B3nj4min
@B3nj4min_ETH
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Research @archimed_vc. Opinions are all my own and NFA
Rugpull Valley
Joined November 2021
The Fat Participation Thesis 👀.
Introducing our latest Thematic Reserch Piece: The Fat Participation Thesis: Why the Future Belongs to Active Participants, Not Just Protocols or Applications. Read it here:
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Our investment in Layer3 wasn’t driven by a single product, it was a thesis on distribution as crypto’s core bottleneck. Signal is a major unlock: verifiable user intent at scale, built atop 3M+ paying users and 200M+ transactions. Layer3 isn’t another app. It’s the growth.
Introducing Layer3 Signal: the onchain relevance index. Most attention metrics in crypto are built on social noise. Signal is different. It shows where real attention, usage, and participation are shifting onchain.
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RT @Brandon_M_Kumar: Layer3 has one of the most robust consumer datasets in crypto. Today we’re releasing Layer3 Signal (in open beta) to m….
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$45 isn’t cheap. With $1B in run-rate earnings & $30B adjusted mcap, HYPE is trading at ~30x P/E. At a more realistic exit multiple let say 20x, you need to believe:.70% on-chain share remains.20% of perp volume moves to DEXs. Just to justify $45. $60+? $100? Needs much more.
Sounds absurd to say and I cannot even believe i'm typing it but based on Hyperliquid massive revenue growth think it's still relatively cheap here at $45. Trading around 10x P/S on a circ market cap and continues to smash expectations with all time highs in daily revenue.
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If these were stocks, they'd be trading at a premium to NAV, just look at nth Treasury company. trading above its BTC, ETH or SOL holdings. But in crypto, protocols with 9-figure liquid treasuries trade at 0.2–0.7× book. That's the irony. .
Digging a bit deeper, pulled treasury data directly from DeFillama. Liquid treasury only, majors + stables, no native tokens. Found the following.20+ tokens trade below treasury.Some by over 90%.Aggregate Price-to-Book = 0.78x.Total liquid treasury: $2.06 B.Total market cap:
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Digging a bit deeper, pulled treasury data directly from DeFillama. Liquid treasury only, majors + stables, no native tokens. Found the following.20+ tokens trade below treasury.Some by over 90%.Aggregate Price-to-Book = 0.78x.Total liquid treasury: $2.06 B.Total market cap:
Without real rights, tokens are just fancy receipts. Golem trades at ~0.8× price-to-book.$234M market cap vs ~$290M in ETH treasury. Activist playbook: accumulate sub-NAV, coordinate messaging, highlight governance failure, and apply pressure. It looks like a textbook value.
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Without real rights, tokens are just fancy receipts. Golem trades at ~0.8× price-to-book.$234M market cap vs ~$290M in ETH treasury. Activist playbook: accumulate sub-NAV, coordinate messaging, highlight governance failure, and apply pressure. It looks like a textbook value.
Golem went from doing compute, to building some stupid funding platform while sitting on 100k eth and sponsoring girlie dinners. just give the ETH back, we need more activist campaigns to dissolve these DAOs.
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Undervalued on the lending opportunity alone, now taking this into account makes it an even more high conviction + asymmetric opportunity…while swaps still in beta.
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This week’s Insider maps the calm before the shift.
In this week’s Insider: The Setup Before the Shift. BTC consolidates. Alts drift. Macro pauses. But tokenised equities?.Live. On-chain. Real. Here’s what’s happening beneath the surface 🧵
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A must read.The ticker is EUL!.
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LFG!.
Projects with strong cash flows are in a unique position to buyback large quantities of their own token given the carnage in alts YTD. June was by FAR the largest $MPLX buyback ever using solely prior month fees given earlier periods included the historical fee "catch-up"
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Some of which are missed in the list from @stacy_muur with a value accrual criteria
Several high-performing protocols are missing from this list:.– Metaplex.– Layer3.– Aerodrome.– BananaGun.– Hyperliquid.– Cowswap.– Pendle.– Kamino. to name a few.Accurate data isn’t just helpful it’s an edge. Many of these are generating >$1M/month in revenue,.often trading at.
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Several high-performing protocols are missing from this list:.– Metaplex.– Layer3.– Aerodrome.– BananaGun.– Hyperliquid.– Cowswap.– Pendle.– Kamino. to name a few.Accurate data isn’t just helpful it’s an edge. Many of these are generating >$1M/month in revenue,.often trading at.
Full list of protocols that have >$1M in generated monthly revenue. Just 36 names. Read this as a map of protocols that achieved a product-market fit. Source: @tokenterminal.
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Alpha in plain sight.
Robinhood using Layer3 for quests on Arbitrum to educate their userbase. Big win for Layer3, Arbitrum, and of course Ethereum. Great day for crypto.
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Robinhood just announced the Robinhood Chain, a custom Layer 2 built on Arbitrum to support tokenised equities. This marks a pivotal moment in the evolution of financial infrastructure. In The Insider last September, we wrote that tokenisation and blockchain aren’t simply
You didn’t think we’d just announce new products, did you?. The Robinhood Chain is currently being built on @arbitrum to power the future of asset ownership. #RobinhoodPresents
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Mid-year check-in on our 2025 predictions: .What’s working, what’s missed, and what’s still in motion across BTC, ETH, ETFs, DeFi, and alt markets. Thread is full of signal.
🧵 In this week’s Insider: H1 2025: Tracking the Predictions. In Jan we made 12 bold crypto predictions for 2025. Now, it’s time to see what’s working, what’s lagging, and what’s still in motion. Here’s your H1 scoreboard👇
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Altcoins Unwind, Exchanges Rewire.Out now, read it here.
🧵In this week's Insider: Altcoins Unwind, Exchanges Rewire. Bitcoin drops into key support as altcoins break down, liquidity stalls, and geopolitical risk returns. Beneath the surface, structural shifts in distribution & market access is accelerating. Let’s unpack the signal👇
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🦾🦾🦾.
While DEX trading volumes have returned to summer '24 levels, tokens created through @metaplex are still up 2x since that period. Memecoins, creator coins, RWAs, AI, gaming, NFTs, etc — all lead back to $MPLX. Tokenize everything 🦾
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