Monaco

Think it, trade it.

[Monaco @MonacoTrading]

You should read this.

Monaco is coming.

[Token Relations @TokenRelations]

https://t.co/JHZRCqzFLh

[Monaco @MonacoTrading]

What's stopping you from building on Monaco?

[Monaco @MonacoTrading]

@RoundtableSpace Vibe coders in the trenches are the best.

We're very bullish on them.

[Monaco @MonacoTrading]

@nba01p_arc We salute you.

To everyone still in the trenches, let's cook.

[Monaco @MonacoTrading]

@WatcherGuru That's not what we like to see.

Bears are having a great week.

[Monaco @MonacoTrading]

@DegenerateNews @chooserich Trenches are so back.

[Monaco @MonacoTrading]

@fwTyo We're just here to read the replies.

[Monaco @MonacoTrading]

@brewmarkets Trenches are like:

"We will never financially recover from this."

[Monaco @MonacoTrading]

@TedPillows That's way too much red.

We need to see a little green.

[Monaco @MonacoTrading]

@Kalshi Our quant saw this and said, "Uh oh."

[Monaco @MonacoTrading]

Humans are one of the few mammals that can see this color.

[0xturbanurban @0xturbanurban]

If we can take a moment to be intellectually honest here:

1/ The CFTC action taken was for centralized registered actors, not fully permissionless non-KYC offshore venues.

2/ Hyperliquid can't just pull a regulated exchange rabbit out of a hat here. This requires a DCM registration/exemption, which introduces KYC/AML, FCM (for customer funds), trade surveillance, sanctions, etc. This isn't a retroactive "bolt-on" to buy legitimacy and wave a magic wand to forgive the lack of KYC and gray capital facilitation. Yes, you could consider the route where they buy a U.S. DCM, but this inherently bifurcates liquidity and undercuts the "house of all finance."

3/ Crypto perps fall under the CFTC's commodity-derivatives guidance, but equity-linked perps are a messier animal, and sit in the security-based swap world (dragging the SEC into the conversation). Pre-IPO/private equity perps raise a whole set of additional considerations (e.g. price manipulation with no underlying spot market). The moment a permissionless venue spins up a legal entity to hold a license, it becomes remarkably close to rebuilding a CEX.

4/ Hyperliquid is a meaningful infrastructure layer that found PMF in the wilderness of permissionless non-KYC offshore venues. Great. It has just over 1.2mm wallet addresses (not individuals): a relatively impressive, but, in aggregate, small market-share in the grand scheme of things. We're still so early in this game of market microstructure evolution, and it'll be exciting to see how it plays out.

[Monaco @MonacoTrading]

@CoinMarketCap We think it's not off to a great start.

[Monaco @MonacoTrading]

Is our intern trading this market well?

No.

Are they studying bad trades to improve?

No.

But are they positioned onchain to spot a new trend early and put size into the next runner?

Also no.

[Monaco @MonacoTrading]

@phantom We're just here to scroll through the replies.

[Monaco @MonacoTrading]

@Polymarket "Nice."

But it's actually not very nice.

[Monaco @MonacoTrading]

@unusual_whales Thanks for this valuable insight, Barclays.

This changes everything.

[Monaco @MonacoTrading]

@amitisinvesting Sellers like selling it.

That's got to count for something.

[Monaco @MonacoTrading]

@RobinhoodApp Crypto builders could learn a lot from this.

[Monaco @MonacoTrading]

@litecoin Hey, chikun.

[Monaco @MonacoTrading]

"Can the devs do something?!"

Bulls are having a bad week... and month.