local maxima

@jords b-b-but the unstaking queue w-w-what about no ETF inflows on the weekend and trump skipping a wedding

our dreams finally came true. commodities have been tokenised and now trade on crypto rails. all revenue goes back to the token. the token is deflationary. tradfi is using a crypto protocol to trade outside of market hours and you didn't long the coin ???

@_10delta_ Hyperliquid, Octra, Ethereum/Base

In the agentic economy, once agents start moving value, I believe the most interesting question is: which infra the agents run on? Rails decide everything here & I think it will condense to a core set of requirments: - *Throughput* is the obvious one. An agent paying per API call, per query, per cycle of compute generates millions of micropayments an hour, which turns cost into a hard physical constraint. Sub cent payment means nothing if the fee to settle it is larger, so the real bar is enormous scale & a cost floor near zero at the same time. - *Unified liquidity*, b/c no agent focused on optimizing the task at hand, is going to compound the problem he is dealing with by reasoning about which of 35 chains an asset lives on or holding a separate gas token for each, when an easy alternative exists. Fragmentation just produces failed or worse execution. So what an agent will seek is a single liquidity surface it can express an intent against & have the routing handled beneath it, rather than a convoluted map of bridges it has to navigate itself. - *Privacy* is crucial & perhaps still underrated. Consider that a public ledger broadcasts an agent's entire strategy to every competitor & mempool bot in real time.. He's asking to get front run & exploited. So I'm thinking that in the agentic economy privacy becomes alpha preservation & is no longer just "ideological" or a "nice to have". Also, if the agentic economy really takes off, privacy is a precondition for any enterprise/corporate issued agent, especially if they have to handle regulated data. - *Identity*. Existing rails assume a human performing every txn, but an agent has no traditional ID, nothing a counterparty can verify. So the infrastructure itself will have to issue identity. Ideally some form of delegated authority with bounded & revocable spend & execution you can cryptographically prove that ran as intended. Otherwise, giving an agent a wallet is a liability rather than a capability. So it's a crucial piece of the puzzle. So the job, as an investor bullish on the agentic economy, is now identifying the chain that best satisfies all these requirements: T.U.L.I.P. Throughput, Unified Liquidity, Identity, & Privacy (might have picked a better acronym, but at least it's memorable)

@RupertLowe10 3x the volume of the combined volume of the 2 "leaders". 7% seems very cheap.

Makerfield is backing Restore Britain.

@sentdefender 🫃

Speaking earlier in the Oval Office, President Trump called the ballroom being constructed to replace the White House East Wing a “gift,” while adding that it will have bulletproof glass and walls, along with a “drone port” which Trump says was supposed to be Top Secret.

@PopPunkOnChain @pumpcade when will pumpcade become hip4 compliant?

There is a small group of 50 people (investors/friends) currently using the @pumpcade open beta. Our always live markets feel more like an infinite game loop than a traditional prediction market. We open to the public tomorrow.

@beaniemaxi wow never thought of it that way, guess i'll rotate into some woodland critter nfts on the sei blockchain

Hyperliquid is being treated like the cleanest up only narrative in crypto and I want to add some nuance here. To be clear, this is not Luna. Luna was a closed loop algorithmic peg with no real revenue. Hyperliquid has real fees from real users, a genuinely best in class product, a dominant share of onchain perps volume, and a team that has shipped relentlessly. The bull case is real. I'm not dismissing it. I just don't think the risks are getting the airtime they deserve. I called Luna a ponzi here in 2021 around $50 and got absolutely hammered on the tl for daring to suggest anything negative about it as it ran to $120 before it vaporized to $0 within days. Very similar to yesterday when I simply said HL does not have remarkable tokenomics and got piled on for it. Being early on structural risk often looks wrong for a long time. And Luna was not just a retail rug. It roped in 3AC, Galaxy, Delphi, Hashed. Sophisticated money held the bag right alongside everyone else. Here is what I see with Hyperliquid. 97% of fees buy back HYPE. That sounds incredible, and in an active perps bull market it absolutely is. But fees come from perp volume, volume comes from people chasing the token, and the token is held up by buybacks funded by that same volume. Every leg moves together. It's a functional flywheel. And in the other direction every leg turns at once. However, nobody can tell you how much of the volume is organic either. If buybacks pump the token and the chart pulls in size and size funds buybacks, you cannot cleanly separate real activity from reflexive activity onchain. It doesn't mean the volume is fake. It just means you cannot prove how much of it isn't. Then the supply side. Only 25% circulates. Team and foundation together hold roughly 30% (23% team plus the foundation allocation which is essentially team with extra steps). Buybacks absorb about 90 million of unlocks a month. Actual pressure is closer to 400 million plus. Revenue keeps growing at a real clip, which is the whole bull case, but it has to roughly 4x just to keep price flat through vesting. Then the part nobody wants to touch. 31 validators, foundation controls the supermajority of stake, closed source binary, an assistance fund holding billions that we are simply told has no private key, on a chain the team built and runs. A lot of the business is regulatory arbitrage. Offshore venue, no KYC, users that shouldn't be using it are all over it. The founder is in DC right now precisely because everyone knows this. SBF was in DC lobbying for the DCCPA right up until FTX collapsed. Do Kwon was meeting Korean regulators before Terra blew up. Doesn't mean Jeff is anything like them. And to be clear, none of this means price stops going up. This is the part that matters for traders. Reflexive setups run for a long time, sometimes years. Luna ran from $5 to $120 while plenty of smart people screamed about the structure. HYPE can absolutely do the same. The flywheel is real while it's spinning, and standing in front of it is a great way to underperform. Just know what you're actually holding. Trade the tape, respect the trend, but don't fall in love and confuse a beautiful reflexive setup with a riskless cash machine. We have seen structures like this before and it tends to end the same way for usually the same reasons.

If $HYPE is over $50 there is no reason the memecoin $PURR should be under $5. Do the math.

@BittexXBT If you could have kept your stake in Medallion Fund operated by Renaissance Technologies in 1993, would you have?

LIT lacks in utility, venue in deep & consistent liquidity, volume is laughable low unlocks are 6M away, equities at ATH while BTC struggled to hold 80k. I would be the first to dive into it if there was solid comp edge buying here feels LTF casino disconnected from fundamentals

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@altdotfun why does alt dump while hype is pumping

5000+ altcoins created since launch. Each altcoin is backed by a Hyperliquid perps position.

I'm backing $OCT from @androolloyd on @novadotmarkets. app.nova.markets/thesis/168

@FirstSquawk Consumer confidence survey but only for Burry subs?

AMERICANS ARE STILL DEEPLY PESSIMISTIC ABOUT THE ECONOMY DESPITE COOLING INFLATION, AS YEARS OF SOARING PRICES, EXPENSIVE DEBT, AND REPEATED FINANCIAL SHOCKS CONTINUE TO CRUSH CONSUMER CONFIDENCE.

Non-technical teams are now shipping production code

@Evan_ss6 source?

We are actually so early

@JohnLeFevre We know there was a full internal investigation

I would wager any amount of money that this JP Morgan woman is 1000% innocent and now she's having her life ruined by some failed banker turned scammer. 1. JPM conducted a full internal investigation. That means they would have forensically analyzed all devices - business and personal - for direct evidence and indirect behavioral patterns. She cooperated. He didn't. 2. Her reputation is rock solid. JPM LevFin employees are calling her kind and professional, and even prudish (i.e. the opposite of deviant). Conversely, they are calling this John Doe coward a creep and a loser. Now she's been meme'd into oblivion by the Daily Mail and the social media masses. How can she get another job? How can she get a promotion? How can she find a life partner? The memes are funny, but they are destroying this poor woman's life. So try to keep that in mind and have some grace.

@tetherwallet @btc @tether @btc greetings99@tether.me Greetings

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@mb_ghalibaf when will u launch a macro substack bro

They brag about the cards. Let's see: Supply Cards= Demand Cards SOH (partly played)+BEM(unplayed)+Pipelines(unplayed)= Inv Release (played)+Demand Destruction (partly played)+⏳More Price Adj (to come) Add summer vacation to the right unless they want to cancel it for the US!

@RobSheko I've been working on something like this myself. Very cool!

I’m excited to launch the Longevity Biotech Atlas, a personal project mapping 700+ organizations across the aging and longevity ecosystem. Longevity biotech is moving fast. A lot of the public narrative has centered on GLP-1s, peptides, biohacking, and consumer health optimization. But beneath that, a much deeper ecosystem is forming: companies, labs, investors, and non-profits working on core technologies that will enable fundamentally new forms of measurement and rejuvenation. The field is growing quickly, but it is still hard to answer basic questions: Who is building what? Which areas are crowded? Which technologies are underexplored? Where should founders, scientists, investors, and operators be paying attention? To help make the space easier to navigate, I synthesized public information on 700+ organizations—ranging from therapeutics developers, diagnostics, investors, and more— into a single database. You can explore the atlas at the link in the comments. This is still an early version, and I’ll be adding more over time: new organizations, personal accounts, bookmarks, and better ways to track how the field is evolving. My hope is to build this out into a core tool for people trying to understand, build, fund, or work in longevity. If you’re interested in aging biology, biotech, investing, company formation, or the future of medicine, follow along. I’ll be sharing updates, maps of different subfields, and analyses of where the biggest opportunities and gaps may be. Let me know what you find useful!

@Lighter_xyz Looking forward to getting liquidated next time the foundation decides to nuke a clip or North Korea finds the keys to another zombie defi protocol.

You can now use ETH as collateral to trade perps on Lighter! Choose how much ETH to deploy and trade with greater capital efficiency.

@losingmoney68 guy who thinks a non sovereign store of value is more interesting than summoning the machine god