DarcyDefi

We asked our MCP to estimate the value of ethereum:0x232ce3bd40fcd6f80f3d55a522d03f25df784ee2 using our onchain data. This is what it said: "Lighter trades at a $305M circulating Mcap and $1.22B FDV against $24M annualized fees and $792M open interest, which prices the token at 12.5x Mcap/Fees and 0.40x Mcap/OI versus Hyperliquid's 17.6x and 1.30x on the same Allium-derived metrics. Anchoring to HYPE with a 30-35% maturity discount (shorter operating history, 15% of HYPE's DAU, no formal governance) and blending 55% Mcap/Fees with 45% Mcap/OI lands a probability-weighted 12-month target of $2.26 per LIT on the 250M circulating divisor (+85% from spot), or $1.75 on the 322M forward-12-month diluted divisor that accounts for the December 2026 cliff (+43%)."

@berachain Does anyone still use this chain?

1/ Berachain's Proof of Liquidity is evolving. As crypto adapts to fit a more mature crowd of asset allocators, the Beras are making some changes. Here's everything you need to know about the new PoL 🧵

@CallumOnCrypto How are Extended points looking?

Variational OTC bids looking strong $20/point

@GoodmanAric @adcock_brett This is why the impact on jobs from these humanoid will be gradual. The real world is so messy and complex that even something that seems simple, like sorting packages, when you’re doing it at scale there are a lot of edge cases.

@adcock_brett As someone that does this for a living this is not an accurate representation of the task. Your packages and work flow are clearly not representive of the job, speed or variability.

Watch a team of humanoid robots running a full 8-hr shift at human performance levels. This is fully autonomous running Helix-02 x.com/i/broadcasts/1…

@Lighter_xyz Now we’re talking.

For more information on Pre-IPO markets, visit our docs here: docs.lighter.xyz/trading/real-w…

New RWA Perp Listing! You can now trade $SPACEX, the first Pre-IPO perp market on Lighter, with up to 3x leverage.

Multi-Asset Collateral is now live on Extended From today, wBTC and ETH are accepted as collateral alongside USDC and XVS (Extended yield-bearing collateral). EURC and USDT are coming soon. How it works The system operates on a native money market, with the vault acting as the primary lender. When trading losses push your USDC balance negative and that deficit is covered by non-stablecoin collateral, you are borrowing USDC. Borrowing rates depend on two factors: overall vault utilisation and utilisation against each specific collateral asset. For example, if demand to borrow USDC against ETH is lower than against BTC, borrowing against ETH will be cheaper. When a user holds multiple collateral assets, borrowing is automatically allocated starting with the lowest-rate asset and moving upward, minimising the effective cost with no manual input required. We are not aware of this being implemented anywhere else in DeFi. Example. User is down $175K on a perp and borrowing $175K USDC against a mixed book: $50K USDT @ 1% - $500 $50K ETH @ 5% - $2,500 $75K BTC @ 10% - $7,500 Total annualised interest: $10,500. Effective rate: ~6%. Borrowing the same amount entirely against BTC would cost $17,500 annually, or 67% more. What this means for Extended Vault The vault is the primary lender for the entire system. All interest paid by USDC borrowers flows to vault depositors as Extra Yield, on top of the trading fees already distributed. This creates a second, structurally independent yield stream for XVS holders. The vault earns by serving as the backbone of the margin system.

@wyattraich Would be happy to.

Who wants to test some stuff?

@Henrik_on_HL There won’t be an S3.

If we see a s3 of Hyperliquid, how are they even going the measure everything lol. During the first two season we basically just had crypto perps, spot coins and HLP. Now there’s in addition: > HIP-3 markets by different deployers > HIP-4 markets > HyperEVM > Borrowing, Lending and looping protocols > NFTs > Earn Page > Liquid Staking and normal staking > Builder Code apps > Portfolio Margin > Priority Fee structure > Fee rebates through staking And so much more data. How are they going to take everything into account lol.

@alpha_pls Not seeing anything of interest so far. Waiting for @hellotradeapp

It's possible MegaETH is the last playground for onchain degens. If we don't find proper retail breakthrough apps here then I think pack it up. Accept the corporate version of crypto is the winner, and it's all RWAs onchain for TradFi. Would all be rather boring, despite being successful. I do still hope we find something successful in the consumer category that isn't massively -EV hyper gambling related.

@houdinicapital I wish this were true. Sadly it won't go be below $18. Even $24 looks unlikely at this point.

Over the coming months, $HYPE will trade under $9 where I’ll be a long term buyer.

@hellotradeapp Thought you guys were launching in March? Any update on the timeline?

Some of the biggest market moments have happened on April 1st... not even joking.

Big fan of your work but if Coinbase is turning over 23x the volume on the same OI that is simply a sign of trading that is incentivised in some way. Look at how much volume there was on Ligher during its points program for example. OI is the most honest metric of perp success we have. Volume should mostly be ignored unless you are sure it is non-incentivised. I don’t own any $HYPE by the way.

'24 - '25 .eths: "TVL matters more than velocity" '26 .hls" "OI matters more than velocity" Velocity is clearly the thing that matters most. Anyone saying otherwise is coping. If you're a .hl, you should be able to have some intellectual honesty about this. P.S. its not a shot at Hyperliquid. OI is super strong + hyperliquid is building out a platform now with HyperEVM and HIP-3. It's just a fact that Coinbase turns over its Perps OI at 23x the rate of Hyperliquid today. From a business model perspective, this is what matters most. Just ask the Solana validators who captured more fees than ETH validators last cycle, with Solana TVL at less than 10% of Ethereum.

@variational_io Called it.

As part of today’s release, we are sunsetting loss refunds. All revenue previously directed to loss refunds will now be directed to the protocol treasury, doubling the percentage of revenue contributed to the treasury. We’re moving toward proactive rewards (like spread rebates) that benefit users on every trade, regardless of the outcome. This ensures that rewards are more consistent, Sybil-resistant, and accessible to traders of all sizes. We will continue to both add new reward mechanisms and direct a larger portion of revenue to the treasury over time, with the ongoing goal of making Variational the most rewarding place to trade. Thanks for your continued support!

@AmpleHQ What is rL3?

Ample vault incentives are now live! Deposit this week to earn up to 30 to 40% APR in rL3, on top of your tickets and access to weekly payouts. ample.money

@0xCryptoSam You think $HYPE to $150 by August this year like Hayes?

Hyperliquid at a $40B valuation is worth - 80% of Coinbase ($51B val) - 80% of Nasdaq ($48B val) - 60% of Robinhood ($66B val) - 155% of Circle ($28B val) And Bloomberg/WSJ have only JUST acknowledged this company even exists. If you’re reading this, congrats: you are early to a brand new financial primitive spearheaded by the most capital efficient company in the world.

@TraderNoah I joined.

I'm assembling a team. The goal: win more on Ample ample.money/team (M95HGS)

@variational_io @coingecko @CoinMarketCap You might as well just ditch loss refunds at this point and direct the proceeds to OLP or improve spreads.

3/5/26 Omni Release Notes: ➡️ Reworked loss refunds: accounts can receive 1 loss refund per week, and loss refunds are only processed when the pool balance is >5000 USDC. ➡️ Added shareouts to the leaderboard. ➡️ Read API changes to report data to @CoinGecko and @CoinMarketCap.

@DegenerateNews @enzo_gte Bullish $LIT

NEW: CFTC CHIEF SELIG TO CLEAR PATH FOR U.S. PERPETUAL FUTURES IN COMING WEEKS - COINDESK SOURCE: coindesk.com/policy/2026/03…

@CallumOnCrypto Correct.

Remember, Base will airdrop a token, and it will be valued in the BILLIONS The incentive to create a token and print hundreds of millions for the team is too strong for a token not to be released imo

@0xLoris Can we get Lighter added soon please? It has better liquidity on alts than Extended + some of us have staked $LIT for funding rebates + no-fee tier keeps costs down.

have you ever captured 7 different cross-dex funding arbs, in 1 click each, in 30 seconds via 14 hidden TWAPs with randomized amounts and randomized intervals (fully hidden twaps, ie not visible as twaps onchain) with execution cost protection and twap slice skipping for undesirable price spreads/slippage non-custodially (use your regular wallet, we never see your private keys) while also listening to a podcast about usa men's hockey team beating canada in the only sport they care about because i have. about 10 mins ago on @LorisTools sign up here 👉 loris.tools/waitlist