El33

Wrote about paradoxes, confidence and why we retreat to black and white thinking. A note on what has been useful to me in life and markets ❤️ @el33/the-dialectic-trader" target="_blank" rel="nofollow noopener">paragraph.com/@el33/the-dial…

@dshin_eth @defi_monk Redoing the math with a 1B supply (FDV) for both at current prices: $HYPE: FDV P/E is ~70x (nearly 3x legacy exchanges). $LIT: FDV P/E is 10x. Still a ~60% discount to legacy exchanges FDV is kinda flawed because treasury tokens that may not unlock /buybacks are included.

@_El33_ @defi_monk Now redo the math with FDV.

The valuation gap between onchain perps and TradFi has reached a tipping point. Forward P/E multiples: Fintech Median: 32.4x Legacy Median: 24.3x $HYPE: 16.7x $LIT: 2.5x It’s clear that structural repricing will come for $HYPE and especially $LIT Beautiful piece by @defi_monk & @RyanWatkins_

Been a bit less active on X lately (moving and other irl stuff) and my For You feed turned into a 2026 fever dream: MAGA/Mossad/Hamas bots, incel/misogynistic rants, course gurus, and soft porn. If this is the default now, we’re cooked.

Closed 25% and stops to b/e on $ZEC Feels like a round two is loading after the internal team structure changes and the subsequent raise but market is punishing risk taking lately.

@minnus @tomhschmidt @defi_monk circulating supply 12 months from now, and 3 month trailing fees

@_El33_ @tomhschmidt @defi_monk 17x is on 2030 estimates?

@ClBlockchain Has been like that yes, Either it goes up, or it dumps but there’s definitely a better coin to short.

im short $hype - the worst trader

@Leon_Defi Simple math, checks out.

I just added $LIT to my portfolio after comparing it to $HYPE The current price of $LIT is poor: from the peak has decreased by more than 65%, FDV is only $1.1B (just 3.6% of the FDV of $HYPE). Compare revenue (annualized in the last 14 days): > Lighter: $60M > Hyperliquid: $760M → Lighter's revenue is approximately 8% of Hyperliquid's revenue. P/E ratio: > Lighter: 18x > Hyperliquid: 39x → $LIT is 2.2x cheaper than $HYPE. Buyback (past 30 days): > Lighter: $4.25 million (1.6% market cap) > Hyperliquid: $41 million (0.6%) → Lighter acquired relatively stronger. Volume & fees 24h: > Lighter: Volume $2.9B > Hyperliquid: Volume $7.9B I see @Lighter_xyz is not far behind @HyperliquidX but in terms of price, $LIT is significantly lower. This is my personal opinion, not investment advice. Good luck!

@murda0x @tomhschmidt “Partially filled”

@tomhschmidt 🤓

“No, I’m very happy for you that Robinhood listed your token. Oh … they just listed the perp? In Europe? You have a perp exchange, right? Did they use that? Oh that’s still nice tho. I saw that other guy got added to that government advisory committee”

@tomhschmidt Ayo 😭😭

@0xleonidas__ @PerduTrades @CryptomechanicX @0xSunRun @mooncakexbt @rbthreek 🫶 back at you

@PerduTrades @CryptomechanicX @0xSunRun @mooncakexbt @_El33_ @rbthreek @_El33_ goated. 100% deserved to be included in such a list

#FF Traders who stayed active and sharp during this choppy market. Been enjoying their content and market views over the past few months. Cant wait what they'll bring to the table once we start trending again: @CryptomechanicX @0xSunRun @mooncakexbt @_El33_ @rbthreek

@PerduTrades @CryptomechanicX @0xSunRun @mooncakexbt @rbthreek Thanks! Appreciated

@Hy_Purr_liquid @vnovakovski My daily reminder that Jeff and team deserve infinitely more credit for building and scaling in spite of the bottom tier discourse and toxicity of most .hl’s. My god.. Congrats on the RH perp listing today! ❤️

@_El33_ @vnovakovski Someone that has failed to innovate anything on an Innovation committee, what a joke

Well damn! Looks like @vnovakovski got added to the Innovation Advisory Committee. The list includes names like Brian Armstrong, Vlad Tenev, Shayne Coplan, Adena Friedman and Jeff Sprecher A seat at the table. Glighter. cftc.gov/About/Advisory…

@manud_p Probably nothing!

CFTC Advisory 👀

@Lighter_xyz The only real orderbook in the game 🗣️🗣️

Lighter is designed to promote fair and robust market structure. - Premium maker orders have zero latency - Taker orders have a minimum of 140ms latency for the highest staking tier - Market makers can update their orders at any time based on their perception of "fair price," but are blind to pending taker orders This ensures orderbook liquidity is an accurate representation of true market depth 🕯️

Stuff like this makes me realize how structurally elegant Lighter’s architecture actually is. Makers need predictability, but "whatever it takes" shouldn't mean letting takers pay the bill through toxic cancel priority or quote fading. 0ms cancels for price updates + a blind queue for takers gives MMs the latency advantage they need to protect themselves, without giving them the insights to harm traders.

@Cbb0fe @ajey_eth Hard to 'extract hype' from a future that didn't exist yet. They started building Lighter before Hyperliquid was a thing. Or team has a crystal ball I guess.

@ajey_eth You can ship as many features as you want If no one is actually using your product there is no point This product is a vc and market makers play to extract on Hyperliquid hype

I don’t know what’s wrong with the $LIT price at this time. Because the team is delivering products and features every day. Like today, Lighter made trading fees 0 on RWA markets to make RWA perps better, across trading fees and staking tiers. Also they set global limits by Lighter: > Up to 10 bps on perpetual markets > Up to 1% on spot markets >>And the minimum fee increment will be 0.01 bps So I don’t know what is going on with the $LIT price, because fundamentally it doesn’t look very weak, but as a product it looks like one of the greatest. I can’t understand whether this price action is accumulation or manipulation. Every coin is pumping atm except $LIT. That’s it Lighter 🕯️

@bsturisky @Lighter_xyz @MrPkar Dont embarrass yourself Benjamin

@Lighter_xyz @MrPkar do you guys do anything besides copy hyperliquid

Partner Attribution is now live! Integrators that build on Lighter can monetize via configurable fees of up to 10 bps. We're already working with external teams leveraging this infra, with several partnerships to be announced soon. More details: docs.lighter.xyz/integrations/p…

@ClBlockchain No bro this is CT! Gotta stay toxic at all times!!

Lighter team is goated & its a good product Stop fudding builders Fud scammers