Excited to discuss 🔥THE BIG BURN 🔥 tomorrow! Join me at 11am ET

At the same time, the team can focus on growth by building entirely new things 💪 Stride LSTs would have 1 employee FT + the rest of the team when needed (rare, Stride just works)

if ~70% of the network burns, anyone betting on Cosmos by burning less than 70% of their STRD would own a greater % of the network, with a bit of upside in the new project

STRD would be very unique in Cosmos -entrenched and indexed to Cosmos’ growth -community owned, no overhang -real usage and revenue ($30m tvl + $400k ann rev), with buyback and burn -if 70% burns, would result in $1-2m fdv

I’m feeling optimistic about Stride liquid staking and whatever we build next This is a great path for Stride

on the whole I’m slightly bearish, from a more bottom up perspective there’s simply a lot of integration work required to migrate legacy systems to AI and it’s delivered pretty narrow productivity gains so far feels like the path to 2T has less resistance than to 8T

one of the most interesting questions to me is where nvda goes over the next couple years on the one hand there are strong first principles arguments that agi is around the corner (27/28), stock market looks good, rates coming down, policy is great on the other the chart is

Between bridges in a land grab for spot listings, teams on Hyperliquid TGEing in the next 12 months, and $HYPE hitting ATHs, the fair price is likely more than the rolling 90d avg of ~$40k. Let the Hyperliquid Spot Wars commence

Unit’s UBTC recently did billions in volume, rivaling top CEXs. Hyperliquid spot is now one of the big boys. As a token deployer you set a % rake of fees. This fee shakes out to 0-10bps. With 10 bps, a listing price of $100k is recouped after just $100M in volume. This is

For teams, paying $25-50k for a spot listing is much more favorable than giving away 5% of FDV or millions of dollars for a spot listing on a mid/top exchange. For bridges, the economics may be even more interesting

So, who’s bidding, why, and what are the economics? Mainly bridges (@hyperunit and @HyBridgeHL) and teams looking to TGE.

The auctions are highly reflexive because the next auction starts at 2x the previous clearing price. If a listing sells for 2000 HYPE, the next auction starts at 4000 HYPE and goes down until someone buys.

Hyperliquid auctions listing rights for 1 token every 31 hours. All spot listings go through this process - HYPE, USDC, BTC, etc. No exceptions. This is in contrast to the opaque, and sometimes extractive terms offered by CEXs.

Earlier this year, someone paid $1M to list GOD on Hyperliquid. Recently bids have cleared at just $20k. But a quiet bidding war is starting between bridges and teams looking to TGE, as Hyperliquid spot listings enter price discovery.

This is insane There are at least 3 stories here - perps volume vs. spot, defi vs. tradfi, power users vs. fish Hyperliquid has the perps defi power users so the volumes are nuts

Comparing cycles is nonsense but just based on ✨vibes✨ I'd say it feels like Feb 2021

What would you rather hold

Privacy is the #1 area where crypto is way behind where it clearly needs to be That’s where the next 10x improvements and 0 to 1 moments will be Not scalability

agree with lots of what jensen has been saying about ai and jobs; there is a ton of stuff to do in the world. people will 1) do a lot more than they could do before; ability and expectation will both go up 2) still care very much about other people and what they do 3) still be

To be honest, we were very surprised by this news. We've been 100% locked in on the Cosmos DEX for 4-5 months, working very closely with the ICL on product and GTM. The DEX is even about 80% done - we thought the EVM was going to launch in the next couple months. That said, I