hny all, new post up for 2025
i wrote something i wish i had when i was first starting out, hopefully some of you find it useful
https://t.co/xIYN5Pg4VZ
Rollups need a path to profitability, and we're building that path. We believe MEV is the missing piece that can bring this together.
Today, we're happy to announce we've raised $7M led by @PanteraCapital to bring this vision to life.
Let's build towards this success and make Ethereum win. Here's our story👇
E95: @HyperliquidX : How to Win in Crypto (By building for users, not VCs)
@chameleon_jeff (aka "Jeff Basedzos") is the CoFounder & CEO of Hyperliquid Labs, the Company behind Hyperliquid
Hyperliquid is one of the most hyped L1s, includes a decentralized perpetual exchange with more than $1.5 Billion in daily trading volume, and aspires to become "the AWS of Liquidity"
Timestamps
0:00 Intro
2:25 Hyperliquid's Unique Vision
5:32 From Top10 MM to Hyperliquid
9:55 Improving DeFi UX
12:12 Speculation vs. Value
14:02 Is Jeff Autistic?
16:29 Impact
19:26 Hyperliquid Unique VP
21:58 Why Jeff can't retire early
23:25 Building hard things
26:34 Why is Jeff doing Crypto?
31:00 Purpose
33:40 The Hyperliquid Mum's Test
36:02 The Community at the center
42:43 Scams
46:59 Rewarding Real Innovation in Crypto
50:36 The JEFF BEZOS of Crypto MEME
55:40 AWS of Liquidity
59:09 Empires to be built on Builders code
1:02:17 Hyperliquid’s Role in Cryptos Future
1:05:19 Non-Consensus Beliefs
1:07:00 Taking Things Less Personally
Re-upping my post from 1.5 years ago on "layer 3s":
https://t.co/iHWEgPA7Hl
The summary is that layer 3s don't magically improve throughput even more, though they can reduce some fixed costs of batch publishing and deposits/withdrawals.
Bitcoin is backed by the largest computer network in the world, a network orders of magnitude larger than the combined size of the clouds that Amazon, Google, and Microsoft have built over the last 15-20 years.
It’s been incredible to witness the journey and accomplishments of the Sismo team for the past few years❤️. Your commitment and the progress made have been remarkable.
Looking forward to seeing you return after your well-deserved break, refreshed and ready to continue making impactful contributions to the crypto world.
Take care! ☺️
TL;DR
• CZ fined $50m
• No involvement in Binance operations for 3 years
• Binance appoints an independent compliance monitor for 3 years
• Binance fined $1.805bn, discount for partial cooperation, paid over 15months + $2.51bn for sanctions
• No public statements allowed
Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.
Binance is no longer a baby. It is time for me to let it walk and run. I know Binance will continue to grow and excel with the deep bench it has.
I’m pleased to announce that @_RichardTeng, our now former Global Head of Regional Markets, has been named the new CEO of Binance today.
Richard is a highly qualified leader and, with over three decades of financial services and regulatory experience, he will navigate the company through its next period of growth. He will ensure Binance delivers on our next phase of security, transparency, compliance, and growth.
Prior to joining Binance, Richard was CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM); Chief Regulatory Officer of the Singapore Exchange (SGX); and Director of Corporate Finance in the Monetary Authority of Singapore.
With Richard and the entire team, I’m confident that the best days for @Binance and the crypto industry lay ahead.
As a shareholder and former CEO with historical knowledge of our company, I will remain available to the team to consult as needed, consistent with the framework set out in our U.S. agency resolutions.
What’s next for me?
I will take a break first. I have not had a single day of real (phone off) break for the last 6 and half years.
After that, my current thinking is I will probably do some passive investing, being a minority token/shareholder in startups in areas of blockchain/Web3/DeFi, AI and biotech. I am happy that I will finally have more time to spend looking at DeFi.
I can’t see myself being a CEO driving a startup again. I am content being an one-shot (lucky) entrepreneur. Should there be listeners, I may be open to being a coach/mentor to a small number of upcoming entrepreneurs, privately. If for nothing else, I can at least tell them what not to do.
On that note, I am proud to point out that in our resolutions with the U.S. agencies they:
- do not allege that Binance misappropriated any user funds, and
- do not allege that Binance engaged in any market manipulation.
Funds are SAFU!
With that, I look forward to seeing the new leadership take the reins. Please join me in congratulating Richard on his well-deserved promotion.
Onwards!
CZ
List of great reads that really shaped my approach to Markets and Risk the past 12 years.
Started with online poker free rolls to multitabling pre Black Friday before moving into US equities and options derivatives then Crypto.
Self taught most of my trading journey as a independent discretionary trader.
Will keep adding to the reading list for those keen in more resources