VaultBridge Bridged USDC (Katana)VBUSDC

Aave’s revenues have doubled from April lows and are fast approaching all-time highs. With 35% of borrow interest coming from ETH and 55% from stablecoins, Aave is emerging as a powerful proxy as an ETH and stablecoin beta. As looping strategies accelerate growth and Horizon positions the protocol to ride the RWA wave, Aave is shaping up as one of DeFi’s most compelling multi-narrative plays.

Into 2026, we see a barbell as the most sensible way to express the thesis with Robinhood as the core, steadier compounder, and Coinbase as the higher-beta call option on the next crypto up-leg. Robinhood’s premium multiple is now earned by a broader, more durable revenue mix (options, NII, crypto) with identifiable execution catalysts (Bitstamp/WonderFi integration, continued Gold adoption, the banking rollout, and early tokenization/L2 efforts). Coinbase’s story skews more cyclical but gains structural heft from Deribit, Base economics, brand reputation, CaaS offerings, Custody, product expansions, and payment rails that can thicken Subscriptions & Services through a cycle.