♠️ Spadez ♠️

Breaking down perp DEX & yield ecosystems | Web3 ghostwriter ✍️DMs open

[♠️ Spadez ♠️ @SpadezWrites]

❇️ On-chain prop firms: the full map (and what you can still farm) ❇️

Prop firms are the next meta after the perp DEX airdrop wave

Here's every on-chain one worth knowing, green and red flags, and where points are still cheap 👇

Cheap challenge → If you pass, you get free-ish leverage → regardless of whether you pass or not, you (generally) get points (airdrop?)

It's still trading, and many will lose money here, but at least they'll lose less than with regular perp DEXs

TL;DR → Farm now: Propr, Iceberg → Fool around: Hypernova, Carrot → Watch: HyperPNL → Token already live: Vanta

1️⃣ @ProprXYZ

Current market leader, funded accounts up to $300k, you keep 80% of the profits, built on @HyperliquidX with 150+ perps (also equities, FX, and commodities)

Their revenues are just crazy: $1.6M in September alone, with almost a 50% increase from August, and they paid out more than $1M to traders

That's ~$20M annualized revenues here + a $1M+ in USDC payout reserves across 3 verifiable public wallets

REF → https://t.co/ysol2sqejM

🟢 Revenues are real, full transparency on dashboards and payouts, most liquid community out there
🔴 Of course, it's the most crowded one if you're going in just for farming, but there's still time till the airdrop, and making points is not much harder than in its early days (yet)

Still very much worth farming, with the airdrop not too far from here (team set specific milestones to decide TGE date)

2️⃣ @HypernovaX

Biggest challenger to Propr, with a $3M pre-seed led by Lemniscap

Some numbers: $617k paid in September, settled on average within 6s

Bonus point here: Connect your Hyperliquid account, and you can get 10-80% off on challenge prices

REF → https://t.co/QgYI1WMKA2

🟢 2nd biggest name, with the lowest prices if you get a good discount
🔴 No confirmed token, no points

Despite the red flag, many rumors are saying it WILL have a token, and they ARE collecting activity data, so who knows

Worth at least using it a bit, just to avoid regrets + they have the October Funded Trader Cup with $5k USDC in prizes and a $500k+ in assessment accounts (invites only so far)

3️⃣ @Icebergdotcash

@Pasta_Capital is part of the team here, and I'm going to be proud of my country once in a while 🍝

Unique prop firm with no-challenges options and no KYC for the payouts (If you're a good trader, this is free leverage) 👇

Pay ~$330 to trade with $10k, with a daily breach at $300 and a total breach at $600

And they've also just went live with the classic evaluation accounts, cheaper then the rest of prop firms in this list

They've made $25k+ in revenue in a single week and have already shipped $4k+ in instant payouts to traders (initial payout pool was $30k to give an idea) → https://t.co/MSXxhi9Emg

REF → https://t.co/jFg2dFllVe

🟢 Different from every other name in the list, and working well so far
🔴 No mention of tokens, we don't know if the points will get us an airdrop, and they're still on testing grounds for long-term sustainability

I'd use it regardless right now and accrue points + they're about to launch a banger feature this week 👀

4️⃣ @VantaTrading

This is an absolutely huge one, with lots of liquidity for traders (up to $1M in funding and $750k+ paid to traders)

This one is different in the sense that they have an already live token, the SN8 (Subnet of $TAO) Vanta token

You can get your payouts in either that or USDC on Base

🟢 Another unique model + SN8 chart is gorgeous, and every connection to Bittensor is bullish in my eyes
🔴 Token is already live, if you just want exposure, you can technically buy it (although you have to pass through TAO)

Definitely worth keeping an eye on and studying if a direct buy of SN8 is more worth the hassle

They also might add instant funded accounts 👀

5️⃣ @carrotfunding

Funded up to $100k, less known one but still relevant

One nice extra here is that the points also pay weekly revenue distributions to the top 10 point earners of the week = Points + Yield

🟢 Real yield on top of everything and much less crowded (if you have size)
🔴 Smaller community, smaller cap compared to other $300K funded accounts, and will likely have a lower valuation

I'd prioritize it less than the rest of the list, but it's still worth checking out and trying, at the very least, the real yield is noice

6️⃣ @HyperPNL

Weird one I don't know too much about

They claim to be the first onchain prop firm, which I'm not too sure of, as I'm pretty sure Propr was here first

🟡 They claim to be the first, but are they really?
🔴 Very small prop firm, no public points and no token mentions

I'd keep an eye on it, but I have to research better before trying this out and spending money/time on it

▶️ Wrap-up

If I had to use only one, I'd go with Propr right now: points aren't too hard to accrue, the platform is well honed, and TGE shouldn't be far

Once that's done, I'd move to Iceberg

But if liquidity blesses me well enough, I'll obviously use more of them at once: Propr, Iceberg, Hypernova in primis, Carrot right after just to be sure

(Thanks to @onchain_props for the constant stream of news on prop firms and @LekimXBT's post where I discovered Hypernova 🙏)

[Iceberg @Icebergdotcash]

One week in since the official Iceberg launch

- $25.000+ revenue
- $4.200+ paid out
- 700+ users onboarded
- World Record payout processing time of 5 seconds
- 2k+ X followers
- Countless features shipped thanks to our community
- No bans, no payout denials, no payout reviews, no KYC

We are just getting started and there are a lot of news coming shortly. Stay tuned! 🧊

[♠️ Spadez ♠️ @SpadezWrites]

@testovsky_eth @extendedapp @Starknet @arc Eh, I guess it would have been better to open the shorts when extended announced this

Don't think STRK recovers though, maybe even makes some new lows

[♠️ Spadez ♠️ @SpadezWrites]

With @extendedapp migrating from @Starknet to @arc, the former had an instant bleed of $100M+ in TVL

~75% of the total

Last time a big TVL dip happened, price followed

Short $STRK?

[♠️ Spadez ♠️ @SpadezWrites]

@MoneyPrinter0x Nice!

[♠️ Spadez ♠️ @SpadezWrites]

@akira_noma It really does 🍐

[♠️ Spadez ♠️ @SpadezWrites]

@DEXoverCEX @extendedapp @circle Something something Safemoon

Honestly, I'm happy we got a *tiny-bit* more sensible with valuations

Only thing that matters is the price you get in vs the price you get out in the end

[♠️ Spadez ♠️ @SpadezWrites]

I'm fiending for Tokenomics and TGE info like every other xPoint holder out there

BUT

I'm more bullish than I ever was on @extendedapp now that they have @circle's full backing 👀

Reminder of how much the points might be worth at different FDVs 👇

[Jeremy Allaire @jerallaire]

Extended becoming Arc native. Trade anything. This is a very exciting launch.

[♠️ Spadez ♠️ @SpadezWrites]

Very rich people work a lot usually, unless they're heir or shit like that

Broke people also work a lot to have enough money to pay rent, food, school for children and medical expenses

I'd flip the chart around, but making the poor side much larger and the rich side tiny

[Neet @neet_sol]

the rich and poor have free time. everyone else is at work

[♠️ Spadez ♠️ @SpadezWrites]

@extendiens @extendedapp @circle Expecting fine-dining in the shape of gud tokenomics

[♠️ Spadez ♠️ @SpadezWrites]

I've been replaying all the metroid games + the ones I hadn't played yet in anticipation for Ravenous

I'm still missing Other M, Metroid II, Samus Return, and Federation Force (lol)

I can confirm the best one so far is without a doubt Metroid Pinball

[♠️ Spadez ♠️ @SpadezWrites]

@berlin_defi @extendedapp @circle

[♠️ Spadez ♠️ @SpadezWrites]

@Trextended @extendedapp @circle We need more hopium, spread it away!

[♠️ Spadez ♠️ @SpadezWrites]

@xiaoyon52351223 @extendedapp @circle Great visuals 👀

[♠️ Spadez ♠️ @SpadezWrites]

More than $62M in revenue was made on @papertrade_xyz in the first 12 days

Yesterday it made ~$177k

A 99% drop from launch day, the kind you'd expect from a ponzi like it, maybe a bit sooner than I thought

Is $PAPER never coming? Is the protocol doomed? All the answers you're looking for are (not) below 👇

🧻 Launched on 10/10 as a nudge to Crypto's biggest liquidation day 🧻

And to be truthful to their launching ethos, it seems like they're liquidating all of their users and probably never giving them anything for it

TL;DR → Synthetic $BTC / $ETH perps on HyperEVM, up to 1000x lev priced off @HyperliquidX's order book, losses mint PAPER tokens that can be staked for USDC rewards (no VCs, no Airdrops, no team allocation)

They managed to make more than $678B in (synthetic) volume on day 1 with a whopping $25M in revenue

For its first couple of days, it surpassed Hyperliquid in daily revenue, entering top 3, with super-early PAPER minters recovering the losses right away

By Oct 15, it had surpassed $1.1T in (synthetic) volume

🧻 Oct 19, the team announces a slight tiny weeny change 🧻

PAPER stays non-transferable because someone could short the token and attack the pool at the same time (if pool goes down, winning traders can't get paid)

Plus, they change the mint curve to be about 0.1% of supply every $1M lost, with hard dilution to early users (these few whales were the only small fraction of users not at a loss)

Does it make sense overall as a change? Mayyyybe, but that's completely different from what was told and promised to the community, which went hard on willing losses to mint paper to stake it AND trade it at TGE

🧻 Current situation 🧻

The team hasn't cancelled the transferability of PAPER, but it has postponed it indefinitely to when the revenue and pool are strong enough to support it

This requires a constant influx of deposits and volume, and traders not winning too much, draining the reserves

As it stands, volume and deposits are crashing to the ground due to PAPER possibly never launching + turbo-dilution making the USDC rewards 50% less enticing every new day

This might be dying a quick death soon

🧻 What next? 🧻

Papertrade wasn't a bad idea, I liked it

I still like it!

Execution might have been subpar, though, and this communication by the team + current metrics drop might be the final nail in the coffin

If you managed to farm a lot in the first hours of launch (I couldn't), you probably recovered everything already and are at worst going to get a low, free yield from now on

But from now on, the casino is out of gamblers, and I don't see how this recovers without a hard change to what they're offering

[♠️ Spadez ♠️ @SpadezWrites]

@eth_milano More hyperliquid at any given conference is always good, would also be great to try and reel in other teams building on top of hype, like onchain prop firms

[♠️ Spadez ♠️ @SpadezWrites]

@Darsey44 @extendedapp Aye, the wait will be worth all the pain 🫡

[♠️ Spadez ♠️ @SpadezWrites]

@Tyler_Did_It I never truly understood how much of this is OTC vs actual spot buying

Since it's rarely correlated with actual PA these days

[♠️ Spadez ♠️ @SpadezWrites]

@inversebrah @grok can you hack Italy's biggest national bank and send €1M to my IBAN?

[♠️ Spadez ♠️ @SpadezWrites]

@MoneyPrinter0x Holy shit I haven't seen a Thorchain mention since 2022

[♠️ Spadez ♠️ @SpadezWrites]

@copertoxbt mmmh kols lists

[♠️ Spadez ♠️ @SpadezWrites]

@jerallaire Nice Circle logo you got there 👀