In partnership with
We at Token Metrics scored multiple projects this week. Here are a few you should know about:
Avantis
Momentum
STBL
edgeX
Kamino
Please remember that some of these projects still need our code review process. Still, we want to highlight them here because they initially caught our attention through our fundamental analysis process.
Today’s edition of Token Metrics Research | Daily Newsletter is brought to you by Typeless.
Typing is a thing of the past
Typeless turns your raw, unfiltered voice into beautifully polished writing - in real time.
It works like magic, feels like cheating, and allows your thoughts to flow more freely than ever before.
With Typeless, you become more creative. More inspired. And more in-tune with your own ideas.
Your voice is your strength. Typeless turns it into a superpower.
Now, let’s get back to the hidden gems.
1. Avantis
Sector - DeFi
Status - Active
Avantis is a decentralized derivatives exchange built on the Base chain. It positions itself as the universal leverage layer for trading crypto and real-world assets (RWAs) like forex, metals, commodities, and indices.
It solves key challenges in DeFi, such as limited access to uncorrelated RWAs for leverage trading and inefficient capital utilization in volatile markets.
By enabling traders to retain custody of collateral while accessing limitless leverage (up to 500x), Avantis bridges crypto narratives with global macro views, fostering a more composable and scalable on-chain trading ecosystem.
Since its launch in February 2024, it has processed over $25B in trading volume, making it Base's largest perps DEX.
1.1. Features
Loss Protection Rebates: Traders receive up to 20% rebates on losses when trading against popular sentiment, which helps balance open interest skew and incentivizes contrarian strategies.
Positive Slippage Mechanism: Offers better-than-market entry prices for trades that help rebalance open interest, rewarding users who contribute to platform stability.
Optimized Liquidity Provider (LP) Engine: LPs can deposit USDC passively or select risk tranches with time-locks for sophisticated market-making.
RWA and Crypto Integration: Allows seamless trading of assets like Bitcoin, Gold, and forex pairs in one terminal with zero-fee leverage (fees only from profits).
1.2. Token
The native token is $AVNT, with a total supply of 1 billion tokens. Distribution metrics include over 50% allocated to the community (e.g., airdrops for traders, LPs, referrers, and builders), with the remainder for protocol incentives and governance.
$AVNT's utility includes staking for XP boosts, trading fee discounts, and securing LPs during volatility; it also powers governance, allowing holders to vote on chain expansions, fee structures, new assets, and product developments.
1.3. Investors
Avantis has raised $12M across two rounds: a $4M seed round in September 2023 and an $8M Series A in June 2025. Key backers include Pantera Capital (lead), Founders Fund, Base Ecosystem Fund, Galaxy Ventures, and Modular Capital.
Additional partners like Alchemy, Pyth Network, and Morpho provide ecosystem support, underscoring strong institutional confidence in its growth as Base's flagship perps DEX.
2. Momentum
Sector - DeFi
Status - Active
Momentum (MMT Finance) is an operating system for the tokenized future, built on the Sui blockchain to create a central liquidity engine for Move-based ecosystems.
It addresses fragmentation in DeFi by unifying liquidity for Sui-native assets, cross-chain crypto, and tokenized RWAs like securities and commodities.
Through phased development, starting with Sui infrastructure, expanding to multichain via Wormhole, and integrating RWAs, Momentum enables seamless trading, staking, and yield optimization, governed by a ve(3,3) model.
Launched in early 2025, it has achieved $12B+ in cumulative volume and $214M TVL, positioning itself as a key hub for institutional and retail adoption on Sui.
2.1. Features
MSafe Treasury Infrastructure: A multi-sig wallet for Move chains, handling treasuries, vesting, and on-chain execution with flexible approvals.
Momentum DEX (CLMM): A concentrated liquidity market maker with Uniswap v3-style architecture, offering tight spreads, low slippage, and atomic actions via Sui's PTB.
xSUI Liquid Staking: Users stake SUI to earn rewards while receiving xSUI, a liquid token usable in DeFi for lending or liquidity.
Token Generation Lab (TGL): A launchpad for high-quality projects, offering liquidity, distribution, and integrations with partners like Sui Foundation.
Automated Vaults: Phased yield strategies including auto-rebalancing, leveraged looping, and multichain vaults.
2.2. Investors
Momentum has raised $10M across two rounds: a $5M pre-seed round in January 2023 and an $5M seed round in March 2025. Key backers include Coinbase Ventures, Jump Crypto, Circle, The Spartan Group, Amber Group, and OKX Ventures.
This edition of the newsletter is co-presented by Stocks & Income.
CoreWeave gained 209%. We called it early.
Stocks & Income’s free daily investing newsletter sends you the breakout stocks before they go mainstream.
Here are some recent highlights:
✅ CoreWeave (before it soared 209%)
✅ Palantir (+441% this year)
✅ On Holding (+25%)
✅ Nova Ltd. (+13% so far)
And much, much more.
Read what we’re tracking next before it takes off.
With Stocks & Income, you’ll get AI stock picks, streamlined news coverage, key charts, and 1-sentence sector updates—all built to help you invest smarter and beat the market in 5 minutes per day.
It’s 100% free and delivered daily to your inbox.
Join 100,000+ smart investors receiving the breakout trades early.
Stocks & Income is for informational purposes only and is not intended to be used as investment advice. Do your own research.
Now, let's continue with the deep dive.
3. STBL
Sector - DeFi
Status - Active
STBL is a decentralized stablecoin protocol that redefines stablecoin economics by allowing users to mint fully collateralized USST using tokenized RWAs, while separating principal from yield via YLD NFTs.
It tackles issues like fund lockups, yield separation, and lack of transparency in traditional stablecoins, offering a non-custodial, on-chain solution for borderless yield-bearing finance.
Built on BNB Smart Chain with plans for interoperability, STBL enables hedging, predictable returns, and DeFi composability, backed by audited contracts and a compliance-first roadmap.
Launched in 2025 by Tether co-founder Reeve Collins, it's designed for institutional-grade stability and community governance.
3.1. Features
Yield Stripping via YLD NFTs: Users receive YLD NFTs upon minting USST, representing yield rights from RWA collateral that accrue over time.
Instant Over-Collateralized Minting: Mint USST 1:1 with approved RWAs like USDY or BUIDL, with no hidden fees and redeemable anytime.
On-Chain Transparency and Security: All reserves are verifiable on-chain, with non-custodial design and audited smart contracts.
Composability Across DeFi: USST integrates with trading, lending, and bridging protocols, while YLD adds yield layers.
3.2. Token
The governance token is $STBL, with a total supply of 10 billion tokens. Distribution focuses on community and governance participants, with allocations for staking and airdrops.
Utility includes voting on collateral types, risk parameters, fees, and upgrades; stakers earn rewards boosted by co-locking USST. Complementary tokens are USST (stablecoin, 1:1 RWA-backed) and YLD (NFT for yield claims).
3.3. Investors
STBL raised an undisclosed pre-seed round led by Wave Digital Assets ($1B+ AUM) in early 2025. Founded by Reeve Collins (co-founder of Tether) and Avtar Sehra (KAIO), it emphasizes a compliance roadmap without additional public funding details.
4. edgeX
Sector - DeFi
Status - Active
edgeX is a high-performance decentralized exchange (DEX) evolving into an Ethereum Layer 2 (L2) financial chain. It is focused on orderbook-based perpetual and spot trading with native experiences.
It addresses DeFi pain points like high latency, shallow liquidity, and cross-chain fragmentation by delivering ultra-fast execution, deep liquidity, and self-custody security.
Starting as a perp app rollup (V1), it transitions to a customizable L2 (V2) for permissionless markets and DeFi products, secured by Ethereum.
With 200,000+ orders per second and sub-10ms latency, edgeX aims to bridge retail and institutional trading on one unified platform.
4.1. Features
High-Performance Match Engine: Processes 200,000+ orders/second with <10ms latency, supporting advanced features like 100x leverage and trailing TP/SL.
Hybrid Liquidity Layer: Integrates multichain liquidity via cross-chain messaging and canonical bridges, retaining self-custody.
Settlement Layer Security: Batches transactions on Ethereum L2 for verifiable, tamper-resistant data and reduced fees.
Unified DeFi Interface: Mobile/web apps with MPC logins simplify multichain interactions, including trading bots and vaults for strategies.
5. Kamino
Sector - DeFi
Status - Active
Kamino Finance is Solana's leading DeFi protocol, integrating lending, borrowing, liquidity provision, and leverage into a unified suite.
It solves complexities in yield optimization and capital efficiency on Solana by automating concentrated liquidity management and enabling leveraged staking/LP strategies.
Evolving from auto-compounding LP products, Kamino now handles $3.3B+ AUM and powers a significant portion of Solana's DeFi TVL.
With zero bad debt since launch and extensive security measures, it's a resilient hub for borrowing against tokenized assets, earning yields, and scaling DeFi participation.
5.1. Features
Automated Liquidity Provision: One-click auto-compounding for concentrated LPs on DEXs like Orca, maximizing yields with minimal management.
Borrowing and Lending Market: Largest on Solana with $3.3B TVL, offering stable rates and zero-fee structures in some cases.
Multiply and Earn Tools: Automate leveraged loops and stablecoin earns, with integrations for RWAs and LSTs.
5.2. Token
The native token is $KMNO, with a total supply of 10 billion. Distribution includes 35% to community/airdrops, 20% to team/advisors, 10% to liquidity/treasury, and 35% to stakeholders.
Utility encompasses governance voting on parameters, fee shares from protocol revenue, and staking for boosts in yields or airdrops. The veKMNO model locks tokens for enhanced rewards, with emissions funding, liquidity mining, and growth initiatives.
Today’s newsletter is also powered by The Marketing Millennials.
Marketing ideas for marketers who hate boring
The best marketing ideas come from marketers who live it. That’s what The Marketing Millennials delivers: real insights, fresh takes, and no fluff. Written by Daniel Murray, a marketer who knows what works, this newsletter cuts through the noise so you can stop guessing and start winning. Subscribe and level up your marketing game.
That's all for today. Let's talk tomorrow.