Crypto’s Next Act: The Outlook for Our Portfolio in 2026 and Beyond
Dear Frontier Fortunes Subscriber,
I’ve started gambling.
It’s a sign of a future that’s already here today and which is bringing a new opportunity to the masses.
Granted, this is not traditional gambling, like betting on horse races or throwing dice in a casino, or even playing blackjack online. This is non-traditional wagering such as: 10 bucks on “yes, the US will officially declare war on Iran before the end of March” and $5 on “yes, the Federal Reserve will increase interest rates at the March 2026 meeting.”
You can see the amount of money I’ve put at risk is minimal. So far, I’ve placed four bets for a grand total of just $25. Honestly, I don’t expect to win these bets. They’re all very long odds. But that’s exactly why I placed them. I don’t care about the status quo, where what you expect to happen does happen. I’ve already prepared for that simply by owning particular assets.
What I care about is long-tail risk, or the chance that an unlikely but extreme event does, in fact, come to pass.
Very few people, for instance, expect the Fed to increase rates in March. The overwhelming majority—99%, statistically—think the Fed will do nothing. They’re probably right.
However, the war in Iran has sent gasoline prices surging, and higher oil prices will quickly flow through US inflation. Moreover, the current Fed knows that Donald Trump’s lackey, Kevin Warsh, will take over as Fed chair later this spring and start cutting rates. So just maybe today’s Fed surprises everyone and tries to buy America a modicum of protection by raising rates 0.25 in March. I’m not saying that will happen. I’m only saying there is a foreseeable long-tail risk that it could happen… and I’m willing to wager a tiny sum of money on that possibility for an asymmetrical payday.
I think of these long-odds plays as “gray swan insurance”—the opportunity to profit from an event that few people expect to materialize. If said event does materialize, then my payoff is as much as $1,666 for a fiver. I like those odds. Small risk to my capital with a much bigger payoff.
Thing is, we’ve never had such an opportunity before.
Now we do.
And it’s all because of crypto and the blockchain.
This long-odds wagering I’m doing on political and economic events is happening on a website called Polymarket—the world’s largest decentralized “prediction market,” meaning it’s a site that allows anyone to trade shares on the outcome of real-world events—geopolitics, economy, finance, global elections, culture, and of course sports, among others—using cryptocurrency as the medium of exchange for both the wager and the payout.
Prediction markets like this one are popping up all over the place these days, and they’re giving punters new betting opportunities they’ve never had. Wanna take a flyer on a Pakistani professional cricket match? Maybe a professional hockey game in the Czech Republic? What about a table-tennis match between Chinese and French players? All available on Polymarket.
More relevant to me is that prediction markets are giving investors a new way to protect themselves that has never been available in traditional finance. I can wager on the next Democratic or Republican presidential nominee for 2028, for instance. I can wager on whether Iran officially shuts the Strait of Hormuz by the end of March, or the end of June… or I can take a position on whether Iran will bomb Jordan, or whether it will strike Saudi Arabia’s Abqaiq oil-processing facility.
All of those events have financial implications, and for a small wager—let’s call it an “insurance premium”—I can buy a bit of coverage, just in case these events do happen.
Now, I tell you all of this not to lure you into these prediction markets or to suggest that you own cryptocurrencies tied to them. Rather, prediction markets are a solid path into this latest issue of Frontier Fortunes because they are redefining the financial world, and this issue is a roundup of where we are in the crypto space today—and where we are with all the crypto positions in our portfolio—and the opportunities that exist.
In short: Crypto really is changing the financial world… but it ain’t always a smooth ride.
Crypto had a boisterous 2025… until it didn’t.
Trump’s manic tariff policies and the Fed’s lack of widely expected rate cuts ripped through the crypto market starting in the fall of last year. After flirting with all-time highs near $125,000 in late September, bitcoin fell 26% by the end of the year. As I write this in March, the world’s most important cryptocurrency is down another 26% and all kinds of pundits—the sometimes-wise and the forever-wrong—are running around with a Chicken Little vibe and insisting, for the 100th time, that bitcoin and crypto are dead.
Yet the actions of those who matter say just the opposite.
Consider these brief snippets:
“The world of government and finance are rapidly adopting crypto and the blockchain. Those who see that and who invest accordingly are the ones who will create wealth.”
I share all of that—it’s a small sampling—because the overarching message flies counter to the narrative that bitcoin and crypto are dead.
Instead, all those actions underscore what I’ve been saying since 2020: Crypto is the future of everything, particularly when it comes to investing and personal finance. The world of government and finance are rapidly adopting crypto and the blockchain. Those who see that and who invest accordingly are the ones who will create wealth. Those who aren’t paying attention and who, instead, listen to the naysaying pundits are the ones who will miss out on the vast wealth that crypto is generating.
Which means that this particular moment, when bitcoin, Solana, and pretty much the entirety of the crypto market is down, is a fantastic time to build or bolster a crypto portfolio.
That’s why I want to use this issue of Frontier Fortunes to analyze the crypto positions we hold. This is going to be an honest assessment of where projects are today. No sugar-coating anything.
First, I will say that some of our positions are deeply underwater because the projects have not lived up to their own expectations. Others are down simply because bitcoin is down, and bitcoin is a lot like a tide: when it’s flowing, it lifts all markets; when it’s ebbing, everything sinks with it. That’s not 100% true 100% of the time, but broadly speaking it’s how the crypto market works.
I’m going to address every single crypto position in Frontier Fortunes—22 of them—and I’m going to grade each on a three-point scale tied to the likelihood that they generate major profits for us going forward.
Let’s start at the bottom and dispense with the projects that have failed to live up to their own expectations.
If a project is effectively dead, we will not recoup meaningful money by selling it now. I designed the Frontier Fortunes portfolio with this scenario in mind: Maybe not every project would make it big… but if just one of them hit the big-time—we had a solid shot at real, meaningful wealth. And as you know, we’ve already sold half of several of our crypto positions for triple-digit gains.
I believe there’s much greater wealth to come… in the right projects. Now is the perfect time to reassess.
Those that are low-probability, I would continue to hold. Rebirth in crypto does happen, and a project that seems to be going nowhere can suddenly pump because of a course change or because sentiment for the sector shifts dramatically for some reason.
Cosmic is a decentralized virtual private network, or dVPN. It gained early traction during a phase of the crypto bull market centered on something called “decentralized physical infrastructure,” or DePIN.
However, departures of key personnel and the death of several high-profile projects that were tied to Cosmic have basically gutted the ecosystem the team was initially building.
The outlook is bearish amid a lack of major adoption catalysts or developer activity.
Another DePIN play—this one focused on decentralized storage, computing, and Internet of Things resources.
Scalia was the victim of a serious downturn in sentiment on DePIN. The project successfully launched its inaugural product in the summer of 2024, but then… nothing. The project’s Twitter/X feed hasn’t changed since then.
As with Cosmic, the outlook is bearish.
At one time, The Sandbox and its token were a great play on the rise of the metaverse… the idea that we’d all be hanging out and playing games in a virtual reality. But in the intervening years, the metaverse has not emerged as fully as once hoped. As such, crypto tied to metaverse plays have collapsed.
The Sandbox still exists, though it’s leaner now and more focused on an AI strategy after deeply cutting back on staff and restructuring the management team. The token is used to power the virtual economy inside The Sandbox, and that’s going to remain a function. The big questions are whether the metaverse reignites and, if so, will The Sandbox regain its former glory.
For my money, there’s low probability of any major moves higher, but it’s not a dead project.
This is a decentralized streaming audio service—basically Spotify on the blockchain. The project launched as a way to enable artists to upload their music, retain ownership, and receive direct payments, all with the aim of empowering independent artists by removing traditional music industry middlemen.
The project has been a success by some measures—it currently has about 7.5 million users. But it has remained a niche platform because of high competition with Apple Music, Spotify, and others that offer massive catalogs of music. Moreover, the tokenomics of the project have created a high hurdle. AUDIO tokens are continually minted and distributed as rewards, which keeps a lid on the price.
Again, there’s low probability of any major moves higher, but it’s far from a dead project, given its user base.
Another metaverse play. The team here has done a superb job of building out the Star Atlas world. The graphics are truly stunning. Alas, blockchain-based gaming is not taking off as quickly as once hoped, and that has hampered adoption of games like Star Atlas, despite their graphics and a compelling in-game storyline (gamers harvest resources across a space universe, while battling thieves and whatnot; the resources in turn are worth real money).
This token is the one that runs the DAO, or the decentralized autonomous organization that controls decision-making for the project such as development, in-game economics, taxation, etc.
A big problem was the team’s slow pace. While the game is graphically amazing, development took far too long, and that sent players in search of other opportunities.
There’s a higher probability of a major move higher than with the tokens above, though I’d still rate it as low. The game is up and running, and developers continue expanding the online world. And there are some indicators that just maybe the token can turn around. It might take time, but there’s a decent chance Star Atlas emerges as a much more popular blockchain game.
This is the original Ethereum blockchain before a “fork”—the crypto version of a spinoff—separated Eth Classic from what the world today knows as Ethereum.
Eth Classic remains in place as a “smart-contract” platform focused on an immutable blockchain that continues to use a so-called “proof of work” consensus—basically, creating new tokens by way of high-powered computer components that crunch complex math problems in trying to unlock a new Eth Classic block.
The project’s problem is low developer demand and a fairly stagnant ecosystem. Moreover, as a so-called “layer-1” blockchain—meaning a project built atop its own blockchain that other projects rely on—Eth Classic faces lots of competition from other layer-1s such as Solana, Ethereum, Hyperliquid, and others.
There’s low probability of any major moves higher… but, then again, this is one of the blockchains that could shoot the moon in the right conditions.
Like bitcoin, Eth Classic has a hard cap in terms of the number of tokens that will ever exist—just 210.7 million. Thus, if the world finds itself in a situation where fiat currencies are in freefall and for some reason investors and savers start scrambling for assets with intrinsic value, they will almost assuredly rush into Eth Classic because of its relative scarcity.
Moreover, Ethereum a few years ago moved to a “proof of stake” model in which growth in the blockchain is based not on computers crunching mathematical formulas, but on token holders “staking” their tokens with “validators” who ensure that every transaction is legit. As part of the switchover, Ethereum has continued to monkey around with its code to improve speed, transaction cost, and other factors.
If—if!—a catastrophic failure hit Ethereum, then a great deal of projects on the Eth blockchain would naturally gravitate to Eth Classic, since the technology is identical. As such, Eth Classic survives, but as a niche player… unless something bad befalls its sibling.
Similar to The Sandbox, Enjin is a gaming token in a sector of the blockchain that has lost the attention of crypto investors, who generally have the attention span of a mayfly’s 24-hour lifecycle.
This was one of the pioneering projects in the gaming space and it saw massive success early on. But the success faded amid competition; waning hype for non-fungible tokens, or NFTs; and a change in its ecosystem that, while superior, was complex and led to confusion and slowing ecosystem growth.
Enjin is far from dead. There is a bullish, albeit high-risk case for Enjin. A resurgence in the metaverse and NFT gaming sectors (not out of the question), combined with the success of their new, independent blockchain network, could see the token soar. Enjin is a speculative asset that could see brighter days in the right circumstance.
Cerebrum DAO took flight during the “decentralized science,” or DeSCI, phase of crypto. The idea is pretty cool: Use blockchain technology to bridge the gap between early-stage neuroscience research and clinical application, primarily using IP-NFTs (intellectual property non-fungible tokens) to fund and manage scientific intellectual property. The DAO allows holders to vote on which research proposals to fund.
However, not even the blockchain can speed up the grunt work of scientific research. The project now sits in what’s known as “The Valley of Death,” the long, slow, and expensive biotech R&D processes where early enthusiasm often fades before tangible, long-term results are produced.
There’s little chance of any major moves higher—for now. As with Enjin, Cerebrum is far from dead. As recently as January/February, the team was actively publishing, onboarding researchers, and setting goals for the year. It has financial backing from a venture capital firm, and the DeSCI niche continues to grow.
Moreover, there is a clearly bullish path for Cerebrum DAO: Successful licensing of its IP-NFTs in the future. If a research project it funds produces a breakthrough in a neurodegenerative disease such as Alzheimer’s, the intellectual property value could drive massive value back to the token holders.
Again, SkAInet’s genesis idea was solid: As AI explodes into every home and business, it would build a marketplace for “AI agents” in which users submit tasks for specialized AI agents to autonomously complete. Agents would collaborate or compete to provide the best solutions within a decentralized environment.
Alas, the team wasn’t able to pull off the vision. A year ago, the lead developer had “family issues” and the project began to fall apart. Today, there are no catalysts to push SkAInet forward.
Let’s move on to the projects I rate as moderately likely to produce major gains going forward…
Avalanche is a so-called layer-1 or L1 blockchain, meaning that it is the token that powers its own blockchain. Think of it like a railroad track: Union Pacific Railroad is the train company that owns the tracks its trains run on.
Avalanche designed its blockchain to provide high-speed, low-cost, and scalable infrastructure for decentralized applications (dApps) in finance and enterprise solutions. And while it saw significant hype as an "Ethereum killer" early on, the price has since struggled because of intense competition and shifting market focus toward other ecosystems.
Avalanche is in a growth niche within the cryptoconomy—Real World Assets, or RWAs, which are assets like stocks, bonds, even real estate. Problem is, that sector isn’t getting much hype at the moment, despite Wall Street clearly moving in the direction of RWAs.
Moreover, Avalanche has seen significant token unlocks (issuing of new tokens) that caused inflationary pressure. Though this has eased, a larger percentage of the supply is now in circulation. That undermined the price.
There’s a moderate probability of a 3x to 5x gain here, and possibly a 10x, if the right pieces fall into place. Avalanche is an RWA leader in a $16 trillion industry, meaning it’s perfectly positioned to be a major hub.
Plus, Avalanche’s institutional partnerships are significant—Mastercard, Visa, JPMorgan—and that provides long-term, structural demand, rather than speculative demand.
Finally, if network activity increases because of RWA ramp-up, the fees that Avalanche earns mean the team will be “burning” tokens, erasing them the blockchain, which could significantly reduce the supply and push the price toward $100 or more. The tokens are priced at just over $9 as I write this.
Uniswap remains the largest decentralized exchange in crypto. The DEXs, as they’re called, are websites where crypto buyers and sellers can trade in a peer-to-peer environment without a third party in the mix. DEXs are where nearly half-a-billion dollars of trading activity occurs monthly.
Though Uniswap is the Big Kahuna, it faces intense competition, and it’s a so-called “governance token,” meaning that holders can vote to shape the direction of the company, but they have no financial benefit from the revenue the platform generates.
On top of that, the SEC hit Uniswap with a “Wells notice,” fueling fears that the token could be classified as an unregistered security, which pushed down the token price.
Still, Uniswap remains dominant and is the undisputed leader in Decentralized Finance (DeFi), handling billions in daily volume. As such, this is the premier "blue-chip" token in the decentralized exchange sector.
There’s a decent chance for a 5x to 10x move higher.
The team is activating what it calls “UNIfication,” a fee switch that will use revenue the project earns to buy back and burn the UNI token, which could make the token deflationary and directly tie its value to Uniswap’s ongoing success. That could turn UNI into a dividend-like, high-yield asset.
Blockchain data, meanwhile, show that whales (big-dollar crypto investors) have been accumulating UNI, suggesting confidence in a long-term turnaround.
Where Avalanche is a layer-1 blockchain, Polkadot is a layer-0. Its reason to exist is to connect independent, specialized blockchains—so-called “parachains”—into a single, scalable, and secure network. In my Union Pacific Railroad analogy, think of Polkadot as a bridge over a chasm that allows all railroads to cross, regardless of which railroad it is.
Polkadot has top-tier technology, and was founded by one of the original Ethereum co-founders.
Despite the pedigree, Polkadot’s token has suffered because of a high-inflationary model that saw the number of tokens in circulation increase sharply, which drives down price. And it has suffered as L1platforms like Solana (more in a minute) have captured more developer interest and user attention.
Still, there is an obvious bullish case for Polkadot.
The tech is superior in terms of blockchain interoperability. Developer activity remains robust, which is a sign of broad interest in growing the Polkadot ecosystem. And a technical change I won’t bore you with means that Polkadot could soon attract institutional, gaming, or AI use cases.
My verdict is that there’s a reasonable chance for a 5x gain or more to a price of $10 or above.
Magic Eden is the largest NFT marketplace for Solana and Bitcoin Ordinals, which are effectively NFTs on the bitcoin blockchain. Both of those segments have seen cooling demand amid broader interest in crypto tokens tied to meme coins and other sectors.
But there are changes in the works that should add value to the token.
Magic Eden is abandoning low-volume blockchains it added in recent years to concentrate on its dominant, high-revenue Solana marketplace.
Starting in February, Magic Eden began directing 15% of all platform revenue into the Magic Eden token ecosystem. This includes 50% for open-market buybacks and 50% for rewards to stakers (paid in US Dollar Coin, a dollar-shadowing stablecoin), which creates utility-driven demand for the token.
And the company is entering the gambling sector with products like "Dicey," a crypto casino/sportsbook. If this captures a portion of the "speculation supercycle," it could provide a significant new revenue stream. The speculation supercycle refers to a shift toward continuous, high-intensity speculation rather than short-term bubbles. Basically, it’s where finance merges with entertainment, like betting on political elections, economic indicators, and entertainment events—what I shared at the outset regarding Polymarket.
If Magic Eden’s pivot works as hoped, there’s likely a significant price lift.
Crown is the income-generating token tied to Photo Finish Live, a blockchain-based horse-racing game I’ve written about in the past, and which I play.
There’s no question that the game is solid. It has generated more than $20 million in in-game marketplace sales of horses that players own, race, and breed.
The token, however, floundered because of one particular event: The cessation of token distribution. For the first two years or so, players were earning the Crown token for every race. That kept the price elevated. Once that stopped and players were no longer earning free tokens for racing, demand drained away.
But big changes represent what I think are huge opportunities with Crown.
The team has created something called OpenTote, a custom-built, Solana-based smart contract protocol designed to instantly manage the entire lifecycle of betting pools—creation, odds, and payouts—in seconds. It acts as a decentralized, high-speed, and low-cost parimutuel system that’s not only useful for real-world horse racing, but which anyone can use to create their own parimutuel betting game. So imagine a college football board that exists online among friends or colleagues, all run through the Crown token.
Though this token is down sharply, the possibility of a massive rebound is very real. The team comes out of EA Sports and Zynga, two massive names in online and video games, and the token offers real utility and an income based on the digital horse racing that occurs.
The game has a partnership with Churchill Downs, the owner of the Kentucky Derby, and that partnership is deepening with a smartphone app that Churchill Downs is licensing. It’s a mobile play-to-earn game in which players breed, train, and race horses in an effort to reach the digital Kentucky Derby.
Crown could soar 50x to 100x… maybe more.
This is the most significant meme coin on the Solana blockchain.
As a meme coin, however, prices are excruciatingly volatile. Early on, Bonk was simply a “community coin” running not on any underlying use case but on community vibes. In recent years, however, the team has begun transitioning back into a utility token that has real use-cases in DeFi, gaming, and payments within the Solana ecosystem.
The project remains one of the most beloved on the Solana blockchain, but bearish sentiment across all of crypto at the moment has driven the price down sharply.
“A rebound could see Bonk up 10x to 100x… and quite possibly 500x or more. Just be patient.”
Still, the Solana ecosystem continues to expand, which benefits Bonk and opens up new opportunities for integrating the coin into new services. In Europe, a new Bonk ETP (exchange-trade product) lends increasing credibility to the project because now individual and institutional investors have access to Bonk through a traditional stock exchange-based asset.
And Bonk continues to operate a burn mechanism in which 51% of fees earned go to buying and destroying Bonk tokens. That is methodically reducing the token count, which will lead to scarcity at some point.
A rebound could see Bonk up 10x to 100x… and quite possibly 500x or more. Just be patient.
Shadow Token is tied to GenesysGo, which is a Solana-based DePIN project. GenesysGO has created a blockchain-based, decentralized storage service (think: cloud computing on the blockchain).
The token has suffered because of a broad market downturn, and because a number of Shadow Token community members have grown frustrated with the founder, who can be brash, arrogant, abrasive, and dismissive online. That attitude has pushed token-holders away.
However, the tech is legit and in use. Moreover, a new tech called DAGGER provided by GenesysGo offers higher throughput, lower latency in uploading and retrieving data, and quickly processes petabytes of data (a massive 1 quadrillion bytes of data). That makes DAGGER fast enough to compete with traditional cloud providers such as Amazon’s AWS, which is used globally.
Because of this, Shadow could see vastly higher prices. Centralized cloud storage (like AWS) has faced problems like outages that take down commerce, education, and investment sites on a global scale—making a decentralized alternative appealing. There’s no centralized service to attack, so broad-based outages are much less likely.
If GenesysGO can drive adoption of DAGGER, then Shadow Token soars.
Now let’s turn to the projects I consider the most likely right now to deliver big-time profits…
Solana is one of the premier layer-1 blockchains, in direct competition with Ethereum for global supremacy. Several years ago, I started writing that Solana was going to emerge one day as the most important daily-spend blockchain, meaning the blockchain the world uses for daily financial and spending transactions.
“Financial giants including PayPal, Mastercard, Visa, Shopify, and so many others are building out on Solana because the network is so fast and so cheap to use.”
That day has arrived, as I noted earlier when I pointed out that Citigroup has successfully used the Solana blockchain to complete the full lifecycle of a “bill of exchange.” But that’s just the most recent example. Financial giants including PayPal, Mastercard, Visa, Shopify, and so many others are building out on Solana because the network is so fast and so cheap to use.
Franklin Templeton moved a large, tokenized money-market fund to Solana, while State Street is reportedly planning to launch its own tokenized money-market fund on Solana. Visa is already using Solana to settle USDC payments.
I could go on, but you get the gist of what’s happening as the financial community at large gravitates to Solana.
The coin’s price is down simply because the overall crypto market is down.
Nothing about Solana’s future is negative at this point. It’s all bullish as the world rapidly adopts crypto. At some point in the near future, credit and debit card transactions will use Solana as the back-office infrastructure, and investors will be trading all kinds of RWAs on Solana.
At a price of $83 as I write this, Solana will almost certainly see a 3x to 5x gain from here over the remainder of the decade, and could well see a 10x to 12x gain.
Render is the decentralized platform that connects users requiring graphical rendering power with providers who have idle GPU capacity. GPUs are the computer components that turn digital data into what you see on your computer or TV screen.
Demand for what Render does is explosive. AI and DePIN can’t function without GPU access, which plays into Render’s business model. Both of those are taking off.
Render is actively onboarding enterprise-grade GPUs, the big guns needed for AI processing and for video processing on the fly for gaming as well as artificial and virtual reality, which are also explosive growth areas.
There’s just not a lot of negatives with Render. The token is down simply because the market is down overall. Plus, Render Token’s price went parabolic at one point—we sold half our position for 200% gains in 2024—so a pullback is to be expected.
Render is necessary crypto-infrastructure play, not a speculative token. From current prices in the $1.35 range, Render could easily 10x from here. In the right AI-fueled scenario, Render could be a $20 to $25 token.
Similar to Render, Chainlink is a foundational infrastructure necessity in the crypto space, this one tied to DeFi and smart contracts rather than rendering visual data or powering AI processes.
Chainlink is a so-called “oracle,” a crypto-based service that acts as secure, reliable middleware connecting blockchain-based smart contracts to external, real-world data. Blockchains themselves are isolated and cannot independently access data outside their own network. Chainlink solves this by utilizing multiple independent, reputation-based nodes that fetch, aggregate, and validate data from various sources before feeding it on-chain.
I tell folks to think about a real estate transaction in the real world. That process requires access to tax data, proof of escrow, and whatnot. Chainlink can access that data in the real world and bring it onto the blockchain so that smart contracts can execute without the need for human intervention.
The need for what Chainlink provides is absolutely necessary because smart contracts run everything from DeFi sites to gaming, gambling, education, investing, etc.
The token is down because of broader market issues and increasing competition from the likes of Pyth (more on Pyth next). But Chainlink will remain a dominant player.
It’s very likely we see a 3x to 5x gain from current prices.
Pyth is an oracle just like Chainlink. It differs, however, in its focus.
Chainlink largely specializes in data such as weather, proof of reserves, and some inside baseball processes related to moving assets from one blockchain to another. Pyth specializes in financial data such as equity prices, foreign exchange, and commodities.
You see from that list that Pyth is a critical cog as Wall Street starts moving assets onto the blockchain.
The token price has slipped because of a massive token unlock that happened in 2025, which dumped a large quantity of Pyth onto the market. Plus, the price has trended down with the crypto market at large.
But Pyth has a distinct bullish case.
Major financial firms including VanEck and Grayscale have launched products for the token, signaling long-term institutional interest in Pyth. The team is moving toward an "institutional monetization" phase where banks, hedge funds, and others pay for data access via subscriptions, with revenue flowing back to the Pyth DAO. And as the primary oracle for Solana’s high-speed DeFi ecosystem, Pyth is a leveraged bet on the continued success of Solana.
Pyth likely sees a 10x from here. The tailwinds in DeFi, RWAs, and particularly the trend toward moving Wall Street assets onto the blockchain—these are all great for Pyth.
Jupiter is the Uniswap of Solana—the big dog when it comes to decentralized exchanges. But it’s more than simply a place to trade crypto.
Jupiter allows investors to use “limit orders” when buying and selling crypto, just like traditional stock traders can do on Fidelity, Schwab, and other online stock-brokerage websites. It allows dollar-cost averaging into and out of positions and provides access to what is essentially an options market for crypto. There are crypto borrowing and lending opportunities, as well as a launchpad for new tokens, among a litany of other services.
As such, Jupiter has emerged as a “DeFi superapp” on Solana that is pretty much indispensable to the ecosystem.
Despite strong, industry-leading fundamentals, Jupiter’s token price has floundered largely due to high token emission schedules (meaning more tokens being released) and an aggressive vesting schedule for team members that created constant selling pressure. An initial buyback program in which Jupiter used profits to buy back and burn tokens struggled to offset the emissions and vesting.
That said, changes are coming to the tokenomics that will address the emissions and vesting; institutional investors are still putting long-term money into Jupiter because of its dominant position on Solana; and the Jupiter platform has become a necessity.
There’s a high probability that Jupiter’s token sees a 10x gain from here, possibly more. Jupiter is highly profitable, with estimates that the company’s revenue stream tops $350 billion annually. On a Wall Street valuation scale, Jupiter is trading at an estimated 2x revenue, which is exceedingly cheap.
Nosana is similar to Render Token in that that both have built a decentralized GPU marketplace operating on the Solana network.
Nosana differs in that it is purpose-built for AI, while Render is more broadly focused on 3D graphics rendering for gaming, visual effects, and artificial/virtual reality (though it certainly has AI in its wheelhouse too).
The future is exceedingly bright for Nosana—indeed, we sold half our position for a 145% gain in late 2024—but recently, the market as a whole has helped drive down the token price. Moreover, DePIN, despite its bright future, has struggled of late, as I’ve noted. That has weighed on Nosana as well.
That said, there are reasons to be bullish.
The team last year launched a grants program to fund new AI projects to be built specifically on the Nosana network, which drives direct token demand, since the token is necessary for access to the platform.
And unlike many projects, more than 80% of Nosana’s tokens are already in circulation, vastly reducing the risk of insiders massively dumping the token or the project unlocking large quantities of new tokens that swamp the market.
The project’s 2026 roadmap includes broadening hardware support to new platforms like Intel, Apple Silicon (Apple’s custom-designed processors), and introducing enterprise features like fiat payment gateways.
Finally, Nosana is clearly a project that is seeing big demand. The network has completed more than 25 million operations; active nodes (the GPUs tied into the network) have surged to more than 2,000 from less than 450 two years ago; and the network’s geographic reach now extends to about 60 countries from roughly 45 back in 2024.
Further success and growth are in Nosana’s future. Assuming Nosana continues to execute in the AI space, I will not be surprised to see the tokens dish up a 20x to 25x move from here.
If you have cash to invest, and you have the stomach for the volatility that always comes with the crypto market, right now represents a great opportunity to initiate new positions or add to existing positions in:
I strongly suspect that all of those are going rebound significantly as the market turns increasingly bullish over the course of 2026.
The Fed is on the cusp of cutting interest rates, and easy liquidity is great for crypto.
Plus, with major banks, major financial firms, and governments all actively moving into crypto, the writing on the wall tells you that crypto is becoming the new infrastructure for global finance, saving, investing, gaming, gambling, cloud computing, and on and on.
Now is the moment to own some of the assets that are going to win in the world… and then just sit on your hands and be patient.
As much as certain positions in our crypto portfolio have struggled… our Energy and Metals Portfolio is throwing a party.
All seven positions are up between 52% and nearly 350%.
The reasons are all around us…
Gold prices keep rising because sovereign finances in the Western world—most predominantly the US—are a disaster awaiting an unavoidable crisis. That’s propelling shares of Orla Mining, McEwen Mining, and Metalla Royalty.
Silver and copper are benefiting from the same two trends—namely the move toward green energy globally (the US being the odd outlier), and the unstoppable rise of artificial intelligence. Both of those trends rely heavily on silver and copper as part of their production processes. Winners here include Orla, McEwen, Metalla, Silvercorp Metals, and Taseko Mines, which is our biggest winner with a gain of nearly 350%.
You might recall that we closed half of our position in Taseko with a gain of over 100%. We’ve also taken half-position gains in Metalla (122%), McEwen (112%), Silvercorp (191%), and Orla (176%).
Outside of metals, natural gas stocks are doing well at the moment, too. In big part, that’s because natural gas is benefitting from the same AI trend that’s driving silver and copper.
Countries around the world are racing to secure LNG supplies that are used to power electrical grids that are suddenly overtaxed by the power-consumption demands of AI.
That’s benefiting Pembina Pipelines (up 60%), because it operates natural gas pipelines as well as gas gathering and processing facilities, among other services. There’s huge demand for that these days as America’s natural gas production—and it’s liquification of nat-gas into LNG—leads the world.
Demand for LNG is flowing through Woodside Energy, which we added to the portfolio last fall. We’ve owned the shares for just five months, but we’re already up 52% with Woodside. Just to refresh your memory, Woodside drills for and produces natural gas, oil, and other products in Australia. It’s also one of the world’s 10 largest producers of LNG and is building out two more LNG production facilities. One is scheduled to open later this year; the other, in south Louisiana, looks to open in 2029.
Clearly, the US war on Iran has impacted all of these markets.
Gold and silver initially sold off when the war started, but they’ve stabilized—gold in the $5,000 range, silver in the $80 to $90 range. Nothing about the war fundamentally changes the gold-silver-copper story.
If anything, the war only deepens America’s financial woes and hastens the arrival of a reset that has to happen at some point to address a debt situation that is spiraling into a crisis-to-come. (The war is costing the US about $1 billion a day.)
Moreover, gold remains a safe haven away from fiat currencies. The war could easily morph into something bigger and more painful for the world economy and both investors and savers are going to want gold.
On the other hand, the conflict does nothing to change the trajectory of AI. As such, silver, copper, and natural gas have a fundamental tailwind pushing them forward. The war has caused natural gas prices to spike because Qatar, the number-two global producer in LNG, shuttered its big facility, since Iran has targeted that facility for retaliatory strikes.
If we ultimately get a sell-off in natural gas at the end of the war, and if we see Woodside Energy’s share price retreat back below $17.50 (it’s $22.20 as I write this), then I would look to add to your position or initiate a position if you haven’t already.
And that’s where we stand at the moment on metals and energy.
We have all the right trends in our corner, so 2026 should be a good year for these stocks.
Talk to you next quarter…
Jeff D. Opdyke
Editor, Frontier Fortunes
© Copyright 2026. All rights reserved. No part of this report may be reproduced by any means without the express written consent of the publisher. This report presents information and research believed to be reliable, but its accuracy cannot be guaranteed. There may be dangers associated with international travel and investment, and readers should investigate any opportunity fully before committing to it. Nothing in this e-newsletter should be considered personalized advice, and no communication by our employees to you should be deemed as personalized financial or investment advice, or personalized advice of any kind. We allow the editors of our publications to recommend securities that they own themselves. However, our policy prohibits editors from exiting a personal trade while the recommendation to subscribers is open. In no circumstance may an editor sell a security before our subscribers have a fair opportunity to exit. The length of time an editor must wait after subscribers have been advised to exit a play depends on the type of publication. All other employees and agents must wait 24 hours after on-line publication prior to following an initial recommendation. Any investments recommended in this letter should be made only after consulting with your investment adviser and only after reviewing the prospectus or financial statements of the company.
