Thomas Pratter

The narrative that #Bitcoin has too little liquidity might have been true a couple of years ago but today this isn't. Flash-crashes like today are not caused by illiquidity but by the market being overleveraged.

@hosseeb @TrustlessState @MaxResnick how much of the recent EF departures influenced the growing bearishness around ethereum ? 👀

Couldn't get schedules aligned immediately as people are cross time-zones (but will do this one soon!) So this week we're getting @TrustlessState and @MaxResnick for a show on ETH apostates and the state of the EF. What should we ask them?

@lifiprotocol Really impressive launch, congrats to the whole team.

Introducing LI.​FI Intents. Infrastructure for apps, wallets, and neobanks to: • Enable stablecoin payments • Access real-world assets • Tap into compliant onchain liquidity Built for enterprises bringing financial products onchain.

@pat_goodridge @dragonfly_xyz Looking forward to your next venture, Patrick! Really curious to learn more about the diligence tech :)

It's official: after 4 glorious years leading deal diligence at @dragonfly_xyz, I've hung up my crypto VC skates to build something new (more on that later). Honestly, the change still hasn't fully sunk in. Dragonfly is one of those places that is so wonderfully immersive, it makes it hard to imagine doing anything else with anyone else. But I close out this chapter knowing I left it all on the field for my colleagues, our LPs, and our founders. Couldn't be prouder of what we accomplished together @hosseeb, @tomhschmidt, @HadickM @LindsayxLin @bryanmedelman @ScottHershorin, @JessicaFurr305, @TheOneandOmsy, @hildobby, @0xsudogm, @robbiepetersen_, @zorkary, @casatay, @Rodairos, @MichalUlmer_, @0xelton, and so many more. Same goes for my fellow alums @ani_pai @cheryldchan @kapursanat @_mia_56_ @0xDiplomat What's next for me? I'm striking out on my own to build something (radically) new for those in need of deep, mission-critical diligence technology. I'd be delighted tell you more. But you'll have to DM me 🤫 Who am I hoping to hear from? Anyone and everyone in my network (if you're reading this, we could probably work together!)

@crypto_birb This opinion seems rather popular looking at my X feed haha

Unpopular opinion: new Ferrari is disgusting

@econoar @Lighter_xyz damn :D If you want more stats on HL wallets, try trckr.xyz

Wow, I really should have been using @Lighter_xyz this whole time

hyperliquid:native is massively outperforming, even while platform's weekly trading volumes remain relatively flat. across crypto sectors, perps & privacy are up 37% & 14% respectively this week. the perps push was driven by hyperliquid:native (+34%) & ethereum:0x232ce3bd40fcd6f80f3d55a522d03f25df784ee2 (+51%). HYPE is up 146% this year, & interestingly the growth isn't tied to hyperliquid volumes, which have remained flat since november. the growth is by expansion news : • HIP-3 markets enabling 24/7 trading for select TradFi and pre-IPO assets • Circle’s USDC integration • Newly launched HYPE ETFs, which already pulled in $81M in inflows within 9 days. @HyperliquidX 🫡

The Renesis.fi team will be at @proofoftalk next week. We’re excited to be at one of the most curated institutional gatherings in crypto, bringing together founders, allocators, infrastructure teams, and policymakers. If you run a crypto fund and care about fund ops, execution, infrastructure, or managing capital across CeFi + DeFi, reach out to our founder @0xPratter. See you in Paris👋

@mert not yet x.com/KobeissiLetter…

gentlemen, we are back

@ErikVoorhees privacy is the moat

More of this energy in crypto Remember when financial privacy was an important ideal?

@andyyy Back in the cave

RETURN TO FUNDAMENTALS.

@HadickM It’s just the FUD everyone wants. Same thing happened with the recent EF exits. People move on to new things, it doesn’t mean it’s all over lol.

It’s funny how bad every take about this has been and how deeply everyone wants to read into it. It’s possible ambitious people at large orgs are just attracted to great new opportunities at fantastic and faster moving startups

@Ferdi_XV @FTDA_US @adam3us @Blockstream @proofoftalk @XVentures_Fund Already claimed my @proofoftalk ticket! Excited to see everyone there!

1/ For a decade, Web3 and TradFi argued. In 2026, they're sitting at the same table. In 10 days, Jenny Johnson (CEO @FTDA_US, $1.5T AUM) and @adam3us (Co-Founder, @Blockstream , inventor of Hashcash) open Proof of Talk 2026 on the same stage. That fireside is the thesis of the entire event. @proofoftalk

With the increasing institutionalization of crypto, permissioned & permissionless DeFi will likely evolve side by side. For instance, Aave Arc introduced permissioned DeFi pools for KYC’d institutions. That later evolved into Aave Pro, and now Aave Horizon. Now, they've doubled down on the institutional DeFi strategy. But there’s always a tradeoff. The industry may need to actively preserve the original cypherpunk ethos of fully open systems.

Institutional DeFi Needs Compartmentalized Risk. We published a breakdown of @aave V4's hub-and-spoke architecture, how it sets a new standard for risk management in DeFi and what it means for institutional fund managers. Read it here : renesis.fi/articles/why-i…

@matthewabides @zachxbt zach you need to uno reverse this dox.

1/ Meet Zachary Wolk (@zachxbt), the crypto investigator who's exposed $500M+ in fraud. He investigated everyone. Nobody ever investigated him. I found him in a free neighborhood paper. Also found ~$5M of "donations" from the people who never appear in his threads.

@danheld bankless is now ethless

Bankless is now bankrupt?

This was a 13% single epoch bonus paid in hyperliquid:native tokens. That’s 676% annualized just for locking NEST and depositing in the HYPE engine vault.

@Bankless @TrustlessState

From Bankless, to ETHless @TrustlessState speaks on the Weekly Rollup tomorrow...

@hosseeb Microsoft’s OS has a 60% market share, so we can call Ethereum the Microsoft of crypto.

Ethereum is the Microsoft of crypto.

5/ If market makers see someone buying huge size, there’s always a risk of front-running by lifting offers first. TWAP disguises that by looking like regular flow. You get a better average entry : • Instead of gambling on one moment, TWAP spreads risk across time. • If price spikes at minute 1 but drops later, TWAP benefits. • It works across exchanges. Crypto funds work across Binance, Bybit, OKX, etc. TWAP engines can split orders across venues too. Renesis.fi provides order execution management system with an advanced algo suite (TWAP, VWAP, Iceberg, and more) through a single API, a global order book that aggregates liquidity, smart order routing across venues and much more.*

4/ But why not buy instantly ? Because : Large orders move markets. If a giant market buy is placed : • Sellers might raise prices • Order books thin out • Slippage increases • Other traders notice So, a $20M could end up costing $20.8M, like the slippage in the swap incident above. Using TWAP helps solve these issues.

How Crypto Funds Move Millions Without Moving the Market 1/ In March , a whale swapped $50.4 million in aEthUSDT for AAVE through the Aave interface, routed via CoW Protocol. They ignored the “extraordinary slippage” warning & clicked confirm. As a result, the wallet received just ~327 AAVE tokens worth $36,000, a loss of 99.93%. MEV bots & sandwich attacks extracted tens of millions in a single block. This wasn’t a hack, the protocol worked as designed. It was a execution error: placing one massive order without using TWAP. That’s why crypto funds never trade large size the way retail whales do. Here’s how they use TWAP 🧵