KP I Xangle

Web1: Read-only Web2: Read-Write Web3: Read-Write-Distribute ‘Distribute’ — this is how I see Web3 Airdrop, Yapping, Farming… these are not just events, but new forms of social contracts and culture built around the idea of distribution. In a time when Gen Z has lost access to opportunities, Web3 can rise as the spirit of our era.

🚀 Xangle data is now LIVE on NAVER. Price data, project updates, and Asset Profile content from Xangle are now delivered to NAVER Stock via API — bringing institutional-grade digital asset information to one of Korea's largest retail finance platforms. 🚀 쟁글의 데이터가 이제 네이버에서 제공됩니다. 쟁글이 제공하는 가격 정보, 프로젝트의 주요 소식, 종목 개요 콘텐츠가 API를 통해 네이버 증권에서 제공됩니다. 이제 더 많은 투자자들이 네이버 증권에서 기관 수준의 디지털 자산 정보를 확인할 수 있습니다. 🔗 m.stock.naver.com/crypto

(Below is the English translation of the text written in Korean) Is There Truly an Oasis in the Crypto Space? Amidst the widening wealth gap and intensifying social conflicts, modern life has gradually turned into a barren desert. In this parched reality, the crypto market emerged like a final oasis promising to quench our thirst. Early on, cypherpunks resisting centralized control paved the way, followed by early adopters who sensed the shift. Their success stories drew countless retail investors into the fray, and now, global financial titans and corporate executives have begun discussing the potential of this oasis. However, the journey toward it has not been as lush as expected. The reality we face is harsher than imagined, and the path has been anything but smooth. To be sure, there have been meaningful achievements. The approval of Bitcoin Spot ETFs proved that this asset class has earned institutional trust, while DeFi and PerpDEXs have technically realized the possibility of finance without intermediaries. The proliferation of stablecoins and the revitalization of prediction markets were clear "streams" of water we discovered. Yet, before these streams could form rivers or lakes, far too many bandits appeared around the oasis to prey on the thirsty. Constant scams and hacks, founders obsessed with "early exits" rather than product-market fit, and the gambling dens fostered by exchanges have led to the bankruptcy of countless investors, drying up market trust. Consequently, nihilism has become pervasive. The problem is that this is a complex crisis involving both internal and external factors. Internally, the market is flooded with crude services that can hardly be called "innovation," while "Degens" in their exclusive circles are mostly occupied with PvP games—stealing money from one another. In particular, the predatory structure of "VC Investment → CEX Listing → Retail Dumping" has blocked new inflows and exhausted existing participants. As the line between entrepreneur and scammer blurs, external technologies like AI and robotics are absorbing capital and talent at an overwhelming pace. These technologies are evolving rapidly and beginning to tangibly change lives. The old method of attracting idle capital through mere narratives has lost its "sexiness" in the face of these more compelling alternatives. In this chaos, we are forced to ask ourselves: Could it be that we mistook a mirage for an oasis? I believe the crypto market currently stands at a critical crossroads. If we continue to tolerate the practice of assigning value to projects without substance, the market’s development will stall or become obsolete. We must bid farewell to the era of selling dreams to enrich insiders. It is time to reclaim capital flowing to fake innovators and concentrate it on exceptional builders—like Hyperliquid—who prove actual utility. Only when our standards of evaluation become rigorous will the soil be prepared for talented entrepreneurs to return. The only way to defeat nihilism is through the proof of utility. Despite the need for painful self-reflection within the industry, I believe my thesis from last year—"Web3 is the Zeitgeist"—remains valid. In an era where AI and Big Tech monopolize wealth and the value of labor fades, the "distribution culture" of Web3—which recognizes user contribution and returns the fruits to the community—is the only alternative capable of correcting a distorting capitalism. Whether what we see is a mirage or a true oasis ultimately depends on the standards we use to purify the market and the values into which we inject capital. The power to transform a barren desert into an oasis will come not from vague narratives, but from whether actual value is created and whether capital is properly redistributed to those efforts.

Integrity has always been one of Hyperliquid's core values. The house of all finance must be credibly neutral. This means no private investors, no market maker deals, and no protocol fees to any company. The initial state of any blockchain is a crucial part of its story that can never be erased. The original ethos of Bitcoin was a permissionless network accessible to all. Hyperliquid's genesis distribution followed this spirit, going entirely to early users with core contributors excluded. The full distribution is verifiable onchain without obfuscation. This principle of fairness frustrates a few users and builders who are used to special treatment. It means that Labs has zero tolerance for team members with integrity yellow flags. It means we do things the hard way as a community. But the world deserves a financial system owned by the people, where fairness to all users is in the DNA. Nothing else is worth building.

@0xRobbey true

@KPJang2 Web3: Read-Write-Own Distribution is the gateway, ownership is the endgame, anon. Gen Z isn't just farming points they're claiming stakes in the systems they build.

Web1: Read-only Web2: Read-Write Web3: Read-Write-Distribute ‘Distribute’ — this is how I see Web3 Airdrop, Yapping, Farming… these are not just events, but new forms of social contracts and culture built around the idea of distribution. In a time when Gen Z has lost access to opportunities, Web3 can rise as the spirit of our era.

Thoughts on the AI Bubble and Valuations Discussions around an “AI bubble” continue to surface, and whenever noise emerges around data center capex—such as the recent Oracle-related issues—we see both Nasdaq equities and crypto assets sell off. Statistics showing that historical returns have been close to 0% when the S&P 500’s 12-month forward P/E reaches around 24x further reinforce the narrative that equity markets are currently overvalued. Is this truly a time to be cautious? Is the phrase “this time is different” once again a dangerous mantra that will ultimately lead bulls to defeat? Personally, I view the AI cycle as fundamentally different from previous cycles. This time really is different. The difference lies in the nature of the cycle itself: AI is likely to create a much more powerful cycle (a much higher peak) and one that lasts significantly longer. The reason is that we are gradually entering an era in which past patterns and historical statistics are becoming less meaningful. Throughout human history, there has never been an entity that fundamentally surpassed human intelligence. Today, however, AI is beginning to cross that line and is preparing to enter the realm of superintelligence, far beyond human capability. In 2025, concrete examples supporting this shift have started to emerge. For instance, the team led by Demis Hassabis accomplished in just a few years what would have taken humans roughly one billion years—predicting the structures of 200 million proteins. At Goldman Sachs, tasks such as IPO documentation, which previously required weeks of work by senior investment banking professionals, are now completed in minutes, dramatically improving efficiency (and this is a very basic example). What once improved in a linear fashion is now advancing exponentially alongside AI. (Source: Waitbutwhy.com) The chart above best illustrates this transformation. Human progress is no longer expected to follow a linear path. If we are indeed at that point on the curve, should we still evaluate today’s capital markets using the same yardsticks as the past? Would an AI arms race—where the cost of losing is extraordinarily high—really come to a halt simply because leverage has increased somewhat? More likely, 2026 and 2027 will be years in which this competition intensifies even further. With the cycle only three years into its formation, it is still too early to declare a bubble. And historically, whenever the dominant question in the market has been “Is this a bubble?”, it never actually was.

@r2Jamong 축하드려요..! 90일 된 딸 아빠로 너무 공감이 되네요ㅎㅎㅎ

제가 요 몇일 트위터나 텔레그램도 거의 못했는데.. 사실 오늘 딸아이가 태어났습니다. 이 아이가 살아갈 세상이 사랑이 넘치는 세상이었으면 좋겠습니다.

Hyperliquid supports permissionless perps on anything. As all of finance moves onchain, there is a billion dollar opportunity to build a mobile app for non-crypto users. The two keys are: 1. seamless fiat onboarding 2. a mobile UX that non-crypto users love Hyperliquid and HIP-3 perps offer the full backend liquidity infrastructure. Solve 1 and 2, and you have a product that markets itself: global, permissionless finance at your fingertips. Builder codes allow monetization proportional to volume flowing through the app, fully configurable per-trade. Hyperliquid’s ethos is to let talented, hungry teams reinvent the pillars of finance. For those who specialize in UX and building magical user experiences, nothing stands between you and the empires to be built.

Did you miss @monad pre-sale? Now you can participate at the same price anytime on @coinbase

@NathanYJLee 항상 금융업계가 어떻게 굴러가는지 인사이더 톡 해주셔서 감사했는데 이렇게 책으로 또 경험을 나눠주시니 더더욱 감사하네요. 펀딩완료입니다 :) 책 재밌게 보겠습니다!

제가 생각하는 금융 시장의 본질을 꽉 채워 담았습니다. (제 글을 재미있게 읽으신 적이 있다면 한 번만 좋아요+rt 부탁드립니다!) 꽤 오랜 기간 준비해왔던 제 첫 책 『인사이더 인사이트』가 드디어 사전 판매를 시작했습니다. 월가에서 만났던 사람들을 통해 제가 깨달은 금융시장의 핵심을 풀어둔 책입니다. 시장은 결국 ‘사람’으로 구성되어 있고, 그들의 생각과 행동, 그리고 여기에 얽힌 자본의 논리가 모여 돈의 큰 흐름을 만듭니다. ‘어떻게 투자해야 한다’라는 방법론을 탐구하기 전에, 먼저 시장을 움직이는 사람들의 이야기에 귀를 기울여, 금융시장이라는 장치를 들여다보는 것이 평생의 투자 여정에 도움이 되지 않을까 하는 마음으로 이 책을 썼습니다. 트위터에서도 꾸준히 제 생각들을 풀어놓곤 했는데, 그때 제 글을 좋게 읽어주시고 응원해주신 분들 덕분에 짧은 글들이 원고가 되고, 결국 책으로까지 발전할 수 있었습니다. 정말 감사드립니다.

Great farming playbook

Some keywords I'm watching for in 2026: ▪️USDT superapp: @stable ▪️Stablecoin clearing house: @ubyx_ ▪️Prediction market becoming new trading interface: @Polymarket @Kalshi ▪️Stablecoin FX: @stable @MentoLabs @arc ▪️Tokenized Stocks: @BackedFi @Securitize @RobinhoodApp ▪️Native BTC Utilization: @ArchNtwrk ▪️Stablecoin-as-a-Service: @Stablecoin @Paxos @m0 ▪️Fully vertically integrated payments: @tempo ▪️A variety of yield-bearing stablecoins: @Neutrl @capmoney_ ▪️Tokenized deposits: @jpmorgan ▪️High performance EVM chains: @monad @megaeth ▪️AI agents payments: @eigencloud @base and... @FourPillarsFP

@daisylusalita @coinbase @monad I hope ser

@KPJang2 @coinbase @monad Retail gonna roar

@bricexeth @coinbase @monad Same play book for different asset class :)

@KPJang2 @coinbase @monad This comparison to ADRs is actually brilliant.

@jswtdgtmd @0xemkey @dmgkgk1234 Nice attempt scam

Stable’s 2nd deposit round is here. So… what’s the ROI looking like? ROI Estimates Base Case: 17% - FDV $3B (same as Plasma) - Airdrop allocation 7.5% Bull Case: 38% - FDV $5B - Airdrop allocation 10% Bear Case: 8% - FDV $2B - Airdrop allocation 5% Assuming TGE happens within this year, the APR roughly translates to: - Base Case: 170% APR - Bull Case: 380% APR - Bear Case: 80% APR Looks like a no-brainer to join this @stable round.

@sontanidonghei @KaitoAI @hakku_daily 축하드려요 동타니님~~ 이제 셀프 얍스 가시죠ㅎㅎ

5개월 만에 처음으로 드디어 @KaitoAI Yaps 뚫렸습니다][ 펏지펭귄 부산 밋업을 다녀오고 나서 이제야 확인했습니다... yaps 정말 감사합니다ㅠㅠㅠ 그런데... 사실 여기에는 비밀이 하나 있습니다. 직접적으로 오른건 아니고 제 카이토 레퍼럴을 사용해주시는 @hakku_daily 님이 오늘 얍스가 12.8점이 오르신 덕분에 10% 레퍼럴인 1.28Yaps가 오른겁니다..! ――― 그래도.. 오른거 맞으니까 정말 축하해주신 @HANU_crypto 님 정말 감사합니다. 저도 제 Yaps도 빛을 봐서 @irys_xyz 에 영구저장 할 수 있는 날이 오겠죠... @AlloraNetwork 집단지성 AI처럼 꼭 제 Eanred Yaps가 오르고 기쁘고 행복한 날이 오길..! 🫡

@shahedvai1 @Theo_Network lfg yt

@KPJang2 @Theo_Network theo yt giving serious short term roi vibes

$Theo YT ROI could actually exceed 100%? This week’s @Theo_Network point distribution just wrapped up. Based on my rough estimate of ~$0.2 per point, the APY works out to around 20%. It could go even higher if you layer additional yield from other protocols like hyperEVM. For those who’ve purchased $Theo YT, the cost per 1 point is around $0.1. With an FDV of $100M and a 10% airdrop allocation, that price feels fair — but if you’re expecting a $200M FDV or a higher airdrop share, the YT play could turn into a solid short-term ROI opportunity.