Tokens created through Metaplex have accelerated driven by the launchpad wars Each new token drives protocol fees, which are on track to hit $2.1M this month ($25.5M annualized) 50% goes to $MPLX buybacks for the DAO the following month (July fees will fuel August buybacks)

Today we have 3 crypto bills (GENIUS for stablecoin, CLARITY for market structure, and anti-CBDC) passing the house w/ bipartisan support - marking a watershed moment for the crypto industry to thrive in the US of A 2025 has been a big year for the industry. BTC grew to a ~$2.5T asset, now the 5th largest in the world, and gradually evolving into a digital store of value everyday ppl and institutions hold alongside Gold to prevent against inflation, currency debasement, and erosion of purchasing power $IBIT has been Blackrock's fastest growing ETF since launch, now holding ~$90b in assets and on pace to be its # 1 revenue generating ETF, period. Stable coins are making inroads into traditional financial infrastructure - whether w leading fintechs (Stripe, Ramp, PayPal) or traditional banks (JPM, Citi, Wells Fargo), with over $250 B in global issuance already Aave crossed $50b in deposits, which would rank it among top 100 banks globally and top 50 in the US, demonstrating the scale and resiliency of on-chain finance powered by permissionless, autonomous code The crypto industry is having a great run, but more importantly, the US sends the world a message loud and clear: The United States is the place of exceptionalism. We are the place where innovators thrive, where technology permeates, where risks are taken, where dreams come true and progress made. That has been true for the last ~250 years since its founding. That is increasingly true for Crypto. It has/will be true for AI, Healthcare, Space, Defense, Drug Discovery, Software, Semis, Energy, Science - and every industry that pushes and advances the frontier of human progress Around 35 years ago - my parents immigrated here precisely because they believed in America's Vision and as the land of Opportunity I have always been, and will forever be proud to be a part of the greatest country known to mankind ❤️ America has been Great. Together, we all continue to Make America Great Onwards 🔥

All three crypto bills passing the house with significant Democrats support isn't on my bingo card. Most people expect the CLARITY Act to have lower chance of passing vs GENIUS and yet they are all passed at the same week. Truly a historical moment for crypto.

The House just made history by passing major legislation on stablecoins (GENIUS Act) and market structure (CLARITY Act) in an overwhelmingly bipartisan way. This is a huge moment for crypto and for all Americans. We’re very close to having comprehensive, proactive rules in place for the first time. Next up: the GENIUS Act goes to the President’s desk for his signature. After that, the Senate should pass the CLARITY Act. We believe passing these laws is the best way to ensure that America remains the world leader in the next era of the internet. Thank you to all the cosponsors of these bills and the incredible supporters on both sides of the aisle in Congress.

Maple is crossing $3 B TVL, a remarkable milestone over the last yr - 3X TVL growth in the past quarter - 10X+ TVL growth in last 12 months - syrupUSDC approaching ~$1B issuance - $1.1B+ loan book - $20M run rate protocol fees product market fit has never been stronger

Great interview w/ @DegenMack walking through @metaplex growth plans and roadmap - $20M+ annualized run rate fees - Buyback ~10% of total supply a year - Infra standards behind all major launchpads - Genesis primitive for on-chain token launches Internet capital markets

.@RelayerCapital's thesis is that we are only in the very earliest stages of a renaissance in CeFi lending catalyzed by new product types, in particular more secure overcollateralized loans sourced from onchain DeFi lenders/capital. @maplefinance has led the way in this new market segment, currently meeting the needs of $1B in outstanding loan demand driven by the hyper growth in their permissionless syrupUSDC product. At a $1B loan book today (up multiples in just the last few months), $SYRUP is rapidly gaining market share. Today CeFi lending is an approximately $15B market, but is well on its way back towards its Q1 2022 peak of $35B and beyond. It now serves a much larger addressable market of funds, market makers, OTC desks, miners, digital asset treasury companies, family offices, and HNW individuals but with a more secure product. The melding of traditional demand sources with composable DeFi capital represents a fundamentally new dynamic for lending markets and I expect will become an increasingly dominant force disrupting traditional lending capital sources.

Pendle has become one of the most impt defi legos - powering the growth of the largest yield bearing stables including @ethena_labs (USDe), @sparkdotfi (USDS), @maplefinance (syrupUSDC), and many others $2.5B of PT assets sit as collateral across money markets - in Aave, Euler, Kamino, etc In the past 49 days alone they've added $2B+ TVL. This puts Pendle on track to surpass previous ATH TVL of $6.7b by end of 2025 (and possibly well before) Congrats @tn_pendle on the relentless grind and building a defi powerhouse As he always says - job's not done!

Pendle crossed a huge milestone last week: $1.42 billion in weekly trading volume, the highest ever since our inception. The majority of this was driven by the May 29th maturity event, where $1.6b in TVL reached maturity. In fact, this maturity event had the best liquidity retention rate of all time. The rest came from users buying PTs and looping collateral across money markets, a testament to the utility and composability of Pendle assets. Historically, Pendle's maturity events have prompted understandable concerns around TVL retention. Since the launch of Pendle V2, we’ve gone through 27 maturity events, 7 of which involved over $1 billion in maturing TVL. Over the course of the last cycles, what has remained consistently true is this: a) Pendle works. All of our mechanisms have operated as intended over the years. We’ve successfully processed all PT/LP redemptions,including last year’s $3.8 billion June 2024 event b) Yes, we’ve seen liquidity outflows post-maturity. Some due to macro headwinds, others tied to shifting narratives. But if there’s one constant in Pendle’s evolution, it’s our ability to constantly adapt to find PMF. From LSTs → LRTs → BTCfi → Stablecoins, the nature of Pendle has allowed us to continuously realign to meet the market where it is. Looking at the recent maturity events in the past 6 months, I believe that Pendle has reached a new stage of growth, with a reasonable offering as the premier yield marketplace. The Pencosystem is growing, with PTs being increasingly adopted as a trusted collateral across DeFi money markets, including household names such as Aave, Morpho and Euler. The same foundation and growth path are currently being laid for Pendle LPs as well. Unlike earlier cycles, TVL retention has become significantly more consistent, even as the scale and frequency of maturity events have grown. Let’s look at some of the numbers from the recent May 29th maturity: - $4.79B → $4.23B peak-to-trough dropoff (-11.7%) in TVL - Within one week, TVL rebounded to $4.45B (just -7% from peak) - 35% of matured TVL migrated to other Pendle pools within a week, the best 7D retention rate of all time - $1.15B of PT and $236M of LP redemption processed successfully within a week - Ethena-linked TVL only saw a -6% dip ($2.8B → $2.6B) after 4 days, and has already rebounded back to $2.73B (h/t @jamesjho_) Today, over 83% of our TVL is in stablecoins, showing a significant shift from our early days dominated by LST and LRT yield farming. Comparatively, stablecoin yields remain evergreen with their demand persisting through bull and bear markets as a reliable tool for wealth preservation. Unlike our early LRT days where headline-grabbing yields of 80–120% Fixed APY were the norm, the current range of 3–12% Fixed APY reflects a maturing market - and that’s a good thing. We’re now seeing more stable, reliable yield flows, underpinned by real demand rather than short-lived, mercenary capital. This coupled with the shift towards more sustainable liquidity dominated by stablecoins, is ideal for Pendle’s long-term trajectory - all while maintaining the flexibility in pivoting to various narratives on demand. This price discovery of yields is crucial in helping the whole financial ecosystem of the crypto space mature as Pendle transitions into a platform offering DeFi yields to TradFi and institutional investors. The global fixed income market is one of the largest securities markets in the world, valued at US$140 trillion as of 2023 (Securities Industry and Financial Markets Association). The demand for Fixed Yield products is obvious and continuing to grow, and we believe that stablecoin-denominated PTs are DeFi’s best shot at breaking out into the mainstream. Job’s not done.