LBD

Per un pugno di dollari

[LBD @LBD2022]

@731memory @THORChain 需要协议和金库的节点承担，应该足够承担的

[THORChain @THORChain]

THORChain incident update #1
THORChain contributors shared a new update in the dev discord regarding the ongoing incident.

TLDR
- Current evidence points toward a newly churned node linked to the attack, likely operated by a single malicious actor

- The leading theory is an exploit in the GG20 TSS implementation, allowing vault key material to leak over time. The attacker may have reconstructed the vault private key and executed unauthorized outbound txs

- Current network status:
-- The network is paused after multiple node operators executed make pause
-- RUNE transfers and chain observation may resume within ~12h unless decided otherwise by the nodes.
-- Trading, LP actions, signing, and sensitive operations remain paused for now

- Recovery discussions currently include slashing affected node bonds, using POL to absorb losses, or other community-driven solutions

The investigation is still ongoing alongside THORSec and Outrider Analytics.

## Full Announcement ##
Developers and THORSec have been investigating today’s incident continuously throughout the day. While new information may still emerge, I want to provide the community with an update based on what we currently know.

The goal of this update is to clarify the current understanding of the situation as accurately and transparently as possible.

A newly churned node, thor16ucjv3v695mq283me7esh0wdhajjalengcn84q, which entered the network several days ago, is currently believed to be associated with the attack. Developers have identified links between Ethereum addresses used to acquire and bond RUNE for this node, and Ethereum addresses that later received the stolen funds. Based on current evidence, it is believed this was conducted by a single malicious operator, though the investigation remains ongoing.

At this time, the leading theory is the attacker exploited a vulnerability within the GG20 TSS implementation which allowed sensitive key material from vault participants to leak over time. By accumulating enough leaked information, the attacker was ultimately able to reconstruct the vault’s TSS private key and execute unauthorized outbound transactions.

The Treasury is actively collecting forensic data and coordinating with Outrider Analytics and relevant law enforcement agencies in an effort to identify the attacker and pursue recovery of stolen funds where possible.

Due to multiple node operators executing make pause, the network is currently paused. Unless further action is taken, the pause state will automatically expire in approximately 12 hours. At this time, the development team is comfortable allowing the pause to expire in order to restore RUNE transfers and chain observation activity.

However, trading, signing, LP actions, and other sensitive operations will remain paused until the network and community align on a comprehensive recovery and remediation plan.

The recovery process will likely require node governance decisions regarding how losses are ultimately handled. Several potential approaches are already being discussed, including:

Slashing the bond of nodes participating in the affected vault
Allowing Protocol-Owned Liquidity (POL) to absorb the loss
Additional recovery proposals that may emerge from the broader community

At this stage, no final decisions have been made.

The team is continuing to work on a complete recovery and restart plan for the network. Bringing trading and full functionality back online will likely take several days, and potentially longer depending on the complexity of the chosen remediation path.

We will continue to provide updates as more information becomes available.

Finally, I want to thank the developers, node operators, security contributors, and the broader THORChain community for the enormous amount of work done today. One of THORChain’s greatest strengths has always been the community’s ability to come together under pressure, collaborate quickly, and solve difficult problems together.

[LBD @LBD2022]

@yueya_eth @jpthor 第一次看到有中文讨论THORCHAIN😀

[Tim Draper @TimDraper]

I bought Bitcoin at $4. Or so I thought.

Peter Viscenne had offered to mine it for me. He bought some fast mining chips from Butterfly Labs, but rather than delivering them to him, they used them to mine their own bitcoin. Then when Peter finally got the chips, Bitcoin was over $30. So he mined what he could. Then we lost all our Bitcoin to Mt. Gox when they “lost” the money.

Since Bitcoin didn’t drop much on the Mt.Gox news, I did some research.

It turned out that Bitcoin was being used for remitting money, paying unbanked employees, and creating economies where there weren’t any.

So when I heard about the US Marshall’s auction, I bid over market at $632 and bought all nine lots offered.

Got on Fox Business in 2014 and said Bitcoin would hit $10,000 in three years.

The host looked at me like "Why did we have this guy on the show?"

Three years to the day, Bitcoin hit $10,000.

After that, my predictions have not been so prescient, but I have reason to believe that Bitcoin will reach $250k in 18 months… and eventually I expect the number to be higher as Bitcoin rises and the dollar falls to inflationary pressures.

[Colossus @colossusmag]

This is the story of Hyperliquid, the most profitable startup per employee on earth, told from a guarded office in Singapore.

Last year, its team of 11 generated $900 million in profit. It's 3 years old, has never taken a dollar of venture capital, and is beginning to change how century-old markets work.

Its founder, Jeffrey Yan (@chameleon_jeff), had never taken a physics class when he picked up a textbook at 16. Two years later, he won gold at the International Physics Olympiad. In 2019, he started trading with $10,000 from a living room in Puerto Rico—working off a television because he didn't own a monitor.

Within 3 years, he was running one of the largest anonymous crypto trading firms.

Then he shut it down. Yan was rich and free, but he had spent years inside crypto, watching it betray itself. Bitcoin's central premise was decentralization. Yet the biggest exchanges were centralized. Crypto kept reintroducing the dependence on trust it was built to eliminate. He set out to create what should have existed.

Hyperliquid is a blockchain with a trading exchange on top, and anyone can build on it. Yan's vision is to house all of finance. In 3 years, it has done over $4 trillion in volume. And in the past few months, it has begun to outgrow crypto.

Markets for oil, silver, and the S&P 500 now trade on Hyperliquid around the clock, weekends included, and are growing roughly 40% week on week. When the US and Israel bombed Iran on a Saturday in February, Hyperliquid was the venue traders turned to.

Hyperliquid's success has cost Yan his freedom. He works out of a secret office in Singapore and cannot travel without two bodyguards. Even the team's housekeeper doesn't know what they do.

In January, @domcooke spent a week at their office. Read his profile on Yan and @HyperliquidX below.

[Killa @KillaXBT]

The upper range for where $BTC could bottom, based on this model, is around $56K, while the lower range sits near $45K.

From a price action and timing perspective, the bottom is likely to form between July and September. This suggests we still have roughly 3–6 months remaining before a macro bottom is established.

If the logarithmic angles and overall pattern continue to hold, this model could serve as a reliable indicator for identifying the next bottoming zone.

Considering that bear markets typically last around 300–350 days, and we are currently only at day 176, it seems quite plausible that the $60K level gets swept whilst moving into this projected green zone.

Given that we are still relatively early in the cycle, I’m not convinced that a bottom has already been formed. With several months potentially still ahead, I’m continuing to follow this projected sequence.

[THORChain @THORChain]

Rapid Swaps are looking great recently.

Here is what they actually do.
THORChain already had Streaming Swaps, which split large trades into smaller sub-swaps spread across multiple blocks. Better price execution, lower slippage. The tradeoff? Time.

Rapid Swaps fix that. Multiple sub-swaps can now execute within the same block, meaning large swaps complete far faster without sacrificing price quality. The protocol nets out swaps moving in opposite directions, matching trades against each other rather than solely against the liquidity pool.

Think of it as a peer-to-peer matching layer on top of the AMM. A $BTC → $ETH swap and an $ETH → $BTC swap land in the queue simultaneously. THORChain settles them against each other in the same block. Both sides filled instantly, at a fair price.

Frontends integrating THORChain need to activate it explicitly. Not automatic, but the incentive is obvious: Rapid Swaps drive more volume, and more volume means more affiliate fees for integrators. Everyone wins.

More volume means more fees for the protocol. 75% of all network revenue flows to nodes and LPs, with a portion burned daily. Rapid Swaps directly accelerate that flywheel.

[David Senra @davidsenra]

My conversation with @EricJorgenson, author of The Book of Elon (@elonmusk).

0:00 Book Reveal
0:39 Build Useful Things
2:19 Engineering Talent Edge
4:26 Wired for War
6:47 Tip of the Spear
8:47 Burn the Boats
13:13 Facing Fear
15:16 Origin Story Myths
18:19 Know Business A to Z
22:17 Simplify and Fail Fast
25:35 Reality and Physics
28:18 The Algorithm Begins
30:34 Delete and Simplify
34:25 Starlink War Room
36:52 Repetition as OS
38:18 Step Three Simplify Optimize
38:43 Question Every Requirement
39:13 Tesla Battery Pack Delete
40:43 Repetition Installs Ideas
42:02 Step Four Accelerate
43:26 Design Org for Speed
46:06 Step Five Automate
46:29 Control and Clean Sheet
48:54 Vertical Integration and Costs
50:47 SpaceX Incentives and Mars
57:11 Frontier Unlocks Starlink
1:00:26 Time as True Currency
1:03:58 Speed Triage and Bottlenecks
1:10:11 Internalized Responsibility
1:12:56 Avoid Serialized Dependencies
1:14:31 Aligning the Team
1:15:07 Time Is the Constraint
1:16:00 One Metric Focus
1:18:03 Directional Predictions
1:19:06 We Must Make Stuff
1:25:39 Manufacturing as Moat
1:26:23 Speed and Direct to Customer
1:28:41 SpaceX Feasibility Study
1:33:07 Edge of Sanity Leadership
1:37:10 Bottlenecks and Integration
1:40:01 Design and Simplify
1:45:15 Catch the Rocket
1:48:14 Capitalism and Closing

Includes paid partnerships.

[Naval @naval]

The only book an entrepreneur needs.

[NEAR Protocol @NEARProtocol]

ATTENTION: NEAR Intents is now integrated into Brave Wallet, bringing completely new cross-chain connections to @brave’s 110M+ monthly active users.

[Messari by Blockworks @MessariCrypto]

. @THORChain enables direct swaps between native assets like BTC and ETH across different blockchains without wrapped tokens or centralized exchanges.

We’ve launched a THORChain Spotlight Dashboard on Messari.

Track liquidity, trading activity, token performance, and ecosystem growth in one place to better understand how the protocol is evolving.

[paperX | THORSwap & Metro.exchange @paperX_Art]

For those interested:

Here's my 10 min presentation at @NEARProtocol Conference on what we're building at @THORSwap with Metro and consumer DeFi: https://t.co/rjmde6gfLA.

Warning: I was extremely over-caffeinated😅

[paperX | THORSwap & Metro.exchange @paperX_Art]

Last week at @NEARProtocol Conference I presented a talk on Consumer DeFi & joined @therollupco podcast to share @THORSwap's vision with our upcoming app Metro.

As protocols such as @NEAR_Intents continue to improve interop + execution, we can truly bring users onchain. LFG 🫡

[Benjamin Cowen @benjamincowen]

In midterm years, Bitcoin often drops into February, rallies into early March, then drops again into April.

[Star@Day1Global Podcast @starzq]

https://t.co/loJKcY234m

[ScieVision @scievision369]

Noether’s Theorem ✍️

This equation reveals that every continuous symmetry in nature, a change you can make to a system without affecting its physical laws, brings about a conservation law. In simple terms, if the universe does not react to a certain change in perspective, it must keep a related physical quantity constant. For example, since the laws of physics remain unchanged no matter when you are (Time Symmetry), energy is conserved. Since the laws are the same regardless of where you are (Space Symmetry), momentum is conserved. Because they stay the same regardless of which way you face (Rotation Symmetry), angular momentum is conserved. This insight shifted our view of the universe. We no longer see conservation as just a series of lucky observations, but as a necessary outcome of the symmetry of space and time.

[G @smartestxyz]

I have been a Hyperliquid User since December 2023 and I’ve always wanted to give something back to the team and especially @chameleon_jeff. He built something so incredible and exciting that I’ll be telling my grandkids about it!

Here is my 59-page research paper about Hyperliquid and why it will become 'The Blockchain to House all Finance'. Since the file is too large to upload directly, I’m sharing the Google Drive link. The attached images show the Table of Contents.

big thank you to @HyperliquidX and @chameleon_jeff

also thanks to @mlmabc for his insane fast research!

(https://t.co/SPEn4dbM1A)

[Benjamin Cowen @benjamincowen]

Every cycle is the same.

Yes, crypto could bounce. And honestly, it would be great for sentiment if it could. But even if it does, it would most likely result in a macro lower high.

I don't try and time those bounces. I have tried before with mixed levels of success. Sometimes it works, other times I got rekt.

When BTC drops below the 50W moving average, it then goes to the 100W moving average, spends a little time there, then goes to the 200W moving average.

Every cycle is eventually the same.

BTC topped when it always does (Q4 of the post-halving year), and so many have spent so many hours trying to convince you that it has not.

And BTC entered into a bear market, and so many have tried to get you to believe that alt season is "just around the corner" because it always happens after BTC tops. What they fail to account for is social interest. After the 2019 top there was also no rotation into altcoins, which also occurred just before QT ended.

I track the social interest in the asset class, and it has been trending down since 2021. There is no one new here for people to sell their altcoins to.

Alt seasons historically occur *after* social interest has been trending up for a year, not after it has been trending down for 5 years.

Have an actual plan on navigating this brutal asset class. Because if the altcoins you hold drop another 50%-80% from here, not a single influencer who promoted them will express an ounce of regret for it. And you will simply be living with the consequences.

I get a lot of hate for saying the truth, but an inconvenient truth is better than a lie.

[Benjamin Cowen @benjamincowen]

This year, there has been a strong pivot to using the ISM to predict where the price of Bitcoin will go, especially after many of the supercycle narratives coming into this year seem to have failed.

I want to show a clear example of why the ISM does not *necessarily* have to impact the price of Bitcoin.

First, let us take a look at 2014, which was a midterm year, and also a bear market for BTC.

Jan 2014

ISM: 52.5
BTC Price: $737

Dec 2014

ISM: 55.7
BTC Price: $302

So the ISM went *up* from 52.5 to 55.7 in 2014, but BTC went down from $737 to $302.

Imagine watching the ISM each month in 2014 and seeing it go higher, but then watching the price of BTC go lower. It must have been maddening (if anyone was doing that back then, but I imagine most people were not looking at these two things together).

Now let's look at 2015. The bear market ended in January 2015.

Jan 2015

ISM: 54
BTC Price: $322

Dec 2014

ISM: 48.8
BTC Price: $429

So the ISM went *down* in 2015, but the price of BTC went up.

If you used the ISM to tell you where BTC was going to go in 2014, you would have assumed BTC would have gone up in value because the ISM was going up. But in fact the opposite happened.

If you used the ISM to tell you were BTC was going to go in 2015, you would have assumed that because ISM was dropping, BTC was also dropping. But in fact the opposite happened.

A single data point does not make a trend.

But relying on a single indicator like the ISM to predict the price action of BTC in order to confirm a supercycle does not seem to be a wise decision either.

There are absolutely scenarios where they could both go up or both go down together in 2026 (as they have many times), but I think it would be unwise to rely on this single indicator to tell you where the price of BTC was going to go.

What is interesting is this:

The ISM in Jan 2014 was 52.5.
The ISM in Jan 2026 was 52.6.

There exists a scenario where the ISM goes up in 2026 (like it did in 2014), but the price of BTC still goes down.

In fact, I would argue that the more likely scenario is that 2026 is a red year for BTC while the ISM goes up, exactly like how it played out more than a decade ago.

I hope that the people using the ISM to bet on a supercycle can view this post as educational and not trying to attack anyone.

I have just seen a lot of people lose a lot of money relying on single economic indicators, and sometimes the price action of risk assets like BTC does not always make sense when compared to what is actually going on in the economy.

As the famous saying goes, "the stock market is not the economy."

But in this case we can say "Bitcoin is not the economy."

[f2pool 🐟 @f2pool]

📉 A near 15% weekly slide for #Bitcoin.

At $75k, mining rigs with unit power of 23.3 W/T reach their breakeven point.

View the full list here: https://t.co/IQ3u98NHsy