Sunqu

There are 1,300+ AI tokens! - Most sit in AI layers where blockchain doesn't add real structural value - The few that sit in the right layers still can't demonstrate economic self-sufficiency - Where is the opportunity? We break it down in this paper: sunqu.substack.com/p/where-does-b…

"so you staked your ETH on the Ethereum blockchain to earn yield?" "yes, Dave" "except you didn't want your capital to be locked up so you actually staked it with a liquid staking protocol called Lido?" "that's correct, Dave" "and Lido gave you a liquid staking receipt token called stETH in return?" "yes, Dave" "and then you didn't think that was enough, so you juiced the yield even further by depositing your stETH receipt tokens into a restaking protocol called Eigenlayer?" "you are correct, Dave" "and now you didn't want to lock up your capital, so you actually restaked with a liquid restaking protocol called KelpDAO who provided you with a liquid restaking receipt token called rsETH?" "you got it, Dave" "and then that was surely not enough juice, so you then deposited your rsETH tokens into a lending protocol called AAVE so that you could open a leveraged looping position that borrows ETH against the rsETH collateral and restakes the ETH into rsETH which is then deposited as collateral, except it turns out rsETH used a cross-chain bridge called LayerZero whose security is held together by a 1/1 toothpick, which was obviously hacked by north koreans causing rsETH to become undercollateralized and now these looping positions are stuck and unprofitable, and everyone is pointing fingers at each other, and also DeFi is a very serious industry" "you are 100% correct, dave" jfc.

@nic_carter can you share set up?

It's April 14, which means it's time for my annual cover of Aphex Twin's Avril 14

AI agents can now open business bank accounts. @Meow lets your AI agent open bank accounts, issue cards, check balances, send money, and audit spend. Works with Claude, Cursor, ChatGPT, Gemini, and more. The first financial infrastructure built for agents.

So many of these, but this one is a classic Chuck Norris joke. 🐅 #RIPChuckNorris

@Iconoclasticoon Lol @PiscisCantante La pelicula coming soon

Quien se acuerda de Piscis !!! @Sunqu22 me acordé ! credit: youlufeima (douyin)

Donald Trump has spent months talking about how badly he wants Jay Powell out of the Federal Reserve. On Wednesday, Powell signaled the administration’s own actions have had the opposite effect: He’s prepared to stay longer than he otherwise would have. wsj.com/economy/centra…

THEY DID IT. The SEC and CFTC just dropped a landmark document that officially classifies crypto assets. They're actually telling us which crypto assets are securities and which ones aren't - by name! THIS IS SOMETHING GENSLER REFUSED TO DO (he focused on prosecuting crypto out of existence) This rule doc gives crypto many of the benefits of the clarity bill - it lifts us out of the gray market - it gives every asset a path. It's almost like the Clarity act just passed by way of regulator. (of course, the actual clarity act will harden all this into legislation and make it irreversible in the event we get another Gensler, we still want it) This rule says there's 5 categories for crypto assets: 1) Digital Commodities - assets tied to a functional, decentralized crypto system (e.g., BTC, ETH, SOL, XRP, ADA, DOGE). Not securities. (yes, they name them on page 14) 2) Digital Collectibles - NFTs, meme coins, artwork tokens, in-game items. Not securities (fractionalized collectibles may be an exception). 3) Digital Tools - membership tokens, credentials, domain names (e.g., ENS). Not securities. 4) Stablecoins - payment stablecoins under the GENIUS Act are not securities. Other stablecoins, it depends. 5) Digital Securities - tokenized versions of traditional securities. Like tokenized stocks. Always securities. Amazing! This makes so much sense I can't believe it's coming from a regulator. No more enforcement threats to Ethereum developers and crypto exchanges. How about the Howey test? More common sense! If an issuer makes specific promises of managerial efforts from which buyers expect profits, the offering is a security until those promises are fulfilled. Then it's a commodity. The asset itself was never the security, the deal around it was. (E.g. XRP was a security pre launch, became a commodity after). How about stuff like staking and mining? Mining? Not a securities transaction. Staking? Also not a securities transaction, that includes custodial and liquid staking even with LSTs! How about wrapping BTC? Not a securities transaction. Airdrops? NOT SECURITIES. NO MORE GEO BANS PROTECTING AMERICANS from free airdrops. Remember this is a joint doc from the SEC and CFTC, They're actually cooperating on this, no internal strife, this is binding to both. SEC regulates $80-100 trillion assets CFTC regulates $5-10 trillion assets Both of the world's largest capital markets are showing us that crypto assets are here to stay and they're welcome alongside traditional assets. Every country will follow. This is the biggest move toward legitimacy I've seen in all my time in crypto. Maybe bigger than the genius act since is covers all crypto assets. Well done @MichaelSelig and @SECPaulSAtkins. And especially well done to the indefatigable @HesterPeirce. Her fingerprints are all over this, couldn't have happened without her eight years of principles-based curiosity.

Some numbers for perspective: - Global consumption of oil is about 105 MMbpd (millions of barrels per day) - EIA is in discussion to release in excess of 182 MMbbl (millions of barrels) - SPR holds around 415 MMbbl - About 20 MMbbl pass(ed) through the Strait of Hormuz every day Do your math

Model routing is def cost efficient for token spending. The key is to match tasks with models that will perform well for that task.

Chamath x.com/Vivek4real_/st…

Ray Dalio x.com/0xNonceSense/s…

Bitcoin is too transparent. In the last week, Ray Dalio and Chamath Palihapitiya are claiming that Bitcoin's transparency is a weakness rather than an advantage. Both mention that Central Banks would not like this transparency. However, most central banks do report their gold holdings, though the transparency and frequency vary. The primary reporting mechanism is through the International Monetary Fund (IMF), which publishes International Financial Statistics (IFS) that include gold reserves reported by member countries. Central banks also typically disclose gold holdings in their own financial statements and balance sheets.

@donnelly_brent You have more hair in real life Brent

US manufacturing PMI: 52.4, expanded for second month, while CPI cooling in real time. Bitcoin testing $70k resistance from deeply oversold conditions. Market pricing for downside that macro data isn't supporting. Sentiment lagging data.

Hyperliquid traded $4.4B in weekend volume (February) while TradFi venues (CME and Nasdaq) were closed. 8 of the 10 most volatile market events in the past 12 months happened on weekends.

"The companies most threatened by AI became AI’s most aggressive adopters." This is the only phrase I agree with from the Citrini article about AI.

Doom porn is the only industry where the product sells better the more retarded it becomes.

Fed Governor Cook speaking on AI and productivity today. PCE cooling to 1.68%. Consumer confidence up 2.2 points in February. Narrative: AI will crash everything. Data: disinflation + recovering sentiment.

Every single company is now suing the U.S. for tariffs refunds.