MercedHees

Had an awesome time at consensus. Can’t wait for next year.

@DailySportsGeek @coinbilly @9ism_ 👀

@coinbilly @HeesMerced @9ism_

I WANT INVISIBLE FRIENDS EVERY DAY I'M NOT BUILDING INVISIBLE FRIENDS FEELS LIKE A WASTED DAY

@DeeZe The profit mercenary that hates on others for taking profit .. we are definitely back

you know the art hits different when your timeline is full of tweets like this

Outcomes (HIP-4) are now live on mainnet.

Introducing Pre-IPO Perpetuals (IPOP). The weeks before an IPO are some of the most consequential in a company’s price history, and historically, the least observable. Private market quotes are stale and gated and Public markets haven’t started trading yet. Peak interest coincides with an absence of prices. We’re introducing IPOP markets on XYZ to change that.

RT @/chumba If you have a small pool of capital and insist on making it in public markets IMO you should be trying to find things that nobody else is talking about. Weird pockets of the market. Or things that are deeply hated where you have a variant view with conviction. Niche securities that provide you with non recourse leverage. Over leveraged balance sheets where the equity value can change with small moves in enterprise value, and then figure out if the company survives, and buy non recourse leverage on that equity. Companies that have some ick associated with them where mass psychology has caused a mispricing. ---- the most money in markets is made in finding opportunities right before they become consensus longs, or in identifying the shift from non-consensus to consensus as it is happening and riding momentum

@icobeast Cade n none

Are the Pistons the worst 1 seed ever? probably

@DeeZe Love = Jeanty 2.0

Cardinals leadership definitely has a bit of Cleveland in them

@DeeZe How is this app 🆓

😭😭😭😭😭😭

*Why your favorite TradFi firm launching perps won’t kill Hyperliquid* Let’s establish this upfront. Perps are not just a simple payoff formula. They require a fundamental redesign of the exchange. The magic is in vertically integrating matching, margin, liquidation, and settlement into one continuous risk engine. This provides the foundation for shared collateral pools, tight liquidation loops, 24/7 funding mechanisms, and 20-50x leverage. The resulting UX and capital efficiency is why perps decisively beat out dated futures and options products within crypto. You can’t just “list perps” as if it were any other derivative. You have to reproduce the architecture. Coinbase has already demonstrated this empirically with their lackluster CFTC-regulated “perps” product despite plenty of talent and dollars thrown at it. As currently designed, they’re long-dated futures with 5-year expiries, 3-10x leverage depending on the contract, and funding that only settles twice daily. Compare that to unregulated offshore venues like Binance or blockchains like Hyperliquid and it’s obvious why the product has underwhelmed. If Coinbase can’t figure it out, why should Kalshi or Polymarket, which have worse distribution for this product? If Coinbase as the most crypto-native regulated U.S. venue can’t deliver a compelling product, why should CME or ICE? The reality is that U.S. regulated incumbents have been sidelined from truly competing. Dodd-Frank and the Commodities Exchange Act mandate centralized clearing, and separation between the different layers of the trading stack. This fragmentation structurally prevents the vertical integration necessary for real perps to work. And even if they didn’t, incumbents would still likely have regulatory limits on the amount of leverage they can offer to retail. Fixing all this requires a full regulatory overhaul and infrastructure rebuild. HOOD and IBKR pumping out whatever subpar product their underlying exchange lists wouldn’t change the problem. But regulation can change right? At a conference in March, CFTC Chairman Michael Selig suggested that the agency would allow perps for crypto soon. While CME and ICE may not have the right infrastructure in place to flip on perps anytime soon, Coinbase, Kalshi, and Polymarket could in theory offer real perps on crypto within weeks of formal guidance dropping. In fact, it is my full expectation that both Kalshi and Polymarket's upcoming perps products will be real perps with no expiry, unlike what Coinbase offers. What then would be the advantage of decentralized venues like Hyperliquid if everyone was now on a more level playing field? Well for one U.S. guidance would likely only be for crypto perps, not the equity or commodity perps which are the fastest growing segment of the market. They also might not remove limits on retail leverage. But let’s just ignore these qualifications for now and assume that there’s simultaneously 1) no regulatory advantage for offshore venues anymore and 2) decentralized venues still cannot legally offer perps to U.S. retail users (despite the CFTC also working towards creating a pathway for this). There’s a handful of long-term advantages decentralized venues like Hyperliquid have. 1) DEXs are structurally cheaper as they do not maintain fiat banking rails, large compliance teams, regional subsidiaries, customer support, or extensive custody and treasury operations 2) DEXs are permissionless, which provides significant scaling advantages over incumbents as anyone can launch and distribute new markets, creating a virtuous utility-and-distribution flywheel 3) DEXs are intrinsically global, enabling them to reach anyone on Earth so long as they have an internet connection 4) DEXs offer users substantially lower counterparty risk as they are real-time auditable and enable users to self custody their funds And none of this is to mention the bigger picture concept that Hyperliquid isn’t just a perps venue anymore. Rather it’s a full-fledged platform where traders soon be able to cross-margin perps, options, predictions, and tokenized equities in a unified experience. Incorporating all of this into a single risk engine takes years of iteration and refinement, and a baseline level of liquidity across all markets. x.com/RyanWatkins_/s… With all this in mind, who do you think is best positioned to execute on this product? Is it really the regulatorily constrained, technologically disadvantaged, incumbents that have zero experience building this product? Or is it the pioneering team with breakneck product velocity and years of experience both trading and building these products? It’s not wrong to worry about competition. I do expect TradFi firms will offer decent products over the coming quarters and help grow the market. But eventually decentralized venues will be made legal in the U.S. too and their superiority will be proven over time. So the big question in my mind is not whether TradFi will win, it’s whether another blockchain like Solana, Lighter, or Base builds a better product, or if Hyperliquid will stay the king. Time will tell.

The Arbitrum Security Council has taken emergency action to freeze the 30,766 ETH being held in the address on Arbitrum One that is connected to the KelpDAO exploit. The Security Council acted with input from law enforcement as to the exploiter’s identity, and, at all times, weighed its commitment to the security and integrity of the Arbitrum community without impacting any Arbitrum users or applications. After significant technical diligence and deliberation, the Security Council identified and executed a technical approach to move funds to safety without affecting any other chain state or Arbitrum users. As of April 20 11:26pm ET the funds have been successfully transferred to an intermediary frozen wallet. They are no longer accessible to the address that originally held the funds, and can only be moved by further action by Arbitrum governance, which will be coordinated with relevant parties.

@k384904 @Nstr_tj 🤣💀

@Nstr_tj no mudsharks TJ

If you have WETH on Aave V3 Core, withdraw now, ask questions later.

Once you realize Hyperliquid is building the everything exchange, and cross-margin brings it all together, you realize that every other competitor is playing a much narrower, far less defensible game. On Hyperliquid, perps, spot, options, predictions, RWAs, and related markets are not separate products so much as expressions of a single, unified trading experience powered by a shared risk engine. At scale, the resulting liquidity and capital-efficiency flywheel should produce a winner-take-most market structure, leaving those who didn’t see the bigger picture fighting for scraps in siloed markets. Excerpt below on the approaching $HYPE endgame over the coming years.

Technorevenant, one of the biggest individual HYPE holders, unstaked 2.42M HYPE ($95M) on April 1. hypurrscan.io/address/0x179f… He sold a small amount to short HYPE and long XRP, SOL, and ETH, even traded a random coin called PENIS on Hyperliquid. Then restaked the full amount on a new wallet. hypurrscan.io/address/0x4eb8… HYPE pumped over 3% right after, as a lot of people were watching his wallet and waiting to react. Happy april fools.

*Why Hyperliquid is the most revenue efficient business in the world* If you're on CT a lot, you've probably heard people say that Hyperliquid is run-rating at ~$1B in annual revenue with 99% profit margins and only 12 employees. But how exactly is this possible? At the core of this idea is the fact that DEXs are software, not institutions. The Hyperliquid core team bore the upfront costs of building the exchange and receives token rewards from the protocol for ongoing development. But unlike CEXs, it does not maintain fiat banking rails, large compliance teams, regional subsidiaries, customer support, or extensive custody and treasury operations. Once Hyperliquid went live its only ongoing fixed cost has been the small amount that it pays to validators in the form of token inflation. Hyperliquid validators cost an estimated $10K per month each to run all-in, which in the grand scheme of things is a rounding error relative to Hyperliquid’s ~$1B in annual run-rate revenue. Inflation could drop much lower if desired. With user acquisition, localization, and asset listings increasingly externalized to third-party front-ends and ecosystem builders, the protocol itself more or less scales like software at zero marginal cost. This means that Hyperliquid has enormous operating leverage as it reaches escape velocity. In the future, its possible Hyperliquid may not need to pay any teams directly at all. Instead, third-party teams would contribute to the core protocol through open-source contributions, while being funded by the revenue derived from the businesses they built on top of the exchange. Today the third party ecosystem already operates at a ~$100M annual revenue run-rate. @tradexyz is likely already a unicorn given its traction. My expectation is the ecosystem will keep growing exponentially from here. At the limit, its possible that the only expense Hyperliquid would need to pay is the deminis amount required to keep validators happy. This is the structural economic advantage of Hyperliquid versus centralized exchanges. This is also one of the many reasons why Hyperliquid is the most exciting startup in all of global finance. The Everything Exchange™️