Uniswap (UNI) is a core investment opportunity due to its landmark fee switch proposal that will initiate token buybacks and revenue sharing for holders. As a speculative follow-on trade, consider Solana's Jupiter (JUP), which has significant revenue and high potential to implement a similar buyback model. For exposure to the BASE ecosystem, Aerodrome (AERO) is a key protocol that could see significant growth from a future BASE token launch. To gain exposure to new projects without direct investment, actively trade on the Gravity perpetuals DEX to position yourself for its potentially

Uniswap (UNI)

• Uniswap, the original decentralized exchange (DEX) on Ethereum, is undergoing a major change with its fee switch proposal.
• The protocol is moving away from its previous "decentralized autonomous organization" (DAO) model, which the speaker notes has not worked well in crypto.
• This change allows Uniswap to use the revenue it generates from trading fees to directly benefit UNI token holders through token buybacks and fee sharing.
• This is seen as a landmark event for the Decentralized Finance (DeFi) space, providing a clear, regulator-friendly model for other projects to generate value.
• A one-time 100 million UNI burn is also planned to "make up for lost time," which will reduce the total supply of the token.

Takeaways

• The implementation of a fee switch and buybacks is a significant bullish catalyst for the UNI token, as it directly links the protocol's success to the token's value.
• As the leader in the DEX space, Uniswap's move sets a powerful precedent. Investors looking for exposure to this new DeFi theme could consider UNI as the "blue-chip" play that is pioneering the model.

Solana DeFi: Jupiter (JUP) & Meteora (MET)

• The speaker believes the Solana ecosystem is a prime area to look for projects that will follow Uniswap's lead due to its high on-chain activity.
• Jupiter (JUP):
  • A major DEX on Solana with $250 million in annualized revenue.
  • The speaker is surprised the token hasn't reacted more positively to the Uniswap news and believes it has "a ton of upside" if it announces a similar buyback model.
  • The high revenue provides more than enough capital to support a significant buyback program, which would attract traders and investors.
• Meteora (MET):
  • Another key Solana protocol that has generated over $1 billion in revenue over its lifetime.
  • The speaker identifies it as one of the "biggest candidates" to implement token buybacks.
  • While the speaker took profits on their initial airdrop, they believe MET could become a "must-hold token" if Solana's on-chain activity returns to previous highs.

Takeaways

• JUP and MET are presented as speculative plays based on the thesis that they will adopt a buyback model similar to Uniswap.
• Investors could watch these two projects closely for any announcements regarding fee switches or buyback programs. Such an announcement could be a major price catalyst.
• These tokens represent a way to get exposure to the potential resurgence of the Solana DeFi ecosystem, driven by this new value-creation trend.

Aerodrome (AERO)

• Aerodrome is the primary DeFi protocol on the BASE blockchain (Coinbase's Layer 2 network).
• The speaker calls it a "sleeper" pick that could also adopt a Uniswap-style buyback model.
• The most significant catalyst mentioned is the potential future launch of an official BASE token and airdrop.
• When BASE launches its token, it is expected to drive a massive amount of trading volume through the Aerodrome platform, which would likely cause the AERO token to "pump like crazy."
• The speaker notes that the token has already seen a recent pump, so investors should be cautious about buying into the current strength.

Takeaways

• AERO is a speculative investment with two potential catalysts: the adoption of a buyback model and the highly anticipated launch of a BASE token.
• This is a play on the growth of the BASE ecosystem. Investors interested in this theme might consider AERO as the key DeFi infrastructure piece.
• Given the recent price increase, a "wait and see" approach for a better entry point might be prudent.

Black Hole (HOLE)

• This is presented as the "riskiest one on the list" but potentially the most undervalued.
• The token has an $8 million market cap but the protocol is on pace to generate $27.9 million in annualized revenue.
• The speaker highlights this massive discrepancy, noting that a traditional software company with similar revenue would be valued at $200-$300 million.
• Despite the strong on-chain metrics and revenue, the token's price has been in a steep downtrend since its launch, making it a "falling knife."

Takeaways

• HOLE is a high-risk, high-reward "value" play in the DeFi space. The investment thesis is based on the extreme disconnect between its market capitalization and its revenue generation.
• This is suitable only for investors with a very high risk tolerance who are comfortable with "catching a falling knife" in the hopes of a major turnaround. The downside is significant, but the potential upside, if the market re-evaluates it, is also substantial.

Airdrop & Yield Opportunities

• The podcast highlights several platforms where users can participate to potentially earn future token airdrops or yield. This is a strategy to gain exposure to new projects without direct initial investment.
• Gravity:
  • A perpetuals DEX on the ZK Sync network.
  • It has an upcoming airdrop for users who are actively trading on the platform.
  • The speaker believes it is an "undervalued, underfarmed" opportunity and that the airdrop could be "absolutely massive."
• Project X:
  • A platform on Hyperliquid where users can provide liquidity (LP) to farm a future airdrop.
  • The protocol is already generating significant revenue (over $100,000 in 24-hour fees).
  • The speaker suggests that even just using the platform for its cross-chain swap feature will earn users airdrop rewards.
• Aster:
  • While the token is mentioned for its buybacks, its Season 4 airdrop has just begun.
  • The speaker believes this airdrop might be "juicier" (larger) than previous ones due to less participation. The airdrop checker goes live on December 1st.

Takeaways

• For investors looking to get involved in emerging DeFi projects, "airdrop farming" is a key strategy.
• Actionable steps:
  • Trade on the Gravity perpetuals DEX to qualify for its airdrop.
  • Provide liquidity or use the swap feature on Project X to farm its future airdrop.
  • Check eligibility for the Aster airdrop if you have used the platform.