Topher

@arca

[Topher @TopherGMI]

@0xTraderSam @that1618guy Not sure how/why people would conclude volume isn't real. They don't play in the toxic memecoin launchpad sandbox like PUMP and UNI.

[Sam @0xTraderSam]

aero is quite easy to track.

you want to see chain dominance improve on mainnet, dex volume grow overall, and emissions come down relative to revenue as a result of predictive allocation.

everything's trending in the right direction so far. either the market doesn't believe their volume is real or they are missing a very obvious long.

[foobar/ @0xfoobar]

Circuit is now live on Robinhood Chain!

Easiest way to trade tokenized stocks, earn LP yield, or trade the news with automated strategies

[The Rollup @therollupco]

BREAKING: Jeff Dorman On Why The Cash-Flow Era Has Arrived For Digital Assets

Real onchain businesses are paying holders, revenue is driving performance, and long-term value investors are finally winning.

@jdorman81 @andyyy @robbieklages

00:00 Intro
01:38 Evolving Through Eight Years Of Markets
04:21 Viable Onchain Businesses Paying Token Holders
07:12 Why Issue A Token Without Payouts
10:44 Tokens Can Trade Above Equity Multiples
13:43 Three Undeniable Growth Areas In Blockchain
15:47 DEX Share Jumped From 1% To 25%
19:39 It’s A Winner Take Most Environment
22:37 Hyperliquid Pulled Off The Triple Crown
24:41 Store Of Value Versus Cash Flow Tokens
27:34 Hyperliquid Outperformance Marks The Cash Flow Era
30:37 Equities Took Decades To Embrace Fundamentals
34:34 Sorting Tokens Into Four Quadrants
36:49 Every Year-To-Date Winner Has Real Revenue
39:34 AI Isn’t Another Telecom Bubble
43:42 Invest Over Years Not Day Candles

[Blockspace @blockspace]

Bernstein holds "Outperform" rating for 6 AI stocks ⚡️

"Current market values imply an 22% median discount to contracted NOls (at conservative cap rates of 8-9%)"

$IREN $CIFR $WULF $CORZ $CLSK $RIOT

[Omnia π @0xOmnia]

Ok @Markets_xyz has been upgraded *significantly*, just in time for @Enter_Elysium

Some highlights since August:
- spot is now live
- autocopy top perps and spot traders (yes, even while you sleep)
- traders earn up to 50% profit share when they're copied + 10% of fees
- trade tokens on 10 chains from one balance
- reduced fees
- tokenized stocks
- limit orders + targets on tokens
- one account across web and app
- copy web traders in the app
- holders tab
- new tokens screened for honeypots + hidden taxes
- tradingview chart drawing tools (web & mobile)
- news + calendar on web
- new video pnl share cards (they're so cool)
- free first Hyperliquid deposit
- apple pay checkout
- safer leverage for copiers by default
- @Enter_Elysium bridging + trading, live nov 9
- comment on traders' posts and start threads

and much more you'll find by trying it out

Huge thanks to every terminal supporting Elysium - drastically improving the trading experience for all

[Topher @TopherGMI]

@kidponga Agree.. the buyback is double, HL's revenue should be more durable, HL's TAM is set to grow while PFs TAM is inherently feeding on itself

That being said.. both should be higher

[Topher @TopherGMI]

Priority fees are starting to become a significant share of @HyperliquidX fees

MMs/algo traders are willing to spend more & more hyperliquid:native to cut the line and make Hyperliquid's markets more efficient

All priority fees are burned

[Hyperliquid News @HyperliquidNews]

PRIORITY FEES HAVE SMASHED THEIR ALL-TIME RECORD, GENERATING $510K IN A SINGLE DAY.

[Flight3 ✈️ @Flight3official]

Former Barclays CEO.
Four decades in markets.
Early backer of @circle.

There’s no one better at @SALTConference to ask what brought them to decentralised finance than @rediamondjr.

[The Rollup @therollupco]

Jeff Dorman says Hyperliquid is the first to pull off crypto’s “Triple Crown”:

Its own chain, DEX fees, and stablecoin fees.

“I think they are the first to really pull off the Triple Crown.”

“L1s by themselves are not really worth all that much unless you also get the DEX fees and the stablecoin fees.”

“Hyperliquid has figured that out.”

“You own the user base through the chain and then you own all the revenue streams built on top of it.”

@jdorman81 @arca $HYPE

[Tuna 🐟 @Tunaswiminsea]

I have been enjoying every moment since I joined @Kinetiq_xyz @Enter_Elysium. It’s completely my honor to work with such an exceptionally talented team.

Most importantly, none of it would’ve happened without @chang_defi and @TopherGMI. Chang’s words means the world to me.

If you’re building, reach out anywhere you can find me. I’ll be on your ass asap.

[Jeff Dorman @jdorman81]

The best returns have been apps that have moved up the value capture framework, not L1s. There is still no evidence that L1 tokens benefit in any way from underlying network usage. An L1 only benefits if they also own the stablecoin fees and DEX fees. An L1 by itself has little to no value. Take away the "Fat Protocol thesis", the "first mover advantage", and a bunch of desperate VC money deployed into the "next big L1" and this entire subsector of the crypto investment landscape would be 1/100th the size.

As we've always said, a token EVENTUALLY has to have buybacks to have any value, or at least a path to future buybacks. But that will never happen in meaningful size for an inflationary L1. This entire sub-sector of crypto is a smoke screen for investors. The value has always been, and will continue to be, in applications built on top of L1s.

[VALAI @ValeriusLabs]

The market pays 8.25x more per dollar of holder returns for $UNI than for $AERO. Same business, wildly different price for the cash flow.

$AERO: $502.94M market cap, holders receive $87.88M/yr. That's 5.7x holder returns.

$UNI: $4.55B market cap, holders receive $96.34M/yr. That's 47.2x holder returns. The Binance hacker's stolen $UNI stack already got sold into DEX pools.

To close the gap, $UNI's holder returns would need to grow 8.25x at today's prices. Which token reprices first?

[Rayne Steinberg @raynesteinberg]

It feels like we are often cautioned about the use of stablecoins for nefarious purposes...but does that line up with reality?

Some of the world's biggest banks have let hundreds of billions in dirty money move through their pipes for years. Cartels, sanctions dodgers, you name it. Usually nobody froze anything. We found out from a whistleblower or a regulator, then came the settlement, long after the money left the building.

Last week Tether froze $1.5B before it reached North Korea.

Stablecoins aren't perfect. But a lecture on compliance from the folks who needed a decade and a whistleblower is pretty rich. Turns out a ledger you can actually see beats a duffel bag you can't.

[Aero @aeroxyz]

A new destination is on the horizon 🛫

[Aero @aeroxyz]

233K AERO Bought and Burned 🔥

A second buyback and burn of AERO has been executed this week.

The Momentum Fund is designed with a rules-based approach, scaling deployment based on market conditions and concentrating resources when it matters most.

[John Gillen - WartimeEthereum.eth @BitcoinJesusETH]

Listen, I know we're all panicking about the hack, but there are a ton of other important things happening in crypto right now too

$AERO just posted its first week on 7 chains:

1. DEX volume: #2 in the world
2. Tokenized stocks: #1 exchange
3. New chains: revenue tripled
4. Supply: first burn done
5. Price: down 23% (hack pushed the whole market down)

Four of five are going the right way. Naturally, the fifth is the one everyone cares about

Alex Cutler @wagmiAlexander, CEO of Dromos Labs, the team behind @aeroxyz, has been posting the numbers all week

Biggest update first: Aero is now the #2 DEX in the world by 24-hour volume. $826M on Thursday, second only to Uniswap ($2.2B) and just ahead of PancakeSwap ($812M)

By chain, it's #1 on Base, Optimism and Ink

Ethereum. Saturday night, Alex had Aero at 2.6% of Ethereum volume. By Wednesday morning he was posting it as the #3 venue on mainnet: $59M in 24 hours, a 6.1% share, behind only Uniswap and Fluid

Uniswap still does 70% of it. I hold $UNI too, but what AERO is doing is important too

Stocks. When Alex came on @MilkRoadDaily in August, the first four stock tokens had been live on Aerodrome for a week. His words: "in one week, we carved out about 25% of the total market"

Since the Aero launch, the team says it's the #1 exchange for tokenized equities, across every stock and every chain. This matters. A lot. It will matter more as more assets are tokenized.

New chains. In that same Saturday post, Alex said Aero had flipped 50% of the volume on Arc and taken 11.6% of Robinhood Chain and 3.1% of Arbitrum. "This was supposed to just be the migration week"

The revenue is small so far, but here's what I've seen. Robinhood Chain is at $92K lifetime, up from $29K last weekend. Ethereum mainnet is at $81K, up from $25K

Base is at $511.6M, so these are still small. They also more than tripled in about five days

Supply. On Wednesday the Momentum Fund ran the first buyback of the Aero era and burned 174K AERO. That's about $120K worth, and Alex's take was "Just the start." Clearly, since they just started.

48.5% of all AERO is staked, locked for 3.9 years on average, and 100% of exchange revenue goes to those stakers

Price. AERO is down ~23% on the week. If you hold it on @coinbase, AERO and VELO sends and receives pause Nov 2-4 for the migration

One week in, it's #2 on Robinhood Chain and Arbitrum. Which one do you think it takes over first?

I'm monitoring this situation. Closely.

Full disclosure: I own $AERO in my Milk Road PRO portfolio, where it's up 46.9%. $UNI (+44.9%) and $SKY (+38.9%) are in there with it

Try Milk Road PRO for $1 for 7 days, link in the replies

[Topher @TopherGMI]

@lynnmartin @chameleon_jeff Hyperliquid

[Topher @TopherGMI]

I think this is the biggest educational moment in crypto's history

Every investment team in the world is having a conversation about Hyperliquid in their morning huddle up today

Hyperliquid

[Topher @TopherGMI]

This seals it imo... Hyperliquid has crossed the rubicon

If you think about it, all of crypto should trade as beta to hyperliquid:native instead of bitcoin:native at this point

[Topher @TopherGMI]

@elonmusk Hyperliquid