starcraft2

equity perps aren’t just “perps but for stocks”. they are the fight over who owns the rail under every tokenized asset. the last decade of defi and crypto (AMMs, lending, bridges, rollups, oracles) has basically been R&D for this moment: a financial OS for the internet if everything ends up tokenized and 24/7, someone has to be the margin and leverage layer under all of it: stocks, indices, RWAs, FX, credit, whatever. whoever wins that rail is clearing trillions in notional and it’s probably a winner take most outcome. imo that fight mostly comes down to @Lighter_xyz vs @HyperliquidX , even if a few other venues try to play in the same lane. (thesis below)

@chang_defi @trevor_flipper 🥀

@trevor_flipper Group chats really told me coatue was gonna bid at tge LMFAO

it is pretty wild that arguably a top 3 team in crypto by engineering talent density cant catch a bid bc of how bad their initial pa was ^ now you have to go sell and do ir for quarters on end to build trust with the hopes of a few analysts thinking the chart has bottomed and taking a punt ^^ we have seen same thing happen in tradfi and i think applovin is the best example

@Andercot @androolloyd

People think the future of defense is low cost drones but actually it's this

@hosseeb “Seeing the psychologist Steven Pinker making pronouncements about things intellectual has a similar effect to encountering a drive-in Burger King while hiking in the middle of a national park” -nassim taleb

Worst-to-best reasons to be known as an influencer: F: Meme status - Hawk Tuah girl D: Lifestyle - Bryan Johnson C: Looks - Sydney Sweeney B: Content - Lex Fridman A: Talent - Magnus Carlsen S: Ideas - Steven Pinker

@veH0rny the black queen is on the wrong square

Polymarket announced chain migration as their top priority in Dec 2025. Apr 2026 - new VP of Eng joins, posts long thread admitting traction has "massively outpaced" infra.. It's been 4 months since the announcement and they are still just getting started? Maybe execute first, and announce second?

filtering the short liq data to bear markets then concluding it's bearish feels a bit circular no? the whole question is whether we're still in one read the full piece and the 2022 comp is interesting but that cycle had luna/3ac/celsius/ftx forced selling into a thin bid. more importantly mstr didn't have strc and there were no spot etfs... mstr raised $2.5b last week from people buying a preferred for yield and that all goes into spot btc, slowly sweeping up the capitulations while etf inflows follow his bid and build a floor. different setup not sure etf flows are weak either, apr 17 was $664m and there's been an 8 day inflow streak. and the capitulation signals listed in the piece (negative funding, tourists gone, crypto is dead takes) kinda argue the other way imo

Putting the short liquidations we've seen over the last week into perspective: 1. Over the last week, we've seen the 3rd most short liquidations over any 1-week period across the last two bear markets. 2. Over the last 5 years, the current episode ranks in the 91st percentile. 3. When short liquidations of this magnitude occur in bear markets, the average 1-month return is -14.4%. The average 3-month return is -26.7% The average 6-month return is -19.6% And the average 1-year return is -5.2%. ---- This doesn't mean we're guaranteed to go lower. But the data is clear. If you believe we are still firmly in a down-trending market structure, this type of market action is bearish, not bullish. ---- We shared a full breakdown of BTC's current market structure across holder cohort cost basis to analyze how much of BTC's "hot money" that came in over the last year has rotated to new hands, relative to past bear markets. If you'd like to access the latest research, see the link below (currently offering one onth free) 👇

@Etherean007 fav card

@izebel_eth lol inspo from karp's sword x.com/MollySOShea/st…

@user_starcraft2 LOL gna steal this

its not hyperliquid vs lighter its hyperliquid and lighter vs the drifts of the world

@icobeast @izebel_eth what song

@izebel_eth found it btw

bottom

There has never been an exchange compatible with every asset class. When US equities are surging and volume picks up, Nasdaq has a great year. If crypto enters a bull market, Binance and Coinbase volumes 10x. If the Fed is active and rates vol increases, CME has a great quarter. But the Nasdaq can't monetize flows in Japan. The Tokyo Stock Exchange can't make money off the commodites boom. Coinbase doesn't profit off heightened rates volatility. These exchanges aren't made to support a wide array of asset classes and opportunities. Their revenues are highly cyclical, tied to the underlying markets they serve. TradeXYZ breaks this mold entirely. XYZ can create a market for anything near instantly. Equities. Commodities. Rates. FX. There is always something happening in the world. We're designed to capture idosyncratic moments of volatility in a world where anything can happen on any asset, anywhere, anytime. The result is a diversified business that isn't long any single asset class or country, but rather long global asset volatility as a whole. This is the final platform for traders, with deep liquidity for every major market in the world, open 24/7/365. The universal venue. Powered by Hyperliquid. Trade everything, trade XYZ.

@TaikiMaeda2 long term though, not crazy bullsh on the subnets... the more promising ones also raised outside equity rounds, so economics aren't totally aligned, but in the right enviornment, it doesn't matter that much and the (3,3) structure can make things really reflexive

@TaikiMaeda2 the subnets are all structured as (3,3) ponzis. So if even a couple of subnets generate real revenue the flywheel can get pretty stupid

can someone $TAO pill me

@tradinghoex @TaikiMaeda2 also worth mentioning that there will only ever be 126 subnets. The lowest ranked ones by staked tao get deleted every so often (don't remember the interval), adds some darwinism to it

Bittensor and subnets - AI broad infra (not just specifically for agents ) >Bittensor is an open source platform where participants produce best in class digital commodities including compute power, storage space, AI inference and training, protein folding, financial markets prediction and more. >TAO is the currency of the ecosystem. There will be only 21 million TAO ( same idea as bitcoin scarcity). New Tao gets created every block and handed out to people doing useful work. The amount of new TAO being created recently got cut in half ( the “halving” in Dec 2025), which means it gets scarcer over time >Think of subnets as different departments in a company, except each one is its own mini marketplace focused on one specific AI task. Each subnet consists of: - A miner: the workers. They run ai models or provide computing power. They’re competing against each other to do the best job - Validators: the judges. They test the miner’s work and score it. Good miners get more TAO, bad miners get less.The matrix of these scores, by each validator for each miner, serves as input to Yuma Consensus. - Subnet Creators: the managers. they designs the subnet and wrote the rules for what counts as “good work” - The Yuma Consensus algorithm operates on-chain, and determines emissions to miners, validators, and subnet creators across the platform, based on performance. there currently 126 of these subnets:taostats.io Each subnet functions as its own automated market maker (AMM), with two liquidity reserves, one containing TAO( τ)—the currency of the Bittensor network, and one containing a subnet specific "dynamic" currency, referred to as that subnet's alpha ( α)token. The alpha token is purchased by staking TAO into the subnet's reserve, which is initialized with a negligible amount of liquidity A subnet's economy therefore consists of three pools of currency: Tao reserves: the amount of tao (t) that has been staked into the subnet Alpha reserves: the amount of alpha (a)available for purchase Alpha outstanding: the amount of alpha (a) held in the hotkeys of a subnet's participants, also referred to as the total stake in the subnet The price of a subnet's alpha token is determined by the ratio of TAO in that subnet's reserve to its alpha in reserve. Alpha currency that is not held in reserve but is which is held in the hotkeys of subnet participants is referred to as alpha outstanding. As TAO-holders stake TAO into subnets in exchange for the subnet-specific alpha, they are essentially 'voting with their TAO' for the value of the subnet. Subnets with more staking than unstaking receive higher emissions, while subnets with net outflows receive reduced or zero emissions. This flow-based model rewards subnets that attract genuine user engagement. In return, stakers extract a share of the subnet's emissions. The bull case is pretty simple: AI demand is exploding, TAO supply is getting scarcer (halving), and if the subnets keep building real products that people actually pay for, demand for TAO goes up because you need it to use the network. There are also institutional products emerging , Grayscale and Bitwise have filed for TAO ETFs, and there's a staked TAO product listing on a Swiss exchange.(SIX SWISS EXCHANGE) The bear case is that most subnet alpha tokens still don't have clear revenue models, liquidity is thin (meaning prices can swing wildly on small trades), and it's still early enough that gaming the system is possible ( this is from my journal Lmeow)

@red_thr33 Even CME is valued at 28x

@bigbodybill 🤍

@user_starcraft2 Started looking into $TAO and their subnets recently. Thank you for making a TAO for dummies thread for us retards 🤣🙏🏻

@based16z @sershokunin can we get a vix-style vol market on tradexyz?

hate to say it but being able to buy barrels of oil on hyperliquid is extremely badass and makes you feel like a warlord

fair point on the miner dependency, that's real. but it's the uber/driver problem. uber can't exist without drivers. drivers still don't capture the value. they get paid enough to keep driving the token only needs to be valuable enough to keep miners showing up. everything above that accrues to equity. and that's not a bug, that's the whole point if you're the one who raised a series a genuinely hope you're right though. this model is really fucking cool if the economics actually align. but crypto has played this out so many times, tokens bootstrap real businesses and then value accrues everywhere except the token. fee switches that never flip, projects get acquired and token holders get nothing

1) the miners are the entire engineering team. without them there's no product, no business, no revenue. any subnet company that walks away from the token is walking away from the engine that makes their business work 2) leading subnets are already algorithmically linking revenue to token buybacks against a fixed 21m supply. that's a direct programmatic link between cash flows and token value, not a hope 3) on the equity + token coexistence question, they can work synergistically as long as all owners are aligned. precedents will get set. and if alpha holders get screwed, they dump the token, miners leave, and the subnet owner no longer has a subnet or a business. the market will find equilibrium

Trillion-dollar ecosystem in the making $TAO