Austin Barack

Fast forward to 2026, after this legendary tweet from @chameleon_jeff: Hyperliquid has become the all-in-one finance exchange and, for the first time in the US, is available via an ETP wrapper. - It generated over $3T in total volume (including spot) last year. Perpetuals alone ($2.9T) closely matched the @CMEGroup’s $3T in futures and options volume. - Precious metals markets like silver at one point represented over 2% of the CME’s silver market. Job's not finished!

There it is

We are not prepared for the scenario where Circle and Coinbase help Hyperliquid get legalized in the U.S., USDC supply on HL to 5x and Coinbase to become the primary frontend for Hyperliquid in the U.S.

The more I think about this Coinbase partnership, the more I believe it is Hyperliquid’s biggest announcement all year. Stablecoin yield is the largest revenue source in the industry next to trading fees and Hyperliquid is now the first blockchain to internalize both. This is a fundamental transformation of Hyperliquid as a business. Yield sharing enables Hyperliquid’s revenue to scale more directly with deposits, rather than just trading volume. And because deposits tend to be stickier than volumes in downturns, this could make Hyperliquid’s buybacks more resilient across cycles. For example Hyperliquid stablecoin deposits are currently only down 15% from ATHs compared to monthly volumes down 55%. Zooming out, there’s currently ~$80B in stablecoins deposits on Binance, Okx, and Bybit compared to ~$5B on Hyperliquid. It doesn’t take crazy share gains or sector wide growth for the revenue numbers from yield sharing to get crazy for $HYPE. Think $300M - $500M in incremental run-rate revenue from yield sharing is achievable within next 12 months, and billions in the years beyond as the cryptoeconomy reaccelerates. Hyperliquid.

Kalshi continuing to crush it on distribution

There's no way that in a few months time there will still only be about $10B of demand to hold $HYPE. Also, only 2x more demand to hold HYPE vs. XLM or SUI feels very mispriced.

@jared_delin Great list! What's your bull thesis for Centrifuge?

@AustinBarack Aero, Hype, Centrifuge, Maple, & Venice

If you had to own 5 tokens and none of them could be majors (or stablecoins), which would they be?

@thejustinfagan @mattytay @HardhatChad @grok 🤣

@mattytay @HardhatChad @AustinBarack @grok give me the TLDR on each of these except $ore. With $ore provide me your favorite post of mine about $ore. Thanks bub

@coopernicus01 @blknoiz06 I see what you did there lol

@AustinBarack @blknoiz06 majors and stablecoins

@__Just__A__Guy_ JLP is cheating haha

@AustinBarack is JLP cheating on this answer? ore near cro

okay so the hyperliquid announcement is omega giga bullish and there are enough tldr's around for you to read the basics but here are my favourite parts: - the core team clearly has high leverage even with the biggest players in the game as they secure a deal with extremely favourable terms - one of the biggest friction points (bridging to HL) will soon be direct through circle's cross-chain protocol - hard to describe how big of a win this is from a regulatory standpoint just before the clarity act is likely to pass. two of the most scrutinised and regulation-friendly teams just threw a massive amount of reputation and money at HL right before it goes through the senate. that timing isn't an accident - this deal reaffirms the HL team remains extremely aligned with the growth of the token and redistributing the wealth created on chain back to users - there are no 'leaks' in the HL team, in crypto it's very common to see tokens outperforming into unknown announcements, $HYPE has been bleeding coming into this announcement - there is no other chain where increasing TVL feeds directly into token increase, $HYPE now does this announcement really helps smooth over the bear cases and creates an even higher ceiling for the bull cases hyperliquid will be the house of all finance and all others will be competing through builder codes hyperliquid

@YashasEdu What's your bull case for AKT?

@AustinBarack Aero, Near, Akash, EtherFi, Venice

@YashasEdu Great list

@Steph_Curdy Signs of traction that is durable, growth, and eventual revenue (if not already) For SOV assets only needs network effects and a durable narrative to make the network effects self reinforcing

@AustinBarack Do you prefer revenue?

@0xalank Not super deep on QUAI. What's your thesis there?

@AustinBarack Everyone should study $QUAI Worth watching qu.ai/litepaper

They shared revenue details in their November tokenholder call and more details in the Messari DePIN report earlier this year. Totally agree there needs to be a lot more comms but I also think that's priced in right now. Based on the $52MM run rate revenue, their prior growth, and growth in the category, $GRASS would likely be valued much much higher with increased comms and data to liquid investors. That's part of underwriting the story here, buying a high growth token in one of the highest growth categories at a super discounted price (relative to the market) with the thesis that they will both continue to grow rapidly and also improve comms. The structure delivers 100% of the value to tokenholders so I feel comfortable in that regard, it is just a matter of the other items playing out.

There has been zero transparency regards to GRASS and how much revenue they are earning. There is virtually zero public comms to communicate this. Equally there is constant incentives hitting the market with no buybacks to absorb this sell pressure. I like the asset but these remain persistent problems for liquid investors.

Innodata stock ($INOD) is up 96% in the last week since reporting strong earnings with revenue hitting $90.1MM, beating analyst expectations. INOD is now trading at a $2.9B mcap. What do they do? Data engineering for AI Labs. More bullish than ever on $GRASS which is generating similar levels of revenue and growing faster than INOD.

@awettermann Ahead of your time

@AustinBarack x.com/awettermann/st…

In retrospect, people will realize using FDV was the biggest mistake in valuing $HYPE. It's all about flows.

@defi_monk Exactly

You can really tell access to $HYPE is still a major source of friction because if this was a stock the coinbase news would have sparked a 20% candle