David Dennis

Earlier today, a user attempted to buy AAVE using $50M USDT through the Aave interface. Given the unusually large size of the single order, the Aave interface, like most trading interfaces, warned the user about extraordinary slippage and required confirmation via a checkbox. The user confirmed the warning on their mobile device and proceeded with the swap, accepting the high slippage, which ultimately resulted in receiving only 324 AAVE in return. The transaction could not be moved forward without the user explicitly accepting the risk through the confirmation checkbox. The CoW Swap routers functioned as intended, and the integration followed standard industry practices. However, while the user was able to proceed with the swap, the final outcome was clearly far from optimal. Events like this do occur in DeFi, but the scale of this transaction was significantly larger than what is typically seen in the space. We sympathize with the user and will try to make a contact with the user and we will return $600K in fees collected from the transaction. The key takeaway is that while DeFi should remain open and permissionless, allowing users to perform transactions freely, there are additional guardrails the industry can build to better protect users. Our team will be investigating ways to improve these safeguards going forward.

Whoever figures out the DCF model that replaces risk free rate with inference / token will get the next Nobel prize in econ

$EIGEN is now available to trade on Robinhood Crypto.

Anthropic just launched a $6B employee share sale at a $350B valuation. The math underneath this is staggering. 10 months ago, Anthropic was worth $61.5B. Today, employees are cashing out at $350B pre-money. That’s a 5.7x in under a year. An early engineer with $500K in vested equity at the March 2025 price is now sitting on $2.85M. But the real story is which employees sell and which hold. Anthropic hit $14B in annualized revenue in February 2026. That’s up from $1B at the end of 2024. A 14x revenue jump in 14 months. Claude Code alone is running at $2.5B annualized and doubled since January. The company went from burning $5.6B in 2024 to a projected $3B burn in 2025, meaning the gap between revenue and cost is closing fast. At $350B, Anthropic trades at 25x annualized revenue. OpenAI’s October secondary priced at $500B on roughly $13B in revenue, which was 38x. So Anthropic employees are selling at a 34% discount to OpenAI’s multiple from four months ago, while growing revenue faster. This tells you the deal size matters less than the participation rate. OpenAI authorized $10.3B in its last secondary. Only $6.6B sold. The employees who held are up because the company kept compounding. If Anthropic follows the same pattern and a big chunk of eligible sellers decide to hold, that’s the strongest signal that insiders see $350B as a floor, not a ceiling. The final amount depends on how many employees opt in. Watch that number. It tells you more about Anthropic’s trajectory than any analyst report.

When modern technology started, the people who built it believed in something. From the cypherpunks, to Tim may, to Eric hughes and beyond. Even in the later tech revolution of the 2010s, people still believed, working in tech still felt powerful, there was some sense of purpose. It is hard to quantify human purpose, yet we can feel it in certain spaces. Cultural gatherings, musical performances, such moments where a room full of strangers become something more than just the sum of its parts. It is, ultimately, a feeling of belonging, and it almost always comes from the act of sharing something together; a sense that we are all reaching for the same thing even if we can’t perfectly articulate what it is. The tech world of today has no concept of sharing in that sense as there is no common theme that everyone stands for. And where there are themes, they are hyper‑specific, top‑down, and oftentimes completely unrelatable to people’s actual lives. The narratives are corporate and the missions read like marketing copy run through LLM analyses. The values are whatever the quarterly strategy demands them to be and shift depending on who is in charge. People, naturally, using an innately human intuititon, wether they admit it or not, can feel the difference between a mission that was born from conviction and one that was assembled in a boardroom, and today, more people are realizing that most of what they see is the latter. And so what we are left with is a technology industry that is more powerful than it has ever been, and more empty than it has ever felt. The tools are extraordinary but the purpose behind them is missing. People don’t need another platform or protocol, they genuinely need a reason to care for them. They need to feel that what they’re building is connected to something that outlasts the finite. Technology needs a value system again. Lets give them one.