v3v3🕯️

AAVE got hit because it’s the biggest and most liquid DeFi protocol. If this happened to any other large liquid pool, it would’ve been drained too. That’s not an $AAVE-only problem

Because Hyperliquid doesn’t touch garbage and won’t give scammers hiding on CEXs a chance to extract even more money.

Raoul Pal: “The entire banking system will go to ETH” Raoul explains: “I find it hilarious that 1.5-2 years ago people were like, ‘ETH is dead.’ I’m like, 'No, the entire banking system will go to ETH.' That doesn’t mean it’s a mono-chain world, but I know how banks work… It’s really for them about Lindy effects — things that survive; things that you don’t get fired for; things that are proven — because nobody wants to lose their jobs over new technology.” Etherealize co-founder Danny Ryan adds to Raoul’s point: “I had to learn this. We’ve worked for a decade to make sure Ethereum is resilient, multi-client, is distributed across the world, has 100% uptime. And I had no idea until I talked to the banks: I’ve found a customer of decentralization. They just don’t know it. They care about uptime. They care about resilience. They care about the thing that’s been around for the longest. They care about the thing that no one can turn off. You just have to translate the language to them. And yes, the ‘no one gets fired for picking Microsoft’ dynamic is very real, and it’s in Ethereum’s favor.” Raoul points to Ethereum’s developer network effect as well.

The shift in the crypto fundraising landscape the past 6 months has been insane. Crypto VCs used to have to constantly be networking/writing/podcasting/going on spaces/promoting your thesis/getting on 10 deal flow calls a week, to get into good deals...now it's literally enough to just have capital to write checks. Deals are being pushed rather than dug out. Inbound if people know you have money is at an all-time high. Most firms are either 1) Out of money 2) Moved to Series A and beyond or 3) Fundraising (with no success). Deals that used to close in 2-3 weeks now close in 2-3 months. Firms with questionable business models or copy pasta of the latest trend are getting zero primary or follow-on funding (Good news!). There are now realistically <20 firms writing checks in pre-seed/seed. VCs basically have the pick of any deal they want, with more time to do DD. IMHO 25/26 are going to be historic vintages for those who stick around.