Bo ⚙️

The edge x memecoin (MARU) is close to the same mcap as LIT (450m vs 650m) 1) what

Valve, the makers of Steam, Half-Life and CounterStrike, made ~$17B in revenue this year with ~336 employees. That's >$50M per employee, the highest for any (non-crypto) company in the world. The average pay is ~$1.3M/person. One of the most efficient businesses of all time.

*NVIDIA'S HUANG IN A LEAKED ALL-HANDS MEETING THURSDAY, ACCORDING TO BUSINESS INSIDER: *HUANG: THE MARKET DID NOT APPRECIATE" ITS "INCREDIBLE" QUARTER *HUANG: IF WE DELIVERED A BAD QUARTER, IT IS EVIDENCE THERE'S AN AI BUBBLE. IF WE DELIVERED A GREAT QUARTER, WE ARE FUELING THE AI BUBBLE. *HUANG: WE'RE BASICALLY HOLDING THE PLANET TOGETHER *HUANG: NVIDIA'S WORK WAS HELPING THE US TO AVOID A RECESSION $NVDA

Disaster the dramatic drawdown, the painful reversal of fortune, the failed strategies and idea, is not the exception. it is the natural, inevitable friction of any high-stakes venture. Every one of us will face moments when the fundamentals we trust are questioned, and the bottom line is bleeding. The vast majority of the world operates under the delusion that absolute, seamless success is the expected norm. They are unprepared for the depth of the valley, only perceived by those who try something worthwhile. Our true value, our competitive advantage, is not established during the bull run. It is revealed entirely by how we act in those dire moments. It is the disciplined response to a crisis, not the reaction to a windfall, that defines us as leaders and shapes our enterprise. Long-term, compounding success is never a stroke of luck. It is forged in Perseverance. It is built on the strength of our Adaptation and our Action through the most grueling part of the journey: the daily, painful requirement of showing up without capitulating. In the dark of the market correction, in the despair of the valley of failure, when the environment is hostile and the data is grim, we execute. We maintain the systems, we trust the process, and we refuse to let go. This resolute execution, year after year, in the face of inevitable challenge, is the only true path to enduring wealth and legacy. Understand the path will take everything and march on. I will walk the path with you, until we dine in heaven once more.

I put these lines on zcash in 2018-2019.

Veni, vidi, vici. ⚔️ Solana conquered Wall Street in a (seriously!) record-setting week for the history books. Meanwhile, sleepless devs dared to finalize their Colosseum entries at the last minute as the ecosystem repeated a familiar mantra: just one more hard quarter. Here is everything that we remember happened on Solana this week: 📰 Headline News - @bitwise launched BSOL on @NYSE, an SEC-approved Solana Staking ETF - Solana ETF Volume debuted as the hottest trading launch of 850 ETF launches in 2025 - @Grayscale launched its Solana Trust ETF, $GSOL - $417M in weekly Solana ETF inflows led all crypto ETPs - @WesternUnion announced they’re building exclusively on Solana with stablecoin USDPT - Toly and Raj rang the @NYSE bell - The global @colosseum Cypherpunk Hackathon ended - Solana Accelerate APAC concluded its China tour - The x402 Solana Hackathon kicked off for building AI-native payments 📰 Launches - @daremarket went live for gamified dares - @pumpspotlight from @pumpdotfun enhanced token discovery - @printr launched on Solana - @heliuslabs unveiled Orb, a human friendly block explorer, and getTransactionsForAddress, a new way to query historical Solana data - @triton_one created Fumarole, a data streaming service - @zenrock minted zenZEC, wrapped ZEC on solana - @375ai_ mainnet went live making physical world data accessible - @moiramarket is a new permissionless prediction market - @darkresearchai x @corbits_dev unveiled Mallory, an open source x402 app - @SOLYD_STORE created custom @solanamobile Seeker cases - @bulktrade rolled out an LST in partnership with @sanctumso - @flashtrade added ZEC perps with up to 50x leverage - @joinrepublic and @CoinList launched rTTOK, tokenized exposure to ByteDance - @hyperonsol created HyperStack for easier Solana development - @addicteddotfun's Cartel War game is now live Milestones: - Messari's Q3 report is here: DeFi TVL +33% QoQ to $11.5B, stables +37% to $14.1B, RWAs +42% to $682M - Solana stablecoin users hit ATH ~5M unique addresses/month, transfers at 39-week high with $500B+ weekly volume - Solana perps ATH in Q3 with $1.6 billion in daily volume - @helium_mobile surpassed 500K signed-up users - @solsticefi's USX hits $250m in TVL - @trendsdotfun reached $100M trading volume - @hylo_so hits $100M TVL - @rush_trade_app's beta crossed $500M volume - @reflectmoney 's USDC+ alpha hit $10M cap in a day - @college_xyz hosted 30 Solana events with 1000 students If we missed your news, let us know in the comments below. 60 days left in 2025. Let's get it! (This week's art hand-drawn by @lc_illustrates)

@kevinxu Congrats. What are the dividend gains from?

Here is every dollar I made as a 34-year-old startup founder - 𝕏 paycheck: $1,538.65 - Interest income: $0.02 - Dividends: $20,389.71 - Unrealized gains: $308,802.72 Total income in October: $330,731.10

What if we are just a process of flipping a significant resistance into support, and bigger entities are just happy to absorb supply into an area for a period

Crypto market cap: ~$4T. Global equities market cap: ~$100T. 25x bigger. Bringing the outdated financial system onchain is a huge opportunity.

🥱 defillama.com/cexs

Interesting. @Kalshi has Bitcoin above $200k by 2027 trading Yes ~57%. That’s a coin-flip plus on clearing 200k at resolution. On the other hand, if you look at 200k calls they carry ~0.25 delta. For far OTM calls, delta ≈ risk-neutral probability of finishing ITM at that expiry (with vol/skew effects), so all it ~25% by then. Different instruments, different clocks, different measures, but the divergence might be meaningful.

Saving these charts for posterity's sake. While there have been larger bubbles in scope, what we've seen in some stocks this year feels one-of-a-kind in terms of nihilism and ponzi insanity.

Latest OpenAI numbers from the FT: 800m users, 5% paying (40m). $13bn in ARR. Implies a $325 annual ARPU, or $27/month per paying user. 70% of rev from subscriptions, rest is API. $8bn loss in H1, prob $20bn run rate loss now? So basically spending $3 for each $1 in revenue.

.@rhijoo888 you were right

who remembers February 5 2018 🚀

I was on the FTX UCC for the bankruptcy. @SBF_FTX is correct. If it weren’t for the bankruptcy lawyers, FTX could have paid us all out in-kind just like the Genesis and Gemini bankruptcies did. Instead we were dollarized at $16,500 BTC while John J. Ray III paid $1M to each of his newly appointed board members to push through his $42M bonanza bonus package post-confirmation (not part of the bk plan we voted on)

What’s most interesting is wallet addresses listed in the US government $14B (127K BTC) seizure previously were named in a Milky Sad report ~2 years ago for having vulnerable private keys and now the USG says they have custody of them.

The 127,271 BTC ($14B) they are seeking to forfeit are actually from the LuBian mining operation that was ran by the defendant and were actually stolen back in 2020. Have been sat idle ever since. Probably quite unlikely they get them, unless some sort of fake hack.