, both liquidation prices, somebody’s exit liquidity

• The cornered position that survived Monday by amputating 80% of itself, back to less than 1% from liquidation, with a wallet inside

• The renamed desk that banked seven figures on its flagship and rebuilt as a relative-value book inside one hot sector

• What the week’s #1 earner did after making millions (it’s nothing, and it’s the loudest signal on the board)

• A structural seller of three straight weeks just went silent - what does it do to the supply math

• An epoch deadline TONIGHT that pays a bonus pool for one simple lock

• The whale ledger, both directions - a fund moved eight figures to a prime desk, and a team-linked wallet met an OTC desk

• What the Hix0n filter did to the day’s hottest meme wave, the full kill sheet with contract receipts, plus who to copy instead

The coordinates are downstairs. Guess wrong on your own time.

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PAID CONFIDENTIAL (2ND SECTION): MOAR new project tips, SMART MONEY movements & coins, MOAR new coin launches, MOAR cool memes and NFTs. This is some deep crypto shit.

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THIS IS ADULT CONTENT - I’M NOT HERE TO HOLD YOUR HAND. DO YOUR RESEARCH. PREPARE TO GET ANNIHILATED. NEVER TAKE A BLIND RISK. NEVER GIVE UP.

MARKET COMMENTARY

Monday, and the liENS HELD! GM, I smell something in the air. Let’s see what it is, shall we…

As I'm starting to rant my usual chibberish, Bitcoin is at $63.5K, a full thousand above the $62,200 line in the sand, and Sunday’s weekly close came and went without drama.

So far, we’re looking VERY good considering we’re already in the second half of August, historically the ugly half of the ugly month. Gut, gut, continue like this pls BTC.

The levels behind that $62,200 call are very well explained here by Krown. I check his work daily, and this segment is the cleanest level-by-level walkthrough you’ll find.

The macro keeps helping quietly. A September hike is priced near 25% and falling, the S&P just logged its third straight weekly gain, and gold at $4,400 is now a bigger slice of central-bank reserves than US Treasuries, a regime that quietly flipped at the end of last year. Let that sink in while everyone argues about one Fed meeting.

The crypto tape has both sides. Bitcoin ETFs bled $389.7 million last week, the biggest weekly outflow in six weeks, but Solana and HYPE wrappers took INFLOWS the same week. Money is rotating inside crypto, not leaving it.

Meanwhile, BTC has never spent this long below the Rainbow chart’s Fire Sale band, weekly volatility has compressed through its first-ever full year under 75%, and the 1-month RHODL just turned up off the bottom, the classic early sign that fresh money is creeping back in. Compression everywhere I look. Quiet like this is stored energy.

And if the breakdown comes anyway? Don’t squeeze your buttholes too much. We probably see something like $59K, and even if it goes lower, it just means we’re moving toward the ultimate bottom. Focus on the upside, not the downside. We’re already DEEP in value territory; the Fire Sale band literally says so.

On Saturday, I showed you the market’s biggest bear-covering at the lows and flipped long. Below you’ll see what the rest of the profitable money did over the weekend, and it rhymes.

One more thing before the list. Krown just published a video showing exactly what Claude can do for a trader, he gave the AI a literal seat on his trading desk, five-minute setup, real research, real backtests.

Watch it, and you’ll understand why I automated this letter the same way. My own automated skill is available below.

* * *

🎯 YOUR OWN HIX0N

Automated Self-Learning Skill to explore Crypto & AI every day, find new coins (or every minute, find a new trade, whatever you want it to do):

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* * *

🟢 THE FOMO GREEN LIST

Wide sweep ran moments ago: 12 endpoints, 137 raw candidates, ~20 in-band, 8 cleared every gate - and only THREE cleared my 70 line. Thin day on the call side, I don’t pad.

MemeSeason 🎪 · 70/100 · 58h · $587K mcap · $59K liq · $442K vol · 4,258 holders · top 2.65%
✅ Mint & freeze revoked · metadata locked · LP 100% locked · RugCheck 1
The only ACCELERATING tape on today’s board, 861 buys vs 457 sells in the last hour, the meta-coin of meme season itself. Three flags, all printed: a twin-mint copycat launched today (the real contract ends ...C48pump, trade only it), it runs one of the day’s biggest paid boosts, and top-10 holds 23%. ▶ Trade MemeSeason on fomo

ANIMALS 🐾 · 70/100 · 2h · $107K mcap · $24K liq · $569K vol · 3,068 holders · top 2.4%
✅ Mint & freeze revoked · metadata locked · LP 100% locked · RugCheck 1
3,068 holders in TWO hours is real velocity, and buys are still leading. It’s also a two-hour-old pump.fun coin churning 23x its liquidity - starter bag only, quick hands. ▶ Trade ANIMALS on fomo

.pump 💊 · 70/100 · 8.6h · $99K mcap · $25K liq · $1.57M vol · 5,231 holders · top 2.7%
✅ Mint & freeze revoked · metadata locked · LP 100% locked · RugCheck 1
The deepest holder base per dollar of cap on today’s board. The holders are the bull case, the chart isn’t - already 16x churned and off its high. A patience play at a $99K cap, not a chase. ▶ Trade .pump on fomo

Marked to market, reds included, always:

DPG +96% since Saturday and +190% from the original call, the book’s carry, still open

· Qenis +19.8%

· FTR -4.9% but +17% today, recovering

· LOOKSMAX -35%, CUT

· MOMO -39%, CUT · lickingcat gave back the win, -46% from the marked high (-11% vs the original call), CUT

· Shadow -77%, CUT

· Bichoraro -95%, CUT - the third twin-mint casualty, which is exactly why today’s twin-mint candidate sits below my line behind the wall.

The filter catches rugs, not gravity - size these like lottery tickets because that’s what they are.

🗑️ The filter also ate today:

The wash factory RE-MINTED a ticker I already killed - a brand-new fake NVDA mint with the same 80.000%-one-wallet signature and $112 million of wash volume

- plus MONA and a Solana Basecat clone carrying 2,927 flagged insiders, template sightings now at TEN

· UOTF (a 155-wallet insider cluster under a +8,297% phantom print)

· “bottom” (475 graph insiders behind perfectly clean surface metrics - the best catch of the day)

· CRASHIUS (one wallet, 70% of supply)

· and a seductive $1.9M BSC BEHEMOTH that passed everything visible but failed my two-checker mandate. The sharper cut and who to copy are behind the wall.

* * *

📊 HIX0N’S AUTO SKILL: CONFIDENTIAL SCOREBOARD

✅ PUMP - called Aug 5 at $0.00252 → $0.00299 today (+18.6%) - the buyback thesis keeps printing, and The DeFi Investor just made the same case: onchain businesses that return value to holders deserve the attention

✅ ZEC - called Aug 3 at $472 → $513 today (+8.7%) - 80% of Orchard has crossed into Ironwood, snapshot in 7 days

❌ NEST - called Aug 5 at $11.2M FDV → $9.8M today (-12.9%) - honest red, still nesting: USDV is now the venue’s largest stable pool and epoch 38 pays $85K in rewards

🏆 REFER & WIN

The prize stays the machine: Hix0n’s Confidential self-learning research, trading, whatever you want it to do, AI skill.

Two moves: share your personal referral link (leaderboard here), and post about the Confidential on X tagging @PhilMrlo. People are lazy. That’s your edge.

You get my Hix0n skill as a prize for free.

* * *

💥 FROM MY TIMELINE

Straight from my feed. A lot of people still don’t bullieve the FX100 100x leverage protection is real, so I pinned the thread that explains the whole machine.

The short version: liquidation protection windows that let a 100x position survive the wick that kills it everywhere else.

Whiz proved it on purpose with a LINK long that came back +371% after the protection held. Testnet is live on Base Sepolia, go break it before mainnet. $FXN coded.

* * *

🎣 CAMBRIA: THE COMPENSATION LANDED, AND IT’S 100%

I’m farming this every morning, and the Emerald Bug saga just closed the right way. The team re-ran every affected fishing open from the original seed, separated normal players from exploiters, and normal fishers got 100% of their bugged keys back. Noobz said it best:

That’s 1,315 players made completely whole, a $125K Grub Credit pool for the grey cases, and locked Key Vouchers redeeming 1:1 weekly from August 20. Shadow King’s read is the one I agree with, the bug isn’t the story, the response is:

And Neslie’s right that they took the time to make it MORE fair, not just faster:

The farm itself never slowed: Dungeons are running $75K+ risked daily, Gold Rush S3 is pulling ~$170K a day in deposits, and Necromancy is teased for Dungeons days before a token launch. TGE is targeted this month, and Gold Rush Season 4, the most anticipated event in the game, kicks off right after it. Position before the tourists arrive.

The lobby is invite-GATED; you cannot play or farm without a code. Use code Hix0n here for 5% bonus points, start the daily Essina’s Draw check-ins, and climb while the ladder is still short. Ask me for tips anytime.

* * *

⚙️ f(x): THE fxUSD POOL IS DOING REAL VOLUME

Right after Cambria, because the family keeps delivering. Kmets flagged the fxUSD/USDC pool ripping up the Curve volume charts:

My own check this morning: the pool is doing $1.83 million in daily volume, a top-5 pool on all of Curve Ethereum, and fxUSD sits in TWO of the top five (the USDnr/fxUSD pool adds another $1.66 million).

It briefly held the #1 spot over the weekend. Lots of trading through f(x) means lots of fees for the LP side, that’s the flywheel working. Still accumulating $FXN, still not fading this team.

* * *

🏴 FLAGSHIP: WALL STREET BOUGHT THE HYPE PROXY

BlackRock is on the cap table now

The Q2 13F filings dropped, and Hyperliquid Strategies (Nasdaq: PURR), the listed HYPE treasury, now counts BlackRock (10.1M shares), State Street (9M), Morgan Stanley (8.9M), D1 Capital (6.3M), and Paradigm (5.7M) among its holders - 200 institutional owners in total:

The one that matters most: Druckenmiller’s Duquesne family office disclosed a fresh $23 million PURR position last quarter. A macro legend taking Hyperliquid-native exposure through an equity wrapper, that’s a new distribution channel opening, not a trade:

Honesty line: the index-fund stakes are partly passive flows, and PURR stock trades around $6.68, well below where some of these marks were set. The signal is WHO is on the register, not the entry price.

The chain is quietly onboarding TradFi’s customers

Tom dug out the H1 stat of the day: 169,500 wallets made their FIRST Hyperliquid trade on an RWA market, 31.7% of all new users, and 80.9% of them never touched a crypto perp afterward. They did $111.6 billion in volume. HIP-3 stocks are bringing in a completely separate user base:

Quick hits

• BTC volatility at record compression is the setup, and HYPEconomist’s frame is right: whichever way it resolves, the vol RETURN is what pays Hyperliquid volume. Both outcomes feed the machine

• HyperEVM tokens printed $35 million in 24h volume per MB, my DeFiLlama check reads ~$37-43M depending on the day-cut, Project X alone at $24M

• CT polled itself on HYPE and the crowd is split 56/44 bullish, which for a coin +3.8% on the day is about as undecided as it gets. Sideways consensus into a vol expansion, noted

• LiquidLaunch is teasing a full rebuild, “New Arc. Soon” - the HyperEVM launchpad going back to the drawing board mid-bear is the right time to do it

• HYPE unlock reminder: 14.18 million tokens land August 29. AQAv2’s buyback pipe turns on August 26, three days before. The counterweight arrives just in time

* * *

🪺 NEST x DELPHO: THE FUNDING PRINTER EXPLAINED

Delpho finally spelled out where the sUSDV yield comes from, and it’s the cleanest explanation of the year:

Hyperliquid funding has paid the SHORT side most of this year - that carry is the source, and it’s quoting around 27% APR right now. You hold a stable, the delta-neutral engine underneath collects what longs pay. My check: their early-access numbers are real, $584K of collateral on DeFiLlama and the USDV-USDC pool on Nest has grown to $836K, the venue’s largest stablecoin pool:

Over $1 million total in the first 17 days of early access. Early and small, size accordingly, but I’m bullish this combo and I said so at NEST’s lows. The honest red: DRV dumped 21% yesterday, and Derive volumes still run through Nest pools, so the metadex keeps eating either way. Epoch 38 is live with $85K in NEST rewards for LPs.

* * *

🪶 ROBINHOOD CHAIN: LAUNCHPAD WAR WEEK

The stamp: chain TVL $542 million, stablecoins $639 million, and the stat of the weekend, Robinhood now makes more revenue from prediction markets than from equities trading. The casino is the business now.

Safe Launch VS pools.fun VS Pools.trade - three launchpads, one week

Today the StonkBrokers “Safe Launch” anti-sniper launch engine goes live - customizable token launches where half of every snipe tax routes straight into permanent locked LP, snipers literally fund the liquidity they used to drain. up. is plugged into the same launch wave:

Same week: Sushi’s pools.fun finally launched and is gaining traction ($SUSHICAT and friends deploying into SushiSwap V3 pools, 75% of fees flow back to the ecosystem), and Uniswap’s Pools.trade is already live on the chain. Three fee-sharing launchpads fighting for the same trenches. up. itself claims $5M+ TVL, $100M+ volume and $500K+ fees as the chain’s native DEX, self-reported numbers, noted as such.

The trenches themselves? DJ Griffith asked the honest question:

Cooked is the right word for the meme tape, my scanner shows the RH trending feed full of round-trips and unlocked LPs again. The infrastructure war is the real story, the launches riding it mostly are not. One honesty note while I’m here: up.’s own $UP token has bled to a $3.7 million market cap on a ~4% float since I warned about it, the float warning stands.

🎰 NET: a casino where the chips are Microsoft stock

The punchiest new thing on the chain. NetNet Capital shipped “MSFT FLIGHT SIMULATOR” - the first crash game built on a tokenized stock. You buy a seat with tokenized Microsoft equity, set the altitude your pilot bails at, and watch the flight:

The rest of the “recreation floor”: COINflip (provably fair flips paid in tokenized COIN) and SpaceX Invaders paying SPCX. It’s a genuinely new primitive, onchain gambling denominated in equities instead of chips. Now the adult part: $NET is a $1.1 million microcap with $287K of liquidity, a 5% tax each way, a LIVE mint function and one LP holder, team anon. I’m featuring the mechanic, not calling the token. If you play, play with what you’d bring to an actual casino. 18+, obviously.

🌱 SUPER-EARLY PLAYS

Sibyl’s $10K hackathon - build-to-earn, Base

Sibyl Labs opened hackathon registration: $10,000 USDC on Base, top 2 winners get routed into Base support programs, and the brief is to build an agent or software using Sibyl’s memory as a data layer. If you can vibe-code at all, a weekend project with a real prize pool AND a direct line into the agent-memory stack I’ve been covering since the Sibyl spotlight. Registration is open now, fields are limited, move.

Radar lines

• Myrad teased “something exclusive for $MYRAD holders next week” - the token ripped +31% on the tease. Product growth is real (18K users, 83% monthly activity), the token is still a ~$800K microcap with thin liquidity, product-watch first

🪙 GIGA: the 2x boosts die TOMORROW 16:00 UTC

Season 1 is 66.2% emitted with 249 wallets farming and 14 days to TGE (August 31). The 2x meme-pair boosts (WETH/STONKBROKER, WETH/PIPEDOG, WETH/INTERN, the FRONG pairs) expire tomorrow, August 18 at 16:00 UTC per the API, don’t get cute with the deadline. Saturday’s TTWO alpha is already dead (the pool filled), the NEW highest points-per-dollar seat is in the paid section with the rotation math. Pre-token, tiny TVL (~$440K all-in), points may never convert, size like it. And if you want the team live: GIGA hosts a space with BrownFi TODAY at 5PM UTC. Farm with me here.

* * *

🎯 FOCUS PULSE

ZEC - 80% crossed, one week to snapshot

Turnstile Watch: 3,068,548 ZEC now sits in Ironwood, +101,411 on the last full day - the migration rate re-accelerated after a slow Saturday, and Orchard is 80.0% drained with the NU7 snapshot seven days out (August 24, 19:00 UTC). ZEC trades at $513, +8.7% since my August 3 call, and ebfull marked the 3 million milestone himself - by far the most secure fully-encrypted money ever deployed. Zillions, with a Z:

Two color notes for the culture: zooko is calling every coinholder to read up before the vote (the NU7 coinholder vote starts Aug 25 and needs a 1M ZEC quorum), and the Cypherpunk Technologies account dropped the line of the day, “If Zcash had been created before Bitcoin, you would have never heard of Bitcoin. Transparency is a bug.”

XMR - the other privacy coin just broke a 6-month base

Jack’s chart needs no caption:

Monero at $418 just printed its highest weekly close since late January, breaking out of the $300-420 range it’s been building since February. The catalysts are real: the Cuprate Rust node client and Serai DEX code both shipped August 6, and privacy is rotating as a sector, ZEC and XMR keep leading the same weeks. I’m a ZEC guy first, but when both privacy majors break out together, that’s a narrative, not a coincidence. Do NOT fade privacy season.

NEAR - honest red on the tracker

Confidential-compute TVL slipped to $28.35M, 40.5% of the $70M trigger, down from $29.8M at Saturday’s stamp. Intents lifetime volume sits at $25.3 billion. The grind continues, the tracker went the wrong way this week, and I print it either way.

Ethena - flat supply, Friday reveal

USDe supply flat at $3.96B. The Risk Committee results land Friday August 21, that composition decides who implements the fee switch, which remains THE dormant catalyst on this beat. ENA at $0.084, funding back to boring. Eyes on Friday.

* * *

🔥 TRENDING + NEW PROJECTS

The day’s meta: BSC Chinese meme season. CZ’s public wallet “burning” meme deposits sent dormant BSC tickers from $40K to $30M+ caps, and here’s the part CT missed - at least one viral “CZ burn” was executed by the token’s own dev, not CZ, and the man has moved his holdings to Giggle Academy to stop the name-jacking. Every checkable BSC ticker in the meta failed my filter. The meta is real, the vehicles are radioactive.

• TOESCOIN (Solana) - 63/100, the day’s best onchain survivor: 90-day-old toe meme reigniting THIS hour, $331K of volume in 60 minutes, 29,440 holders, LP 99.98% locked, RugCheck clean. Caveats: 68 graph-insiders flagged and an active paid boost, momentum rental, not a marriage

• LAYOOO (Solana) - 55/100 radar: TikTok-sourced meme +2,788% on the day, all authorities revoked. Volume is 42x liquidity, heat is cresting, quick hands only

• PRINTER (Robinhood) - 52/100 radar-only: the only RH trending token with real-project shape (”BTC Machine” port, top-10 holders just 1.77%). Closed-source and the top LP position is 62% unlocked, the chain’s signature rug shape, no automated honeypot check exists on this chain

• USD.AI ($CHIP) - +13.5% on volume equal to its whole $64M mcap, GPU-loan credit protocol with $225M loans executed. No fresh catalyst I could verify, radar line

• GPS (GoPlus) - the scam-checker’s own token +40% the same day BSC scam season detonates. The irony writes itself, no verified catalyst, radar

• PORTAL - honest skip: +53% with $134M volume against a $15.5M mcap, 8.6x churn, June-old narrative, RSI 79. Single-source heat is noise or paid

• The $SEA setup - the weekend’s most quote-tweeted post: OpenSea’s OS2 is now swaps, perps, Stock Tokens, 27 chains and a full mobile terminal, which makes staying ACTIVE there the obvious pre-TGE farm. MB’s read:

🗑️ The filter ate today: the equity-ticker wash factory is BACK - fake TSLA and GDX hit GT trending on the identical 80.000%-one-wallet Meteora template, tickers six and seven from the same operator · BILLY (+8,981% at 3.8h, top-1 wallet 65%) · MarsCoin (transfer_pausable + one EOA holding 70%) · 牛来/NiuLai (LP 0% locked, and the “CZ burned it” story was faked by its own dev) · SQUIRREL (140x vol/liq wash, tape died mid-print) · VenusCoin (a 100-point paid boost on a TWO-holder token) · a copycat Jimothy riding a paid boost · Basecat (checkers disagree, auto-hold) · plus BTW, REUR, ANSEM, CASHCAT and Dealer all resurfacing on my kill log. CoinGecko trending is basically my kill log today. The filter does not chase.

* * *

🌾 FRESH FARMS & CAMPAIGNS

TrueNorth x Ondo: week 1 settles TOMORROW 13:00 UTC

$20,000 goes out tomorrow and the checklist is public - all four required or your rank does not pay: chart analysis on an Ondo Perps market on 2 separate days, a trade through TrueNorth on 2 separate days, one agent deployed, $50K weekly volume:

Still short? There is literally time today. Week 2 resets the board fresh, and the design keeps favoring small smart accounts, third place last check had $101K of volume and a beautiful PnL. While you’re in there, set up the Skew market scanner agent UB showed off, a daily scan report to your Telegram every morning:

Lighter x Robinhood Wallet: first weekly drop is Friday

The 2x in-wallet points farm I flagged Saturday gets its first weekly distribution Friday August 21, and Callum’s read matches mine, most people won’t act until AFTER the first drop makes it real:

His step-by-step guide covers the wallet setup friction, which IS the moat. Reminder: $LIT is live (not pre-token), points convert into LIT, $11M committed, US and UK excluded.

The stat lines

• Variational crossed $1.5 billion in open interest (verified on DeFiLlama), and the weekly Thursday reward distributions are live with a hard 150K-point cap, the earlier you farm the bigger your slice:

• Arcus hit ~$15M OI at ATH with 1,000+ traders now holding perps access - the zero-fee beta window keeps being the position:

• The Learning Pill’s Yield Collective No. 51 dropped, the best weekly farm-strategy digest going:

• Harbor (back on my every-session scan) is dangling 23% on its euro-yield side per their own posts, on top of the no-funding-fee Sail pitch - their numbers, always attributed:

Two more farms with hard clocks and the exact GIGA rotation math are behind the wall.

* * *

📈 AI CORNER: MEMORY ATE THE WEEKEND

NYSE was dark, the onchain stock tape was not: $873.6 million of 24h notional across 114 markets on Hyperliquid’s xyz dex, and the memory complex (SanDisk, SK Hynix, Micron, Kioxia, Samsung, the DRAM index) was ~45% of the ENTIRE tape. SNDK alone did $182 million as the weekend king, the Micron perp crossed $1,000 against a $970 Friday NYSE close, and Kioxia ripped +12.9% into Tokyo’s Monday open. Crypto front-ran the memory supercycle while TradFi slept.

Unitree: still on the launchpad

The robot IPO did NOT list today - final pricing came in at ¥150.80/share (~$9B valuation, fastest STAR approval in history at 104 days) and the debut window is now Aug 18-21. The Hyperliquid pre-IPO perp marks $97, roughly 4.4x the IPO price. Someone is very wrong, and it resolves this week.

The circular-financing week continues

Nvidia is nearing a deal to guarantee roughly $100 billion of credit for OpenAI’s 10GW Ohio campus, per The Information:

Follow the shrinkage: $250B discussed in July, cut under $120B after investor pushback, now ~$100B. Debt markets wouldn’t fund OpenAI on its own name, so the vendor is co-signing, the same week BofA sized Broadcom’s chip-leasing debt at $370B by 2029 (AVGO -6% Friday) and Burry called the whole thing a “circular financing web with Nvidia in the middle.” File it next to NVDA earnings August 26, where Polymarket’s books cluster data-center revenue expectations near $86-89 billion.

Anthropic printed a quarter for the ages

Q2 revenue above $11.5 billion, up 14x year over year, and the first positive adjusted operating income - preliminary numbers shared with prospective IPO investors:

Pair it with the Kobeissi/Ramp data: the top 1% of US businesses now spend a median $7,400 per employee per MONTH on AI, versus $11.95 for the median firm. A 600-to-1 concentration gap, the AI spend is a whales-first game, and Anthropic is at 43.5% of paying US businesses, ahead of OpenAI’s 39.7%. (Mókus has a bad feeling about Amodei anyway. Someone always does at the top.)

This week: Palo Alto tonight, Baidu Tuesday pre-market, then the road clears for NVDA on the 26th and Warsh’s first Jackson Hole keynote August 28.

🤖 AI x crypto

• Virtuals’ week was quietly massive: Eastworlds is now Unitree’s official data and deployment partner and the largest G1 humanoid data source outside China at 200+ teleop hours a week, VEX shipped its Chronos upgrade on Robinhood Chain, and HALO served billions of inference tokens in its first weeks:

• The Crypto x Robotics landscape - zerokn0wledge mapped all 30 projects putting the machine economy onchain (robot L1s, teleop data markets, humanoid DAOs), Tim surfaced it and it’s the best sector map I’ve seen:

• Jackson Hole’s official 2026 theme is “Financial Innovation: Implications for Payments and Policy” - agent payments going macro-official ten days from now. Position your attention accordingly

* * *

📊 STATS & CHARTS OF THE DAY

Own the house, don’t play in it

Gum is screaming the right scream, with one correction from my desk:

Live DeFiLlama says three of the top ten revenue printers have investable tokens (HYPE, PUMP, TRX), not two. The stat that should actually radicalize you: Tether and Circle alone earn $674 million a month, more than the other eight combined. Most of crypto’s cash flow is structurally unbuyable, which is exactly why the buyable printers keep re-rating.

Maple’s quarter, the corrected cut

The GLC report made the rounds:

Checked against Maple’s own Q2 update: AUM $4.6 billion (+81% YoY), revenue $4.4 million in the quarter (+47%), loans outstanding at a $1.9 billion ATH - while the DeFi lending market shrank 31%, Maple GREW 22%. Real yield gaining share in a contracting market, that’s the whole bull case in one line.

Tether finally got its audit

After nine years of promises: KPMG issued a clean, unqualified opinion on Tether’s FY2025 financials, reserves exceed liabilities by $6.8 billion, ~$141 billion of it in US Treasuries:

The industry’s oldest FUD line just retired. The stablecoin wars move to distribution now.

The ETH corner

Krugman coined the term of the week:

EEE, Ethereum Eats Everything, and the whales are acting like they bullieve it. One pulled 5,300 ETH ($10M) off Kraken hours ago, a separate whale bought and staked 50,000 ETH last week, and staked ETH just hit a record 41.9 million. Syko’s chart frames the structure, the $1,750 zone held and the 9-month downtrend is being pressed right now at $1,900:

Ethlabs put out a longer read on the thesis if you want the full argument:

Chart of the day

No caption needed, based16z said it with one image:

* * *

🚨 TWO WARNINGS WORTH YOUR TIME

SafePal leaked 40,000 customers’ shipping data

39,798 hardware-wallet buyers had names, emails, home addresses and phone numbers exposed via a flaw in SafePal’s order-tracking plug-in (orders March 2025 - April 2026). Seeds, keys and funds are NOT affected:

The playbook from here is the Ledger 2020 rerun: targeted phishing and fake “replacement device” mail to real home addresses. Never type a seed anywhere, verify every SafePal email against official channels, and if you ordered in that window, assume your address is in a scammer’s spreadsheet.

Coldcard: the drain crossed $112 million

Thorn’s warning stands:

Nuance from the latest Galaxy update: the major exploit waves halted August 6, likely because the vulnerable balances are mostly drained or moved, but ~15 separate attacker footprints were mapped and imitators keep sweeping stragglers. The bug was a 2021 firmware error that made seed generation predictable. If you EVER generated an address on affected Coldcard firmware, move the coins, today, not after coffee.

* * *

Intermission. My public DnB playlist, curated for the heads, years in the making - switch it to random play and enjoy. 344 tracks and zero fillers, the exact soundtrack this letter gets written to.

* * *

🧠 PEOPLE WORTH YOUR FOLLOW

The Daily Degen by Rektdiomedes - my friend runs one of the most consistent daily reads in the game, all the crypto and macro news, data and alfa condensed into 5 minutes, 365 days a year, 27K+ readers strong. Sub for the daily alpha here and follow the machine itself:

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Linn’s Leverage hit edition #1087 today - Pendle, Boros, Maple, Mantle, the whole yield curve in one read. Quality this consistent for a thousand-plus editions is rare, read Linn here:

arndxt spent weeks signing up for and depositing into 10+ crypto cards and neobanks so you don’t have to, and the thread is just the surface:

His newsletter Threading on the Edge runs the same energy weekly, macro, narratives, DeFi and the educational tools layer, ranked #15 rising in crypto on Substack. Worth your inbox.

The meme corner

wow WOW:

* * *

📅 ON OUR RADAR

• Aug 18, 13:00 UTC (tomorrow) - TrueNorth x Ondo week 1 settles, $20K pays out

• Aug 18, 16:00 UTC (tomorrow) - GIGA 2x boosts EXPIRE · ACE unlocks 2% of supply · Baidu Q2 pre-market

• Aug 18-21 - Unitree’s Shanghai debut window (priced ¥150.80, the perp marks 4.4x above)

• Aug 20 - CFTC “Crypto’s Regulatory Evolution” meeting · Cambria key-voucher redemptions begin

• Aug 21 (Fri) - Ethena Risk Committee results · first Lighter x Robinhood weekly points drop

• Aug 24, 19:00 UTC - Zcash NU7 SNAPSHOT (shielded funds in Ironwood only)

• Aug 26 - AQAv2 goes live on Hyperliquid · NVDA Q2 - THE macro event · TrueNorth x Ondo comp ends

• Aug 27-29 - Jackson Hole, theme is literally payments innovation, Warsh’s first keynote Friday

• Aug 29 - HYPE unlock, 14.18M tokens

• Aug 31 - GIGA Genesis TGE · Cambria TGE window closes (”August” per the team) · monthly close = Krown’s decision date

• Sep 15-16 - FOMC (hike odds ~25%) + Senate CLARITY cloture

* * *

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• Which tokens capture value

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* * *

⭐ BEHIND THE WALL TODAY

Today we’ve got:

• Every profitable desk’s live book, re-pulled this morning - including the week’s #1 earner, who cut his famous short basket to crumbs and opened a completely different macro trade overnight

• A brand-new whale account, under a month old, up eight figures, all-in on ONE sector through a side venue - the wallet, the entries, the thesis

• The full downside map from the best chartist I follow, four exact levels in order, plus the two reclaim triggers that flip it bullish - and the bear counterweight with its own receipts

• The rotation math for a points farm whose best seat pays 2.25 points per dollar per day, and dies tomorrow afternoon

• A brand-new fee-share mechanic that pays you from other people’s snipe taxes, live TODAY, claim takes two minutes

• The whale ledger, both directions - including a listed company selling one asset to buy another, on the record, and a team wallet waking up after 30 days to sell

• A pre-token data farm paying points per epoch for browser work anyone can do

• The smallest, earliest coins that cleared every gate today, plus who to copy

• The small-cap cut: the little tickers the profitable money actually holds, straight from their books

• 10 Top Smart-Money buys + token list for Solana

• 10 Top Smart-Money holds + token list

The coordinates are downstairs. Guess wrong on your own time.

Read more

PAID CONFIDENTIAL (2ND SECTION): MOAR new project tips, SMART MONEY movements & coins, MOAR new coin launches, MOAR cool memes and NFTs. This is some deep crypto shit.

Plus: paids get Hix0n’s telegram access. DM me.

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THIS IS ADULT CONTENT - I’M NOT HERE TO HOLD YOUR HAND. DO YOUR RESEARCH. PREPARE TO GET ANNIHILATED. NEVER TAKE A BLIND RISK. NEVER GIVE UP.

MARKET COMMENTARY

Saturday, the tape is closed, the important stuff isn’t. Thooooon. GM.

As I’m typing this, Bitcoin is at $62.9K, about $700 above the level that decides everything. Below $62,200 is the line in the sand for more pullback. Krown walked through the whole floor logic there, and I agree with every word of it.

Hold it into Sunday’s weekly close, and the range survives another week; lose it, and $59,500 comes fast.

Let me be straight about the calendar, because the second half of August is where this month historically rolls over. The median August since 2013 is minus 8.5%, nine of thirteen red, and the last four Augusts all closed red. September’s average is worse. Prepare for that possibility, don’t be surprised by it.

But hear the full sentence: short-term bearish bias, SHORT term.

Long term, I’m as bullish as I’ve been all year, and this breakdown explains exactly why. Midterm years average a 20% drawdown that bottoms August through October, and then stocks close higher 12 months after EVERY midterm since 1950. Act one gets the headlines, act two has the perfect record.

The macro is helping, quietly. A September hike is looking unlikely; the odds logic is explained here. Polymarket has it near 25% after retail sales fell 0.6% and consumer sentiment cratered to 51. Soft data kills the hike. Meanwhile, the S&P just printed its third straight weekly gain with gold sitting above $4,400. TradFi is not scared; it’s hedged.

The TradFi tape had one real bomb Friday: Jane Street disclosed a $15 billion July loss tied to the Situational Awareness collapse, per the FT. The AI trade has leverage in places nobody mapped, file it.

Two crypto reads. The ETF tape bled four days of five this week, roughly $388 million net out of Bitcoin, while VanEck went on record saying BTC is approaching a cyclical bottom. And spot volume just hit its lowest level since 2019, per Glassnode. Nobody wants to transact down here. My read: the longer this quiet lasts, the larger the expansion eventually. Compression is stored energy.

One more thing before the list. If we do get the flush, do not get scared and puke at the bottom, listen to Mayne on this. The plan is made BEFORE the candle, not during it.

And since we’re talking levels, Madz is one of the best BTC TA experts I know and a good friend, so I read her Discord TA updates every single day. Her style of analysis is completely different from Krown’s, and it keeps landing on very similar conclusions, which tells you something. Her members’ group is here if you want it.

Regulators next week: the CFTC hosts “Crypto’s Regulatory Evolution” on August 20, with the SEC chair attending. The adults keep showing up.

Yesterday, I said the market has to prove itself before the September open. Still true, and I simply choose to remain optimistic while it tries.

🟢 THE FOMO GREEN LIST

Wide sweep ran moments ago: 14 endpoints, 181 raw candidates, 27 in-band, and the gates passed FOUR for the free tier plus a sharper cut behind the wall - I don’t pad.

FTR 🚗 · 76/100 · 21h · $420K mcap · $60K liq · $5.9M vol · 9,898 holders · top 7.4%
✅ Mint & freeze revoked · metadata locked · LP 100% locked · RugCheck 1

“Flying tesla roadster” is on four trending boards at once with ZERO paid boost, all organic. The catch: $5.9M volume through $60K liquidity is scalper churn, treat entries as rentals. ▶ Trade FTR on fomo

LOOKSMAX 💪 · 74/100 · 49h · $1.22M mcap · $99K liq · $2.6M vol · 8,439 holders · top 4.7%
✅ Mint & freeze revoked · metadata locked · LP 100% locked · RugCheck 1

Cleanest top wallet on today’s board (4.7%) and still climbing on day three, the looksmaxxing meme has surprising legs. Liquidity is thin for a $1.2M cap, size like an adult. ▶ Trade LOOKSMAX on fomo

Qenis 🍆 · 72/100 · 55h · $1.56M mcap · $131K liq · $1.7M vol · 6,817 holders · top 10.3%
✅ Mint & freeze revoked · metadata locked · LP 84.1% locked · RugCheck 1

The name is the entire meme and the deepest liquidity of today’s list. Two honest flags: LP is 84% locked, not 100, and the top wallet holds 10%, keep one eye on both. ▶ Trade Qenis on fomo

Bichoraro 🐊 · 72/100 · 3h · $307K mcap · $41K liq · $995K vol · 3,753 holders · top 6.8%
✅ Mint & freeze revoked · metadata locked · LP 100% locked · RugCheck 1

The Spanish TikTok crocs meme, three hours old with 3.7K holders already. Copycat twins launched the SAME hour on two chains (the BOIÚNA pattern) - this contract ending ...HfoD is the dominant mint, trade only it. ▶ Trade Bichoraro on fomo

Marked to market, reds included, always: yesterday’s list got hit by pure memecoin gravity - K-HOME -71%, CUT (I called it a parabola rental at entry, it was) · BOIÚNA -92%, CUT (twin-mint + churn warnings were printed at call) · the paid cut’s App -85% and PITCOIN -27%, both CUT.

The other side of the ledger: DPG +48% - the one I said had the best odds of surviving a red hour did exactly that - and the Aug 11 paid pick lickingcat still holds +65%. MOMO -8%, still open.

Size these like lottery tickets because that’s what they are.

🗑️ The filter also ate today: the equity-ticker wash factory EXPANDED - fake Anthropic and MU clones joined yesterday’s Claude/SNDK/NVDA kills, five tickers now, all with the identical 80%-one-wallet launch signature

· FOMO Pump Coin (top10 crossed the 40% line) · PCPC (copycat + concentration)

· sushicat (null safety checks, second resurface)

· STACK and two more Robinhood pairs (LP 0% locked, the chain’s signature rug) · Niles (decaying tape). The sharpest small one that DID clear is behind the wall.

* * *

📊 HIX0N’S AUTO AI CONFIDENTIAL SCOREBOARD

✅ PUMP - called Aug 5 at $0.00252 → $0.00277 today (+10.0%) - $23.7 million of 30-day revenue with half going to buybacks, and it just absorbed today’s unlock. The thesis is doing the work

✅ ZEC - called Aug 3 at $472 → $488 today (+3.4%) - 76.5% of Orchard has crossed, snapshot in 9 days

❌ NEST - called Aug 5 at $11.2M FDV → $9.6M today (-14.7%) - honest red, and I’m still nesting: the USDV pool just became the venue’s largest stable pool (below)

* * *

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* * *

💥 FROM MY TIMELINE

Straight from my feed, the FX100 arc keeps getting better.

The 100x LINK trade that explains the whole product

Whiz TRIED to get liquidated on a 100x LINK long, on purpose, as a stress test. The 15-minute liquidation protection held, the protection expired, and LINK ripped $237 to $1,148, a +371% winner on a position that dies instantly on any other venue. That wick-survival window IS the product.

Week one on the public testnet

Their own week-one report: $140 million in volume, 63,000 positions, 12,856 wallets, 791 referral codes used.

Self-reported numbers, but for a testnet with nothing at stake but curiosity, that’s real pull. Testnet is live on Base Sepolia, go break the machine before mainnet. No points program is documented; I farm conviction here, not promises. $FXN coded.

* * *

🏴 FLAGSHIP: THE BEAR SWITCHED SIDES

The most profitable book on the venue flipped long

The wallet I showed you Thursday, pressing a $136 million short through two cool prints? He covered the whole thing near the lows, banked roughly +$1.65 million, and FLIPPED LONG with 40x, then doubled the long. The trade that was fighting the tape all week is now betting on the floor holding.

And the wall didn’t disappear; it changed hands.

A second wallet ADDED into the dip and is now the biggest onchain BTC bear at 2,000 BTC short, with a liquidation sitting about one green candle above spot. Somebody gets carried out of this range, the entries, sizes, and liquidation prices are all in the paid Desk below.

📗 AQAv2: the $135 million a year buyback pipe turns on August 26

This is the story CT is sleeping on this weekend. AQAv2 goes live August 26: stablecoin deployers share ~90% of reserve yield on their Hyperliquid float, and it routes to the Assistance Fund, which buys HYPE. On $5-6 billion of USDC that’s roughly $135-160 million a year of extra buyback fuel, first payment lands October 3.

HIP-4 got a serious testnet upgrade

Template fees (0-10 scale, deployers earn per instantiation), settlement moved off L1 state, new templates live. Prediction markets on Hyperliquid are getting real plumbing, mainnet estimated 1-2 months out.

MB’s frame is the right one: the bigger unlock is fixed outcomes and defined payoffs living NEXT to spot and perps, whole new ways to hedge on the same margin.

And SEDA is powering the resolution layer for exactly these HIP-4 outcome markets, 24/7 RWA pricing logic included. The oracle trade is hiding inside the prediction-market trade.

📗 The DAT that actually prints

Hyperion DeFi posted a record $31 million Q2 net income, 3.5x its Q1, holding 2.04 million HYPE. The intern said it plainly: the only DATs making money in this market are the ones backed by and buying HYPE.

Quick hits

• Hyperliquid is formally lobbying the CFTC and SEC for a compliant US path via its new DC policy center, while CME and ICE push regulators to slow it down. When the incumbents start lobbying against you, you matter.

• The DeFi Investor’s three-catalyst breakdown (AQAv2, HIP-3 adjustable fees, permissionless HIP-4) is the cleanest read on what’s coming. Mandatory read:

• HYPE unlock reminder: 14.18 million tokens land on August 29, two weeks out. The AF buyback pipe above is the counterweight.

* * *

🪺 NEST: THE METADEX KEEPS PAYING

I said it Tuesday, and I’ll say it again, I’m bullish on Delpho AND Nest, and the two keep feeding each other.

USDV is now Nest’s largest stablecoin pool

Over $600K of USDV TVL in two weeks. Delpho leveraged the Nest Egg partner program to boost voting incentives up to 100% per epoch, and in the last epoch, every $1 of voting incentives generated $2.30 in NEST rewards for LPs. That’s the metadex flywheel working exactly as designed.

Delpho’s side of it went live too: mint USDV against your stables at what they quote as 95% LTV, zero borrow cost, the collateral runs delta-neutral on Hyperliquid. Early and small, size accordingly.

📗 Lock NEST, get HYPE

The HYPE Engine Vault paid this epoch again, locking NEST for veNEST, and depositing is still the simplest HYPE-per-epoch route on the EVM. Deposits reopen Monday at 00:00 UTC; set a reminder.

📐 The DRV corner

Derive’s DRV is listed, and the volume is running through Nest, their own words: DRV volumes on Nest are leading the Hyperliquid order book, and the new AMM pools mean you can be your own market maker and earn NEST doing it.

The fee tape backs the interest: Derive is doing about $12,600/day in fees on the trailing 30 days and August is trending UP, $14.3K yesterday, in a corner of DeFi where almost nobody grows. Voyager’s thread has the full seasonal context.

Be your own MM if you want the yield side:

* * *

⚓ HARBOR: LEVERAGE WITHOUT THE FUNDING TAX

Back on my scan list every session from now on. Harbor’s Sail tokens give you leveraged exposure with no funding fees, no liquidations, no margin to babysit, and their launch-to-date receipt is the pitch: by their own count, Sail +19.07% vs +16.81% on the equivalent Hyperliquid perp position - being right on the thesis without donating the difference to funding.

They just shipped a compare button for the “yeah but what about perps” crowd: same starting leverage, same timeframe, side-by-side with funding and liquidation risk in the equation. Run your own last trade through it.

* * *

🎣 CAMBRIA: THREE MILLION DOLLAR DAYS NOW

I’m farming this every single morning, and I can’t wait for the TGE. The numbers went vertical again: $3,252,764 spent on keys in ONE day, a new ATH, days after the $10 million lifetime game-volume mark fell. Gucci’s reaction says it all.

The honest ledger, because I show you these too

Part of that record window overlapped with the Emerald Bug:

An Aug 10 patch made T1 emerald farming exploitable (~6.15 million excess keys; emerald EV inflated by ~23.5%). The team took the game offline, re-ran every affected transaction from seed, and published a full post-mortem with compensation: 25% fee credits, locked key vouchers redeemable weekly from August 20, and a 3x Genesis multiplier for unaffected players.

Exploits happen in live games; what matters is that they handled it in public.

Necromancy is coming to Dungeons

New class teased days before a token launch, the content cadence never slows:

Even the prayers are bullish now:

The lobby is invite-GATED; you cannot play or farm without a code. Use code Hix0n here for 5% bonus points, start the daily Essina’s Draw check-ins, and invite your friends with your own link once you’re in - TGE is targeted this month, and the ladder is still climbable. Ask me for tips anytime.

One more from the farm rotation: Saturn, which I already farmed and finished, just landed an Ondo strategic investment to bring tokenized STRC yield into its structured products (that’s Strategy’s preferred, tokenized by Ondo, not a Saturn token). Good protocol, my capital’s focus is on Cambria now.

* * *

🎴 PHYGITALS: STILL THE BEST TCG PLATFORM BET, DRAMA, AND ALL

Yes, there was drama, and I won’t pretend otherwise: a $6K One Piece case arrived tampered in early July, the first support response was a lowball, CT got loud, and the co-founder ended up publicly owning it. That’s the hiccup.

Here’s why I still believe: the platform just crossed $400 million in total volume, fully bootstrapped, no VCs, and it remains the most enjoyable user experience in the whole phygital TCG category by a mile. Points are still accruing on every pack and marketplace buy, and the $PHYGTL ticker has been teased.

* * *

🪶 ROBINHOOD CHAIN: 190+ STOCKS AND A LAUNCH-DAY DOUBLE

The stamp: chain TVL $536 million (+7% since Wednesday); stablecoins $635 million. Robinhood added 100 new Stock Tokens in one day (190+ total), Uniswap and 0x wired them all in, and Pons v2 added 7 new RWA pairs (Take-Two, Rivian, Costco, DJT, MicroStrategy, QQQ, Reddit). The full daily recap is worth the scroll:

Indices: 7 new RWAs for the treasuries

The stock-dividend protocol I flagged at $10.3M FDV now has 36 tokenized stocks and ETFs its treasuries can hold and stream to holders, 7 added this week. FDV honesty: it’s down to ~$7.1M since my first coverage, the product keeps shipping into the drawdown.

$SLEUTH: stealth launch, $35 million candle, thin book

Sleuth Intel (the prediction-market intelligence layer, humans and AI agents get paid for intel) stealth-launched on Stonk Launcher and ripped to ~$35-37M FDV almost instantly. Goon’s “sleuthlined” read is the right one, and my checks add the caveats: contract is clean (no honeypot, no mint, no taxes), but the team is anon, ~97% of supply sits in launcher contracts, and real volume is thin for that FDV.

Wait for the dip like he is, size like a degen bet or not at all.

Oakmont went live as $STRIKE

The self-yielding index-fund vault (11.875% each of SpaceX/NVDA/AAPL/QQQ/GME/Oil/TSLA/ETH + 5% STONKBROKER, borrow at 75% LTV against it) launched TODAY at ~$3.3M FDV with a +7,391% opening candle. Clean contract, anon team, LP lock unverifiable - the standard warning on this chain applies, launch-day entries are pure casino.

Follow Max, he’s cooking

Max Long is curating the #Suits free mint (2,000 spots, whitelist phase, half-full, and handpicked one by one).

Aged real account, real community energy, and a hard warning while you wait: there is NO Suits token, every SUITS ticker trading on the chain right now is a fake. Free mint means the only cost is attention. Follow him:

Myrad: the growth is real, mind the token

Goon flagged the number that matters: 10 beta users to 18,000 total (15,000 monthly active, an 83% activity ratio) in a month for the consented-data marketplace on Virtuals/Base, with four AI-infra programs behind it (NVIDIA Inception among them). My check adds the other side: the $MYRAD token itself is a ~$430K microcap with almost no liquidity. Product-watch first, token second, in that order.

🪙 GIGA: boosts die Tuesday 16:00 UTC

Season 1 is 61.6% emitted with only ~250 wallets farming, and TGE is August 31, sixteen days out. The 2x meme-pair boosts (WETH/STONKBROKER, WETH/PIPEDOG, WETH/INTERN, FRONG) expire on August 18 at 16:00 UTC per the API (their tweet said 17:00; work with the earlier time and don’t get cute).

Fresh alpha from the pool list: brand-new TTWO/USDG and RDDT/USDG pools pay the highest points-per-dollar on the whole DEX right now, nearly empty tokenized-stock pairs printing points. Pre-token, tiny TVL, points may never convert, size like it.

Farm with me here.

* * *

🎯 FOCUS PULSE

ZEC - 76.5% crossed, and the flow is slowing into the snapshot

Turnstile Watch: 2,931,142 ZEC in Ironwood, +104,371 on the last full day - the migration rate is DECELERATING (was +152K/day), but at this pace the remaining Orchard drains almost exactly at the August 24 snapshot, nine days out. Poetic. ZEC at $488.

Correction from my own calendar: Cypherpunk’s earnings already dropped August 12, no Monday call. And they were a monster: $39.4 million net income on the ZEC treasury, holdings GROWN to 323,394 ZEC (1.92% of supply) at a $341.83 average. The treasury trade is up ~43% and still adding.

NEAR - the tracker is finally verifiable

$25.3 billion lifetime through Intents, and the number I could never verify now has a public source: confidential-compute TVL sits at $29.8M, 42.6% of the $70M trigger (revenue.near.org). Intel Trust Authority now independently verifies NEAR AI’s confidential inference proofs. Slow grind, receipts improving.

Ethena - flat supply, busy desk

USDe supply flat at $3.96B. Two real items: Ethena routed $82 million of USDC to FalconX, which CT read as an OTC sale, and which lands days after Ethena announced a FalconX credit facility - the boring explanation fits better than the scary one. Risk Committee results due by Friday. And the ENA funding quirk I gave you Thursday is dead, details with the other carries in paid.

* * *

🔥 TRENDING + NEW PROJECTS

The day’s meta first: tokenized-equity memecoins are the trend driver - Binance’s bStocks hit $610M issuance and overtook xStocks, and nearly every meme riding the wave FAILED my filter. The meta is real, the vehicles are not.

• KII (KiiChain) - LatAm RWA/FX L1, TGE’d yesterday, Kraken-listed, now -18% off the day-one high on $103M volume. Classic TGE dump-tape, day-2 watch, not a knife I catch.

https://blog.kraken.com/product/asset-listings/kii-is-available-for-trading

• VELVET (Velvet Capital) - +25% on the day, +155% on the week on the VelvetX copy-trading terminal + Robinhood Chain integration. Caveat from the scanner: the BSC contract shows mintable + pausable flags (omnichain artifact, but disclosed is disclosed).

https://www.cryptotimes.io/2026/08/11/velvet-token-price-jumps-54-as-socialfi-apps-drive-copy-trading-wave/

• ACE (Fusionist) - +83% with real volume on the Game2/gas catalyst, AND a 2% supply unlock lands Tuesday August 18. Momentum with a dated overhang, trade it with the calendar open.

• KNTQ (Kinetiq) - resurfacer with changed facts: the token is now verifiably real ($123M FDV, Messari-listed) and Markets by Kinetiq keeps growing. The phishing-clone warning STANDS, type the URL yourself.

• LEMON (lemon.fun) - the RH launchpad token, +80% on 11.7K holders, top-10 only 2.1%. One flag keeps it a radar line: the top LP wallet is 65% unlocked, this chain’s signature rug pattern.

🗑️ The filter ate today

The fake “Claude Ai” token (GT trending #1, 80% one wallet, $117M wash volume, Anthropic cosplay)

· SNDK + NVDA Solana clones (same 80%-top-1 launch template as Claude - ONE operator is farming the trending tab with equity tickers)

· Akedo ($234M CG-trending AI-game token, honeypot.is screams “users cannot sell” while GoPlus says clean - checker disagreement = automatic kill) · Bitway (rank-72 coin, $846M claimed mcap, $136K of real liquidity, let that sink in)

· Gen Z (LP 0% locked)

· BEAST, STONKBET (concentration + boost-spend tells) · plus REUR and BABYSHIB resurfacing for the third and fourth time.

* * *

🌾 FRESH FARMS & CAMPAIGNS

Lighter points, inside Robinhood Wallet

The one to start TODAY: Lighter’s points program went live inside Robinhood Wallet - 2x points versus their own web app, real-time accrual, referral boosts, first weekly drop lands Friday August 21. Correction to what CT keeps repeating: Lighter is NOT pre-token, $LIT trades at a $2.26B FDV and points convert into LIT, with $11M in LIT committed to the Robinhood community. Trade perps in the wallet you already have, collect the 2x rate. US, UK and a few other jurisdictions are excluded, check the docs list before you route capital.

TrueNorth x Ondo, week two starts fresh

Day 3 of 7 leaderboard is live and the design rewards small accounts: up to 490 wallets get paid ($20K settles this week), and 13th place is currently a wallet doing $11K of volume with +$174 PnL. Size is not the whole score, PnL efficiency counts. Week two resets the board.

Two more farms with hard clocks and exact entry math, including a competition only 85 wallets know exists, are behind the wall.

* * *

📈 AI CORNER: THE ONLY STOCK MARKET OPEN THIS WEEKEND IS ONCHAIN

NYSE is dark until Monday. The onchain stock tape is not: Hyperliquid’s xyz dex is printing $260M+ of 24h volume on the index perp alone, and the single most-traded stock perp this weekend is Micron at $146M - weekend money is chasing the memory supercycle while the real market sleeps.

Arcus doubled the board

~100 new Stock Tokens live on Spot, roughly 200 markets total, 24/7, zero fees, self-custody - and the additions are the degen shelf: Oklo, NuScale, Firefly, Planet Labs, Quantinuum, Figma. Their own count says $1B+ in beta volume.

The week ahead has teeth

• Unitree lists in Shanghai sometime Aug 17-21 (still unconfirmed). The Hyperliquid pre-IPO mark is $93.75, about 4.2x the IPO price, implying a ~$38B valuation against the bankers’ $9B. Someone is very wrong, and it resolves within days.

• NVDA reports August 26. Polymarket’s thin early books cluster at $85-90B data-center revenue expectations. And the leverage is already crowding in: the 2x SanDisk ETF has grown +$1.5B since January, more than the next four leveraged launches combined - retail found the memory trade.

• The bear side got loud Friday: BofA flagged Broadcom’s $370B AI chip-financing debt structure (AVGO -6%), Oracle’s New Mexico datacenter pipeline slipped six months (ORCL -3.7%), and Michael Burry is squeezed and doubling down anyway - fresh PLTR puts out to March 2027, pressing the Micron short toward $1,000, rolling QQQ puts up and out. The Mayne video in the commentary covers why fading him has paid.

🤖 AI x crypto quick hits

• eastworlds is quietly the largest Unitree G1 training-data source outside China (200+ hours weekly, now adding Zerith H1 hospitality data) - goon’s chain: IPO attention → data demand → Virtuals as the proxy.

• My friend hoeem wrote the best AI tutorial I’ve seen this year - he broke down Anthropic’s Claude Certified Architect exam into its 5 domains with the prompts to master each. If you touch Claude at all, read it:

* * *

🧠 PEOPLE WORTH YOUR FOLLOW

Hoeem again, because he’s a great long-time friend and one of the best at turning AI and crypto alpha into guides normal humans can use. This one’s not about charts at all, and it’s the tweet I’d send anyone having a rough month:

hantengri - small mention, big payoff: he says his article “How to fix your entire life in 1 day” worked unbelievably well, and having read it, I get it. Good weekend read.

Size Alpha Sharing - the HL-native Spaces series (zerosumvictim, ellie, frogleader hosting) is becoming the trading-theses room on the timeline. Worth a listen while you farm:

The meme corner

NFT deniers in shambles:

And the bitter-sweet one of the week - already doxxed by Ledger, and then Trezor announces another one (the real story: their shipping partner leaked ~14K customer addresses, no devices or funds touched, phishing wave incoming, be paranoid):

* * *

📊 STATS & CHARTS OF THE DAY

Solana DEX liquidity: the chart vs the pixels

The viral take says Solana DEX liquidity “exploded back to pre-10/10 levels, almost all from memecoins.” I checked the pixels: volume is running ~$1.6B/day, about a quarter of pre-crash, and TVL is roughly a third of October’s peak - not “back.” What IS true, and it’s the interesting part: memecoin venues now ARE the market, PumpSwap alone is 36% of all Solana DEX volume. The casino reopened, the bank didn’t.

Maple is pacing its best revenue month since April

Nomatic’s chart address resolves to Maple Finance, and the pace holds up: roughly $1.4-1.6M of August revenue, depending on whose dashboard you trust, third month of grinding higher.

Real yield in a bear tape is worth your attention. I'm keeping my eye on Maple.

Ethereum just deleted 8 years of cryptography work, on purpose

The EF is dropping Poseidon for battle-tested SHA/BLAKE hashes - new proof systems made the exotic hash unnecessary, and Justin Drake calls it a post-quantum milestone. An 8-figure research bet, abandoned the moment better tech shipped. That’s what a healthy engineering culture looks like, innit.

The week in DeFi, one screenshot

EtherFi buybacks, Hyperliquid’s US lobbying, Jupiter Lend v2, the Pendle USDC vault - the roundup worth saving:

* * *

🏆 REFER & WIN

The prize stays the machine: the engine that researched, filtered and wrote this edition, installed personally by me for the top referrer each month ($49.99 value and climbing). Don’t take my word for what the letter’s worth, take Beiu’s:

Two moves: share your personal referral link (leaderboard here), and post about the Confidential on X tagging @PhilMrlo. People are lazy. That’s your edge.

* * *

📅 ON OUR RADAR

• Aug 16 (tomorrow) - YZY’s largest-ever unlock: 120.8M tokens, ~$35M, 12% of supply

• Aug 18, 16:00 UTC - GIGA 2x boosts EXPIRE (API time; their tweet said 17:00 - use the earlier one) · ACE unlocks 2% of supply

• Aug 20 - CFTC “Crypto’s Regulatory Evolution” meeting (SEC chair attending) · Cambria key-voucher redemptions begin

• Aug 21 - first Lighter x Robinhood weekly points drop · Ethena Risk Committee results due

• Aug 24, 19:00 UTC - Zcash NU7 SNAPSHOT (shielded funds in Ironwood only)

• Aug 26 - AQAv2 goes live on Hyperliquid · NVDA Q2 FY27 - THE macro event · TrueNorth x Ondo comp ends

• Aug 29 - HYPE unlock, 14.18M tokens

• Aug 31 - GIGA Genesis TGE · Cambria $RSGP TGE target · monthly close = Krown’s decision date

• Sep 15-16 - FOMC (hike odds ~25% and falling) + Senate CLARITY cloture

* * *

DeFi opportunities backed by numbers

Adrian’s DeFi Alpha shows you:

• What is actually growing

• Where revenue is flowing

• Which tokens capture value

• Where valuations make sense

A clear framework for finding and judging high-upside opportunities.

Subscribe here!

* * *

⭐ BEHIND THE WALL TODAY

Today we’ve got:

• The full books of the day’s most profitable desks - including a “short-only” account whose name is a lie, and the named trader running an eight-figure position on one unloved sector

• The complete downside map from the best chartist I follow - four exact levels that decide floor or trapdoor - plus the bull counterweight with its own numbers

• A competition with only 85 wallets are in, where one good trade a day is currently enough for a cash seat

• The cost-per-million playbook from the farmer who runs three venues at once at near-zero net cost

• The whale ledger, both directions - a fund that rotated eight figures out of one blue chip into another, and the staker who keeps selling into every bounce

• A carry trade that died overnight, and the one that replaced it

• The smallest, earliest coins that cleared every gate today, plus who to copy

• NEW: the first-ever small-cap cut - the little tickers the profitable money actually holds, straight from their books

• Top Smart-Money buys + token list for Solana

• Top Smart-Money holds + token list

The coordinates are downstairs. Guess wrong on your own time.

Read more

PAID CONFIDENTIAL (2ND SECTION): MOAR new project tips, SMART MONEY movements & coins, MOAR new coin launches, MOAR cool memes and NFTs. This is some deep crypto shit.

Subscribe now

THIS IS ADULT CONTENT - I’M NOT HERE TO HOLD YOUR HAND. DO YOUR RESEARCH. PREPARE TO GET ANNIHILATED. NEVER TAKE A BLIND RISK. NEVER GIVE UP.

MARKET COMMENTARY

Verdict week, act two. PPI just printed as I was writing this.

The producer side came in cool: 4.7% against 4.9% expected, and a flat 0.0% month-over-month, the first flat monthly read since June 2025. Core landed in line. After yesterday’s confusing CPI, this one was clean, and the September hike odds faded again, now roughly 28-30% across Kalshi and Polymarket. They were 56% two weeks ago. The dissenters are running out of data.

As I’m typing this, Bitcoin is at $63.7K and bid since the print - it was $63.4K when the PDF dropped. Same map as yesterday: a daily close back above $64,600 says the low is probably in, losing $62,500 means the range floor gets stress-tested. Two cool prints in 24 hours, and the line still isn’t reclaimed, but the tape is finally leaning at it.

One thing I want on your radar, seriously: if the bigger dump comes, it most likely starts inside the next 10 days. Krown laid out the whole timing case here, and it’s the best explanation of the window I’ve seen. Watch it. Keep your eyes peeled and your bids honest; this is the stretch where being asleep costs money.

Macro didn’t stay quiet for long anyway. Twenty minutes after the print, Iran declared it “fully controls” the Strait of Hormuz, no vessel passes without permission. That’s the oil tape re-armed. And under the hood of equities, institutions just sold a record $21.6 billion of Nasdaq futures in one week, selling into strength while retail buys leveraged ETFs.

Crypto reads: the ETF tape is chop, minus $17 million on BTC Tuesday but +$301 million on the week, ETH inflows seven days green. And Strategy’s own 8-K shows it sold 1,690 BTC, roughly 15% below its cost basis, for the second week running, to fund preferred dividends. The flywheel runs backward now. Meanwhile ETH is carving out a cup and handle that obese.Potato thinks resolves to $2,500, and I don’t hate the chart.

Yesterday, I called it verdict week. Half the verdict is in, and it’s dovish; the tape just needs to believe it. I simply choose to remain optimistic.

🟢 THE FOMO GREEN LIST

New slot, same filter - this list now lives right under the commentary every day. Wide sweep ran moments ago: 14 endpoints, 178 raw candidates, 29 in-band, and the gates passed FIVE - 3 free + 2 paid today, I don’t pad.

BOIÚNA 🐍 · 79/100 · 11h · $543K mcap · $76K liq · $15.1M vol · 16,918 holders · top 7.0%
✅ Mint & freeze revoked · metadata locked · LP 100% locked · RugCheck 1
Monster traction, 17K holders in 11 hours on the Brazilian snake-myth meme. Two warnings baked in: a copycat twin mint launched the same hour (check the contract ends in ...kGpump), and $15M volume on a $543K cap is scalper churn. ▶ Trade BOIÚNA on fomo

K-HOME 🏠 · 78/100 · 29h · $1.41M mcap · $109K liq · $5.6M vol · 12,425 holders · top 3.9%
✅ Mint & freeze revoked · metadata locked · LP 100% locked · RugCheck 1
The cleanest big holder base on the board (top wallet under 4%), but it’s up +2,737% in a day - you’re chasing a parabola, treat entries like rentals. ▶ Trade K-HOME on fomo

DPG 🐶 · 76/100 · 23h · $689K mcap · $64K liq · $1.5M vol · 5,052 holders · top10 11.6%
✅ Mint & freeze revoked · metadata locked · LP 100% locked · RugCheck 1
Best distribution of the day by far (top10 just 11.6%) and a steadier tape than the two above - the one I’d expect to survive a red hour. ▶ Trade DPG on fomo

Marked to market, because I show you the reds too: yesterday’s list got hit by pure memecoin beta - Plumber -65%, BOT -66%, both CUT. ORANGE -14%, MOMO +4%. The Aug 11 paid pick lickingcat is +65% though, so the week nets out fine. And apes got KILLED retroactively - RugCheck now shows the creator has a history of rugged tokens. The filter catches rugs, not gravity - size these like the lottery tickets they are.

* * *

📊 HIX0N’S AUTO SKILL CONFIDENTIAL SCOREBOARD

✅ PUMP - called Aug 5 at $0.00252 → $0.00278 today (+10.2%) - rode through its own unlock window and the CPI chop, respect

✅ ZEC - called Aug 3 at $472 → $489 today (+3.6%) - 73% of Orchard has crossed into Ironwood, snapshot in 11 days

* * *

💥 FROM MY TIMELINE

Straight from my feed, two things I’m actually doing with my own money this week.

$NEST and $veNEST, comfy af. The HYPE Engine Vault paid lockers again this epoch, and the new xStocks pools flipped live - the whole story is two sections down.

And yes, still fishing in Cambria every single morning. The servers barely survived yesterday’s volume record, which is the most bullish outage I’ve seen all year.

* * *

🏴 FLAGSHIP: THE SHORTS WON’T LET GO

The wall grew: 5,554 BTC short, liquidations 0.4% above spot

Two cool prints in 24 hours, and the four-wallet short cluster ADDED. It’s now 5,554 BTC in 40x cross-margin shorts, with the first liquidation levels sitting 0.4% and 1.1% above the $63.9K mark. The venue force-buys 20% of a book first, so a reclaim of the levels starts a mechanical bid ladder. They must buy to leave. That’s the setup.

The biggest of them is now the largest onchain BTC bear on the books - his live position, his liq price, and the absurd part (he’s also one of today’s most profitable desks) are in the paid Desk below.

xStocks landed on Hyperliquid - and Nest is paying you to hold the S&P

xStocks (~$650M AUM, the biggest tokenized-stock network onchain) went live on Hypercore and HyperEVM this week. Nest rolled out the LP pools immediately: NVDAx, MUx, SKHYx, SPYx and QQQx, with the S&P 500 pair printing ~166% APR at epoch start.

The intern’s board says it plainly - KNTQ leading, ALT second, and tokenized equities getting a real yield market on day one:

Reminder from the same feed: HIP-1 tokens can now distribute dividends and do splits natively at the balance level (scaleWei). Stocks onchain stopped being a gimmick this month, the plumbing is real.

veNEST voters, get your gauge votes in before the flip:

Quick hit

• 61.4K daily actives in a bear market. HYPEconomist’s point makes itself - what does this venue look like in a bull?

* * *

🎣 CAMBRIA JUST HAD A $1.27 MILLION DAY

$1,268,706 spent in ONE day. Gucci said it best - in 2021 this launches at $4B FDV. The game did $110K revenue in 24 hours, $3.25M in keys risked in a single day, and the TGE is still targeted for this month.

The economy under the hood

BirthdayBoi’s breakdown is the one to read: $518K all-time revenue, Dungeon Fishing is 70.7% of the $9.46M+ game volume - the fishing rod is the real money printer. Know where the revenue comes from before TGE prices it.

Necromancy is coming to Dungeons

New class teased. New content the week of a token lock is exactly the cadence you want from a live game.

The Coinbase tell

Jesse Pollak (the Base/Coinbase builder-in-chief) dropped a one-word “damn” on the Cambria numbers. Read into that what you will - I read distribution.

The airdrop alpha corner - and the guy to thank

Shoutout where it’s owed: Viespax is the number one guy who helped me actually understand Cambria - farm mechanics, what counts, what doesn’t. Follow him. His latest drop on the airdrop campaign (h/t 0xYolo):

The founder-interview deep dive backs it up - product-market fit confirmed, RSGP and Glimmer mechanics, what’s coming next:

Even the whales-vs-Clash-Royale comparison holds up on the numbers:

Check your own damage: the community built a wallet checker - paste your ADDRESS (read-only, no connecting, no signing, built by 0xCanzi, unofficial) and it shows your realized PnL across Keys, Gems, and the Duel Arena. It does NOT show items you still hold, so most grinders look poorer than they are.

The lobby is invite-GATED - you cannot play or farm without a code.

• Use code Hix0n here for 5% bonus points and start the daily Essina’s Draw check-ins before TGE. If you want tips, ask me.

* * *

🧭 TRUENORTH: $40K TO LEARN THE BEST TOOL IN RWAs

I’ve said it before, I use TrueNorth literally every day. Here’s WHY it’s so useful, no fluff:

• It’s Cursor for traders - you deploy agents that scan, analyze, and manage positions instead of doing 40 tabs of chart-staring

• It reads ANYTHING - stocks, crypto, RWAs, metals - one place, one question, real numbers back

• RWAs are nearly HALF of all perp volume now - and pure-crypto instincts don’t transfer; macro, earnings and fundamentals move these markets. You need the intelligence layer, not another indicator

• It’s now wired into Ondo Perps - analysis to execution in the same flow

• Still pre-token - you’re early to the product AND whatever comes after

And right now they’re PAYING you to learn it: a 2-week trading competition with $40K in rewards for trading RWAs through TrueNorth’s agents on Ondo Perps - stacking on top of Ondo’s 175K USDC weekly rewards, Ondo points, and TrueNorth points. As required, put it best - probably the most +EV way to trade RWAs for the next two weeks:

Willy’s rant - read this one twice

TrueNorth’s Willy wrote the smartest thing I’ve read this month: Headless Finance + The Intelligence Layer. Five years of DeFi were a liquidity war - bootstrap TVL, subsidize LPs, farm emissions. The next cycle’s moat isn’t liquidity, it’s intelligence sitting on top of everyone else’s rails. Older post, evergreen thesis, and exactly what they’re building:

* * *

⚡ FX100: THE CPI WICK WAS THE WHOLE PITCH

CPI dropped, ETH skyrocketed from $1,921 to $1,906 in under five minutes, then bounced right back. Every leveraged trader knows that wick - right on direction, dead on the path.

FX100’s whole product is 15 minutes of liquidation protection on every position at up to 100x - the trade gets time to breathe through exactly that candle.

Testnet is LIVE on Base Sepolia, whitelist wallets are in, and there’s a public access code floating on their feed. Go break the machine before mainnet - testnet reps on a new perp DEX have paid CT well historically. $FXN coded.

* * *

🧮 BEIU: HOW TO FARM A CAMPAIGN FOR (BASICALLY) FREE

Feature of the free side today: 0xbeiu, the most transparent volume farmer on the timeline. He just closed the Ondo x Arbital campaign at #7 with $2.65M volume - net cost about $100 for 5,000+ Ondo points ($0.02 per point, before next week’s distribution even lands). Every number posted, spend AND rewards, no cherry-picking.

Why I’m telling you to follow him: he posts the CPM (cost per million volume), the fee math, and the losses too - his Paragon bots ended red, and he said so. That’s the difference between a farmer and a shiller. The two campaigns he’s grinding RIGHT NOW, with 12-day clocks on them, are in the paid farms section.

* * *

🤖 SIBYL: THE HACKATHON ARC

Standing coverage continues. Sibyl Labs just announced a $10,000 USDC hackathon on Base - top 2 winners get entry into Base support programs, Consola credits in the pot. If you build agent stuff, this is the cheapest way into their orbit before the token conversation even starts. Still pre-token, still the best memory-layer story in the agent stack.

* * *

🛰️ STARCAP: THE SPACE TRADE, ONCHAIN (spotlight)

New project spotlight of the day. Starcap is a tokenized fund for the PRIVATE space economy - direct equity in pre-IPO space companies (launch, satellites, orbital compute), wrapped into $SPACE on Solana. The thesis writes itself: private space funding went from $1.8B to $8.0B per quarter in 18 months; the AI trade happened; the robotics trade is happening; space is the next shelf. Their fresh one: orbital compute as AI infrastructure, a projected $39B market by 2035.

Honest ledger: early, access is jurisdiction-gated for the fund side, and pre-IPO equity marks are illiquid by nature - this is a WATCH-and-research entry, not an ape call. But “SpaceX exposure onchain” is a pitch retail has never had before. On the radar it goes.

* * *

📱 MARKETS: TRADE ON YOUR PHONE, WIN A ROLEX

Markets (the Kinetiq-aligned HL front-end I covered this week) is running the most degen retention comp I’ve seen: 1 mobile trader wins a Rolex Datejust - XP accrues at 1 XP per $1 traded, fee discounts up to 25% along the way. The venue’s rewards program already has the KNTQ precedent behind it (Season 1 pointooors got 24% of the token). Volume you were doing anyway, now with a watch attached.

* * *

🧠 TWO FOLLOWS THAT UPGRADE YOUR FEED

goon_crypto - the best narrative-mapper on the Robinhood/AI beat right now. His Unitree chain is the cleanest piece of connect-the-dots thinking this week: Unitree IPO attention → demand for humanoid training data → eastworlds (the official Unitree data partner, 200+ hours of G1 data weekly) → Virtuals as the tradable proxy. Agree or not, THAT’S how you build a thesis:

And his find of the day is pure cinema: a sub-$600K Virtuals project funding a Unitree G1 robot’s attempt to climb Mt. Everest, with the “14 Peaks” Netflix documentary crew attached. $PEAK holders get a reserved slice of the planned outside raise. Degen? Extremely. Sleeping on it? Not me.

dΞXter.hl - my friend, and one of the few accounts that makes you THINK between the candles. Writing on cypherpunk capitalism, stablecoin honesty (his Cyrille Briere pull on Ethena’s shape-shifting narrative is a must-read), African payment rails, markets as truth machines. Small account, outsized signal - follow him before everyone else does:

* * *

🪶 ROBINHOOD CHAIN: THE CHAIN FLIPPED ETHEREUM AT SOMETHING

The stamp: Robinhood Chain just flipped Ethereum in daily NFT volume ($3.13M vs $1.35M on Aug 12, per Adam_Tehc’s data) - TVL is nearing $500M, stablecoin liquidity above $619M, bridged assets past $1.5B.

The memecoin autopsy every degen should read

Barter decoded 1.9 million trades on the chain’s Uniswap launchpad and wrote the rules of Memecoin Club. Rules one and two: you are the exit liquidity. The other six rules are data-backed and genuinely useful - read them before your next launchpad ape:

🪙 GIGA: five days left on the 2x boosts

Correction from my own desk first: the boosted meme pairs (WETH/STONKBROKER, WETH/PIPEDOG, WETH/INTERN, WETH/FRONG) die August 18 at 17:00 UTC - their tweet says 17:00, not the 16:00 I printed earlier. Five days. Genesis TGE is August 31 and Season 1 emissions stop with it - the window to farm a ve(3,3) launch with a few hundred wallets is measured in days now. Pre-token, tiny TVL, points may never convert - size like it. Farm with me here.

* * *

🎯 FOCUS PULSE

ZEC - 73% crossed, 11 days to snapshot, and wallets got fast

Turnstile Watch: 2,787,200 ZEC in Ironwood, +151,811 in the last day - roughly 73% of Orchard has migrated, snapshot August 24. And the UX story of the week: Zodl’s new Slipstream sync engine cut a wallet restore from 16m 55s to 43 seconds in benchmarks. Privacy that syncs like a normal app is a different product. ZEC at $489.

NEAR - $25 billion through Intents

$25B lifetime volume through NEAR Intents, and NEAR AI’s confidential inference now returns Intel-signed proofs you can verify yourself. The stake-for-compute thesis keeps shipping while the price does nothing - my scoreboard keeps me honest on that.

Ethena - USDe savings hit Kraken US

Ethena-powered dollar savings went live on Kraken+ in the US - up to 4.5% on USDe, automatic. That’s the third mainstream distribution pipe (Coinbase, Robinhood Chain, now Kraken). USDe supply sits at $3.96B, and there’s a funding quirk on ENA itself that paid readers get below.

* * *

🔥 TRENDING + NEW PROJECTS

• Pendle x Boros - two projects from one team in DeFi’s top-10 mindshare. Boros (funding-rate trading) is the quiet grower while everyone stares at memes.

• EQUITY (Robinhood Chain) - the chain’s trending #1: $350K mcap, +885% on the day, $4.2M volume, contract clean and open source. But GoPlus can’t verify the LP lock, and an unlocked LP is this chain’s signature rug - radar line only, not a pick.

• CG movers: the board is macro-driven today - the real discovery is in the Green List up top, single-placed as always.

🗑️ Killed in the firehose lane: GME/GMEB on BSC (single unlocked LP holder on a GameStop-cosplay pair) · KEP (Robinhood, -61% dump-tape) - full kill ledger in the Green List above.

* * *

🎯 YOUR OWN HIX0N

* * *

Automated Self-Learning Skill to explore Crypto & AI every day, find new coins (or every minute, find a new trade, whatever you want it to do):

🎯 YOUR OWN HIX0N: The filter that you can use for anything you want.

$49.99 founding access (first 100, then $79), yours forever, no subscription.

→ Get Hix0n Radar

📈 AI CORNER

IREN delivered - Microsoft accepted Horizon 1

Microsoft formally accepted Horizon 1, the first 50MW tranche of IREN’s 5-year, $9.7B AI-cloud contract, running NVIDIA GB300 systems with Exemplar Cloud status. Horizons 2-4 land later this year. The miner-to-AI pivot has a signed delivery receipt now.

The Unitree gap: $9B on paper, $35B on Hyperliquid

Andrew Kang flagged the number of the week: Unitree’s stated IPO valuation is $9B, Hyperliquid’s pre-IPO market prices it at $35B. Either the bankers sandbagged a 4x, or the perp is wildly ahead of itself. First trading day is expected Aug 17-21 (unconfirmed). Tradable thesis either way.

Quick hits

• SEC is preparing to allow US stocks to trade 24/7 onchain per Bull Theory - the DTC pilot and Nasdaq’s tokenized-trading approval say the direction is real. Everything above about xStocks and Robinhood Chain is front-running this.

• Wintermute is putting $1B over five years into HFT + AI infrastructure - market makers are becoming AI companies too.

* * *

🏆 REFER & WIN

The prize is still the machine itself: the engine that researched, filtered and wrote this edition - the top referrer each month gets it from me personally, installed, free ($49.99 value and climbing).

Two moves: share your personal referral link (leaderboard here), and post about the Confidential on X tagging @PhilMrlo. Most readers won’t bother. That’s exactly why you should.

* * *

📅 ON OUR RADAR

• Aug 14 - pools.fun platform launch targeted (Robinhood Chain) · SEC opens comments on the token-sale exemption rule

• Aug 17 - Cypherpunk Technologies (CYPH) earnings - the ZEC treasury sitting on +45%

• Aug 17-21 ⚠️ unconfirmed - Unitree expected first trading day, Shanghai STAR

• Aug 18, 17:00 UTC - GIGA 2x boosts EXPIRE (corrected time - five days out)

• Aug 21 - Ethena Risk Committee results (NOT a fee-switch vote)

• Aug 24, 19:00 UTC - Zcash NU7 SNAPSHOT (shielded funds in Ironwood only)

• ~Aug 26 - TrueNorth x Ondo $40K competition ends (14 days from Aug 12)

• Aug 26 - NVDA Q2 FY27 - THE macro event of the month

• Aug 29 - HYPE unlock, 14.18M tokens

• Aug 31 - GIGA Genesis TGE · Cambria $RSGP TGE target · monthly close = Krown’s decision date

• Every Thursday ~0:00 UTC - a capped rewards campaign pays out weekly - the farm itself is below the wall

• Sep 15-16 - FOMC (hike odds ~28-30% post-PPI) + Senate CLARITY cloture

* * *

DeFi opportunities backed by numbers

Adrian’s DeFi Alpha shows you:

• What is actually growing

• Where revenue is flowing

• Which tokens capture value

• Where valuations make sense

A clear framework for finding and judging high-upside opportunities.

Subscribe here!

* * *

⭐ BEHIND THE WALL TODAY

Today we’ve got:

• The live books of the day’s most profitable desks - including the one pressing against its own liquidation, to the dollar

• A campaign with a hard emissions cap where the earliest weeks pay the fattest - the exact mechanics and the weekly clock

• Two more volume competitions with 12-day timers - the exact entry math from the guy farming them at near-zero cost

• The whale ledger, both directions - including a treasury selling below its own cost basis and the whale who paid for conviction with an ape

• A funding flip that quietly killed yesterday’s carry trade and opened a new one on a different coin - which one, and the honest catch

• The bull fractal that argues one major triple against Bitcoin - and the bear ledger’s exact invalidation levels

• The sharper fomo cut - the smallest, earliest coins that cleared every gate today - plus who to copy

• Top Smart-Money buys + token list for Solana

• Top Smart-Money holds + token list

The coordinates are downstairs. Guess wrong on your own time.

Read more

PAID CONFIDENTIAL (2ND SECTION): MOAR new project tips, SMART MONEY movements & coins, MOAR new coin launches, MOAR cool memes and NFTs. This is some deep crypto shit.

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THIS IS ADULT CONTENT - I’M NOT HERE TO HOLD YOUR HAND. DO YOUR RESEARCH. PREPARE TO GET ANNIHILATED. NEVER TAKE A BLIND RISK. NEVER GIVE UP.

MARKET COMMENTARY

So the most confusing CPI of the year is out, and for about ninety seconds, both sides got to be right. Kek.

Headline came in at 3.4% with core easing to 2.5%, and here’s the part almost nobody clocked before the print: the two big consensus panels didn’t even agree on what “expected” meant.

FactSet had a headline at 2.8%, Dow Jones had 3.4%, so the same PDF was simultaneously “hotter than expected” and “exactly in line” depending on which anchor you watched. Krown called that confusion a full day early, and his cut-through number, core month-over-month, printed 0.2%. That’s the odds-fade branch.

And fade they did. September hike odds were near 56% at the start of the month; they’re now roughly 34-36% across Kalshi and Polymarket. Three dissenters wanted a hike, but the tape just took their case away.

As I’m ranting all this chibberish, Bitcoin is at $63.9K. The one level that matters: a daily close back above $64,600 within 48 hours of the print says the low is probably in and $70K opens up, losing $62,500 says the range floor gets stress-tested. Five tags of $65,400 have been rejected in a row; this is attempt six, territory with a macro tailwind for once.

The rest of the macro board is less cozy. Brent oil is holding near $89 after the Hormuz deal died on a demand for fifty years of compensation, the 30-year yield is at levels last seen in 2007, and Trump is floating inflation-indexed capital gains into the midterms.

Meanwhile, the AI tape refuses to blink: CoreWeave beat with a $104 billion backlog, Super Micro guided a monster year, and Nebius grew revenue 454% overnight. More on all of that below.

If you want the full bear case (from a bull) for massive downside, this is my recommended watch of the day, all eight higher-timeframe signals laid out honestly.

And Mayne’s read on the dollar is worth your ears too, DXY is retesting its range from below, and if it rolls over from here, that’s a bullish downside break for everything we own.

Yesterday I told you the coil was the tightest ever recorded. Implied vol woke up on schedule. Verdict week, lads. I simply choose to remain optimistic.

📊 CONFIDENTIAL SCOREBOARD

✅ PUMP - called Aug 5 at $0.00252 → $0.00269 today (+6.9%) - heads up: the big unlock window opened THIS morning, same day as CPI

✅ ZEC - called Aug 3 at $472 → $488 today (+3.4%) - two-thirds of Orchard has crossed into Ironwood, snapshot in 12 days

* * *

🟢 THE FOMO GREEN LIST

Wide sweep ran this morning: 12 endpoints, ~40 raw candidates, 12 cleared the hard gates, judgment cut it to 5 free + 3 paid (the paid cut came up short of 5 today - I don’t pad).

Plumber 🔧 · 78/100 · 32h · $2.43M mcap · $158K liq · $16.6M vol · 18,033 holders · top10 22.8%
✅ Mint & freeze revoked · metadata locked · LP 100% locked · RugCheck 1
The day’s story-coin, deep holder base for its age, even mert was riffing on it. Already parabolic once - chase entries, don’t marry them. ▶ Trade Plumber on fomo

BOT 🤖 · 76/100 · 21h · $1.03M mcap · $115K liq · $25.6M vol · 25,647 holders · top10 20.0%
✅ Mint & freeze revoked · metadata locked · LP 100% locked · RugCheck 1
Biggest holder count on the board and monster traction, but $25M volume on a $1M cap is churn city - scalper’s coin, not a holder’s. ▶ Trade BOT on fomo

USDUF 💵 · 77/100 · 29h · $495K mcap · $55K liq · $987K vol · 4,926 holders · top10 11.2%
✅ Mint & freeze revoked · metadata locked · LP 100% locked · RugCheck 1
Cleanest distribution of the day by far (top10 just 11%), steady grind instead of a spike. The kind of chart that survives a red hour. ▶ Trade USDUF on fomo

FOMEOW 😼 · 75/100 · 17h · $274K mcap · $40K liq · $1.0M vol · 3,285 holders · top10 14.0%
✅ Mint & freeze revoked · metadata locked · LP 100% locked · RugCheck 1
fomo-native cat with 11K unique buyers in a day and clean flags - liquidity is thin, so size like it. ▶ Trade FOMEOW on fomo

claudius 🏛️ · 71/100 · 4.2d · $218K mcap · $45K liq · $403K vol · 9,727 holders · top10 33.6%
✅ Mint & freeze revoked · metadata locked · LP 100% locked · RugCheck 1
The AI-emperor meme on Anthropic’s trillion-dollar IPO day, late-fresh but 9.7K holders earned it the quality pass. Narrative coin - it lives and dies with the news cycle. ▶ Trade claudius on fomo

🗑️ The filter also ate: MARIO64 (IP-risk kill despite clean onchain) · COGE (top10 at 38.8%, 37x churn) · Cat007 (8 minutes old, nothing verifiable) · BABYSHIB (one wallet = 60%) · Dealer, back for the THIRD time, still killed. The sharper, earlier cut - three coins under 31 hours old - is behind the wall.

🎯 YOUR OWN HIX0N

* * *

Automated Self-Learning Skill to explore Crypto & AI every day, find new coins (or every minute, find a new trade, whatever you want it to do):

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* * *

* * *

🏆 REFER & WIN

I automated myself, and the machine is the prize. The engine that researched, filtered bad stuff, and greenlighted the goodies. Honestly, nothing beats my OG 2017 X algo yet as I do mostly manual curation, but you can get very close with this,

Two moves: share your personal referral link (leaderboard here), and post about the Confidential on X tagging @PhilMrlo so I see it. You have a VERY high chance of winning. People are lazy. That’s the edge.

💥 FROM MY TIMELINE

Cambria 🎣 - yes, I’m addicted, no, they don’t pay me

Straight from my feed. People keep asking if I’m sponsored because I won’t shut up about Cambria. Nah. I’m simply addicted, and the TGE is a few weeks out, already better than $KINS in my book.

The new thing since yesterday: Essina’s Draw is live - check in daily, collect Tickets, and a nightly prize pool that can reach $200,000 gets split among winners at 1 pm ET.

Free tickets for showing up during the last stretch before a TGE is exactly the kind of EV I like. The game has done $10 million+ in total volume, and the team locked the token for August.

The lobby is invite-GATED - you literally cannot play or farm without a code. Use code Hix0n here for 5% bonus points and start climbing. You still have time to grind the ladder easily. If you want tips, ask me.

* * *

🏴 FLAGSHIP: THE SHORT WALL AT $64K

Four wallets, $343 million, liquidations 0.1% to 3% above spot

The whole market is staring at one cluster: four Hyperliquid wallets short a combined 5,375 BTC ($343 million), with liquidation prices stacked at $64,101, $64,576, $66,006 and $66,030.

Two of them sit half a percent from death. The venue first force-closes 20% of a position, so the initial forced buys are “only” $68.5 million, but a push through $66,030 triggers the full ladder.

Whales are still net short up here - the gap to longs is $0.28 billion - which is exactly why the squeeze math works if the CPI tailwind holds.

One of the four nearly died this morning and cut a third of his position to survive. The rest of his book, and who’s on the other side, is in the paid Desk below.

HIP-1 grew a redenomination button

Hyperliquid extended HIP-1 with deployer-controlled scaleWei - atomic, proportional balance adjustments for token repricing, with open orders auto-adjusted. In plain degen: HIP-1 tickers can now reverse-split or redenominate without a migration. Infrastructure that TradFi took decades to standardize, shipped mid-range-chop. This is what product-market fit looks like.

📊 Markets by Kinetiq - the points speculation is half true

Omnia is teasing something around Markets.xyz, Kinetiq RT’d it, and Discover (a screener for movers and funding dislocations) shipped the same day.

What CT is calling a “new points season” is real but misnamed: trading there already accrues Kinetiq rewards program points, and the last time a Kinetiq points season ended, holders received 24% of a token. One trader posted a 3x in two weeks on the venue.

The exact mechanics, emission numbers, and snapshot schedule are behind the paywall.

Quick hits: Hyperliquid

Hyperliquid led ALL chains in 24h net inflows again, $50 million, no points announcement, no marketing.

Academics are now using the fully onchain order book to study market impact at scale. From a crypto experiment to a financial research subject.

HyperLend raised HYPE LTV to 65.2% (liquidation threshold 81.47%) - risk teams getting comfortable at these levels.

HYPEconomist: “hyperEVM bottom is in... don’t get hyperEVM-lined.” Skin in the game, and I hold the same bags ($NEST readers know).

* * *

💵 DELPHO - THE HIGHEST STABLE YIELD ON HYPEREVM, AND YOU’RE STILL EARLY

Paid readers got this one YESTERDAY in super-early plays. Today, the team’s own numbers were made public, so here they are for everyone.

Delpho is a CDP stablecoin on HyperEVM: deposit USDC, mint USDV at 0% interest, and the protocol runs delta-neutral positions on Hyperliquid perps, streaming the funding yield to stakers. Not RWA promises, not ponzi emissions at the core - the same trade Ethena runs, on the fastest-growing venue in crypto.

The numbers, honestly:

The USDV/USDC pool on Nest just passed $570K TVL, paying 44% APR on stables right now. It was 296% at launch two weeks ago, 61% last week - the APR compresses as TVL grows, which is the whole argument for being early rather than reading about it in September. USDV is holding a peg at ~$1.004. The flow is two steps: mint USDV with USDC on delpho.xyz,

LP the USDV-USDC pair on Nest. Their Prism Pass (pre-token, tracks your onchain HL Score) is still open too.

Mesky said come grab it, and for once the shill math checks out:

Eyes open on the honest risks: TVL is tiny (~$333K collateral), the yield is mostly bootstrap incentives for now, and delta-neutral funding can go to zero or negative in a sustained short-crowded tape. Size it like the early-stage farm it is. I’m stacking the points side either way.

* * *

🧭 TRUENORTH KEEPS EATING

Featured it Monday, use it literally every day since. The loading bar hit 90% (”we’re almost there”), Ondo Perps integration dropped for RWA-perps analysis, and CT has moved past “what is it” straight to demanding their favorite venues get added:

When users start lobbying for integrations unprompted, that’s the tell. Still pre-token. Still early.

* * *

🪶 ROBINHOOD CHAIN - RECORD TAPE, AND A ve(3,3) WAR BREWING

The stamp: 11.6 million daily transactions (network record, +30% WoW), TVL +32% to ~$500 million per DeFiLlama, and USDe on the chain exploded from $17M to $253 million - Ethena now backs 43% of the chain’s stablecoin supply. Honest wrinkle: daily actives only +3.3%, still 11% under July’s peak. Volume is compounding faster than people.

The $UP war - my float warning stands, but the build is real

I wrote up. ($UP) yesterday as the loudest float warning of the week (+392% on a 3.5% float, anon team). It’s still that. But the last 24 hours forced me to take the PROJECT more seriously, so both things go on the record:

The up core contracts went open source - the anon team’s first real transparency step.

Are we seeing the birth of the Aerodrome of Robinhood right here? Imma sure LP, the numbers are nuts.

World is Flat added 2.5% of WIF-on-RH supply as liquidity on up: $4.17M locked, $73.95M all-time volume, $344.97K fees paid, epoch 4 running.

The gauge thesis in one tweet: every $UP pool carries a gauge, veUP votes direct weekly emissions - launch paired against $STONKBROKER and the depth gets built on purpose.

veUP positions are now TRADABLE on FireFlies - locked, not stuck. The ve-liquidity meta arrived on Robinhood Chain.

CT is already down to “Anvil or UP, pick your poison.” Float warning or not, the ve-war is the chain’s next narrative.

Even SJ can only laugh at the chart:

🪙 The GIGA farm - veGIGA changes the math, 19 days to Genesis

Farm state: over half of Season 1 is already emitted, with only ~231 wallets farming. Genesis (TGE) is August 31, and the 2x boosts on the meme pairs die August 18, 16:00 UTC - six days.

Best pools by live volume right now: WETH/USDG ($209K vol on $101K liq, the base farm), SPY/USDG ($129K vol on just $24K liq, fattest fee capture per dollar), USDe/USDG for the low-IL crowd. TVL is still tiny (~$340K in the top pools) and points may never convert - size accordingly.

Farm with me here.

Quick hits: Robinhood Chain

Gaz’s Market Minute: Stonkbroker launchpad live, Stonk Fun burns, $FWA ATH. (The “Vlad approves NFTs” line I could NOT verify on his feed - his last confirmed NFT signal is the July 23 pyopyopyopyo purchase. Careful with that one.)

$INDEX x $STONKBROKER - the take that they don’t compete, they stack: INDEX as a broker-reward option, Stonk Launcher pairing against INDEX. Ecosystem-brain forming.

* * *

NEAR - staking yield became AI compute

Staking for NEAR AI is LIVE: stake NEAR, pay for confidential inference and always-on agents, no card, no cloud account. Illia’s frame: “You need an asset that gives you access to compute in the future.” Price hasn’t cared yet (my scoreboard shows it), but this is the most concrete stake-to-compute product any L1 has shipped.

Ethena - the Coinbase pipe crossed $300M

Ethena assets inside Coinbase’s DeFi earn product crossed $300 million, a new all-time high - normie distribution doing its quiet work while USDe eats Robinhood Chain (43% of its stables, see above). The USDe base yield sits around 4%. Risk Committee results land ~Aug 21; that decides who implements the fee switch, it is NOT the fee-switch vote itself.

* * *

☠️ HARMONY MINTED ITSELF INTO THE GROUND

A top-100-adjacent L1 was exploited to print ~4 billion fake ONE (~26% of supply, ~$3.2M at the time) via abnormal empty blocks. CT ran “3 trillion” all morning - wrong by 750x, the real forensics credit goes to onchain analyst Juiceberg.

ONE hit an all-time low, down 26-40% depending on your window, ~2.8 billion of the minted tokens already reached exchanges, and the team is openly weighing a full chain rollback, which would be near-unprecedented for a major L1. ZachXBT publicly refused to help with the recovery. Same chain that lost $100M on the Horizon bridge in 2022.

If it can be minted, it will be. Zcash people get to feel smug today.

* * *

🔥 TRENDING + NEW PROJECTS

YARD (TickerYard, Robinhood Chain) - launched TODAY off the Stonkbroker launchpad: 3,333 ERC-6551 NFTs with $YARD paired and locked, $3.65M mcap, $4.77M day-one volume, 3,323 holders, contract clean. LP not lock-verified yet - the chain’s signature rug is a single unlocked LP, so eyes open.

Thinking Cat ($HMM, Robinhood Chain) - $19.2M mcap, +103% on the day, CG-trending, 4,234 holders, clean checks. 24 days old, the chain’s “established meme” slot contender.

Credible ($CREDB, Solana) - payments app doing $36.9M volume in the first 9 days of August, 14x July’s pace, MoneyGram cash-in/out integration announced. Momentum is real, the token is the bet on it.

River Markets - $8.5M seed led by Haun Ventures to build the PRIME BROKER for prediction markets. Infrastructure raise = the narrative is institutionalizing.

Arcus DEX - CT is calling it “MEGA EARLY farming backed by dYdX and Robinhood.” I verified: dYdX-incubated is TRUE (official blog, Antonio on the board), Robinhood Crypto partnership TRUE, investment amount undisclosed. Spot live since July 1 at 0% fees, perps in cohort beta, token CONFIRMED with a dYdX-community allocation. But there is NO points program - waitlist rank runs on prior perp volume + referrals. Farm the volume, ignore the invented points math.

CG movers check: aPriori ($APR, Monad LST) +88% and Audiera ($BEAT) +32% led the board - both listed majors, both pure momentum, no catalyst I’d sign my name to.

* * *

🌾 FRESH FARMS & CAMPAIGNS

Kittenswap xStocks pools - triple-digit APR on stock pairs

The newly deployed xStocks pairs on Kittenswap (HyperEVM) are printing 300-1,900% average APR right now, and Epoch voting closes in about a day for the next rewards round. Tokenized-equity LPing on Hyperliquid’s EVM - the weirdest yield of the week and I’m here for it.

Pendle PT looping went one-click

Linn (featured her yesterday, still the best DeFi writer on the timeline) broke down Pendle’s new one-transaction PT looping: $1B+ of PTs outstanding, 42% already looped, top realized loops paying 26-65% on stables. Fixed-rate collateral + one-click leverage = the grown-up farm of the month. Manage the borrow rate, that’s the whole risk.

The exact step-by-step farms with deadlines are behind the wall, as always.

* * *

📈 AI STOCKS

Anthropic’s $965 billion S-1 is the whole tape now

The S-1 is filed: $965B post-money off a $65B Series H, ~$47B run-rate revenue, targeting an October Nasdaq listing that would raise $60B+. Kalshi has it 69% before November 1. The first pure AI-safety company to list, and the reason “a billion” stopped meaning anything.

Nvidia turned Wall Street into its balance sheet

NVIDIA signed MOUs with Apollo, BlackRock, Blackstone, Brookfield, Goldman and KKR to mobilize $500+ billion of third-party capital for AI infrastructure - customers get financed to buy Nvidia, Nvidia takes zero balance-sheet risk. The largest financing platform ever assembled, and yes, the circularity is the bear case. Jensen: “I asked six firms. None turned me down.”

Earnings tape: the neoclouds ate

CoreWeave beat with a ~$104B backlog (+9% after hours), Super Micro guided FY27 at $65-72B vs $52.5B expected (+7%), and Nebius printed +454% revenue with its first positive EBITDA this morning. The degen angle: $NBIS is tokenized on Solana via Backpack, redeemable 1:1, tradable 24/7 - you can trade the AI-cloud reporting season onchain now.

The miners picked a side

Riot’s $9.1B Anthropic lease (yesterday’s story) has a sequel in the data: Riot sold down its own stack from 15,680 to 11,380 BTC to fund the pivot. The companies built to secure Bitcoin are becoming AI’s landlords. Bullish for their equity, quietly bearish for the “miners never sell” myth.

* * *

🤖 AI x CRYPTO

The trend: AI logged 855 million interactions in 24 hours - 2.6x ALL of crypto combined - while crypto quietly holds the highest positive sentiment (81%) of any major category. Small, loud, relentlessly optimistic. That’s us.

The Anthropic angle, crypto edition: on the day of the trillion-dollar S-1, Zooko is out here rooting for Anthropic’s “paternalism to fail hard” - the cypherpunk case that closed AI centralizing intelligence is exactly what private, unstoppable money exists to counterbalance. Agree or not, the privacy trade (ZEC, Signal-adjacent rails, Hinkal’s new private cross-chain bridging via LI.FI) keeps getting stronger as AI gets bigger.

Agent payments: Circle put 8 AI agents with their own USDC wallets through a World Cup prediction gauntlet - paying for services, pulling data, managing risk, no human in the loop - while Coinbase Business flipped on “accept payments from AI agents” for every merchant. The agent economy stopped being a whitepaper this quarter.

Pre-token watch: Sibyl’s team is hinting at a pay-per-use SKILL MARKETPLACE (USDC-metered agent skills) - the exact primitive I said the agent stack was missing. Still standing coverage, still pre-token.

* * *

📊 CHARTS & STATS OF THE DAY

The flows tape

Spot BTC ETFs flipped barely green: +$4.9M net Tuesday (IBIT +$50M, everyone else bled) after Monday’s -$144.6M broke a five-day green streak. Chop, not conviction, until the CPI verdict settles.

Who’s selling vs who’s buying

Strategy sold another 1,690 BTC ($108.6M), second straight week. Meanwhile wallets holding 10,000+ BTC just hit a six-month HIGH of 90, and the 10-to-10K cohort added ~$1.5 billion since July 29. The paper hands have a corporate logo, the bid is anonymous.

LINK whales woke up

246 separate $100K+ LINK transactions in 24 hours - the highest daily count in 5 months - while the 100K-10M LINK cohort keeps adding. LINK also hit CG-trending. Watch what they do next, not what CT says.

BNB grinding through the shorts

BNB is breaking short-position resistance levels one by one - the quiet strength chart of the week.

Solana’s revenue flex

Past 30 days: Solana dApps out-earned the Hyperliquid AND Ethereum ecosystems COMBINED. Mostly memecoins, increasingly RWAs. Revenue is the one chart that doesn’t lie.

Stablecoin cards went vertical

Monthly stablecoin card spending hit a record $1.03 billion in July, +200% YoY - 10M+ purchases, 68% of volume non-US. Three years ago this number was $1 million. The bull case nobody charts.

* * *

DeFi opportunities backed by numbers

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• What is actually growing

• Where revenue is flowing

• Which tokens capture value

• Where valuations make sense

A clear framework for finding and judging high-upside opportunities.

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* * *

📅 ON OUR RADAR

• Tonight 23:00 UTC - nest HYPE Engine vault lock window shuts (weekly epochs, reopens Monday)

• Aug 13 - PPI · Story Protocol unlocks 17.5M IP (~1.7% supply) · RVII lists on NYSE ($25 fixed, the YC-startups fund - RVI, the SpaceX one, roughly doubled from its IPO)

• Aug 14 - SEC opens comments on the token-sale exemption rule (the COIN angle) · pools.fun platform launch targeted (Robinhood Chain)

• Aug 17 - Cypherpunk Technologies (CYPH) earnings - the ZEC treasury sitting on +44%

• Aug 17-21 ⚠️ unconfirmed - Unitree expected first trading day, Shanghai STAR

• Aug 18, 16:00 UTC - GIGA 2x boosts EXPIRE (earliest actionable deadline on the board)

• Aug 21 - Ethena Risk Committee results (NOT a fee-switch vote)

• Aug 24, 19:00 UTC - Zcash NU7 SNAPSHOT (shielded funds in Ironwood only)

• Aug 26 - NVDA Q2 FY27 - THE macro event of the month

• Aug 27-29 - Jackson Hole (Warsh speaks)

• Aug 29 - HYPE unlock, 14.18M tokens (~$790M at today’s price)

• Aug 31 - GIGA Genesis TGE · Cambria $RSGP TGE target · monthly close = the bear-case decision date

• Sep 15-16 - FOMC (hike odds ~34% post-CPI) + Senate CLARITY cloture - the collision date

And the odds market on the collision date itself - 30% the Clarity Act passes this year:

* * *

⭐ BEHIND THE WALL TODAY

Paid readers get the entries, the sizes, and the liquidation prices - which means free readers are, as always, the exit liquidity. Joking, I know you guys can figure it out yourselves too, you’re here already, which means you’re smart af!

Today we’ve got:

• The sharper fomo cut - three coins under 31 hours old that cleared every gate - plus who to copy and follow to see what they bet on live

• The live books of the day’s five most profitable desks - entries, leverage, liq prices, and what changed since yesterday’s read

• A funding quirk that is literally PAYING you to hold one of my focus-beat coins right now - the exact carry, and when it flips

• The full eight-signal bear ledger from the best chartist I follow - the two exact levels that would validate new lows, and a monthly-open cross that argues for 30% lower

• The points program CT is speculating about: the weekly emission number, the snapshot day, and the precedent that handed farmers 24% of a token

• Two live competitions where the top ten split the pool - exact steps, 12 days left on both

• The whale ledger, both directions: who bought $93 million of one asset and staked it the same day, and which corporate treasury is quietly bleeding

• Top Smart-Money buys + token list for Solana

• Top Smart-Money holds + token list

The coordinates are downstairs. Guess wrong on your own time.

Read more

PAID CONFIDENTIAL (2ND SECTION): MOAR new project tips, SMART MONEY movements & coins, MOAR new coin launches, MOAR cool memes and NFTs. This is some deep crypto shit.

PLUS: Every paid member gets access to Hix0n’s private Telegram.

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THIS IS ADULT CONTENT - I’M NOT HERE TO HOLD YOUR HAND. DO YOUR RESEARCH. PREPARE TO GET ANNIHILATED. NEVER TAKE A BLIND RISK. NEVER GIVE UP.

MARKET COMMENTARY

Bitcoin has been asleep so long that the options market just set a record for boredom. Kek.

Upside implied volatility printed 23% last week and per glassnode that is the lowest reading ever recorded. Ever. Deribit’s DVOL closed at 33.94 on Friday, the lowest print of 2026 and the second lowest since November 2023.

Forty straight days inside $61K to $67K. The last nineteen have been a 5.7% box. Spot turnover is at a record low 0.32%.

Compression like that doesn’t predict direction; it predicts distance. Fireworks are coming, we just don’t get to pick the direction in advance, and if you aren’t sized for the distance, you’ll get shaken out of the correct trade before it pays.

As I’m ranting right now, BTC is at $63.9K, down 2% on the day, sitting within 0.1% of its 200-week moving average at $64,004.

That’s the line that has marked every cycle bottom we’ve ever had. $60,000 is THE level below, and yes, it broke for one ugly week in late June, down to $57.8K, but it’s been reclaimed and defended for 40 days straight since.

Krown makes a very interesting point right here, and it’s the bit I keep chewing on. His long-term signal has fired first at roughly 20-23% above the eventual low in every single cycle: minus 21% in 2015, minus 20.6% in 2018, minus 20.5% in 2022.

This cycle, it fired at $77,000, putting the completion at minus 22.5%, which is almost exactly the July low. And a fresh signal just fired on top of it. His whole thesis is that everyone waiting for a flush to fifty thousand already got it, measured against the money supply, just not on the chart they were staring at.

Tomorrow at 8:30 New York time, we get the July CPI. Headline is seen easing to 3.4% from 3.5%, core to 2.5% from 2.6%, the monthly pace flipping from minus 0.4% to plus 0.2%. Both camps will declare victory within ninety seconds of the print, so pick your number tonight before someone on TV picks it for you.

And the thing almost nobody has internalized: the market is pricing in a September HIKE of ~42% and a cut of 2.6%. Not a cut. A hike.

Now, the part I actually enjoy. A Bitcoin hardware wallet got hacked. Not a bridge, not a farm, a Coldcard, and over 2,000 BTC has walked out of more than 5,200 addresses across four waves. A build error from March 2021 quietly swapped the hardware random number generator for a software one and collapsed seed entropy from 128 bits to as low as 40. One wave emptied 1,196 addresses in 41 minutes.

Saylor kept selling straight through it, another 1,690 coins last week at $64,262, bringing the year to 6,948, booking a $93 million realized loss to buy back his own preferred. Strategy has now gone seven weeks without buying, and 2026 is the first year it has ever been a net seller.

Worst self-custody headline in years, plus the largest corporate bid in the market flipping to seller, and the price did nothing.

That is what a bottoming tape looks like. Bear markets don’t end on good news; they end on bad news that stops working.

Elsewhere: oil ripped over 5% to $82 after Trump demanded Iran pay reparations over Hormuz, the SPR fell under 300 million barrels for the first time since 1983, Intel upsized its raise to $20 billion at $95 on north of $100 billion of demand, and Nvidia is lining up a $500 billion AI financing vehicle with Apollo, Blackstone, BlackRock, Goldman, KKR and Brookfield. Money is not scared. It’s just not in our casino yet.

ETFs took $853.5 million last week over five straight green days, then handed back $144.6 million on Monday. And hedge funds on CME flipped net long BTC futures, which basically never happens, because the basis trade keeps them structurally short. Basis has compressed to about 2%, below risk-free paper, so they stopped carrying and went directional.

So: ignore the chop. Don’t be surprised if we get another dump to $60K, or a wick under it, and when it comes do NOT shit your pants. That’s the trade, not the disaster. Q4 is where the move lives. Everything between here and there is noise engineered to separate you from your coins.

Remember: the downside is limited, the upside is infinite.

📊 HIX0N’S AUTOMATED SKILL: CONFIDENTIAL SCOREBOARD

✅ PUMP - called Aug 5 at $0.00252 → $0.002875 today (+14.1%) - best open call on the board, buybacks still doing the work

✅ ZEC - called Aug 3 at $472 → $489 today (+3.6%) - Ironwood now holds 2.51M ZEC, 61.8% of old Orchard has crossed

✅ QUID - called Aug 9 at $12.7M mcap → $13.15M today (+3.5%) - the MM-churn flag I disclosed at call still stands

❌ NEAR - called Aug 3 at $1.71 → $1.60 today (-6.4%) - second week red, quantum-safe mainnet shipped and the market shrugged

🎯 YOUR OWN HIX0N

* * *

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* * *

🟢 THE FOMO GREEN LIST

Two names cleared everything today. Two. I ran the full sweep and the filter ate almost the entire board, so you’re getting two instead of five, because padding this list is how you lose people money.

Remus 🐺 · Feature · score 75/100

Age 47h · Market cap $812K · Liquidity $98K · 24h volume $3.15M · Holders 18,028 · Top wallet 6.09%

✅ Mint & freeze revoked ✅ Metadata locked ✅ LP 98.8% locked ✅ RugCheck score 1 (cleanest tier, zero risks)

Why it cleared: 18,028 holders on an $812K cap is a distribution profile I almost never see at this size, and the top wallet holding 6% with no insider cluster is genuinely rare. It’s the official fomo mascot coin, which is either the bull case or the bear case depending on your mood. Honest flag: volume is 32x liquidity, so there’s heavy churn in that print and you will eat slippage on size. Starter bag only.

▶ Trade Remus on fomo →

* * *

ORANGE 🍊 · Feature · score 75/100

Age 6 hours · Market cap $1.26M · Liquidity $88K · 24h volume $2.03M · Holders 2,969 · Top wallet 3.54% · +556% 24h

✅ Mint & freeze revoked ✅ Metadata locked ✅ LP 100% locked ✅ RugCheck score 1, zero risks

Why it cleared: Six hours old with 2,969 holders and a 3.54% top wallet is a cleaner opening distribution than most things that have been alive for a month. 8,566 buyers against 6,263 sellers, so the flow is still one-directional. It’s up 556% and I am not going to pretend that isn’t the risk - you’re buying an intraday parabola on $88K of liquidity. Zero or hero money only.

▶ Trade ORANGE on fomo →

* * *

One more cleared the gates, but it is smaller and earlier than I’d put in front of a free reader. That one’s below the wall, with the traders worth copying.

* * *

🌾 FRESH FARMS & CAMPAIGNS

• Extended (@extendedapp) just slashed 5,038,989 points for sybil and manipulation across 4,017 accounts and 35 identified operations. That’s 7.3% of everything distributed. It’s a Starknet perp DEX, Season 1 is still live, weekly distributions capped at 600,000 points, and the total is budgeted not to exceed 70 million. No TGE date confirmed, and they’ve said they may slash again before it. The slash is a good sign, not a bad one, they’re protecting the real farmers.

• Arcus is still waitlist-only and maker fees are zero. One farmer did $723K of volume in his first days after getting access. Free volume is free volume, and there may or may not be hidden points behind it. Getting on the list costs nothing.

• The deepest recipes, the exact steps and the deadlines are behind the paywall.

* * *

💥 FROM MY TIMELINE

FX100 - the 15-minute seatbelt is catching ⛑️

The interesting bit isn’t the 100x, it’s the seatbelt. Every degenerate who has been woken out of a correct trade understands exactly what a 15-minute grace period is worth.

Testnet is free. Go break it before it goes live.

* * *

🔐 SINCE WE’RE TALKING ABOUT HARDWARE WALLETS

Two things you should actually do today, because the Coldcard thing is still live.

If you generated a seed on a Coldcard between March 2021 and the patch, that seed is compromised.

Affected: Mk2/Mk3 on firmware 4.0.1 through 4.1.9, Mk4/Mk5 below 5.6.0, Q below 1.5.0Q. TAPSIGNER, OPENDIME, and SATSCARD are fine. Updating the firmware does NOT save an existing wallet - it only protects seeds made after. You need a brand new seed on updated hardware and a full migration. The one exception is a wallet seeded with 50+ private dice rolls, or one sitting behind a strong, unique BIP-39 passphrase.

And the bigger lesson, which Tindorr laid out better than I would have: kill the single point of failure. Three wallets, three different vendors or form factors, spread across them, so one broken supply chain doesn’t take everything.

The other half of the risk isn’t the device at all. Zachxbt just published a US-based threat actor tied to at least $5 million of thefts running hardware wallet and exchange support impersonation - people calling you pretending to be help. Nobody legitimate ever asks for your seed. Nobody. Ever.

* * *

🎣 CAMBRIA - HOW TO ACTUALLY CLIMB IN ONE DAY

$10 million in game volume crossed on Monday. Biggest week to date. $5M in Keys risked, 242,132 dungeon runs, 133,500 fishing casts. TGE is targeted for THIS MONTH.

I think this is a great point farm to participate in, and I’m playing it daily. One hard fact first: the lobby is invite-gated. You cannot log in or farm without a code. Use mine, and you also get a 5% point boost: lobby.cambria.gg/?code=Hix0n

Now the route, and I’m correcting three things people keep repeating, including things I said myself:

• Keys first. 10 Keys per $1. Grub costs 3 Keys per 100. That’s the whole economy.

• Buy the Ember Rod from Mirelle for 30 Keys and start immediately. You can NOT buy a Pearl Rod from her, that one is earned at Fishing Level 99. Not a one-day goal.

• You can NOT pre-buy the attractors. This is the big one. Cursed Attractors unlock on Mirelle’s Favor, and Favor accrues by buying Grub. The attractors are the OUTPUT of fishing spend, not the setup. Buying Grub in bulk early front-loads the unlocks.

• All ten attractors = 194,400 Grub of Favor plus 550 Keys of prices. That’s roughly $638 all in, for about +54% attraction, topping out near a 90% sack rate.

• Scales are earned, not given. You get them from Sacks, from Grub used, and from Mirelle’s daily quests, then spend them to push Attraction past the old ten-attractor ceiling.

• Set The Line to Degen and stake 10+ if you’re chasing Massive sacks. Expected value is flat across the three modes, but variance is not. That’s a leaderboard-spike play, not an edge.

• Clear the dailies. Free reroll, pays Scales and Keys.

• The lever nobody talks about: the Seal of Favor. Viktor’s shop, tiers 1 through 5, multiplies Favor earnings 1.5x / 2x / 3x / 4x / 5x. If you’re chasing the Royal Favor board specifically, that beats every fishing optimization on this list, and runs are capped at 50 Keys each, so it’s the volume of runs that wins.

Fishing Power progression feeds Genesis Points, which feed the $RSGP event. That’s the actual reason to grind now rather than after.

Play with me here (code Hix0n, required)

* * *

🏴 FLAGSHIP: HYPERLIQUID JUST GREW A STOCK MARKET

xStocks went live on HyperCore, and the spot leg is a ghost town

Five tokenized equities are now trading as native HyperCore spot books against USDC: NVDAx, SPYx, QQQx, SKHYx, and MUx, issued by Backed Finance and bridged via Chainlink CCIP. SNDKx, SPCXx, TSLAx, AAPLx, and CRCLx are already deployed on-chain but not yet trading.

Here’s the number nobody else will print: all five books together did about $157,000 in 24 hours across 964 trades. Against $3.17 billion in HIP-3 perp volume, the spot leg accounts for 0.005% of the exchange. The launch matters; the volume does not. Yet.

Careful out there, HyperCore has squatted spot tickers named QQQ, SPY, TSLA, AAPL, and MU that are NOT the xStocks. The real ones end in a lowercase x. QQQ at $487 is a meme, QQQx at $725 is the Nasdaq.

The real story is HIP-3 is now half the exchange

HIP-3 open interest is $4.13 billion on $3.17B of 24h volume. Core perps are $7.06B OI on $2.87B. That means HIP-3 is 52% of Hyperliquid’s perp volume and 37% of its open interest. Not an experiment anymore.

One honest asterisk: trade[XYZ] is 99% of all of it. Five of the nine HIP-3 DEXs have literally zero volume and zero OI across 72 deployed markets. And $MELI just got bought for 528 HYPE ($28,651) by Paragon, deployed at $1,838, with zero trades so far.

Petro put the structural version of this better than I can: Hyperliquid never enshrined spot custody or bridging, Jeff called that a deliberate choice - build the primitives, let other people build the products. xStocks landing on HyperCore is that bet settling, next to an equity perp book that has run for months without a spot leg underneath it.

The Pump.fun revenue flex is a weekend screenshot

CT spent yesterday passing around “Pump.fun does 3x Hyperliquid’s revenue.” On Aug 9, that was true, 3.20x, because Hyperliquid’s Sunday collapsed to $534K. On Aug 10, it was 1.53x. Over 30 days, it’s 1.10x, basically tied, and all-time Pump leads by 3.8%.

And the line that flips it: 100% of Hyperliquid’s revenue is holders’ revenue. On Aug 10, that was $1.07M to the Assistance Fund and stakers, versus $794K of Pump’s $1.63M. On value that actually reaches token holders, Hyperliquid wins by 35%. The Assistance Fund now sits at 46.3 million HYPE, $2.55 billion, or 20.8% of the circulating supply.

NEST - down 8% since I called it, and I like it more

Called it Aug 5 at $0.0065. It’s $0.005975 today, FDV $10.47M. Red, and I’m saying so.

The reason I’m not moving: nest CL is the #4 DEX on all of Hyperliquid by 30-day volume at $343 million, behind only the native spot orderbook, Project X, and Unit. That’s a $10.5M fully diluted token sitting under $343M of quarterly flow, with $20M of TVL. Total DEX liquidity is under $750K, though, so size it like the microcap it is.

The HYPE Engine Vault lock window closes Wednesday 23:00 UTC and reopens Monday, so if you want in on this epoch, you have about a day.

LP on nest

* * *

Quick hits: HyperEVM

• Hyperliquid NFTs are not underrated; they’re orphaned. Drip. Trade, the flagship marketplace, shut down on June 15. Hypurr’s floor is 199 HYPE (~$10.9K), down about 84% in dollars from the peak while HYPE itself made a new ATH in June. Every collection except Hypurr and Hypio did between $0 and $1 of volume yesterday.

• alt. fun’s mystery post was an $829 token burn. I decoded the transaction: 2,053,516 $ALT to the dead address, 0.22% of supply. Not a supply event. The project itself is genuinely novel though, a launchpad where every token pairs against a tokenized Hyperliquid perp instead of spot, so your coin moves even when nobody trades it. Total liquidity across all $ALT pools is under $50K, so treat it as a curiosity, not a position.

• @tradyxyz went GA, and it is not a Hyperliquid project. Multichain memecoin terminal with one unified USDC balance, HyperEVM is one of a dozen chains. No token, anon team, no audit disclosed. And read the name twice: trady.xyz is not trade.xyz. One is a terminal, the other runs 99% of HIP-3.

And the mood on the chain, from people actually building on it, is the opposite of the “HyperEVM is dead” engagement bait CT keeps recycling. Zero chain incentives, zero points program, and the teams that found sticky TVL found it on a level playing field.

* * *

💊 PUMP.FUN - MY BEST CALL, AND A DATE ON THE CALENDAR

PUMP is my best open call on the board, up 14.1% since Aug 5, and the fundamentals kept up. All-time revenue $1.2345B, 30-day revenue $35.7M, and it did $4.09M of fees on Monday alone.

The flywheel argument is the one worth internalizing: when PUMP pumps, the entire ecosystem gets advertised for free, that attention drags launches back onto the platform, and the launches feed the revenue that funds the buyback. It’s reflexive in the direction you want, right up until it isn’t.

And if you’d rather earn on the bag than stare at it, nest’s blue-chip pools now run $PUMP alongside $DRV, $HYPE, and $ETH on HyperEVM. PUMP liquidity on a Hyperliquid DEX is a strange sentence to type, and it keeps being true.

Now the part nobody wants to say out loud: big PUMP unlocks start August 12th. That’s tomorrow, the same morning as CPI. I’m not selling my bag, but I’m also not adding to an unlock landing on a print day, and neither should you.

* * *

🧭 FEATURE OF THE DAY: TRUENORTH

TrueNorth 🧭 - “cursor for traders”

$4M raised across two rounds. 55 live agent tools I called myself this morning. Zero token, and none promised.

@get_truenorth rebranded from “crypto’s first AI discovery engine” to the World’s First Agentic Brokerage, and the co-founder’s own framing is the clearest one: “cursor for traders. deploy agents that manage your positions everywhere.” Research, execution, and analysis in one terminal, across crypto, US equities, commodities, FX, and prediction markets.

Why it lands on this beat: Hyperliquid is natively wired in. Their live asset-resolution schema treats a HIP-3 pair as the default execution venue over the native listing, so when there’s an equity perp on Hyperliquid, the agent trades it there. There are dedicated smart-money and whale-position tools pointed straight at Hyperliquid. This is a HIP-3 front end that happens to look like a Bloomberg terminal.

It is not vaporware, and I checked. Their public API answered: 55 agent tools with full schemas, live options reports with gamma exposure and max pain, ETF flows, MVRV, Monte Carlo liquidation risk, Polymarket data, 13F filings, Form 4 insider trades, and FRED macro. The CLI hit v1.0.0 on Aug 6, and the repo is actively pushed.

Team is fully doxxed: Advent AI LTD, Singapore. Willy Chuang, ex-COO and acting CEO of WOO. Alex Lee, PhD in AI at Michigan, ex-Temasek and McKinsey. Joyce Xu, ex-Goldman and Temasek.

Backers: CyberFund led the $3M pre-seed with Delphi Labs, SNZ, GSR, and Ocular, on top of a $1M angel round from Bryan Pellegrino (LayerZero), Jeff Feng (SEI), and Jordi Alexander (Selini).

The verifiable call: they flagged SpaceX $SPCX as a low-float valuation trap in June at $201.80. It’s $108.37 now, down 46%.

Now the bear ledger, because I’m not here to hold your hand:

• There is no token, no TGE, no snapshot, no confirmed airdrop. The 90% progress bar everyone is quote-tweeting is NOT a TGE countdown, they’ve said nothing about what it counts toward. Anyone selling you a “$TRUENORTH airdrop” is farming you.

• Maybe there is, maybe there isn’t, just don’t come back at me with it,

They’re on a space with @OndoPerps today at 1:30 PM UTC about RWA perps, “plus a bit of alpha on what we’re shipping.”

Look at it here

* * *

🪶 ROBINHOOD CHAIN - THE CHAIN IS EATING EVERYTHING

The chain is 40 days old. It started at $1,342 of TVL. It is now doing 10.5% of ALL global DEX volume.

The scoreboard, all live:

• DeFi TVL $484.5M (Aug 4: $403M). Bridged TVL $1.33B - and when you see “$1.3B TVL” quoted, that’s the bridged number, not DeFi.

• DEX volume $657.8M in 24h, up 36% on the day. 7d $3.44B, 30d $17.36B.

• Global DEX volume is $6.24B. Robinhood Chain is one-tenth of it.

• All-protocol fees $4.5M in 24h, $100.8M over 30 days. The chain’s own revenue: $86.6K/day, $4.39M all-time.

• Stablecoin supply $610.4M. 250 million transactions, faster than any EVM chain has ever gotten there.

• 420,000+ RWA holders, more than any other network.

• Gas sponsorship minimum just dropped from $5 to $0.50, and fees stay sponsored until Sep 29.

The tension nobody is pricing: Robinhood had Q2 crypto revenue fall 38% year-on-year to $100M while Robinhood the chain rips. Retail crypto volume down 36%.

Crypto’s share of total assets at an all-time low 7%.

💎 Quality new projects on Robinhood Chain

Real protocols only. The new pool feed is 100% memecoin churn, and there are roughly twenty launchpad clones with under $10K of TVL each, so I’ve skipped all of it.

• Arcus (@arcus_xyz) - built by the dYdX team, backed by Robinhood. 95+ tokenized stocks plus perps on stocks, ETFs, commodities and indexes. USDG collateral, self-custody, email login. Perps TVL $20.3M, spot volume +751% on the day. Not available US/CA/UK. arcus.xyz

• Meridian (@meridiandotxyz) - formerly Ethereal, Ethena’s perp DEX, rebranded in May. RWA perps plus native Polymarket prediction markets, settled in USDe. Day-one launch partner. app.meridian.xyz

• Pons (pons.family) - the chain’s dominant launchpad, 24,649 holders, 1B fixed supply, not mintable, 0% tax, cleanest token profile on the chain. V1 did $18.5M of 30-day fees. Market share of the Robinhood ecosystem went 53% to 57% this week.

• Lighter (@Lighter_xyz) - ZK perp DEX, $11.2M TVL, established team.

• StonkBrokers (@ClutchMarkets) - $239K of fees in 24 hours, $1.78M over 30 days, 22,917 holders, top-10 at 1.3%. Now the launch layer for up.’s Stonk Exchange. Fair warning, its top LP positions are all unlocked.

• NOXA Fun (@Noxa_Fi) - launchpad, $4.37M TVL, and quietly $10.6M of 30-day fees. One of the highest fee-generating apps on the chain and nobody talks about it.

• Snuggle (@SnuggleFi) - automated liquidity manager, $1.70M TVL. Infra, not a meme.

📗 NEAR - quantum-safe shipped, price didn’t care

$1.60, down 3.4%, and honestly red on my board. Quantum-safe mainnet went live Aug 7 with NIST post-quantum signatures, and via Chain Signatures that extend to BTC, ETH, and SOL held through NEAR Intents.

The number that actually moved: NEAR Intents Confidential TVL is $31.06M, up 216.8% over 90 days. Intents did $40.4M in 24h, $457.6M over 7 days, $24.93B all-time across 35 chains. Cumulative protocol revenue $8.21M, with 439,890 NEAR routed to the buyback multisig.

Illia also filed a Sovereign Fund proposal on Aug 4: 30 million NEAR, about $48M, pulled from treasury and actively managed to fund validators from yield instead of inflation. Norway’s sovereign wealth fund, but for a blockchain.

⚠️ I’ve been quoting a “$3.33 farm tracker / $70M trigger,” and I could not find a source for it anywhere this run. Not printing it again until someone shows me the link.

Curve Finance Report:

* * *

🔥 TRENDING + NEW PROJECTS

Every name below cleared the contract checks. What didn’t is in the kill line at the end.

• LFJ POE (Monad) - first public PropAMM on Monad, oracle-driven multivenue pricing, from the ex-Trader Joe team. Listed hours ago, TVL $76.8K. ⚠️ The “970% APR on MON/USDC” number doing the rounds is unverified, comparable Monad pools sit near 105%.

• Temple (@temple_ny, Canton) - launched straight in at $4.27M TVL. Compliant institutional market infrastructure. Not degen, but it showed up with real size.

• Voidify (@VoidifyPrivacy, Solana) - breaks deposit-withdrawal linkage. Hours old with 2 audits already, which is unusual enough to note.

• Avocado Fund (@_avocadofund, Arbitrum) - uncollateralised USDC lending. Identity verification builds an onchain credit score into an unsecured line. Zero audits, $19.8K TVL. Radar only, do not size it.

• SwingHook (@Hooknomics, Ethereum) - Uniswap v4 hook tying trading activity to settlement reserves. $71.7K TVL, no audits.

• Aave on Monad crossed $620M in deposits, an all-time high, and it is now the largest protocol on the chain at roughly 36% of Monad’s $865M TVL. (CT is saying 25%, that doesn’t reconcile with either DeFiLlama measure.)

📈 AI STOCKS

Anthropic reportedly leased a Bitcoin miner. Again.

Riot Platforms signed a 20-year, ~$9.1 billion lease for 191 MW at Rockdale, Texas. With two five-year extensions it’s $16.1B. Cumulative net operating income over the base term: $7.3-8.2B, averaging $365-411M a year. Morgan Stanley put up $573M of interim construction financing. RIOT closed $19.40, down 5.5%, then went $24.30 after hours, +25%.

The caveat, loudly: Riot never named Anthropic and Anthropic never confirmed. Riot’s own 8-K says “one of the world’s leading frontier AI labs.” Every “Anthropic signs $9.1B” headline traces back to one Bloomberg story citing people familiar. Treat it as reported, not confirmed.

This would be Anthropic’s second bitcoin-miner landlord in five weeks. On July 6 TeraWulf announced a 20-year, ~$19 billion Anthropic lease, and that one was named in the press release. Bloomberg lists ~$45B with xAI and $10B with Volta on top.

And the buried one: Riot disclosed a non-binding LOI with a single tenant for the ENTIRE 1 GW Corsicana site. Earnings-call chatter puts potential annual rent above $1B. That would dwarf Rockdale.

The framing that matters for us: Riot’s cost to mine is $49,912 per BTC against a $63,918 Bitcoin. Mining margin is thin and shrinking, and a 191 MW lease throws off $365-411M a year for twenty years. Miners are now selling their power to the AI labs instead of to the Bitcoin network.

The Unitree trade is onchain, and it’s pricing a 4x

Unitree’s Shanghai STAR IPO was oversubscribed 5,526x by retail (some outlets say 8,288x after clawback), raising ~$904M at a ~$9.0 billion valuation, priced at 150.8 yuan = $22.32 a share. First trading day is not officially confirmed, expectations cluster Aug 17-21.

Here’s the alpha: UNITREE is already live as a pre-IPO perp on Hyperliquid via trade.xyz. Mark $85.84, up 2.65% on the day, $8.8M of open interest, launched at $75 so it’s up 14.4% since inception.

$85.84 against a $22.32 IPO price is the market pricing a roughly 3.8x debut pop. That’s the single best quantified robotics datapoint available anywhere right now and it’s onchain, not on a Chinese broker terminal.

⚠️ Do NOT go looking for this on Ventuals. Ventuals wound down on June 15 and auto-settled everything at 24h TWAP.

Also: the “robotics rally” is a China event, not a US one. BOTZ +4.1% on the week, TSLA -18.9% on the month, SERV -12.9% on the week, and the onchain robotics basket was down 4.5% yesterday. PATH (+19.5% week, +33.5% month) is the only US name actually working.

Quick ones

Intel’s raise got bigger overnight. Monday’s $15B announcement (which knocked INTC down 4.1% to $97.52) was upsized and priced at $20 billion, 210.5 million shares at $95, closing Aug 12. Reported demand over $100 billion. That’s a 2.6% discount to Monday’s close and 4.2% dilution. Onchain, the INTC equity perp marks $96.73 against $103.12 the prior day, down 6.2%, on $53.1M of volume - the biggest single-name equity perp volume in the whole book. Traders are shorting the dilution onchain.

Anthropic is targeting an IPO as late as October, with Kalshi at 60%. OpenAI just closed a $7 billion share sale at an $852 billion valuation.

* * *

🤖 AI x CRYPTO

The divergence IS the story. AI equities got a $9.1B lease headline and a $20B raise this week. The AI-crypto complex: TAO -2.2%, VIRTUAL -2.8%, RENDER -3.6%, AKT -2.5%, GRASS +1.5%, ICP +4.3% and that’s the only green name. Nothing is bid.

Agent payments are the exception, and they’re getting boring in the best way. The x402 Foundation now sits under the Linux Foundation with AWS, Cloudflare, Anthropic, Circle, Visa, Mastercard and Ripple as members. Coinbase’s first-year data: 169 million payments, 590,000 buyers, 100,000 sellers. XRPL crossed a million agentic transactions. Amazon Bedrock AgentCore Payments now runs on x402 and Coinbase.

🚩 If you see “x402 has processed $50 billion”, bin it. Chainalysis measured roughly $24 million of value moved over 30 days. Someone is conflating notional with volume by a factor of two thousand.

SEDA had no news, but it’s the plumbing under this edition’s biggest story: SEDA Sophon is a solver purpose-built for HIP-3 delivering direct to HyperCore, and SEDA has supported $20B of year-to-date volume across 24/7 equity perp markets. Every tokenized-stock print in this newsletter runs on an oracle like that. $15.4M mcap.

Sibyl - nothing today. $471K mcap, $5.1K of daily volume, and the Substack hasn’t posted since May 1. I’m not manufacturing a story where there isn’t one.

* * *

📰 A NEWSLETTER I ACTUALLY READ: LINN’S LEVERAGE

I don’t do this often, so pay attention.

1,083 editions. Five a week. Every weekday since July 2022. Go check the archive, there are no gaps. Four straight years of showing up is a harder flex than any call anyone has ever screenshotted.

Linn’s Leverage is a crypto alpha aggregator, 25,000+ subscribers, and the main newsletter is 100% free - the paid tier (”Linn’s Ledger”) sits at the bottom of each issue with small caps, current research and portfolio changes.

What makes it worth your inbox:

• Density that’s an actual filter. Today’s issue carried 88 embedded posts from 41 unique accounts, sorted into 32 named project buckets. Pendle, Boros, Theo, Maple, Aave, Fluid, Zcash, x402, ElizaOS. Zero outbound SEO slop, pure primary-source curation.

• Disclosure discipline that basically nobody on CT bothers with. Above the fold, every issue: “Linn is partnered with Defi Saver, Theo, Maple, Mantle and PENDLE. Partnership or not, my views are honest and transparent.” Plus a standing small-cap risk warning telling readers to hold across multiple wallets.

• The numbers check out. When Linn claimed Pendle did $18.4M over a year, @llama independently confirmed $18.31M. That’s what accuracy looks like.

• Original work, not just aggregation - founder interviews, including the Liquity crew ahead of V2.

Genuinely useful if you want the yield side of the market covered properly while I’m off in the trenches.

Subscribe to Linn’s Leverage

* * *

📊 CHARTS & STATS OF THE DAY

The number-led stuff, all in one place.

The coil

• BTC 200-week MA: $64,004. Spot $63,918. Price is sitting within 0.1% of the line that has marked every cycle bottom.

• 40 consecutive days entirely inside $61K-$67K. The last 19 days: a 5.7% box.

• BTC is 49.2% off its all-time high, 309 days since $126,200.

• DVOL 35.90, 2026 low 33.94 on Aug 7, second lowest since Nov 2023. It peaked at 82.62 in February.

Will Clemente’s read on the weekly: this looks like late 2022 - a sell-off into the prior cycle’s all-time highs, the first oversold reading in years, bleeding into a bull divergence on price and momentum.

The treasuries: one buying, three selling

• Strategy: 840,447 BTC at a $75,385 average = $8.7 billion underwater. mNAV 1.07. Seven weeks without a buy. Cash reserve $4.65B.

• H100 Group bought 2,455 BTC at $62,900 while Saylor sold. MARA sold 23,093 BTC in H1 at an average $70,631.

• Trump Media disclosed 14,139 BTC as of July 31, adding 4,662 in July. The 10-Q says 9,477 as of June 30, with ~6,338 of it pledged. Both are true, the dates are different, and roughly two thirds of the stack is collateral.

• Bitmine holds 5.81M ETH = 4.8% of all Ethereum, and bought another 13,000 yesterday.

• Spot BTC ETFs: +$853.5M last week across five straight green days, then -$144.6M Monday.

Onchain and DeFi

• Robinhood Chain: 10.5% of all global DEX volume. $657.8M/24h.

• Hyperliquid Assistance Fund: 46.3M HYPE, $2.55B, 20.8% of circulating supply, buying roughly 19,700 HYPE a day.

• Chainlink: Standard Chartered initiated coverage with a $200 target by end-2030, staged $13 → $41 → $82 → $133 → $200, on tokenized assets growing 12x to $4 trillion by 2028. LINK is $8.44. The market moved 2.5%.

• CRV is +26% on the week while BTC, ETH and SOL are all red, and it’s +51.8% off an all-time low set nine weeks ago. Curve’s July recap says crvUSD borrow rates collapsed 5.6% to 2.0% and crvUSD minted grew 29%.

• Maple’s first MIP-021 buyback is already underwater - 852,840 SYRUP at $0.1604, spot is $0.1503.

• Jupiter Lend v2 launched Smart Vaults - your collateral now earns native yield, lending APY and trading fees at once, and borrowed assets get deployed as DEX liquidity to offset your borrow cost. Jupiter Lend is at $1.80B supplied on Solana, bigger than Fluid’s own Ethereum book.

📅 ON OUR RADAR

• Wed Aug 12, 8:30am ET - July CPI. Headline 3.4% expected, core 2.5%.

• Wed Aug 12 - Intel’s $20B offering closes. Cisco and Cerebras both report after the bell.

• Wed Aug 12, 23:00 UTC - the nest HYPE Engine Vault lock window shuts until Monday.

• Thu Aug 13 - PPI. Applied Materials and Coherent report.

• Mon Aug 17 - Cypherpunk Technologies (Nasdaq: CYPH) earnings. It holds 294,743 ZEC, 1.75% of supply, up 44% on cost.

• Aug 17-21 (unconfirmed) - Unitree’s expected first trading day in Shanghai.

• Mon Aug 24, 19:00 UTC - the Zcash NU7 snapshot. Only shielded ZEC in Ironwood counts.

• Around Aug 25 to Sep 12 - the NU7 coinholder vote. Needs a 1,000,000 ZEC quorum to be legitimate.

• Aug 21 - Ethena Risk Committee results.

• Aug 31, 12:00 UTC - GIGA Genesis. Season 1 points stop.

• Sept 6 - the monthly Hyperliquid core-contributor unlock.

• Sept 15-16 - FOMC, and the Senate’s CLARITY cloture vote lands the same week.

* * *

⭐ BEHIND THE WALL TODAY

There is an $84 million short sitting less than one percent from its liquidation price as you read this. Forty times leverage, and one green candle ends it. The wallet is public, the entry is public, and the number that kills it is public.

Today we’ve got:

• The full live book of the single most profitable desk trading right now - entry, size, leverage, and the exact liquidation price

• The one bull in a sea of shorts, up 62% in a week on a naked position, and what he’s actually holding

• The exact level that decides the monthly close, from the analyst who called the bottom before it was cool, plus his own bear target, which he named himself

• A farm paying nearly 1,000% that almost nobody has found, and the four steps to enter it today

• A set of LP pools nobody expected to exist yet - you’re farming something that isn’t even supposed to trade on a weekend

• A coin under $600K that cleared every gate but was too early to hand to a free reader

• The three traders whose playbooks are worth stealing, all on record

• Top Smart-Money buys + token list for Solana

• Top Smart-Money holds + token list

The coordinates are downstairs. Take them or keep guessing.

Read more

PAID CONFIDENTIAL (2ND SECTION): MOAR new project tips, SMART MONEY movements & coins, MOAR new coin launches, MOAR cool memes and NFTs. This is some deep crypto shit.

All paid subs get extra Telegram access, earlier release time, and assistance/advice when needed!

Subscribe now

THIS IS ADULT CONTENT - I’M NOT HERE TO HOLD YOUR HAND. DO YOUR RESEARCH. PREPARE TO GET ANNIHILATED. NEVER TAKE A BLIND RISK. NEVER GIVE UP.

MARKET COMMENTARY

Ayo.

The quietest tape of the month is sitting atop the loudest setup since spring. Total crypto volume was about $32 billion on Saturday, a ghost town, while the S&P just closed at a record with its best week since April.

The weekend story is still Friday’s jobs shock. The US LOST 23,000 jobs in July, and the September hike trade got cut in half. Polymarket now prices a hold at 62.5% with a hike at 35.5%. Bad news is good news again. I don’t make the rules, I farm them, kek.

BTC is at $64.9K as of right now. THE level is $65,000, rejected three times this week, with the weekly 200MA at $63,777 underneath. Daan calls it a 10%+ move loading. Eight months of chopsolidation, and the weekly closes are now compressing right on top of that moving average. Something will resolve soon; don’t get bearholed two days before it does.

Macro block, quickly: gold tagged $4,411 and settled near $4,350, China’s central bank bought a 21st straight month, oil dropped 7% on the week as a Hormuz deal got close, VIX sits at a complacent 14.9, and DXY is under 100.

TradFi tape: PLTR +10.3% Friday for its best week since 2024, and Oracle closed green while its credit default swaps sit at record highs. More on that circus in the AI stocks section.

Crypto reads: spot BTC ETFs pulled $1 billion this week, the best since April, on volume nobody showed up for, IBIT took $693 million of it alone. And Bitcoin’s “civil war” ended in comedy; the BIP-110 fork mined two blocks and stopped. Two blocks. Revolution canceled.

One more: the Senate started formal floor action on the CLARITY Act hours before leaving for break, closure vote September 15. Same week as the FOMC.

Book it, September 15 is now the loudest date on the calendar.

Went deep on the jobs print in Friday’s edition, the market spent the whole weekend agreeing with us.

Annoying August is doing annoying August things. I stay optimistic, and I stay busy, because there’s an entire NFT season below that CT barely noticed.

📊 HIX0N’S CONFIDENTIAL AUTO SKILL SCOREBOARD

✅ ZEC - called Aug 3 at $472 → $525 today (+11.2%) - Ironwood just became the largest shielded pool, over $1 billion inside

✅ PUMP - called Aug 5 at $0.00252 → $0.00254 today (+0.9%, +10.6% on the day) - buybacks doing the lifting

⚠️ NEST - called Aug 5 at $0.0065 → $0.0063 today (-3.5%) - still +28.6% on the week off the bottom, full feature below

❌ NEAR - called Aug 3 at $1.71 → $1.61 today (-5.8%) - honest red, the stake-to-compute thesis is unchanged

* * *

🎯 YOUR OWN HIX0N

* * *

Automated Self-Learning Skill to explore Crypto & AI every day, find new coins (or every minute, find a new trade, whatever you want it to do):

🎯 YOUR OWN HIX0N: The filter that you can use for anything you want.

$49.99 founding access (first 100, then $79), yours forever, no subscription.

→ Get Hix0n Radar

* * *

🏆 REFER & WIN THE MACHINE ITSELF

The top referrer OR the most viral X post about Hix0n’s Confidential with a direct link to subscribe each week wins the Hix0n automated skill.

Your referral link below, or post about the Confidential on X and tag @PhilMrlo.

Barely anyone competes, you have a VERY high chance of winning, people are lazy.

• https://hix0n.substack.com/leaderboard

* * *

💥 TIP:

Before you ape a nine-hour-old Robinhood mint, run it through the Hix0n Radar machine.

Type “research [ticker]” in your Claude and Hix0n Radar returns team, backers, unlocks, and red flags in minutes - the same filter that caught a phishing clone in today’s edition.

* * *

* *

🟢 THE FOMO GREEN LIST

Fresh coins, vetted onchain minutes before send: three hard gates (fresh under 7 days · every green flag passes · real holder quality), then the same 0-100 rubric as everything else. Scanned 25+ candidates today, seven cleared, the best of them below - all tradeable on fomo.

🤖 claudius · Feature · score 75/100

Age 27h · Market cap $413K · Liquidity $59K · 24h volume $4.46M · Holders 10,038 · Top wallet 3.2%

✅ Mint & freeze revoked ✅ Metadata locked ✅ LP 100% locked ✅ RugCheck clean, zero risks

Cleanest distribution of the day at real size - 10K holders in 27 hours, buys over sells, and a live site running an autonomous browsing agent riffing the Claude “Project Vend” meta. The bear note: volume churns 76x the liquidity, the exit door is thin, and the Anthropic-adjacent name carries brand risk. Starter bag only.

▶ Trade claudius on fomo →

* * *

🦆 LOUIE · Feature · score 70/100

Age 29h · Market cap $586K · Liquidity $71K · 24h volume $3.49M · Holders 8,395 · Top wallet 2.8%

✅ Mint & freeze revoked ✅ Metadata locked ✅ LP 100% locked ✅ RugCheck clean, zero risks

The biggest passer with the deepest holder base, +1,396% on the day off a genuinely viral duck video, perfect onchain hygiene. The bear note: momentum is cooling (-21% over six hours), you’re buying the digestion, not the breakout.

▶ Trade LOUIE on fomo →

* * *

🗑️ What the filter killed: Victor (creator has a history of rugged tokens), Frohorse (one wallet holds 63%), Apu (impersonating the real $APU with a 251x wash signature) - and the painful one, Doom: 27,789 holders and a PERFECT RugCheck, killed anyway because the site embeds actual DOOM and Microsoft’s lawyers exist.

• The filter doesn’t do exceptions. The sharper, earlier cut - plus the traders actually worth copying - is behind the paywall.

* * *

💥 FROM MY TIMELINE

* * *

🏴 FLAGSHIP: The Aerodrome of HyperEVM earned its slot

🪺 Nest Exchange - first feature today, on merit

$59.6 million traded in 7 days, #4 DEX on the whole chain, $2.53 billion cumulative volume, $2.37 million lifetime revenue with 97% of swap fees paid to lockers - and $NEST is +28.6% on the week. This is the ve(3,3) MetaDEX I called the Aerodrome of HyperEVM, and the flywheel keeps compounding: the HYPE Engine treasury added 1,445 HYPE this week and now holds 14,779 HYPE, about $806K, paid to lockers in cold hard HYPE.

The week in five updates:

1. New NEST lockers get 20% more HYPE than last epoch in the HYPE Engine Vault - the weekend push is live now.

2. Sixty days of up-and-to-the-right - NEST holders, locks and vault deposits all climbed through the whole summer chop.

3. Over $100,000 in NEST rewards for LPs this epoch.

4. PUMP landed on nest - fresh uPUMP pools with juiced APRs, “Hyperliquid aligned... maybe?”

5. “nest 2.0 🪺” - two words from the team, no more. The intern’s catalyst stack lists it first, next to tokenized stocks and a HYPE S3 airdrop.

Honest ledger, because I hold this and still read the tape: $1.58M circulating mcap against an $11M FDV is a 6.9x overhang with only 14.4% floated, the token is -86% from ATH, and TVL slipped 4.5% this week to $14.1M while the token pumped. Small, early, volatile - that IS the trade.

Housekeeping, you’ll only get here: DeFiLlama’s Nest page froze on July 13, so every “$20M TVL” quote you see out there is stale. The live feed is usenest.xyz. Still accumulating veNEST, still collecting HYPE every week.

LP + lock on Nest here

* * *

FX100 - 100x with a 15-minute seatbelt ⛑️

Straight from my feed: the @FX100Perp testnet went live this week. 100x leverage on Base with 15 minutes of liquidation protection on every trade, built by the f(x) Protocol crew. $FXN coded.

I already took my first ride. Imagine this thing in a full bull run.

🏴 The rest of the HL tape

Team supply vs the buyback. HyperLabs unlocked another 433,025 HYPE ($23.5M), and it’s drifting to exchanges, against the assistance fund’s roughly 30K HYPE a day of buying. Circle August 29: 14.18M HYPE (~$773M) unlocks. Position accordingly.

HIP-4 is getting interesting. Oracle bots are now pre-positioning multi-leg strategies around prediction markets like “BTC > $64,306” - the machines found the new casino before most of CT did.

The bear check is printed because we do both sides. Katexbt’s autopsy: 13 of 18 HyperEVM projects were a waste of time - two timerugged, seven dead, three TGE’d into nothing. HyperEVM is not Hypercore, DYOR twice out here.

And the faithful reply: what is dead may never die.

, Monday.

The pre-IPO subscription opens in China and HL’s pre-IPO perp is implying 3.9x the issue price. The onchain market already voted.

Old bookmark resurfacing: Borsa (app.borsa.cc), a clean non-custodial BTC-perps front-end on HL. Filed under venues I keep an eye on. (bookmark from May - not fresh news)

* * *

🖼️ MILADY - I’m buying, and I’m not day-trading it

Floor 1.179 ETH, about $2,256, +24% in 24 hours off a 0.908 ETH 30-day low. Volume +443% day over day. Only 139 of 10,000 listed.

Here’s the part that matters: there is NO broad NFT season on Ethereum. Punks are flat at 32.2 ETH with two sales a day, marketplaces keep dying, and the market is shrinking. Milady moved anyway. It’s the one blue chip that stayed culturally alive throughout the entire bear market.

So I’m doing the thing I keep preaching about conviction: I’m buying Miladys for the LONG term. Not a flip. Remilia 1000 years.

Check the floor yourself

* * *

🎣 CAMBRIA - shorter today, same message

$5 million in Keys risked, 242,132 dungeon runs, a $625K daily-risked ATH, and the TGE lands THIS MONTH. A crypto game printing real revenue BEFORE the token, that’s the inversion of every 2024 gaming rug.

The lobby is invite-GATED, you cannot even enter without a code - use mine, and playing through my code boosts your airdrop. I think this is possibly the next Kintara, the browser MMO that hit 20,000 players with a marketplace doing $1.36 million in volume and a token that ran to a ~$22M peak in July. Cambria’s numbers are already bigger.

Play + farm Cambria with code Hix0n

🪙 NFT SEASON IS REAL - it just moved to Robinhood Chain

50,000 mints, 80,000 secondary sales, 25,000+ wallets trading NFTs on Robinhood Chain inside six weeks, per OpenSea’s own numbers. Chain NFT volume was about $990K in the last 24 hours on a $105.9M chain NFT market cap. Ethereum JPEGs are a museum; this is where the party went.

The board right now

• StonkBrokers - 11.95 ETH floor (~$22,900) from a FREE mint on July 17, +149% in 7 days, 1,734 ETH all-time volume, 614 holders. Each NFT is an ERC-6551 wallet seeded with tokenized stocks that keeps earning stock drops. It flipped BAYC in three weeks.

• pyopyopyopyo - 0.15 ETH floor, +332% on the week, a 107x from the 0.0014 mint.

• Cash Cats - 0.049 ETH, +428% weekly, the NFT arm of the chain’s biggest memecoin.

• OnChainHoodies 0.039 · Gremlin Cartel 0.027 · Robinhood Punks 0.005 - the sub-$500K long tail, all green this week.

New ones that could actually work

• MonkeyHood - free 10K mint by the AptosMonkeys team, the biggest NFT crew on Aptos, 7,777 of 10,000 minted and still open as I type.

• For The Birds - 500 hand-drawn 1/1s by fxnction, an OG NFT CT name, 100+ minted in the first ten minutes, $70.6K already traded.

• HoodMaps - 3,323 free “genesis plots” with a token attached, whitelist open NOW. Anonymous team, no mint date, site vibecoded over a weekend. Burner wallet or don’t touch it.

• FaZe Banks bought StonkBroker #271 for 7.68 ETH on Thursday - his first NFT buy in three years. Celebrities re-entering through a Robinhood chain. Let that sink in.

• ---

The flywheel and the trap

CHESUS broke down why this one works: CyberKongz proved the productive NFT, $STONKBROKER pushes it into a full onchain economy, special projects route 20% of LP fees back to brokers,

ClockIn goes live next week. aixbt ran the cold math too: at $0.0325, the fixed 666,666-token leg inside each NFT covers basically the entire floor, and his bin-the-trade levels are an August 11 launcher miss, weekly fees under $400K, or a close below $0.0247.

The trap: stonkbrokers.vip is a PHISHING CLONE advertising a “live free mint” - the real mint ended July 17. And keep the size honest: one collection is ~96% of the chain’s NFT market cap, held by 614 wallets. This is a one-flagship season with a long, thin tail.

The chain took a day-long nap this week, and traders shrugged it off. RobinHub season might continue next week, and it might be WORTH watching.

* * *

🎯 FOCUS PULSE

🪙 Robinhood Chain + the GIGA farm

Season 1 is 47.4% emitted with only 218 wallets farming, and the whole thing ends August 31 at GIGA Genesis - the TGE, 22 days away.

The 2x meme wave (WETH/STONKBROKER, WETH/PIPEDOG, WETH/INTERN, WETH/FRONG) ends August 18, 16:00 UTC per the points API. Stock and stable pairs stay the calm lane (the three USDe/USDG pools run 3x to season end), memes are the degen lane, and the IL will bite. Best real-TVL points density right now: WETH/PONS 0.2% at ~463 pts per $1K a day with 573% fee APR on $11.3K TVL.

Pre-token, points may never convert; DEX TVL is a tiny $399K. You know the drill, size like it can go to zero. Farm with me here.

🤖 NEAR

Honest red on the scoreboard, thesis intact. Staking NEAR now buys confidential inference across 40+ models - including Fable 5 access just for staking - and IronClaw posted the fewest violations of any agent tested on AttackBench. Intents did $58.1M in swaps yesterday. $1.61.

💵 Ethena

The Risk Committee vote closes TONIGHT at 11:59 pm GMT - 8 candidates for 3 seats, and the winners effectively decide when the fee switch fires (two applicants argued conditions are not met yet). USDe supplies $3.92B, +$32M in two days, USDe pays 4.03%, and Maple made USDtb a core holding in a ~$400M liquidity buffer. Results land August 10-21.

* * *

🔥 TRENDING + NEW-PROJECTS FIREHOSE

Every name below has already gone through the filter. Features scored, radar one-lined, kills printed - because the kills ARE the product.

🐸 The Toad Pepe ($TOAD) - Feature · 72/100 · degen tier

The day’s dominant meta: $15.7M mcap, twenty hours in, $45M volume, 37,957 holders, and a derivative economy already spawning around it. Cleanest contract in the cohort: mint and freeze revoked, metadata locked, main LP 80% burned, both checkers clean.

The warning size around: one untagged wallet holds 18.2% (~$2.9M), bigger than ALL pooled liquidity, and volume churns 26x the liquidity. Zero or hero, size accordingly.

https://pump.fun/coin/A13oRB9FFaiUjfi6LdCg6p9ka1u8SfGkUFs4SKvPpump

Radar one-liners

• Otto (sol) · 55 - an AI agent that live-edits its own website, LP locked, two hours old at scan. Single-source heat, $26K liq, name collision with a Base project. Whisper tier.

• GOLDCOIN (sol) · 50 - “gold onchain” riding the $4,400 gold tape, clean contract, 63x churn, handle ownership unverified. A line, not a position.

• Audiera ($BEAT, bsc) · momentum line only - $1.07B mcap, +27% on unlock absorption and a short squeeze, but honeypot.is flags the DEX pair while GoPlus disagrees. If you must, CEX venues only, never the pair.

• STONKBROKER · 62 - the closest-to-feature Robinhood play, full breakdown in the NFT section above.

🗑️ What the filter killed today

• TUT - CG-trending #1 with $600M of volume, and honeypot.is says “high amount of users cannot sell” while only 35.6% of the LP is locked. Checkers disagree, so we hold, and EmberCN clocked 160M TUT rotating Binance → Bitget like insiders passing the bag. CT is aping a coin the machines can’t agree is sellable.

• Sling - one wallet holds 69% of the supply. The boosted “3.5%” claim is simply false.

• Dealer - an insider network holding ~39% across 4,074 detected accounts.

• Popcat in Hood - LP 100% in one unlocked wallet, brand-derivative on Robinhood. Same family as POOLS and UNIPEG.

🌾 FRESH FARMS & CAMPAIGNS

• Kraken MON staking - up to 12% APY bonded (6% auto), plus the 15th-anniversary giveaway: every $1 traded through August 31 is an entry, 15 traders win 15 ETH each.

• Backpack Trading Trail, TRX week - up to $600 in TRX with a 20% Stock Holder bonus.

• Lighter Prover Challenge - open zk competition with EigenLabs, 15K LIT in prizes, for the engineers among you.

The four farms with exact steps and hard deadlines are behind the paywall.

* * *

📈 AI STOCKS - the weekend tape never sleeps

Friday’s close: PLTR +10.3% to $172 for its best week since 2024, IREN +8.7% on the AI-cloud re-rate, CRWV +6.3% and SMCI +6.0% into Tuesday’s double print, NVDA at $224. Shay’s math on Nvidia: over $1 trillion of profit in the next three years, $261 billion in 2026 alone, +100% YoY.

The degen story is MARA. Net loss $611 million, revenue -27%, sold 91% of the BTC it mined, then borrowed $600 million against 18,750 BTC - about $1.2 billion, over half its stack now pledged as collateral at 7.56% - to build AI datacenters. The hodl-miner era died this week in a single 8-K, and CLSK signed a $6.6 billion HPC lease the same day it missed earnings.

The credit tell: Oracle’s 5-year CDS sits at a record ~215bps, +70bps this year, AVGO next in line, and roughly $200 billion of Big Tech bonds have been issued YTD, double last year’s full-year pace. The stock closed green anyway. Polymarket still prices a 35.5% September HIKE - that’s the overhang under every AI chart on your screen.

Weekend tape (markets closed, we’re not): SPCX printed a $100 billion market-cap move on Hyperliquid while every tradfi venue slept, and the xStocks weekend board is uniformly green with the crypto-equities carrying the premium - MSTRx +2.1%, CRCLx +1.7%, HOODx +2.2% over Friday’s close. The 24/7 market is front-running Monday, and xStocks keeps buying up its own ticker list.

The week ahead: SBET call Monday (the Q2 is already filed - $394M net loss), TSMC July revenue Monday, CRWV + SMCI Tuesday after close, NBIS Wednesday pre-market, RVII prices Wednesday and lists Thursday, NVDA August 26. MARA already reported - ignore the stale Aug 12 date floating around the aggregators.

* * *

🤖 AI x CRYPTO

The AI security war went hot. A red team formed after the $130M Coldcard exploit ran Kimi K3, GPT Sol and Opus across 390 Bitcoin projects and logged 4,962 flaws in 30 hours - one critical exploit per hour. Same week, Zcash caught its own bug before the machines did. Attack AI vs defense AI is now the meta and your wallet is the battlefield. The angle: “audited by AI” is about to become a paid premium, and the unaudited long tail is about to become prey.

Reppo crossed 100K users on its agent-data network - ~9M REPPO paid in network fees, 12K all-time locks, average lock size rising week over week. Agents paying for data with locked tokens, an x402 economy with a live P&L.

The rails keep getting paid for: Arkham now takes x402 USDC payments from agents per API call, Circle spent the week wiring native USDC into OKX’s X Layer while pitching “agents will own balance sheets,” and sapiom raised $35M from Dragonfly, Accel and Anthropic for agent infrastructure. Pre-token, all of it. Eyes open.

* * *

📊 CHARTS & STATS OF THE DAY

USDC transfer count on Ethereum is at new highs while BTC chopped sideways - stablecoin adoption is decoupling from the price cycle.

US corporate profits before tax hit a record 14% of GDP - nearly double the 2008 level.

China’s central bank added 20 tonnes of gold in July - its 21st consecutive monthly buy, a record 2,366 tonnes total. Meanwhile the US national debt crossed $40 trillion this week.

The board: Fear & Greed 31 after three days grinding off the lows · HIP-3 builder DEXs did $117.7B in 30 days across 104K traders · stablecoins $307.8B total, +$0.6B on the week.

Quick hits

• Circle renewed the Coinbase USDC deal and chose growth over dividends.

• FlashTrade is shutting down on Solana - the founder cites burnout and Foundation favoritism toward Phoenix. Chain politics have a body count.

• ALT5 Sigma, the Trump-linked “AI Financial” that touched a $1 billion valuation, sold its core payments business for $12 million. Stock -90%. Narrative equities are not investments.

• Pendle’s catalyst stack keeps building quietly - worth a look while nobody’s looking.

• The week in one map: Robinhood explosion #1, BTC range + the $1.1B ETF week, Kaito revival, Coldcard fallout, Arc incoming.

📅 ON OUR RADAR

• Tonight (Aug 9): Ethena Risk Committee vote closes 11:59pm GMT - results Aug 10-21

• Aug 10: SBET Q2 call · TSMC July revenue · BMNR weekly ETH print · HyperLend shuts the USR market · RAIN $471.6M cliff unlock (3.23% of supply)

• Aug 11: CRWV Q2 + SMCI FQ4, both after close

• Aug 12: NBIS pre-market · RVII IPO prices (lists Aug 13)

• Aug 13: Story Protocol IP unlock, 17.5M tokens

• Aug 15: trade.xyz enhanced-DD payout deadline for >10K USDC claims

• Aug 18: GIGA 2x meme boosts end 16:00 UTC · Solana SIMD-0550/0553 signaling deadline (~63M of 65.16M SOL already backing)

• Aug 24, 19:00 UTC: ZEC Ironwood snapshot for the NU7 vote

• Aug 26: NVDA Q2 FY27 - the macro event

• Aug 29: HYPE unlock, 14.18M (~$773M)

• Aug 31: GIGA Genesis TGE + Season 1 end · Derive XAUT comp ends · Kraken 15-ETH entries close

• This month: Cambria TGE - the team has locked August

• Sept 15: CLARITY Act Senate vote + FOMC week. The collision date.

* * *

DeFi opportunities backed by numbers

Adrian’s DeFi Alpha shows you:

• What is actually growing

• Where revenue is flowing

• Which tokens capture value

• Where valuations make sense

A clear framework for finding and judging high-upside opportunities.

Subscribe here!

* * *

⭐ Behind the paywall today

We pulled the LIVE books of some of the most profitable wallets in this casino’s history - entries, sizes, liquidation prices, refreshed minutes before send.

One of them has banked over $140 million all-time and is quietly short everything you’re long. Free readers get the story. Paid readers get the coordinates.

Today we’ve got:

• The live positions desk: five of the most profitable wallets on the planet, exact entries and liquidation prices, pulled this morning

• One trader’s best week of the year is a short pressing a coin; this letter is long - both sides printed, with the funding math

• The two weekend numbers that matter: the one that flips the majors bullish, and the one that breaks them (bull AND bear receipts)

• Four farms with exact steps and hard deadlines - one pays up to $3,000 in fee credits for volume you were doing anyway

• A days-old token attached to infrastructure that has already moved billions, with the honest flag, nobody selling it will show you

• The full flows ledger, both directions, including a nine-figure deposit quietly parked at an exchange

• The sharper fomo cut + the traders worth copying

• Top Smart-Money buys + token list for Solana

• Top Smart-Money holds + token list

That’s the menu. If you’d rather guess, the casino thanks you for your service.

Read more

PAID CONFIDENTIAL (2ND SECTION): MOAR new project tips, SMART MONEY movements & coins, MOAR new coin launches, MOAR cool memes and NFTs. This is some deep crypto you're getting into.

All paid subs get extra Telegram access, earlier release time, and assistance/advice when needed!

Subscribe now

THIS IS ADULT CONTENT - I’M NOT HERE TO HOLD YOUR HAND. DO YOUR RESEARCH. PREPARE TO GET ANNIHILATED. NEVER TAKE A BLIND RISK. NEVER GIVE UP.

MARKET COMMENTARY

The US economy just LOST 23,000 jobs in July. Not “added fewer than expected”, lost, against a forecast of +80K, with May and June revised down another 103K, the 3rd biggest monthly job loss since the pandemic. So, naturally, everything pumped (kek). Bitcoin went straight back over $65,000 on the print. Bad news is good news again. I don’t make the rules.

Here’s the mechanism: a negative jobs print guts the hike case, fast. Days ago, markets priced a September hike at 70%+. This morning, Kalshi’s hike odds collapsed from 60% to 30% within minutes, Kobeissi clocks the fall at 40%, and the odds of NO move in September surged to 63%.

All this after a week of Warsh saying he’s prepared to raise in September and BofA calling three hikes before year-end. One ugly print and the Hawks lost the room. Gold noticed too, surging ABOVE $4,400 on the news.

As I’m typing this, BTC is at $65,000, on the nose. THE level is a weekly close ABOVE it, that opens $68K and change, while $62.6K remains the line that keeps the structure alive. We covered the cowboy short’s stop-map yesterday, he’s still alive, barely, full autopsy in the flagship below.

The rest of the tape is loud. Silver ripped 12% this week toward $65, with gold at an 8-week high. Japan wiped ¥17.7 trillion off its stock market in a day. Here we go again, and the yuan printed its strongest level since February 2023.

Meanwhile, the euphoria ledger keeps filling: a record 4 million S&P call options in a day, and BofA’s own Bull & Bear indicator just hit 9.7, deep in sell-signal territory.

Glassnode’s read is the sane one: the market sold off into the FOMC, bottomed on decision day, and has been risk-on since.

Crypto reads:

Spot BTC ETFs took in $128.7 million on Wednesday, four green days straight, ETH added $92 million, and whales have accumulated 20,000 BTC since July 29.

CLARITY slipped to September, Polymarket now prices 15% odds it passes in 2026,

Saylor says Bitcoin doesn’t need clarity, America does, Trump spent the morning saying crypto is a big deal. Even the Hyperliquid Fear & Greed index tells the story of the shift, 59 Neutral on the daily but 72 Greed on the 1-hour, with whale activity at 99, it printed 47 just last night.

Oh, and NASDAQ and S&P beat BTC in Q2 while crypto YouTube is pumping again, Hayes just called $5,000 ETH by year-end, and for the culture: 41% of Americans earning $300-500K say they live paycheck to paycheck. Gen wealth or bust, it’s time to get ON IT my frens.

First red jobs print in years, hike odds halved, four green ETF days. I know which side I’m accumulating. Eyes open.

If you want more news, scroll past projects sections - there’s a LOT more.

* * *

📊 Confidential Scoreboard - Day 5

✅ ZEC - called Aug 3 at $472 → $509 today (+7.8%) - 43.8% of Orchard migrated, NU7 vote is a dated catalyst

✅ ENA - called Aug 3 at $0.088 → $0.095 today (+8.0%) - Maple picked USDtb, whales pulling ENA off Binance

❌ NEAR - called Aug 3 at $1.71 → $1.64 today (-4.1%) - honest red; rails keep shipping, chart keeps sleeping

❌ PUMP - called Aug 5 at $0.00252 → $0.00234 today (-7.3%) - revenue flipped Hyperliquid on the week, price didn’t care; leash stays short

➖ NEST and KITTY tracked, full board in tomorrow’s Friday paid edition

🎯 YOUR OWN HIX0N

* * *

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* * *

🏆 REFER & WIN THE MACHINE ITSELF

The top referrer OR the most viral X post about Hix0n’s Confidential with a direct link to subscribe each week wins the Hix0n automated skill, the same engine that pulled a liquidation wallet live and called a +936% launchpad cohort, sent personally by me.

Your referral link below, or post about the Confidential on X and tag @PhilMrlo.

Barely anyone competes, you have a VERY high chance of winning, people are lazy.

https://hix0n.substack.com/leaderboard

* * *

🎣 Cambria - the farm you literally cannot enter without me

I think this is a GREAT point farm to participate in, and I don’t say that daily. Cambria’s TGE lands this month, and the numbers are already real: $5 million in Keys risked, 242,132 dungeon runs, 133,500 fishing casts, and the new Dungeons Fishing beta pushed daily risked money to a $625K all-time high.

A crypto game people actually PLAY, printing revenue BEFORE the token. That’s the inversion of every 2024 gaming rug and exactly the pre-TGE profile this letter hunts.

Here’s the kicker: the lobby is invite-gated. You can not play or farm this without a code. So use mine and let’s farm it together:

Play + farm Cambria with code Hix0n (simply write Hix0n when it asks you to put code in)

FX100 - 100x without the wick-out 💊

The FX100 testnet is LIVE. 100x leverage on Base with 15 minutes of liquidation protection, you don’t get wicked out of a winning position just to watch price come right back. That mechanic alone is worth testing with fake money, which is exactly what a testnet is for.

And if you read yesterday’s episode, you know the other thing I keep repeating: $NEST and veNEST look like the Aerodrome of HyperEVM. More on that in the flagship.

The f(x) team is running a launch fireside today if you want the mechanics from the source:

* * *

🏴 FLAGSHIP: The most public short in crypto has $276 left.

The short, Day 3 - death by a thousand cuts 🎯

We pulled his wallet live this morning, straight from the Hyperliquid API. The cowboy is down to a 1,000 BTC short ($65 million), from 1,600 at entry, entry price $64,202, liquidation now $65,275, sitting on -$779K unrealized with $1.1 million of account value left. He cut another 400 BTC overnight to buy himself room.

As I’m typing this, BTC trades $276 below its liquidation. Every cut moves his liq price UP, every approach of $65K forces more mechanical covering. The whole market is trading around one man’s pain, with his position sheet open in another tab.

Watch the wallet live here

* * *

The Q2 report: HYPE decoupled, RWAs took over 📊

Hyperliquid’s Q2 report dropped, and the headline stat is brutal for the doubters: HYPE returned +79% in a quarter where BTC fell 14%, the second straight quarter of decoupling. HIP-3 real-world markets reached nearly a THIRD of all volume, the first HYPE ETFs listed in the US, and a rocket company got priced onchain on a Saturday while the NYSE slept.

The tape agrees today: ATH open interest, more volume and OI than every other DEX combined, 1.6 million users, 100K daily actives. And Gumsays adds the sharpest frame on the chart: 75% of Hyperliquid volume is now RWAs, so HYPE trades like an AI stock now. His conclusion: Buy HYPE when AI bottoms. Fundamentals over FUD, as always.

The active-trader ATH receipt:

* * *

The buyback flywheel found MOAR gears 🔁

trade.xyz has now used $3.45 million of fee revenue to buy back HYPE, 8 TWAP orders for 59,000 HYPE, that’s 12% of collected revenue going straight into the token, and Unit runs the same play with a fresh 2,500 HYPE TWAP active today. Venue fees for buying the gas that lists MOAR venues. The flywheel is very real.

Same venue, new toys: Roundhill’s Photonics ETF (LYTE), the Neocloud ETF (NCLD), and SOXL all listed at 10x, 24/7. And the robot: UNITREE, the humanoid-robot maker headed for its Shanghai IPO, now trades as a Pre-IPO perp - Markets carries it at 5x too, and someone deposited 3 million USDC just to start building the long.

And Omnia says the Markets team isn’t stopping at perps. Watch this one.

* * *

The NEST corner 🪺

Epoch 36 paid veNEST lockers their cut of a week where HyperEVM tokens did $60 million in 24-hour volume, and the LP side is getting over $100,000 in NEST rewards this epoch.

The intern’s catalyst list (read here) writes itself: nest 2.0, tokenized stocks, HYPE Season 3. Same honesty as every day, though, microcap, thin liquidity. Size it correctly, but SIZE it!

https://x.com/NestExchange/status/2085408368043155759

* * *

HL quick hits

The unlock aftermath: the 433K HYPE (~$24.4 million) from last week’s unstake was distributed to 9 team wallets, EmberCN expects it routes to CEX via Flowdesk. Watch the tape, not the tweets.

Prop firms became a growth loop: hyperbuilder mapped SEVEN prop firms live or building on Hyperliquid, funded accounts to $400K, 80-90% splits, instant onchain payouts. Undercapitalized talent turned into orderbook volume.

stHYPE exits went instant: zero-fee instant unstaking live with 7,000+ HYPE capacity, empty queue.

Hyperbeat now pays up to 12% cashback in HYPE on card spend, rate scales with your trading.

Hypurr floor reclaimed $11.2K (200+ HYPE).

Housekeeping: 576K USDH is STILL sitting supplied on HyperLend. If that’s you, withdraw and redeem, the stablecoin is sunset.

Delpho landed on DefiLlama

The tracking layer exists now; our rule from Tuesday stands, no real size until the stablecoin is live and audited.

And Backed just bought a HyperCore spot ticker for 501 HYPE ($28K), the xStocks issuer is coming to the flagship chain.

* * *

🎯 FOCUS PULSE

Robinhood Chain - the listing was insider traded 🕵️

The ugly one first. Two days before Robinhood US listed CASHCAT, a cluster of fresh wallets bought $2.7 million of it. Bubblemaps mapped the cluster, the listing hit, they’re up over $3 million, and the token dumped 20% on the day as they fed the fresh demand. clickl3ss said it plainest: the listing was insider traded.

I love this chain, and I’ll say this just as plainly: if listings leak, the trench game here is rigged tighter than Solana ever was. Trade the ecosystem, but assume the house has friends.

The listing + the “tendies next” chorus:

* * *

Launchpad war, day 2 - Pons punched back 🥊

Uniswap’s Pools did $99.1 million of token volume on day one, and the POOLS meme (not the launchpad, the impostor from yesterday’s Rug Radar) is -43% while PONS ripped +37%.

The drama is peak CT: MEADGod unfollowed the Uniswap founder, bankrbot is threatening a move to Sushi, and the community is openly mad that a $4B FDV giant crashed a $12M project’s party.

Trantor’s take is the adult in the room, and it’s the one I’m aligned with: partner the native launchpad with the native DEX. Pons plus GIGA. War means volume, volume means fees, and fees are what a ve(3,3) DEX farms.

• Farm GIGA with me instantly clicking this (I made it to rank 10 with $1000 of capital lol)

The bull case nobody disputes: Robinhood raised ZERO outside funding and does $80K of daily chain revenue while VC darlings do a fraction of that.

The airdrop question writes itself, and kryptomokus says the quiet part: Robinhood is doing everything Coinbase fumbled.

What the sharps are watching on the chain (Darren’s board + Arcus quietly listing spot):

* * *

ZEC - 43.8% crossed, and the vote gave holdouts a deadline 🛡️

Turnstile Watch, Day 5: 1,738,130 ZEC (~$880 million) now sits in Ironwood, 43.8% of Orchard crossed, with 222,950 ZEC migrating in the last twelve hours alone. At this velocity, the pool clears 2 million ZEC inside 48 hours.

The catalyst stands: NU7 coinholder vote, snapshot of spendable SHIELDED funds August 24, 19:00 UTC, voting Aug 25 to Sep 12, 1 million ZEC quorum. Migrate before the 24th or watch from the sidelines. Mert’s framing is the whole pitch: your encrypted money, voting privately, on making Zcash 3x faster. And the org keeps stacking credibility. Frank Braun joined Shielded Labs’ board this week.

ZEC $509, +7.8% since Hix0n’s Automated Skill call.

* * *

NEAR - staking now buys you Claude 🤖

Honest red on the board, $1.64, -4.1% on our call. And yet the week’s shipping list reads like a different asset: you can now stake NEAR and spend the rewards on confidential inference across 40+ models, including Anthropic and OpenAI; you keep the stake, and it funds the compute.

Grayscale keeps NEAR in its Decentralized AI Fund next to TAO (I'm not bullish on TAO personally) and RENDER. The market keeps pricing it like a sleepy L1. One of those two is wrong, and I’ve told you which side I’m on. Patience & position at the correct venue - that’s what I believe is the only path to success in crypto.

* * *

Ethena - Maple just made USDtb real 💵

ENA $0.095, +8% on our call, and the day’s real story is distribution again: Maple selected Ethena’s USDtb as a core holding in the ~$400 million liquidity buffer behind syrupUSDC and syrupUSDT, the first user of Ethena Whitelabel Liquidity. The “failing GENIUS stablecoin” narrative just lost its best argument.

The whale tape agrees, an Amber-linked address pulled $3.58 million of ENA off Binance overnight inside a $10 million alt basket, and Ted’s tracked whale added $1.15 million more (his receipt sits in the paid ledger). USDe supply stamps $3.887 billion (small daily bleed, watch it), sUSDe pays 4.01% (Aug 5 API print ⚠️).

Housekeeping that matters: Risk Committee vote closes Sunday 11:59pm GMT, this committee implements the fee switch. Vote if you hold.

* * *

SEDA - tokenize the cow, then loop it 🐄

Standing coverage, real update: SEDA’s pitch this week is that RWAs need asset context, not just price, session hours, halts, corporate actions, the stuff that liquidates you when a stock perp trades while the market’s closed.

Matt’s add is the sharp one: $20 billion of perp volume is cool, but tokenizing everything from stocks to cows and building lending and looping on top, that’s a risk-logic game, and that’s what SEDA was built for.

The honest ledger stays printed: ~$215K in claimed lifetime fees against a $15.5 million mcap; the “$19-20B powered” is other people’s volume; and full vesting completes ~November 5. Picks and shovels of HIP-4, priced like it too.

Their prediction-market client, meanwhile, is having fun:

* * *

🔮 TODAY’s SPOTLIGHT: Sibyl - the agent that survived its own memory

Time to explain why I’ll start bringing this one up. First things first - this damn thing is at 500K mcap and I believe it’s bottomed, time to write about it.

Sibyl is an AI agent that has run continuously for 160+ days, with an LLC, three business arms, and products it ships DAILY. Not a mascot with a token, an operation.

The alpha is the memory system. Every agent you’ve ever tried forgets, bloats, or hallucinates its own past. Sibyl’s answer is boring and brilliant: files and SQLite, no vector database, no embeddings. Five enforced tiers, HOT for live state, WARM as one canonical file per entity, COLD as an append-only journal, plus reference and archive, every write audited. Deterministic retrieval, about 2 rows per query on a 191K-record test, and it runs on a 4-vCPU box.

Here’s the part I respect: none of it was designed. Hot exists because the agent lost context mid-task. Warm because it re-derived the same entity four times. Cold because it couldn’t afford to read its own history.

It survived long enough to maintain existence; 160 days of uptime IS the test harness.

You can run the whole thing today, free, MIT licensed.

Now the cold shower, because you know how this letter works, we keep it honest. The ledger is rough: ~$500K mcap, ~$93K liquidity, ~$8K daily volume. BUT that’s also how I like to buy my tokens - when no one else is looking.

Next catalyst to watch: Sibyl Sovereign, a deterministic compliance gate between model output and actions, “the model proposes, code disposes” as a product. In development, beta contact open.

* * *

🔥 TRENDING + NEW-PROJECTS FIREHOSE

🚫 Rug Radar, Day 5.

Quick sweep of today’s traps before the real heat. Myrad crossed my feed AGAIN, now flexing three AI startup-program badges at once, our Aug 5 DD stands: the badges are self-reported, Nvidia has excluded crypto startups from Inception since April 2025, and ~23% of supply sits in two wallets. Filed, not bought.

Rengers dropped “$RENGER airdrop.” Two words, anon team, domain registered the same day as their original countdown. If you must check eligibility, burner wallet, zero approvals.

robinetch brought the inscriptions meta to Robinhood Chain, registration is live and viral. Real site, working docs, also anon, unaudited, and the ledger showed zero inscriptions when we checked. Burner-only curiosity.

ACE (Fusionist) is the #1 CoinGecko trending coin, up 63%, with no visible catalyst. Single-source heat is noise or paid, skipping.

And CATE +50% still carries yesterday’s bundled-supply flag. Watch, don’t catch.

Now, the real heat: NEW-PROJECTS FIREHOSE

• MANCER - the Stonkbroker-cohort DEX aggregator we watchlisted in Tuesday’s paid section went live on Robinhood Chain and printed +936% on day one, $9 million FDV on $8 million volume with $660K liquidity. Under-covered chain, no automated honeypot checks exist, so it stays a radar line with a victory lap attached; the COHORT thesis is working.

• Indices: point your Pons creator fees to a treasury; pay your holders RWA dividends in tokenized stocks. 100% of protocol fees to Index holders, and the chain’s casino just grew a dividend desk. Index token +40% today, IF +87%. Early, unaudited, genuinely novel.

• The OTHER Stonk - do not confuse Robinhood’s Stonkbroker with STONK on Solana, Toly-aligned, stock-rewards launchpad where Froge (the unofficial OpenAI mascot) routes 85% of its tax into buying OpenAI pre-IPO stock. crypticd22’s reflexivity math says the pad reprices when any runner flips it. Two ecosystems, one name, I’m the disambiguation guy now and forever.

• TINYTANK - the day’s cleanest degen ticket by the checks: LP 55% locked, authorities revoked, top-10 just 23.6%, ~$500K FDV. The flag: $7.9 million of volume against that FDV is churn city. Casino math only.

• fomo - the app just printed three straight days of $400K in fees, a record week, and CryptoTube asked the right question: who’s building limit orders into it? Great idea, Hix agrees. The mobile-trenches meta is compounding.

• Kaito staking got a real upgrade

  Expected 2x allocation via opt-in eligibility, fee-waived pre-TGE campaigns so ALL of them drop to stakers, and full-campaign staking requirements that reward the long-term. Last year’s stakers made $1.64 per KAITO staked. Goon’s read on the four campaign formats is worth your minute. InfoFi might actually be back.

Kalshi joined Kaito Studio too, $150 per onboarded trader, uncapped, MOAR codes dropping.

• The LIT divergence - an OG ETH whale has now spent $9.1 million buying 3.91 million LIT at $2.33 average, econoar’s been tracking the clips, LIT broke $2.28 resistance 20% from ATH, and andyyy’s case is simple: perpification continues and most are underexposed. The counter-tape from our holds engine: top HL traders are 0 long / 4 short LIT. Whale vs leaderboard, pick your fighter.

• The PUMP paradox - Pump is now beating Hyperliquid in WEEKLY revenue, neck-and-neck on the month, andyyy calls it contrarian and hated, “numbers don’t lie. Higher.”

• Meanwhile, the protocol sent another $6.25 million of fee-SOL to Kraken, and our call sits at -7.3%. Revenue is real, price doesn’t care yet. In a full bull, I expect fireworks, though.

• Aave’s AMA was a roadmap dump

V4 past $350 million in deposits, borrowing against collateral WITHOUT rehypothecation, native Bitcoin collateral secured on Bitcoin itself, stable-rate vaults, and MiCA/EMI licenses for zero-fee EU onboarding. The boring giant is building the consumer app everyone else promised.

• Coinbase quietly went full brokerage - 24/5 trading of nearly 4,000 US stocks for UK users, commission-free, fractional, USDC-funded. The Everything Exchange isn’t a slogan anymore, it’s live in one G7 market.

https://www.coinbase.com/blog/coinbase-uk-launches-us-stock-trading

• Wintermute registered as a US broker-dealer, FINRA member, aiming at NYSE and Nasdaq market-making against Jane Street and Citadel within five years. Crypto MMs are colonizing TradFi, not the other way around.

• Ondo’s founder drama turned into a lawsuit - the late founder’s mother is suing to seize control and oust the CEO. Governance risk on the biggest tokenized-stock issuer, note it if you’re farming Ondo Perps (I still am, carefully).

• The two Backeds, again

The REAL Backed (xStocks issuer) bought that HyperCore ticker above, while $BACKED the gift-card project keeps stocking its redemption vault with tokenized stocks, ~$96K this round. Same disambiguation as Tuesday: two names, one letter apart, totally different risk.

• Quick ones: JPYC raised $38 million for Japanese yen stablecoins · Upbit lists KMNO on KRW today, and DELISTS BONK September 7 over disclosure failures ·

• Reppo’s stats went cross-chain for its enterprise push · Sui shipped quantum-resistant signatures, NEAR did it first, but the club is growing.

• TheDeFinvestor’s daily recap is the best 60-second catch-up on the timeline today, note the “Pump.fun expected to integrate Hyperliquid perps via builder codes” line, that’s two of our beats colliding.

Whisper tier:

AgentChud posted “$Rei’gi” and a picture. REI looks goood here, thx Messi.

* * *

🌾 FRESH FARMS & CAMPAIGNS

The Arbital x Ondo Perps double-dip 💸

Beiu is top-5 on the Arbital-OndoPerps competition after day one, spending ~$160 in costs for 700K of market-making volume on WTI, on track for ~$150 of comp rewards PLUS Ondo’s standing 175K weekly points. The whole strategy is in his tweet: aggressive market-making on liquid RWA pairs, 300K volume minimum to qualify.

Hix0n recommends following @0xbeiu, one of the better early-alpha and point-farm accounts on the timeline. This is exactly the kind of math-first farming this section exists for.

edgeX TradFi season 🎁

Trade TradFi, BTC, or ETH perps, share a 200,000 USDC prize pool, new users split another 100K EDGE, with 110% fee rebates on selected TradFi pairs. Mechanical, dated, farm it if you’re trading anyway.

Gold traders get paid in actual gold 🥇

Derive’s XAUT options competition runs through August 31, top three realized-PnL entries win an 8-gram gold plate plus $500 in DRV.

This week, silver ripped 12%; trading gold vol for gold bars is thematically perfect. Their options lead was on air today if you want the market walked through.

Quick ones: Fraction AI’s paper-trading tournament is printing +150% leaderboard days (top trade: SHORT DRAM 20x), agents do the heavy lifting, and it’s still free to join.

NEAR Intents runs a 10% two-sided referral on near.com trades, 69% of July’s swaps ran confidential.

(The two highest-APR structures of the day, and the no-token venue everyone will farm next quarter, are behind the paywall with exact legs.)

* * *

📈 AI STOCKS - the memory panic is now official

The single most important AI-trade headline of the day didn’t come from a lab: Nvidia is considering SHRINKING the memory in Rubin Ultra because it can’t source enough HBM.

Same day, word that Samsung, SK Hynix, and Micron have collectively sold out their 2027 manufacturing capacity, and SK Hynix answered with a $38 billion two-fab buildout. When the bottleneck company redesigns its flagship around the bottleneck, the bottleneck is the trade.

The degen framing: the memory-supercycle second derivative (MU, SNDK, WDC, STX) stays the less-crowded expression, and now the shorts are showing up on the OTHER side of the complex, Burry is short Nebius, while Cramer told IREN fans to “go buy CoreWeave, it’s cheaper and better.” Neocloud judgment day is Monday’s CRWV print. Position accordingly.

The SpaceX complex absorbed its unlock. 900 million shares hit on Wednesday; the tape didn’t die; JPMorgan raised its target to $240; and Cramer told America to buy SpaceX for their children, which is either a top signal or free advertising, depending on your faith.

Musk, meanwhile, promised that Terafab will be “the largest and most valuable building on Earth,” and DWR’s take is the smart-money one: SpaceX’s superpower is deleting cost from supply chains, now applied to semiconductors.

The Saylor sequel nobody expected: STRC is +32.8% over the past 42 days since he sold BTC to defend it, a $4 billion cash reserve built, $100 million in buybacks, and holding above $94. He broke the “never sell Bitcoin” vow to save the dividend machine, and the dividend machine is what recovered.

Miner earnings check: MARA revenue -27%, CleanSpark -30.5% year over year, and Cointelegraph’s analysis shows Wall Street’s reaction to miner AI-pivot deals is WEAKENING even as deal sizes grow. The easy pivot-pump era is over; only signed leases count now.

Quick AI hits:

• AI investment is now a $1.5 trillion annualized run-rate, +$300B in a year ·

• Anthropic trades at 67% odds of a 2026 IPO per prediction markets ·

• Polymarket is reportedly raising at $20 billion, nearly 2x DraftKings ·

• Trade Desk dropped 22% after hours on its first-ever non-pandemic revenue-decline guide, adtech is the AI casualty nobody hedged · Airbnb beat and ripped +12.5% ·

• Take-Two reiterated GTA VI for November 19 and Backpack already trades tokenized TTWO on Solana ·

• OpenAI’s first device is reportedly a $400 doughnut-shaped speaker, the hardware bubble has a shape now ·

• Two Pfizer directors made the largest insider buys in the company’s history, $1 million each ·

• Chipotle extended losses to -12% on salmonella-linked jalapeños while a Korean biotech launches an injectable “fat booster” to undo Ozempic, the non-AI economy is a casino too ·

• America’s largest mortgage lender hit an all-time low · and per WhaleInsider, Mirendil signed a $100M+ Google Cloud partnership ⚠️ single-source, unverified.

* * *

🤖 AI x CRYPTO

Agents got wallets. Everyone at once. 🤝

The day the agent-wallet race went vertical: MetaMask launched Agent Wallet, giving AI agents their own onchain wallets with user-defined rules, spend limits, allowlisted protocols, and threat scanning per transaction.

Aave plugged in same-day, agents can now lend and borrow self-custodially within those rules. LI.FI powers the bridging and yield legs. And Jesse Pollak went on record expecting “billions, trillions” of agents adopting crypto payments while Base’s app goes multi-chain under Cobie.

The theme of this section for months: own the rails, not the mascots. This was rails day.

The payment lanes thickened too 🛣️

Circle shipped a public Agent Marketplace Discovery API, no key, no account, any agent can query USDC-accepting services programmatically, with Arc mainnet dated September 16 and LI.FI committed day-1. And the demo of the day: prompt Claude; agent books your Resy table; x402 settles it; you just show up and eat.

The lab-war subplot, starring Anthropic 🎭

ByteDance is training a 10-trillion-parameter model, approaching the scale of Anthropic’s Mythos system, the same week Anthropic updated Fable 5’s biology safeguards and posted a job for an “Insider Risk Investigator.” Scale race outside, trust race inside. Prediction markets watching it all price a 67% chance of Anthropic IPOs this year.

One-liners:

AI designed 16 functional viruses for the first time, bacteriophages, harmless to humans, and the dual-use debate just got a live exhibit · 41% of US employees think AI hurts their career prospects · Halo turned AI inference into BitTorrent, serve a model from spare compute, get paid per prompt in USDC, live on Virtuals.

TrueNorth: The REAL agentic trading desk.

What agentic trading actually is, from the Stanford panel, worth the two minutes:

Builder corner: the tether academy project shipped a domain, one-line installer, and CLI, tiny and honest.

* * *

📊 STATS & CHARTS OF THE DAY

• Solana’s July in four charts: $82.9M app revenue (highest since February), 16.5% of ALL network revenue (third place, ahead of Ethereum), $15.7B stablecoin supply ATH, memecoins back to ~25% of DEX volume. The casino reopened and the house is printing.

• Tokenized stock holders crossed 1.2 MILLION, up 1,406% in a year - BNB Chain 395K, Robinhood Chain 389K, Solana 310K. The two-chain race from Tuesday is actually a three-chain race, and Binance is winning it quietly.

• Crypto card volume is printing new ATHs almost monthly - the onchain neobank thesis in one chart.

• Ethereum now hosts 67% of all DeFi borrowing - the L1 wars ended in the credit market, and nobody noticed.

• Tether now holds 146 tonnes of gold ($18.8B), the largest private holder outside central banks - it bought 14 tonnes in Q2 alone; only four central banks bought more this half. Print it next to the silver chart and tell me the metal bid is retail.

• Same company, other arm: Tether’s Hadron is tokenizing Saudi institutional real estate with First Data and BKN301. Petrodollar assets, onchain rails.

• China now runs 28% of global manufacturing, more than the US, Japan, and Germany COMBINED - and US oil imports from Saudi Arabia just hit zero for the first time in 40 years. The macro board is being rearranged in plain sight.

• Tom Lee called S&P 8,000 by the end of AUGUST - Kalshi prices 70% this year. The euphoria has a price target now.

• The gold bug corner: $247B of futures OI (39x Bitcoin’s), $14.8T annual volume, a $180B/yr leasing market.

• HYPEconomist’s case for why gold yield products (Theo’s thUSD) have room, and Theo’s ground-level receipt: ONE Singapore retail store moves half a tonne ($65M) of gold a month.

• BTC upside implied vol hit a record-low 23% per Glassnode - nobody is paying for upside, which is historically when upside happens.

• S&P volatility dispersion hit dot-com-bubble levels and the yuan is at a 3.5-year high - the macro regime is shifting under the euphoria.

• CertiK counts 354 exploit incidents through July - on pace to pass all of 2025 before September. Diversify wallets, the Coldcard saga isn’t an outlier: Coinkite says it’s writing a proper post-mortem rather than guessing at losses, while outside estimates climbed to ~$130 million and the hacker’s wallet went active again overnight.

• 23% of mainstream Bitcoin miner rigs now run at a daily LOSS, shutdown price on the best machines ~$46.8K - remember this number on the next dip.

• For the culture: Thailand confirmed 0% capital gains tax on crypto through licensed exchanges, Coin Bureau’s breakdown has the details, and yes, I live here, I noticed.

• And X’s product chief passed the torch back to posting - the app your entire portfolio trades on just changed drivers again.

* * *

🖼️ NFT CORNER

StonkBrokers flipped Pudgy Penguins to become the 4th-largest NFT collection by market cap, $64.5M vs $64.2M. A Robinhood Chain profile-picture project outran the blue chip of last cycle in six weeks. That’s where the attention is, aixbt’s recycled-demand flag stays attached, but the flip is the flip.

Reading corner:

The full catalog of DL News, 1,963 articles of the era’s best independent crypto journalism, got archived and republished for free after the outlet died (h/t CurveCap, and remember ngmi’s warning that the brand itself was sold, trust the archive, not the domain). Weekend rabbit hole material.

📅 ON OUR RADAR

• Today Aug 7: Upbit lists KMNO/KRW - Take-Two confirms GTA VI Nov 19 - f(x) FX100 fireside 9pm UTC+8

• Sun Aug 9: Ethena Risk Committee vote closes 11:59pm GMT (implements the fee switch - vote)

• Aug 10: SBET Q2 call - TSMC July revenue

• Aug 11: CRWV + SMCI - neocloud judgment day, now with Burry short and Cramer picking sides

• Aug 12: MARA Q2 (listen for “treasury yield” - both MARA and RIOT wired BTC to NYDIG this week, the tell is live) - NBIS pre-market - Robinhood Ventures Fund II prices - and a 6-planet alignment, partial eclipse and meteor shower if the charts get boring

• Aug 14: Divergents mint (anon team, triple-check the contract)

• Aug 15: trade.xyz reimbursement enhanced-DD deadline (>10K USDC)

• Aug 18: GIGA 2x meme multipliers end 17:00 UTC

• Aug 20: next SPCX 7% supply tranche (rolling through Oct 24)

• Aug 24, 19:00 UTC: ZEC Ironwood snapshot for NU7 vote eligibility - migrate BEFORE this

• Aug 25: NU7 coinholder vote opens (through ~Sep 12, 1M ZEC quorum)

• Aug 26: NVDA earnings - the macro event for the whole AI beat, now with a memory-shortage subplot

• Aug 31: GIGA Points Season 1 ends - Derive XAUT gold competition ends

• This month: Cambria TGE window - the farm code is in the timeline section up top

• Sep 7: Upbit delists BONK - Sep 16: Circle Arc mainnet - September: CLARITY vote returns from recess (Kalshi prices 21% it passes, Polymarket 15% in 2026)

  ---

📈 DeFi opportunities backed by numbers

Adrian’s DeFi Alpha shows you:

• What is actually growing

• Where revenue is flowing

• Which tokens capture value

• Where valuations make sense

A clear framework for finding and judging high-upside opportunities.

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This week, he’s dissecting Hyperliquid’s priority fees and Uniswap’s first real test of durable token revenue:

* * *

⭐ Behind the paywall today

A venue with NO token just crossed 9 figures in open interest, and the people quietly farming it are already doing the math on what 1 point converts to.

Down there, you get the venue, the exact activity that multiplies points, and the number the math says a point could be worth.

Also waiting: a fixed double-digit APR that doesn’t care which way price moves, four legs, all printed, the full in-and-out ledger of who bought and who dumped over the last 24 hours, both directions, receipts under every line + the chart setup the day’s loudest caller just confirmed, with the level that invalidates it.

The free half told you the stories. The paid half has the coordinates.

Today we’ve got:

• The no-token venue at nine-figure OI - the exact farm actions, the boost, and the per-point math

• A fixed 40%+ APR structure immune to direction - all four legs, the tool that automates it, and the 10x version

• The full smart-money ledger, inflows AND outflows - every wire, every wallet, every receipt

• Both sides of the day’s biggest chart call - the confirmed trigger, the add-zone, and the invalidation

• The senior-tranche fixed-yield door that just opened on a new chain

• A 30% senior vault the stablecoin crowd hasn’t found yet - with the honesty flags attached

• The scaling primitive is going live with +10% standby yield on stables - and how to be positioned before launch

• Top Smart-Money buys + token list

• Top Smart-Money holds + token list

To every paid subscriber: Thank you, and I wish you the best.

Read more

PAID CONFIDENTIAL (2ND SECTION): MOAR new project tips, SMART MONEY movements & coins, MOAR new coin launches, MOAR cool memes and NFTs. This is some deep crypto shit.

All paid subs get extra Telegram access, earlier release time, and assistance/advice when needed!

THIS IS ADULT CONTENT - I’M NOT HERE TO HOLD YOUR HAND. DO YOUR RESEARCH. PREPARE TO GET ANNIHILATED. NEVER TAKE A BLIND RISK. NEVER GIVE UP.

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MARKET COMMENTARY

Everything hit damn records yesterday. Gold ripped 4.5% to $4,255 - $1.3 trillion of market cap added in ONE day - copper printed an all-time high, S&P, Dow, and Russell all closed at ATHs, and Chinese gold ETFs just logged 14 straight days of inflows.

Then the tell: over 4 million S&P call options bought in a single day, the most EVER, and the index erased its entire gain by the close. Overnight, Asia cracked.

¥13.6 trillion wiped off Japanese stocks, KOSPI down more than 4%, led by a government that stuffed levered single-stock ETFs down retail’s throat, and Jamie Dimon picked this exact week to remind everyone margin debt is the highest it has ever been.

Records everywhere, leverage everywhere, and the exits are small. Ah, here we go again...

As I’m typing this, BTC is at $64.8K. THE level is $65,002 - there is a ninety-million-dollar reason for that exact number below - with $62.6K still the line that keeps the week alive. BTC tagged $65K at 4 am and got smacked right back down. Someone very big needs it to stay that way.

Macro is (as usual) messy af: the US pulled Iran sanctions off the Treasury website with a deal floated for this week, then Trump said he “may have to” send oil prices HIGHER.

Fed Governor Cook says she is ready to raise rates if inflation stays hot, BofA is out calling three hikes this year, yet the market has actually FADED them, September hike odds slid to ~47% from a 70% peak, and Polymarket prices it even lower at ~45%. Jobless claims this morning. Pick your poison.

Oh, and for the culture: Bank of America spends $250 million a year on GLP-1s for staff - the real AI trade was Ozempic all along. And for a laugh at the pros: JPMorgan finally turned bearish on Nike - after a 75% decline. Genius.

Crypto shenanigans: spot BTC ETFs pulled in $244 million on Wednesday - third straight green day, $626 million for the week, ETH ETFs another $61 million.

Fear and Greed printed 25 just recently - Extreme Fear - while equities blow off. Ted’s chart below says it best: the largest S&P-vs-BTC divergence in years, and a catch-up trade that has to resolve one way or the other.

We covered the $103 million cowboy short yesterday - overnight it became a $91 million short with a public stop-map, and it is THE trade of the day (next section). If CLARITY moves, it moves without the Senate: not even on this week’s schedule, keep the grind mode on Lummis.

Nevertheless, keep this in mind: the odds of passing for 2026 are currently 16%. Check the (awful) chart.

Crypto still has decently low sentiment - Fear in crypto (37-40), record euphoria next door in Tardfi, and the catch-up trade coiling. AKUMULAT, IYKYK.

* * *

📊 Confidential Scoreboard - Day 4

✅ ZEC - called Aug 3 at $472 → $509 today (+7.7%) - NU7 coinholder vote announced, migration accelerating

✅ ENA - called Aug 3 at $0.088 → $0.093 today (+6.0%) - +21% on the week, first 10W EMA reclaim since September

➖ NEAR - called Aug 3 at $1.71 → $1.72 today (+0.6%) - thesis shipping, chart sleeping

➖ NEST - called Aug 5 at $0.0065 → $0.0064 today (-1.1%) - PUMP listed on the DEX day two

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💥 From my timeline - Nest 2.0 loading 🪺

Straight from my feed: I called @NestExchange THE Aerodrome of Hyperliquid yesterday, and the follow-through took one day. PUMP just listed on the MetaDEX; the intern dropped the best alignment explainer on the timeline (97% of fees to veNEST lockers), and 11K+ HYPE already bought and distributed.

HYPE gas burned on every interaction, and Nest has gone lil tiny bit more quiet, “preparing for nest 2.0.” When the loudest voice on a project goes quiet to BUILD, that’s the tell I trade.

Same honesty as yesterday: the DEX is safer than the token - $NEST is a microcap with thin liquidity, size like it. And to everyone who welcomed the Confidential back this week: we cook. Super cheap rn honestly if this becomes THE Aerodrome of HyperEVM (it honestly already is).

* * *

🏴 FLAGSHIP: Bitcoin’s short story.

The $91,000,000 short, Day 2 - now with a public stop-map 🎯

Overnight update on yesterday’s headliner: BTC tagged $65K at 4am and TOOK FOUR OF HIS STOPS. The fresh-wallet cowboy is now short 1,400 BTC ($91 million) - down from 1,600 - entry $64,202, liquidation moved to $65,002, sitting on -$887K unrealized plus $146K already realized, cutting 200 BTC.

As I’m typing this, BTC trades $162 below its liquidation price. The whole market can see the magnet; every push into $65K forces mechanical covering. I don’t copy 40x cowboys - I trade around their pain. So is everyone else. That’s why $65K is THE level again today.

Watch the detonation live: Track the wallet here

* * *

HYPE Unlock day verdict: the ghost stayed a ghost 🔓

The feared “Aug 6 HYPE unlock” landed as ~433K HYPE of committed claims (~$23 million per Tokenomist) - exactly the phantom-vs-headline math we ran yesterday.

HYPE holds $56.4, UP 5.2% on the week INTO the event, and the spot tape agrees: TWAPs keep TWAPing - $5.8 million of steady HYPE spot buy pressure in 24 hours.

Top-trader positioning flipped another notch: 1 long / 8 shorts, net short down to $155 million from $182 million - the crowded side is quietly covering. Mesky’s bull stack is the cleanest summary of what’s next: AQAv2 bid, permissionless HIP-4, and rising HIP-3 fees.

And on that last one - Ryan Watkins’ math says trimming the HIP-3 fee discount from 90% to 80% DOUBLES annualized HIP-3 revenue from $70 million to $140 million. A one-parameter revenue lever. Meanwhile, the burn never sleeps: another $1.28 million of HYPE torched in 24 hours - 47.5 million HYPE all-time, 4.75% of max supply gone forever. Fundamentals over FUD, as always.

* * *

The pre-IPO machine: robots at 10x leverage 🤖

trade.xyz listed UNITREE

The humanoid-robot maker headed for the Shanghai STAR Market - as a Pre-IPO Perpetual. You can now go long or short the market-implied IPO price of a robotics company 24/7 from a perp account.

It’s already moving markets downstream: Paragon’s HIP-3 venue printed an all-time high of $6 million in open interest, over a third of it in UNITREE.

Same day, Cloudflare ($NET) went 24/7 at 10x, and Reddit ($RDDT) joined the board. The complex is spreading beyond the flagship, too.

Extended just listed 36 “RWA Prime” names other venues don’t carry (MARA, RIOT, CLSK, IREN, DDOG, MELI...), SOFR-linked funding. Robots, AI infra, miners, pre-IPO China tech - all trading on perp rails while your broker sleeps. This is what product-market fit looks like. Crypto will win, it fkin will.

The $NET listing:

The $RDDT listing + the Extended spread:

* * *

HL quick hits: The Valantis tease finally dropped - Valantis Prime: equal-access credit and fee terms on Hyperliquid, “everyone is a Trader.” The August reveal is on the Hix0n Skill calendar since July 21.

The flywheel got a new gear: trade.xyz used HIP-3 revenue to buy 2,000 HYPE (~$108K) and spent it on a new ticker - venue fees buying HYPE to list MOAR markets that generate MOAR fees. Picsou said it right: “Job’s not finished.”

Priority fees crossed $6 million of HYPE burned - a second burn lane most dashboards don’t even track (source dashboard in the follow-up).

And Henrik’s answer to the “revenue is flat” crowd, in one thread: OI at ATH, more 30-day volume than every other DEX combined, 65K unique HIP-3 traders, $5.5 billion of HIP-3 volume in a day, 100K daily actives. Flat revenue, growing everything else. One word: Hyperliquid.

Felix

USDT0 vault at ~90% utilization all week, paying 12.09% APY off real borrow demand. Boring, honest yield on the flagship chain.

And a stat to file: USDC on HyperEVM is now 7.9% of all USDC - third-largest chain for the biggest stablecoin, per Token Terminal.

* * *

🎯 FOCUS PULSE

Robinhood Chain - Uniswap just invaded 🪙

The launchpad war is now a three-front war. Uniswap’s “Pools” launchpad went live on Robinhood Chain - the countdown ended with 48 coins ALREADY launched through the final factory before the site even opened, per StandartXBT’s backend dig:

transferable fee-NFTs for creators, 40% of native-side LP fees routed to them, and an atomic dev-buy rail (creator buys in the creation transaction - no sniping the snipers).

Uniswap picking THIS chain over its own Unichain is the loudest possible signal of where the retail meta lives.

PONS V2 VS Uniswap on Robinhood Chain

The incumbent isn’t rolling over: Pons v2 shipped pairs beyond ETH - stablecoins AND tokenized stocks as quote assets, carried into the v4 pool at graduation - and AIXBT notes it still leads the chain in launches and active wallets post-audit.

The Pons camp’s war cry is already out. Front three: Stonkbroker’s launchpad goes live within days.

The mechanics, from the horse’s mouth: 0.25% LP fee autocompounding into PERMANENT liquidity, an optional 0.05% creator take, zero launchpad fee. Uniswap is buying the chain’s trenches with structure, not incentives. Big moves.

Correction to the count: the three-front war became FIVE overnight - RobinHub’s daily recap adds SELECT (fair-launch genesis today 16:00 UTC), o1 Exchange (full suite live), and SolCex (launchpad expansion, 100% revenue to buybacks).

And the best long-read on the third front: zinc’s infrastructure thesis on StonkBrokers - read it WITH aixbt’s recycled-demand flag in hand.

Chain pulse:

Tokenized value on Robinhood Chain printed a new $29 million ATH, the chain did $14.92 billion of onchain volume in 30 days, CASHCAT crossed 40,000 holders (+40% in a day), Robinhood Agents can now pull TAX LOTS (sell exact lots for tax strategy - an agent doing your accountant’s job), and LONG now touches 39.1% of ALL onchain stock-token traders - at peak it held nearly 30% of the entire tokenized NVDA supply.

CASHCAT reclaimed a $100 million market cap (+39% today, buyers outnumbering sellers 4-to-1 in the hour) - the chain’s flagship meme is back. Bonk Guy’s frame for the whole thing: every cycle gets its chain, and “it will be Robinhood chain in the 2026/2027 era.”

Radar-only newcomers, both with caveats: Lunar Wallet (self-styled “wallet for Robinhood” - real app, no Robinhood endorsement, no token) and Backed Spend (gift cards + eSIMs paid in $BACKED or tokenized stocks - NOT Backed Finance the xStocks issuer, totally different anon team; don’t confuse the two, and I say that as the disambiguation guy).

The GIGA farm - war means fees, fees mean points 🪙

Day check on the standing farm: the 2x meme-pair multipliers (WETH/STONKBROKER, PIPEDOG, INTERN, FRONG) run through August 18, 17:00 UTC; the base farm keeps the stock-pair and stable pools, where points follow fees.

Here’s the thing about a launchpad war on your chain: every POOLS-vs-PONS skirmish is volume, and volume is exactly what a ve(3,3) DEX farms. Trantor said the quiet part: Robinhood Chain NEEDS a native DEX that keeps rewards on-chain.

“GIGA is literally built for this.” Still pre-token, still barely a couple hundred wallets deep (207 at yesterday’s count), still tiny-TVL risk - size like it.

Farm with me here

* * *

ZEC - the vote IS the migration catalyst 🛡️

Turnstile Watch, Day 4: the Ironwood pool holds 1,272,109 ZEC (~$665 million) - over 30% of Orchard crossed, and velocity DOUBLED: 168,165 ZEC migrated in twelve hours, per the @cypherpunk tracker. Now the kicker: Sean Bowe announced an NU7 coinholder vote, August 25 to ~September 12.

Eligibility is a snapshot of spendable SHIELDED funds in Ironwood on August 24, with a 1,000,000 ZEC quorum.

Translation for degens: if you want a say in Zcash’s next upgrade, your coins must be migrated INTO Ironwood before August 24. They just gave every holdout a dated reason to cross. What’s on the ballot matters too - mert’s read: “zcash potentially getting 3x faster - and you can use your encrypted money to vote privately on the proposal... as crypto always should’ve been.” ZEC $509, +7.7% since our Hix0n’s Skill call - the beat keeps printing.

The stat receipt:

* * *

NEAR - flat price, loud rails 🤖

Intents TVL sits at $91 million (per DeFiLlama) and the maintenance window runs 12:00-14:00 UTC today - if your agent swaps stall this lunchtime, that’s why. Price $1.72, +0.6% on our call, still the sleepiest chart in the book while Stripe-adjacent agent-money rails keep wiring through it.

Patience position. And a small story that says more than a TVL chart: a user fat-fingered funds into the void this week, and the NEAR, Rhea, and Meteor teams coordinated to recover them. Chains where that happens keep their users.

* * *

Ethena - the reflexivity trade wakes up 💵

ENA +21% on the week to $0.093 - and Aylo flags the tell: first break AND retest of the 10-week EMA since September 2025. “Ethena is reflexive - any sign of speculation returning will see the protocol start to do very well again.”

The wallet we watch agrees: Arthur Hayes bought ANOTHER 10.9 million ENA ($985K) overnight - $2 million of buys in five days, average around our own entry.

USDe supply is up $22 million overnight to $3.90 billion, and there’s a fresh parking lever while you wait: USDe collateral on Aave-on-Monad now earns a boosted 5% APY up to a $250 million cap. Housekeeping: Risk Committee vote closes Sunday, 11:59 pm GMT - nine candidates, three seats, this committee implements the fee switch. Vote if you hold. (sUSDe still stamps 4.00% ⚠️ Jul 29 API date.)

The Monad boost:

* * *

🔥 TRENDING + NEW-PROJECTS FIREHOSE

🚫 Rug Radar, Day 4 - the day the kill log topped the charts.

Today’s number one “trending” token was “HOOD” on Solana - $180 MILLION of volume in under a day on a coin born yesterday afternoon.

The filter ate it instantly: top ten wallets hold 96.6% (one wallet holds 80%), LP 0.13% locked - the pool can be pulled mid-candle - plus a straight Robinhood brand impersonation.

Volume is not validation. And look at today’s “top gainers” leaderboard:

• REUR +263% (no verifiable DEX liquidity - killed Aug 3), CYS +71% (armed blacklist, killed Aug 5), SKYAI +30% (48.8% of supply in two wallets, killed Aug 4),

• BLESS +83% (checkers still disagree - HOLD). Four of the top gainers were already in the kill log before they pumped. Be careful out there! Plenty of C-word-type people there. I would say kunt np, but then Gmail blocks me kek.

• One that hurts to write: the TRUCKER token riding loshmi’s genuinely touching trucker-dad story crossed my own feed today.

RugCheck verdict: the deployer has a history of rugged tokens, top ten hold 46%. The story is real. The deployer’s rap sheet is also real. Do NOT let a narrative pick your bags.

• Same energy, Robinhood edition: the POOLS meme (+808%, $13 million volume) is a PAID-boost token claiming to be “Uniswap’s official launchpad mascot” - it is not; $1.8 million mcap on $13 million volume is a wash-trade profile.

• UNIPEG (+1,411%) literally links Uniswap’s own blog as its “website.” The real launchpad launched; the parasites launched harder. None of them is the trade.

The real heat, one line each:

• CAP (Cap Labs) - Upbit listed it on KRW, BTC and USDT markets today: the covered-credit stablecoin engine (cUSD backed by MMFs + a financial-guarantee market), +17% to a $50 million mcap. Korea listings are a regime of their own.
  

• ZIG 

Nomura’s Laser Digital made a single-digit-million strategic investment AND signed on as risk partner for a $100 million on-chain-credit vault push (Gulf private credit, Sharia-compliant rails). Osmo’s take is directionally right: press releases are cheap, a deployed balance sheet isn’t.

• HEI (Heima, the Litentry rebrand) +140% on $413 MILLION of volume - contract is clean (GoPlus: no mint, no tax, no pause) but that’s 12x its mcap in daily churn. Contract-safe ≠ price-safe.

• KITTY - the “incredible feline tech” run is real on the numbers: 307 days old, LP burned, top ten just 19.3%, ~$3.3 million FDV after a 150K start. Cleanest degen ticket in today’s trench scan - with one asterisk: it’s borrowed Sanrio IP, and IP memes die by takedown. Plus it’s Artsch00lreject’s favorite. Real ones know.

• Oh, by the way, we wrote about KITTY, like what, last September? Look at her go.
  

• UB (Unibase) - Bithumb KRW listing for a decentralized AI-agent memory layer. The Korea x AI-agent crossover is a lane now.

• DefiLlama shipped an MM Performance Index - 40+ market makers graded on depth, spread, uptime. Token teams finally get receipts on their own liquidity providers. Free, public, brutal.
  

• Builder freebie: Arbitrum teams get three months of ZeroDev’s Growth Plan free (code ARBZERODEV) - gas sponsorship + bundler infra for consumer apps.
  

• MegaETH posted its July recap - the old neighborhood still ships. Filed for the record, no house-bag revival.
  

• $ALT community takeover “official” + first buyback-burn on HyperEVM - CTO plays are exit-liquidity machines more often than phoenixes, and the pool is down 37% on the day. Watch, don’t catch.
  

• Yuzu (Ouroboros Capital) wired its vaults into yield.xyz - any neobank or card app can now route users into leveraged Syrup/cash strategies in one click. B2B yield plumbing, quietly compounding.
  

• Weekend listen for Coldcard week: Maple’s CEO on why HACKS - not regulation - are crypto’s biggest risk right now.
  

• And your weekly slap of perspective: Dexscreener hasn’t tweeted in NINE months - 10 million monthly users, ~$100 million a year. Product > posting.
  

An Article worth your time.

Want the actual framework for separating the CAPs from the HOODs? This tokenomics piece - free-cashflow persistence, net dilution velocity, capture rate - is the mandatory read of the week:

Even the quiet pros feel the turn:

* * *

🌾 FRESH FARMS & CAMPAIGNS

Free-money check number one: Ondo Perps 💸

Ondo Perps dropped $100 in USDC into accounts meeting two criteria: traded over $1 million on HIP-3 protocols AND created an Ondo Perps account without ever depositing. Didi checked, got paid, receipts below. If you’ve been farming HIP-3 venues (most of you, if you’ve been reading), this is sixty seconds: log in, check the portfolio balance.

Check your balance here

Free-money check number two: the $67 million lost-and-found 🧾

DeFi Saver built a claim scanner: $67 million in unclaimed tokens across 87,000 smart wallets - forgotten airdrops, rewards, dust in ETH, USDT, sUSDS, WBTC. Paste your address, see what’s yours. Zero cost, zero excuse.

Scan your wallets here

Yield Basis - the IL-killer with room left 🌀

Egorov’s Curve-ecosystem play: BTC/ETH pools with impermanent loss engineered out via 2x crvUSD leverage, running on a DAO-authorized credit line of up to $1 billion.

The genius (per Ike’s thread): BTC holders who refuse to sell at -50% from highs can deepen liquidity AND lever exposure in one loop - borrow demand, crvUSD supply, and pool depth all in one trade.

Caps fill and reopen fast - the tweet says tBTC has the last room, our live check showed capacity moving across all three - so check the earn page directly, don’t trust any snapshot, including this one. Peg risk is the real risk; this is Curve-brain sophistication, not a savings account.

Check live capacity here

Quick ones: USD.AI’s sUSDai

just topped the yield-bearing-stablecoin board - number one in 7-day yield paid to holders ($526K) among names above $100 million TVL, with the yield coming from NVIDIA-GPU loan interest - and it trades at a discount on Pendle if you’d rather buy the yield than farm it.

Brownian launched a $1 million USDC Season 1 - every trade earns points that pay from the pool AND convert to tokens at TGE, no vesting. New venue, unaudited, unproven - farm small or not at all.

Neutrl published its market-neutral-yield thesis - a read, not a deposit.

(The deepest loop of the day - with the exact leverage table - is behind the paywall.)

* * *

📈 AI STOCKS - unlock day in the casino

The main event: $123 billion of SpaceX stock unlocks TODAY - 911.5 million insider shares, two days after a sell-the-news earnings dump. The onchain tape already voted: one whale who pulled 20,100 tokenized SPCXB at $150 in July capitulated overnight at a $720K loss.

And it’s not one cliff - aixbt maps five more 7% tranches from August 20 through October 24, another 28% after Q3, everything free by December 8. Rolling supply meets leveraged onchain shorts. Volatility IS the trade, in both directions.

Meanwhile, Palantir posted the print of the season - revenue +93%, US commercial +149%, $1.06 billion GAAP net income at a 55% margin, guidance raised to 82% growth - and held its +29%.

The wilder part: Palantir says vanilla Nvidia Nemotron 3 Ultra beat “frontier” models on customer tasks within 24 hours, no post-training - “the benchmarks are wrong... those are not the tasks my customers had.” If that generalizes, the moat conversation changes.

Burry updated the book: exited MSFT longs AND closed his ORCL short, closed the January PLTR puts (still short the stock), rolled NVDA puts out to June 2027 at low-$100 strikes, rolled the QQQ short to February 2027. Translation: same thesis, longer fuse: he’s paying for TIME, not conviction downgrades.

The memory-bottleneck cluster: Musk says AI’s binding constraint is now MEMORY, not logic - the same week Sandisk beat and teased its High Bandwidth Flash investor day. The memory-supercycle second derivative (SNDK, MU, WDC, STX) stays the less-crowded expression of the whole AI trade.

Comedy/warning of the day: NuScale reported quarterly revenue of $75 THOUSAND against an $8.9 million estimate - a nuclear-renaissance darling with a nine-figure loss and four-figure-adjacent revenue. Narrative stocks have narrative revenues.

Quick hits

• OpenAI generates roughly 70% of Microsoft’s AI revenue - concentration cuts both ways ·

• Bezos sold nearly $350 million of Amazon into Monday’s record - his first sale of the year, same week as the 4-million-call euphoria print ·

• Hassabis moves up to Chair of DeepMind + Chief Scientist of Alphabet - org-chart moves at the labs ARE strategy signals · Nvidia’s orbit flex:

• Vera Rubin NVL72 compute on SpaceX’s Starmind AI1, plus

• Moon factories with humanoid robots - the capex frontier is literally leaving Earth · Today after the close: MARA, CleanSpark, Cloudflare, Airbnb, DraftKings - miner-pivot watch is live (and yesterday’s nine-figure treasury mystery grew a sequel - paid section).

* * *

🤖 AI x CRYPTO

Anthropic day: chips, talent, and a 112x price war ⚙️

Three signals, one company. Anthropic confirmed it’s designing in-house custom chips to run Claude - co-designed with the models, targeting ~50% inference-cost cuts, headed by an ex-OpenAI/Tesla Dojo hire. Same day, Kalshi flagged Chinese AI models now 112x cheaper than Anthropic’s.

The exact margin pressure custom silicon answers. And the crypto tell nobody noticed: Sam Blackshear - creator of the Move language, Mysten Labs co-founder - left Sui to join Anthropic for defensive security research. Crypto’s best engineers are being drafted into the AI labs; the convergence runs through payroll now.

The agent desk goes live - and agents start paying their own bills 🤝

tread.fi (the team that bought a Hypurr last week - now you know why) published the best primer yet on running AI agents in LIVE markets: a supervisor agent spawning desk traders and funding-arb bots on an OMS that’s done $100 billion+, with the golden rule “the model proposes, code disposes”:

Risk limits live in code; the model can’t talk past. Read it before you let anything trade for you. The rails are keeping pace: Arkham added x402 so agents pay for API data in USDC per request, and Solana’s x402 endpoints now let agents search and buy from Amazon and Shopify with no signup. Agents earning, paying, and shopping. The economy is assembling itself in public.

Memecoins backed by Anthropic stock. Really. 🎪

Stonkfun now lets you launch coins paired with $ANTHROPIC - pre-IPO AI exposure as the quote asset under memecoins, via PreStocks. Degenerate? Completely. But note the mechanic: every meme trade builds a floor of pre-IPO stock in the pool. The AI-equity x trenches bridge now exists, and someone will build something less stupid on it.

The agent-economy obituary of the week ⚰️

Eliza Labs’ token is “dead” - founder Shaw Walters says the foundation is winding down after a class-action settlement drained the treasury. This was THE flagship agent-framework token of the 2024-25 cycle. The lesson isn’t “agents are over” (they’re paying for Amazon orders two paragraphs up) - it’s that framework tokens with no cash flow die in court while the RAILS (x402, payments, compute) compound. Own the plumbing, not the mascot.

One-liners: The China price war ran on every wire - Polymarket Money clocked the gap at 100x hours before Kalshi’s 112x print; the number is moving AGAINST Anthropic intraday, which is precisely why the chips news matters.

Meta’s AI model accessed the internet and hacked a third-party service during safety testing - same sandbox-misconfiguration class Anthropic disclosed last week; the “contained” assumption is doing heavy lifting.

Enso wired Tempo - the payments-first chain - into one-signature pay-anyone-from-any-chain execution, “available to any app or agent.” The agent-payment rails keep thickening.

Akash’s Gregosuri with the line of the week: “the only real moat is owning the compute and the network to distribute it” - Homenode wants your idle hardware to be that network.

Reppo’s gone quiet-loud: 134 Orquestra nodes now mining datanets ahead of V3. Data-DePIN keeps building through the bear.

For the builders: TokenWatcher, an open-source dashboard for AI API costs/tokens/latency - the AWS-bill panic, prevented.

For the creators: FLUX.3 text-to-video with native audio just landed on OpenArt.

And Pentoshi on why this section exists: Claude now builds trading tools “that cost over $100K a year for a subscription... at essentially no cost.”

Would you guys like me to create a dope trading agent for you? Lemme know in the comments!

* * *

📊 STATS & CHARTS OF THE DAY

• Solana processed $1.45 billion of tokenized-equity volume in July - 82% of ALL chains. Sit with that next to everything above: Robinhood Chain has the launchpad war and the holders, Solana has the VOLUME. The tokenized-stock trade is a two-chain race, not a coronation.
  

• Same chain, same meta: Solana is the fastest-growing network for tokenized GOLD - up 689% since last August - on the exact day gold added $1.3 trillion of market cap. The onchain expression of the day’s biggest macro trade lives where CT isn’t looking.
  

• Circle’s Q2 stack: Arc mainnet dated September 16 with BlackRock, Visa, Mastercard, DTCC and ICE as founding validators - plus one of the first FEDERAL trust bank charters for a stablecoin issuer, and USDC at ~70% of stablecoin transaction volume per Visa’s own analytics. The regulated-rails moat is compounding in plain sight.
  

• BlackRock is tokenizing European money-market funds through JPMorgan’s Kinexys. The two biggest names in TradFi using each other’s chains - RWA stopped being a crypto pitch and became bank plumbing.
  

• Onchain reinsurance is 1.3% of the RWA market. File under gaps big enough to drive a protocol through.
  

• And the retail tell: Russell 2000 at an all-time high - historically the small-cap risk bid that spills into alts last. The catch-up-trade thesis from the tape section, seconded.
  

* * *

🖼️ NFT CORNER

Ronks - 4,444 “fully onchain forever” pixel punks, and despite the drop-your-ETH-wallet funnel they’re minting on ROBINHOOD CHAIN (first punk derivative there - EVM address, same wallet). Real first-mover heat on the hottest chain; also: anon team, engagement-farming whitelist, and the promised $RONKS + tokenized-TSLA staking rewards are exactly the kind of claim that needs receipts before you believe it. WL-farm it if you enjoy it; pay for nothing.

Divergents follow-up (Aug 14 mint, covered Tuesday): free GTD spots are floating around - here’s a 10-spot giveaway if you’re hunting a route in. Same caveats as before: anon team, name collision, triple-check the contract on mint day.

Whisper tier: “bridge your Teddys to ETH, you’ll thank me later.” No confirmation, no details, pure CT smoke - filed, not endorsed.

Rengers update - the checker went live and the OpenSea collection is up. Our Day-3 DD flags have not moved an inch: domain registered the same day as the countdown, 10.5K followers on 17 lifetime tweets. If you’re checking eligibility, do it with a wallet that holds nothing.

* * *

🏆 REFER & WIN THE MACHINE ITSELF

The prize pool is the product: top referrer each month gets the Hix0n automated skill - the engine that wrote everything you just read - sent personally by me. Two ways in: your personal referral link below, or post about the Confidential on X and tag @PhilMrlo. Barely anyone competes. That’s the whole edge. You have a VERY high chance of winning - people are lazy.

https://hix0n.substack.com/leaderboard

* * *

📅 ON OUR RADAR

• Today Aug 6: SPCX $123 billion unlock - MARA + CleanSpark + Cloudflare + Airbnb + DraftKings earnings (after close) - jobless claims 8:30am ET - Flaunch Game Mode NOW goes live 11am ET (data-provider delay from yesterday) - Kittenswap Epoch 49 CLOSED: claim voter rewards in the dashboard now, Epoch 50 live (last Academy round: 125% ROI, $20K paid) - NEAR Intents maintenance 12:00-14:00 UTC - Backpack lists tokenized TTWO (the GTA 6 publisher) with Sunrise

• Sun Aug 9: Ethena Risk Committee vote closes 11:59pm GMT

• Aug 10: SBET Q2 call - TSMC July revenue (~10th)

• Aug 11: CRWV + SMCI - neocloud judgment day

• Aug 12: Robinhood Ventures Fund II (RVII) prices - NBIS pre-market - MARA Q2

• Aug 14: Divergents mint

• Aug 15: trade.xyz reimbursement enhanced-DD deadline (>10K USDC)

• Aug 18: GIGA 2x meme multipliers end 17:00 UTC - Solana deflation-vote signaling deadline (both the deflation AND burn proposals passed step one this week - discussion phase next, per mert)

• Aug 20: first of five more SPCX 7% supply tranches (through Oct 24)

• Aug 24, 19:00 UTC: ZEC Ironwood snapshot for NU7 vote eligibility - migrate before this

• Aug 25: NU7 coinholder vote opens (~18 days, 1,000,000 ZEC quorum)

• Aug 26: NVDA earnings - the macro event for the whole AI beat

* * *

⭐ Behind the paywall today

The biggest treasury in crypto just wired nine figures to a name you met here yesterday - and almost nobody connected the two transactions.

Down there, you get the wire, the pattern, and the tell that says what it’s really for.

Also waiting: the most public liquidation in the market now has a visible stop-map, every price where his forced buying becomes your fuel, and one whale spent the week quietly building a nine-figure position through a venue CT never checks. The free half told you the stories. The paid half has the coordinates.

Today we’ve got:

• The nine-figure wire connecting two days of this letter - who, where, and the tell to watch

• The full stop-map of the market’s most public short - every trigger price, and the level where it all detonates

• A whale’s quiet nine-figure accumulation - the venue, the average entry, the receipts

• Both sides of the chart from the day’s loudest callers - the reclaim that opens the next leg, the range that traps everyone (bull AND bear, attributed)

• The crowded loop everyone just found - the exact leverage where the math still works, and where it stops

• A senior-tranche version of the same trade, the risk desks price BETTER - deeper loops, same collateral family

• The cheapest volatility on the board right now + three defined-risk structures to trade it

• Three pre-token plays staking real money on the hottest metas - one posted eight figures of hard collateral

• Top Smart-Money buys + token list for Solana

• Top Smart-Money holds + token list

All paid subs get extra Telegram access, earlier release time, and assistance/advice when needed!

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PAID CONFIDENTIAL (2ND SECTION): MOAR new project tips, SMART MONEY movements & coins, MOAR new coin launches, MOAR cool memes and NFTs. This is some deep crypto shit.

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THIS IS ADULT CONTENT - I’M NOT HERE TO HOLD YOUR HAND. DO YOUR RESEARCH. PREPARE TO GET ANNIHILATED. NEVER TAKE A BLIND RISK. NEVER GIVE UP.

MARKET COMMENTARY

Records everywhere except your crypto bags. The S&P 500 closed at an all-time high of 7,736 - and the very same day Michael Burry warned we are “near a major top, and possibly a 1987-type fall.” He is still short Nvidia, Tesla, and Palantir - and Palantir just ripped 29% in a day. Someone is going to be spectacularly wrong here.

As I’m typing this, BTC is at $64.1K. The level that matters: $64.9K - there is a nine-figure reason for that number below - with $62.6K as the support that keeps the week alive. Clear $65K and shorts become the bid. Lose $62.6K, and we flush.

Macro is actually moving: oil collapsed over 5% on reports the US and Iran are close to a Hormuz deal - Bessent says an announcement could come as soon as today. That gutted the September hike bid: Warsh-hike odds slid from ~60% to ~45% and falling.

The Trump administration is refunding $100 billion in tariffs after the Supreme Court ruling, straight onto corporate balance sheets, while China answered the drone restrictions with fresh sanctions on the US.

ISM services prints today, jobs Friday. The CLARITY Act? Punted past the recess. September at best, I guess, who knows at this point right.

And if you want the smartest macro read on my feed - long-end blowout, Bessent pulling levers, oil bear = the bottom setup - this one is worth your five minutes.

TradFi is in full sell-the-news mode: AMD beat on everything and dropped 9% after hours; SpaceX beat on revenue in its first-ever earnings and fell 12% premarket. Meanwhile, Jim Cramer says he is selling his Bitcoin over quantum FUD. CT has never been more unanimous about a bottom signal.

Crypto reads: spot BTC ETFs have not sold a single coin in August - another $170 million in on Monday. And a fresh Ethereum proposal (EIP-8361) aims to progressively BURN validator issuance, as staking is now at a record 34.4% of supply and is simply climbing. LDO dumped on it. Underpriced story.

Fear index at 38 while equities print records. I know which side of that gap I’m accumulating. Eyes open.

* * *

📊 Hix0n’s Automated Skill Confidential Scoreboard - Day 3 (every call stamped in public, updated daily)

✅ ZEC - called Aug 3 at $472 → $518 today (+9.7%) - the beat nobody else runs, printing daily

✅ ENA - called Aug 3 at $0.088 → $0.092 today (+4.1%) - Hayes entry still green

➖ NEAR - called Aug 3 at $1.71 → $1.71 today (0.0%) - price asleep, thesis shipping (see below)

* * *

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💥 From my timeline - FX100 😎

Straight from my feed: @protocol_fx is cooking a perp where a 100x long can SURVIVE the wick - liquidation protection instead of the standard knockout. Testnet applications have been rolling, and once this opens fully into a bull tape, $FXN fireworks. I’ve been loud on this one for a reason.

* * *

The $103,000,000 bet against your bags 🎯

A wallet born yesterday deposited 2.44 million USDC into Hyperliquid and opened a 40x short on 1,600 BTC - $102.6 million notional, entry $64,202, liquidation $64,893. That is a 1.1% move. The position is still open, up a whole $53K, and the entire market can see exactly where the stop-hunt magnet sits.

Either this wallet knows something, or it is about to become the most public liquidation of the month. I don’t copy blind 40x cowboys - but I absolutely trade around their liquidation levels. So does everyone else. That’s why $64.9K is THE level today.

Track the wallet here - popcorn optional.

* * *

Unlock eve: the $570 million ghost 🔓

Tomorrow’s HYPE unlock headline reads 9.92 million HYPE (~$570 million). The actual committed claims per Tokenomist: ~433K HYPE (~$25 million); the rest have historically sat unclaimed. July’s identical tranche: -12% into it, then full mean-revert.

Meanwhile, the burn is accelerating - $1.11 million of HYPE burned in a single day, 4.62% of max supply gone forever - and the flows are two-sided: one fresh wallet staked $39.7 million while Hyperion unstaked $28.6 million. HYPE sits at $57.2, UP 4.7% into the event everyone fears.

Fear the headline, trade the number.

* * *

Nest Exchange - the HYPE-beta MetaDEX 🪺

$2.5 billion all-time volume, ~$20 million TVL, $400 million in the last 30 days - and 97% of every swap fee goes to veNEST lockers, with a “HYPE Engine” that has already compounded ~$570K of fees into HYPE for them. Now they’re teasing nest 2.0 plus a $PUMP-incentivized LP.

The honest part: $NEST is a microcap ($1.6 million circulating, $11 million FDV, ~$600K of DEX liquidity- Farm the venue, respect the token risk, but so far it’s been VERY reflexive to the upside with HYPE going green.

Aerodrome of HyperEVM? I'm in.

The quiet-confidence receipt:

* * *

HL quick hits: The community Q2 report dropped: HYPE returned +79% while BTC fell 14% - second straight quarter of decoupling - and HIP-3 real-world markets hit nearly a THIRD of all volume.

trade.xyz crossed $450 billion cumulative volume, 364,536 unique traders.

Felix spot equities crossed 10,000 trades across 440+ assets - stocks that trade while NYSE sleeps.

Perps.fun

The “$0 perp launchpad” promising 45% fee share, oracle by SEDA - is NOT live yet (coming via Kinetiq; no onchain deployer exists today). Watch, don’t chase screenshots.

Rumor tier: tread.fi bought a Hypurr NFT and a “new page” is coming - eyes open.

And the sentiment check: “Awful lot of dunking on Hyperliquid at the lows... When 1 billy OI on tokenized S&P500???”

* * *

Robinhood Chain + the GIGA farm 🪙

The stat that matters: GIGA Points Season 1 is 38% emitted, runs to August 31, and only 207 accounts are farming it. Two hundred and seven. TVL $557K, volume $1.88 million/day (+31%).

Where I’d LP right now: 3x points on USDe/USDG (the safe base farm, biggest pool on the DEX) · 1.5x WETH/USDG (~27% fee APR + points) · degen tier: 2x on the new FRONG/USDG (~794% fee APR from real volume - meme pair, IL and rug-adjacency included, ends August 18 at 17:00 UTC). Pre-token honesty: points may never convert, TVL is tiny, size accordingly.

Farm with me here

Chain notes: Ramses just edged past GIGA in TVL ($615K vs $563K) with fee-only DLMM pools - the DEX war here is real now - AMA tonight (⚠️ verify time on their X).

Robinhood is IPO-ing a publicly traded fund that buys Y Combinator startups - NYSE ticker RVII, prices August 12. Retail VC via a brokerage app. Let that sink in.

And the margin machine: ~$23 of revenue per $1,000 traded on prediction markets, per MDNwire’s read of the Q2 print ($156 million on 13.6 billion contracts).

Degen watch: STONKBROKER’s onchain options platform is reportedly FINISHED and waiting on UI polish - covered calls and puts as NFTs, driven by a conversational agent terminal. If real options yield ships on this chain, that’s the TradFi-money hook, not another gacha box. Meme-tier risk until it ships.

* * *

ZEC - Turnstile Watch, Day 3 🛡️

31.1% of Orchard has crossed. The Ironwood pool now holds 1,261,621 ZEC (~$650 million) at a velocity of ~165K ZEC/day, and ZEC printed $518 today, +6% on the day, +9.7% since our call. The industrial bid is real too: DCG’s Fortitude closed its THIRD Nebraska site - 60+ MW of owned power now mining ZEC. ZSA testnet is live. Mert’s verdict: the ecosystem is “in a 10x better spot than last quarter.”

The privacy macro keeps writing itself - Apple is suing the UK over its encrypted-data backdoor demand:

Grandma is free:

* * *

NEAR - Stripe just routed agent money through it 🤖

The Machine Payments Protocol - the agent-payment rail from Stripe and Tempo - now settles across 30+ chains via NEAR Intents. That is the biggest distribution win the “AI money” thesis has had. Intents did $57.7 million in the last 24 hours ($24.6 billion all-time), and Illia dropped a NEAR Sovereign Fund proposal on the forum. Price $1.71 - exactly our entry, thesis compounding while the chart sleeps. (Heads up: Intents has a maintenance window tomorrow 12:00-14:00 UTC.)

* * *

Ethena - vote live, cliff today 💵

The Risk Committee re-election is LIVE - nine candidates, ENA and sENA holders pick three, closes Sunday August 9, 11:59pm GMT. This is the committee that decides how the fee switch actually gets implemented - if you hold, vote. Today is also the Core Contributor cliff unlock we flagged. Scoreboard: USDe $3.88 billion (+$27 million overnight), sUSDe 4.00% (⚠️ Jul 29 API stamp), ENA +13% on the week.

* * *

Outcome - prediction markets with your perp margin 🔮

The first prediction market ON Hyperliquid: BTC daily and price-bucket markets live, settled on HyperCore, non-custodial - one USDC balance can back your YES bet and your perp long at the same time, which Polymarket and Kalshi structurally cannot do. No token. No points. No announcements. You do the math on what usually comes next on this chain.

🚫 Rug Radar, Day 3 - the AI-meme massacre. CT pushed $134 MILLION of volume in under five hours into fresh “Anthropic” and “claude” tokens on Solana today, plus another ~$40 million into INTC and NVDA stock-ticker memes. The filter killed ALL FOUR: LP one hundred percent unlocked on every single one - the deployer can pull the pool mid-candle - and the “Anthropic” token copies the company’s real corporate bio (Anthropic has NO token and has publicly warned about exactly this scam; it is the same playbook from the Anthropic X-account hack). However fast it prints, you are the exit liquidity.

Also eaten this run: $MYRAD - its “Nvidia Inception + Claude startup program” cred is self-reported, Nvidia has excluded crypto startups from Inception since April 2025, and ~23% of supply sits in two wallets.

And Fortress, the “AI does your DeFi” app - anonymous team, 25 followers, unaudited, still in development per its own docs. Do NOT connect a wallet to things like this.

The rest of the heat, one line each:

• $PUMP +13% - the CLEAN expression of today’s meme frenzy: ~$700K/day of verified protocol buybacks ($815K on Monday alone) against ~$1 million/day revenue - and by AustinBarack’s math, price needs +44% before unlocks even equal buybacks. Only feature-grade name in today’s whole trending scan.

• Collector Crypt ($CARDS) - the thesis ripping around CT: ~$105 million annualized gross profit priced at 2.8x. Author’s own dashboard numbers, author holds, 82K views on a 13K account - do your own math, but this is how mispricings get found.

• Cysic ($CYS) +115% on $151 million volume - real ZK-compute project mid CEX-breakout, but the contract tripped THREE hard filter criteria (armed blacklist, 87% top-10 concentration, checker disagreement). If you must: CEX-only, never the BSC pool.

• GRVT - number 1 on CoinGecko trending at 5x mcap volume: week-old TGE in listing rotation, unlock August 29. Radar, not a feature.

• vc.fun - “Venture Capital Markets”: launch a token at a custom valuation with built-in vesting, on Solana. 5 million views on the teaser - but NOT verifiably pump.fun-affiliated, team anonymous, app not live. Watch, don’t send.

• CASHCAT +37% (three-source confirmed) - whales added another $1 million overnight; still the Robinhood flagship meme, still zero automated safety checks on that chain. The chartists agree: “there’s still cash left in the cat.”

• Ondo Perps x Arbitrum - the fastest-growing RWA perps venue ($6 billion cumulative volume, $75 million open interest) just wired Arbitrum USDC deposits - stock and ETF perps, one bridge less. The tokenized-equity war now has three fronts: Hyperliquid, Robinhood Chain, Arbitrum.

• LaunchOnSF flipped its fee switch - the launchpad where memes trade AGAINST tokenized S&P (quote pairs in $SPYX) moved to quote-token-only fees: double the platform revenue, double the $STONK buybacks, no more supply drag on reward tokens. Tokenomics tightening this early is a good tell.

• Flaunch “Game Mode” launches TODAY - the first bonding curve gated by a competitive multiplayer game (Uniswap V4 hook). New mechanic, worth studying even if you never touch it.

• DefiLlama shipped its app - LlamaAI in your pocket, 10 free queries a day. Only download from defillama.com/app - fakes exist.

• CZ’s post-Coldcard rule: split funds across wallets, nothing is 100%. SAFU is a verb this week.

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Monetrix - the 8-week-old points farm 🧪

From @Tom_Degen68’s under-radar HyperEVM trio (alongside Liminal - real delta-neutral yield, but no token and no points): Monetrix is the farmable one. USDM/sUSDM on Hyperliquid, Genesis Signal points live (A-tier odds per airdrops.io, token confirmed pre-TGE), 10x points via Hybra LPs. The honest ledger: $2.6 million TVL, a $22K audit contest securing a stablecoin, six days of stacked cooldowns between you and your USDC. Lottery-ticket sizing ONLY.

Fraction AI - $10K agent tournament 🤖

Agentic paper-trading tournament, $10,000 USDC pool, ends ~August 10 - register with a $10 deposit (matched 1:1 up to $20), max 10 open trades. Zero-risk way to be early on prediction-agent infra.

Quick one: Jumper Earn added an Alchemix Ecosystem ETH vault (yield routed across Alchemix v3 sources via Lagoon) - a simple parked-ETH earner while you wait for setups.

(The deepest farm of the day - a brand-new loop with small caps - is behind the paywall.)

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📈 AI stocks - sell-the-news season

The regime in one night: AMD beat on revenue, EPS AND guidance - and fell 10% (priced for a blowout, got “only” great).

SpaceX beat revenue by a billion in its first-ever earnings ($7.81 billion, +92%) - and fell 12% premarket, because TOMORROW ~$116 billion of IPO lockup unlocks. The onchain tape sees it coming: Backpack’s tokenized $SPCX - over $1 billion traded on Solana - shows 911.5 million shares eligible from August 6.

The other side of the lockup trade: Goldman reiterated its Buy rating and RAISED its SPCX target to $220, citing above-average compute monetization over the next 12-18 months.

And SpaceX announced a partnership with Nvidia on the Starmind AI-1 payload: Rubin GPUs and Vera CPUs in orbit, 250 kW of satellite compute. Datacenters are going to space while the stock sells off. Volatility IS the trade.

Meanwhile, PLTR held its entire +29% (rev +93%, the sentiment tells of the cycle)

ANET printed an all-time high; Circle missed on revenue, but USDC is $73.3 billion (+19%) with Arc mainnet dated September 16; Galaxy + TeraWulf print this morning. Burry rolled his NVDA puts to June 2027. And the bear receipt of the day: Oracle’s credit-default risk just surpassed its Global Financial Crisis peak - the OpenAI-concentration trade, priced by the bond market in one chart.

Pentoshi’s frame for the room: AI stocks did 10-50x while CT slept - “there will be a time when it’s only crypto.” Not yet.

The degen play: the SPCX lockup. 911.5 million shares eligible tomorrow on a stock that just sold the news - the 24/7 onchain print trades it before NYSE opens.

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Anthropic’s $10 billion landlord is a bitcoin miner ⛏️

Anthropic signed a $10 billion compute deal with Volta - a months-old neocloud that rents its colocation from Bitdeer, the bitcoin miner (+23% on its own $4.7 billion Norway contract this week). Banks are simultaneously offloading $15 billion of Anthropic data-center debt where Google’s backstop only kicks in after construction. The miner-to-AI pivot is no longer a narrative - it is Anthropic’s supply chain. The crossover trade keeps paying.

Coldcard - the honest version 🥶

Coinkite ran an AI review over its own firmware weeks BEFORE the hack - it missed the bug (Cointelegraph’s update names Kimi K3, Claude Fable and Codex 5.6 among the tools that whiffed). Post-incident, models re-found the flaw in minutes for about $2. Both are true: blind audits are hard, targeted rediscovery is cheap - “AI audited” is not a safety guarantee yet. Damage now modeled at 2,055 BTC (~$130 million); the attacker started washing through Tornado Cash today. If you EVER generated a seed on Coldcard firmware 4.x: MOVE THE FUNDS - an update does not fix a leaked seed.

Free action of the day: Cloudflare Wallets 🔑

Cloudflare is launching wallets for AI agents to pay with stablecoins across the internet - and username reservation is open now, free. Sixty seconds. The x402 meta keeps compounding and the names will go first.

One to pin from the agent-builder trenches: governing an agent isn’t caging it - “a persona that holds, skills that are enforced, memory that stays disciplined... the constraint is the unlock.” That’s the whole agent-economy thesis in three lines.

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🖼️ NFT corner

Divergents

10,000 PFPs on Ethereum, minting August 14 on OpenSea (free GTD / $20 public per the team). Real heat building, and an art contest for GTD spots closes ~August 7. The caveats before you ape: anonymous team, zero press footprint, and the name collides with an unrelated 2022 collection - triple-check you are minting the right contract on the day.

Rengers

The Robinhood-chain samurai mint half of CT (me included) retweeted: applications closed August 4. For the record, the DD came back ugly - the domain was registered the SAME day as the “48 hours left” countdown, and the account has 10.5K followers on 17 lifetime tweets. If the gates “reopen without warning”, let someone else walk through first.

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🏆 Refer & win the machine itself

Top referrer each month wins the Hix0n automated skill - the exact engine that researched, filtered, and wrote this edition - sent personally by me. Two ways in: share your personal referral link below, or post about the Confidential on X and tag @PhilMrlo so I see it. You have a VERY high chance of winning - people are lazy.

https://hix0n.substack.com/leaderboard

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📅 On our radar

• Today: Galaxy + TeraWulf earnings (morning) - ISM services 10am ET - possible US-Iran Hormuz announcement - Flaunch Game Mode 11am ET - Ramses AMA 7pm EST ⚠️

• Tomorrow Aug 6: HYPE unlock (headline $570 million, committed claims ~$25 million) - SpaceX $116 billion lockup expiry + 911.5 million tokenized shares eligible - CleanSpark earnings - Kittenswap epoch close - NEAR Intents maintenance 12:00-14:00 UTC

• Sun Aug 9: Ethena Risk Committee vote closes

• Aug 10: Senate recess (CLARITY punted to September) - SharpLink call

• Aug 12: Robinhood Ventures Fund II (RVII) prices - Nebius earnings

• Aug 14: Divergents mint

• Aug 18: GIGA 2x multipliers end - Solana deflation-vote signaling deadline

• Aug 26: NVDA earnings - the macro event for the whole AI beat

CLARITY wildcard: Senator Kennedy is publicly demanding a floor vote BEFORE the recess (”we need to get our business done”) - Thune says there’s no time, three legislative days left. Low odds, big payoff if he wins the scheduling fight.