objects in motion stay in motion
- Tweets 3,694
- Following 947
- Followers 8,626
- Likes 16,037
for yield farming i follow a strictly barbell approach
80% of my funds are in ultra safe contracts like balancer (battle tested for 5 years)
20% of my funds are in riskier plays like stream
this ensures outperformance
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"that'll be a total of $23.20"
"do you accept jpmUSD?"
"sorry we only accept pyUSD, rhUSD, and we're running a promotion of 5% off your purchase if you use amexUSD"
"how do i get amexUSD"
"its available on solana, base, and ripple. most of the liquidity is on ripple"
"ok give me 5 minutes to bridge over"
"ok good"
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CT is hilarious you have ex-PE NY guys who had 7 fig salaries debating their celestia thesis with dudes in philippines
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extremly happy to announce I'll be joining @ethena
over the last year, i witnessed firsthand the incredible appetite institutions, family offices and HNWIs had for USDe - even from those who would normally not touch crypto. there is still such a massive, untapped opportunity in properly extending this to tradfi, democratizing yields from our collective deranged desire to click green and red buttons
i'll be helping to drive growth across institutions, working closely with @n2ckchong on growing the ethena ecosystem, and overall expanding the capital blackhole that is USDe. i really couldn't have chosen to work with a better team - @leptokurtic_ and the crew are absolute killers
the institutions are coming
accelerate
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threatening to kill yourself after losing other people’s money is not an admirable, appropriate, or valid response
and more likely a sign of guilt
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Altlayer didn’t run a 6 month points program
Altlayer didn’t have a leaderboard
Altlayer didn’t make you connect to twitter
They simply dropped tokens
Do better
Be like altlayer
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stable just fully filled its $700M predeposit program without announcing btw
insiders eating
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best trader i know (top 3 on leaderboards) openly shares his trades in real time, created a gc to share resources & help his friends make it, doesnt shill his bags or claim clout on CT (<2K followers), is one of the genuinely nicest guy i've met in the industry
stop worshipping false gods
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gm - an Ethena update:
Despite being the largest notional liquidation event in crypto derivatives to date (estimated to be at least $8-10B), everything functioned as expected, with no disruptions to our operations.
We have successfully processed ~$50 million in redemptions seamlessly and expect no issues going forward. Secondary USDe markets saw over $350m in 24hr volume as USDe remains within 10bps of USDT.
sUSDe and USDe collateral across DeFi functioned as normal (e.g., Aave, Morpho, Fluid, Curve, Pendle), with no material liquidations, unwinding, or liquidity issues.
Our system is automatically unwinding positions from unprofitable perps both to improve funding and to also capture the unrealized profit with the derivatives leg trading below the spot leg. (see image snapshot)
Cumulative protocol revenue in the present weekly cycle stands at ~$3.8m, providing an additional buffer for any negative funding overnight.
The sUSDe rate so far (Thurs - Mon) is 5.05%.
We currently hold ~$473 million in stablecoins on hand, some of which are yield-bearing, and this figure continues to grow as we further bolster our reserves.
Market-wide liquidation cascades are a cyclical phenomenon in crypto derivatives. When they occur, it typically takes a few days for the market to rebalance and for funding rates to revert to more stable, baseline levels.
During these environments, perps tend to temporarily trade below spot, which leads to higher unrealized PnL & consequently more margin collateral buffering our already unlevered positions. As our system automatically unwinds from perps, our positioning naturally benefits from these dislocations, putting us on the stronger side of the market.
Can DM me anytime for questions, am business developing
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still in all my defi farms despite a 5 year old bluechip contract being hacked for hundreds of millions
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there is no way this shit listed at $5B fully floated? is this the greatest short bait of the cycle
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personally think hyperliquid team handled this event (& prior events) quite competently
every exchange has hit difficulties, natural that this HL does too (& even more so building in the open)
public responses show that they are competing with the big dawgs now, wish their team good luck~
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crypto is just an instrument for insider trading geopolitical events
thank you for your attention to this matter
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thinking of starting a fund that just buys tokens of projects led by smart founders with 9-10 figs to their name furiously locked in and building for their legacy
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Just had a call with a well-connected market-maker operator and board member of a couple of exchanges. He walked me, step by step, through EXACTLY how this crash unfolded. 👇🏻
That wasn’t a “normal dip.” It was a one-minute crash where alts dumped 60–90% and instantly bounced before most people even opened their charts.
To make sense of it, you have to start with: A-book vs B-book. In B-book, the venue/internalizer literally takes the other side of customer trades. If you lose, they win. Those orders never touch the “real” market. (Sadly, almost every CEX does this.) In A-book, the venue routes your order out to external liquidity. If you win, they are protected. Most retail perps flow sits comfortably in B-book, until the risk gets too one-sided. When the crowd piles onto the same side (think high-conviction longs), the venue’s B-book P&L becomes dangerous. That’s when they flip some streams to A-book or, if needed, force a reset: thin the order books, pull bids, accelerate the move, liquidate crowded leverage, and reset risk.
Here’s where the Binance gravity well matters. Like it or not, a huge number of smaller exchanges route their A-book flow into Binance (fee-share B2B, lowest latency, deepest order book). If the big market makers pull quotes and the books go thin, even small sells can fall straight through the floor, cascading liquidations follow, then fast re-quotes appear once MM risk is clear. That’s why this event didn’t look like 2020. Back in the COVID crash you had a multi-week base after the dump: time to react in spot. This time it was a 5–10 minute slap on your face. Latency/credit won and retail lost, as always. The speed of that rebound says a lot, it felt more like a market cleaning than any real macro collapse.
Retail aped too hard on perps and got cooked. CEXs used the chaos to reset B-book risk and refill insurance funds by forcing liquidations (ADL). DEXs look cleaner after this mess, and rumors say some CEXs were longing with client funds. If that’s true… we might see a few blowups soon 👀
But why now? Incentives. Q4 is “up-only marketing season,” and tax timing helps too: plenty of pros would rather realize gains next tax year (sell in Jan) than in Nov/Dec and if you’re still reading this you might be retarded.
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The greatest trick the devil ever pulled was convincing you not to buy something solely because "it already pumped".
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hyperliquid has shrugged off all top signals thrown at it. wonder what the ultimate top signal will be
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the best crypto card is bybit's card and its not even close at all
10% cashback
free chatgpt, netflix, spotify, amazon, and tradingview
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very excited about this!
StablecoinX effectively unlocks a bridge to the Nasdaq, so we looked to structure this vehicle as investor friendly as possible w/ transparent, permanent capital structure
this deal immediately impacts ENA in ways that others do not (StablecoinX blackholes ~11% of total ENA supply, Ethena Fdn absorbs ~8% of circulating supply)
with the ongoing buyback program , each share of StablecoinX reflects an increasing claim on ENA per share, as future raises and earnings are recycled into more buybacks
working with the StablecoinX on a lot of creative structure that we're excited to push out - hope to share more soon
StablecoinX Inc. @stablecoin_x has announced a $360 million capital raise to purchase $ENA and will seek to list its Class A common shares on the Nasdaq Global Market under the ticker symbol "USDE", which includes a $60 million contribution of ENA from the Ethena Foundation
Equity markets will now have direct access and exposure to the most important emerging trend in all of finance:
The growth of digital dollars and stablecoins.
To bootstrap its acquisition strategy, StablecoinX Inc. will use all of the $260 million cash proceeds from the raise (less amounts for certain expenses) to buy locked ENA from a subsidiary of the Ethena Foundation.
Starting today, the Ethena Foundation subsidiary (via third-party market makers) will use 100% of the $260 million cash proceeds from the token sale to strategically purchase $ENA across publicly traded venues over the coming weeks, further aligning the Foundation’s incentives with those of StableCoinX shareholders.
The planned deployment schedule is approximately $5m daily from today over the course of the next 6 weeks. At current prices $260m represents roughly 8% of circulating supply.
Importantly, the Ethena Foundation has the right to veto any sales of $ENA by StableCoinX at its sole discretion. Ideally, tokens will never be sold with a sole focus on accumulation.
To the extent StableCoinX subsequently raises capital with the intent of purchasing additional locked ENA from the Ethena Foundation or its affiliates, cash proceeds from those token sales are planned to be used to purchase spot $ENA.
StableCoinX's treasury strategy is a deliberate, multi‑year capital allocation strategy that will enables StableCoinX to capture the enormous value of the secular surge in demand for digital dollars while compounding ENA per share to the benefit of shareholders.
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this indicator is really strong, ~70% win rate on a higher time frame (since 2013)
and when it’s right it tends to be really right
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this claim website makes me really bullish on how much load the blockchain can handle
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short term, the SBR news was mostly priced in, and marginally disappointing to markets that was hoping for incrementally positive news
longer term, the US government has effectively acknowledged bitcoin as "digital gold" - a tremendous win and helps cement BTC status as store of value
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eigenlayer's thesis is that bootstrapping economic security is expensive
but in reality the market is willing to throw L1s with any credible differentiation a $1B+ valuation
so eigenlayer ends up attracting networks that somehow couldn't raise from VCs that are hungry to deploy
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crazy to think that HL's total stables TVL ($2.3B) is greater than Bitget's ($1.4B), the 3rd largest crypto perps exchange
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in school they teach you about all the dangers of premarital sex, all the stds, aids etc. my parents always warned me against it as well. ive broken the heart of many a young lass (and lad) to avoid the dreaded illnesses. to this day at the age of 28 I remain a clean healthy virgin. however, i wish i had let loose and engaged in all that unprotected sex as i could because this market gave me aids anyways.
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mid: perps trader
top: onchain trench
jungle: mev/hft
adc: stable farmer
support: airdrop farmer
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imagine youre circle and you try to IPO at $5B but the market balks at your valuation and realize how much you pay to coinbase for distribution and that coinbase actually owns the USDC brand then you had to delay your IPO and now coinbase is giving pyUSD equal shelf space
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*stablecoin depegs*
every stablecoin founder: you fucking idiot this is why you should be in my stablecoin
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During 2021 I went to a crypto event and was talking views w some guy. I said something like seems altbtc can rally here, retail sentiment coming back. He looked at me incredulously and said "whales decide the altbtc bottom."
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Ethena, perps, and scalability
USDe
Perps will undoubtedly continue to grow
- Crypto exchanges like Coinbase, Kraken, Binance will continue to legitimize, onboarding additional perps volume
- Tradfi exchanges like Robinhood and IBKR will want to get their share (see acquisition of Bitstamp and Zerohash)
- CME will add derivatives for more pairs, maybe even pushing out a version of perps themselves
- Decentralized exchanges like Hyperliquid will grow market share, and HIP-3 will broaden the TAM like introducing equity perps
It's underappreciated that Ethena is a beta to the growth of this vertical
And I think most exchanges will eventually come to the decision that they want some form of "USDe" on their platform. Maybe they try to push an in-house variation of USDe, but what makes the most sense is simply integrating USDe, which is most liquid, battle tested, and already used across trading firms, large institutions/funds, and retail
Integrating USDe also effectively onboards $14B+ of capital to the exchange, helping to improve funding rate stability and improve liquidity on the platform. it also improves capital retention and creates new use cases (earn, structured products)
This decision will be more clear as global central banks cut rates
And the basis is here to stay. Crypto's volatility all but ensures that leverage is priced at a premium for crypto assets
Ethena is still <7% of total OI and we're onboarded on only effectively four exchanges
So USDe can scale much much more
Ethena's stable stack
Everyone wants a stablecoin
This trend was obvious for a while and will probably accelerate. It definitely at the detriment UX in the near term, but ultimately it makes more sense for the distribution platform to internalize stablecoin margins
We'll probably eventually see a re-bundling where power law prevails and users all congregate on one platform that has both the distribution network and their own stablecoin
Ethena's provides a stable stack for platforms to issue their regulatory compliant stablecoin, with those platforms retaining virtually all the economics. For these type of partnerships, you need an issuer who can provably issue and scale digital dollars. With MegaUSD, the reception to our USDH proposal, and a few potential upcoming partners, we've shown that we can create a compelling stack for other issuers to rely on.
tldr
Ethena
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the last few days have been especially challenging as a post-launch company.
when Binance informed us about one of our MMs, we immediately sprung to action. we spent the last few weeks working with the Binance team to understand the problem, realize the impact, and find an effective solution. with their help, we were able to freeze the MM's account and negotiate the funds back.
thanks to their work, we now have recovered funds from our MM and used this to established a Strategic Movement Reserve: a $38M buyback program to purchase $MOVE for long-term use and to funnel back liquidity into our ecosystem. note that none of these proceeds went to labs, foundation, or individuals - every penny will be used to accumulate $MOVE which will be deployed over a long-term horizon for the ecosystem.
we've learned a lot of lessons but now have a suite of great partners supporting the movement ecosystem on and offchain.
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hyperliquid has more volume than coinbase perps
coinbase launched perps in march 2023
hyperliquid in may 2023
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you can buy shares in a 24/7 world computer that never goes down in your brokerage acc next week :]
GLOBAL OUTAGES
- Major banks, media, airports and airlines affected by major IT outage
- Payment systems impacted in different parts of the world, including Australia and the UK.
- Australia's government calls for emergency meeting
- Significant disruption to some Microsoft services
- 911 services disrupted in several US states including Alaska, Arizona, Indiana, Minnesota, New Hampshire and Ohio.
- Services at London Stock Exchange disrupted
- Sky News is off air
- Reports the issue relates to problem at global cybersecurity firm Crowdstrike
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signs of ponzi scheme are indistinguishable from signs of sophisticated financial engineering
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trade[XYZ] @tradexyz is one of the very few ref links I will happily shill
if you don't have enough volume to sign up, suggest you go aster mode
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What the fuck did you just fucking say about me, you little bitch? I'll have you know I have written over 1500 Quora answers.
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having done literally nothing for the monad community i honestly expected more MON allocation.
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do we think wall street has priced in both hyperliquid and solana forcing CRCLs hand to share revenue?
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"So if you offered me a bet on the election, who would I pick? Well, I wouldn’t. And not because I don’t like gambling. But at the odds sportsbooks typically offer, you have to win 52.5 percent of the time to have a +EV bet."
polymarket is offering you Harris at 38%
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USDC depegged over the weekend and circle had literally 0 comms
people were left guessing how circle might socialise losses
if redemptions were open throughout this is actually even more scary, because the theory that if SVB went down, the last person would be left holding the bag, would be correct (hence the collective rush to sell down USDC)
"During the banking crisis, USDC traded down on every single venue. There was *no* place where you could buy USDC for $1. Redemptions were literally halted, so $0.87 was the *true* price. That’s what a depeg means."
Utterly incorrect. We're rewriting history now.
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crazy how this time last year, Unit was just an idea
and now it’s undoubtedly the best exchange deposit experience
Spoke too soon -
Users have now deposited 162M XPL ($161M) to Hyperliquid, equal to 1.62% of the total supply and 8.76% of the circulating supply.
plasmascan.to/address/0x8e88…
Spot $XPL volumes on Hyperliquid have already flipped BTC, ETH, SOL, and PUMP - making it the third-largest trading venue by volume, ahead of names like Bybit and OKX.
Even crazier: $XPL has also overtaken PUMP and ETH in total spot deposits, becoming the #2 most deposited coin on Hyperliquid after BTC.
Trade spot $XPL with the lowest fees on Hyperliquid app.hyperliquid.xyz/trade/XP…
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Some smart people tell me there is an earnest smart developer community in Hyperliquid, and now that the awful opportunistic money people have been washed out, the chain has a bright future.
Hard for me to tell from outside, but I hope the community gets its fair chance to thrive🦾🦾
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since i've joined Ethena, i've tried to avoid bullpoasting (devs tweeting about price). but to give the other side of this:
- network effect and liquidity moat similar to other USD-denom assets like USDC, USDT, DAI. even in some of the worst alt sentiment I've seen (and pretty bad funding rate environment), Ethena is still a top 5 TVL product
- imo haven't begun to peak yet on USDe supply (unless we think it makes sense for the crypto benchmark rate to be 15%-20%+ APY)
- proven resilience through bull markets and large perps liquidations
- beneficiary of tokenization / RWAs - we're one of the few that will "export" crypto products to tradfi with iUSDe. growth of iUSDe pushes capital into crypto, whereas other tokenization plays tend to pull capital out of crypto (some variant of redeeming stablecoins into fiat to buy t-bills or money market funds)
- "Aavethena" was a powerful driver of TVL growth in Q4 last year even when USDC/USDT borrow was at 12-15% - iUSDe will likely supercharge this growth by sourcing tradfi borrow at SOFR + tens of bps (5-8%)
- related to this is working with close existing partners to bring all the DeFi primitives to TradFi (Aavethena, Pendle PTs, Pendle securitization, and more...). more soon on that
- we've made the clear decision that every dollar of Ethena protocol revenue is directly soley towards Ethena users - whether it's sUSDe holders, reserve funds, or (in future) sENA holders
- BNB-style tokenomics where sENA holders also enjoy upside from Ethena-ecosystem projects incl Derive, Ethereal, and more on the way
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surely the market can support multibillion valuations for zksync blast friendtech ionet drift swell mode hyperliquid morpheus in may
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