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Kunal Doshi
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prev @blockworksres & @thespartangroup | Views are my own
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Despite the market drawdown, @ether_fi is one of the few protocols whose revenue continues to trend higher week over week.
The Card now accounts for 64% of its revenue, and very few other neobanks are funding their cashback through organic revenues / rewards.
Card spend reached $34.5M last week and remains leagues ahead of other crypto neobanks such as Ethena Pay and Plasma One.
The Card now accounts for 64% of its revenue, and very few other neobanks are funding their cashback through organic revenues / rewards.
Card spend reached $34.5M last week and remains leagues ahead of other crypto neobanks such as Ethena Pay and Plasma One.
While the metrics have understandably fallen week over week, I found another potential nugget onchain.
It looks like @Collector_Crypt may be looking to capture more revenue with a branded dollar stablecoin for @ripmartHQ called RipCash, with the ticker RIPUSD.
The exact mint address appears in the payment configuration of a Ripmart-branded app hosted under Collector Crypt’s domain. Bridge also has a public reserve page for that same mint, reporting matching supply and cash backing.
This hints at a potential payment integration. Currently Bridge reports 10,011 RIPUSD. The last successful mint was on October 16. On October 29, a new, empty token account was created and immediately frozen, which looks consistent with testing the freeze function.
On how it works, my guess is that users could deposit dollars, receive a RipCash balance, buy packs or cards, and receive proceeds from sales or buybacks into that same balance. Most users probably won’t know they are using a stablecoin underneath.
On the revenue side, Bridge lets businesses launch branded stablecoins and potentially earn a share of the income generated by their reserves. If Ripmart eventually holds meaningful customer balances, that could become an additional revenue stream.
Estimating the revenue potential is tricky. It depends on how much money stays in the ecosystem, for how long, and what percentage of spending comes from recycled balances versus new deposits.
You can get creative with the assumptions to paint various scenarios. But things could be interesting if the instant buyback feedback loop and the overall livestreaming experience can hook users enough to keep balances within Ripmart.
Still a few question marks around the commercial arrangement and the revenue split with CC. I also have yet to see an actual card purchase or buyback settled in RIPUSD.
It seems that every major protocol is going down the road of internalizing their stablecoin revenue.
reserves.bridge.xyz/ripusd
It looks like @Collector_Crypt may be looking to capture more revenue with a branded dollar stablecoin for @ripmartHQ called RipCash, with the ticker RIPUSD.
The exact mint address appears in the payment configuration of a Ripmart-branded app hosted under Collector Crypt’s domain. Bridge also has a public reserve page for that same mint, reporting matching supply and cash backing.
This hints at a potential payment integration. Currently Bridge reports 10,011 RIPUSD. The last successful mint was on October 16. On October 29, a new, empty token account was created and immediately frozen, which looks consistent with testing the freeze function.
On how it works, my guess is that users could deposit dollars, receive a RipCash balance, buy packs or cards, and receive proceeds from sales or buybacks into that same balance. Most users probably won’t know they are using a stablecoin underneath.
On the revenue side, Bridge lets businesses launch branded stablecoins and potentially earn a share of the income generated by their reserves. If Ripmart eventually holds meaningful customer balances, that could become an additional revenue stream.
Estimating the revenue potential is tricky. It depends on how much money stays in the ecosystem, for how long, and what percentage of spending comes from recycled balances versus new deposits.
You can get creative with the assumptions to paint various scenarios. But things could be interesting if the instant buyback feedback loop and the overall livestreaming experience can hook users enough to keep balances within Ripmart.
Still a few question marks around the commercial arrangement and the revenue split with CC. I also have yet to see an actual card purchase or buyback settled in RIPUSD.
It seems that every major protocol is going down the road of internalizing their stablecoin revenue.
reserves.bridge.xyz/ripusd
Very much slept on imo.
Over the same period, @paperstrategy_ has outpaced PAPER inflation by 3.9x while conserving its treasury.
A few ways to think about it.
First, since @papertrade_xyz announced that PAPER would remain non-transferable, volumes have remained organic. There are clearly users who want to use the product (as much as people hate to believe it).
Both platforms also benefit most when the market sells off, so I see PSTR as a hedge against market sell-offs over time.
But even if you strip out the sell-off-driven spikes since Oct 19th, PaperStrat has been burning an average of $6.3K per day. That annualizes to $2.3M while the token sits at a $1.6M market cap.
And all this is while the platform has seen some of the worst sentiment on the TL. If @izebel_eth ships something meaningful, and he has already posted that they are building in stealth, we could be in for a ride.
To be fair, the risks are:
-A strong rally would likely put the LP in the red, which could be difficult to get out of.
-The PaperStrategy treasury could run out, resulting in further dilution.
It is a game of risk to reward, and I am liking the odds. But yes I also do have bag bias.
Over the same period, @paperstrategy_ has outpaced PAPER inflation by 3.9x while conserving its treasury.
A few ways to think about it.
First, since @papertrade_xyz announced that PAPER would remain non-transferable, volumes have remained organic. There are clearly users who want to use the product (as much as people hate to believe it).
Both platforms also benefit most when the market sells off, so I see PSTR as a hedge against market sell-offs over time.
But even if you strip out the sell-off-driven spikes since Oct 19th, PaperStrat has been burning an average of $6.3K per day. That annualizes to $2.3M while the token sits at a $1.6M market cap.
And all this is while the platform has seen some of the worst sentiment on the TL. If @izebel_eth ships something meaningful, and he has already posted that they are building in stealth, we could be in for a ride.
To be fair, the risks are:
-A strong rally would likely put the LP in the red, which could be difficult to get out of.
-The PaperStrategy treasury could run out, resulting in further dilution.
It is a game of risk to reward, and I am liking the odds. But yes I also do have bag bias.
papertrade stakers earned $983k in the last 24 hours.
since oct 19 when papertrade announced PAPER would stay non transferable, paperstrategy has:
- earned $205k in staking revenue
- bought back and burned 78.1M $PSTR, 7.8% of the supply
at that pace, the next 2 months would mean another ~$690k in staking revenue.View quoted post on X
While most AI equity names are selling off on increased regulatory concerns, I think these concerns could actually strengthen PRL's value proposition. The way it has held up during the sell-off is also encouraging.
Think about it. The new AI regulations being proposed by Democrats are focused on limiting data center construction, protecting consumers from rising electricity costs, and making the AI infrastructure buildout more sustainable.
If data center construction becomes more constrained and expensive, maximizing the economic output of existing GPUs becomes even more valuable.
This is where @prlnet's model becomes interesting.
Instead of using GPUs solely for AI inference, Pearl aims to allow inference providers to earn two streams of income from the same computation which are revenue from serving AI customers and PRL mining rewards.
As infrastructure and operating costs rise, this additional revenue could become increasingly attractive to inference providers trying to protect their margins.
The upcoming FP8 upgrade is an important catalyst, making Pearl's mining computation compatible with the formats used by modern AI models. This could push network hashrate even higher, having already nearly tripled since August.
If the AI industry is forced to become more capital efficient, Pearl could find itself increasingly relevant as a way for inference providers to extract more value from their existing infrastructure.
Am $PRL pilled.
Think about it. The new AI regulations being proposed by Democrats are focused on limiting data center construction, protecting consumers from rising electricity costs, and making the AI infrastructure buildout more sustainable.
If data center construction becomes more constrained and expensive, maximizing the economic output of existing GPUs becomes even more valuable.
This is where @prlnet's model becomes interesting.
Instead of using GPUs solely for AI inference, Pearl aims to allow inference providers to earn two streams of income from the same computation which are revenue from serving AI customers and PRL mining rewards.
As infrastructure and operating costs rise, this additional revenue could become increasingly attractive to inference providers trying to protect their margins.
The upcoming FP8 upgrade is an important catalyst, making Pearl's mining computation compatible with the formats used by modern AI models. This could push network hashrate even higher, having already nearly tripled since August.
If the AI industry is forced to become more capital efficient, Pearl could find itself increasingly relevant as a way for inference providers to extract more value from their existing infrastructure.
Am $PRL pilled.
