Kaff

Spent more time thinking about what comes after the AI chip trade, and I think the market may be staring at an even bigger bottleneck: DATA
Not raw internet sludge or another database with an AI label slapped on it.
I mean clean, licensed, attributable and increasingly real-world data that models can legally train on and actually learn something new from.
Compute is still important, but it’s no longer the only scarce input.
Morgan Stanley sees around $2.9T to $3T of AI infrastructure spending through 2028, with less than 20% deployed so far.
There will be more #GPUs, more data centers, more po

► The State Of Solana Consumer Apps
Not saying @Solana has escaped trading brainrot.
@Pumpfun still sits at the center of gravity:
– $91.4M Q2 revenue
– 11.9M total token launches
– 42k tokens launched in a single day in June
The interesting part is Solana dapps did $263M in revenue in Q2, around 41% of total Web3 dapp revenue.
The chain also averaged around 100M daily txs, 4.3M DAU, and 1,000+ live apps.
I think Solana now has apps people actually spend time in. Q2 finally gave real evidence that the answer is becoming more complicated.
People are opening packs, trading tokenized graded cards

Some #Robinhood Chain stats worth noticing:
> The chain’s vision is built for RWA + DeFi + Agentic trading, but the CEO heavily shilled it as a great chain for memes.
> TVL has already surpassed $100M, with 99.99% coming from Morpho and Uniswap.
> No native DEX yet, Uniswap is currently the only one, driving over $250M in volume since mainnet launch.
> There’s a mini memecoin trend forming, led by $Cashcat (Robinhood’s original name).
> Robinhood Chain generated 7.8 ETH (~$13.5K) in fees in the last 24 hours.
> However, there are only ~33K active wallets right now → still very early.
Yes, ever

$HYPE remains my biggest bag this cycle, not selling a cent into the recent local top.
– crossed $1.15B cumulative protocol revenue
– annualized run rate around $828M
– daily fees running $1-2M on a normal day
– 30d fees at $65.9M
– doing 22x GMX and ~189x dYdX on the same 30d basis
Break down where it's all coming from tho, cause people think it's just perp fees.
– native perp trading fees (the main engine, still the fat majority)
– HIP-3 permissionless markets, already ~10% of total protocol revenue
– HIP-4
– spot fees
– liquidation fees feeding the insurance side
– HLP trading and market-ma

$PUMP down 85% while @Pumpfun sits on $1.05B cumulative rev is one of the most unhinged disconnects in this market rn.
They still own the Solana launchpad casino. 90% of new memecoin launches run through them after clapping every competitor that tried to step up.
Market still doesn't price it like a top earner tho.
– $600M circ mcap
– $324M annualized rev
– 1.9x rev/circ cap
– 4.6x rev/FDV
For a protocol that has used revenue to burn 33% of the circulating supply, the raw multiples look stupid cheap.
I think the cheap multiples come down to bad token design. Zero organic demand for the token i