The Optimist #60
Discover DEFI on the Superchain => 🔵Base, 🟣Ink, 💿Soneium, 🔴OP Mainnet & more.
Thank you fellow readers to continue reading my research about Defi on the Optimism Superchain.
If you missed the previous newsletter, it’s just one click away from you HERE.
————— This Week Menu —————
🦸♂️ Weekly news on the Superchain
📈 Superchain Stats
🔵 Defi Renaissance
Defi is the 1st Product Market Fit for crypto. In this article, I’m going through the recent catalysts that will make Defi explode!
🧠 Smart Money tracking with Nansen
🏈 Post of the Week
🦸♂️ Weekly News on the Superchain
🦋 Morpho reveals Morpho V2: An intent-driven lending platform powered by fixed-rate, fixed-term loans, and Morpho set up a new feature for auto-deleverage
👮♂️ the SEC posted a thread on X summarizing the DEFI round table that occured at the White House
☔ AAVE launches its new upgrade, UMBRELLA, enabling risk tranches
🟣 Ink chain launched a Perpetual Trading Platform, with CEX experience but with onchain custody, code name: RAILS
🌱 Avantis announced its 8m$ seed round, back from 2024, led by Pantera & Founders fund, is hitting some speculative relationship with Coinbase launching Perps in US & launched 500x leverage with Zero Fee Perp on BTC, ETH & SOL
🧩 VanEck launched its tokenized treasury fund on Ethereum & other chains, $VBILL
🦄 Spark.fi launched a yield bearing stablecoin sUSDC on Unichain & OP Mainnet, available on Velodrome
📰 Stripe announces the acquisition of Privy crypto company
Superchain Stats - 30D TVL growth Leaderboard
LISK Surge campaign is doing great with Lisk leading the leaderboard.
Source: https://defillama.com/chains/Superchain?minTvl=1000000&maxTvl=
🔵 Defi Renaissance
Weeks ago, i told you i switched bullish on the crypto market after watching few catalysts playing out. Trollers might just say: “you just missed mid-April bottom Subli”.
Well, i'm fine with that. As I cannot predict the top, I cannot predict the bottom and buy at cycle bottom.
Instead of trying to catch the knife, I prefer buying a bit higher but when the uptrend is clearly set up.
You need to understand that buying $ETH at 2600$ now is far better than buying at 2600$ back in January 2025. Why ? The trend. This is so basic that people tend to forget it:
Buying dead cat bounce on a downtrend doesn’t have the same feeling that buying during an uptrend.
With $ETH bottom at 1,345$ in April 2025, rocketing quickly to 2600$ in less than 4 weeks, I'm now convinced that the trend switched for more upside from there.
A second trading theory i follow is the wave theory. Inspired by the Elliot Wave mastered by my fren Credible Crypto, the wave theory is a bit different from Elliot's one as it simply assumed that the market moves following a 3-wave pattern, and this pattern repeats itself in a fractal way: Impulse-Correction-Impulse.
And currently the move since April bottom seems to be an impulse, indicating a trend reversal.
But that's not enough for me to market buy crypto. I've always mixed light Technical Analysis with Fundamental Analysis. Some examples here:
And fundamentally, Defi has never been in a better spot than today.
1- Stablecoin Meta
Honestly, if you haven't played the stablecoin meta since end of 2024, as least to farm some of your stables, you should ask yourself if you're enough in the trenches.
While your friend keeps chasing the next x100, you can have smartly farmed your stables at around 30% APR.
One account i urge you to follow is the one from Octoshi. This whale is having some incredible yield strategy, easily actionnable by anyone including you:
Stablecoin just hit a new milestone reaching 250b$ market cap with an explosive growth year-to-year:
One of the most important bill in US is being voted this Tuesday: The Genius Act which aims at regulating Stablecoin and Stablecoin issuer. As of today, 80% of stablecoins are unregulated. Opening this up could result in exploding stablecoin demand to trillions $ :
Finally, one of the most highest signal for the stablecoin market is the recent & successful Circle IPO ($CRCL) launched at 31$, and breaking ATH over ATH. A peaceful 5x for tradfi boys/girls.
Imagine now, similar crypto projects, with token only available onchain, with less liquidity…this could rocket like Elon's SPACE X. Circle IPO
2- Fat defi App thesis
I've been an early advocate of the Fat Protocol Thesis. A chain growth is as big as its main protocols Growth. The main problem has been, still is and will still be:
UX
Liquidity fragmentation.
And this will never change, cause Crypto founders are tech orientated first. But since 2025 we start seeing a new trend:
Crypto dAPP used by product-orientated company, such as:
Coinbase BTC backed loan using Morpho as backend with 400m$ active loans and the chart is hot as fuck !
Coinbase integrating Base DEX like Aerodrome on Coinbase APP:
Remember that Coinbase has >100m registered users, and >10m active monthly users.
Accordinfg to me, Coinbase is pioneering the FAT app thesis where users can do everything that crypto offers through one very friendly application (on/off ramp, trade, borrow against BTC, and earn):
Conclusion :
My investment thesis is quite simple now. After the crazy but scary meme run from late 2024, early 2025, investing in DEFI, Investing in fundamentals is my play for 2025. And iI’m not the only one thinking it loud:
But the most important is that DEFI is built on Ethereum. And while like you, I’ve been a lot disappointed by ETH price since 2023, I think this time is different :
ETH ETF has seen a massive interest since May, and nothing seems to spot it:
Finally, here are some of the tools I’m using to make my fundamental analysis:
Dominance in a specific ecosystem (stablecoin, dex, perps, etc…) with Defillama
Tokenomics, token distribution & unlock schedule with Tokenomist
P/F ratio: market cap/annualized revenue with Token terminal
Holders split & Smart money holding with Nansen
If you do this you can easily rank different projects and find out:
What's the cheapest one
What's the least/most low float one (low circulating supply / total token supply)
What's the project with the fastest growth (you need to regularly update your data)
🤓 Smart Money tracking with Nansen
When things heat up, it’s good to have a one-page dashboard to se what is on Hype, what is on Dive!
$AERO top 1 → No surprise with the above announcement!
Well, Clanker, FAI following the Base trend too.
Torus has a strange value, just disregard it. KTA, VVV, VADER & AIXBT going in negative flows, likely to be sold. MEMECOIN loosing the battle against Defi?
Save 10% by subscribing to a PIONEER plan using my referral link: http://nsn.ai/Subli
🏈 Post of the Week:
Disclaimer: Nothing in this content is financial advice. I may have some positions on the presented projects, however these articles are written in a non biais way so that you can make you own opinion out of it.
Do your own research before investing, and remember that Crypto is extremely volatile and risky. Be ready to loose everything you invest in.