Sam Schubert

@SolanaFloor @solana Dare to be brave

🚨JUST IN: @Solana’s largest treasury company by holdings, Forward Industries, to repurchase 6.16M shares for $27.4M, financed through a $40M loan from Galaxy Digital. The firm holds ~7.01M $SOL and is currently sitting on over $1B in unrealized losses on its $SOL purchases.

This is a circular argument. “DAG chains haven’t found trading success” isn’t a property or lack of a DAG consensus it’s a liquidity bootstrapping problem. Solana didn’t win trading because of its consensus mechanism, it won because of it was cheap enough memecoins and ecosystem momentum from that. Also and most importantly no one wanted to spend 3 years figuring out how to build serious trading infra on a new chain. I can promise you I sure didn’t. that’s it. that’s the reason.

@jussy_world @bulktrade Bullish

.@bulktrade's co-founder said that he prefers a random token launch and waking up to tokens in his wallet! We've had too many projects in the past milking their TGE to the max In the end, this is what "AIRDROPS" are all about - make it unexpected Let's see if Bulk will do it... The full guide is below 👇

Answering the big questions around @Pumpfun

Great report on @DeriveXYZ by @0xcarlosg

@RyanWatkins_ Hahahah

“There’s our little geopolitical AI expert! Why don’t you come downstairs and tell us more about your equity puts and how the Strait of Hormuz will lead to a global famine?”

@bl8_runner Weird Q - Is there not an inherent advantage for quoting solana on solana itself? And are there any other examples other than sol/usdc that provide a better price than binance?

the best way to experience what it's like to be VIP9 on Binance is simply to trade on Solana Markouts for SOL/USDC trades in epoch 940 against Binance mid, incl of fees, show us that routing through titan or jup to a prop AMM will generally give you a better price than any CEX

@barrett_io @bulktrade @PhoenixTrade Agree

@minnus @bulktrade & @PhoenixTrade

solana perps begin a generational run in q2 or i rope

I recently moved into a new position as the Head of Commercial at Blockworks to accelerate our growth as the only onchain data business with a large distribution machine across crypto-natives and institutions. I am actively looking to hire for our sales team across Account Executive and Sr. Account Executive positions! Sales experience is important, but what I am really optimizing for is: - being crypto-native/crypto-curious and having a strong network in the industry (including enterprises moving onchain) - having that dawg in you If you want to join one of the fastest growing businesses in the industry that sits right at the intersection of onchain data and institutional adoption of the asset class, make sure to apply below. jobs.ashbyhq.com/Blockworks

Reflecting on my time at Blockworks, I’d be remiss not to highlight the phenomenal work of the @blockworksres analyst team. The BWR team went from *zero* to the leading crypto research & data platform in the industry. There are many reasons why - raw talent, org culture, ambition, open mindedness, discipline alpha process, etc etc. I could write 10,000 words on why this team is special. But at the end of the day, success in our industry boils down to one thing: prediction. More specifically, being right about the future when everyone else is wrong. There are few teams that have been as ahead of the curve on so many industry trends. Below I reflect on some specifics. *Alpha* - the team correctly identified that *alpha* is the critical wedge for a crypto research shop. Plenty of research sounds really smart, but historically, it was rare that crypto research was aimed at helping investors generate exceptional returns. Coming from tradfi, for me, this was an obvious gap in our industry. So much of crypto research was just waxing poetic about some improbable future state, or diving far too deep on some questionably relevant technical upgrade. Fun to read, doesn’t help me invest. We recognized this gap & went the other direction: we benchmarked ourselves to the price of bitcoin. Analysts were expected to find underappreciated opportunities & measure their call against the market. We developed a process for identifying alpha opportunities and achieved consistently strong hit rates on both long & short calls as a result, making a name for ourselves in the crowded crypto research space. *Fundamentals* - What sticks out to me from 2024: being laughed at. Constantly. The highest performing tokens have a good narrative, they told us. Nothing else matters, FDV can go as high as narrative & 'memetic value' can take it. We got strange looks at best, & backlash at worst, when we applied traditional valuation measures and competitive frameworks to tokens, proposed shorting popular tokens with ridiculous valuations, and helped popularize REV accounting, which quantified revenue & free cash flow for smart contract platform tokens. We focused on traditional metrics, business strategy & durability of cash flows while the entirety of ct was focused purely on stories. Fast forward 24 months, & it is now *obvious* to the vast majority of crypto market participants & ct that fundamental analysis & a traditional valuation lens were the correct ways to assess token opportunities over the period. So how did we get this right? Why did this happen in 2024 and not 2021? The BWR team correctly understood that, as the marginal buyer of crypto assets flips from degen/retail to institutional/tradfi, market characteristics would start to mirror the values of that new investor class. Fundamental measures like revenue would *obviously* be top of mind, and valuations must make sense. It’s a new market now, and only a handful of people got this write. I like to think Blockworks was one of the voices leading this change. *Shorts* - I’ve been told by a number of people that BWR was the first research shop to write explicit short reports. A simple “This is not the right price for this token” goes a long way, and we did this when most were extremely critical of us for doing so. It was never personal, just objective, as best as we could possibly be. Our hit rates here were high, but most importantly, we weren't dogmatic about our positions. We'd happily go long or short any token at any time. When the facts changed, we changed. At any rate, I like to think we helped people avoid mispriced assets over the past 2+ years. *Solana ecosystem* - The team was super early to SOL & the Solana ecosystem, when it was *extremely* unpopular. They nailed SOL’s rise in Q3/Q4 2023 (before my time at BWR), and nailed follow through. We were super early to identify pumpfun and tg bots as legitimate businesses in crypto, and reasoned about the knock-on effects of their activity on the broader ecosystem. Through 2024, we correctly shifted focus to the then emerging solana ecosystem, which is now, by many measures, the most commercially successful ecosystem in crypto. *Hyperliquid* - the BWR team, led by @GoldDefi and @salveboccaccio, correctly identified hyperliquid as an emerging & likely dominant perps platform, with an airdrop worth farming. Then @shaundadevens took the lead, deepening our coverage & correctly nailing the importance of HIP-3 & RWA markets. There are countless more examples I could point to, but I won’t attempt to cover them all here. What stands out is the consistency and the clarity of the mission: be ahead of the curve, popular industry opinion be damned. I’m grateful to have been part of such a talented group, & I have no doubt they’ll continue leading from that front. you can follow the team here: @blockworksres @0xMether @salveboccaccio @0xcarlosg @marcarjoon @Kunallegendd @shaundadevens @_dshap @defi_kay_ @0xMetaLight @minnus

Excited to present this research at DAS NYC next week!

@0xairtx @SuiNetwork @AftermathFi higher

Almost 6% of all @SuiNetwork activity come from @AftermathFi perps.

@_El33_ @tomhschmidt @defi_monk cheap!

@minnus @tomhschmidt @defi_monk circulating supply 12 months from now, and 3 month trailing fees

The valuation gap between onchain perps and TradFi has reached a tipping point. Forward P/E multiples: Fintech Median: 32.4x Legacy Median: 24.3x $HYPE: 16.7x $LIT: 2.5x It’s clear that structural repricing will come for $HYPE and especially $LIT Beautiful piece by @defi_monk & @RyanWatkins_

So 12 is the new worst case not 20?

@jito_sol 👀

Infrastructure companies that stay infrastructure die. The winners build products on top of their infrastructure advantage. We're not staying infrastructure.