Ideas don't need a pulse.

(2026 Jan 18) Update since original thesis: Several key catalysts have materialized. At the Met Dhabi conference (December 10, 2025), the team announced a $10 million USDC buyback program, acquiring 2.3% of MET’s total supply in Q4 2025, representing approximately 88% of that quarter’s revenue deployed toward value accrual. Alongside the buyback, Meteora introduced “Comet Points,” a consumable rewards system tied to MET staking and platform engagement, signaling deeper integration between token utility and product usage.

On the launchpad front, Bags.fm, built on Meteora’s Dynamic Bonding Curve (DBC) infrastructure, has emerged as a breakout catalyst for ecosystem attention. Activity on Bags.fm is spiking this week after the success of Gas Town’s token (GAS), with the platform ranking second on Jupiter’s launchpad leaderboard at approximately 15.4% market share. The creator-royalty model (1% perpetual fees to token creators) has attracted viral launches and mainstream exposure, including a livestream featuring MrBeast. This positions Meteora’s DBC infrastructure as the picks-and-shovels layer capturing fees across the Solana launchpad wars.MET is up 30%+, reflecting market participants connecting the dots between Bags.fm’s surge and Meteora’s underlying fee capture as the liquidity layer powering the platform.

Perhaps most notably, Meteora now stands atop DEXs by 30D revenue at $13M, surpassing PumpSwap and Aerodome as of early January 2026, a structural shift validating the protocol’s dominant positioning within Solana’s liquidity ecosystem.

Summary (short):

$RAGE trades at a steep discount to its adjusted asset backing. Using an NAV of $0.335 per token and a market price of $0.183, the token is at a ~45.4% discount to NAV. Recent docs/Discord updates clarify tokenholder claim on treasury assets, the founder is doxxed and active, and non-operating “excess” assets appear ripe for return to holders (buybacks or a partial rage-quit). This is a straightforward “discount to assets + alignment” setup.

Publish Date: May 21, 2025

Authors: James Ho (Modular Capital), Jose Sanchez (Spartan Group)

Summary

• TVL growth outpaces token appreciation — TVL grew 200x ($10M → $2.3B) in last 9 months while token market cap only grew 4x ($50M → $200M)
• Attractive financial metrics like 52% borrow efficiency (ranking highest among peers) and trades at a 14x FDV/Fees ratio
• EulerSwap launch creates new revenue streams beyond traditional lending and early traction ($700M cumulative volume in 2 weeks) shows strong PMF

Key Takeaways

Metaplex dominates Solana’s token issuance infrastructure, earning fees from every mint of memecoins and other tokens—this revenue directly fuels aggressive MPLX buybacks.

• Current MPLX valuation appears deeply discounted, trading at 4× annual revenue / 8× net profit, with a circulating market cap of ~$80M.
• Two major catalysts could reignite revenue growth: the launch of the Solana Seeker phone, incentivizing retail users to create new tokens, and intensifying competition among memecoin launchpads (“Launchpad Wars”).
• Bear, base, and bull scenarios suggest strong asymmetry, with potential MPLX fair value ranging from $0.08 (bear) to $0.70 (bull) per token, compared to the current ~$0.10 price.

TLDR:

Graphite Protocol is the cheapest liquid proxy for the Solana launch-pad boom and is tagging along Bonk’s meteoric take-over of Pump.Fun market share.

• Cash-flow: BonkFun now grosses ≈ $1.36 m fees every 24 h; 7.6 % is auto-routed to a $GP reserve, funding ≈ $103 k/day (≈ $37.7 m/yr) of buy-and-burns.
• Supply: Circulating supply is 27.4 m tokens, circ. market cap ≈ $50 m. Annual buy-backs at 35mm+ if Bonk can sustain the fees = ~75 % of float-cap.
• Scarcity: > 50 % of tokens sit in staking, team, or locked wallets.

Executive Summary

1. Current Price: $6.47
2. Market Capitalization: $430m | FDV: $647m
3. Volume: ~$2m T30D Average Volume, mostly on Uniswap v3

WLFI is a meme-beta play with political branding, not a DeFi protocol. Near-term flows are dominated by presale unlocks (20% at TGE; the remaining 80% subject to a still-unfinalized vesting schedule), likely “points/rewards” emissions, and an attention-driven bid that fades quickly once the launch novelty passes. With no shipped DeFi product, contested communications around allocations, and the treasuryco narrative arguably pulled forward, I expect the FDV top to print in week one, followed by negative carry and basis pressure. Only major risk: a broad crypto melt-up (BTC > prior ATH) that drags meme risk higher.

1) Overhyped attention asset, no real buyers of size

Investment Highlights:

• Massive TVL vs. Tiny Market Cap: Marinade Finance currently secures over 10.5 million SOL (≈$2.0 billion) in staked assets, yet its governance token MNDE has a market cap of only about $56  million – an MC/TVL ratio of roughly 0.028
• Institutional-Grade Platform: Marinade has achieved SOC 2 Type 2 security compliance and is integrated by major custodians like BitGo . In May 2025, Marinade’s institutional staking product was named the exclusive staking provider for Canary Capital’s proposed Solana Staking ETF (a two-year agreement) . If that ETF gets approved, Marinade could see a flood of institutional SOL staking demand.
• Real Revenue, Low Valuation: Marinade’s protocol revenues are on the order of $11.6  million per year, coming purely from staking yield (no retail fees). At the current token price, MNDE’s MC/Revenue is ~5×, less than half of Lido’s and about one-eighth of Jito’s. Despite proven cash flows, the market is pricing MNDE at a steep discount to peers.

Aave is the largest, most battle-tested borrowing & lending protocol

As the indisputable leader in the onchain lending & borrowing category with an extremely defensible and sticky moat, we think Aave is extremely undervalued as a category leader in one of the most important sectors of crypto and has substantial growth ahead that the market hasn’t caught up to.

Aave launched on Ethereum mainnet in Jan 2020, making this year its 5th year in operations. It has since established itself as one of the most battle-tested protocols across DeFi and the lending/borrowing sector. As a testament to this, Aave is currently the largest borrow/lend protocol at $7.5b of active loans, 5x the quantum of the second largest protocol - Spark.

Since publishing my original Shuffle report for Delphi on July 7th, the project has delivered solid progress across the board. Beyond $SHFL’s price appreciation, we’ve seen clear growth in NGR (net gaming revenue), steady user engagement, and lottery dynamics that continue to validate the core thesis.

In this update, I’ll break down why I remain bullish on $SHFLas a cornerstone of crypto’s emerging “revenue meta,” highlight key catalysts on the horizon, and outline a few steps the team could take to accelerate a rerating.

With the right adjustments and as the market begins to recognize SHFL’s underlying business strength, I see a credible path for Shuffle to break into the top 100 coins by market cap (from its current rank of #455).

The TLDR

Ethena is the fastest growing DeFi product in history. Scaling its yield-bearing stablecoin to $3bn in a matter of months, no other stablecoin has grown as quickly as USDe since inception. Chapter one of Ethena’s story has been focused on building a superior stablecoin that is safe. Having withstood the test of extreme market volatility with no issues, it now looks to go after the biggest prize in all of crypto - Tether's $160b lunch. This is where Ethena begins to transition from a “DeFi native stablecoin” into a legitimate stablecoin contender with a superior value proposition and drastically improving distribution channels. The introduction of USTb, latest involvement of Blackrock’s treasury products and falling interest rates, have resulted in the stars aligning for Ethena and it is now in pole position to make USDe the dominant stablecoin in crypto.

Due to a myriad of market inefficiencies, you now have the chance to buy the strongest upcoming contender in the biggest vertical in crypto, at 1/4

Elevator Pitch

The Grass Network is currently generating mid–8 figure annualised revenue, with the potential to double by year-end following the imminent launch of two major catalysts: multimodal data search and a new Android app. The $GRASS token captures 100% of this upside, yet has been unfairly discounted in a market crowded with dubious tokens and rightfully sceptical investors. Even under conservative assumptions, a doubling of revenue could justify a $GRASS price range of $2.97 to $5.35.

Executive summary

Fundraising on Solana remains structurally broken. Most token launches today are either speculative meme experiments or insider-driven presales, while so-called “fair” launches still favor early entrants at the expense of broader investors. This leaves serious builders without a credible way to raise capital, and investors without a fair way to participate.

MetaDAO introduces the first sustainable alternative: a futarchic ICO model where all participants enter at the same price, capital is held in a DAO treasury rather than captured by founding teams, and failed projects unwind transparently through structured buybacks instead of abandonment. The result is a mechanism that preserves the openness of ICOs while removing the scams, insider advantages, and asymmetric risks that have undermined the fundraising landscape.

Market Overview

(+) Pokemon cards growing exponentially in interest once again. this is clearly not one off trend. NFTs were one off, but for something to resurge, it indicates something of substance & structure

TLDR: Meteora TGE is tomorrow 23 Oct, 13:00 GMT. IMO this is a short on Hyperliquid and Binance (more liquid) pre-launch perps, and onPolymarket NO shares (higher leverage).

The reason is because (i) the fully unlocked airdrop is massive at 40% of supply or ~$400M fully unlocked, including huge airdrops to legacy MER holders, (ii) the token has no use case, (iii) airdrop recipients have shown lack of interest to “provide liquidity” at TGE, (iv) pre-market perps generally priced above spot due to shorters being risk-takers, and (v) the market is generally weak with no appetite to bid new alts.

$RNGR is the culmination of DeFi’s evolution. Through the years, up until now, there are too many layer 1s, and fragmented liquidity continues to exist across DeFi products. Capital inefficiency and a plethora of user interface changes plague users.

RNGR solves this through aggregation and abstraction of cross-chain DeFi:

• Brings the best of Solana DeFi to users in 1 app: Seamless access to top protocols (perps, swaps, vaults).
• Cross-chain integrations = more robustness: If one chain or protocol goes down, the app stays up. User-centricity skyrockets.
• Aggregators drive discovery for DeFi protocols: Especially when complexities are abstracted away—think pair trades, DeltaNeutral strategies, iceberg orders, basis trades, and smart routing.

JLP is a structured product from the Jupiter exchange on Solana. Among other things, Jupiter offers perpetual futures trading on BTC, ETH, and SOL with up to 100x leverage, and JLP acts as the liquidity and counterparty to these traders. JLP is made up of a basket of assets.

For every $1 of JLP bought, you are effectively buying:

What is Metaplex

Metaplex Protocol is a decentralized platform built on Solana that powers the creation, sale, and management of digital assets. Offering tools and standards to developers, creators, and businesses, Metaplex supports a wide variety of digital assets, from NFTs and fungible tokens to real-world assets (RWAs) and gaming items. With over 550 million assets minted across 55 million unique wallets, Metaplex stands as one of the most widely utilized blockchain protocols and developer platforms.

Key Products of Metaplex

Thesis

• Crypto AI x Memecoin mindshare is at all-time-highs: The creation of $GOAT has united users across the bellcurve and demonstrated that a) velocity at which autonomous AI Agents develop and emass social following cannot be understated; and b) mindshare meaningfully translates into memetic value of their underlying token(s). To me this also marks a shift Crypto x AI sentiment from infra → consumer, the number one consumer vertical of the cycle is memecoins, and virtuals is a platform that combines the best of both. 
• Virtuals is a pump.fun-style platform for AI Agents - it allows permissionless creation and tokenization of AI Agents. Its first initial agent offering (IAO), Luna, has over 500K followers on tiktok, earns ~$700 per livestream in tips, and the agent token reached a $40M market cap in 5 days.
• $VITRUAL is the base currency of its agent ecosystem and is required to deploy, trade, and interact with agents in its ecosystem.  It accrues value on both the velocity at which new agents are deployed, and the virality of individual agents being that to purchase an agent token, one must first buy $VIRTUAL.