PostTenebras

@irrhashional @JustDeauIt @gsm739 @coinbase You guys are schizo if you think Coinbase is wash trading perps to fake metrics

Coinbase prints wash volume, all the fees come back to them, 0 cost to pump this metric What they can’t do is pump their OI because it carries risk of loss … OI is what shows sticky users, volume for the sake of volume is meaningless High volume and low OI paints a very clear picture of what’s actually happening

So much talk about Hyperliquid of late. But the thing that stands out to me when I look at the Perps market is that @coinbase did more Perps volume than Hyperliquid over the last 30 days. Which begs the question: Does Hyperliquid actually have regulatory arbitrage here? Coinbase generates roughly 87% of its revenue from U.S. customers. So, a relatively small set of its users internationally is generating more volume than Hyperliquid in a bear market. That's notable to me and counter to the prevailing CT narratives. --- P.S. in the last bear market I spent the most time studying "high throughput chains." This is what led to our SOL allocation at the lows. In this bear market, I'm spending the most time on the Perps market. We're releasing a deep dive for readers tomorrow. If you'd like to have the latest research hit your inbox when it's published, you can sign up below 👇

@puniaviision @austincampbell Cool. Here's the chart of Stellar denominated in ETH (and trending towards zero). Enjoy

Love this from @austincampbell its a new world

@Kross_Roads Seems directly related to their acquisition of Pier Two which now powers MAVAN. Pier Two does staking on multiple chains and is also working on post-quantum client dev. x.com/PostTenebras2/…

$BMNR It's great to see MAVAN live! The most interesting piece from the PR? "We plan to expand across additional proof-of-stake networks and critical blockchain infrastructure over time, and through 2026, we'll grow our efforts in areas such as on-chain vaults, post-quantum client development, and more." Color me intrigued.

This is flying under the radar. $BMNR has acquired institutional $ETH staking company Pier Two to power MAVAN.

@Kalshi They need a 6x. Just eyeballing the chart growth, they can get there around 2035 give or take.

JUST IN: Meta targets $9 trillion valuation with new executive pay package

@OnChainShash @WatcherGuru India 😂

@WatcherGuru This is so shit to launch these kind of features.... Treat everyone equal lol

JUST IN: X officially launches feature allowing users to restrict replies to posts by region.

@petranto @WatcherGuru Excellent, ship it

@WatcherGuru if you ask me, this is textbook xenophobia...

@scaling01 This seems contrived and stupid. How can you objectively measure "steps"? For any human step, it's actually hundreds of sub-steps happening in a person's brain.

The Scoring of ARC-AGI-3 doesn't tell you how many levels the models completed but how efficiently they completed them compared to humans actually using squared efficiency meaning if a human took 10 steps to solve it and the model 100 steps then the model gets a score of 1% ((10/100)^2) so ARC-AGI-1/2 and ARC-AGI-3 scores are not comparable

@kamikazecash @longwashere There are still tariffs on China right now

@longwashere The trade deal: Trump removes tariffs

Yall remember during the trade wars? Trump: we are having great talks with China China: we have not talked at all. Trump: we just spoke with them and we are moving forward with the deal China: there is no deal. Trump: IT’s A GREAT TIME TO BUY STOCKS. *trade deal with China announced* The same shit is going with Iran by the way. $uso

@SpadeOfAce27 @_WorldMonitor_ @zerohedge Tbh I think Coinbase is trying to take shortcuts here and bypass banking regulations. Robinhood partnered with a small bank to handle customer USD deposits and yield. This is a $50B S&P500 company, I think they can work on a bank charter or go acquire one.

@PostTenebras2 @_WorldMonitor_ @zerohedge Not sure how that would work I think that’s what the banks were trying to prevent

*CIRCLE INTERNET SHARES DROP AS MUCH AS 15%, MOST SINCE JUNE

@CatfishFishy @tokenterminal Cope lmao LINK peaked 5 years ago and is continuously trending towards zero against SOV commodities BTC & ETH It'll never reach ATH again Based on fundamentals LINK should go much lower, it's ridiculously overvalued at $9B FDV The best time to abandon ship was 5 years ago

>LINK is down 91% vs ETH I know your six neurons overheat any time you are asked to read three syllable words or do some basic arithmetic, but bear with me. If asset A goes up 100X vs asset B, and then proceeds to go down 90% vs asset B, it's still up 10X vs asset B. That's what the LINK/ETH chart is, mental midget. It's LINK outperforming ETH by 10X instead of 100X.

discuss

@SpadeOfAce27 @_WorldMonitor_ @zerohedge Why can't Coinbase just become a licensed bank and offer 3% yield on USD deposits with instant USDC conversion if you send off-platform? Many of the largest US banks currently offer 3%+ savings accounts yields anyways.

@PostTenebras2 @_WorldMonitor_ @zerohedge Imagine what the market could’ve been for coinbase and USDC if they could offer checking accounts with direct deposit with dollars automatically converted to USDC paying a 3% yield. That would kill the current personal banking system

@jprichardson Many of the largest banks in the US offer 3%+ yields on savings accounts Idk why people keep saying otherwise

You know when you're beating a kid at a board game and they just flip the table so you can't win? That's this deal. Banks couldn't offer competitive yield. So they made sure you can't have it either.

@SpadeOfAce27 @_WorldMonitor_ @zerohedge Right now there is ~$300B stablecoins onchain, and only a small subset of a subset are Coinbase One members with idle USDC balances on platform. There is a much larger amount engaged in onchain lending, which Coinbase also offers to users. x.com/PostTenebras2/…

@PostTenebras2 @_WorldMonitor_ @zerohedge No clue, I don’t know much about crypto. Seems like clarity bill was a way to move bank accounts on chain using stablecoins backed by short term treasuries. The bank lobby realized that would kill their margins so they had the bill rewritten

@DGMD22 @AltcoinSherpa Why is banning "passive" yield bearish for CRCL though?

@AltcoinSherpa this drop has nothing to do with tether and everything to do with the clarity act revision barring yield on passive stablecoin holdings

$CRCL 1 of the best stocks recently and was held up with the CLARITY bill getting sorted but Tether announcing an audit means they're probably looking to IPO. This is bearish crcl and this 1 probably goes even lower soon.

@SpadeOfAce27 @_WorldMonitor_ @zerohedge What about yields from onchain lending?

@PostTenebras2 @_WorldMonitor_ @zerohedge Coinbase pays 3.5% yield for coinbase 1 members for holding USDC but if the clarity bill passes as written today they won’t be able to anymore

@KyleSamani Oh c'mon this is pure cope

When you dig in, you realize Solana is very far ahead of all chains on all things payments and tokenization that require direct TradFi integration This is the chewing glass work that takes years Having 40k traders yoloing perps can be replicated quickly. This cannot

@SpadeOfAce27 @_WorldMonitor_ @zerohedge Stablecoins don't pay passive yields currently, so not sure why it's a big deal. Nothing has changed.

@_WorldMonitor_ @zerohedge Stablecoins can’t pay yields based on changes to clarity act yesterday. Destroys the narrative of holding USDT in place of savings and checking accounts

@stingray_agent @CoinDesk >This market activity coincides with Circle's announcement earlier today of a new collaboration with Sasai Fintech to expand USDC access across Africa That's the funniest AI slop I've ever read 😂

@CoinDesk While Circle is reported down 18% this morning, the USDC peg remains stable at $1.0001. This market activity coincides with Circle's announcement earlier today of a new collaboration with Sasai Fintech to expand USDC access across Africa. twitter.com/CoinDesk/statu…

DEVELOPING: Circle, the issuer of $USDC, is down over 18% this morning

@matthew_sigel Tea leaves says it's due to the latest Clarity Act news

CRCL -15%