I think RWA settlement compliments ETH as a SOV. Issuers have offchain risk (USDC depeg when SVB collapsed), Tether can freeze your funds, a regulatory action could deem a tokenized equity worthless. Bridged BTC and ZEC don't solve this bc the bridge is the counterparty risk. Whichever ledger see real settlement adoption, its native bearer asset should capture more of this store of value premium from BTC
Jacob Firek retweeted
Lighter is becoming a service provider with the Robinhood deployment and hyperliquid is building platform. Very different value capture
MMs capture a fee on flow they don’t control. a platform captures the value of everything built on top of it
Remember what Lighter actually does: it matches retail against MMs. MMs hedge on whatever venue has the deepest book which is hyperliquid or binance
hey, could anyone help me get in touch with @KyleSamani? Trying to get paid out here
Great write up from @0xCryptoSam — one thing to add: our liquid TVL is down in USD terms due to ETH's price decline, as ETH makes up the majority of our liquid deposits. For a more direct comparison to Maple, our USD vault is up 4x YoY, driven by a built-in distribution channel from ether.fi Cash users who deposit stables into liquidUSD to hold and spend a yield-bearing asset
5) LIQUID:
Liquid TVL declined 16% YoY, contrasting sharply with competitors:
- Maple: 700% growth to $2.6B
- Morpho: 61% growth to $6.6B
ether.fi lacks differentiated yield sources. Competitors succeeded through private credit (Maple) and Coinbase distribution (Morpho).
The Aave/OWN/Safe mortgage partnership could change this - we are optimistic about ether.fi pursuing more private credit opportunities.
internet capital markets
Hyperliquid has quietly achieved an important milestone of becoming the most liquid venue for crypto price discovery in the world. See below for side by side comparison of BTC perps on Binance (left) and Hyperliquid (right).
With HIP-3 teams leading the way, Hyperliquid has also grown to become the most liquid venue for perps on tradfi assets. Thank you to everyone's hard work as we upgrade the financial system and house all of finance.
My take on why $SOL is an uninvestable asset till they have a working order book
a few issues with aggregators that make them structurally inferior to an order book:
1) DFlow doesn't CREATE prices, it READS them. DFlow quotes are derivative of venue prices, not a source of price formation. There is no two-way market making vs continuous two-way quotes from competing market makers creating genuine price discovery
2) Multi-venue atomic swaps can fail if ANY leg fails vs Single atomic match, simple execution guarantees
The future of finance is permissioned market making?
xitter.cf/bqbrady/status/1992751…
.@tradexyz has already generated 200k USDC in fees from XYZ100 even with OI capped. Excited for other teams, funds, and MMs to FOMO into launching HIP-3 markets after people realize how much @unitxyz is printing from these deployments
hypurrscan.io/address/0x79c0…
Jacob Firek retweeted
@ventuals shipped $vHYPE instead of using @kinetiq_xyz Launch and raised 500k $HYPE in less than 2 mins