Mike Dudas

Tokenized Finance

Tokenized equities are emerging as a growth lane for on-chain lending and trading, with Kamino singled out for recent momentum. The opportunity depends on sustained adoption and execution across new market structures.

• Kamino (KMNO): Bullish coverage cites growth in tokenized-equity lending since July and about $47.6M in projected deposits by September 2026.
• Hyperliquid (HYPE): Expanding into commodities, equities, and pre-IPO stocks; open interest reached a record $18B, though validator concentration is a risk.
• Ethena (ENA): Extending its basis-trade strategy to equity perpetuals; cited basis averaged 11%+ annualized, with monthly open-interest growth around 30%.

Memecoin Markets

Activity and fees are recovering across launchpads, while buybacks and a large cash reserve underpin the bullish case for PUMP. High token-launch competition remains a key counterweight.

• Pump.fun (PUMP): About $471M reportedly bought back and burned in 15 months; a weekly close above $0.0055 could set up a move toward $0.01+.
• Solana (SOL): The ecosystem is seeing stronger launchpad activity, but sources disagree sharply on allocation and fundamentals after SOL’s rise from $70 to $122.

On-Chain Activity

Investors are rewarding measurable usage, but the fee data also shows how few chains sustain meaningful economic activity. Growing open interest is a useful signal, not proof of durable revenue.

• Bulk Trade (BULK): Open interest crossed $10M for the first time, with $100M named as the next milestone.
• Zcash (ZEC): One post predicts $10,000 before ETH, an aggressive call without a stated timeframe or supporting catalyst.