0xTheOperator🚀

INTP-T
Crypto. Once it gets into your blood you can never let go.

[Bull Theory @BullTheoryio]

MICHAEL BURRY JUST WARNED THAT PRIVATE EQUITY MAY BE USING LIFE INSURERS TO PUSH LOSSES ONTO THE PUBLIC.

Burry is highlighting a new paper by two Yale/Texas researchers, "Private Credit's State Backstop: How Private Equity Socializes Risk Through Insurers."

Firms like Apollo, KKR, and Blackstone have bought up life insurers. They've filled these insurers' balance sheets with private credit, loans that are hard for regulators to check or price properly.

Life insurers now hold $849 billion in this kind of debt, more than double what they held in 2014.

Here's the trick: If one of these insurers can't pay its bills, states step in to protect policyholders. They do this by charging other insurance companies a fee to cover the gap.

Those companies then get to subtract that fee from the taxes they owe the state. So in the end, the public pays for it through lower state tax collections, without it ever being called a bailout.

This has already started happening. Two companies, First Brands and Tricolor, went bankrupt in 2025 after lenders realized they couldn't properly value the debt they were holding.

And the next risk is AI: Big tech companies are funding their AI data centers using the same kind of complex, hard to value debt.

If AI spending doesn't pay off fast enough, that risk doesn't stay with tech companies. It lands on the same insurers already holding piles of this debt.

[0xTheOperator🚀 @0xTheoperator]

Wtf am I watching now? Formula 1 or Formula E? @fia

[Miles Deutscher @milesdeutscher]

bro

You literally CANT be lazy right now

This is your competition

HUNDREDS of AI agents working autonomously at once (thousands in revenue btw)

Lock tf in

[kirbycrypto @kirbyongeo]

Grayscale has officially registered for HYPE ETF

If this proceeds, HYPE would be the youngest asset Grayscale has ever created an ETF/trust for.

Historically, Grayscale has been extremely conservative..
All previously listings were 3–10+ years old before Grayscale touched them.

HYPE breaks that pattern completely:
• Live for ~1 year+
• Still early-stage infra
• No prior precedent inside Grayscale’s lineup

This matters because it likely means that:
1) Grayscale views Hyperliquid as structural infrastructure, not just a token
2) They expect sustained volume + regulatory survivability
3) Internal conviction that HYPE ≠ “altcoin risk bucket”

Grayscale does not take filings likely since their brand is built on credibility with institutions.

https://t.co/nYSGIYeMGz

[0xTheOperator🚀 @0xTheoperator]

thank you @Lighter_xyz and congrats to everyone who farmed together!

#airdrop #crypto

[0xTheOperator🚀 @0xTheoperator]

Merry Christmas everyone⛄🎄 2025 finally come to an end. New beginnings!

[0xTheOperator🚀 @0xTheoperator]

@umbrel Still waiting for my black friday order... Can't wait 😁

[Eugene Bulltime.🕯️ @Eugene_Bulltime]

Why Polymarket is wrong about Lighter's valuation

Polymarket predicts a Lighter valuation of approximately $3 billion with $23 million in total volume, which is very high.

But if you look at the market, you'll see some fundamental inconsistencies.

Let's take a closer look.

---------

I used a ratio that evaluates the FDV/TVL ratio.

TVL is one of the most important metrics for any exchange, both PerpDEX and CEX, indirectly determining the level of trust in the protocol and is more stable than OI.

That's why ratios based on it are highly accurate.

For example, Hyperliquid's FDV/TVL ratio is 6.64, the highest among PerpDEX exchanges, representing the current leader.

However, the ratios of other market players are close, in the range of 5-6. For example, Aster and Apex.
Avantis stands out against this backdrop with a valuation of 2.59.

We can also estimate the current fair value for some tokenless PerpDEXs - Ostium and Reya.

Ostium recently closed a $20M round at a valuation of $250M with a TVL of ~$50M. While this isn't a market valuation, many large VC investors have supported the project, confirming that the current FDV/TVL ratio of 5 is the market average.

Similarly, Reya raised $3M in its ICO on Coinlist with a TVL of $30M and a valuation of $50M. The sale closed successfully with 4,000 investors. This can also be considered a fair valuation, with some caveats.

These case studies confirm that an FDV/TVL ratio of 5 is a fair market ratio.

----------

Why the coefficients for some PerpDEXs shouldn't be considered

1. Drift - A Solana-based PerpDEX with many other DeFi products in its ecosystem. Solana has little popularity in the PerpDEX space among its users, most of whom are meme-oriented.

2. Jupiter - Same as Drift, but with an even larger scale of products, making it difficult to separate the PerpDEX component of their valuations.

3. dYdX and GMX - ex-leading older PerpDEXs with numerous technical and business issues. These projects have fallen by the wayside of the current PerpDEX trend.

4. MYX - fake metrics and an artificial created valuation resulting in an FDV/TVL of 106.

----------

Fair valuation of Lighter

I determined that the average FDV/TVL is 5.
Based on this, we can predict that Lighter's valuation should be:

$1.45B * 5 = $7.26B

But this is only the current valuation.
The launch of spot trading will add an additional TVL.

- Polymarket values ​​Lighter's TGE at $3B
- The team stated that they would distribute 25%-30% for point farming

This means that $750M - $900M will enter the market.

LIT will most likely be issued as an ERC-20 token, rather than directly into exchange balances like HYPE. This means that 40%-60% will go to Lighter spot, adding at least $400M-$500M, and Lighter's TVL will approach $2B.

Because of this, the LIT valuation based on the new data should be:

$2B * 5 = $10B.

If we apply the HL coefficient to Lighter, its valuation will be $13.2B.

P.S. It is very important that LIT go to Lighter and not other CEXs. I'm sure the team has already developed mechanics for this, which we will learn about in the coming weeks.

---------

My another analysis confirms that Lighter's valuation should be in the $10B-$12B range.

Anything below is buy and hold, IMO.

Not Financial Advice

[0xTheOperator🚀 @0xTheoperator]

🤯

[Arkham @arkham]

Did the Founder of Curve Finance Finally Solve Impermanent Loss Forever?

Impermanent Loss is one of the biggest problems for DeFi LPs. It is the temporary value drop for DeFi liquidity providers due to price volatility and causes many LPs to miss out on upside.

Yield Basis is Curve Founder Michael Egorov’s prospective solution to impermanent loss in DeFi. Here’s how it works:

[0xTheOperator🚀 @0xTheoperator]

@LinceFinance @SOLYD_STORE looks dope! i want 1!

[0xTheOperator🚀 @0xTheoperator]

@umbrel can't wait!

[Umbrel ☂️ @umbrel]

Own your cloud. At Black Friday price.

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[0xTheOperator🚀 @0xTheoperator]

Finally my @solanamobile have a case from @SOLYD_STORE

[Ki Young Ju @ki_young_ju]

MSTR looks oversold relative to its Bitcoin holdings and historical premium.

[0xTheOperator🚀 @0xTheoperator]

#BlackFriday sale! Grabbed a couple of stuff, I think I've got a great bargain.

$Hype @HyperliquidX $33
$MET @MeteoraAG @met_lparmy $0.3
$Tibbir $0.178
$META @MetaDAOProject $5.06

#Hyperliquid #Solana #Base

[0xTheOperator🚀 @0xTheoperator]

sea of red... even $Pengu is wearing bandage @cryptomanran @crypto_banter

high risk high reward they say #cryptocurrency But it seems like we only listen to the good stuff 🙉

I must say #BlackFriday sale is here! Shop till you drop 🛍️🛒

[0xTheOperator🚀 @0xTheoperator]

Interesting... @solomon_labs basically like $ENA on #SOL without early VC.
Raising through @MetaDAOProject Take my money!

#CryptoMarket #ICO #solana

[Solomon Labs @solomon_labs]

https://t.co/UmQqNebzqZ

[0xTheOperator🚀 @0xTheoperator]

$MSTR did not dump or sell any $BTC
Please fact check people... that knee jerk reaction 🤣

#CryptoMarket #BTC

[0xTheOperator🚀 @0xTheoperator]

If you missed #hyperliquid & #lighter #airdrop farming when I shared this is probably the last potential high +EV prep DEX airdrop, trust me you wouldn't want to miss it. As ya'll know by now I'm very selective with what I spend my time on @grvt_io

https://t.co/2kYHgt6MsF

[0xTheOperator🚀 @0xTheoperator]

YOU.ARE.NOT.BULLISH.ENOUGH

well said!

[Cointelegraph @Cointelegraph]

Every bank. Every financial institution.

Every market maker, every custodian, every payments company, every research business...

The whole financial world is arriving onchain.

You. Are. Not. Bullish. Enough.

[Kinetiq @Kinetiq_xyz]

Last week, @KinetiqFND announced KNTQ, the governance token for the Kinetiq protocol.

As a reminder, the deadline to review and accept the Kinetiq Foundation Terms of Use is November 21st, 2025 at 20:00 UTC.

Heavily KNTQ coded.