🔎3 narratives I'm bullish on
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In today’s newsletter:
🔎3 narratives I'm bullish on
📊 On-chain alpha
😂 Crypto meme of the week
🗞️ The latest DeFi news
🔎3 narratives I'm bullish on
Q3 is finally here.
And it looks like we are back with a strong start to July.
BTC just hit a new all-time high and ETH is also starting to surge (hopefully this pump will last for more than two days).
In this issue, I thought it would be interesting to cover a few of the crypto narratives I’m most bullish on for this quarter.
Let’s dive in 👇
Real Yield
Remember the Real Yield narrative from 2022?
Those who were around at that time probably recall that tokens like GMX from projects that were generating a lot of revenue surged to new ATHs.
Back then, people were trying to bid on projects with real cash flows, and I wouldn’t be surprised if the same thing happens again in the coming months.
I’m saying this because the past few months have been very rough for most altcoins, and the projects with the biggest chance to survive in such harsh market conditions are those with revenue-generating products.
Some projects that could potentially benefit from this are Fluid, Pendle & Hyperliquid.
Pendle is launching Boros in the next few months, which is a completely new product that will create an additional revenue stream for the protocol.
Hyperliquid has limited upside in the short term, in my opinion, as it already has a massive market cap, but it’s one of the top revenue-generating dApps.
FLUID could catch a bid due to its upcoming expansion to Solana and the launch of Fluid DEX V2, unless the entire market crashes.
Real-world assets
All major companies are bullish on tokenization.
BlackRock launched its own on-chain fund. JP Morgan is launching a stablecoin on Base. Robinhood is bringing tokenized stocks to Arbitrum.
The past months have been huge in terms of tokenization-related announcements, and I expect this to eventually have an impact on the prices of RWA tokens.
The only question is: Which projects will be able to build the most successful RWA products and attract the most money on-chain?
That remains to be seen.
But I’m keeping an eye on Backed (which launched xStocks on Solana), Chintai Network, Lendr.fi, Clearpool, Robinhood, and Ondo Finance.
I think there’s a good chance tokenization will become a multi-trillion dollar sector by 2030, and RWA narrative will probably also catch a bid in Q3 this year.
InfoFi
Whether you like it or not, InfoFi, the new sector focused on tokenizing attention, pioneered by Kaito, is probably here to stay.
Since December, Kaito alone has distributed over $106M in airdrops (excluding the Kaito airdrop) to yappers and KAITO stakers.
And it generated $32M in revenue in Q1 2025.
Not everything is perfect, though. One downside of its Yap-to-Earn campaigns is they led to a surge in low-quality X posts on CT.
But Kaito’s algorithm will probably get better over time.
We’re living in an attention economy, and especially during uptrends, every project is fighting for mindshare and yapper leaderboards are a way to capture it.
There are already over 80 yapper leaderboards, and for every new one, Kaito gets a $150,000 yearly listing fee.
So I think it’s safe to say that it has reached product-market fit, and I expect InfoFi to keep growing in popularity, which should lead to a surge in Kaito’s revenue.
It’s worth keeping in mind though that, generally, crypto in the summer is boring, so I don’t have very high expectations for altcoins in terms of price action in Q3.
Yet if ETH keeps pumping (which is a big if), we could see a mini altseason.
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On-chain Alpha🔎
AAVE just had its best earnings week in the last year
Crypto Meme😂
The latest developments in DeFi
Phantom Wallet announced the integration of Hyperliquid perps
Ethereum Community Foundation was launched to push the ETH price to $10,000
Pendle’s LP tokens are now supported as collateral on Morpho
GMX V1 was unfortunately exploited for $40 million
Defi App DAO is discussing a proposal to activate a token buyback program
Resolv Labs introduced Resolv Vaults - a set of automated yield strategies for its stablecoin USR
Mantle introduced MantleX - its AI research and incubation arm
Hyperliquid released the CoreWriter upgrade - allowing HyperEVM dApps to interact with HyperCore's central limit order book
INFINIT V2, which enables executing complex DeFi strategies in just 1 click, entered private alpha
Ondo and Pantera Capital allocated $250 million to accelerate on-chain tokenization
Eclipse released its airdrop checker
Hyperdrive released the Hyperdrive HYPE Assistance Fund - with 100% of the protocol revenue being used to buy HYPE
Kraken’s Ink acquired the Vertex orderbook DEX
Elon Musk announced his new political party will embrace Bitcoin
That’s all for this week!
Until next time,
The DeFi Investor
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