This is the story of Hyperliquid, the most profitable startup per employee on earth, told from a guarded office in Singapore. Last year, its team of 11 generated $900 million in profit. It's 3 years old, has never taken a dollar of venture capital, and is beginning to change how century-old markets work. Its founder, Jeffrey Yan (@chameleon_jeff), had never taken a physics class when he picked up a textbook at 16. Two years later, he won gold at the International Physics Olympiad. In 2019, he started trading with $10,000 from a living room in Puerto Rico—working off a television because he didn't own a monitor. Within 3 years, he was running one of the largest anonymous crypto trading firms. Then he shut it down. Yan was rich and free, but he had spent years inside crypto, watching it betray itself. Bitcoin's central premise was decentralization. Yet the biggest exchanges were centralized. Crypto kept reintroducing the dependence on trust it was built to eliminate. He set out to create what should have existed. Hyperliquid is a blockchain with a trading exchange on top, and anyone can build on it. Yan's vision is to house all of finance. In 3 years, it has done over $4 trillion in volume. And in the past few months, it has begun to outgrow crypto. Markets for oil, silver, and the S&P 500 now trade on Hyperliquid around the clock, weekends included, and are growing roughly 40% week on week. When the US and Israel bombed Iran on a Saturday in February, Hyperliquid was the venue traders turned to. Hyperliquid's success has cost Yan his freedom. He works out of a secret office in Singapore and cannot travel without two bodyguards. Even the team's housekeeper doesn't know what they do. In January, @domcooke spent a week at their office. Read his profile on Yan and @HyperliquidX below.

🚨JUST IN: The White House Council of Economic Advisers has released its study on stablecoin yield and its potential impact on deposit flight and bank lending — the same report I noted last month that Senate Banking lawmakers were pressing the White House to release. The TLDR: Banning stablecoin yield would do little to boost bank lending, impose costs on consumers, and concerns around deposit flight are overstated. The data: At baseline, eliminating yield increases lending by just 0.02% (~$2.1B) and results in a net welfare loss. On deposit flight: The report finds those concerns are “quantitatively small,” noting most stablecoin reserves remain within the banking system, with only a limited share truly removed from lending activity. “In short, a yield prohibition would do very little to protect bank lending, while forgoing the consumer benefits of competitive returns on stablecoin holdings,” the executive summary reads. Link to the report below ⬇️

What do I actually get for paying you to hold my money? Your bank:

Excited to share that Ramp Stablecoin Accounts are now in public beta. Ramp customers can now: 1. Hold stables on Ramp 2. Earn rewards on stable balances 3. Pay vendors & employees worldwide in USDC 4. Pay off Ramp Card USD payments using stables 5. Use one system for both fiat stable obligations with the same approvals, controls, and accounting We are bullish on the institutional adoption of stablecoins and to bring stable technology to Ramp customers.

What non-crypto people don't realize is that crypto makes it possible for every app to become a 'bank' and offer yield on balances, payments, investments, and a lot more. Every app where people get paid--Instacart, DoorDash, Uber, etc.--will become banking and brokerage apps.

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im quite convinced that we will see more and more one person, or few person teams building alongside agents and the best way to fund these projects are through tokens launched through @bankrbot. why do teams needs $5 to $10 million from investors to go and try to find pmf when they can launch a token and are incentivized to grind for their project. plus they give away zero equity. on the other-side regular people get to invest in the project via the token. it isnt exclusive to a few VCs or insiders. if you believe in the project buy the coin. its just a better model to bootstrap early attention and capital as teams get smaller and leaner. incentives are aligned because it requires the team to grind and find pmf. like how many times have teams raised millions from investors or presales only to deliver nothing. this model makes teams work for their money. bankr is the example. we didnt raise. we have been grinding. we adopted $BNKR, earned fees, stayed lien and stayed scrappy. now we are a team of 8, hiring more people, have run way for years and own 100% of the company. we have proven the model works and now we want to help everyone achieve the same thing. in the age of ai we are going to see so many more projects and agents come to life. people arent held back by technical constraints. if you have an idea you can execute on it. youre only limited by your creativity and tokens are the best way to fund these new agents and projects.

Physical collectibles being digitalized, traded on digital markets, tracked as portfolios on apps is the gateway to the revival of NFTs NFTs are a technology medium, this is not an endorsement of any specific NFT collectibles, but the technology will be the future of all digital collectibles NFTs are the future of collectibles just like blockchain rails are the future of finance. Neither has been built out and adopted yet but the innovators bubble should not be confused for the global adoption curve

It's ok that some AI developers don’t like crypto. Because their agents do.

So, you want to know why the one crypto bill that actually matters is collecting dust in Congress? Buckle up, and sit by the fire with Papa Farmer, because the reason is so breathtakingly stupid it makes perfect sense. Banks, the same institutions that charged you $35 for overdrafting by eleven cents, that gave you the global financial crisis of 08 by being absolute mavericks, the same people who took a taxpayer funded bailout and then gave themselves bonuses, are throwing a tantrum. Why? Because stablecoins might let you, a regular human being, earn 4% on your money. Four. Fucking. Percent. Not forty. Not four hundred. Four. And apparently that’s enough to make the entire banking industry shit their pants. Their argument, and I’m barely paraphrasing here, is: “If people have access to a better deal, they’ll stop accepting our garbage deal, and that’s unfair.” That’s it. That’s the whole thing. No, really. They’re barely even pretending it’s about consumer protection or systemic risk or any of the usual buzzwords they spit out when they want regulators to do their dirty work. They’re just openly admitting that their business model depends on you not having options. They said the quiet part so loud it shattered windows. And my brain. And I’m fucking sick and tired of this shit. So clearly crypto bros went: “So you mean… compete?” Turns out banks are only fans of the free market when the market is free to funnel money in their direction. So the White House, playing the role of exhausted parent breaking up a fight between a toddler and a teenager, scheduled a meeting. Sit down, hash it out, find a compromise. Very diplomatic. The proposed deal? Crypto drops yield on idle stablecoin holdings but keeps DeFi rewards intact. Which, honestly, is already a massive concession, bcuse like you are agreeing to only eat half your lunch so the kid who has never shared his toys in life stops crying. And are the banks happy? Nah. They willnevr be happy. Happiness for a bank lobbyist is a world where you have zero alternatives and a vague sense of gratitude for the privilege of being their customer. Yes sir. Thank you sir. Meanwhile, and here’s the part that should make your blood actually boil, go check your savings account apefam. Go on. Open that app. See that number? That beautiful, generous, awe-inspiring 0.1% APY? That’s what they think your loyalty is worth. One basis point. And somehow, Congress is listening. A “discussion” is being had. Remeber why you’re here anon. Remember that the system is working exactly as designed. Just not designed for you.

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Public Mainnet // 02.09.26

The thing about crypto is at some point even all the haters will be using it every day, and they won’t even realize it

lol

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Worth keeping tabs on at least… 👀