Andrew Moh | Alpha 🧵

The next perp winner probably won't be decided by incentives. It'll be decided by what assets users can trade. And the narrative doesn't lack users; it lacks new markets to bring on-chain. BTC or ETH are not enough; users need something familiar. @OndoPerps is filling exactly that gap: RWA perps (commodities + tokenized equities). It's not a coincidence that recent platforms choose RWAs for perp trading: + 24/7 access to assets that are normally locked behind market hours (equities, commodities, etc) + Tokenized equities are no longer just spot assets, they become viable collateral and underlyings for perpetual markets. In fact, you can find RWAs perp in multiple places: + Hyperliquid (via HIP-3) + Aster + Grvt + Lighter + Ostium Ondo Perps has one real edge: it's built on top of Ondo Global Markets, which just reportedly crossed $1b in TVL, $2b in cumulative trading volume, and around 70% share of the tokenized equity issuer market. Instead of building an RWA ecosystem from scratch, Ondo Perps can leverage the existing asset base and distribution of Ondo Global Markets as that ecosystem grows. Distribution brought users. Asset coverage may decide who keeps them. For early participants, there's also a $150k reward pool during week one.

Anyone still here? 😳

Anyone still here? 😳

Unpopular take: most RWA projects are solving the wrong problem. Issuance is not the bottleneck. Distribution is. That’s what I agreed with Gohan’s thesis. After an asset gets tokenized, where does it actually go? Where does it circulate, get used as collateral, get routed into yield? That answer is mostly silence right now. ➜ The best tokenized T-bill in the world still just sits there if the distribution layer is weak. This is how value accrues in any financial system. Asset managers get the headlines. Clearinghouses and prime brokers capture the durable value. The rails matter more than the assets running on them. Onchain will not be different. Mantle is the only chain I see explicitly building for this role Not just announcing RWA partnerships. Actually constructing the plumbing. + Ondo USDY and Agora AUSD named as core yield-bearing asset partnerships on its official site + xStocksFi live on Mantle, 24/7 tokenized equity trading via Fluxion + $2.117b bridged TVL, $776.55m native TVL, $766.01m stablecoin MC + Treasury disclosed at $4b+ in January 2025, RWA tokenization named a core strategic pillar ➜ That's a chain positioning itself as where tokenized assets actually move. New stablecoin liquidity is still flooding in. USD1 just crossed $4.290b market cap with $1.498b in daily volume. All of it needs somewhere to land. anw, everyone is watching what gets tokenized next. I'm watching where it lands. https://x.com/0x99Gohan/status/2044000978962395516

Europe is well-known for its crypto legal framework, MiCA, MiFID, and DOEA. But they mean nothing without practical case studies, like Vision with their Vision Chain - shaping the blockchain infrastructure in the region. Vision Chain inherits the fulfilled model of Optimism: + OP stack - fast and cheap + a part of Optimism Superchain + fully EVM compatible with the largest user base ofc, Vision Chain is not 'another' L2; it's pretty much like placing the first bricks for a regionally adopted network infrastructure where these moves are enabled: + using the MiCA-compliant Euro stablecoins for gas fees + connecting with major banks in Europe to establish a strong institutional backing imo, with the solid base from Bitpanda, Vision Chain will have it

When composability enters RWA, building a network specialized for RWA is the top idea. For Bitpanda Enterprise, it's the Vision Chain. Why Vision is the best fit for composable RWAs: + a ready end-to-end line and tech base for tokenizing + a solid base of regulatory adoption: MiCA (Europe), FCA (UK), VARA (UAE), and more + inheriting the strong base of branding and users from Bitpanda since 2014 These traits suggest that Vision has been preparing for the RWA era for years. With this preparation, Vision suits any use of RWA from private to institutional. Which assets should be present first on Vision Chain? https://x.com/vsntoken/status/2029155807753830482

CT says Sei is dead. Meanwhile: > millions of users > billions of transactions > one of the fastest EVMs in crypto And the last 6 months of shipping from Sei Network tell a completely different story. Here’s what most people are missing 🧵⬇️ https://x.com/andrewmoh/status/2030951473773990051

When the F&G was down, we knew it was time to grind for airdrops. And this time, shift your attention to Bitpanda. Remember Vision - the emerging web3 branch of Bitpanda? Engaging with the Bitpanda wallet app is the only gateway to access VSN airdrop. TBH, I feel unleashed when setting up a new Bitpanda wallet took me less than 30 sec. + PIN code instead of phrases + easy creation and funding + biometrics enabled right when creating the wallet Thus, there's no obstacle that prevents users from accumulating XP. Tips to max out XP: + try to maintain daily and weekly streaks + prepare your assets on Ethereum, Avalanche, OP, Base, Arbitrum, Polygon, and Solana (as many as you can) + increase your multiplier by staking VSN Just a reminder that you can send VSN from popular exchanges like Binance or OKX.

ngl, Europe was one of the very first regions to form a framework on digital assets - MiCA, which has been paving the way for protocols to grow. One of them is Vision, derived from Bitpanda, who's been shaping the future of DeFi in Europe. fyi, Bitpanda is a regulated investment gateway to digital assets including stocks, commodities, and crypto. Think of Vision as the web3 branch, offering these: + web3 services including DeFi, wallet, transferring, tokenizing, and more + connecting networks to networks, projects to projects + joining the first step in forming a regulated web3 market in Europe Vision should be at the frontier when discussing regional Web3 development. Looking ahead, the launch of Vision Chain, a L2 specifically focused on RWAs is expected later this year. If it successfully taps into Bitpanda’s massive native user base, the growth potential will be truly immense.

$SENT is already live, and the post-TGE hype is getting even higher. Sentient should be capped at the top AI infra builds since they're offering a whole open-source AGI which suitable for both web2 and web3. This means a massive market output for Sentient's features: + agent swarm system + open-source reasoning architecture + benchmark for model measurement And in the explosion of AI needs, Sentient may score a strong mark in the long-term bag of AI infra. I just claimed my stimmy $SENT airdrop. Send it

GM, anyone here?

GMNT ⚙️ Mantle State of Mind ep. 02 starts in 1 hour - 6PM UTC+8 Don't miss it. Tune in to catch all W's 🫵 https://x.com/Mantle_Official/status/1981284513146941537

BTC-backed stablecoin is undoubtedly the future. Uncap enhances your BTC holdings with 20% yield payouts through the following process: + deposit WBTC + lend USDU at 75% LTV + deposit USDU to receive 26% APR In essence, you will earn around 18.7% (=24.94%*75%) on your BTC holdings. How Uncap Stands Out Among Other CDPs: + native only Bitcoin as a collateral asset at a maximum of 75% LTV + extremely low annual interest rate of 5% + customizable borrow amounts and interest rates + a dynamic peg response keeping USDU around $1 Alternatively, you can provide liquidity to the USDU/USDC pool on Ekubo. This positions Uncap at the forefront of the BTCFi wave on Starknet. https://x.com/uncapfinance/status/1976578252672995633

Robinhood tokenized nearly 500 US stocks on Arbitrum. Recently, 80 new tokens were added: + bringing the total to $19.3m in cumulative mint volume, with $11.5m burns + about 70% are stocks, 24% ETFs, and the rest include commodities and crypto ETFs. Arbitrum’s smart contract platform could become pivotal for TradFi instruments like stocks and ETFs, enabling transparent, efficient trading. ➜ It showcases Arbitrum’s strong potential to transform TradFi activities through DeFi.

Last week on Sei: + $CLO from Clovis, the liquidity hub of Yei Finance, has closed its registration. Additionally, the TGE of CLO is scheduled for Oct 10 on Sailor on Sei + Sei is entering the IP market through a collaboration with Kindred Labs + stock…

Builders are flocking to Web3 at lightning speed, drawn by the lucrative opportunities in the crypto market. However, they face a common challenge: converting their paychecks into cash - which includes navigating multiple platforms ➜ this process has to be in the same line with DeFi Abstraction. UR x HackQuest aim to address this issue by offering: + the shortest way to convert crypto to fiat + 7 fiat currency options + near-zero fees + compatibility with Apple Pay, Google Pay, WeChat, Samsung Pay, and Alipay This not only simplifies payment processing for builders but also enables projects to employ talent from anywhere. Sign up on HackQuest for the deal. https://x.com/UR_global/status/1979035146876785046

Tech Talk: It's no coincidence that Allora has opened a Prediction competition in their Forge. Recent research by Allora demonstrates that forecasting model performance is becoming a game-changer for decentralized inference. What does the process look like? + different scenarios are analyzed separately + comparisons are conducted between historical and forecasting methods + final scores are tested on the Allora testnet As users, we can anticipate the first AI-powered Prediction Feeds, which can significantly impact our decision-making. A billion-worth idea is in the making. https://x.com/AlloraNetwork/status/1976287253904105671

Last week on Sei: + $CLO from Clovis, the liquidity hub of Yei Finance, has closed its registration. Additionally, the TGE of CLO is scheduled for Oct 10 on Sailor on Sei + Sei is entering the IP market through a collaboration with Kindred Labs + stock trades are coming to Sei, unlocking the $62.8t US stock market. Moreover, tokenized stocks have surged 244.84% over the past 30 days + the 2 largest tokenized US treasuries protocols, Securitize and Ondo Finance, are already integrated on Sei + $SEI ETF has been filed by REX Shares and Osprey Funds Busy week ahead on Sei.

In every era, there’s a place where builders gather. For the Internet, it was garages and dorm rooms. For AI, it’s The Forge - an innovation hub by Allora. Why it matters + ML engineers are already building and earning on The Forge + Short competitions with unique themes keep innovation sharp + The current challenge: forecasting BTC prices over 8-hour intervals + All participants receive full support through the Forge Builder Kit With so many ML engineers already active, it’s clear that Allora is building the pathways for ML-native collective intelligence. The Forge is more than a competition hub. It’s a beacon of creation, proof that AI builders have found their arena, and Allora is where they gather to create. https://x.com/AlloraNetwork/status/1972696656048181685

1,900% TVL change on HyperEVM with the debut of cmETH. mETH Protocol has been performing exceptionally well during Methamorphosis S3. Here are the remarkable metrics: + 76,712 unique addresses + 129,796 cmETH total supply (~$624.7m in TVL) + Pendle is the top protocol with a 13,260 cmETH supply + Bybit acts as the largest CeDeFi bridge, showcasing a 132% surge in cmETH's TVL Will there be more campaigns? I'm afraid not. ➜ However, the team has announced an upcoming new upgrade to position the protocol as the ultimate instant, on-demand access point to ETH yield. Thus, users can also expect a strategic shift towards HyperEVM-native dApps, Tier-1 custodians, and exchanges. Big plans for mETH ahead. https://x.com/mETHProtocol/status/1970097171975573658