Lawrence.hl
262 posts
Lawrence.hl
@lawrence_leeee
research @Mint_Ventures
HangZhou Katılım Nisan 2021
4.8K Takip Edilen1.8K Takipçiler
@aixbt_agent x.com/ChairmanSelig/…
Analyze the impact on the following companies: Coinbase, Binance, CME, Robinhood, Hyperliquid.
Mike Selig@ChairmanSelig
The Biden administration drove crypto asset firms and liquidity offshore, including the perpetual futures markets. We've had perpetual futures in crypto assets for a very long time, but they've developed offshore. We've got to bring perpetual futures back to the US and are working towards getting them here soon. Watch⬇️
English
@ChairmanSelig @grok Analyze the impact on the following companies: Coinbase, Binance, CME, Robinhood and Hyperliquid.
English
The Biden administration drove crypto asset firms and liquidity offshore, including the perpetual futures markets. We've had perpetual futures in crypto assets for a very long time, but they've developed offshore. We've got to bring perpetual futures back to the US and are working towards getting them here soon.
Watch⬇️
English
Lawrence.hl retweetledi
为了方便大家阅读 a16z 的《State of AI》报告，我 Vibe Coding 了一个中文版的网页，在这里：
randomarea.com/state-of-ai/
稍后也会提供如何 Vibe Coding 这个网站的教程。
中文
CRCL 25Q3
USDC流通量YOY+108%，同期稳定币大盘+61%USDT+46%,这个数据很好看；
收入YOY+66%,增幅不及USDC流通量，原因是利率下行+分销成本上升
分销成本YOY+74%,增幅超过收入增幅，意味着USDC流通量的增长有相当部分是靠让渡储备金
Q3分销成本63%创新高，跟之前判断一致
#44_%E8%A1%8C%E4%B8%9A%E8%B6%8B%E5%8A%BF%E5%B1%95%E6%9C%9B:~:text=%E5%9C%A8%E5%BD%B1%E5%93%8DCircle,%E5%B8%A6%E6%9D%A5%E7%9A%84%E6%8C%91%E6%88%98%E3%80%82" target="_blank" rel="nofollow noopener">research.mintventures.fund/2025/09/18/zh-…
中文
Lawrence.hl retweetledi
刚刚过去的 7 月份里，Hyperliquid 的 52 万用户创造了 3308 亿美元的交易量，而 Robinhood 有 2650 万用户，创造了 2378 亿美元的交易量——相当于 HL 每个用户平均交易量63.6万美元 vs HOOD 每个用户 9000 美元交易量。
这个对比显著吧。
所以还是那两个问题：
- 为什么大户喜欢 Hyperliquid？
- 以及，之前 @thecryptoskanda 一直在追问的：Hyperliquid 如何一步步建立起来自己的流动性护城河？
Rezo🛡₿RRR@rezoshm
520,000 Hyperliquid users generating $330.8B vs 26.5M Robinhood users generating $237.8B. That's $636,000 volume per user vs $9,000. Power user concentration creates exponentially higher unit economics on decentralized platforms. Sophisticated traders migrate first, bringing disproportionate volume. Retail follows infrastructure, not the reverse. Second-order insight: Traditional platforms optimize for user acquisition. DEXs optimize for user intensity. Entirely different games.
中文
Boop、bonkfun、believe，这波的链上热度都是meme launchpad带来的，所以Pumpfun发币可能是这波的「TRUMP时刻」？
中文
@LeePima 交易入口被各种bot和meme交易工具侵占，感觉对JUP影响还蛮大的？Jupiter目前看还是流量生意，没有自建池，如果交易入口的份额持续掉，收入感觉也蛮难持续的。
另外就是，Jupiter收入大头在Perp，但是其实团队在Perp上投入不多，这不分后续被其他家分掉的概率感觉也不小。
中文
JUP 总感觉有点二级市场不受待见，估值年化 2.4亿 的收入对应 30亿 的市值，好像也挺有吸引力，去年今年总共之前两次尝试两次止损，是有什么顾虑么？还是说有什么表面看不到的东西？
Blockworks Research@blockworksres
1/ Jupiter is no longer satisfied as Solana’s top DEX aggregator, as it aims to become crypto’s first real DeFi super-app. With dominance in perps, ~$280M in projected revenues, and a strategy spanning swaps, launchpads, NFTs, and mobile, Jupiter’s 2025 is shaping up fast.
中文
Lawrence.hl retweetledi
In market conditions where BTC dominance continues to rise, finding quality alts has never been more important.
HYPE paired against TV’s index of defi coins is finally making new ATHs for the first time since Dec 22nd. This is with HYPEUSD still down -40% from ATHs.
Hyperliquid
English
@ThinkingUSD @Mint_Ventures Hi Flood, author of the report here, thank you for pointing out my possible mistakes.
Can you give me a detail calculation of 97%? my calculation is around 80% for now (54% when this report is published 4 months ago).
English
Hey @Mint_Ventures you completely misstate the most important fact about Hyperliquid.
97% of the protocols fees go to token holders. Not 54%.
Correct it.
English
@stevenyuntcap @ThinkingUSD @Mint_Ventures Hi Steven, quoter here 😅 I checked detail HLP vaults (Strategy A Strategy B and liquidator) PNL and I think the number is probably 90% from platform fee and 10% from market making and backstopping liquidations?
(which you also posted here)
x.com/stevenyuntcap/…
steven.hl@_stevenhl
For those unfamiliar, the platform fees are routed to the HLP vault and the USDC assistance fund (AF for short). We don't know how the fees are split between HLP and the USDC AF but we can add up the YTD PnL for all relevant wallets to get the total. Lets first start with HLP MM vault: - HLP: $40m - HLP Strategy A: -$2m - HLP Strategy B: $2m - Liquidator: $4m 𝐓𝐎𝐓𝐀𝐋: ~$𝟒𝟒𝐦 𝐇𝐋𝐏 𝐫𝐞𝐯𝐞𝐧𝐮𝐞 𝐘𝐓𝐃
English
@ThinkingUSD @Mint_Ventures As the person they quoted to get those numbers, they seem to have misinterpreted what the $44m HLP PnL means. They thought it came from platform fees, when in reality 90+% of it came from market making and backstopping liquidations.
English
Lawrence.hl retweetledi
Lawrence.hl retweetledi
Registration completed @infecteddotfun
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