deHB6 🌐

Ethena has no ADL "deals". Never has. ADL risk has been in the risk section of our docs since day one: docs.ethena.fi/solution-overv… ADL implementation varies by exchange, but generally follow a similar waterfall of applying ADL to accounts with the: i) highest leverage ii) highest roe/ unrealised pnl In contrast to others, Ethena sweeps pnl daily and runs zero leverage. It is therefore considered one of the lowest risk accounts on the exchange and sits at the bottom of the ADL waterfall as a result. As far as we are aware, there have not been any ADLs on BTC or ETH on the venues Ethena executes since 2018 on OKX. The vast majority of the backing sits in BTC and ETH on venues with a 8yr+ track record of not applying ADL to these assets, including on 10/10. Ethena has no special ADL deals, just basic risk management.

HyENA is now publicly available After a month of gated launch, crossing $600M+ in total volume, HyENA is ready to scale: → HyENA's trading fees have been cut by ~50% → Anyone can trade on HyENA without an invite link → 12% boosted collateral APR applies to both long and short positions → Referral links are open for all To get started, click "Deposit" on HyENA. app.hyena.trade

Hire out of pain. Don't hire because you think you'll need someone soon or maybe sometime later. Wait until you or your team are actually hurting: working weekends, missing family dinners, dropping balls. That pain is the signal that the role is real. I learned this the hard way after watching founders (including myself) hire ahead of need and end up with people in roles that weren't fully formed yet. When you hire out of pain, you know exactly what the job is because you've been doing it yourself. You can evaluate performance because you know what good looks like. And the new hire knows you'll step back in if they fail, because you were just doing it last week.

AI generated music has arrived and is starting to dominate my YouTube music recommendations

Vercel will be officially sponsoring tailwindcss.com. That's a given. We as a community and industry owe @adamwathan and team a lot. Tailwind is foundational web infrastructure at this point (it fixed CSS 😉). I've also reached out to Adam to explore how we can make this a longer-term commitment.

> be demis hassabis > spawn in london > age 4, become child chess prodigy > win chess tournaments > reach ~2300 elo > face danish chess champion > game lasts hours > position is a forced draw > too exhausted to see it > resign > danish guy laughs and shows the draw > feel sick to my stomach > realise something is wrong > chess is too narrow a problem > brilliant minds wasting decades on it > decide not to become a chess pro > buy a computer with chess winnings > teach self to program from books > start hacking on games with friends > decide to finish school early > apply to cambridge age 16 > cambridge says you're too young > forced to take a gap year > enter a video game coding competition > win > get invited to join bullfrog game studio > too young to be legally employed > work there anyway > build ai system inside theme park game > game becomes a global hit > turn 17 > offered £1,000,000 to stay and build games > turn it down > go to cambridge anyway > decide games aren't enough > study computer science > interested in agi since 2007 > most people laugh at this idea > realise brain is only form of agi we have > want to learn more about human brain > go back to school > study neuroscience > realise academia moves too slow > decide to build a company instead > start deepmind > pitch “solve intelligence” > investors don’t know what that means > get to meet peter thiel for one minute > wonder how to convince him > spend one minute playing chess with him > pitch "solve intelligence" again > he invests > go into total stealth mode for two years > no website > secret office > candidates think it’s a scam > start to train ai in simulated environments > train ai with reinforcement learning > train ai on pong first > it sucks > can't win a single point > keep trying > wait it won a a point > wait it's winning every single point > it actually works > expand to train on any two-player game > chess first, then move on to go > beats world champion at go > beats pros at starcraft > games is not enough > want to push into science > realise compute is the bottleneck > know this will take decades > google offers ~$400m > not the highest price > but they offer unlimited compute > accept > refuse to become a product team > stay in research mode > determined to use ai for good > need to figure out what's next > land on protein folding > 50-year-old unsolved science problem > many great minds have tried and failed > "good luck" > start up alphafold > try to solve protein folding > humans take years to find 1 protein structure > alphafold can find ~5 per day > submit results, win competition > not good enough > hire more scientists > rebuild it > go from solving one per day to millions per day > create invaluable system > pharma would pay anything > have to decide what to do with this > could sell access for usage > maybe make it a paid service > remember childhood chess tournament > remember why we built this > decide to give it away all away for free > publish all known protein structures publicly > win nobel peace prize > just the beginning towards agi

Fierce rivalry

something to call out about HLPe is that the vault strategist has co-invested 50% of initial cap ($5M) in HLPe skin in the game

"Babe, give up, a hyena will never change its spots" "I can fix him" Soon, you'll be able to. Until then: app.hyena.trade/ref/pendle

track *everything* HyENA on our new dashboard and HIP-3 sub-explorer💧🔮 daily volume, trader leaderboard, user growth, amount of liquidations, slippage, and even largest historical positions

If you long HYPE via hyena you earn 21% apr in funding + 12% apy via usde incentives atm If you long HYPE via normal perps on Hyperliquid, you pay 11% apr Kinda sick

Those who can, do Those who can't, fud Before writing a paper maybe learn the definition of what you are studying? ADL does not "transfer pnl to HLP." It treats HLP entirely symmetrically with users. **ADL has nothing to do with HLP or backstop liquidations** ADL did not "destroy $653 million of pnl" either. If you don't understand what you're talking about, you are not qualified to spread lies masked by fancy ML terms to sound smart. It's a shame that these are the "academics" that the industry looks up to.

Introducing HyENA - the Internet Trading Engine with Native Rewards. → USDe-margined perpetuals DEX built on Hyperliquid’s HIP-3 standard → Earn rewards based on your USDe margin collateral while you trade → Idle margin becomes a productive savings account → HLPe combining trading returns and basis in a single vault token → Built directly on the core primitives of Hyperliquid and Ethena For years traders have incurred funding fees with unproductive margin collateral on DEXs. Today that changes. Live now. Built by @BasedOneX.

Yesterday’s market wipeout was the sharpest volatility shock of the year. Spot markets tanked, open Interest collapsed, and $850B in total crypto market value evaporated. We looked at how @ethena's USDe handled this event. 🧵

tell me again about how locked in you are

I made a trailer for the future of humanity (e/acc)

We've raised $900 million in Series C funding from Thrive, Accel, Andreessen Horowitz, and DST. We're happy to share that Cursor has grown to over $500 million in ARR and is used by more than half of the Fortune 500, including NVIDIA, Uber, and Adobe. This scale will help us push the frontier of AI coding research.

A new spending bill should be drafted that doesn’t massively grow the deficit and increase the debt ceiling by 5 TRILLION DOLLARS

Coinbase will add support for Ethena (ENA) on the Ethereum network (ERC-20 token). Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on @Coinbase @CoinbaseExch in the regions where trading is supported.