Today’s announcement for solana:pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn has been far more impactful than the market has given it credit for. In addition to HL builder code perps, Pump introduces a platform fee (0.45%) to its app, which would, at current volumes, annualise to $49M in incremental revenue. With this revenue going to users directly rather than buybacks, it creates a reflexive cycle which grows Pump’s consumer layer, something central to our thesis and something it’s been executing extremely well on: 1. Mobile app is up: daily traders 2.2x m/m to ~43.5k, volume on pace for ~$1B in October (+48% m/m) 2. Terminal is up: daily traders at an all-time high of 10.7k (+24% m/m) Ownership of this layer 1) allows a ton of optionality for further integrations (e.g. HL builder codes) and 2) strengthens the positioning of Pump’s already entrenched launchpad and DEX layer.

Hyperliquid makes more sense for the world we live in today. Pump makes more sense for the world we’re entering. Hyperliquid’s bet is that more of existing finance moves onchain. There’s a clear TAM, a clear incumbent to go after, and a narrative everyone can already see and understand. Pump is a bet that entirely new markets, assets, and forms of speculation get created onchain. That world, imo is still largely invisible to people outside of crypto because they assume it’s all a facade. But the amount of real revenue being generated onchain says otherwise. That’s exactly why the story is harder to see today and severely underpriced.

If you're a builder looking to embed stock tokens or RWA into your applications, we want to hear from you

Introducing GOFR: the Galaxy Onchain Financing Rate.  Institutions can now access onchain credit by facing Galaxy directly instead of DeFi protocols, borrowing at a single optimized rate blended across Aave, Morpho, Spark, Kamino, and more.  No wallets. No private keys. No smart contracts. Galaxy sources, executes, and services every position, backed by up to $100M of our own capital as first-loss protection, subject to applicable terms and conditions.  Learn more: https://t.co/dA33XVKT0W

Introducing GOFR: the Galaxy Onchain Financing Rate.  Institutions can now access onchain credit by facing Galaxy directly instead of DeFi protocols, borrowing at a single optimized rate blended across Aave, Morpho, Spark, Kamino, and more.  No wallets. No private keys. No smart contracts. Galaxy sources, executes, and services every position, backed by up to $100M of our own capital as first-loss protection, subject to applicable terms and conditions.  Learn more: https://t.co/dA33XVKT0W

This is our 9th year in crypto Nine years providing liquidity and staying active through every market condition Today we're launching Armitage Our take on vault curation, starting with two USDC vaults on @Morpho

1/ Millions in bad debt, at the time of writing, were created across Gauntlet's Morpho vaults from the Resolv USR exploit. Almost all of it was supplied ** after ** the exploit. So why would curators supply millions in USDC to a broken market? Let’s dive in. https://t.co/LUHXNc4rLv

P/E ratios are a fine starting point for crypto valuations, but they miss balance sheets and capital structure. So I adapted EV/EBITDA from tradfi for tokens. The core metric here is EV/Holder Revenue, or what you're actually paying per dollar that reaches you as a tokenholder. I walk through five protocols $HYPE, $PUMP, $MAPLE, $JUP, $SKY as illustrations. The spreadsheet link is attached so feel free to swap in your own numbers or play around with it. This is a prototype, not a finished product. If you find a better way to handle it, please publish it.

If you're opining on the efficacy of token buybacks, I'd advise you to talk to someone who has invested in 0 coupon bonds or other amortizing debt instruments. Amortizing debt is the ONLY comp to what $HYPE $LEO $PUMP and a few other tokens are doing. This is not akin to stock buybacks. Companies frequently sell more stock, and buyback stock, and you are measuring both their capital allocation decisions (buybacks vs ROI on growth) and their market timing (buyback vs sell more). But that's not what token projects are doing. They are not re-issuing tokens. They are buying it back and retiring it. Thus, these projects have fixed supply (like an outstanding bond issue, not a stock), and will amortize the token to 0 outstanding tokens over time (like a bond that fully matures and goes away). These issuers can, and may, issue a new token after the initial token goes away (like a bond issuer issuing a new bond), but they are not re-issuing these retired tokens (just like a bond issue that amortizes doesn't resell the debt). As a result, you measure a token in terms of "time to fully amortized" just like you'd measure a bond in terms of years to maturity. For example, at current $PUMP prices (.0019) and current revenues (roughly $500mm per year), it will only take 3 years for this entire PUMP token to go away. At current price and annualized revenue for $HYPE, it's closer to 18 years. This will obviously not play out this way. Pump will most likely not retire the entire issue in 3 years because eventually price will have to rise as "last token holder standing" will demand higher prices, but it gives you a sense of how cheap the token is (assuming constant revenue). https://t.co/XXXowMR4mA

I have a number of takeaways from ETH Denver, but RWAs were top of mind in almost all of them. Every serious vault / yield provider was discussing how to properly underwrite RWAs and @gauntlet_xyz and @SentoraHQ stood out as doing the sort of requisite diligence that no one else (that I spoke with) was doing. Serious teams were looking into how to best understand duration exposure for manually redeeming RWA assets, how to prove solvency of the RWA underlying strategies (hats off to @AccountableData for getting into this as well), and how to KYB with institutions for more direct exposure to their yields/offering. DeFi is incredible because we went from checking RugDoc to see if an OHM fork was a rug to now analyzing Figure's HELOC securitization process to understand how long their actual duration exposure is to home equity loans.

BREAKING: Kamino, Anchorage Digital, and Solana Company are bringing institutional collateral management to Solana.

i scanned all 22,667 agents on ERC-8004 88% batch-minted spam — fantasy name generators, template bots, duplicate farms ~30 are real ~10 have live endpoints this is the very beginning. now is the time to get your bot working onchain 🧵

Took a quick glance at Tempo's tech docs Some highlights: - 500ms block times - fully EVM compatible - no native token, gas is paid in stables. How? - pathUSD is the defacto ultimate gas token (whoever the issuer is here will print) - enshrined DEX allows for multihop routing to get pathUSD from any USD stable - a new Tx Type that has: - native tx batching (a list of calls, allows for single tx approve + swap) - native gas sponsorship - native support for WebAuthn keys and FaceId keys (your phone and browser are wallets by default, don't need to download an extension) - Parallel nonces (allows for sending multiple txs at the same time, very useful for relayers) Takeaways: - pathUSD will become a hugely important stable - Tempo's new Tx Type overlaps with the majority of 4337's value prop, this is a blow to that ecosystem and allows an alternative to appear - Tempo UX will be incredible Insanely Bullish for crypto adoption

The SEC issued a no-action letter to DePIN project @doublezero, and general counsel @MariTomunen & Cooley LLP's Connor Tweardy joined the Law of Code to unpack it all. (+ s/o @RSSH273) Plenty of vital details other projects & their lawyers should know. https://t.co/O7dK7CYimD

I’ll be in NYC the next two weeks raising our seed for @OverHerdXYZ . In the past 90 days we’ve quietly become the largest social app in web3 by nearly every measurable metric DAU, WAU, MAU, and app installs. We’re #2 in revenue behind @zora We've done a lot with a little and we’re coming for the web2 giants next. We will put 1 billion normies on chain 🦙

With Coinbases acquisitions of Echo, Sonar, and Liquifi, fundraising and ICMs are becoming a distribution game https://t.co/f6v88UkO0c

"There's nothing new or exciting happening in Solana DeFi" *checks notes* ... @kamino markets at $5B and growing fast with deep capacity and attractive yields @JupiterExchange Juplend already at $1.3B in total supply Prop AMMs delivering CEX-level (often better) execution fully onchain DATs gearing up to deploy billions onchain @jito_sol BAM update to enable ACE for the first time on Solana @DFlowProtocol enabling JIT routing onchain for the first time and effectively expanding the scope of that an aggregator can do @Titan_Exchange transforming routing efficiency and optionality across Solana DEXs and RFQ networks @pumpdotfun streams and creator capital markets taking shape @MeteoraAG TGE around the corner @solsticefi emerging as a key player in the tokenized yield vault game built exclusively for Solana w/ over 200m in supply within the first week of launch @syrupfi providing direct exposure to competitive institutional lending yields at scale @onrefinance bringing permissionless, exogenous yield (starting with reinsurance premiums) to DeFi @LoopscaleLabs building novel B/L primitives and the first onchain credit CLOB @ExponentFinance and @RateX_Dex developing Solana-native fixed-yield markets @Perena__ introducing stable-swap architecture for a more diverse stablecoin ecosystem @PayPal PYUSD deepening its Solana footprint through new partnerships and settlement flows @global_dollar expanding the revenue-share model to new counterparties BTC wrapper incentives driving cross-chain collateral inflows such as xBTC, LBTC, cbBTC etc... @_bulktrade building a hyper-scalable perp DEX on Solana rails @ranger_finance constructing the most comprehensive perp aggregator @TradeNeutral unifying DeFi strategies and portfolio management @hylo_so introducing structured products and options on Solana @DeFiCarrot automating stablecoin yield optimization through smart vaults and yield-bearing CRT tokens @0dotxyz developing the first true onchain prime broker @FusionAMM and @DeFiTuna re-architecting Solana’s CLOB and LP infrastructure @asgardfi launching institutional-grade margin trading to meet DeFi’s spot-margin demand @GlowFinanceXYZ simplifying yield and onchain savings for end users @reflectmoney enabling mirrored synthetic exposure to real-world assets @ArciumHQ deploying confidential computing for institutional DeFi use comment who I missed because there is certainly no shortage of awesome teams, products and assets on @solana

I’ve created a new game called Punk Hack. Punk Hack is a “Clue” style mystery that will run entirely on the Zora platform for the next few weeks. The theme focuses on 6 international characters attending a Cryptopunks event in Dubai. A mysterious heist of these Punks will take place, and one of these "friends" is the thief. Your mission is to study the trickle of information that gets shared on the Zora feed, and to guess who the correct culprit is before the game ends. Voting for a suspect simply involves owning the token of that character. If you’re right, you earn points. If you're wrong, you don't. I’ll trickle more details out in this thread soon… Additionally, I’m obligated to let you know that I created this game thanks to the partnership and patronage of @zora. I have long held their team and their platform in high regard so it was easy to agree to work with them on this. But it’s important that I disclose there is a financial relationship between us. Also if I play my cards right…a romantic relationship too? (It’s just financial)

non-zero probability that pre-seed becomes dominated by accelerators and crypto-enabled platforms only (Echo, Legion, Believe, etc.)

1/ We are extremely excited to announce that the Kamino Lend smart contract is now a verified onchain build Alongside open sourcing, 18 audits, and formal verification, this is a major milestone in Kamino's mission to be the most transparent & robust DeFi protocol on @solana https://t.co/8nQsZAvICD

so @pumpdotfun is back at a $500m annual revenue run rate this week, buying back $pump with 100% of revenue and valued at $3.5b fdv you were asking for revenue, fundamentals and real businesses, so go do your thing or buy that $1b dat for an l1 blockchain with $0 in revenue

Introducing GrandmAIsters - a new launchpad where market cap = ELO, backed by @alliancedao. Launch anime agents that play games for money, starting with chess. $GRAND is now live on @believeapp, with the app to follow soon. ca: CunxZHbQitW7iHV8cGpqtkZkGbXgR6nVTRKPvtguiBLV Here’s how it works