Gun Le

[Hyperliquid Research Collective (HRC) @HyperliquidR]

Today, HL Eco and HRC are incredibly excited to launch the new "Hyperliquid Financials" dashboard.
https://t.co/9YhJX63POE

The core reason we built HRC is that Hyperliquid intentionally leaves an information gap. They don't spend time on this, they're just busy building.

That information asymmetry clearly affects how the market understands and values Hyperliquid. We started this journey by aggregating the best Hyperliquid research in one place and publishing financial reporting (hyperliquid:native and Trade[XYZ] quarterly/annual reports).

Today we're taking that mission a step further, moving to live reporting.

It's no secret TradFi is paying close attention to @HyperliquidX and @tradexyz. But that attention needs clear, accessible data, the kind that lets investors, analysts, and every other stakeholder do more than just read the raw numbers.

With this, you get the most meaningful information on Hyperliquid in one place, CSV downloads for the underlying data, and analytical and projection tools to help you interpret it.

No more raw data and nothing else.

This will be improved even further with your feedback. We want this to be the Hyperliquid financials dashboard you've always wanted, so if you have suggestions or want to collaborate, we're all ears.

Community is what Hyperliquid has been about from the start. Collaborative work by people who genuinely want to see it succeed in housing all of finance. We're incredibly happy to now be close partners with @hl_eco; this dashboard is what happens when two teams that actually want to provide value build together.

Hyperliquid. HRC. HL Eco.

[a16z @a16z]

Travis Kalanick's rule for pacing a company's ambition:

"I'm constantly creating problems. 'Hey, let's do Uber in China.' And you don't have a full understanding of that problem when you create it. If you create a problem, you have to solve it."

"I have this framework I call the meta problem. The derivative of your problem creation must be less than or equal to the derivative of your problem solving."

"If it's not, you have a real problem. You're underwater."

"You're guessing at what your capacity is to solve problems, and you're guessing six months, 12, 18 months ahead. When you get it really wrong, you must stop all problem creation so that you can get back above water."

@travisk @bhorowitz @eriktorenberg

[Gun Le @Gunle1504]

@julie_twickers To be fully honest…Spain seems to have a better chance of winning but I hope M10 win:)))))))

[Gun Le @Gunle1504]

@FIFAWorldCup @AFASeleccionEN Enjoy this moment. Argentina will successfully defend the crown🐐🤴

[FIFA World Cup @FIFAWorldCup]

👋🇦🇷

#FIFAWorldCup

[Gun Le @Gunle1504]

@be_kindplss

[Gun Le @Gunle1504]

@Mortdog Ty Mortdog😭🔥

[Claude @claudeai]

Fable 5 is back.

[Gun Le @Gunle1504]

📌This article is intended for analytical and educational purposes only, and does not constitute investment, financial, or legal advice. All data, figures, and assessments are compiled from publicly available sources. The author does not guarantee the absolute accuracy or completeness of every figure cited, and the data may change as official reports are updated.

[Gun Le @Gunle1504]

📷 The number everyone skipped in Vietnam’s 2025 economic report

Everyone’s talking about 8.02% GDP growth, $930B in trade, or Vietnam’s FTSE Russell upgrade to Secondary Emerging Market status (effective Sept 2026). But the number that actually matters is 287.85 billion kWh — total commercial electricity sold in 2025, up just 4.9% (per EVN).

Why does this matter? For 20 years, electricity and GDP moved together: in 2000–2010, every 1% of GDP growth pulled 1.7–2% more electricity demand; in 2011–2020, 1.2–1.4%; in 2021–2024, 1–1.1%. In 2025, this ratio dropped below 1 for the first time — GDP grew 8.02%, but electricity only 4.9%.

The obvious counter: if you add the ~10 billion kWh of rooftop solar consumed off-grid (outside EVN), total system output grew around 8% — roughly in line with GDP. So is the paradox even real?

I’d argue it still is, for three reasons. First, commercial electricity has been the consistent yardstick for 25 years — switching the metric midway erases the comparison. Second, rooftop solar mostly displaces residential consumption; it doesn’t reflect deeper industrial production. Third, peak load (Pmax) still topped 54,000 MW, up over 11% — peak demand surged, yet full-year consumption crept up slowly.

📷 The core question: as growth leans increasingly on public investment (airports, highways) and services rather than deep manufacturing, how much is this 8% actually transforming the economy?

The achievements are real — GDP per capita crossed $5,000, multidimensional poverty fell to 1.3%, an extraordinary journey since Đổi Mới (the 1986 reforms). But the gap worth confronting is between the growth number and the quality of growth: who runs the surplus - who runs the deficit; market capitalization - the concentration risk inside it; the ambition for core technology - the reality of just ~6,000 chip design engineers.

[Gun Le @Gunle1504]

🏔️ The question of a generation: not whether Vietnam keeps growing, but what kind of growth it will be

Q1/2026 made the difficulty plain. GDP grew 7.83% — the highest for any first quarter in nine years — yet still fell short of the 9.1% scenario laid out in Resolution 01. March CPI jumped to 4.65%, the highest in five years (though the quarterly average held at 3.51%), reflecting oil pressure and cost-push inflation. To hit 10% for the full year, Q2 would have to grow by an estimated near-11% — a figure that, in the current context, borders on the miraculous.

So is the 10% target a fantasy or a driving force? I think it’s both. Even General Secretary To Lam has acknowledged it will be a major challenge, calling 2026 a year that will shape the country’s long-term trajectory. East Asia Forum put it in a line I find sharp and fair: the double-digit target is “mathematically unattainable but politically brilliant” — because it forces the structural reforms Vietnam needs even more than it needs speed.

And the will to reform is real. The Politburo’s four “pillar” resolutions — private sector, technology, legal reform, international integration — together with the merging of ministries, the reduction of provinces, and the cutting of administrative procedures, all show an apparatus genuinely trying to reinvent itself. But as East Asia Forum itself points out: the fate of that growth rests on the domestic private sector. 8% in 2026 is feasible. But 10% — with oil still tight, consumption still weak, and the two biggest trading partners, the US and China, both slowing? That’s a very high mountain.

So for me, the question for the coming decade isn’t whether Vietnam will keep growing. It’s whether that growth will be deep enough — for Vietnamese firms to stop serving “the catering” for Samsung and step into the high-value work? Broad enough — so the whole economy isn’t hung on one conglomerate, one market, one source of supply? Durable enough — so the next shock (and it will come) doesn’t send the whole system reeling? And Vietnamese enough — so the value created on this soil stays on this soil?

The challenge of the next stretch isn’t just growth, it’s transformation. From assembly to creation. From dependence to self-reliance. From a GDP figure to the real lives of 100 million people. And whether Vietnam can pull off that transformation while keeping the tower from toppling — that, perhaps, is the economic story of our entire generation.

[Startup Archive @StartupArchive_]

Marc Andreessen’s advice to college students interested in startups

“If I’m 22 again, I think what I do is I go try to find the company in the Valley that’s growing the fastest, has a really good culture, and a really good foundation for training. An example of that would be an Airbnb, but there are many others. I would go plant myself at a company where I can really learn. I spend my time working my butt off so that I can establish a good reputation so that when people reference check me, I reference check well. But I also spend that time thinking, and really critically, I spend that time building my network and finding people I know I want to work with down the road. And then I either come up with an idea or I don’t.”

Mark also gives advice for people just enrolling in college:

“If I was 18 and going to college right now, I would do computer science again in a heartbeat. And then I would either focus on: #1 distributed systems and the broad domain of cryptocurrency; #2 AI & machine learning; or #3 intersection of biology and computer science—so genomics and synthetic biology. Personally I would do one of those three areas, and the hard part for me would be picking between them because I think all three of those are going to have transformative work happen in the next 20 years. They’re going to change a lot about how the world works.”

Source: @ycombinator (Oct 2016)

[Lily Liu @calilyliu]

We use our treasury to support the growth of the Solana economy. That is, definitionally, DeFi.

But economies don’t exist in isolation. For Solana to be healthy, all of defi has to be healthy.

We like competition. We compete hard. But if we zoom out, we’re all pushing toward open finance and open systems.

We’ve deployed our treasury into Solana DeFi for many years. We supported Tether’s recovery plan for Drift.

In moments like these, it’s important to show up for the broader ecosystem too.

That’s why we are lending USDT into @aave for the first time to support their recovery efforts, and we will also be bringing $AAVE to Solana this weekend.

DeFi United

[Startup Archive @StartupArchive_]

Brian Armstrong explains how he built Coinbase on nights and weekends while working at Airbnb

Brian first advises those who are currently employed to not build your project on company hours or on your company laptop:

“If you build it on company time or on the company hardware, the company probably owns the IP.”

Then he describes his schedule for working on Coinbase while still working full-time at Airbnb.

“I would often work [at Airbnb] until 7pm. I’d come home, eat dinner, and then I would work from 8pm to midnight. I would do that maybe 3-4 days a week on weekdays. And then on the weekend I’d work Sunday afternoon for 7-8 hours.”

Brian did this consistently for about a year and a half until Coinbase was far enough along for him to get seed funding from Y Combinator.

“It sucked. I mean I was tired after the full day of work [at Airbnb]. But this is where determination comes in… At that moment in time, I was in my late 20s, and I was like, ‘I really want to try to build something important in the world.’”

When asked how he maintained friendships during this time, Brian replies:

“I was pretty intense about it. I would say I sacrificed friendships for it. It’s not like I was just never responding to people, but I’ve seen this happen to various people. They get to a certain point in their life. Sometimes they turn a certain age where they thought they would have more done by then or maybe someone in their family passes away and they’re like, Oh my god, time is finite. It’s precious. And something happens where they’re like, ‘I’m going to get this done, no matter the cost.’”

Brian tells those out there who might be in a similar situation:

“Go hard at it. Finish your book. Launch your thing. Just start doing stuff - and even if you don’t know what to do, just do anything, because action will produce information and it’ll help you get to the right thing.”

Video source: @StevenBartlett (2022)