@jamesjho_ of @Modular_Capital shared a chart recently posted by @tn_pendle of @pendle_fi.

The chart shows how Pendle has transformed its composition, with over 80% of its current TVL in USD / stablecoin-related assets. It holds roughly $4 billion in stablecoin-linked TVL (including assets like Ethena’s USDe and Sky’s USDS), and has effectively transformed into an "indexed" protocol aligned with the stablecoin market as it grows.

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Jeffrey Tai of @HyperionDecimus believes one of the most interesting charts in crypto right now is telegram (TON).

It initially had a strong run in 2024 and a lot of hedge funds had put on exposure to what's considered one of the most widely used apps in the world. Following Durov's arrest, and general market weakness, $TON had sold off for almost 6 months straight. A significant amount of $TON from lower cost bases was sold both on liquid markets as well as over secondaries.

In the last couple months, $TON has finally formed what seems to be a durable floor. The TVL onchain has also put in a floor in units of $TON.

During the initial run up, random telegram apps were created, trying their hand at creating more use cases for TON but those were all very fleeting. However, now we're seeing a shift back to real utility, such as anonymous numbers being minted as NFTs, whose chart shows very real demand.

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Frank Cavallo of @MotusCM is interested in the growth of the HyperEVM.

Many following Hyperliquid are focused on the growth of its market share in perps trading.  Indeed, fees from perps trading are the largest driver of $HYPE’s current valuation, as they’re the primary driver of protocol buybacks.

However, equally important to $HYPE’s future valuation is whether the market perceives it as “just another perp DEX” versus a viable competitor to other L1s.

Accordingly, in addition to tracking flows on HyperCore, tracking growth of the HyperEVM will help dictate whether $HYPE ultimately trades at DEX multiples versus [much higher] L1 multiples.

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@David_Grid who manages @FinalityCap's liquid fund is looking at the liquid digital asset-related cross-asset universe.

The Circle IPO is just another example of how the digital asset-related investment universe is rapidly converging with traditional finance. Finality estimates that traditional instruments like stocks, debt, and derivatives now make up ~$300B or 10% of the liquid digital asset market. This offers unique opportunities for active funds with the skill and ability to capture cross-asset alpha.

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Wilson Veech at @redefi_capital chose bitcoin because “if the king doesn’t eat, the serfs don’t” highlighting $BTC's breakout potential across daily, weekly, and monthly timeframes.

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This post is for informational purposes only and should not be construed as financial or investment advice.