Hyper USD (USDH)

Want to see what shaped my research workflow last week?

I used LlamaAI to stress-test 5 different market ideas, from protocol fundamentals to overlooked narratives.

Here are the signals that stood out ↓

1/ Fees vs emissions

This report grouped protocols by how much fee revenue they generate compared to token emissions.

The cleanest group was the zero-emission tier: protocols generating real fees without needing token incentives to pull usage.

Here we have the likes of @SkyEcosystem @ethena, @MeteoraAG and @aave

Full report could be assesed with the link: https://t.co/lzSnNU0PQT

2/ STRC treasury trade

This report looked at STRC, the Strategy-linked preferred product that was treated by some players like a stable yield instrument.

The issue started when STRC traded far below its $100 par and leveraged DeFi loops began to unwind.

So, I decided to make a list of all STRC DATs and what there positions are like onchain

Here is the link: https://t.co/Z6YKgKReFS

3/ Tokenized trading cards

This was one of the most interesting reports.

The physical TCG category is now doing serious fees, with Collector Crypt leading the pack and controlling more than half of the category’s 30-day fees.

But the real question is not revenue.

It is who actually gets paid.

Across the tracked sector, formal onchain holder revenue was basically zero.

$CARDS has a buyback, but it is still discretionary, not a hard fee-sharing mechanism.

So the sector has revenue, but token value capture is still unproven.

Read more here: https://t.co/H16Q3TeYEv

4/ USDH wind-down

This report tracked the USDH sunset on Hyperliquid.

Supply peaked above $100M and had already fallen to around $31M, while the peg stayed impressively tight throughout the wind-down.

The holder map was the real insight.

Most wallets were dust holders, while the remaining meaningful supply was concentrated in a small number of wallets.

So the wind-down was no longer a broad retail issue.

It became a whale, market maker, and integration cleanup problem.

Read more: https://t.co/539STGNh8Q

5/ NGX overlooked sectors

This report ranked under-discussed NGX sectors outside the usual Big Four.

Healthcare/pharma came out strongest structurally, followed by conglomerates, natural resources, real estate/construction, and selective services.

If you're into stocks, don't miss this one.

Check it out here: https://t.co/KHETFlz2xo

Tagging chads who will love this—
@hmalviya9, @DefiIgnas, @eli5defi, @thesaint_, @Hercules_Defi, @arndxt_xo, @rektdiomedes, @CryptoGirlNova, @patfscott, @TheDeFiKenshin, @satyaki44, @Thenotellaking, @tradeguru, @YashasEdu, @phtevanstrong, @crypto_linn, @hooeem