Andrew Kang used RoboStrategy’s August 2026 shareholder letter to make a broader case for robotics investing: capital should pull back from pure software and move toward companies building in the physical world. He argued that private-market pricing still fails to capture fair value in robotics, pointing to Unitree’s market debut as a recent example of the gap between late-stage venture marks and public valuation. Kang also detailed RoboStrategy’s own performance since listing, saying net asset value rose sharply between April 30 and July 31 and that the firm deployed another $124 million across six companies after going public. The letter ran through a long list of portfolio updates, including Standard Bots, Figure AI, Apptronik, Dyna Robotics, Dexmate, Path Robotics, Eccentric Machines, REK, GMI and Nox Metals. Kang said several portfolio companies have moved beyond pilot programs into actual deployments and shipments. He also outlined RoboStrategy’s expansion into media, policy and institutional fundraising, while arguing that robotics venture funding is still small relative to pre-ChatGPT AI venture activity. In his view, the sector is only now entering a financing turning point, with sharper differentiation likely between companies that can scale and those that cannot.

DeFi has been one of the most active corners of the crypto rebound as Bitcoin and Ethereum rallied over the past few days, lifting a wide range of altcoins with them. Rather than chasing price alone, the article argues that protocol revenue offers a cleaner way to judge whether a project still has real users and real demand. Using revenue data from Tokenomist and DefiLlama, with revenue defined as protocol income after distributions to supply-side participants such as LPs, the piece reviews top earners across decentralized exchanges, lending markets, and ETH staking. Uniswap led DEX revenue over the past 30 days at $7.18 million, while Solana-based Jupiter, Meteora, and Raydium also ranked high. PancakeSwap on BNB Chain and Aerodrome on Base were highlighted for their own strong income and distinct value-capture models. In lending, World Liberty Financial posted the highest 30-day revenue at $10.47 million, ahead of Aave. In ETH staking, ether.fi and Lido both made the list. A key takeaway is that high revenue does not automatically translate into direct tokenholder returns: some protocols use buybacks and burns, some route income to locked-token holders, and others generate strong protocol income without passing it through in full.

A packed week of crypto project updates brought a mix of governance fights, infrastructure upgrades, legal structuring moves and new product plans. World Liberty Financial, or WLFI, said it is setting up World Liberty Trust Co., N.A. and promoted former general counsel Mack McCain to chief legal officer and chief administrative officer, while also naming him chief trust officer of the planned entity. The project also rolled out its first batch of USD1-denominated RWA perpetual markets on Aster DEX and said it would back them with 250 million WLFI and $12.5 million in USD1 liquidity. Elsewhere, Optimism approved a contentious proposal that redirects 546.9 million OP previously earmarked for user airdrops into a strategic ecosystem fund managed by the Optimism Foundation, after a late 8.486 million OP vote from Test in Prod swung the result. Arbitrum activated the ArbOS 61 "Elara" upgrade, adding optional compliance filtering for Orbit chains and raising the Stylus contract code size cap from 24 KB to 96 KB. Linera said it plans a new product wave around the LNRA token sale and said it wants to become "the next Hyperliquid." The week also included the Ethereum Foundation’s $1 million post-quantum research challenge, Gnosis Chain’s approval of a proposal to transition from an independent L1 to an Ethereum L2, Arthur Hayes’ return to lead Flop Labs, and Harmony’s confirmation of a network rollback that will permanently discard more than 109,000 user transactions.

Uniswap founder Hayden Adams says tokenization should be viewed as more than a faster, cheaper, always-on wrapper for traditional finance. In a recent essay, he argues that putting assets on a shared blockchain settlement layer can change the structure of markets themselves, including who provides liquidity and which assets trade against each other. In his framework, highly correlated assets could form direct trading pairs, lowering inventory risk for liquidity providers and narrowing the efficiency gap between passive automated market makers and professional market makers. Adams points to examples such as NVIDIA stock trading against SPY rather than only against the U.S. dollar, oil company equities pairing with oil ETFs or tokenized crude, and private credit trading against tokenized U.S. Treasury funds. He also says this structure is already visible in crypto markets, where Ethereum ecosystem assets tend to trade against ETH, Solana assets against SOL, and stablecoins against each other, with a smaller number of deep bridge pairs connecting those liquidity clusters. He adds that Uniswap has processed more than $4.6 trillion in cumulative volume since launch, while DEX spot volume has risen from less than 1% of CEX spot activity to more than 20%. Adams also cites early activity on Robinhood Chain, where 10 tokenized stocks paired directly with SPY generated $33 million in volume and drew more than 11,000 traders in their first 12 days.

Binance founder Changpeng Zhao, better known as CZ, said at the SALT conference in Jackson Hole, Wyoming, that Bitcoin’s much-discussed “supercycle” has yet to materialize. In his view, the market is still largely moving within a fairly strict four-year cycle and is currently in a bear-market phase. He also said price swings should narrow over time as the industry’s total market capitalization grows. CZ also described the present moment as the most favorable operating environment he has seen in his 12 years in the sector. He said the U.S. regulatory framework has a demonstrative effect globally, with many countries looking to U.S. securities law and exchange oversight structures as reference points. He added that Hong Kong is also accelerating legislation aligned with U.S. regulatory thinking. On capital allocation at YZi Labs, CZ said about 70% of the firm’s funds are deployed in core crypto and blockchain sectors, around 20% in AI, and the rest in areas including biotechnology. He said the firm invests its own capital rather than outside LP money, which means it is not constrained by external return cycles and places more weight on a project’s positive impact and a founding team’s execution ability than on financial returns alone.

ChainFeeds’ Aug. 19 research digest pulls together five separate narratives shaping crypto and adjacent tech markets. The package starts with Uniswap founder hayden.eth arguing that automated market makers are still early and may gain their biggest edge in correlated trading pairs, where inventory risk is lower and liquidity can form naturally around asset clusters rather than defaulting to dollar pairs. IOSG Ventures then questions whether Model Fusion actually improves production economics, saying higher benchmark scores do not by themselves prove better ROI once token costs, latency and shared-model failure modes are counted. The digest also tracks the rapid deterioration of Farcaster’s business position. After Merkle Manufactory handed the protocol, app and Clanker over to Neynar in January and returned $180 million to investors, Neynar is now looking for yet another team to take over just seven months later. In another section, a small animated film titled Niulai became a meme phenomenon: a weak box office run turned into viral online attention, then spilled into BSC, where a same-name meme coin briefly reached a $46.79 million market cap. The final piece argues Hyperliquid is no longer just an onchain perpetuals venue, but a broader trading platform built around HyperCore, HyperEVM, HYPE and HIP-3.

A long-form piece published by TechFlowPost argues that crypto venture capital is not disappearing after the speculative boom. It is being repriced. The article says the market now shows a split between strong top-line industry data and weak early-stage liquidity: institutions hold more than $175 billion in crypto assets through exchange-traded products, onchain projects generated $11 billion in fees over the last 12 months, and the sector logged $8.6 billion in M&A plus 11 IPOs. Yet Galaxy Research data cited in the piece shows only eight new VC funds launched last quarter, the lowest level since 2020, while quarterly investment fell to $4 billion, or roughly $16 billion annualized, about half of 2021’s $31 billion pace. The authors trace the problem to a crypto funding model built around early token listings and quick liquidity rather than durable business value. They argue that many token models failed because projects lacked real business models and token holders had no legal claim on operating income. In their view, the industry is now moving toward structures that tie revenue to tokens, including buybacks, while also reopening other exit routes such as acquisitions and IPOs. The article identifies three sectors that have already reached sustainable product-market fit: stablecoins, prediction markets and onchain perpetuals. It also points to tokenized Treasuries, tokenized equities, machine payments, onchain credit and compliance infrastructure as areas where early-stage opportunities may now be forming. The broader conclusion is that crypto investing is shifting away from broad thematic betting and toward specialized, patient capital focused on business quality, regulation and long holding cycles.

Uniswap founder Hayden Adams has reignited debate over automated market makers with his first blog post since 2019, arguing that AMMs can take over the world’s biggest markets once tokenized assets trade against each other instead of directly against dollars. His thesis centers on correlated pairs: if two assets move together, liquidity providers face less risk, making passive onchain liquidity more competitive with professional market makers. Adams compares that shift to the rise of index investing, citing the growth of passive funds and the concentration of trading power at firms such as Citadel Securities. The argument met immediate resistance. Brian Huang, co-founder of onchain portfolio app Glider and a former XTX Markets trader, said AMMs are structurally unsuited for traditional market making, pointing to execution, latency, gas costs, order-flow segmentation and impermanent loss. Other market participants pushed on different parts of the thesis. Bebop CEO Katia Banina questioned whether traders would actually want pairs like SPY/NVDA instead of dollar pairs, while InvestaX CEO Julian Kwan said regulated tokenized assets introduce issuer-controlled permissioning that limits who can provide liquidity. The debate widened to include Uniswap v4 hooks, routing economics, capital efficiency and the current share of DEX spot volume relative to centralized venues. Supporters framed AMMs as programmable market infrastructure; skeptics argued the model may remain useful in niche routing and arbitrage roles without displacing professional market makers.