Empire

Jason Yanowitz × Michael Weisz

Kamino is positioning itself as embedded lending infrastructure that turns tokenized assets into productive collateral while distributors retain customer ownership, with Binance Wallet users already depositing $100 million into its vaults.The model requires transparent, cash-generating assets and day-one liquidity; Kamino currently has only credit and liquidity, will avoid venture-fund lending for six months, and expects revenue from interest spread or net interest income sharing.

Robinhood Chain activity is turning distribution into measurable fees, with $4.7M in one day and a stock repricing near a $100B valuation, though the 90% margin extrapolation is disputed.Tokenized-stock memecoins expose weekend inventory risk because authorized participants cannot mint shares off-hours; Robinhood’s expected 24/5 rollout within nine months and unresolved manipulation, KYC/AML, and Ethereum fee-capture questions are the catalysts to watch.

Jason Yanowitz × Hayden Adams

Uniswap is repositioning as a liquidity network, handling 60–70% of EVM stablecoin swaps while Robinhood Chain delivers its highest volumes anywhere.Hayden Adams argues AMMs can compete through lower capital costs, while correlated base pairs and V4 hooks could extend efficient liquidity to volatile and tokenized assets.That B2B flywheel now ties partner distribution and volume to roughly $100M annualized UNI burn, with payment-network adoption and execution still worth monitoring.

Jason Yanowitz × Paul Frambot

Morpho raised $175M in roughly two-to-three weeks by positioning its network, not code, against a global credit market.Connectivity, enterprise integration, and neutral rails used by Robinhood, Coinbase, and Kraken support the network thesis, while Morpho Midnight tests curator-driven rate control; zero protocol revenue and a deliberately inactive switch leave adoption and monetization timing as key watchpoints.

Jason Yanowitz × Johann Kerbrat

Three weeks after launch, Robinhood Chain reported $750M market cap, roughly half a billion in TVL, 105M+ transactions, 2M addresses, and over $560M in 24-hour DEX volume, with DAU comparisons dependent on measurement.Its Arbitrum stack atop Ethereum prioritizes adoption over chain-fee revenue, while Robinhood’s 27M funded accounts distribute crypto products; tokenized equities offer a global-access wedge whose catalyst remains regulatory clarity, not technology.

Jason Yanowitz × Paul × Se

FOMO is building a pseudonymous, self-custodied trading social graph, with roughly 700,000 lifetime users and 30% deposit conversion.Sponsored fees, USDC balances, 5-bps major-asset pricing, and creator distribution support adoption, while crypto-native users drive 30–50% of volume.Whether the graph compounds before Coinbase, Binance, and Robinhood move more trading onchain remains the key test.

Jason Yanowitz × Santiago Roel Santos

After eight months across 20-plus sectors, Santos says Inversion’s crypto-embedding thesis failed to clear the return hurdle, shifting focus to quality, cash-flowing businesses.On-chain B2B borrowing costs 8–12%, while crypto FX quotes sit 20–50 basis points above mid-market; Robinhood Chain’s more than $500 million in Uniswap volume and roughly 150,000 new active wallets show verticalization, though P&L value remains disputed.

Jason Yanowitz × Vishal Garg

Better’s mortgage platform runs at an $8B annualized origination rate, with platform revenue above 50% and production costs under $2,000.AI standardizes agency rules; tokenization could cut capital costs 25–100bps, but the planned $500M Sky facility is not live.Coinbase’s product produced a 6.5% fixed-rate mortgage without margin calls; Garg targets adjusted-EVA breakeven by September and calls AI essential.

Jason Yanowitz × Santiago Roel Santos

Crypto venture is splitting into a weak early-stage market and improving later-stage payments, stablecoin, tokenized-asset and M&A activity.Stablecoin transfer volume remains distorted by bots, but adjusted metrics, card swipes and about 30 public-company implementations offer stronger adoption evidence.Kalshi’s reported $40B raise remains unconfirmed as fee compression looms, while institutional clearing and block trades could expand prediction markets.

Mike Cagney × Jason Yanowitz

Connect—not lending—is Figure’s claimed moat: a Six Street-backed guarantor provides a private Fannie and Freddie-style takeout, supporting $1.6B of Q1 volume and roughly 50% adjusted EBITDA margins.First-lien expansion could make TAM 25x larger, but the wallet and native on-chain vision still depend on moving TradFi dollars and securing durable legislative clarity.