👛 Top rounds of the previous week. Link.

VC’s market signal for the week: infrastructure is back in focus.

Author: Green But Red

#VC


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Silver is so overheated right now that crypto traders are talking about silver more than crypto.


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💳 Visa captured ~90% of the on-chain volume flowing through crypto cards!

The main reason is timing: Visa was earlier to lock in the infrastructure layer – partnering not just with individual exchanges, but with the companies that issue and run card programs.

The logic is straightforward: integrate with an infrastructure/provider layer instead of a single exchange, and you instantly gain access to dozens of end-user card products through one integration.

So even though Visa and Mastercard have a roughly comparable number of card programs (130+ each), Visa takes the lion’s share of volume because it started working early with program managers and infrastructure providers like Rain and Reap – and scaled volumes through them.


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Four months ago I already told you about Kyber Network – today I want to highlight their newest release

😎 KyberSwap is rolling out boosted APR rewards for LPs in FairFlow pools focused on $BTC / $ETH liquidity, with a clear thesis:

instead of letting external bots capture the value from arbitrage/MEV, FairFlow is designed to route part of that value back to liquidity providers

So what is FairFlow in one paragraph?

It’s a swap hook built on the Uniswap v4 architecture that aims to give LPs an additional yield component beyond trading fees by sharing “equilibrium gain” (arbitrage value) through its EG Sharing Program

☝️A key detail: LPs don’t need to stake their LP tokens to receive the EG component, which can matter if you want more flexibility with your position across DeFi!

Why should BTC & ETH holders care?

In KyberSwap’s own experiments, FairFlow pools showed higher APR versus a comparable “standard” Uniswap v4 pool over similar timeframes:

One example cited was ETH/cbBTC on Base, where FairFlow was ~21% APR vs ~16% for the standard pool

🪙 This is exactly why the current push is centered on “blue-chip LP” pairs:

• cbBTC ↔ WBTC, 23% APR
• ETH ↔ wstETH,
• ETH ↔ WBTC,
+ more across Ethereum, BNB Chain, and Arbitrum

If you already hold BTC/ETH and you’re looking for a place to deploy them, the pitch is straightforward – more potential income streams (fees + EG sharing) without requiring LP-token staking


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Daily Dose of News 💿
January 27, Tuesday


♟ General:

• Tether bought 27 tons of gold in Q4 2025, currently valued at $4.4 billion. Link.

• Visa captures 90% of on-chain card volume by leveraging early infrastructure partnerships. Link.

🔔 Product updates:

• Tether announces the launch of USA₮, the federally regulated, dollar-backed stablecoin, made in America. Link.

🛍 Incentives:

• Perle Labs New Badge Unlocked: TrailBlazer. Link.

• Perle Labs New Quest is Live. Link.

• Opinion Airdrop Soon? Confirm Your Claim Wallets. Link.

💰 Fundraising:

• Mesh $75M Series C Round. Link.

• streamex $35M Post-IPO Round. Link.

• Humanity Protocol Strategic Round. Link.

• Galaxy Digital leads $7M investment in Tenbin to build improved tokenized gold and FX markets. Link.

• Sentient Strategic Round. Link.

• Bullshot Strategic Round. Link.


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👨‍🚀 My perp DEX thesis for 2026. Link.

Will someone outshine Hyperliquid?

Author: Green But Red

#article


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Social media isn't social anymore.

What do you think - is this good or bad?

Author: YashasEdu


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Well, it looks like the Internet will become even more “dead” 😅

Ethereum mainnet is scheduled to implement ERC-8004 tomorrow – an upgrade designed to make it easier for AI agents to interact with organizations and with each other, without relying on a single centralized registry.

Details: Green But Red


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Daily Dose of News 💿
January 28, Wednesday


♟ General:

• Morgan Stanley taps veteran Amy Oldenburg to lead digital asset strategy amid crypto push. Link.

• Tether will become 'gold central bank' in post-dollar world, CEO Ardoino says. Link.

🔔 Product updates:

• WisdomTree extends full suite of tokenized funds to Solana. Link.

• Consensys-backed Linea integrates Phylax’s Credible Layer to proactively prevent smart contract exploits. Link.

• 1inch Swap API gets integrated on Rewardy Wallet to offer users efficient crypto swaps across five chains. Link.

• Nifty Gateway promises permanent NFT hosting in shutdown update. Link.

• Tria and Zama Added to Coinbase Roadmap. Link.

🖥 Release:

• Robinhood is planning to roll out tokenized trading and DeFi features in the coming months. Link.

• Ethereum to launch standard for AI agent economy on mainnet this week. Link.

• Fidelity to launch dollar-backed stablecoin FIDD on Ethereum in coming weeks. Link.

• USD AI Token Officially Announced. Link.

🛍 Incentives:

• Moonbirds Tokenomics Announced: Airdrop to SBT Holders. Link.

• Limitless Season 2 Airdrop Claim is Live. Link.

🍜 M&A:

• DefiLlama has acquired Bulletin. Link.

💰 Fundraising:

• AetheriumX $8M Strategic Round. Link.

• Bleap $6M Seed Round. Link.


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📺 Moving from trading bots to curated list of Polymarket AI agents!

From automated trading + sentiment to research agents and alpha scanners.

Author: Green But Red

#list


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David Marcus (ex PayPal president) says $BTC has major advantages over gold – and argues that if Bitcoin simply matched gold’s current market size, $BTC should be worth around $1,500,000 per coin

He frames it as inevitable: $1.5M BTC is a matter of “when,” not “if”

Do you agree? Share your comments on X!


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The other day, Hyperliquid co-founder Jeff Yan said the exchange is doing so well that it has become the most liquid venue – order book depth for the BTC/USDT pair has surpassed Binance.

You can find out whether anyone can become a worthy competitor in my recent article.


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A good VC thesis doesn’t always mean good launch terms for token buyers.

High FDV, low float, fast unlocks. Even strong projects can get hurt by this.

For buyers, structure matters more than the logo list.

Details: Green But Red

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Bitcoin volatility comes in waves:
Mar–Apr spike → summer cooldown → Q4 acceleration.

It still swings, but market structure is improving.

Over time, $BTC feels more “risk-off” than you’d expect.

More: Green But Red

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Rumors suggest Base is exploring a token launch around Q3–Q4 2026.

At the same time, Base is already one of the most active L2s today:
• 10M+ daily transactions
• $1M+ in daily chain fees
• $4.1B TVL

Prediction markets are split:
• Kalshi prices a 70% chance of a Base token in 2026
• Polymarket shows 64% odds by year-end, but only 21% by June

A token launch would inevitably raise expectations and force Base to clearly define its value accrual model.
A weak or poorly designed distribution could hurt the brand more than help it.

That said, one proposed model is genuinely interesting:
→ tie the token to voting power over Coinbase itself

In this setup:
• Base Foundation raises capital
• buys COIN shares
• token holders vote on corporate decisions via a DAO

That would effectively give holders governance exposure to a $70B public company.
Rainbow has already shown a precedent for similar structures.

Still, launching a token when the product already works is a huge risk.

The cleanest move?
Stay tokenless, and keep winning on merit.

Details: Green But Red

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The experimental phase of crypto is ending.
The industry is moving into an infrastructure era.

Key takeaways from Davos 2026 (World Economic Forum):

AI agents are emerging as a new economic layer
• The AI agent market could reach ~$50B by 2030
• The concept of Know Your Agent (KYA) is being discussed as an analogue to KYC, but for AI software

Stablecoins are becoming infrastructure
• They already function at scale
• The next challenge is regulatory alignment to enable seamless cross-border use

A shift toward secure, neutral trade rails
• Stablecoins are increasingly used to move value where traditional transfers are costly
• Particularly in regions with unstable local currencies

The focus across the industry is shifting away from “the next token”
and toward foundational systems.

Areas to watch:
• stablecoin payments
• on/off-ramps
• tokenized cash
• identity layers for AI agents

That’s where real adoption grows.

Source: Green But Red

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There’s a lot of funding activity right now.

I pulled 10 recent rounds worth watching this year from Crypto Fundraising:

🌐Hurupay
| Payments, stablecoin | Multi-currency accounts + cross-border transfers, with crypto withdrawals for stablecoin conversion.

🌐Jupiter Exchange
| DeFi, DEX aggregator | Solana DEX aggregator. Swaps, DCA, limit orders, perps, plus a launchpad.

🌐Derive.xyz
| DeFi derivatives | Programmable on-chain options, perps, and structured products, built on Derive L2 (OP Stack).

🌐Quantra
| RWA infrastructure | Brings real-world compute + energy resources on-chain with verification + settlement-ready primitives.

🌐Prometheum
| Regulated digital securities | Issuance, trading, settlement, and custody for digital asset securities in a regulated framework.

🌐Talos
| Institutional trading infra | Connects institutions to 60+ exchanges, OTC desks, custodians, and market makers.

🌐Flyingtulip.com
| On-chain exchange stack | Full-stack on-chain exchange: spot, derivatives, lending, stablecoins, insurance, unified cross-margin.

🌐Euclid Protocol
| Cross-chain liquidity | Virtual Liquidity Pools across 40+ networks, no traditional bridging.

🌐Xangle
| Web3 data | Blockchain-based digital asset data platform.

🌐0xbulletin
| Secondary market data | Aggregates OTC bids/asks + secondary sales data for private crypto companies (acquired by DeFiLlama).

Worth watching. Not advice.

More: Green But Red

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Why does $BTC price look so disconnected from the fundamentals?

Fundamentals look stronger than past cycles:

• easier access and better rails
• more institutional rails being built
• clearer rules in more places

But why can't the price hold?

My take:

• the big wipeouts changed behavior. less leverage. less risk appetite.
• ETFs aren’t a constant bid anymore, so dips don’t get auto-bought
• capital is chasing cleaner, simpler stories right now: AI stocks and gold

So I don’t think this is a “fundamentals are bad” problem.

It’s a demand and timing problem.

Thoughts? Drop them on X.

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🥸 New investment worth a s/o: Kairos

Main backer: a16z crypto ($2.5M round)

Other investors: Geneva Trading, University of Illinois, db + 20+ angels

Key things to know ↓

• What they built:
Unified trading platform for prediction markets. Trade the future on anything - elections, sports, weather, economic releases, cultural moments. Markets evolved from research tools into real financial instruments

• The problem:
Markets are fragmented chaos. Each event has multiple outcomes. Each outcome listed separately. Every listing replicated across exchanges. Prices move fast, liquidity jumps around. Traders are stuck managing positions across venues with scattered data feeds and basic execution tools

• What Kairos built:
"The Bloomberg Terminal for prediction markets" - unified execution and intelligence layer. Real-time data, news, analytics, and low-latency execution in one place. Institutional trading desk on your laptop

• Team edge:
Built by ex-HFT engineers and quants who worked at high-frequency trading firms. They're bringing Wall Street infrastructure to prediction markets

• The vision:
Not just a terminal. Building the foundational layer connecting traders, developers, and exchanges. Open ecosystem where devs can build apps on their infrastructure

• Kairos advantage:
Aggregates everything, institutional-grade speed, built by people who actually know trading infrastructure

Main competitors:
• Polymarket: Single exchange with basic UI. Kairos aggregates ALL exchanges + professional tools
• Kalshi: Regulated US-only, limited to approved events. Kairos covers everything globally
• Kairos = infrastructure layer that sits on top of all markets with institutional-grade execution

• Edge: Aggregates liquidity across platforms, HFT-grade speed, built by quants who shipped real Wall Street trading systems

More: Green But Red

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