DeFiWarhol

What comes up must come down ↓
- bugs
- harassment
- fake insiders
The fall of @Polymarket is real because the core issue, like with most things in crypto, is trust.
Polymarket volume dropped 8.9% in April, from $11.2B in March to $10.2B.
IMO, Polymarket outgrew the loose market structure that made it popular, and now it has to enter the next phase: clearer rules, better dispute handling, and stronger infrastructure.
The metaphorical shit hit the fan for them, and I'm curious to see how they're going to react.

Revolut's onchain volume has been up only since 2023.
In April 2026 alone, they processed $1.8B onchain, up 100% YoY.
The chain split is even more interesting:
Ethereum: 72%
Tron: 22%
Solana: 2.3%
Polygon: 2.2%
Arbitrum: 0.7%
This is what happens when product + distribution are solved.

Ethena's at the top of Token Terminal's cost of revenue list with $355M over the last year. 4x the next protocol.
Cost of revenue tracks what a protocol pays out to third parties to actually run its business.
For Lido, it's what gets paid to node operators. For an L2 it's the gas fees paid to settle on Ethereum. For @ethena, it's the yield going out to sUSDe holders.
Here's how it works. Ethena holds spot ETH and BTC, then shorts the same amount in perp futures. When perp traders are net long, longs pay shorts a funding rate.
Ethena collects that funding. Add stETH staking yield and some T-bil

Etherfi Cash now consistently generates ~2x more revenue than staking & liquid vaults.
Neobank supercycle.

I was looking through @tokenterminal and noticed something interesting about how DEXs rank when you compare total volume vs avg volume per user ↓
@CurveFinance: $100.5K in vol per user vs. $9.7B 30d volume
@0xfluid: $44.2K in vol per user vs. $7.8B 30d volume
@PharaohExchange: $39.2K in vol per user vs. $900.9M 30d volume
@CoWSwap: $36.6K in vol per user vs. $3.67B 30d volume
@tokenlon: $28.2K in vol per user vs. $304M 30d volume
@KyberNetwork: $19.8K in vol per user vs. $8.69B 30d volume
@AerodromeFi: $17.1K in vol per user vs. $12.5B 30d volume
@LFJ_gg: $16.4K in vol per user vs. $1.4B 30d v

Looks like @a16z has been cooking, so I made a list ↓
> @Arc | $222M ARC token presale | Crypto / Stablecoin L1
> @TheCiridae | $20M Seed | Enterprise AI / AI transformation
> @pitdotcom | $16M Seed | Enterprise AI / AI-native ops software
> @tesseralabsai | $60M Series A | Enterprise AI / ERP modernization
> @heyglif | $17.5M Seed | Creative AI / AI agent platform
> @UlyssesInc | $38M Series A / $46M total | Robotics / Ocean autonomy
> @hilbertsai | $28M Series A | Consumer AI / Growth infra
> @gitbutler | $17M Series A | DevTools / AI coding workflows
> @StippleBio | $100M Series A | Bio + H

This chart is absolutely cooked.
The number of transactions on Base has fallen to the lowest level since November 2024.
What happened?

Not calling this a bull run yet.
$BTC pumped hard recently and short-term momentum looks stretched so I honestly wouldn’t be shocked to see a nice pullback soon.
And long-term holders still aren't selling at massive profits yet because IMO in real bull markets, they dump at way bigger gains.
The chart below shows the setup I'm watching:
When dark blue crosses above the light purple 365-day average, that's usually the bull market signal.
We're close, but not there yet so I'm managing risk accordingly until I see a cleaner cross.

BREAKING: Christopher Nolan reportedly wanted Ansem to star in "The Odyssey."
"I wanted to cast him because I wanted to nod towards the idea that this story has been handed down as written poetry, which is analogous to shilling tickers.”
He settled for Travis Scott instead.

Here are some under-the-radar projects that your favorite influencer isn't posting about.
Curated from @getmoni_io.