OVERVIEW

Is... Is That... Green? 😲

Here’s What’s Happening 👇️

Today’s top trending tickers:

STOCKTWITS
24-hour Tug Of War ⚔️

NEWS
So What’s Going On With Aave? 🤔

What a week.

Bitcoin spent the week poking at $59k, eighth month of a bear market and counting. Ethereum is down about half on the year. Spot ETF money has walked out the door for six straight weeks. And then there's $AAVE ( ▲ 13.84% ) - up roughly 30% in two weeks, near $96.

So what’s going on?

Some of it has to do with Standard Chartered's Geoff Kendrick initiated coverage on AAVE with a $3,500 target for end-2030, that was on Wednesday and it popped +12%, had a green close yesterday of +2.5% and as of 1720 EST today, it’s up +13%.

Kendrick values Aave like a bank: deposits feed loans, loans feed fees, fees feed the token. At its October peak Aave held around $75 billion in deposits, enough to slot it into the top 30 U.S. banks by that measure.

But Aave was already outrunning the market before Kendrick hit send, for a boring reason: it's one of the few things in crypto with a real business behind it.

• Around $490 million in annualized fees. 

• Roughly $60 million in protocol revenue.

• The biggest lending book in DeFi by a wide margin, even after April's exploit cut its deposits in half.

• A stablecoin in GHO that sends all its interest to the treasury.

• A buyback.

• V4 live on mainnet since March.

• A four-year SEC investigation that closed in December with nothing to show for it.

It's also not one bank talking its book. Grayscale ran a discounted cash flow last week and got $80 to $100 of fair value, with a one-year base near $175. 21Shares puts its 2026 base at $188.

Whether there’s any staying power here, we’ll just have to see.

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PRIVACY
Stablecoin Transfers Are Naked. Starknet Has A Fix 🕶️

One of the downsides of a public ledger is, well, the public park. It’s like being naked. Everything. Sender, history, amount, timestamp - on the ledger forever. Fine for a base layer you need to trust. Lousy if you're a treasury rebalancing a position, or a market maker whose fills broadcast the strategy in real time.

Counterparties can (and do!) map your balance history before you sign a thing.

$STRK ( ▼ 2.77% ) ’s answer is STRK20, and $USDC ( ▲ 0.0% ) is one of the first stablecoins on it. Shield your USDC into a privacy pool and the balance goes dark - protected by zero-knowledge proofs instead of published in the clear. Transfer it privately, amounts and wallets hidden.

Unshield whenever, and it's back to plain transparent USDC.

It's the same USDC in the same wallet - no second token, no bridge into a walled garden you have to migrate to and trust. And the fee is flat, per transaction, like gas. Not a percentage skim off the trade.

That’s great news for the people in the compliance world. You don’t want everything to be public, so you need to able to keep some thing private. And Stark makes sure the auditing can be done too. Shielding registers a viewing key scoped to you alone - a legal request lets a designated auditor reconstruct your history and nobody else's.

DEFI
71% Of SPCXon's First Week Went One Place 1️⃣

I usually get suspicious of tickers that hype their own stuff - but this one is definitely worth checking out. Remember when everyone wanted to talk about $SPCX ( ▲ 0.15% ) going on-chain this month? There was one number that should've gotten the attention and didn’t.

$ONDO ( ▲ 1.9% ) ’s SPCXon - the tokenized SpaceX - cleared $9.87 million in its first week. Respectable for a brand-new private-market RWA people in the US can’t even touch. But 71% of that volume routed through a single venue: 1inch.

Seventy-one percent. One aggregator. Week one.

Issuing an asset on-chain is the easy part now - give a contract some terms, wrap the exposure, done. The hard part is the part it's always been in every market: getting filled at a price that doesn't make you feel like you’ve just been digitally robbed. 

Throw in the fact that RWA liquidity sits scattered across chains and venues (fragmented) and you get a scenario where the value migrates to whoever can route a trade to the best available price.

And 1inch pulled it off, and then some.

NEWS IN THREE SENTENCES
AI, Stablecoins, & Privacy News 🕵️

🪧 IP-Layer Project That Couldn't License BTS Reinvents As The AI Data Company

Story Protocol is renaming to The DATA Foundation, swapping $IP ( ▼ 12.04% ) for $DATA ( ▼ 12.04% ) and pivoting from IP licensing to proving where AI training data came from - after admitting 2025's licensing bets flopped against companies that guard their catalogs.

⚡ NEAR Splits Consensus From Execution

$NEAR ( ▼ 1.79% ) ’s next upgrade, SPICE, decouples ordering transactions from running them, dropping block times from 600ms to 200ms - which the team notes is roughly the floor set by physics and the time it takes light to carry a consensus message. It's a real piece of engineering, first among sharded chains, and the sub-second finality would put NEAR's settlement at 0.4 seconds against $V ( ▲ 1.73% ) ’s three.

🧢 Eyeball-Scanning Orb Project Solves Sneaker Bots By Selling 500 Hats To People Who Scanned Their Eyeballs

$WLD ( ▼ 3.97% ) ;s AgentKit lets your AI agent inherit a verified World ID, so a storefront knows a real human stands behind the bot doing the buying. The bot-resistance logic is sound - one item per verified human, spinning up more agents doesn't mint more eligibility, and the drop went to 500 different people instead of one whale's bot farm. The proof of concept being a hat giveaway is a little thin for a system that wants your iris on file.

NEWS IN THREE SENTENCES
Real World Asset Tokenization (RWA) News 🪙

🥇 Gold Token Heads To Solana During Gold's Best Run In Two Decades

Paxos is bringing PAXG - one token per LBMA-vaulted troy ounce, behind an OCC trust bank with monthly KPMG attestations and an annual physical bar audit - to $SOL ( ▲ 8.34% ) . Zero custody fee against the 10 to 40 basis points an ETF skims to sit on your metal, settlement in seconds, redemption for real bars at 430 tokens. The Token-2022 Permanent Delegate enforcing compliance also lets Paxos freeze your holdings.

📈 Tokenized-Stock Platform Will Now Redeem Your NVDA At 3am Sunday

$ONDO ( ▲ 1.9% ) turned on round-the-clock minting and redemption for six tokenized US stocks and ETFs, a real step past the "24/7" claims everyone else makes for what's secondary-market transfers. Actual mint and redeem at any hour, weekends and holidays included, is the harder thing to build, and Ondo - first tokenized-stock platform past $1B in TVL - built it. The one question a trader asks: when NYSE is shut and you redeem at "the current prevailing price," whose price is that.

NEWS IN THREE SENTENCES
Metaverse, NFT, & Gaming News 🎮️

🏷️ ENS Publishes 2,000-Word Meditation On The Human Soul To Sell You A .eth Domain

The argument runs that naming is one of humanity's oldest instincts - cavemen named their dogs, you name your wallet, the circle of life - and $ENS ( ▲ 0.53% ) caps it with a cast of mascots named Earl, Peanut, and Kuzco. There's nothing to ship in this one - no release, no feature, just an essay. A very long reminder that a readable handle beats a 42-character hex string, which most people sorted out the first time they typed an address.

NEWS IN THREE SENTENCES
DeFi, DEX, & Lending News 🏦

🚨 Singapore Adds Hyperliquid To A List

Singapore's MAS put $HYPE ( ▲ 0.85% ) on its Investor Alert List, which sounds dire and isn't - the IAL flags entities people might mistake for MAS-licensed, and half the large exchanges and DeFi protocols are already on it. Hyperliquid's reply is correct and a touch over-explained: it's permissionless, never claimed a license, nothing about the network changed, users still self-custody. A regulator noting you aren't licensed in a place you never claimed to be is roughly the lowest-stakes alert there is.

🛠️ Someone Finally Built The Boring Tool That Lets Your Terminal Swap Tokens Without Twelve API Calls

$ZRX ( ▲ 2.3% ) shipped a command-line tool that folds price, quotes, approvals, signing, and status polling into one binary, across swap, gasless, cross-chain, and Solana. It simulates every transaction before execution and keeps wallet secrets in the OS keyring, not a plaintext file - the kind of detail that says adults built it. Agents can even pay per request over x402 with no API key, at roughly a penny a call, non-refundable if your swap reverts, so read before you fire.

NEWS IN THREE SENTENCES
Protocol News 🏦

👛 Wallet That Holds Your Crypto Finally Agrees To Hold More Than One Wallet

$STX ( ▲ 2.49% ) ’s Leather's browser extension can now run multiple wallets at once - a Ledger and a software wallet side by side, switched with one click instead of juggling browser profiles or signing in and out. It's the most-requested extension feature since 2022, which means people spent four years toggling between cold storage and spending money the dumb way. Overdue, useful, already shipping on Leather's mobile app, so the extension is just catching up.

OLD NEWS
Crypto Stuff That Happened Today, But A Long Time Ago 📜

Here’s what was happening in the newsletter a year ago today:

• The issue was a decentralization scorecard - using the Edinburgh Decentralization Index to sort actual dispersion from validator cartel cosplay.

• Ethereum looked rough - Lido, Coinbase, and Binance pushed ETH into monopoly-warning territory, which is not exactly the decentralization poster child look.

• Bitcoin was better, but not pure - still dependent on a small group of mining pools, just not as ugly as ETH’s staking concentration.

Here’s what was happening in the newsletter two years ago today:

• Cardano got hit with a DDoS attempt and barely blinked - the attacker mostly burned money - roughly $250 an hour to annoy Cardano and accomplish very little.

• Stellar was leading RWAs - about $360M of the roughly $1.7B tokenized RWA market was sitting on Stellar.

• The Cryptoqueen bounty jumped to $5M - U.S. officials raised the reward for Ruja Ignatova, who remained missing after OneCoin’s $4B fraud circus.

OLD NEWS
Other Stuff That Happened Today, But A Long Ass Time Ago ⌛️

June 26

• 363 - Roman Emperor Julian was killed during his Persian campaign.

• 1284 - The Pied Piper legend says 130 Hamelin children disappeared.

• 1483 - Richard III became king of England.

• 1539 - Sher Shah Suri defeated Mughal emperor Humayun at Chausa.

• 1794 - France used a military observation balloon at Fleurus.

• 1843 - Hong Kong’s Treaty of Nanking ratifications were exchanged, formally locking Hong Kong into Britain’s colonial machine after the Opium War.

• 1906 - The first Grand Prix auto race began near Le Mans.

• 1917 - The first U.S. troops arrived in France for World War I.

• 1945 - The United Nations Charter was signed in San Francisco.

• 1948 - The Berlin Airlift began, with Allied planes feeding West Berlin after the Soviets cut land and water access like geopolitical toddlers with tanks.

• 1956 - Congress approved the Federal-Aid Highway Act.

• 1963 - JFK gave his “Ich bin ein Berliner” speech.

• 1974 - A pack of Wrigley’s gum became the first UPC barcode scan.

• 1997 - Harry Potter and the Philosopher’s Stone was first published.

• 2000 - The first rough draft of the human genome was announced.

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