Arjun Mohan

feel like crypto got its swagger back today with the robinhood announcement. the next wave of financialization emerges at the intersection of perps, spot, prediction markets, etc. a unified beachhead where applications become the dominant force. crypto is now forced to show that composability actually matters otherwise we may lose on distribution. exciting times

@0xPrince love it

@ballsyalchemist lfg yuki

I am excited to share that Tenbin raised a 7.1M seed round. I have been working on this project in "stealth" for the past 8 months. This is the story of why I started Tenbin...

have some thoughts on the competitiveness and fungibility of deposits versus stablecoins re: clarity act it feels like either we accept a dumbed down version of programmable money or they actually are competitive with the current iteration of bank deposits and we should be ok with it open.substack.com/pub/arjunmohan…

@bqbrady loved this! Isn't the implication here that AI coding agents commoditize the infrastructure layer but affect the strategy layer to a lesser degree? If so, does this actually change competitive dynamics at all, or does it just lower the barrier to being a mediocre participant?

Building a Prop AMM with Claude I made a prediction at the beginning of the year that there would be a significant uptick in smart contracts written by LLMs. So earlier this week I described a Prop AMM to Claude and it designed, wrote, deployed, and funded a market for NVDAx with only a few pointers from me. The smart contract development process is going to change dramatically this year. I wrote up some thoughts and made a GUI where you can play around with the program I deployed (also the codebase is open source). It still requires significant domain knowledge to get started, but as we build and design more Solana specific scaffolding I expect to see a renaissance of new mechanisms. benedict.dev/prop-amm

@0xPrince nice prince!

I think DeFi's dogmatic rush to price every asset in real time is a misstep. The proliferation of yield products accessing on and off-chain exposure with varying duration risk requires customization, not standardization (probably increasing fragmentation downstream on borrow/lends!). When you hardcode prices for translucent reserves and accept them as pristine collateral at high LTVs, you're pricing liquidity assumptions into the oracle feed. The moment those assumptions break, people get hurt.

@timahhl titan

crazy to think that we now do as much volume in 1 day as we used to do in 1 month Titan

@howdymerry Mary ftw

lmao @ accounts with less than 3k followers and ghost hypurrs worth just under half a million dollars

Aster makes things increasingly clear on crypto's competitive advantage: 1). its a substrate for asset issuance and capital formation 2). capital velocity can scale exponentially with an increasing appetite for financial speculation

The market structure transformation on Solana presents incredible opportunities - @realRockyChung and @defythepancake are capitalizing on this shift to position Titan as Solana's premier price discovery engine

@TraderNoah this is my worry with "tokenization" more broadly you receive none of the benefits of operational efficiency and reconciliation costs when you have to settle back to a worse system

I've been spending time on global remittance and am not convinced that there's a clear way for stablecoins to bring costs down materially vs. best in class existing offerings without a complete restructuring of global payments. The opportunity seems to skew towards reducing costs for the highest cost corridors, and reducing barrier for fintechs to offer low cost payments. Global average remittance costs are ~6%, but digital remittances are 2-4%, and Wise's offering is ~55bps. Wise has the lowest cost offering due to 1. direct integration into national payment rails and other regulatory licenses, 2. economies of scale (bank partners take less due to higher volumes), 3. manage their own kyc/compliance layer, 4. are mobile first and maintain a lean organization. They can theoretically get down to 20-30bps, but hard to see it ever going below that. While blockchains and stablecoins can reduce complexity for certain cross border transactions, if the sender is using a card / bank account to send, there's latency associated with fraud prevention. In order to move between country's payment systems, KYC must be enforced, which has a fixed cost per verification. In theory, if there's a payment network that standardizes instructions, it reduces the barrier to offer low cost payments for fintechs, but it doesn't offer a cost advantage vs. Wise. There will be friction associated with moving money in and out of a country (compliance, fraud/chargeback prevention, last mile).

@diogenes patagon ftw

Private markets are still the wild west, even when compared to crypto Finding allocations is time consuming and incredibly specialized Most of the space is serviced by brokers who do not provide additional value Patagon is working to solve all of this

@jumpmanjoshi im aligned

fridge cigs confirmed lindy

One of the most frustrating parts about crypto is pricing. This is a non-trivial problem everywhere but particularly difficult in crypto with pervasive confounding variables: - TVL <> incentives - Large AUM <> Non-monetizable - Revenue <> Earnings We're seeing compression on mature assets—bluechip DeFi protocols trading at reasonable multiples while everything else faces sustained selling pressure. Maybe mispricing comes with the territory when you're the fastest capital formation substrate. Crypto's competitive advantage is speed of asset issuance, which may naturally create deeply mispriced markets until fundamentals catch up.

This is one of the strongest points for HIP-3. The XPL market along with hyperps generally were flawed upon release: fragile liquidity, dubious oracle robustness, and an adversarial market all resulted in a failed market. HIP-3's strongest argument isn't compounding liquidity for deployers or Hyperliquid itself, but risk externalization. The value proposition centers on strategic insulation: Hyperliquid maintains its core orderbook integrity while third parties absorb experimental market failures (and successes!). The analog is morpho blue.

@perpv2 respect

I remember visiting my grandparents a few years ago in Shenzhen, where foxconn workers assemble millions of iPhones every year. While taking a walk one evening, I struck up a conversation with a few workers outside their dorms. They told me about their lives - brutal shifts and no free time. Yet despite being thousands of miles from Cupertino, they lived and breathed Apple more than anyone I’ve met in the US - they were literally building the company with their own hands. One of the workers, Tien, told me something that stuck. He couldn't invest in the very company he was building. U.S. equities trade on New York hours which was overnight, 9 PM to 5 AM in SZ. To buy or sell, he’d have to stay up all night. I found it pretty ironic: the people most bound to Apple had the least practical way to participate in it. Talking with Tien and his friends made me realize Apple isn’t just an American company anymore. None of them are. Tesla, Microsoft, Nvidia, TSMC - their supply chains, their customers, their investors, the people whose lives they affect are from all around the world. Global events outside the US - factory shutdowns in Asia, trade restrictions in Europe, geopolitical tensions in Taiwan - directly affect these markets just as much, if not more, than purely US events. But the markets they trade on remain provincial and still only within the US. For once, crypto showed us another path. For the first time, markets were always open, everywhere, to anyone - from Lagos to Seoul to São Paulo. It proved that free and open markets could exist outside the control of any single country or institution. It was the world’s first truly global exchange. That’s what I believe stock markets should be This has been years in the making for me. I couldn’t be more excited to share the launch of our early alpha.

using crypto as an alternative capital sourcing mechanism is the least interesting thing about crypto it ends in adverse selection, little recourse, and maintains none of the benefits of a verifiable ledger

@MacroMate8 @bidorder axis answers the question, "if you had idle funds on exchanges, what is the maximum juice you could get out of them?" this can dovetail into a litany of really interesting businesses that are capitally intensive

can someone explain what axis does? from what I gather it lets LPs deposit into a vault and operators explicitly perform yield and price arbs across DeFi either way looks v interesting @bidorder

@howdymerry Non tech social stuff >

subletting a friends place in soho and honest to god it’s like falling in love with nyc for the first time all over again do i really need to move to sf or would getting a loft in soho suffice