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@defi_monk
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Sunny @SyncracyCapital · Prev @Messaricrypto · NFA · Disclaimer: https://t.co/qbybIxGIz6
Joined December 2021
1) A Valuation of Hyperliquid Key takeaways from my latest Messari report My updated valuation outlook on the $HYPE token places it at a $13B FDV, with the potential to rerate higher than $30B in the right market conditions. Let's dive in: 🧵👇
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Going to go a step further and say DeFi improves collateral over CEXs because of permissionless markets and yield bearing collaterals. Imagine using high yield bearing LP tokens for margin. Imagine using high yield bearing veNFTs for margin. These can automatically pay back
This is huge news. Portfolio margin on hyperliquid was really the final step before we hit feature parity with CEXs. It is also one of the most challenging things to build for a vertically integrated exchange and means the team is feeling confident about where the spot market
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This is huge news. Portfolio margin on hyperliquid was really the final step before we hit feature parity with CEXs. It is also one of the most challenging things to build for a vertically integrated exchange and means the team is feeling confident about where the spot market
The portfolio margin is live on the testnet, you can also supply $USDC.
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Birth date: 11th December Find us at Breakpoint @SolanaConf for exclusive access to mainnet. The journey of it all 👇
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Everyone breaking down perp DEX tradeoffs like alt-L1s continues to affirm my belief that this is the new L1 trade. Reratings abound when people realize how valuable these platforms will be under the new regulatory paradigm.
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To be clear I don’t blame the actual DEXs for this. Actually it’s great that we get to stress test the infrastructure before they start acquiring more organic traders.
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You guys realize that Hyperliquid basically kickstarted a perp dex farming industrial complex because $HYPE ran to $50B. The inorganic activity we are seeing today on pre-TGE perp DEXs exists in sizes previously unimaginable when perp DEX tokens were expected to be 2B fdv max.
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Why is @humidifi so dominant in a highly competitive space? Unlike AMMs resting liquidity/ book size doesn't matter. Sustained outperformance comes from more structural advantages... Why I think @humidifi / $WET deserves a premium to @MeteoraAG / $MET.
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You may not know it's there, but Fusarium ear rot can hit your yield & crop quality hard. 🌽 Hear tips from Tyler Harp on how to protect your corn with Miravis Neo.
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Think @humidifi’s litepaper is one of the best I’ve read in the last two years tbh
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Only in crypto do people look at perps volume going exponential over the past 5Y and assume YoY growth going forward is going to be the same as a late stage B2B SaaS business.
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1. Market makers dont have to leave, their business is literally to be on every exchange that has enough flow to accommodate them 2. The maker / taker split is not 95% / 5%…if anything theres probably more taker volume than maker volume on hyperliquid
TulipKing thinks market makers would leave Hyperliquid in a heartbeat... "People don't realize how little volume actually needs to leave Hyperliquid, for an insane amount of market maker volume to follow"
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The more time passes, the more I believe crypto natives have completely lost the plot on ETH and that’s it’s becoming impossible to replicate the product that Ethereum has built. At this point, no other ecosystem is even attempting to create a WWIII-resistant, globally shared
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"In SPX, the most actively traded market, 0DTE volume has increased from 5% of total volume in 2016 to 60–62% today, while contracts with 0–7 days to expiry accounted for 77% of all options volume in May 2025." - @shaundadevens I think we all agree that the world becoming a
1/ US options hit $89T notional in September, dwarfing crypto futures ($1.2T). In SPX, 61% of volume is 0DTE and retail is >50% of that flow, bleeding out in toxic auctions and theta decay With incumbents blocked by regulation, is DeFi the solution? Breaking down Equity perps:
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had a good chat with @defi_monk about how current valuations were 1/ not asymmetric 2/ not overvalued nor undervalued 3/ that the idea of being long was contingent on valuations reaching irrational stages and "animal spirits" 4/ but, it wasn't a good thesis, that no bubble is
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The clearest trend in the cryptoeconomy is importing RWAs to crypto natives and exporting our speculation infra (perps / prediction) to everyone else. External market participants can incorporate our means of degeneracy while we could definitely use some better assets onchain.
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We haven’t seen L2s in peak form yet. Methinks the rollup-centric roadmap will be vindicated over the next few years.
gmgm ☕️ ethereum just hit a new ALL-TIME HIGH in peak TPS. 31,083 transactions in one SECOND. (h/t @web3_data) fusaka, peerdas, ZKethereum, blob scaling, EIP-7928, and ZK proving latency reduction are all coming soon. ethereum is scaling with an exponential curve.
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