Ellipsis [OLD]EPS

Solana's spot trading landscape will remain bifurcated: prop AMMs will own the short-tail of highly liquid pairs, while passive AMMs continue drifting toward the long-tail. Both can win via vertical integration, but in opposite directions: passive AMMs are moving closer to users through token issuance platforms (e.g., Pump-PumpSwap, MetaDAO-Futarchy AMM), while prop AMMs are moving down the stack into transaction landing services and infrastructure (e.g., HumidiFi-Nozomi). The venues most at risk are legacy AMMs with limited end-user control and no durable, launch-driven source of order flow.

Neutrl is a synthetic dollar protocol designed to monetize structural inefficiencies in crypto markets, with a particular focus on hedged OTC token arbitrage. By pairing discounted locked-token purchases with delta-neutral hedging, the protocol offers yields that are less dependent on funding rate cycles than traditional cash and carry strategies. Early traction has been strong, with TVL growing from $120M to $210M following the removal of deposit caps, while sNUSD currently yields materially more than competing yield-bearing stablecoins. The key question for Neutrl is scalability: whether access to high-quality OTC deal flow and disciplined liquidity management can support continued TVL growth without compressing returns.