HORYONCrypto Market Intelligence
Asset-backed premium card issuer secures $125M debt financing from CIM Group plus $15M Series A led by Galaxy with Canary, Illuminate, Clocktower.
Circle’s upcoming L1 adds structured context to contract calls on testnet, enabling invoice IDs, payout references, and ledger keys for payment reconciliation.
Polychain and Coinbase-backed perpetuals DEX Satori is shutting down, citing unfavorable market conditions. Another mid-tier perp venue exits as Hyperliquid continues consolidating the onchain derivatives market.
Inveniam announced plans to acquire Mantra, the RWA-focused chain whose OM token collapsed last year. A rare recovery-via-acquisition play for a project still rebuilding credibility.
Aerodrome’s MetaDEX03 audits near conclusion with ChainSecurity and Sherlock leading, Blackthorn team dedicated to the codebase.
Depositary receipts platform for institutional investors lands $7M Series A, led by LiveOak Venture Partners.
RWA liquidity infra for collectibles closes $1.5M seed, led by yZi Labs with Gate Ventures, Hash Global, Redline Labs, Xin Family.
Circle’s Cross-Chain Transfer Protocol now supports USDC transfers to and from Stellar (domain 27) with updated address handling and precision.
Deutsche Bank reportedly went live with settlement infrastructure on ZKsync using BitGo custody, processing real transactions under MiCA ahead of the July 1 deadline. First major bank-grade production deployment on a public L2, though ZK tokenomics remain uncoupled from fee capture.
The episode compares Hyperliquid and Lyra, highlighting Hyperliquid's much higher fee generation and $1.5B FDV versus Lyra's Ethereum L1 escape hatch and security guarantee, and debates which protocol offers the better long‑term bet.
The episode covers the surge in tokenized equities on Solana (e.g., SpaceX via Wormhole/Backpack), institutional adoption trends, DeFi valuation debates (Aave, Morpho), MicroStrategy’s STRC dynamics, and privacy initiatives like Kohaku/Railgun. It also dives into Trace Finance’s $10B Latam stablecoin payments business and macro/Fed policy impacts on crypto markets.
The episode debates whether the AI bubble is peaking, contrasting frothy public markets (AI leaders at ~20x P/E) with structural shifts toward open-source models and rising regulatory/policy risks ahead of the 2026 US midterms. It also highlights Zcash and Hyperliquid as speaker convictions, with detailed notes on model cost dynamics, data center financing, and crypto plays.
Bankless episode analyzes SpaceX's $3T IPO, extreme valuation (107x earnings), staggered share unlocks, and Elon Musk's trillion-dollar ambitions, including AI via Cursor acquisition and revenue projections to $1T by 2030.
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