AJC

Bebis wants to make BUN 1:1 exchangeable with UV equity (AI lab powering Mosh). No read on if he’ll be able to do it, but he clearly deeply cares about the BUN token: https://x.com/gmb_xbt/status/2104643933984915615?s=46

Conviction Level: 5/5 Why I’m bullish: The biggest trend on Robinhood Chain will undoubtedly be stock tokens. Vlad and team have stated countless times that this is their main focus. It is not unreasonable to think that stock token TVL and volume could easily increase ~10x from here. The question now just becomes how do you get exposure to this megatrend. You could just run stock LPs yourself, but most people are lazy and/or unsophisticated to properly do this (including myself lol). SHROOM is essentially the “lazy man’s” stock LP. Buying SHROOM is essentially depositing to a stock LP, with added ponzinomics of course. Yes, the price chart has been brutal, but look at the bigger picture: ~$300K TVL ~$250K in lifetime fees, roughly $7.6M annualized ~$480,075 in MU distributed to holders, roughly $14.6M annualized ~1.4% of the supply burned in 12 days Of course, these numbers are highly reflexive of the underlying SHROOM price, so take it with a grain of salt. Regardless, at the current valuation of $8M, I think these are extremely strong stats and form a solid base for the protocol. Finally, the main reason why I have such high conviction is because of the team. Carnation is a DeFi veteran and has all the right connections to make this work. They are already integrated into Pendle and are additionally working on some V4 hooks. Today, this protocol might just be a ponzified stock LP (which is arguably bullish given where I expect stock metrics to trend), but tomorrow, it could evolve into a more sustainable protocol where revenues aren’t solely dependent on SHROOM price (pure speculation on my part).

Haven’t verified these claims so take with a grain of salt, but apparently they’ve made $150K in revenue over the past 3 weeks. That puts them at ~$2.6M annualized revenue against only a $930K market cap. Will be testing out the product and see if they’re on to something here.