Pray without ceasing.

We are proud to be recognized in the @FortuneMagazine Crypto 100 as the #5 stablecoin issuer. Money is built on trust. Frax has earned that trust over years of shipping secure products. As trillions move onchain, Frax is well-positioned to power the future of digital money.

The stablecoin on/off-ramp must be understood as a dealer function situated at the boundary between two monetary hierarchies. Stablecoins compress the transport of money: they reduce latency, intermediaries, reconciliation, and settlement frictions within the tokenized domain. However, they do not eliminate the scarcity of local convertibility. Instead, they displace it toward the edges. Consequently, the ramp spread is the compressed price of an entire stack of constraints: fiat liquidity, banking access, inventory, compliance, fraud, regulation, FX scarcity, balance sheet capacity, and the cost of offloading positions into deeper layers of liquidity. In the traditional system, these costs are distributed across correspondent banks, FX desks, domestic rails, payment intermediaries, and nostro/vostro structures. In the stablecoin model, many of these frictions condense into a single quote: the price at which local currency can be converted into tokenized dollars, or tokenized dollars into local currency, with size, speed, and certainty of execution. This price is a form of jurisdictional basis. It does not merely measure the cost of moving money; it measures the difficulty of crossing a monetary border. In liquid, open jurisdictions, this basis will tend to compress due to competition. In jurisdictions with capital controls, dollar scarcity, inflation, banking fragility, or regulatory risk, the spread may persist because it essentially prices sovereignty, balance sheet capacity, and access. Thus, stablecoins may commoditize global settlement, but they make local convertibility more valuable. They decentralize transport, yet they can recentralize economic rent at the points of entry and exit. What this allows is that, provided the players operating these tolls are ultra-efficient, the aggregate cost of the overall structure could be driven down. Therefore, the structural business is not simply moving stablecoins. It is market-making across incompatible monetary systems. The winner here will be whoever controls the scarce constraint within each respective corridor: licensing, banking access, local liquidity, distribution, compliance, or balance sheet capacity. Stablecoins compress settlement. Ramps price convertibility. The spread is the market price of crossing monetary jurisdictions.

SCALING: The notional trading volume on @Lighter_xyz is up ~75% week-over-week, reaching ~$15 billion last week. A chart to follow 👇

$100M trading volume in 7 days since Lighter went live on Minara. 🚀 70% lower fees, same execution. Users noticed. If you haven't switched wallets yet 👉 copilot.minara.ai

Has anyone ran the math of what revenue would @Lighter_xyz be doing If they had the same fees as Hyperliquid?

Borrowing and leveraging SyrupUSDC at @alto_money feels like a free lunch. Go check our leveraging strategies: app.alto.money/strategies

I won't feel anything until LIT goes over 3$ again

What does ETH need to go to 10k?

Alto has selected frxUSD as a default stablecoin for liquidity: ¤ frxUSD is whitelisted in Alto's permissioned PSM to mint DUSD ¤ A new DUSD / frxUSD Curve pool is live, with the underlying frxUSD yield flowing to LPs Get started: curve.finance/dex/ethereum/p…

Alto is strengthening its liquidity position within the Curve ecosystem in partnership with Frax Finance. Curve and Frax are two of the most reputable and bulletproof protocols in the space. This partnership will allow Alto to grow in a scalable and self-sustaining manner long-term. Instead of renting liquidity, Alto is deploying its Protocol-Owned-Liquidity (POL) to build a permanent stable infrastructure layer that guarantees deep on-chain liquidity while offering external Liquidity Providers on a new Curve Pool with highly predictable, risk-adjusted yields. Read more here: altofoundation.org/blog/alto…

Wow, I really should have been using @Lighter_xyz this whole time

Our audit report for @alto_money is ready. BailSec was tasked with an audit of the Lending Market. Link to the report on Github👇: github.com/bailsec/BailSec/b…

I bought 10 Hypurr NFTs. There is are three main reasons why im deciding to be delusional. 38.89% of the supply is for future emissions and community rewards. If 1% of that is airdropped to hypurr NFTs that is 2173 $HYPE per NFT. Current selling for just under 600 $HYPE. Hyperliquid has built success off of continual rewarding the correct people. It is likely hypurr NFTs will be including within that group of people. Something even as simple as trading fee discount of 20% for holding a hypurr would be the same effective value as 10,000 $HYPE. Hyperliquid has insane mindshare over all of crypto and is creating the future of finance. It is genuinely the best trading experience I can find across both web3 and tradfi. The airdrops have been rolling in and I believe will continue to trickle in for years to come. They seem small and are small but actually compound quicker than you think and or realize. Some bulliever math for funsies. they give hypurrs a 20% trading discount which is normally 10k staked $HYPE and lets assume that gets conservatively priced in at around 5k $HYPE per NFT in added value. hype airdrops the remaining supply over a few rounds and hypurrs receive a conservative 1% in total across all drops. That is another 2173 $HYPE per NFT. So far across airdrops hypurr NFTs have been eligible for they've made roughly. 7 HYPE from @RamsesExchange $RAM 20 HYPE from @kinetiq_xyz $KNTQ 10 HYPE from @monad $MON with @harmonixfi $HAR and @hyperbeat $BEAT on the way. Lets assume a rate of 25 $HYPE on average a month over the assumption that hype distros the rest of their supply over 4 years. 4x12x25 is another 1200 $HYPE. Now lets say for fun $HYPE is trading at $100 by this time. And conservatively lets assume after all of this and the price of hype tripling the core value of the nfts have also doubled again putting them at 1200 $HYPE the 5k discount value so floor is around 6200 $HYPE So for an investment of just under 20k you can a return of 9573 $HYPE, which when $HYPE is trading at $100 will be valued at $957,000 so basically you can buy 1mil for 20k. okay obviously this post is somewhat unserious, I did really buy 10 hypurr NFTs and I do think they are seriously like buying hype for less hype

Announcing Lighter RFQ in beta! Available on the web app on eligible RWA markets. Enter and exit larger positions in one click with lower slippage and better pricing.

Kinda crazy how each HYPURR gets a 10k $HYPE airdrop

Cooking something new in the lab - a new approach to RFQ within our fully verifiable onchain order book. Whales looking to trade RWAs in size - reach out to us at @Lighter_xyz to try the beta. x.com/Lighter_xyz/status/205…

Lighter is doing 20% of the crypto volume, 10% of RWA volume, 4% of the fees, and 2x buybacks while sitting at just 2% of the mcap It is currently way undermonetized while prioritizing growth Good metrics tracking here: lighter-vs-hyperliquid.verce…

1/ I am early but I am not wrong 🧵 ethereum:0x232ce3bd40fcd6f80f3d55a522d03f25df784ee2: The Clarity Act Moment for Circle, is Ahead for Lighter The biggest trade in onchain derivatives last cycle was hyperliquid:native. The next one is ethereum:0x232ce3bd40fcd6f80f3d55a522d03f25df784ee2 and it's setting up the same way Circle did into the Clarity Act. Regulatory tailwinds reward the operator who built for them. Lighter is the only perp DEX that did.