how has Uniswap restructured $UNI’s value accrual mechanism? $UNI didn’t go from governance token to dividend token. @Uniswap rebuilt the entire value accrual path so protocol usage can remove $UNI from supply without ever paying holders cash. That distinction matters a lot. Because for almost 5 years Uniswap was one of the biggest fee machines in crypto while $UNI captured basically none of it. Now part of the swap fees from v2/v3/selected v4 pools + net Unichain sequencer fees are collected into TokenJar. TokenJar holds the actual assets collected from trading. ETH, stables, whatever tokens the pools generated. Anyone can take those assets out, but to do it they need to pay $UNI into Firepit where that UNI is permanently burned. So Uniswap itself is not market buying $UNI. Instead searchers decide when the assets sitting inside TokenJar are worth more than the $UNI + gas needed to claim them. Usage creates fee inventory → fee inventory creates an economic reason to acquire/burn UNI → supply disappears. Tbh the mechanism looked pretty mid during the first half of 2026. Only ~$28.2M became protocol revenue from $357.6B volume across Jan–Jul 2026. Not exactly Hyperliquid-level token economics. But the important thing is coverage was still rolling out. – daily protocol revenue went from $114K pre-v4 flip to $325K after it. – Robinhood contributed $170K on one post-flip day. – latest 30d protocol revenue is ~$10.3M, up ~134% over the period. That’s ~$124M annualized versus the ~$26–35M annualized numbers at the beginning of the year. What actually printed: – 111.7M $UNI gone, 888.3M remaining. – 11.7M of that is actual Firepit, the rest is the 100M gesture. – L90D / L180D annualized ~$97.6M / $75.3M. – annualized burn cleared $250M on Sep 8, heavily driven by RH. Currently the pipe is finally large enough to matter versus a ~$4B mcap, and the Firepit run-rate now outruns the 20M UNI/year Labs budget. I think design quality is high. They solved the constraint that killed every prior vote by not paying holders, burning float, wrapping the DAO, and making Labs a vendor. Legally, it’s probably the constrained optimum for a US-touched major. Respect the engineering. But magnitude is still mid. If we want this to look like HYPE economics, we’ll be waiting a long time unless they turn PFDA / UniswapX / the rest of v4 into real take. DYOR.

buyback model still the most effective this cycle Every effective token with buyback mechanism at the moment. Buybacks are one of the strongest token mechanisms in the current market. But most buyback lists include programs that are small, paused or still waiting to launch. I have been tracking the actual fee-to-token flow instead. My criteria are simple: – Live now – Funded by recurring protocol fees – Programmatic or verifiable onchain – Large enough relative to circulating supply Based on industry trackers, protocols have spent around $638M on buybacks in 2026 YTD. @HyperliquidX and @Pumpfun account for roughly 90% of that amount. These are the five tokens I currently consider part of the main buyback meta: [1] $HYPE Hyperliquid routes around 97-99% of trading fees to the Assistance Fund. Cumulative purchases are estimated at $1.1-1.3B, including around $370M in 2026. AQAv2 will also allocate roughly 90% of USDC reserve yield, with the first payout expected on October 3. $HYPE remains the largest fee-funded token buyer by dollar value. I consider it the strongest model because the buyback is supported by a large and recurring trading business. The main variable is emissions. A large buyback does not guarantee net deflation if unlocks remain higher. [2] $PUMP Pumpfun currently allocates 50% of net revenue to buybacks, down from 100% before April 28. Purchased tokens are burned immediately. Around $400-445M has been spent cumulatively, removing approximately 16% of the maximum supply. Estimated 2026 spending is already around $200M. I like the transparency of the burn, but $PUMP also proves that buybacks cannot support price alone. Revenue durability, valuation and remaining unlocks still matter. [3] $PONS @ponsdotfamily routes 80% of its protocol fee share into buying and burning $PONS. Around 29-30% of the 1B supply has already been burned. Its latest 30-day fees were approximately $119M, with around $11.6M flowing toward holders and buybacks. I find $PONS particularly interesting on percentage terms. It operates at a much smaller valuation than HYPE or PUMP, but it has already removed a larger share of supply than most launchpad tokens. The question is whether @RobinhoodCrypto launch activity can remain high after the current attention cycle. [4] $ASTER @Aster_DEX allocates 99% of daily platform fees to purchasing $ASTER. The purchased tokens go to veASTER stakers, while an equal amount is burned from protocol reserves. The team describes this as a 198% allocation model. Listing fees also fund additional purchases. This is one of the most aggressive designs I have seen from a perp DEX. I am watching whether Aster can maintain enough trading volume to make the percentage meaningful in dollar terms. [5] $STONK @LaunchOnSF routes roughly 60% of platform revenue into buying and burning $STONK. Despite launching only in August, it has generated more than $9M in lifetime revenue and burned around 14% of supply. It also briefly exceeded Pons in daily revenue. This is still a young protocol, so I need more data before treating the current revenue level as sustainable. Outside these 5, several serious programs remain active: – $AAVE: approximately $1M purchased weekly and held – $UNI: protocol fees fund buy-and-burn – $RAY: long-running buy-and-burn that has historically offset emissions – $SKY: Smart Burn Engine, with 5% of monthly net surplus now allocated to buy-and-burn – $JUP: 50% of fees used for purchases held for three years – $JTO: 100% of Jito Network revenue allocated through its Cryptoeconomics SubDAO – gmx:native, ethereum:0xc20059e0317de91738d13af027dfc4a50781b066, $MET, ethereum:0x046eee2cc3188071c02bfc1745a6b17c656e3f3d, dydx-chain:native and $ETHFI also operate active programs I do not put all of them in the same category. Some burn tokens. Some hold them in a treasury. Some distribute them to stakers. Each structure creates a different effect on liquid supply and holder value. My framework has five checks: – How durable are the protocol fees? – What percentage of revenue reaches the token? – Are purchased tokens burned, locked, held or distributed? – Do buybacks exceed unlocks and emissions? – Is the buyback large relative to market cap and circulating float? That last comparison matters most. Tokenomist’s mid-2026 analysis found that only $BNB and $RAY were clearly reducing net supply after emissions. $HYPE can buy hundreds of millions of dollars while unlocks still expand supply. $PUMP can burn 16% of its maximum supply while trading far below ATH. Buybacks improve token economics. They do not replace revenue growth or reasonable valuation. My current buyback watchlist is: $HYPE, $PUMP, $PONS, $ASTER and $STONK. i am most interested in protocols where recurring fees, a high allocation rate and controlled emissions operate at the same time.

Q4 alpha follows the cash flow What stands out most to me is that DeFi is no longer just attracting liquidity . it’s getting better at turning activity into revenue. i’ll be watching protocols that do 3 things well: → turn activity into revenue. → keep users within the same product stack. → return part of that value to the token / holders. Once an app already has distribution, adding lending, perps, collateral, or RWAs becomes much cheaper and more efficient than building a user base from scratch. i think the focus should be on protocols with real usage, multiple revenue streams, and clearer token capture. 👇👇

Top 20 Trending Coins on CoinGecko 🦎 This week, $QNT (@quantnetwork) leads the pack, followed by $TRUMP, and $NEAR (@NEARprotocol). Are you keeping an eye on these? coingecko.com/en/highlights

price has cooled down, but @LaunchOnSF activity has n0t. on Oct 1 alone, the platform generated around $893K in revenue, with more than $535K used for buybacks and 2.3M $STONK burned. the model is pretty simple: trading generates revenue, and part of that revenue flows back into $STONK through buybacks + burns. StonkFun is also continuing to expand the product, most recently allowing token launches paired with $ONDO, while adding HolderScan to track holder retention and distribution more clearly. for me, this is a better time to watch than short-term price action: the market has reset, but the platform is still generating revenue and continuing to build. $STONK is still one of the names i’ll be watching for the next wave. NFA.

The blockchain for global finance deserves an exchange built for the next generation of tokenized assets, with liquidity that is adaptive, predictive, and efficient. Aero is built on @base ✈️

the $JUMP sale is now closed. to the believers who made the jump: applications are under review - results coming to your email. to the non-believers, the underachievers, the tweet-and-deleters… you had your chance.

$42.5M is now chasing a $3M $JUMP / @jumperapp hard cap at this point, i think the interesting part is no longer demand . it’s allocation + TGE float. → $42.5M pledged / 8,464 applications → ~14.2x the hard cap → Public sale = 4% of supply → 50% unlocks at TGE, rest over 4 months with 1B supply at $0.075, that means only 20M $JUMP (~$1.5M at sale price) from the public sale unlocks at TGE. but the bigger unknown for me is the other 55%+ of supply: 33.33% community + 21.9% treasury, and how much actually enters circulation around TGE. that could matter much more than the headline oversubscription.

September was a big month for Avalanche. Let’s talk about it: Avalanche Summit NYC brought institutions, founders, and builders together for two days of announcements, live demos and conversations about the future of onchain business. Helicon went live, bringing Continuous Execution and staking upgrades to Avalanche. @aave announced an institutional RWA lending hub on Avalanche, enabling borrowing against tokenized financial assets. New York Life Investment Management brought its first tokenized fund to Avalanche through @centrifuge, opening access to its high-yield corporate bond strategy. Janus Henderson became an Avalanche validator and committed anchor capital to @TranchedFi’s onchain credit platform. @Paxos integrated Avalanche into its regulated infrastructure serving 650+ institutions and supporting 470M+ end users. @BuildOnIris raised $40M+ to expand ALVA’s mobile financial services on its Avalanche L1. @tare_io raised $13.25M to build a regulated financial institution entirely onchain, powered by Avalanche. South Korea unveiled a three-phase roadmap to bring stocks, bonds and funds onchain, with institutional builders already developing on Avalanche. Hanwha Investment & Securities, part of a group with roughly $200B in assets, announced a tokenization and settlement platform on Avalanche. UAE PASS tapped Avalanche for verified digital documents through its Digital Vault, with @tdrauae and Deca4. @ethena launched @EthenaPay, a global neobank built exclusively on Avalanche. @raincards announced the integration of @BDACSKorea’s KRW1 into its global payments infrastructure, opening a path to 175M+ Visa merchant locations. @MidasRWA brought Wellington and Fasanara investment strategies to Avalanche through mWIN and mGLOBAL. Cashlink announced the expansion of its institutional securities infrastructure to Avalanche for regulated tokenization. @uptop_xyz added Michigan, Baylor, Memphis and Nevada to its Avalanche-powered fan rewards lineup, joining Penn State and LSU. @insomniacevents partnered with Rain to bring live entertainment fan loyalty to Avalanche. Arya​.ag and @finternet_org announced plans to bring agricultural credit infrastructure to Avalanche, turning stored grain into verifiable collateral. @tassatgroup reported 65% faster processing in key settlement workflows following @Lynq_Network’s move to an Avalanche L1. Hyundai Card shared results from its Avalanche stablecoin pilot, cutting cross-border transfer times from days to minutes. @TheGrottoL1 announced an in-house studio and its app expansion to Windows, Mac, and Linux. @COTInetwork launched Privacy-on-Demand and its Privacy Portal on Avalanche, enabling private computation and transactions. @PharaohExchange announced plans for permissionless, 24/7 trading of tokenized U.S. stocks on Avalanche. The exchange also saw ATHs in DEX volume & fees. @bloxtel unveiled AP 201, hardware that combines private 5G infrastructure with onchain subscriber identity and authentication. @FIFACollect passed 1M users, with Avalanche powering its infrastructure. Aave V4 surpassed $30M in deposits on Avalanche. In the final week of the month, Avalanche recorded $131.2M in seven-day tokenized stock inflows, exceeding all other chains combined. Avalanche also led all chains in 30-day RWA market cap growth, adding $266M. & so much more. We’re proud of our builders and contributors that continue to make strides across the ecosystem.

In hindsight, there was a trade to be made here Since Robinhood Chain launched on July 1, you could track stock token trading on Uniswap taking off in real time, and see it translate into rapidly growing revenue ethereum:0x1f9840a85d5af5bf1d1762f925bdaddc4201f984 is up 218% since

looking at DefiLlama’s September revenue leaderboard, the "cash cow" thesis still looks pretty clear. @HyperliquidX , @Pumpfun , @Uniswap and @aeroxyz are still among the standout revenue generators. i’m also keeping $SKY, $CAKE, $JUP, $LINK and $LIT on the same watchlist. Different verticals, same thing i want to see: real users → real activity → real revenue. still one of the groups i’m watching closest.

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RWA could be what brings NFTs back to life - just not as JPEGs instead, #NFTs could become programmable accounts for financial assets Tokenized stocks already crossed $3B market cap in September. More importantly, their onchain transfers passed $100B in Q3, versus only ~$6B in Q1. The share being used in DeFi also grew from 1.8% to 6.3%. So these assets are starting to do more than just sit in wallets. This is where ERC-6551 becomes interesting. It allows an #NFT to have its own account that can hold assets and interact with apps. One of the use cases mentioned directly in the standard is an investment portfolio made up of multiple fungible assets. Imagine one NFT holding: → tokenized stocks → Treasuries → stablecoins → lending positions → rewards You are no longer trading a JPEG. You are trading a financial position wrapped inside one NFT. @RobinhoodCrypto is already pushing the asset layer forward, with stock tokens available to eligible users in 120+ countries and designed to be used in lending or as collateral in DeFi. That makes me think the next NFT opportunity may look very different from 2021. Fungible tokens represent the assets. NFTs could represent the positions built around them. maybe NFTs don't need another JPEG supercycle. RWA might simply give them a new job. if NFT × RWA really takes off, which project will be the first to stand out?

NEW: @openstandard has standardized on Chainlink as an official data oracle for Open USD. Supported by 200+ financial giants like @Stripe, @Mastercard, and @Visa, OUSD brings zero-cost mint/burn mechanics and shared rewards to onchain finance. Open Standard 🤝 Chainlink

$JUMP sale keeps getting crazier Latest numbers: → $21.54M pledged → 1,077% of the $2M target → 7.18x the $3M hard cap → 4,470 applications still ~45 hours left. at this point, getting an allocation might be the hard part lol

$AVAX is gradually becoming one of the notable names in the RWA wave I started paying attention to @avax again recently as several major developments appeared at the same time. Over the past 30 days, tokenized stock market cap on #Avalanche grew by ~$266M. That’s more than BNB Chain (+$116M) and Robinhood Chain (+$100M) combined. I started paying even more attention when i saw some big names appearing around Avalanche: → Goldman Sachs: its ~$100B FTIXX Treasury fund was made available on Lynq, an institutional network built on an Avalanche L1. This doesn’t mean the entire $100B was moved onchain. → Arya. ag: bringing ~$2B in grain-backed loans onchain using Avalanche infrastructure. → NYSE: according to Ava Labs, NYSE spent roughly a year testing Avalanche technology for tokenized securities. There’s currently no confirmation that NYSE has chosen Avalanche. DeFi is expanding too. Aave V4 chose Avalanche as its first multichain deployment after Ethereum, and Aave Labs has proposed a dedicated RWA Hub on Avalanche for a later phase. Looking at what’s happening, i see 3 pretty clear pieces: RWA → Institutions → DeFi It’s still too early to say they’ve all connected into a complete flywheel. But I think that’s already enough to put $AVAX back on my watchlist. This is an ecosystem I’ll be watching more closely from here.

Avalanche Treasury Made a $15M Decision Avalanche Treasury has sold 2.08 million locked AVAX tokens to the Avalanche Foundation. The transaction was completed in three tranches on September 23, generating $15 million. The tokens represented the company’s longest dated locked AVAX holdings. Following the sale, the weighted average duration of its remaining locked AVAX fell to 16.5 months. Avalanche Treasury said proceeds will be used to reduce debt and support general corporate purposes. The transaction was disclosed through a filing with the US Securities and Exchange Commission.

Where Does the Money for the Next Crypto Bull Market Come From? I don’t think crypto is short of capital by now anymore What we are missing is a new channel that brings capital onchain and makes it usable across the market. Each major cycle had one: – 2017/18: VC and ICOs – 2020/21: stablecoins – 2024/25: ETFs and digital asset treasuries Stablecoins brought dollars directly into DeFi and altcoins. ETFs and DATs brought institutional capital into BTC, ETH, and a small group of major assets. But most of that liquidity stayed inside specific wrappers. The spillover into the broader market was limited. Now these channels have matured. ETF flows can turn negative. DATs can trade below NAV. Stablecoin supply can contract. They remain important, but they are no longer new. The market needs another entry point. I believe RWA is currently the strongest candidate. Over the past 12 months, tokenized RWAs attracted roughly $16B in new value. Total onchain RWA value has tripled in about a year to more than $30B. That is still small compared with previous liquidity channels. But RWA is the only channel that has continued growing while ETF flows, DAT accumulation, and stablecoin issuance declined from their peaks. What makes this interesting to me is not simply putting stocks or Treasury funds onchain. The real opportunity begins when these assets become usable inside crypto. I have already watched the first version of this develop across several ecosystems. @RobinhoodCrypto brought tokenized stocks closer to normal crypto users. Then launchpads such as @ponsdotfamily and @longdotxyz started pairing native tokens with tokenized stocks. The same trend expanded to Solana through $STONK | @LaunchOnSF, then appeared on BNB Chain through @GeniusTerminal. These are still highly speculative markets, but they reveal something important. Tokenized stocks are no longer isolated products that users only buy and hold. They are becoming quote assets, liquidity pairs, collateral, and building blocks for new markets. The second step is already happening in DeFi. Tokenized stocks, Treasury products, and institutional funds can enter lending markets such as Morpho and Aave. A user could eventually hold Apple stock onchain, borrow stablecoins against it, deploy those stablecoins into DeFi, or rotate part of that liquidity into BTC and altcoins. The capital did not originally enter crypto to buy altcoins. But once the asset, collateral, debt, and settlement layer exist inside the same wallet, reallocating capital becomes much easier. That is why I see RWA as a liquidity channel, not only an asset category. Infra providers such as @Ondo and @centrifuge are important here. They connect traditional assets with stablecoin settlement, collateral systems, and onchain distribution. The full flow could look like this: TradFi assets move onchain → assets become usable collateral → users access stablecoin liquidity → capital enters lending, DEXs, and other crypto markets. This will probably not create an immediate shock like an ETF approval. RWA capital is mostly held by funds, companies, and long-term balance sheets rather than active traders. Its impact should accumulate gradually, closer to the growth of stablecoins than an ETF launch day. The key question is no longer whether institutions will tokenize assets. It is whether those assets will remain inside closed wrappers or start interacting with the wider crypto economy. I’m watching three signals: – More tokenized assets accepted as collateral – Higher secondary-market volume for tokenized stocks and funds – More RWA liquidity entering lending markets and DeFi If these numbers begin accelerating together, RWA will have moved from potential infrastructure to an active liquidity channel. I don’t expect every dollar used to buy tokenized Apple shares or Treasury funds to rotate into crypto. But even a small percentage matters when those balances are already onchain, settled through stablecoins, and connected to DeFi. The next bull market may begin with people bringing familiar financial assets onchain, then gradually using the rest of the system around them.

Well, that escalated quickly Just ~1 hour after the $JUMP / @jumperapp sale opened: → $7.45M pledged → 372% of the $2M target → Already ~2.5x the $3M hard cap → 1,740 applications and there are still almost 3 days left in the round. looks like i wasn’t the only one watching that $75M valuation.

🤑 @jumperapp / $JUMP token sale is coming on September 29 a few key numbers caught my attention: → $75M raise valuation → $2M target / $3M hard cap → Sale via Legion → Estimated TGE: Q4 2026 what makes it worth watching is that Jumper already has real traction: $41B+ lifetime volume and 100K+ monthly active users. and it’s expanding beyond bridging/swaps into Earn, Advanced Trading, RWAs and Perps. the sale runs from Sep 29 → Oct 2. Definitely one i’m keeping on my radar going into Q4. One thing to note: allocation is reputation based on Legion -connect your wallet + socials to improve your score. 👉 app.legion.cc?homie=A12MGB5P DYOR.