It's me again. I come bearing great news.
First of all, we have hit 20M active users for Codex some time this week. Second of all, this is cause for celebration and during the day we will credit every Codex and ChatGPT Work user with a BANKED reset that you can use at your own leisure. And we will have some other good news later too!
Now, on usage limits draining faster, while we're not seeing anything abnormal, we do take it incredibly seriously and there is an ongoing investigation. I will share if we do find anything and my below post is really a clarification on a specific pattern that we did see that I wanted to call out.
Go do something amazing today.
Crypto faces 3 barriers to next bull run, STS Digital CEO says
"Institutional investors selling options, capital rotating into artificial intelligence and delays to U.S. crypto legislation are three of the powerful headwinds holding back price gains in digital assets even as Wall Street steadily embraces blockchain technology," according to STS Digital CEO Maxime Seiler.
https://t.co/BFkLftl0Ks via @coindesk
Why perps?
If you ask traders why crypto perps average a daily volume of over $200 billion, theyโll tell you itโs not a matter of choice, but one of necessity. Lucas Krenn, a derivatives trader at market-making firm STS Digital, and an independent trader for six years, said "perps are the plumbing underneath everything the firm does."
Outside bitcoin and ether, dated futures liquidity is thin to the point of being unusable," he said. "So perps are not one tool among several. For a crypto native firm, they are the tool." Dated futures arenโt popular mainly because they have to be replaced with new contracts at expiry, and that process costs money.
Those same costs are why futures-based ETFs tend to be less efficient than spot ETFs. Liquidity refers to the market's ability to absorb large buy and sell orders at stable prices. Per Krenn, standard dated futures are largely illiquid, meaning a few big orders can easily sway prices in either direction, raising slippage and spoiling execution for traders. (Slippage is the price at which the trade was submitted and the price at which it was actually executed.
Perps Week 2026 @CoinDesk@godbole17
https://t.co/4xjYul2Ggg