So @katana in Sept had $555K as revenue from $520M TVL🔥 Launched mainnet in July, now sitting at ~$565M. By now everyone would know @katana's revenue model is different from most L2s. Instead of relying purely on token emissions or sequencer fees, they're building actual revenue streams. Their approach is to recycle onchain & offchain revenue back into the ecosystem instead of extracting it. Note it has a stablecoin mcap of $26.6M. The revenue came from... 1. AUSD integration ➠ ~$92K/month ➠ Agora's T-bill backed stablecoin generates ~5% yield offchain ➠ Katana routes that yield back into DeFi pools like Sushi, Morpho 2. VaultBridge ➠ ~$450K/month ➠ Bridges assets (WBTC, WETH, USDC) & auto deploys 70% into Morpho lending vaults on Ethereum ➠ Those yields get recycled to Katana LPs. $260M supplied, $130M borrowed 3. Chain owned Liquidity (CoL) ➠ ~$1K/month (currently about $350K volume) ➠ Sequencer fees + protocol revenues get deployed into Sushi/Morpho positions ➠ Low profit individually, but compounds into deeper liquidity 4. Network revenue ➠ ~$14.6K/month from transaction activity Has a revenue efficiency (revenue/TVL) of 1.07% monthly. It is much better if we compare that to the likes of Berachain (0.8%), Sei (0.6%), Unichain (0.4%) TVL isn't huge (currently ranked as the 16th chain) compared to major L2s. $KAT hasn't launched yet, so no way to know actual value capture. But the structure is solid. > If AUSD scales through AggLayer adoption, the numbers will grow > If it doesn't, growth caps out Worth watching if you care about actual business models!

2/ What are your thoughts on @katana guys? @hmalviya9 @snow949494 @belizardd @Hercules_Defi @DefiIgnas @Slappjakke @kenodnb @DeFiMinty @thelearningpill @TrycVerrse @Defi_Warhol @Louround_ @TheDeFiPlug @eli5_defi @0xAndrewMoh @DeRonin_ @0xTindorr @arndxt_xo @poopmandefi @0xCheeezzyyyy @Mars_DeFi @splinter0n @zerokn0wledge_ @satyaki44 @0xTanishaa @bullish_bunt @cryptorinweb3