YsB

amazing to see Rutherford Chang in this survey of major systems artists of the last 60 years ✊ a milestone ✊ Chang's work, as we witness with CENTS, roots in the undercurrents that drive history.

Gm !

CENTS’„life” isn’t animation or code, it’s circulation: constant re-pricing, re-reading, re-framing

Rutherford Chang created a living system that makes value perform & sustains itself on the undercurrents of interpretation and exchange that flow continually through the world. He used social forces like a magnetic field where the poles of physical & digital, sense & absurdity, obsolescence & timelessness, seek perpetually and futilely for cohesion, convulsing like a proto-organism in a primordial soup. CENTS binds an old world that never existed to an unraveling future.

Gm

GM ☕️ A true test of patience. Happy to finally have a 1971 CENT in the collection.

GM!

gm

Hyperliquid is being treated like the cleanest up only narrative in crypto and I want to add some nuance here. To be clear, this is not Luna. Luna was a closed loop algorithmic peg with no real revenue. Hyperliquid has real fees from real users, a genuinely best in class product, a dominant share of onchain perps volume, and a team that has shipped relentlessly. The bull case is real. I'm not dismissing it. I just don't think the risks are getting the airtime they deserve. I called Luna a ponzi here in 2021 around $50 and got absolutely hammered on the tl for daring to suggest anything negative about it as it ran to $120 before it vaporized to $0 within days. Very similar to yesterday when I simply said HL does not have remarkable tokenomics and got piled on for it. Being early on structural risk often looks wrong for a long time. And Luna was not just a retail rug. It roped in 3AC, Galaxy, Delphi, Hashed. Sophisticated money held the bag right alongside everyone else. Here is what I see with Hyperliquid. 97% of fees buy back HYPE. That sounds incredible, and in an active perps bull market it absolutely is. But fees come from perp volume, volume comes from people chasing the token, and the token is held up by buybacks funded by that same volume. Every leg moves together. It's a functional flywheel. And in the other direction every leg turns at once. However, nobody can tell you how much of the volume is organic either. If buybacks pump the token and the chart pulls in size and size funds buybacks, you cannot cleanly separate real activity from reflexive activity onchain. It doesn't mean the volume is fake. It just means you cannot prove how much of it isn't. Then the supply side. Only 25% circulates. Team and foundation together hold roughly 30% (23% team plus the foundation allocation which is essentially team with extra steps). Buybacks absorb about 90 million of unlocks a month. Actual pressure is closer to 400 million plus. Revenue keeps growing at a real clip, which is the whole bull case, but it has to roughly 4x just to keep price flat through vesting. Then the part nobody wants to touch. 31 validators, foundation controls the supermajority of stake, closed source binary, an assistance fund holding billions that we are simply told has no private key, on a chain the team built and runs. A lot of the business is regulatory arbitrage. Offshore venue, no KYC, users that shouldn't be using it are all over it. The founder is in DC right now precisely because everyone knows this. SBF was in DC lobbying for the DCCPA right up until FTX collapsed. Do Kwon was meeting Korean regulators before Terra blew up. Doesn't mean Jeff is anything like them. And to be clear, none of this means price stops going up. This is the part that matters for traders. Reflexive setups run for a long time, sometimes years. Luna ran from $5 to $120 while plenty of smart people screamed about the structure. HYPE can absolutely do the same. The flywheel is real while it's spinning, and standing in front of it is a great way to underperform. Just know what you're actually holding. Trade the tape, respect the trend, but don't fall in love and confuse a beautiful reflexive setup with a riskless cash machine. We have seen structures like this before and it tends to end the same way for usually the same reasons.

For me personally, this is a pretty emotional milestone. Five years ago, I watched Rani and Arab Bank Switzerland start building what became, in my opinion, the strongest corporate digital art collection in the world. At a time when most banks wouldn’t even publicly mention crypto, ABS was already helping clients with NFT custody and digital art acquisitions. Seeing them join NFC Summit as Main Partner means a lot personally. And honestly, partnerships like this are also what make independent events like ours possible. See you in Lisbon.

SpaceX is actively hiring world-class engineers/physicists for SpaceXAI, even if you have zero prior experience in AI. Smart humans figure it out fast. Please send an email with ~3 bullet points demonstrating evidence of exceptional ability to ai_eng@spacex.com.

.@100collectors is the official curation partner for NFC Summit 2026 ! 🐉 After years as art concierge and VIP lounge host at NFC, the global network for digital art collectors steps into the curator role with @flakoubay: a welcome desk at the Art Factory, guided tours, collector talks, and events designed for people who collect or want to start.  Start the conversation at access.100collectors.art Collectors, this one is for you. June 4-6, Lisbon. 🇵🇹

gm

🚨 STARTING SOON 🚨 Our AMA kicks off shortly 🔥 👉 Get ready for new updates, upcoming projects & big announcements 👉 Bring your questions and join us live 📍 On our official Discord Don’t miss it 👀 #AMA #Live #Discord #Community

starting now 👊 traits 👊 updates 👊 gossip come talk some cents twitter.com/i/spaces/1yKAP…

CENTS brought Ordinals into UCCA, one of the world’s leading contemporary art institutions. CENTS was selected by Christie’s for Beyond the Screen, a highly curated digital art auction that positioned digital art within the wider contemporary art landscape. CENTS is the only ordinal that has a chapter in TASCHEN’s On NFTs and it has been written about by Frieze, Monopol, e-flux, Bitcoin Magazine, Art in America … … and I’m not even talking about the community yet :-)

We missed a trait on your Cent in your opinion? Let’s talk about it! 👇🏼👇🏼

join us on Monday to talk traits, Bitcoin Ordinal news & updates on CENTS's becoming twitter.com/i/spaces/1yKAP…

@basebeng 1. 👊 2. 👊 3. 👊

Sunday flowers 💐🐝