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Arjun Mohan @arjunbmohan

I like getting nerd-sniped | @BullpenBrief

Joined April 2021
  • Tweets 138
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  • Followers 761
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Arjun Mohan
@arjunbmohan
1 Jul 2025
feel like crypto got its swagger back today with the robinhood announcement. the next wave of financialization emerges at the intersection of perps, spot, prediction markets, etc. a unified beachhead where applications become the dominant force. crypto is now forced to show that composability actually matters otherwise we may lose on distribution. exciting times
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Arjun Mohan retweeted
Vikram Singh
@vikramcantsingh
Mar 20
x.com/i/article/203474177556…

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have some thoughts on the competitiveness and fungibility of deposits versus stablecoins re: clarity act it feels like either we accept a dumbed down version of programmable money or they actually are competitive with the current iteration of bank deposits and we should be ok with it open.substack.com/pub/arjunm…

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I think DeFi's dogmatic rush to price every asset in real time is a misstep. The proliferation of yield products accessing on and off-chain exposure with varying duration risk requires customization, not standardization (probably increasing fragmentation downstream on borrow/lends!). When you hardcode prices for translucent reserves and accept them as pristine collateral at high LTVs, you're pricing liquidity assumptions into the oracle feed. The moment those assumptions break, people get hurt.
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Aster makes things increasingly clear on crypto's competitive advantage: 1). its a substrate for asset issuance and capital formation 2). capital velocity can scale exponentially with an increasing appetite for financial speculation
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The market structure transformation on Solana presents incredible opportunities - @realRockyChung and @defythepancake are capitalizing on this shift to position Titan as Solana's premier price discovery engine
Titan
@Titan_Exchange
18 Sep 2025
We’ve raised a $7M Seed Round led by Galaxy Ventures @galaxyhq to build the gateway to internet capital markets on @solana. Titan launches to the public today at titan.exchange.
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One of the most frustrating parts about crypto is pricing. This is a non-trivial problem everywhere but particularly difficult in crypto with pervasive confounding variables: - TVL <> incentives - Large AUM <> Non-monetizable - Revenue <> Earnings We're seeing compression on mature assets—bluechip DeFi protocols trading at reasonable multiples while everything else faces sustained selling pressure. Maybe mispricing comes with the territory when you're the fastest capital formation substrate. Crypto's competitive advantage is speed of asset issuance, which may naturally create deeply mispriced markets until fundamentals catch up.
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This is one of the strongest points for HIP-3. The XPL market along with hyperps generally were flawed upon release: fragile liquidity, dubious oracle robustness, and an adversarial market all resulted in a failed market. HIP-3's strongest argument isn't compounding liquidity for deployers or Hyperliquid itself, but risk externalization. The value proposition centers on strategic insulation: Hyperliquid maintains its core orderbook integrity while third parties absorb experimental market failures (and successes!). The analog is morpho blue.
Charlie
@0xBroze
2 Sep 2025
Another post HIP-3 mainnet thesis is that the Hyperliquid team likely stops listing markets entirely after launch As the shift to Hyperliquid as exchange infra continues, HL team can focus fully on the orderbook infra it builds best as opposed to also having to juggle parameterization and execution of one-off market listings (would have likely been better for a dedicated team to have listed the XPL pre-TGE market) This shift away from the core team deploying markets also removes a layer of regulatory scrutiny and distributes that compliance question over a wider surface area of distributed parties, allowing for a more compliant HL base to build on Open market deployment incoming
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using crypto as an alternative capital sourcing mechanism is the least interesting thing about crypto it ends in adverse selection, little recourse, and maintains none of the benefits of a verifiable ledger
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I’m increasingly dubious about why DeFi matters in its current state. Stuff gets exciting when ownership and value transfer settle on the same rail unlocking: • atomicity • composability • ~0 opex Instead, most DeFi is highly focused on: • app-specific sequencing (breaks composability) • tokenized/levered HFs • sustained by a slow drip of ENA
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liquidity >= composability
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starting to feel like ZK can potentially solve some of the bandaid fixes to the composability we wish defi had - succinct making this a reality
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real compounding returns are rare in crypto builder codes are exciting as a mechanism for actual fungible liquidity altruism isn't dead
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Shoutout to @debridge for building an excellent product
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defi is so damn cool
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bullpen summer loading...
Bullpen
@BullpenFi
9 Jul 2025
We're beyond stoked to announce the addition of @HyperliquidX Spot Markets to Bullpen. Not everyone can handle 40x leverage, and Bullpen is for everyone — even your girl. Hyperliquid.
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whoever cracks perps in your pocket will be ungodly rich it will come down to taste: - how enjoyable is onboarding - haptic feedback of buttons - tasteful social aspects - not in your face ai integrations compounding returns for the "aws of liquidity"
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Feel like the diversity of capital allocation and capacity for liquid funds is growing recently: - Long good stuff/short bad stuff (growing clarity) - hyperliquid (hype, unit, hyperevm) - Pump - Plasma - Basis (perp proliferation) - Treasuries trading below nav There is already an inevitable underwriting to what is useful and cash producing. The newer the protocol is, the more vicious this will be. Follow the $$$
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