Purrito🫡

2025 was a tough year for all, but I bet there were also bright spots. For me: it was meeting @0xHipHo, launching Noodles, and gaining community support on Sui. Pitching to Kevin O’Leary was pretty cool, too. Sending good vibes to everyone for 2026, lesgetit ✨

@ScottPh77711570 Buying more 🫡

CRO is one of the most egregious scams in crypto history

@straits_times 👀

Singapore-based Crypto.com lays off 12% of staff, third cut in four years bit.ly/4sXruY7

@TradingAlpinist Well, as long as it means that they're serious about using morpho to distribute their products

@PurritoGeneral Alignement can exist but it is romanticized, they don’t t care much about the decentralized vs centralized debate. ultimately strategic self-interest is dominant force. It can be in the form of influence, hedge, control (who sits near the steering wheel when things break)

"Worthless governance tokens" That's how we usually refer to them And yet, the same entities DeFi was meant to disrupt are swopping in and buying our coins This is because the industry is maturing & there are a series of structural changes occurring Full take below.

Behold, the Linkedinification of crypto is here

@dylangbane Is there even demand for private credit onchain rn and how much does fixing origination increase that (is that the real bottleneck?)

Onchain private credit really only gets around adverse selection by controlling originations. This means either building an origination business in house or acquiring an existing one. Either way you must be very well capitalized shutting down the opportunity for most startups.

@tbpn @matthuang Except retail cant really buy OpenAI and Anthtopic like they could BTC and ETH + distribution mechanics are completely different...

Paradigm co-founder @matthuang says allocating capital to Bitcoin and Ethereum in 2018 is a lot like investing in the AI sector today: "When we launched Paradigm in 2018, a lot of our thesis was that we knew crypto would expand massively. And then there was this open question — should you invest in the core protocols like Bitcoin and Ethereum, or invest in startups?" "Obviously in hindsight, the answer was both." "I think it's a lot like the AI landscape now, with this question of — do you own the model companies, or do you own the application layer on top? In 2018, Bitcoin and Ethereum were like OpenAI and Anthropic, and those are the things to own."

@izebel_eth Yep, loved when you explained that on @_choppingblock that perps is not about 24/7 trading but about liquidity aggregation (and distribution?) + best/cleanest way to express trades youtu.be/M9zll5jfjOY?si…

the game really starts

@andyweng_ @GwartyGwart Still remember that article he did where he pretended to interview SBF in Bahamas. It was hilarious.

my greatest trade was discovering @GwartyGwart at 300 followers If only there was some way for me to get financial upside for my belief Why didn't you launch a memecoin

@chilla_ct Agreed. The piece if bullish and bottom indicator imo

negative coverage from mainstream media is exactly what we need. in reality, it's what we should want. to get back to that state of being outcasts and outsiders, where the upside was still to be discovered. we have already received too much applause from the wrong people, and that only helped to bring us down.

@austincampbell What's the bottleneck in your opinion

Everything other than users! The critical problem is now the industry has no excuses. Succeed (for real, not by frauding your numbers) or die.

@Haskell_Gz Vamosss Make Spanish Great Again

Abandoné de hablar en inglés en mi cuenta de Twitter 🇺🇸🇺🇸 ¿He fracasado? ¿Por qué vuelvo al Spanish? Te cuento mi experiencia aquí: 1️⃣ El motivo. Sinceramente, en Twitter han habido muchos cambios de algoritmo (comunes a todas las lenguas) donde el nicho de las criptomonedas, ha salido enormemente perjudicado. Somos un nicho. Un nicho MUY pequeño. Pues imagínate, aún por encima, esconderlo. Desde hace tiempo que la comunidad hispana es muy cerrada, los tuits no se comparten fuera de ella y absolutamente todos en Twitter tenemos un upside de crecimiento muy limitado. Incluso en el BearMarket de 2022-2023, se podía crecer mucho más que ahora (que por otra parte, fue la época donde me creé esta cuenta). Fue en la época donde crecimos otros compañeros como Pastanaga, Lex y muchos más. Pese al bearmarket, se crecía, el algoritmo te mostraba a más gente. Daba igual si tenías 3.000 seguidores o 30.000 seguidores, con buen contenido el algoritmo te ayudaba, cosa que ahora no sucede. La comunidad inglesa es mucho más amplia. No solamente en número, sino en cultura. ¿Qué cultura inversora hay en España? Nula, o prácticamente nula. Cercana a cero. ¿Qué cultura inversora hay en países de habla inglesa? Muchísima más. En USA todo el mundo tiene inversiones pensando en su jubilación, o saben indexarse a índices, o tienen una cultura muy relacionada con el emprendimiento y la inversión. 2️⃣ El dinero. Si alguno de aquí se piensa que como creador de contenido de Twitter ganas dinero, va muy equivocado. La plataforma paga 10 veces menos que en habla inglesa, las "colaboraciones" con marcas te dan cinco veces menos, TODO es MUY inferior. La gente no entiende que el mundo se basa en incentivos. Si no hay incentivos por crear, no se crea buen contenido. Nadie (o prácticamente nadie) trabaja gratis. Irte a la comunidad inglesa, y crecer en ella, supone que puedas ganar muchísimo más que quedándote en comunidad hispana. Si os fijáis, los nuevos tuiteros lo saben, y las cuentas nuevas hispanas rápido rotan a CT inglesa porque la diferencia es abismal. 3️⃣La diversión. Esto ya es algo muy relacionado con mi personalidad. Me gusta hacer bromas todo el rato, comentar los sucesos de actualidad, meterme con Perro Xanxez, poner un tuit donde aparezca el Xocas de imagen. Enviar indirectas y bromear con cosas culturales hispanas. En lengua inglesa, eso no lo podía hacer. No me sentía yo. No sentía que pudiese hacer el mismo contenido. Sentía que NO me divertía. No lo disfrutaba. Tuiteaba poco. 4️⃣Crecimiento. Si bien es cierto, que publicar en inglés, te abre muchas más puertas. En el mes de prueba que he hecho, me han seguido grandes personalidades de producto cripto. Por ejemplo, publiqué bastante de Polymarket, y a raíz de eso, me empezaron a seguir muchas cuentas relacionadas con Polymarket. Ídem con Hibachi, otro de los protocolos sobre los cuales más publiqué. Y realmente, me ha sorprendido el cambio de chip que tienen: Los yankees te siguen, te abren DM y te preguntan cómo poder hacer sinergías. De una forma natural, orgánica y viendo cómo poder hacer WIN-WIN en ambas partes. 5️⃣Pero. Pero no me divertía. Gracias a Dios crear contenido es una fuente de ingresos más, pero totalmente residual frente a mis otras fuentes de ingresos. Y total, viendo que las "promociones" que se ofrecen el 90% son scam y yo las rechazo, no me compensaba estar en habla inglesa. Me pagan más por promociones que mayoritariamente no haré. Os sorprendería la mierda que intentan colarte. Tal vez me equivoque volviendo a casa. Tal vez en el largo plazo, el crecimiento en habla inglesa habría dado unos frutos que en habla hispana no tendré. Pero no es mi casa. Mi casa es esta. Y yo quiero ser feliz, con los míos. Haskell. Ha estado bien viajar a New York este mes, pero me quedo en Spain.

@alpha_pls Life goals

Life update that no one asked for, but maybe you used to like some stuff I wrote and wondered where I went: A while back I came across the Rubber Ball Theory. The idea is simple: imagine you're juggling five balls, work, family, health, friends, and spirit. Work is made of rubber. Drop it and it bounces back. The other four are made of glass. Drop one of those and they shatter. That hit me hard, and it made so much sense. After grinding it out for a few cycles with no breaks, I decided it was time to life maxx for a bit with my wife and young kids. I had to step away from tweeting and writing newsletters, and mostly disconnect from the markets. I took my whole family on an adventure travelling around Japan for a few months, whilst having a load of renovation work done to the house back home. I spent invaluable time with my two young boys. Made memories and had once in a lifetime experiences I'll look back on fondly as I grow old. I'm always super conscious that tomorrow is not a given. You have to find a way to live in the present. Every time I log into X I'm fed the doomer narrative that if you aren't online every second of the day you'll fall behind and become a serf once AI takes over for good. Don't believe those lies frens. Working hard is amazing, but it's rubber, it will bounce back. Your family and friends? Those are glass. And they are far more meaningful in the long run. Don't forget that. (little view from Hakone - beautiful place)

@chilla_ct Good stuff thx for sharing

Ethena was supposed to be an alternative to TradFi yield. Today, 88% of its backing is earning T-Bill rates, though most people still think it’s a basis trade protocol. Basis trade yield is not all-weather. It thrives in bull markets, when leverage is high, and funding rates are positive. But if crypto struggles, that whole architecture slows down. This used to generate double-digit yield through basis trades alone, but now sits at around 3.5% APY, with a spread vs T-Bills that is effectively zero. That's quite some crypto-specific risk for a return you could get from a money market fund. Perhaps the market has noticed this, with the USDe supply peaking at ~$15B in October 2025, right before the flash crash. While it's now at ~$6B, more than halved in five months (image below). The reason for its low spread is that the majority of Ethena’s yield today is just US Treasuries. As you can see from the image below, 88% of USDe's backing is stablecoins, either external ones or USDtb (Ethena's own stablecoin backed by BlackRock's BUIDL fund), which are all earning T-Bill rates. Those liquid stables break down into: - USDC (~$1.6B), - PYUSD (~$1.13B) - USDT (~$201M) - USDtb (~$68M) Interesting to note PYUSD here. PayPal's dollar, backed by US Treasuries, held by a US corporation. Ethena was supposed to be the alternative to exactly this, but it has become the single largest holder of PYUSD, with $1.1B in custody. To be transparent, it’s not fully clear whether these stables sit passively earning yield or are used as margin for delta-neutral positions. But when 88% of your backing is stablecoins, your spread vs Treasuries is zero, and your basis trade is giving near zero returns (image below) the math looks clear. --- To conclude, only about 12% of the total is given by underlying assets useful for basis trades such as BTC and ETH, and ETH LSTs. As well as a small percentage, less than 0.4% total in BNB, XRP and SOL. Ethena launched as a basis trade protocol. Today, it’s more like an onchain money market fund with a derivatives overlay. Nothing inherently negative about it, just a very strong change of direction for a business that realized it could not be resilient to various market conditions, although it is now in a very different spot than it initially forecasted.

@_choppingblock I refuse to believe Tarun had green hair back in 1994.

yeah but vanity fair already did a profile of the chopping block back in '94

@TradingAlpinist Very curious to hear about what are the real intentions of the money managers in your opinion 👀

@PurritoGeneral Interesting take. Maybe a bit optimistic about the intentions of the money managers. Alignement for sure, having a voice at the table, but also knowing that when you are a large customer of a growing business , having skin in the game of your vendor should not hurt

@virtuals_io @tiger_research I spot @TIGER_NODE 👀

한국경제TV (Korea’s leading financial broadcast network) featured Virtuals Protocol as the leading AI sector project, positioning Virtuals as a sector-defining infrastructure play. Encouraged to see the agent economy enter mainstream financial coverage in South Korea. Broadcast: 한국경제TV Featuring: @tiger_research

@notjuve Well thats the only counterargument, that its consensus rn and may be overcrowded trade

@PurritoGeneral Name any single coin except btc with a better thesis

I got burnt pretty bad on $GMX in the past So been a $HYPE sceptic since the airdrop and seeing it at $3 But man, at this point it just looks unstoppable Better buy some

@Featherlend Really enjoyed your piece too!

@PurritoGeneral Very nice piece you wrote, thanks for linking.

@Tim38300817 Thanks Tim!

@PurritoGeneral Great article. Thanks for sharing!