Pakistan Foreign Ministry: Mecca Agreement is a Defensive Alliance, There is No Expansion of Alliance on Cards at Moment
75·ALong
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twitter9/8meme
quote: . @gdog97_ explains @Ethena Pay and lays out why owning the entire stack matters by pointing to how Coinbase captures 60% of Circle's USDC revenue
"A lot of the products in the market haven't got the full vertical integration between owning the stablecoin infrastructure, the yield generation engine, and the front end that sits on top. Taking a debit card and putting it on someone else's stablecoin means you lose the most valuable piece of the entire chain, the stablecoin sitting in the background"
"If you're creating one of these platforms and you don't own the whole stack, the issuance of the stablecoins, the generation of the yield, and all the UX and cards and spending on top of it, you've lost the beating heart of these businesses"
"People speak a lot about the Coinbase and Circle deal, where Coinbase makes something like 60% of the revenues of the USDC sitting there. If you always depend on the distribution of others, there isn't that much margin left for you in the end. If you never own the user, you can never control that economic relationship in a much more powerful way"
@ethena | E184: @ethena CEO - Why @EthenaPay Feels Like Revolut, Not MetaMask
@gdog97_ is the founder and CEO of Ethena. He stumbled into DeFi in 2019 when a friend showed him MakerDAO - taking out a $5,000 loan against $10,000 of ETH with no one standing in the middle of the transaction.
Six years later he's running Ethena, which scaled to $15 billion in stablecoin supply faster than anything else in crypto history, and his thesis is that a dollar with a yield in an app that doesn't feel like crypto is what finally brings 100 million new users in.
Timestamps
0:00 Intro
2:37 Which Of Guy's Plans Fell Apart
5:37 Where Actually Are The Users Everyone Wants
7:10 What Got Guy Hooked On Crypto
9:20 PayPal vs Revolut vs Neo Banks
12:43 Partnerships: @variational_io @Bitwise
13:36 Revolut vs Stablecoin Neo Banks
15:58 Is Switching To Neo Banks Really A 10x
18:00 EthenaPay, Explained Simply
21:21 Why Build Another Crypto Neo Bank
23:53 Will Crypto Banks Fight Over The Pie
25:55 How Ethena Wins Users By Helping Everyone
32:47 What Actually Makes Ethena Different
36:51 Ethena's Cashback System Revealed
38:32 How Ethena Cuts Fees
39:39 How Ethena Finds The Best Yield
45:16 Guy On Dealing With FUD
48:35 Why Guy Stays Quiet
49:29 Partnership: @KASTxyz
50:17 Ethena's KPI Targets
51:55 The Holy Grail For A Stablecoin Neo Bank
52:31 Partnerships: @JupiterExchange Ethena
53:14 If Everyone Does The Same Thing, Who Wins
55:23 What's Next For Ethena After EthenaPay
56:36 Is EthenaPay Basically USDe
58:04 Closing Thoughts
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Quiet month? Not on Base
Here’s 25 things the Base ecosystem launched and announced in August
1) @bitso made MXNB available through Base. Users can deposit Mexican pesos on Bitso, withdraw MXNB on Base, and use the Juno vault on @morpho
2) @bitwise launched Automated Token Portfolios on Base with @glider__, using Coinbase Tokenized Stocks. Eligible users can hold 1:1 share-backed equity portfolios in self-custody and use them as collateral in DeFi
3) @awscloud made AgentCore Payments generally available with @coinbase and @stripe using x402. Agents can pay for APIs, content, data feeds, and more
4) @travalacom integrated Amazon Bedrock AgentCore payments from @awscloud into the Travala Travel MCP. Agents can book 2.2M+ hotels with USDC using Base
5) @o1_exchange launched a Stock launchpad, built natively on the B20 Stock token standard on Base. Issuers can launch stock tokens on Base through that pad
6) @avantisfi launched V2 in private beta on Base. Existing Avantis traders can trade 100+ assets, RWAs, and Upside Perps
7) @youdotcom is adding x402 support to its Web Search API on Base. AI agents can pay per query for live web data without API keys, subscriptions, or a human checkout
8) @bankrbot partnered with @aerodromefi on an Aerodrome Stock LP skill. Users can become LPs for tokenized stocks on Base with a Bankr agent opening and managing the position 24/7
9) @baibai_cx went public on Base as a PropAMM + aggregator built by @spire_labs. Traders can swap against onchain market-maker quotes and aggregated DEX liquidity
10) @overseepay went live on Base. Users can move dollars onchain for remittances to Pakistan
11) @credifi opened unsecured loans of up to $3,000 for @ethos_network users with a Credibility Score of 1800+. Eligible borrowers can take credit with no collateral and no liquidation
12) @send launched Send Cards. Users can fund a card with USDC on Base in the Send app and spend that balance on everyday purchases
13) @joincero introduced their product. Cero card will convert everyday spend into a 0-1000 score toward rewards and credit when early access starts
14) @longshotxyz launched on Base. Eligible non-US regions get free and paid prediction contests plus customizable combo markets
15) @syntetika opened deposits with BTC Basis+, a delta-neutral Bitcoin basis strategy managed by @hilbertcapital using cbBTC on Base
16) @peerxyz launched on iOS and Android. Venmo, Cash App, Revolut, Wise, PayPal and similar apps can fund USDC on Base from the phone
17) @zothdotio announced zVaults on Base opening soon. One deposit will hold a basket of tokenized US stocks in a self-custodial wallet
18) @forevermoney_ai brought the Bittensor ecosystem to Base via Chainlink CCIP. Bittensor’s AI network can now plug into Base apps for compute, coding, vision, and prediction
19) @zaruniversal launched ZARU on Base. A 1:1 rand-backed stablecoin settles payments onchain in seconds instead of one to three business days
20) @anoma launched AnomaPay on Base. Base assets can be deposited and sent confidentially with payment links
21) @rena_labs launched Insider Scan on Base. Users can exchange liquidity, spreads, depth, and volume sit in one view, with plain-language questions
22) @veildotcash activated NVDAc in its Multi-Asset Pool on Base. Tokenized Nvidia can be deposited and sent privately through Veil
23) @dinariglobal launched regulated dShares of the full S&P 500 for US investors and businesses, live on Base. US holders get 24/7 onchain access with voting, dividends, and a claim to the backing security
24) @b3labs introduced B3IQ. Teams can own a hosted Nvidia GPU over time, run private inference on that hardware, and rent idle capacity, with payouts in USDC on Base
25) @pixiechess is live on a mobile browser. Chess for real money can be played from a phone browser on Base
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This Week in Virtuals: Robinhood App Turned On Agent Trading, with Virtuals as the Onchain Infra Layer
VIRTUALS
🟩 @RobinhoodApp rolled Agentic Trading out to 100% of eligible users this week. Onchain, the infra layer agents launch on, trade from and get owned through is now Virtuals Protocol.
🟩 @coinbureau called Virtuals "an entire nation for AI agents, complete with identity, banking, commerce and capital markets," where every agent gets a wallet, a card and an email, and can hire, pay and evaluate other agents.
ECOSYSTEM
🟩 @GoMintly took its agent-managed LP vaults from NVDA and SPCX to the whole index via SPY, then to $MEME, all on @RobinhoodCrypto.
🟩 @ProjectVEXai gave its agents onchain capital access and now trades across @RobinhoodApp, @solana, @arbitrum and 7 more chains.
🟩 @PlayKindra shipped HoodExplorer for Robinhood Chain and routes 90% of its swap fees into buying and burning KINDRA.
🟩 @WizzHQ minted Wizz Units, 2,345 PFPs on Robinhood Chain, clearing 100 in five minutes after fully refunding the paused mint.
🟩 @grid_arena launched Grid v2, one arena for crypto, stocks and prediction markets, with agent Autopilot coming next.
🟩 @useOttoAI has settled 171,539 paid x402 calls on @base and soft launched Otto Stocks for weekend equity gaps.
🟩 @tradeongtr added $BMNR and $SHEIN markets and routed over $180K through its @openfinancelabs partnership.
🟩 @ethy_agent crossed $10M in agent volume only days after passing $6M, and has a private beta of its next build incoming.
🟩 @KarmaWallet crossed $6M total volume after daily volume jumped almost 200% in two days, and Karma Verified now gives 24 hours of zero fees.
🟩 @wardenprotocol ran its first HALO buyback and burn, torching 219,944 HALO, and announced a Token Terminal and Launchpad.
🟩 @reppo launched its Eval API on Base, where 1,000 staked EVAL unlocks up to $1 a day of credits, and burned about 2% of supply.
🟩 @myrad_hq ran its first burn, 7M MYRAD or 0.7% of supply, and now pays epoch evaluators in USDC instead of its own token.
🟩 @mamo has distributed $638K in total rewards, with MAMO now paired against 17 assets on @AerodromeFi.
🟩 @commonsmade hit record usage, 1.3B AI tokens spent in one day against a 2B target, and routed $20K to stakers.
🟩 @OpenGradient has processed 3.32B tokens across 562,860 inferences, every prompt encrypted on device and relayed over OHTTP.
🟩 @Bowyer_App has 28 agents live, and five were specced and launched by another agent scanning GitHub on its own.
🟩 @Wall3_RL's agent called the September rate cut repricing, with CME odds moving 41% to 60% and Polymarket 30% to 52%.
🟩 @bleeep_xyz turned on Agent Automation, where a signed mandate caps capital, daily stop and duration before a single order.
🟩 @sibyl_labs_ closed hackathon registration at 453 builders, and @base is now sponsoring a startup accelerator entry for a top two finisher.
🟩 @RatehopperAI brought LP agents to @base on WETH/USDC as Season 0 wraps up.
🟩 @vantis_ai made its trading engine performance public and previewed an x402 terminal that can LP into Uniswap pools.
🟩 @officialbunnyos turned on Play-to-Earn and its human interface within a week, and is closing in on 500 players.
🟩 @vimenprotocol closed its first USDG payout cycles and now mints baskets from Ethereum, @base, @arbitrum, @solana or Bitcoin.
🟩 @Fletcher_cards put its gacha machines live on @base and BNB Chain, and is opening a TCG Index Launcher for card-backed indexes.
🟩 @PrivacyHood shipped merchant refunds as claim links, plus a printed paper recovery slip its stealth till makes you type back.
🟩 @axol_io routed Raxol agents through @xochi_fi's new TRON support, opening the deepest USDT corridor in crypto to them.
🟩 @Vader_AI_ is running EgoPlay on fixed tasks in changing settings, so every egocentric clip it collects stays comparable.
ROBOTICS
🟩 @pabsclimbs landed in Nepal with Pemba clearing customs, and opened community funding for open-source partners on the $PEAK expedition.
🟩 @xmaquina put its incubated @roboticomarket live and logged 22,000 humanoid units shipped in H1 2026, up 300% year on year.
🟩 @openmind_agi published PHASOR, mapping different humanoid bodies into one shared motion space so behaviour transfers between them.
🟩 @StrikeRobot_ai got DSC Labs, its robotics R&D arm, into @nvidia Inception and cut SR Platform layouts to under five minutes.
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This Week in Virtuals: Robinhood App Turned On Agent Trading, with Virtuals as the Onchain Infra Layer
VIRTUALS 🟩 @RobinhoodApp rolled Agentic Trading out to 100% of eligible users this week. Onchain, the infra layer agents launch on, trade from and get owned through is now Virtuals Protocol.
🟩 @coinbureau called Virtuals "an entire nation for AI agents, complete with identity, banking, commerce and capital markets," where every agent gets a wallet, a card and an email, and can hire, pay and evaluate other agents.
ECOSYSTEM 🟩 @GoMintly took its agent-managed LP vaults from NVDA and SPCX to the whole index via SPY, then to $MEME, all on @RobinhoodCrypto. 🟩 @ProjectVEXai gave its agents onchain capital access and now trades across @RobinhoodApp, @solana, @arbitrum and 7 more chains. 🟩 @PlayKindra shipped HoodExplorer for Robinhood Chain and routes 90% of its swap fees into buying and burning KINDRA. 🟩 @WizzHQ minted Wizz Units, 2,345 PFPs on Robinhood Chain, clearing 100 in five minutes after fully refunding the paused mint. 🟩 @grid_arena launched Grid v2, one arena for crypto, stocks and prediction markets, with agent Autopilot coming next. 🟩 @useOttoAI has settled 171,539 paid x402 calls on @base and soft launched Otto Stocks for weekend equity gaps. 🟩 @tradeongtr added $BMNR and $SHEIN markets and routed over $180K through its @openfinancelabs partnership. 🟩 @ethy_agent crossed $10M in agent volume only days after passing $6M, and has a private beta of its next build incoming. 🟩 @KarmaWallet crossed $6M total volume after daily volume jumped almost 200% in two days, and Karma Verified now gives 24 hours of zero fees. 🟩 @wardenprotocol ran its first HALO buyback and burn, torching 219,944 HALO, and announced a Token Terminal and Launchpad. 🟩 @reppo launched its Eval API on Base, where 1,000 staked EVAL unlocks up to $1 a day of credits, and burned about 2% of supply. 🟩 @myrad_hq ran its first burn, 7M MYRAD or 0.7% of supply, and now pays epoch evaluators in USDC instead of its own token. 🟩 @mamo has distributed $638K in total rewards, with MAMO now paired against 17 assets on @AerodromeFi. 🟩 @commonsmade hit record usage, 1.3B AI tokens spent in one day against a 2B target, and routed $20K to stakers. 🟩 @OpenGradient has processed 3.32B tokens across 562,860 inferences, every prompt encrypted on device and relayed over OHTTP. 🟩 @Bowyer_App has 28 agents live, and five were specced and launched by another agent scanning GitHub on its own. 🟩 @Wall3_RL's agent called the September rate cut repricing, with CME odds moving 41% to 60% and Polymarket 30% to 52%. 🟩 @bleeep_xyz turned on Agent Automation, where a signed mandate caps capital, daily stop and duration before a single order. 🟩 @sibyl_labs_ closed hackathon registration at 453 builders, and @base is now sponsoring a startup accelerator entry for a top two finisher. 🟩 @RatehopperAI brought LP agents to @base on WETH/USDC as Season 0 wraps up. 🟩 @vantis_ai made its trading engine performance public and previewed an x402 terminal that can LP into Uniswap pools. 🟩 @officialbunnyos turned on Play-to-Earn and its human interface within a week, and is closing in on 500 players. 🟩 @vimenprotocol closed its first USDG payout cycles and now mints baskets from Ethereum, @base, @arbitrum, @solana or Bitcoin. 🟩 @Fletcher_cards put its gacha machines live on @base and BNB Chain, and is opening a TCG Index Launcher for card-backed indexes. 🟩 @PrivacyHood shipped merchant refunds as claim links, plus a printed paper recovery slip its stealth till makes you type back. 🟩 @axol_io routed Raxol agents through @xochi_fi's new TRON support, opening the deepest USDT corridor in crypto to them. 🟩 @Vader_AI_ is running EgoPlay on fixed tasks in changing settings, so every egocentric clip it collects stays comparable.
ROBOTICS 🟩 @pabsclimbs landed in Nepal with Pemba clearing customs, and opened community funding for open-source partners on the $PEAK expedition. 🟩 @xmaquina put its incubated @roboticomarket live and logged 22,000 humanoid units shipped in H1 2026, up 300% year on year. 🟩 @openmind_agi published PHASOR, mapping different humanoid bodies into one shared motion space so behaviour transfers between them. 🟩 @StrikeRobot_ai got DSC Labs, its robotics R&D arm, into @nvidia Inception and cut SR Platform layouts to under five minutes.
75·ALong
n
news9/6news
This Week in Virtuals: Robinhood App Turned On Agent Trading, with Virtuals as the Onchain Infra Layer
VIRTUALS
🟩 @RobinhoodApp rolled Agentic Trading out to 100% of eligible users this week. Onchain, the infra layer agents launch on, trade from and get owned through is now Virtuals Protocol.
🟩 @coinbureau called Virtuals "an entire nation for AI agents, complete with identity, banking, commerce and capital markets," where every agent gets a wallet, a card and an email, and can hire, pay and evaluate other agents.
ECOSYSTEM
🟩 @GoMintly took its agent-managed LP vaults from NVDA and SPCX to the whole index via SPY, then to $MEME, all on @RobinhoodCrypto.
🟩 @ProjectVEXai gave its agents onchain capital access and now trades across @RobinhoodApp, @solana, @arbitrum and 7 more chains.
🟩 @PlayKindra shipped HoodExplorer for Robinhood Chain and routes 90% of its swap fees into buying and burning KINDRA.
🟩 @WizzHQ minted Wizz Units, 2,345 PFPs on Robinhood Chain, clearing 100 in five minutes after fully refunding the paused mint.
🟩 @grid_arena launched Grid v2, one arena for crypto, stocks and prediction markets, with agent Autopilot coming next.
🟩 @useOttoAI has settled 171,539 paid x402 calls on @base and soft launched Otto Stocks for weekend equity gaps.
🟩 @tradeongtr added $BMNR and $SHEIN markets and routed over $180K through its @openfinancelabs partnership.
🟩 @ethy_agent crossed $10M in agent volume only days after passing $6M, and has a private beta of its next build incoming.
🟩 @KarmaWallet crossed $6M total volume after daily volume jumped almost 200% in two days, and Karma Verified now gives 24 hours of zero fees.
🟩 @wardenprotocol ran its first HALO buyback and burn, torching 219,944 HALO, and announced a Token Terminal and Launchpad.
🟩 @reppo launched its Eval API on Base, where 1,000 staked EVAL unlocks up to $1 a day of credits, and burned about 2% of supply.
🟩 @myrad_hq ran its first burn, 7M MYRAD or 0.7% of supply, and now pays epoch evaluators in USDC instead of its own token.
🟩 @mamo has distributed $638K in total rewards, with MAMO now paired against 17 assets on @AerodromeFi.
🟩 @commonsmade hit record usage, 1.3B AI tokens spent in one day against a 2B target, and routed $20K to stakers.
🟩 @OpenGradient has processed 3.32B tokens across 562,860 inferences, every prompt encrypted on device and relayed over OHTTP.
🟩 @Bowyer_App has 28 agents live, and five were specced and launched by another agent scanning GitHub on its own.
🟩 @Wall3_RL's agent called the September rate cut repricing, with CME odds moving 41% to 60% and Polymarket 30% to 52%.
🟩 @bleeep_xyz turned on Agent Automation, where a signed mandate caps capital, daily stop and duration before a single order.
🟩 @sibyl_labs_ closed hackathon registration at 453 builders, and @base is now sponsoring a startup accelerator entry for a top two finisher.
🟩 @RatehopperAI brought LP agents to @base on WETH/USDC as Season 0 wraps up.
🟩 @vantis_ai made its trading engine performance public and previewed an x402 terminal that can LP into Uniswap pools.
🟩 @officialbunnyos turned on Play-to-Earn and its human interface within a week, and is closing in on 500 players.
🟩 @vimenprotocol closed its first USDG payout cycles and now mints baskets from Ethereum, @base, @arbitrum, @solana or Bitcoin.
🟩 @Fletcher_cards put its gacha machines live on @base and BNB Chain, and is opening a TCG Index Launcher for card-backed indexes.
🟩 @PrivacyHood shipped merchant refunds as claim links, plus a printed paper recovery slip its stealth till makes you type back.
🟩 @axol_io routed Raxol agents through @xochi_fi's new TRON support, opening the deepest USDT corridor in crypto to them.
🟩 @Vader_AI_ is running EgoPlay on fixed tasks in changing settings, so every egocentric clip it collects stays comparable.
ROBOTICS
🟩 @pabsclimbs landed in Nepal with Pemba clearing customs, and opened community funding for open-source partners on the $PEAK expedition.
🟩 @xmaquina put its incubated @roboticomarket live and logged 22,000 humanoid units shipped in H1 2026, up 300% year on year.
🟩 @openmind_agi published PHASOR, mapping different humanoid bodies into one shared motion space so behaviour transfers between them.
🟩 @StrikeRobot_ai got DSC Labs, its robotics R&D arm, into @nvidia Inception and cut SR Platform layouts to under five minutes.
75·ALong
m
meme9/6meme
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THE BLOCK: Fintech company Revolut says it has received a conditional approval for its U.S. bank charter from the Office of the Comptroller of the Currency.
After approvals are finalized, the company says it will be able to directly offer loans, credit cards, as well as stablecoins and cryptocurrencies.
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ISM great, until you read the respondents which are almost uniformly negative:
“The memory shortage is continually getting worse. For devices requiring (memory) cards, inventory is low and prices are high.” [Retail Trade]
“The bond market pushed 30-year mortgage rates up to 6.67 percent, reducing affordability and moving prospective buyers back to the sidelines. The new-build housing market continues to slow with the selling season coming to a close and the start of the new school year. Rate buydowns and discounts have become the norm instead of the tool to drive traffic.” [Construction]
“Rising health-care costs, regulatory complexity and reimbursement pressure continue to drive a cautious purchasing environment within health insurers. Focus remains on cost management, supplier performance, operational efficiency and risk mitigation, resulting in increased scrutiny of supplier value, contract commitments and strategic investments.” [Finance & Insurance]
“The conflict in Iran and strain on the oil supplies has resulted in our paying higher cost for fuel. Locally, our economy continues to perform well, and our housing market is solid. We expect our enrollment to remain steady as long as the local economy stays strong.” [Educational Services]
“The stacked Section 301 duties plus the newer forced-labor related tariffs are keeping landed costs elevated and forcing constant TCO recalculation. We are actively dual-sourcing and evaluating nearshoring options, but qualified capacity, lead times and quality consistency are limited for certain specialty materials and components. The results are higher inventory buffers, longer planning cycles, and margin pressure that we can only partially pass through. On the positive side, Florida ports (especially Port Everglades and the broader South Florida gateway) remain relatively fluid compared with the congestion spikes earlier in the year on the West Coast and in Europe.” [Professional, Scientific & Technical Services]
“We received a few communications regarding tariffs that are being refunded. Fewer materials being back-ordered at this time.” [Health Care & Social Assistance]
“Concerns about market trends, reduced hospital sources of revenue and increasing debt management creating reluctance of our customers to expand.” [Management of Companies & Support Services]