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Hello X, I wanted to share what I have been working on for the past few months:
This Q2 report covers Aave protocols full on-chain financial activity for the first half of 2026. The report covers over 1.3 Million transactions over 2,000 addresses and contracts.
The main statements (only Ethereum is covered) are:
- Full Aave protocol income statement
- Full Aave protocol balance sheet
- Aave DAO Treasury cashflow
- Aave DAO balance sheet
The financials aren't built by hand. I created a data pipeline that extracts blockchain txns from RPC nodes, classifies accounts based on token movement and log traces, then transforms the classifications into journal entries. Then I built some custom agent skills to connect the classification to accounting standards.
ALT Available at matzuresearch.com
ALT Available at matzuresearch.com
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Hold my Beer
Introducing the BLOCKWORKS COOKOFF!
Use the Blockworks MCP to ship something special and RT this post with a video/mockup breaking it down for your chance to win $1000 in credits for the MCP.
Here's how to get started:
1. Sign up for your free $100 of MCP credits app.blockworks.com/claim
2. Connect the MCP to your favorite AI agent
3. Get cooking
Let's see what you got.
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not everything bled this week.
the winners on DefiLlama’s weekly board:
→ X Layer +23.2%, the best top-25 chain
→ Ethena +6.8%
→ Gauntlet +6.1%, the best top-25 protocol
→ Arc +2.7%
→ basis trading +4.0%
and Elysium keeps filling in. Helios, a new concentrated-liquidity DEX, just got listed on DefiLlama, and Boxa is building basis trading there with about $254K already deposited.
builders keep shipping while the chart catches up.
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We buying yet or waiting for affair #4?
🚨 $600,000,000,000 wiped out from US stocks in 1 minute at open after Nvidia CEO Jensen Huang resigned over two affairs.
Absolutely brutal.
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$KNTQ saw ~$48M of implied net selling in 4 days, $32M of it on launch day.
Elysium earned $99.2K in sequencer fees, which means $49.6K is owed to KNTQ buybacks not yet purchased.
In just its first 4 days, Elysium still earned $99.2K in sequencer fees. That puts $49.6K already owed to KNTQ buybacks, and none of it has hit the market yet.
Real fees through a market-wide flush, with the buyback bid still to come.
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Cheapest vs most expensive tokens by fees generated:
solana:orcaEKTdK7LKz57vaAYr9QeNsVEPfiu6QeMU1kektZE 1.1x, fees +199%
$RAY 2.9x, fees +145%
$MET 0.7x, fees +87%
ethereum:0x5a98fcbea516cf06857215779fd812ca3bef1b32 0.4x, fees +60%
$PUMP 0.9x, fees +54%
$NEST is the outlier at 0.6x with fees up 281%.
At the other end, $LINK trades at ~150x fees with fees down 7%, and $PENDLE at ~40x with fees down 28%.
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My $KNTQ Valuation cases for December 2027, from a $0.35 entry:
Bear: $0.25
Base: $0.66
Bull: $2.52
I built this financial model to project how Elysium sequencer fees could affect $KNTQ's price.
It tracks every KNTQ month by month to December 2027, weighing unlock selling against buybacks funded by Elysium's sequencer fees. Each case runs a different level of buybacks through KNTQ's supply and liquidity to set its price.
Tokenomics: splits all 1B KNTQ into locked, staked, held and float, then projects unlocks, vault releases and buybacks each month. Circulating supply grows from 321M to 560M by Dec 2027.
Liquidity: measures how much KNTQ moves when money comes in or out, from daily volume ($4.81M), volatility (8.8%) and net buying since launch. A $100K market buy moves the price about 3.4%.
Fee comps: scored 30 rollups on seven pre-launch tests and kept 11, from Unichain to Robinhood Chain. Their first-year sequencer fees set each case's Elysium revenue.
Buybacks: 50% of Elysium's sequencer revenue buys KNTQ on the open market, on top of the $106K/mo Kinetiq already spends from staking. Bought KNTQ is retired.
Multiple: values those buybacks at 54.6x holder revenue, the median of Lido (37.9x) and ether.fi (71.2x), the staking tokens that return revenue to holders.
Unlocks: assumes half of every unlock is sold, starting with 12.9M KNTQ a month from Nov 27.
From a $0.35 entry: bear $0.25 (−28%), base $0.66 (+88%), bull $2.52 (+619%). Our $1.00 target (+186%) needs ~$750K/mo of buybacks, more than Blast's first year and a third of Robinhood Chain's.
Uniswap is carrying Elysium’s day-one TVL.
Uniswap holds $2.3M of the chain’s $4.1M in TVL, more than half
TVL by project:
→ Uniswap: $2.3M
→ Ramses: $554K
→ Boxa: $254K
→ Ascend: $241K
→ ElysPump: $198K
→ Kleos: $103K
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> be wall street
> election night, nov 3
> democrats take congress
> futures dump overnight
> wake up wednesday
> “gridlock is bullish actually”
> dow rips 1,570 points
> best day in over a year
> everyone calls the bottom
> thursday comes
> someone remembers the data centers
> texas and ohio just elected democratic governors
> both are data center hot spots
> texas governor-elect campaigned on a data center moratorium
> ai trade = data centers
> data centers = power, land and permits
> permits = the people who just won
> nvidia -9%
> amd -17%
> sandisk -22%
> nasdaq officially in correction
> s&p 500 -4.4%, worst day since liberation day
> $2.9T gone in one session, biggest dollar loss ever
> dow gives back the whole rally and then some
you can easily identify the people who bought wednesday’s pump by asking them what a zoning board is
absolute cinema
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Elysium launchpads are heating up.
$10.44M in volume across 4,581 coins.
Montra: 69.5% ($7.26M)
Ascend: 16.5% ($1.72M)
ElysPump: 4.8% ($502K)
Boxa: 4.8% ($500K)
Kleos: 3.4% ($360K)
Boxa launched the most coins, 2,080, but averages $240 of volume per coin.
And pump.fun hasn't arrived yet. It goes live on Elysium Nov 9.
Elysium isn't even live yet and @AscendLaunch is already doing nearly 8 figs annualized kinetiq:native buybacks...
Fwiw, this is over twice what I was forecasting in my kinetiq:native "bull thesis post"...before the chain is even live...after a self admitted somewhat messy launch
Will be very interesting to watch how this number scales up when Elysium is fully online, and how sustainable the revenue proves to be in this new launchpad model.
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Can @elysium_machine fund kinetiq:native buybacks like @base and @RobinhoodCrypto Chain would?
If Elysium matched Base's first month of sequencer fees, it would fund about $1.4M of kinetiq:native buybacks, roughly 8x the ~$182K @Kinetiq_xyz buys back each month today. At Base's pace, buybacks would never drop below $436K a month over the first six months.
Robinhood Chain's pace goes further, with $1.4M in month 1, $2.7M in month 2 and $14.4M in month 3 on its September spike.
The median comparable rollup tells a different story, funding $17K in month 1 and staying below today's pace for all six months.
With 50% of Elysium's sequencer fees going to kinetiq:native buybacks and burns, the question is whether Elysium launches like Base or like the median.
Can @elysium_machine replicate the success of @base and @RobinhoodCrypto Chain?
Chill explains why he believes Elysium has the potential to sustain activity beyond its initial launch hype
He points to its EVM compatibility, which could attract existing traders and liquidity, alongside Hyperliquid's established community of whales who have an incentive to support builders aligned with the ecosystem.
With protocols like @Kinetiq_xyz and @NestExchange building on Elysium and focusing on generating value for $HYPE, Chill believes the ecosystem could create strong trading opportunities beyond launch
Kinetiq Spent ~$1M in buybacks in the last 6 months
And Elysium could triple this in just its first month
Right now:
~$180K a month, buying 6.27M kinetiq:native at an average of $0.174.
Nov 9th:
Elysium mainnet goes live, with 50% of its sequencer fees going to kinetiq:native buybacks and burns.
Outside projects are already joining:
Banana Gun: 40% of net trading revenue buys and burns kinetiq:native
Ascend: 80% of its buybacks go to kinetiq:native
Day-one apps include pump.fun, fomo, Derive V3 and Uniswap.
At ~$730K a month in Elysium fees, buybacks would triple to ~$545K a month.
So the obvious question is:
How fast does Elysium get there?
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kinetiq:native: Road to Elysium
kinetiq:native set an all-time high of $0.596 on Oct 30 and trades at $0.474 today, 82% above the $0.26 kPoints claim price, with a $152M market cap. Most of the run came in late October as Elysium, Kinetiq's L2 for Hyperliquid, moved toward its Nov 9 mainnet.
Road to Elysium
Elysium Announced: Kinetiq unveiled Elysium on Aug 24, an Arbitrum Orbit chain that settles to HyperEVM and uses HYPE for gas.
Public Testnet: The Elysium testnet opened on Sep 22, with a public RPC, block explorer and faucet for builders.
Mainnet Date Set: Kinetiq confirmed Elysium goes live on Nov 9, with Nest, Speculate, Dawn, Montra and Citadel among the launch partners.
Mainnet Launch: Elysium mainnet goes live Nov 9. Direct access to Hyperliquid order books follows about a month later.
Token demand
Sequencer Fee Buybacks: 50% of Elysium's sequencer fees go to buying kinetiq:native on the open market and burning it.
New All-Time Highs: kinetiq:native set its first all-time high at $0.455 on Oct 28 after rising 47.7% in 14 days, then pushed above $0.59 by Oct 30.
kHYPE and supply
kPoints Program Ends: Kinetiq closed kPoints with a paid claim, letting holders buy from a 50M kinetiq:native allocation at $0.26. kinetiq:native fell 23% the next day.
kHYPE on Ethereum: kHYPE went live on Ethereum through Chainlink CCIP, usable as DeFi collateral, including on Derive V3.
𝘋𝘢𝘵𝘢: 𝘒𝘪𝘯𝘦𝘵𝘪𝘲, 𝘉𝘢𝘯𝘬𝘭𝘦𝘴𝘴, 𝘛𝘰𝘬𝘦𝘯𝘗𝘰𝘴𝘵, 𝘛𝘩𝘦 𝘋𝘦𝘧𝘪𝘢𝘯𝘵, 𝘊𝘰𝘪𝘯𝘔𝘢𝘳𝘬𝘦𝘵𝘊𝘢𝘱
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The Top Tokens of Elysium Trenches:
🐱 eaccat: 1,069x ($3.6M)
🦎 CHAMELEON: 680x ($2.7M)
🥚 egg: 58x ($236K)
🐶 MAX LEVERAGE: 23x ($94K)
🏞️ Cult of Elysium: 22x ($88K)
Elysium heating up
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