Wall Street is coming onchain
2027 is the year of tokenization
Protocols positioned to win:
$HYPE - @HyperliquidX
$LINK - @chainlink
$UNI - @Uniswap
$ENA - @ethena
$AAVE - @aave
$ONDO - @OndoFinance
$LIT - @Lighter_xyz
$AERO - @aeroxyz
$RAY - @Raydium
$DRV - @DeriveXYZ
$PENDLE - @pendle_fi
$BP - @Backpack
You want to hold $LIT this cycle
It's underpriced on every metric rn:
> 1/3 of HL volume at 1/22 of the mcap
> 2x HYPE revenue to mcap ratio
> Revenue doubled from July to September
> Price is down 50% in the same period
Meanwhile: Lighter files for a CFTC license in November (it’ll be the first perp DEX ever to do it), it’s still the perps engine in RH Wallet, and volume there grows 50% each month
Distribution keeps stacking, RH Wallet + Wallet in Telegram, LIT ETPs from Bitwise and 21Shares on Xetra, Binary options live, weETH accepted as collateral, LighterEVM live on devnet
And every dollar of that revenue feeds buybacks: 2.45m LIT burned from Q3 alone
It’s been down only since RH chose Bitstamp for US perps, but the fundamentals keep growing, in a cycle where revenue and buybacks are what matter
Sounds like a good deal to me
You want to hold $LIT this cycle
It's underpriced on every metric rn:
> 1/3 of HL volume at 1/22 of the mcap
> 2x HYPE revenue to mcap ratio
> Revenue doubled from July to September
> Price is down 50% in the same period
Meanwhile: Lighter files for a CFTC license in November (it’ll be the first perp DEX ever to do it), it’s still the perps engine in RH Wallet, and volume there grows 50% each month
Distribution keeps stacking, RH Wallet + Wallet in Telegram, LIT ETPs from Bitwise and 21Shares on Xetra, Binary options live, weETH accepted as collateral, LighterEVM live on devnet
And every dollar of that revenue feeds buybacks: 2.45m LIT burned from Q3 alone
It’s been down only since RH chose Bitstamp for US perps, but the fundamentals keep growing, in a cycle where revenue and buybacks are what matter
Sounds like a good deal to me
Wall Street is coming onchain
2027 is the year of tokenization
Protocols positioned to win:
$HYPE - @HyperliquidX
$LINK - @chainlink
$UNI - @Uniswap
$ENA - @ethena
$AAVE - @aave
$ONDO - @OndoFinance
$LIT - @Lighter_xyz
$AERO - @aeroxyz
$RAY - @Raydium
$DRV - @DeriveXYZ
$PENDLE - @pendle_fi
$BP - @Backpack
Revenue means nothing if it doesn’t reach holders
These protocols are actually buying back their tokens
Top 15 by buybacks:
$PONS - @Ponsdotfamily
$PUMP - @Pumpfun
$EDGE - @edgeX_exchange
$RAY - @Raydium
$CAKE - @PancakeSwap
$LDO - @LidoFinance
$LIT - @Lighter_xyz
$HYPE - @HyperliquidX
$UNI - @Uniswap
$SKY - @SkyEcosystem
$JUP - @JupiterExchange
$VVV - @AskVenice
$LINK - @chainlink
$RENDER - @rendernetwork
$NEAR - @NEARProtocol
Data from @DefiLlama
% of supply bought / yr = (last 30d buybacks × 12) ÷ circulating market cap
Only protocols with >$100M market cap
Protocols that pass bought tokens to stakers are excluded
Revenue means nothing if it doesn’t reach holders
These protocols are actually buying back their tokens
Top 15 by buybacks:
$PONS - @Ponsdotfamily
$PUMP - @Pumpfun
$EDGE - @edgeX_exchange
$RAY - @Raydium
$CAKE - @PancakeSwap
$LDO - @LidoFinance
$LIT - @Lighter_xyz
$HYPE - @HyperliquidX
$UNI - @Uniswap
$SKY - @SkyEcosystem
$JUP - @JupiterExchange
$VVV - @AskVenice
$LINK - @chainlink
$RENDER - @rendernetwork
$NEAR - @NEARProtocol
$ZEC went vertical
Now everyone thinks privacy = ZEC
The sector’s way bigger than that:
Privacy coins
$ZEC - @Zcash
$XMR - @monero
$ZANO - @zano_project
$ARRR - @PirateChain
Large-caps with a privacy layer
$LINK - @chainlink
$NEAR - @NEARProtocol
Shielded pools / Private DeFi
$RAIL - @railgun_project
$MASK - @nullmaskio
Confidential compute
$ZAMA - @zama
$RLC - @iEx_ec
$ARX - @ArciumHQ
$NIL - @nillion
Privacy-first L1s / App chains
$NIGHT - @MidnightNtwrk
$BDX - @BeldexCoin
$ZEN - @horizenglobal
$ROSE - @OasisProtocol
Payment coins with optional mixing
litecoin:native - @litecoin
$DASH - @Dashpay
decred:native - @decredproject
$ZEC went vertical
Now everyone thinks privacy = ZEC
The sector’s way bigger than that:
Privacy coins
$ZEC - @Zcash
$XMR - @monero
$ZANO - @zano_project
$ARRR - @PirateChain
Large-caps with a privacy layer
$LINK - @chainlink
$NEAR - @NEARProtocol
Shielded pools / Private DeFi
$RAIL - @railgun_project
$MASK - @nullmaskio
Confidential compute
$ZAMA - @zama
$RLC - @iEx_ec
$ARX - @ArciumHQ
$NIL - @nillion
Privacy-first L1s / App chains
$NIGHT - @MidnightNtwrk
$BDX - @BeldexCoin
$ZEN - @horizenglobal
$ROSE - @OasisProtocol
Payment coins with optional mixing
litecoin:native - @litecoin
$DASH - @Dashpay
decred:native - @decredproject
Revenue is the new narrative
Crypto’s finally at the point where earnings matter
Top 12 protocols by P/E:
$PUMP - @Pumpfun
$MET - @MeteoraAG
$RAY - @Raydium
$ORCA - @orca_so
$LDO - @LidoFinance
$SKY - @SkyEcosystem
$LIT - @Lighter_xyz
$ETHFI - @ether_fi
$SYRUP - @maplefinance
$JUP - @JupiterExchange
$CAKE - @PancakeSwap
$HYPE - @HyperliquidX
* Data from @DefiLlama
* Forward P/E: market cap ÷ (last 30d earnings × 12)
* Only protocols with > $100M market cap
* Top 4 are all on Solana because of the recent onchain season; on full-year earnings they’d look less cheap
Revenue is the new narrative
Crypto’s finally at the point where earnings matter
Top 12 protocols by P/E:
$PUMP - @Pumpfun
$MET - @MeteoraAG
$RAY - @Raydium
$ORCA - @orca_so
$LDO - @LidoFinance
$SKY - @SkyEcosystem
$LIT - @Lighter_xyz
$ETHFI - @ether_fi
$SYRUP - @maplefinance
$JUP - @JupiterExchange
$CAKE - @PancakeSwap
$HYPE - @HyperliquidX
Top 3 Across 10 Sectors:
Privacy: $ZEC, $XMR, $ZAMA
Perp DEX: $HYPE, $LIT, $ASTER
Private AI: $VVV, $NEAR, ethereum:0x6c5ba91642f10282b576d91922ae6448c9d52f4e
RWA Infrastructure: $PLUME, $LINK, $CFG
AI Inference: $ORBIO, solana:nosXBVoaCTtYdLvKY6Csb4AC8JCdQKKAaWYtx2ZMoo7, $SURPLUS
Tokenization: $ONDO, $BP, $UNI
DePIN: solana:rndrizKT3MK1iimdxRdWabcF7Zg7AR5T4nud4EkHBof, $FIL, $PEAQ
AI Infrastructure: $TAO, $0G, $IO
DeFi: $UNI, $PENDLE, $AAVE
Onchain: $PUMP
Top 3 Across 10 Sectors:
Privacy: $ZEC, $XMR, $ZAMA
Perp DEX: $HYPE, $LIT, $ASTER
Private AI: $VVV, $NEAR, ethereum:0x6c5ba91642f10282b576d91922ae6448c9d52f4e
RWA Infrastructure: $PLUME, $LINK, $CFG
AI Inference: $ORBIO, solana:nosXBVoaCTtYdLvKY6Csb4AC8JCdQKKAaWYtx2ZMoo7, $SURPLUS
Tokenization: $ONDO, $BP, $UNI
DePIN: solana:rndrizKT3MK1iimdxRdWabcF7Zg7AR5T4nud4EkHBof, $FIL, $PEAQ
AI Infrastructure: $TAO, $0G, $IO
DeFi: $UNI, $PENDLE, $AAVE
Onchain: $PUMP












