Jon.sol

@molusol @FabianoSolana They should buy/team up with bulk or phoenix. Would be blockbuster

@FabianoSolana if they add more perps, reduce fees they already have market share to bring that volume back but then not doing this before opened the door for competition

this might be a bold prediction: but I think JUP goes easily back to $0.4–$0.5 if they fix ONE thing why? buybacks & burn work but only when unlock pressure is low → that’s why pump didn’t work → that’s why hyperliquid does work it has to be deflationary (+ no fear of unlocks) Jupiter finally moved in that direction with net-zero emissions. In theory, they could buy back +20% of supply over the next few years but here’s the problem (maybe two): Jupiter’s revenue is trending down, Hyperliquid’s is stable (Hyperliquid also generates ~10x more revenue than Jupiter) and it gets worse: ~60% of Jupiter’s revenue comes from perps and even tho they're the 3d biggest perps earner they only generate 1% of the total perps volume Since the canceled airdrop, even more users left Jupiter Perps, and honestly, it's understandable given the high fees and only three pairs. Perps revenue is among the top three earnings in crypto and if they want to stop the downtrend of revenue, there's just one way out (no card, no juplend, etc.) second issue: token utility JUP still lacks a strong reason to hold (→ compare that to Hyperliquid’s fee rebates model) I really hope they cooked in the background with perps because if they did the JUP token is coded for a huge rally

@tian_zhi_chen @alexkehr Hyperliquid was funded by zero VCs!

@alexkehr Hyperliquid? Polymarket? Both very successful casinos.

it’s pretty wild that VCs poured billions into web3 and the category didn’t produce one breakout company

@Keisan_Crypto Very interesting thesis you have, but it doesn't account for Zoom being diluted multiple times through additional raises. Analysts say they've been diluted about 40%.

Bought a good amount of $ZM, half spot, half call options, various expiry, mostly far OTM leaps The thesis is pretty simple: - $ZM invested $51M in Anthropic in May 2023, now worth around $11B at Anthropic's secondary mkt valuation of $1T - $ZM market cap is $24B, making it the single best public market proxy for Anthropic (45%), yet still few people know this - $ZM has $7.8B of cash, so their effective enterprise value is: 24 - 7.8 - 11*.75 = ~$8B (Anthropic at 75% to account for gain on taxes) - They have 0 debt - $ZM makes about $800M/yr of post-tax operational FCF, inclusive of stock based comp - Top line has grown at about 4%/yr the last 3 years, with gross margins rising from 11.6% -> 23.1%. I expect profitability to continue to increase with AI, as they can lay off a lot of their engineering team - Further, over half of their expense load comes from stock-based compensation, most of these were COVID-era grants. I'd expect SBC to drop ~30-50% over the next few years, meaning bottom line could rise by up to $400M, meaning ~$1.2B of adjusted FCF - So, you are getting a stock that is trading at 10x in-place earnings (6.7x post-SBC adj.), with high margins and one of the more sticky SaaS business models (no individual company is going to recreate their own zoom, these are networked systems & have security implications) - If you assume Anthropic's valuation is $1.5T, which it likely hits quickly, the FCF multiple is all of a sudden a 4.75x, which is screamingly cheap - The IV, imo, does not currently reflect Anthropic's upside valuation, allowing you to effectively buy call options on Anthropic for standard mature SaaS company IV Seems mispriced 🤷‍♂️ Hyperliquid

@molusol @solana HOW DO YOU SOLVE THE INFLATION PROBLEM

$SOL bull thesis: > firedancer targeted 1M TPS. > $1.1t on-chain activity last quarter. > $832b stablecoin volume. > 99% tokenized pre-ipo equities market share. > JPMorgan, SoFi, and Western Union chose Solana. > 416 new projects in Q1. > SOL/BTC at 2.5 year lows > a 12-18 month accumulation play, currently 71% off ATH

@issathecooker Project itself may be Interesting, but how does the project bring value back to the token.

I blind longed $CHIP and now have been forced into doing some research into $CHIP It's a governance token for USD.AI, a defi protcool that finances/loans AI infrastructure A very serious issue to my understanding in AI is financing compute This fixes things

If Saylor goes under, I think he should just load it all up in one wallet and delete the private key. Saylor is 61 years old already, just take one for the team and become a legend forever, and create one last bullish catalyst, and spend the last 10-15 years in prison aura farming.

@donovanchoy @marinonchain Would you be down talk, I have a few questions about Jup, the token structure, over complications, and the perps?

@Jonny1Sol @marinonchain overall bullish on JUP but i cover three main risks in my thesis here x.com/donovanchoy/st…

Great breakdown of the $JUP thesis. Most people still underestimate the product flywheel behind it 👇 Revenue > Hype

@donovanchoy @marinonchain Would you be down to hop on a call, I have a few questions about Jup, the token structure, over complications, and the perps?

@laBananeCrypto @solana @JupiterExchange Random question, what's your bull case on JUP? Why hasn't a clear value generated from revenue been benefiting the token?

A few years ago, you had to pay a lot to get listed on a CEX because that’s where the users and volume were. Today, attention, users, and liquidity are on @solana And thanks to integrations like @JupiterExchange, listing on Solana now means your token is directly accessible to Coinbase, Robinhood, Binance Wallet, etc. users. Solana W

@GabGrowth What do you think about the new clarity act proposal, not doubtful that it will cause an outflow of usdc? It causes yield to be prohibited for j holding it.

$CRCL Thought i'd share a few insights here while I continue working on the deep dive. 1. The core business is a network effects flywheel, but it's still tied to interest rates Circle makes most of its money from reserve income on the assets backing USDC. That means when rates drop, revenue per dollar of circulation drops too. The reserve return rate went from ~4.14% in Q2 2025 down to 3.81% by Q4, tracking SOFR lower. Circle has been offsetting this through raw circulation growth (USDC went from $61.3B to $75.3B over that stretch, up 72% YoY) but there are legitimate headwinds. 2. $COIN is the elephant in the room Distribution costs are heavily driven by the Coinbase revenue share. More USDC sitting on Coinbase means higher costs for Circle. These costs grew 52-74% YoY across quarters, sometimes outpacing revenue growth itself. The counter to this is "on-platform" USDC, which is USDC held within Circle's own infrastructure. That number went from 10% of total circulation to 17% by year end. This is probably the single most important margin lever to watch because Circle keeps all of the economics on their own platform. 3. Revenue diversification is early but is key to watch "Other revenue" (subscriptions, services, transaction fees) basically didn't exist in prior year periods and hit ~$110M for full year 2025. Guidance for 2026 is $150-170M. These are higher margin streams that come from blockchain network partnerships (added 12 new chains in 2025), CCTP cross-chain transfer volume (which hit 47-62% of all bridged volume across chains), and validator revenue from Canton network. This will be pivot in shifting the narrative from an "interest rate bet/proxy" to a "platform business". 4. Operating leverage is increasing but Circle is reinvesting aggressively Adjusted EBITDA margins expanded from 50% in Q2 to 57% in Q3 2025, which shows real inherent leverage. However, the company is plowing it back in as Adj. OPEX guided at $570-585M for 2026, compared to $478M in 2025. They're spending on platform build-out, global partnerships, CPN, and Arc. The question is whether this spending cycle creates durable competitive advantages or whether at some point the market starts demanding a path to lower reinvestment.

@bullrunalpha The reason crcl got crushed is because of the new clarity act proposed, making circle current revenue model impossible.

$CRCL Circle holders who held from $300 to $50 and back to $300 after the Clarity Act passes this summer. 🟢 $USDC $EURC $USYC $cirBTC #Arc

Some retarded people can’t function without there chocolate milk, that’s how you should be with your money. Stay up.

When I enter a city the wind blows, remember that.

RULE 22: IF YOU CANT EXPLAIN IT SIMPLY, YOU DONT UNDERSTAND IT!

@ThinkingUSD What are the odds that it actually gets derisked with a likely democratic win in the mid-term election?

How high does HYPE go when regulatory tail risk gets derisked?

@ThinkingUSD Pov: Hype is pumping

Having problems? You should try winning

@Ethan343523 No, China or Russia won’t bleed for Iran

Do we think this is World war 3? 🦶 Comment thoughts

It's the celebration of the end of a mass killing regime(own citizens) that has had countless acts of human rights atrocities over the past 20+ years. A successful operation freeing the oppressed nation and removing the threat of a nation that would slaughter the West if it had a chance. I will be popping bottles tonight.

President @realDonaldTrump will go down in history as one of the greatest and most consequential presidents we have ever had. His ability and willingness to make bold and consequential decisions for the benefit of future generations based on the hard and cold facts at hand rather than short-term political considerations is one of his greatest strengths. No longer are we governed by the politics of the weak who have brought us close to the edge with their weakness and self-interested short-termism. God bless our nation, our military, and our president. Let’s all pray for our troops who risk their lives on behalf of all of us so we can look forward to a world where evil is eliminated and good prevails. What we do in life echoes in eternity.