Broadframe Research @broadframex

@WatcherGuru Same history with JPM 5-7 years ago, when they demonized and rejected Bitcoin everywhere. Today we see how that aged.

Our previous bullish thesis on $ENA delivered 200%+ returns since our call, with even stronger performance in StablecoinX. Now we’re looking at base:0x21cfcfc3d8f98fc728f48341d10ad8283f6eb7ab (@trueo). A potentially asymmetric opportunity in one of crypto’s fastest-emerging sectors: prediction markets. The thesis is about future expectations, NOT current cash flows. Here’s why we’re interested. 1. An enormous market opportunity Kalshi has reached a reported $22B valuation, while Polymarket has explored valuations around $20B. Meanwhile, $TRUE is still a microcap, recently trading around $10M in market capitalization. Trueo doesn’t need to become another Polymarket to justify a meaningful rerating. 2. Permissionless, neutral infrastructure Trueo is taking a fundamentally different approach from larger, more centralized competitors. Its permissionless architecture, decentralized oracle and neutral positioning could become increasingly valuable as prediction markets evolve beyond politics and sports. Think of Venice AI ($VVV). A different industry, but a similar narrative: a permissionless alternative challenging much larger incumbents. $VVV delivered a 20x+ rally from its lows. 3. The DefiLlama partnership changes the narrative DefiLlama has partnered with Trueo, with 20 prediction markets already live using its data. Users can trade outcomes tied to protocol revenues, security incidents and onchain activity. Imagine hedging exposure to Aave or Morpho exploits, or trading expectations around Hyperliquid’s monthly revenues. This opens the door to prediction markets becoming actual financial risk-management instruments. 4. Several potential catalysts remain ahead $TRUE has a maximum supply of just 100M tokens, with approximately 93M circulating. And importantly, it remains largely a DEX-traded asset, with no meaningful centralized exchange volume. Potential catalysts include: • Listings on major exchanges such as Binance, Coinbase or Kraken, significantly expanding accessibility. • Greater visibility across crypto market-data platforms. • Future fee-switch mechanisms, governance-approved buybacks or token burns that could link protocol growth to $TRUE scarcity. • Additional partnerships and integrations. • Growing institutional demand for onchain risk hedging. None of these catalysts is guaranteed, and buybacks or burns are not currently established policy. 5. The valuation asymmetry Using a hypothetical $10M starting valuation: • $50M market cap = 5x • $100M market cap = 10x • $250M market cap = 25x These are illustrative scenarios, not price targets. The risks are substantial: current protocol revenues are tiny, liquidity remains limited, and sustainable token value capture has yet to be demonstrated. But that is precisely why this is an expectations-driven investment rather than a cash-flow valuation. Markets price the future before the financial statements reflect it. We believe neutral, permissionless prediction-market infrastructure could become a much larger category than investors currently appreciate. And $TRUE may be one of the most asymmetric ways to express that thesis. High risk. High potential. Early innings. $TRUE

Our $ENA thesis is up over 200% since our call, with even stronger gains in StablecoinX ($USDE). Now we’re looking at base:0x21cfcfc3d8f98fc728f48341d10ad8283f6eb7ab (@trueo). This is a bet on future expectations, not current cash flows. Prediction markets are still in their early innings, and Trueo is positioning itself as a permissionless, credibly neutral alternative to the dominant players. The recent DefiLlama partnership is a major validation of that vision, opening the door to entirely new markets built around onchain data, protocol revenues and risk. It reminds us of Venice AI ($VVV): a fundamentally different business, but a similar positioning against much larger competitors. $VVV delivered a 20x+ move from its lows. The thesis isn’t about what Trueo earns today. It’s about what it could become if prediction markets evolve into a major financial primitive. High risk, asymmetric upside. $TRUE

@KobeissiLetter The majority is on Ethereum

$SECZ | Bull Case: The Operating System for Tokenized Capital Markets We believe Securitize could become one of the most asymmetric investment opportunities in the next generation of financial infrastructure. The market is still thinking about tokenization as a more efficient way to trade existing securities. We think that dramatically understates the opportunity. The real disruption is the transformation of financial assets into programmable, globally accessible capital. Today, trillions of dollars in equities, bonds, private credit, funds and alternative assets remain fragmented across custodians, transfer agents, intermediaries and legacy settlement systems. Tokenization has the potential to compress this infrastructure into a more integrated, automated and continuously operating financial system. And Securitize is positioning itself at the intersection of issuance, regulated ownership, custody, fund administration, trading and settlement. Its relationships with BlackRock, NYSE and other major financial institutions are particularly important. Building technology is relatively easy. Building regulatory infrastructure, institutional trust and distribution is not. But our strongest bull case goes beyond institutional tokenization. It is the convergence of blockchain and autonomous AI. We believe AI will fundamentally reduce the cost of creating and operating businesses. We could eventually see millions of AI-native enterprises independently managing treasury, allocating capital, extending credit, purchasing services and investing excess liquidity. These enterprises will need programmable financial infrastructure. Imagine autonomous investment firms managing tokenized portfolios, AI treasury agents reallocating liquidity between tokenized Treasuries and stablecoins, or autonomous businesses obtaining financing against digital collateral. In that world, tokenization is no longer just about making Wall Street more efficient. It becomes a foundational layer for an entirely new category of economic activity. Our valuation scenarios for $SECZ: 🟢 $25 | Institutional Adoption Tokenization moves beyond isolated pilots. Asset managers increasingly distribute tokenized funds, while Securitize expands recurring revenues from issuance and servicing. 🔵 $50 | Capital Markets Transformation Tokenized equities, private credit, collateral and investment funds become meaningful parts of institutional workflows. Securitize captures more economics across the asset lifecycle. 🚀 $100+ | The Autonomous Economy AI agents become active financial participants. Programmable securities, stablecoins and automated capital allocation create demand for entirely new financial infrastructure. Securitize evolves from a tokenization provider into a critical layer of global capital markets. For perspective, assuming roughly 163M shares and a premium 15x revenue multiple, these scenarios imply approximately $270M, $540M and $1.1B in annual revenue, respectively. Those are demanding assumptions, especially considering the company’s current revenue base and execution risk. But disruptive platforms are rarely valued appropriately when investors extrapolate today’s market structure into tomorrow’s economy. The question is not simply how many trillions of dollars will be tokenized. The question is who will control and monetize the infrastructure through which those assets are issued, owned, financed and exchanged. Our thesis is that Securitize has a credible opportunity to become one of those companies. If AI creates an entirely new generation of autonomous economic participants, the addressable market could become substantially larger than today’s tokenization forecasts suggest. We may be looking at the early infrastructure buildout of an entirely new financial operating system. Long-term, exceptionally bullish on $SECZ.

Wait for the next thesis

Broadframe Research @broadframex

2 weeks ago

$ENA perfect timing. Congrats

0 0 0 37 0

$ENA perfect timing. Congrats

Broadframe Research @broadframex

4 months ago

🧵 The Ethena Thesis – July 2026: Why $USDe & $ENA look like one of the most asymmetric setups in crypto right now Ethena has evolved from “highest yield DeFi stablecoin” into critical infrastructure for onchain dollars with real productivity. Current numbers: • USDe supply:

0 5 20 3K 1

@arc_bat Burn

@0xWasa @KaleidoFi Nice

@vladtenev Yes. @vladtenev we want to embed RWA tokens in my screenerpilot.com

x.com/i/article/2076…

It’s a joke… but it actually looks interesting to explore. Early supporters & collabs welcome. DMs open. #RobinhoodChain

🧵 The Ethena Thesis – July 2026: Why $USDe & $ENA look like one of the most asymmetric setups in crypto right now Ethena has evolved from “highest yield DeFi stablecoin” into critical infrastructure for onchain dollars with real productivity. Current numbers: • USDe supply: ~$5.2B • sUSDe lifetime avg APY: 11.0% • Total rewards distributed: >$740M • Backing ratio: 101.6% with full transparency USDe is a delta-neutral synthetic dollar (long crypto collateral + short perps) that generates portable yield while staying ~$1 pegged. sUSDe turns it into a composable, reward-bearing savings asset. 2026 is the institutional breakout: • BlackRock integrated USDe into Aladdin (June 29) — visible to managers overseeing trillions, backed by $100M BUIDL liquidity facility. • Binance deep integration across 280M+ users: USDe as reward-bearing collateral for futures/perps + direct Binance Earn integration. Massive distribution unlocked. • Anchorage Digital partnership: Clear path to GENIUS Act compliant regulated stablecoin (USDtb) via US federal bank + direct institutional lending. • Janus Henderson ($480B AUM) adopting USDe for institutional treasury management. Just launched (July 2): StablecoinX Harness — the enterprise middleware that lets any company or AI agent accept ANY stablecoin, auto-convert to sUSDe for yield, and orchestrate flows through ONE simple API. This removes all the integration friction for real-world adoption. DeFi power users already love it: Aave Liquid Leverage, Morpho curated markets, Pendle yield trading, Hyperliquid HyENA (USDe-margined perps DEX). Why this setup is different: - Regulatory edge: Synthetic structure allows yield where cash-backed payment stablecoins face restrictions. - Backing diversification: Moving into institutional lending + RWA exposure. - Flywheel: Blue-chip TradFi names + Binance distribution + enterprise tooling (StablecoinX) = accelerating demand. ENA trades at ~$0.074 (MC ~$710M, FDV ~$1.11B) while the protocol has already paid out $740M+ in rewards and keeps adding institutional-grade partnerships. If USDe reclaims $10B+ supply and ENA accrues governance/revenue value, the rerate potential is significant. This is infrastructure for the internet economy’s dollar layer — with built-in yield and now real enterprise rails. Risks exist (funding rate volatility, hedging execution, competition). But the moat is widening fast. Bullish on the setup? What are you watching for $ENA? Not financial advice. DYOR. #Ethena #USDe #StablecoinX #DeFi #RWA

x.com/i/article/2069…

@Shaughnessy119 @grok what the thesis

@pfo_sac So far from min cap

@refihub We are to far from the min

@Xiznft @craftsdev @refihub @Arcium @solana So far to the min

@varfo_artem @GensynFND We need to get a lawsuit to them

@cryptogems555 @grok is this true?