In the past couple of days, we've talked a bit more about Memes, from @19ys_GGboy CTO's #旺财 to @cookingcityHQ $CHEF's first wave, and the Ethereum Book $BOOE, etc. Although the multiples are decent, ultimately, real profits come from heavily invested targets. Since I have some free time tonight, let's discuss a few key targets I'm focusing on. $AAVE $HYPE $DBR ---------------------------- 01｜ $AAVE Looking at the performance over the past 90 days, $AAVE has increased by about 120%, far surpassing other lending protocols like $COMP and $MORPHO. This trend reflects its further consolidation of a dominant position in the market structure. The data is honest, so let's take a look at some numbers. TVL has recently reached $45.6B, setting a new historical high, with a YTD growth of 32.6%, which is more than the combined total of the next 30 lending protocols. Active loans stand at $18.2B, accounting for 62.8% of the entire lending market. The protocol's annual revenue is $603M, representing 63% of the sector, showing a clear head effect. From a valuation perspective, the FDV/annual revenue is around 7.6x, which I personally think is a relatively reasonable range. On one hand, the revenue is solid, and on the other hand, the updates like V4 and the umbrella module indeed have the potential to further enhance efficiency and security. Key updates include: The V4 architecture is being advanced, adopting a "Hub-and-Spoke" model to unify liquidity, connecting funds from different markets into a centralized pool, improving capital utilization, and facilitating future multi-chain deployments. At the same time, V3 has been deployed on Aptos, marking Aave's first expansion to a non-EVM chain, which is quite crucial as it indicates an active pursuit of multi-chain benefits. The stablecoin $GHO has also been launched on Avalanche. Another update that I think is easily overlooked but very important is the "Umbrella Module." Simply put, it allows aTokens to be staked, earning additional yields while participating in building the protocol's security buffer pool, and it can control emissions in a smarter way, reducing inflation, which is a substantial benefit for token holders. To summarize, I believe that protocols like $AAVE, which continue to update and have revenue, will become increasingly valuable with each market transition. ---------------------------- 02｜ $HYPE $HYPE has shown continuous volatility of 2-3σ over the past few days, which in statistical terms is called "extreme market conditions," but behind this market movement are solid growth data. On the revenue side: Yesterday it was $4.8M, today $3.4M; the annualized revenue is close to $1B, and if valued like a CEX, its scale is already significant. The number of users has surpassed 500,000, with stable continuous growth. The technical side is progressing rapidly, with the CoreWriter contract already on the mainnet; Spot matching orders now support multi-currency quotes, making the experience closer to centralized exchanges; the number of validation nodes will expand from 21 to 24, further enhancing network security. Additionally, the launch of PUMP shows that the team is quick to follow up, including some of my good friends around me, who are now basically migrating their orders upwards. ---------------------------- 03｜ $DBR $DBR is my favorite and the target I expect to grow the most. The recently concluded @deBridge TownHall was very informative, summarizing a few core updates. Data from the past 30 days: -New trading volume of $600M, cumulative over $12.5B -New users over 50K+ -Protocol revenue approaching $1M, all going into the DAO treasury On-chain distribution: -Solana remains the main source of trading, with the fastest growth -Base and Arbitrum user numbers are also rapidly climbing -CEX-level order experience, gasless cross-chain, and native asset trading are all very smooth New integrations are also worth noting: After integrating with @SeiNetwork, bridging time has dropped from 20 minutes to 1-2 seconds; Projects like @TakaraLend and @YakaFinance are also coming on board, showing strong delivery capabilities from the project team. My personal judgment is that the narrative of $DBR is no longer just "cross-chain bridge," but rather the core infrastructure for inter-chain trading. As on-chain trading becomes mainstream, its position will only become more important. Each iteration at the product level is actually expanding the radius for capturing DAO revenue, allowing this protocol to continuously create a positive funding loop. Its growth does not rely on FOMO but rather on the trend of on-chain trading and the product moat that has been continuously refined. I will keep following up on this. (Due to image and text limitations, I will break down $DBR separately next time. Remember 1st.