soc

The number of DeFi hacks reached ATHs in April, but their impact is still relatively low and stable. While it’s possible the rise in count is due to AI, what’s more likely is that it’s a function of more contracts being deployed over time. Although 2% - 4% of total value locked hacked per year is still way too high for mainstream adoption, there’s no reason to be an alarmist about it yet. Will note too that it’s typically weaker, often times abandon/ill-maintained protocols that get hacked, so this 2% - 4% per year is in a way a weeding of the crowd.

CLOBs are not going to take us to the RWA promised land. Today Hyperliquid owns the liquidity for a handful of RWA macro names. But outside the top 10 traded assets (which are ~90% of volume) liquidity falls off a cliff. When there's enough retail demand, order books can work. But "perps on everything" is a different problem, and TradFi solved it decades ago. The answer isn't every venue rebuilding its own order book. That's not what Robinhood does, it's not what Schwab does, and it's not what DeFi should be doing either. Building your own book for every asset means bootstrapping demand ticker by ticker, renting liquidity with subsidies, and ending up with thin markets that blow out 200x the moment news hits. It's like sucking the ocean of TradFi liquidity through a straw. Variational skips all of it via the RFQ model. RFQ is how institutions like Dragonfly actually trade. In RFQ, dealers quote just-in-time and hedge on the primary venue as orders come in. This lets Variational mainline TradFi liquidity directly and mirror it on-chain. Margin in smart contracts, settlement in stablecoins, liquidity aggregated from the people who already trade on the biggest underlying markets, like the CME and NYSE. It makes it permissionless to access the same depth and spreads the big boys get. With the cold start problem gone, new markets can ship at the speed of software. By next year I expect RWA perps to be the biggest contract class on-chain, bigger than BTC and ETH perps combined. That's how crypto truly becomes the market for everything. I believe the platform that wins that won't look like a traditional exchange. Proud to lead Variational's $50M Series A. Watch this space.

unauthenticated root RCE on TerraMaster TOS4 NAS appliances. (+free additional LPE) something light for sunday. bigger stuff this week! :-)

IRAN STARTS BITCOIN-BACKED SHIPPING INSURANCE FOR HORMUZ STRAIT: BBG

every launch is different. every fee design should be too. with customizable fees, creators can route launch fees based on what their token actually needs.