As a delta-neutral fund, we farm funding rates across most markets, so we also had positions in the pre-market of $XPL (Plasma). Our strategy was to short $XPL on Hyperliquid with isolated margin and a liquidation level about 2.1x above the entry price of $0.6, while going long

End of this thread. Research conducted by @monolith_fund team. Thanks for reading this far! More alpha coming.

Final take: BNBFi is alive and maturing fast. These four projects aren’t just random tokens, they’re the core infrastructure powering the BNB ecosystem. When $BNB runs, these are not tokens that give 100x return like memes, but surely the most consistent plays.

Together with $CAKE, $XVS, and $LISTA, it completes the flywheel: $CAKE → trading volume $XVS → yield + credit $LISTA → stablecoin + liquidity base $ASTER → leverage + perp flow These are the must-have plays if you want to go along with the BNB eco meta.

Why it matters: - Perp is the most sustainable business - $ASTER captures that leverage demand directly on BNB - Backed and promoted by CZ himself - It’s the on-chain exchange that mirrors what Hyperliquid did for Arbitrum, but inside Binance’s own backyard.

4. $ASTER Aster is the current leading perp DEX on BNB Chain — and CZ’s key weapon against Hyperliquid. It dominates derivatives volume in the ecosystem, with TVL now over $2.5B and steady growth.

Plus, the roadmap for Q4 2025 is bullish: - Fluid-style DEX (mixing AMM + lending) - USD1 Hub expansion - RWA yield-backed stablecoin - Fixed-rate lending products - LP collateral for lisUSD minting None of these are priced in yet. Binance Labs invested $10M, and @cz_binance

The numbers are wild: - $2.5B TVL in an up-only mode - $110M market cap - That’s a MCap/TVL ratio below 0.03 — extremely low compared to peers like $CAKE, $AAVE, or $MAKER. - And since it's a BNB restaking protocol, as long as $BNB goes up, Lista TVL goes up

3. $LISTA If there’s one project defining the BNBFi narrative right now — it’s $LISTA. YZI Labs (ex-Binance Labs) recently announced a $1B BNB Ecosystem Fund, and LISTA was named as one of its core projects. That’s direct backing from the biggest capital pool in BNB’s history.

On top of that, Venus launched E-mode, allowing users to loop BTC and stablecoin deposits for yields up to 30%+ APY. Which creates a narrative to bring even more TVL. Meaning if BNB eco blows, $XVS might be a hidden gem with a strong core business and low valuation.

Current valuation still looks cheap: Market cap / TVL ≈ 0.05 While peers like Aave or Compound trade around 0.3–0.5 That’s a 6–10x valuation gap, even though Venus generates a consistent real yield and leads lending on the BNB chain.

2. $XVS Venus is the biggest lending protocol on BNB Chain — and arguably the heart of BNBFi. - $2.2B TVL - $36M in annualized protocol fees It’s one of the most profitable DeFi money markets, yet trades at a fraction of peer valuations.

The timing couldn’t be better - meme season brings liquidity, traders chase launches, and CAKE.PAD connects both narratives. When $BNB volume rises, $CAKE becomes the most reflexive bet on the ecosystem. It’s the safest bet on the BNBFi flywheel.

There’s also a rumor that CZ holds a large $CAKE stack, an old but powerful narrative. Meanwhile, Pancake just launched CAKE.PAD, a new launchpad platform where: - Participation requires holding $CAKE - Every launch adds direct buy pressure - Creates fresh utility for the token

1. $CAKE Obviously, when $BNB moves, $CAKE follows - the top DEX, it’s still the liquidity engine of the chain. And meme coin hype brings massive trading volume. Meaning more fees for @PancakeSwap. Result is that TVL has already exceeded $2.8B, and fees are up triple digits

$BNB recovered fast after crashing, now breaking ATH nonstop, reaching $1375, and outperforming both $BTC and $ETH. While everyone’s chasing Chinese memes from 10K to 10M, people forget about the most consistent $BNB beta plays that keep printing quietly. Here are the key ones

What a historic night. Yes, our portfolio felt it too, BUT: – Don’t be over-leveraged. Nights like these punish risk. – Prices can go lower, but it’s the discount zone. – For long-term conviction, these dips are bids, not panic. This is your CRASH opportunity, to thank

5 insights we shared at @GammaPrime_Fi RWA panel 🧵 1/ Tokenized equities Crypto investors finally have a bridge into strong Web2 companies, directly through the wallets and rails they already use. This unlocks diversification that was impossible before. 2/ Shift in strategy

Huge thanks to all the investors, founders, and builders we met during an incredible week at @token2049 Singapore 🔥 We were especially glad to connect with: @tumilett, @0xryankim, @laurak_gate, @cosmo_jiang, @Issa_Issa_Z, @adrianwjfritz, @CryptoHayes Great networking with

Takeaways from TOKEN2049 Singapore 2025. Here are the key notes we brought back from this year’s conference: Conference vibes — Less crowded, but higher quality of events compared to last year. — Overall sentiment: people are more bullish on crypto than ever. Perp DEX