0xqiqi

We're hiring a Chief Legal Officer for Baton Corporation, the development company behind Pump fun. We've built one of the fastest growing crypto platforms in history, with ambitions to create a global consumer brand that tokenizes the world's highest potential, early-stage ideas. As we scale, we need a legal team that matches that ambition and ensures we can massively grow while mitigating key risks. You’ll serve as the principal legal advisor alongside our General Counsel for regulatory affairs matters, product counsel, corporate governance, cross-border compliance, and more. We’re offering $1m - $5m base salary. Apply using the link below!

Plasma One is live now. Join in the next 7 days and get the Core tier free for your first year. Over $1,000 in value, reserved for early users.

Plasma One is live now. Join in the next 7 days and get the Core tier free for your first year. Over $1,000 in value, reserved for early users.

Dear Community, - One month ago, PiggyBank got into a new position for $100k (~2% of the portfolio at the time), as part of the strategy’s scope of deploying into mid-cap basis trades. - The strategy involved purchasing locked $LAB tokens at a significant discount through a Tier-1 OTC desk and hedging that exposure through perpetual shorts. During the holding period, $LAB experienced violent manipulation, including chaotic price movements on thin liquidity, and deeply negative funding rates. - Maintaining the hedge became economically irrational and would have caused us to cross our risk thresholds. We therefore decided to close our short to cap the downside. - In accounting terms, the total value of our $LAB locked position is $1.35m at current prices. However, due to the illiquid nature of this position, Piggybank is excluding it from the NAV until the first unlock on August 14. Even though this is an evolving situation that could still generate substantial returns, this is the fairest and most transparent way to let users manage their liquidity. - Accordingly, today’s NAV will show a ~15% drawdown on the USDC vault, ~12% on SPYx and ~9% on JitoSOL. - A detailed report will be published next week with next steps.

There is a graveyard in American tech right now and nobody is walking through it. Companies down 70, 80, 90% from the highs. Still profitable. Still growing. Still the leader in their category. Just unloved. The Trade Desk at 9x earnings. PayPal at 12x with $6 billion in free cash flow. Adobe at 17x and people are talking about it like it’s Kodak. Etsy at 8x EBITDA running a marketplace that two billion people have heard of. Roku trading below its own balance sheet liquidation value if you squint. Match Group, Zoom, Pinterest — each of these would have been a hedge fund’s top pick at this multiple in 2017. Now they’re orphans. Everyone is buying the Mag 7 because the Mag 7 is the trade. The Mag 7 IS already the trade. The trade is over. The next trade is in the rubble pile. You don’t get rich buying what worked. You get rich buying what stopped working for reasons that turn out to be temporary. Every name on that list was a market darling 36 months ago. The fundamentals didn’t fall 80%. The narrative did. Narratives come back. Earnings compound. I’m not buying NVDA at 45x. I’m buying the names CNBC won’t say out loud anymore