Andy Bear

Core portfolio of cycle survivors

"The growth in things like DeFi vaults is reinvigorating a new second coming, let's call it, of DeFi that has a lot broader user base and a lot more mature platforms... anything involved with advancing borrowing and lending and providing yield through DeFi is going to be there are going to be some big winners there." As the market looks for simple, trustable yield outside of traditional finance, mature DeFi protocols focused on borrowing and lending will see increased total value locked (TVL) and user adoption. Monitoring on-chain borrowing rates (like Aave's USDC borrow rate) provides a real-time pulse on leverage demand; when these rates rise, it signals strong fundamental demand for these protocols. LONG blue-chip DeFi lending protocols as they are positioned to capture the growing demand for on-chain yield and decentralized leverage. Smart contract exploits, regulatory actions targeting DeFi front-ends, or a prolonged low-volatility environment suppressing the appetite for leverage.

"The growth in things like DeFi vaults is reinvigorating a new second coming, let's call it, of DeFi that has a lot broader user base and a lot more mature platforms... anything involved with advancing borrowing and lending and providing yield through DeFi is going to be there are going to be some big winners there." As the market looks for simple, trustable yield outside of traditional finance, mature DeFi protocols focused on borrowing and lending will see increased total value locked (TVL) and user adoption. Monitoring on-chain borrowing rates (like Aave's USDC borrow rate) provides a real-time pulse on leverage demand; when these rates rise, it signals strong fundamental demand for these protocols. LONG blue-chip DeFi lending protocols as they are positioned to capture the growing demand for on-chain yield and decentralized leverage. Smart contract exploits, regulatory actions targeting DeFi front-ends, or a prolonged low-volatility environment suppressing the appetite for leverage.

"We're at a record high on the crypto side for stable coins. 317 billion I think we hit or close to 320 billion. Half of that is Ethereum, right? And Salana is making some strides there in improving its market share." Stablecoin supply is a primary proxy for fundamental adoption, liquidity, and on-chain economic activity. As stablecoin market caps hit record highs, the underlying Layer 1 networks capturing this activity (Ethereum and Solana) will accrue value through increased transaction fees, network utility, and ecosystem growth. LONG ETH and SOL as they are the primary beneficiaries of record stablecoin adoption and represent the safest "top-down" approach to crypto allocation. Macro shocks, severe regulatory crackdowns on stablecoin issuers, or fast money rotating out of the crypto ecosystem entirely.

"The growth in things like DeFi vaults is reinvigorating a new second coming, let's call it, of DeFi that has a lot broader user base and a lot more mature platforms... anything involved with advancing borrowing and lending and providing yield through DeFi is going to be there are going to be some big winners there." As the market looks for simple, trustable yield outside of traditional finance, mature DeFi protocols focused on borrowing and lending will see increased total value locked (TVL) and user adoption. Monitoring on-chain borrowing rates (like Aave's USDC borrow rate) provides a real-time pulse on leverage demand; when these rates rise, it signals strong fundamental demand for these protocols. LONG blue-chip DeFi lending protocols as they are positioned to capture the growing demand for on-chain yield and decentralized leverage. Smart contract exploits, regulatory actions targeting DeFi front-ends, or a prolonged low-volatility environment suppressing the appetite for leverage.

"We're at a record high on the crypto side for stable coins. 317 billion I think we hit or close to 320 billion. Half of that is Ethereum, right? And Salana is making some strides there in improving its market share." Stablecoin supply is a primary proxy for fundamental adoption, liquidity, and on-chain economic activity. As stablecoin market caps hit record highs, the underlying Layer 1 networks capturing this activity (Ethereum and Solana) will accrue value through increased transaction fees, network utility, and ecosystem growth. LONG ETH and SOL as they are the primary beneficiaries of record stablecoin adoption and represent the safest "top-down" approach to crypto allocation. Macro shocks, severe regulatory crackdowns on stablecoin issuers, or fast money rotating out of the crypto ecosystem entirely.