If you want a good case study on how much easier it is to have actionable and profitable informational asymmetry in crypto as opposed to tradfi, look no further than $KNTQ. In tradfi it's "Oh you weren't at the child sacrifice to Baal themed yacht party where we decided which billionaires sons' shell company was being awared the 10 figure government contract? NGMI lil bro" Meanwhile @Kinetiq_xyz just casually dropped that they were changing tokenomics to intrinsically and programatically tie themselves to $HYPE valuation, probably double TVL, revenue and $kHYPE liquidity/peg stability, and increase token buybacks from 0% to 70%. Barrier to entry for this information was an elementary school reading level and reading the patch notes a week ago. Price still unchanged from then. At $100m FDV, you're buying the first $HYPE beta the suits will look at for a catch up trade after they miss $HYPE to $100, with total market share domination in their vertical (I couldn't even tell you the next most popular $HYPE LST tbh). Now they'll direct millions of dollars of revenue to buying a $28m mcap token (39% of which is staked). $KNTQ current valuation also currently prices in @Markets_xyz being an absolute zero, while it's quote asset, $USDH, just became the cleanest way to onboard new capital and users to @HyperliquidX. $KNTQ is currently the only liquid way to gain exposure to a HIP3 deployer(s), and bet on $USDH proliferation. You're getting exposure to those for free at this valuation. You only see prices diverge this aggressively from fundamentals at market pico-tops and pico-bottoms.

Bright side for $ZEC, price may be down, but market cap... Might be up?

Running out of memory for all the different crypto 9/11 dates...

The Arthur Hayes hate is so forced and silly imo. Pure price leading narrative. He layed out an extremely reasonable thesis that I mostly agree with. I hedged a bunch of exposure for a lot of the exact same reasons too. You can simultaneously be bullish an asset long term and bearish short term. I also think $HYPE will eventually be much higher than it is here despite hedging a bunch in the $70-$75 range. No shame in selling some $HYPE to try and buy back lower. No crying when you don't get the chance though. The important signal is everyone is just trying to accumulate as much $HYPE as possible. Diamond hand native staked spot, use leverage to swing trade perps, sell covered calls; we're all just trying to accumulate more. But even something as fundamentally sound as $HYPE can enter into some pretty speculative and thin air temporarily. The difference is when it crashes, it's just resetting into attractive fundamental ratios again (look at revenue and P/E today). When $ZEC, $ETH, $SOL crash, what fundamentals and actual flows are there to cushion their fall? I still think we see new lows on the majors so I'm slowly nibbling back at $HYPE here, but I don't think it's crazy to think we see 5 handles on both $BTC and $HYPE (probably $SOL too 💩) in the coming weeks.

This is what we get for wishing bears a Happy Pride Month...

$BTC doesn't feel cheap here at $62k like it did in February. Think new lows are incoming. No strong urge to close my shorts yet.

In my mind, 30 $ETH is still $100k and 3000 $HYPE is also $100k It's crazy how far apart those actually are now.

I had the $SOL chart open and accidentally thought it was $HYPE and wondered why it looked so bad for a full minute before realizing. Happy Flippening Day

My face when I found an old $DRV / $ETH @AerodromeFi LP I set that is now fully $ETH First $ETH I've "bought" in years. No amount of $AERO rewards justifies this feeling...Can we migrate all the liquidity to the USDC pair @DeriveXYZ

A lot of $HYPE bulls can get very tribal and think that Lighter lacks a certain je ne sais quoi and that Vlad is in an unrecoverable aura deficit to Jeff. And obviously they are right, @Lighter_xyz absolutely lacks the Mandate of Heaven that @HyperliquidX has. But you can't really be long the overarching @Hyperliquid thesis and claim to be a fundamentals based investor and not find $LIT at least a little interesting here. According to @DefiLlama AI on comparing $HYPE vs $LIT buybacks: "On a current run-rate basis (30d), Lighter is the better buyback yield at 5.94% vs 3.95% — it's returning ~50% more per dollar of market cap right now." This is after a 35% pump... I'm not necessarily saying to FOMO in and top-blast $LIT, but there's still a bunch of people waiting for the $HYPE retest to $45 that never came. I'd feel irresponsible not at least owning $LIT market cap weighted relative to my $HYPE bag, but I think the setup is more asymmetric so I've added a decent bit more. Both can and will very likely win. Lighter might just be the "lame" Microsoft to Hyperliquid's cool Apple.

Aside from being in the waiting room for $100 $HYPE like everyone else, the rest of my portfolio is currently betting on: $AERO to $1 $DRV to $1 $KNTQ to $1 $ETH to $1 (preferably before my puts expire) $SOL to $1 (same^) $NEST to $1 $PURR to $1 (but not the DAT)

I'm gonna nuke my lifetime perps PNL chart taking advantage of this crazy $HYPE funding 🙃

Some people have claimed that buybacks/burns don't work, or the "revenue meta" has topped because of what is happening in tradfi (as in PE ratios seemingly no longer mattering in equities). The difference is that equities have massive passive flows and bordering on price-indiscriminate buyers. Crypto does not have much, or really any, passive bid right now. The HyperEVM is a microcosm of the broader crypto market in that the tokens that are mooning the hardest right now, such as $KNTQ and $NEST, are the ones that have a very similar dynamic to $HYPE. They are some of their own biggest buyers. I find any token that cannot create favorable flow dynamics endogenously to be uninvestable at this point. If your token isn't buying itself, good chance nobody else will.

What's the @Kinetiq_xyz of Solana?

Absolutely massive news for DYDX, Vertex, Jupiter, GMX!!! 🤡🤡🤡

Thoughts on @prjx_hl cash drop First off thank you to the team. The bar is incredibly low as far as HyperEVM airdrops go, but just returning straight cash to early users is so much better than dropping a useless governance token that goes to zero. At the same time though, I think this is an interesting case study as to why @Uniswap forks are fundamentally doomed. In order to get this cash drop, I earned ~$1m in LP fees, and $135k went to @prjx_hl as they have a 14% take rate. So the cash drop is effectively just a 10% rebate of what they made. Effective take rate down to 12.6%. Assuming that 12.6% take rate remains with the ongoing USDC rewards they are doing, why would I continue to LP here over @NestExchange (the HyperEVM @AerodromeFi metaDex equivalent)? You're selling the same volatility in the same range but getting paid more to do so. This is the fundamental flaw with all @Uniswap forks and why I'm long $AERO and $NEST. You can't have a take rate to support a token (and @prjx_hl is wisely choosing not to do so) AND be the best place to LP. LP's will choose to migrate to where they get 100% of LP fees over 87.4%. This is on top of the fact that only earning fees off being short realized vol means that longer tail pairs can't attract liquidity in the same way emissions can incentivize. This will become increasingly important as more spot RWAs come on chain. Liquidity will flow to where the highest rewards are, volume will get routed to where the best liquidity is, and value accrues to $AERO and $NEST.

Nuanced $LIT take 1. As a trader, $LIT is currently trading at an up to 50% discount to $HYPE on some fundamental ratios. This makes it an extremely attractive trade if it rebounds to relative value parity. 2. As an investor, $LIT deserves to trade at a discount to $HYPE due to much worse momentum/growth, less faith in @Lighter_xyz leadership and team, scarier unlock picture, and just worse vibes. How "cheap" you find $LIT is based on how much spread you find between those realities. I'm currently more scared to not own a little $LIT than I am of the longer term picture. But I'm here for a good time not a long time until the concerns in 2 are better addressed. Long $LIT from $0.95

This post really drove home the current predicament @solana finds themselves in right now. The whole reason they are doing industrial grade door to door shilling for @PhoenixTrade and skipped over @pacifica_fi is because they don't just need a perp dex on Solana, they need a perp dex that fixes the dumpster fire tokenomics that $SOL currently has. @0xasrequired made the very key point that Pacifica is no more aligned with $SOL than @Lighter_xyz is with $ETH or @HyperliquidX is with @arbitrum. There are Pacifica points, there will be a Pacifica airdrop for a Pacifica token. Very little value accrual to $SOL even if Pacifica rivals Hyperliquid. Phoenix explicitly states there is no points or airdrop. Gas fees use $SOL, and it's entirely possible/likely that transaction fees will have some value accrual to $SOL too. This is very different from the parasitic relationship that @Pumpfun has with $SOL where they just sell all their $SOL to buyback and burn $PUMP. $SOL currently trades around a 300x 30d annualized fee/mcap ratio vs the 16x ratio that $HYPE trades at. The argument that general purpose blockchains deserve to trade at 20x the ratios that perp dexes are trading at is no longer compelling to investors, as evidenced by $HYPE making ATH vs $SOL for a year straight. The reason the SOL foundation is shilling Phoenix specifically like it's do it die is because for them, it IS do or die. They prioritized memes for too long, and lost sight of their initial mission: perps. If they don't become competitive on perps, specifically with a specifically $SOL aligned perps dex, they'll continue to bleed valuation. Composability with a chain only counts if the chain actually has a useful DeFi ecosystem, otherwise it's just a buzzword. The good news for them is they currently have the best ecosystem for spot equities and their stablecoin ecosystem is trending in the right direction, which will eventually be important. The battle lines for the next 12 months are very clearly drawn. @solana needs to throw $SOL incentives at onboarding perps DEX users and make up lost ground (or continue door to door shilling). @HyperliquidX needs to throw $HYPE incentives to make up lost ground wrt building out a relevant DeFi ecosystem (money markets, liquid staking, spot equities etc). $ETH needs to make the same realization that $SOL made, albeit way too late; it sucks to be a public good general purpose blockchain. I think @HyperliquidX has a much cleaner path to their win condition than @solana, so the HYPE/SOL pair trade (L/S) is very thematic here. ETH foundation is so asleep at the wheel that they aren't even in the conversation here. Over the next year, both $SOL and $ETH likely continue to bleed market cap to $HYPE, and select $HYPE eco tokens might finally catch an outsized bid. It's a big if, but IF SOL can undo the damage (Phantom using HL builder codes is a permanent black eye for them), SOL/ETH L/S is very compelling for the next 12 months. Near zero reason to bet against HYPE at this point imo. Their fight to lose.