Totelli

A giant serpent-dragon that swallows the moon, representing a market

[Totelli @Bakwa_Eclipse]

Mi hijo piensa que yo puedo arreglar todo, y soy el que puede curar cualquier golpe, ojalá siempre me quiera así... #casimemeoencima

[Totelli @Bakwa_Eclipse]

Bullish forever 🚀🔥

[Totelli @Bakwa_Eclipse]

yo the crypto space moves so fast it's wild trying to keep up lol. every morning I open my feed and there's like 10 new things to unpack. feels like we're deep in a new cycle fr 👀

anyone else feeling the shift? #crypto

[Totelli @Bakwa_Eclipse]

just wrapped a brutal leg day 💪 something about post-gym endorphins that makes me actually think clearly about long-term bets. best portfolio decisions i've made were always after a workout, never doomscrolling at 2am

[Totelli @Bakwa_Eclipse]

cooked an actual dinner tonight. first time in weeks. why did i forget that eating real food beats staring at charts all day?

charts will be there tomorrow. my pasta won't.

[Totelli @Bakwa_Eclipse]

sunday morning. coffee in one hand, whitepaper in the other. some call it a problem, i call it alpha hunting.

[Totelli @Bakwa_Eclipse]

Been thinking about this all day tbh.

[Totelli @Bakwa_Eclipse]

Been digging through today's flows and the divergence is wild - spot volumes softening while derivatives OI keeps climbing. Feels like leverage is doing the heavy lifting again, not conviction. Sustainable? #Crypto

[Totelli @Bakwa_Eclipse]

10Y yields creeping up + oil catching a bid = tough macro setup for BTC heading into tomorrow's CPI print. Risk assets rarely love that combo. A hot number could break the range hard. #Bitcoin

Who else is de-risking into the print?

[vitalik.eth @VitalikButerin]

Over the past year, many people I talk to have expressed worry about two topics:

* Various aspects of the way the world is going: government control and surveillance, wars, corporate power and surveillance, tech enshittification / corposlop, social media becoming a memetic warzone, AI and how it interplays with all of the above...
* The brute reality that Ethereum seems to be absent from meaningfully improving the lives of people subject to these things, even on the dimensions we deeply care about (eg. freedom, privacy, security of digital life, community self-organization)

It is easy to bond over the first, to commiserate over the fact that beauty and good in the world seems to be receding and darkness advancing, and uncaring powerful people in high places are making this happen. But ultimately, it is easy to acknowledge problems, the hard thing is actually shining a light forward, coming up with a concrete plan that makes the situation better.

The second has been weighing heavily on my mind, and on the minds of many of our brightest and most idealistic Ethereans. I personally never felt any upset or fear when political memecoins went on Solana, or various zero-sum gambling applications go on whatever 250 millisecond block chain strikes their fancy. But it *does* weigh on me that, through all of the various low-grade online memetic wars, international overreaches of corporate and government power, and other issues of the last few years, Ethereum has been playing a very limited role in making people's lives better. What *are* the liberating technologies? Starlink is the most obvious one. Locally-running open-weights LLMs are another. Signal is a third. Community Notes is a fourth, tackling the problem from a different angle.

One response is to say "stop dreaming big, we need to hunker down and accept that finance is our lane and laser-focus on that". But this is ultimately hollow. Financial freedom and security is critical. But it seems obvious that, while adding a perfectly free and open and sovereign and debasement-proof financial system would fix some things, but it would leave the bulk of our deep worries about the world unaddressed. It's okay for individuals to laser-focus on finance, but we need to be part of some greater whole that has things to say about the other problems too.

At the same time, Ethereum cannot fix the world. Ethereum is the "wrong-shaped tool" for that: beyond a certain point, "fixing the world" implies a form of power projection that is more like a centralized political entity than like a decentralized technology community.

So what can we do? I think that we in Ethereum should conceptualize ourselves as being part of an ecosystem building "sanctuary technologies": free open-source technologies that let people live, work, talk to each other, manage risk and build wealth, and collaborate on shared goals, in a way that optimizes for robustness to outside pressures.

The goal is not to remake the world in Ethereum's image, where all finance is disintermediated, all governance happens through DAOs, and everyone gets a blockchain-based UBI delivered straight to their social-recovery wallet. The goal is the opposite: it's de-totalization. It's to reduce the stakes of the war in heaven by preventing the winner from having total victory (ie. total control over other human beings), and preventing the loser from suffering total defeat. To create digital islands of stability in a chaotic era. To enable interdependence that cannot be weaponized.

Ethereum's role is to create "digital space" where different entities can cooperate and interact. Communications channels enable interaction, but communication channels are not "space": they do not let you create single unique objects that canonically represent some social arrangement that changes over time. Money is one important example. Multisigs that can change their members, showing persistence exceeding that of any one person or one public key, are another. Various market and governance structures are a third. There are more.

I think now is the time to double down, with greater clarity. Do not try to be Apple or Google, seeing crypto as a tech sector that enables efficiency or shininess. Instead, build our part of the sanctuary tech ecosystem - the "shared digital space with no owner" that enables both open finance and much more. More actively build toward a full-stack ecosystem: both upward to the wallet and application layer (incl AI as interface) and downward to the OS, hardware, even physical/bio security levels.

Ultimately, tech is worthless without users. But look for users, both individual and institutional, for whom sanctuary tech is exactly the thing they need. Optimize payments, defi, decentralized social, and other applications precisely for those users, and those goals, which centralized tech will not serve. We have many allies, including many outside of "crypto". It's time we work together with an open mind and move forward.

[vitalik.eth @VitalikButerin]

Welcome to 2026! Milady is back.

Ethereum did a lot in 2025: gas limits increased, blob count increased, node software quality improved, zkEVMs blasted through their performance milestones, and with zkEVMs and PeerDAS ethereum made its largest step toward being a fundamentally new and more powerful kind of blockchain (more on this later)

But we have a challenge: Ethereum needs to do more to meet its own stated goals. Not the quest of "winning the next meta" regardless of whether it's tokenized dollars or political memecoins, not arbitrarily convincing people to help us fill up blockspace to make ETH ultrasound again, but the mission:

To build the world computer that serves as a central infrastructure piece of a more free and open internet.

We're building decentralized applications. Applications that run without fraud, censorship or third-party interference. Applications that pass the walkaway test: they keep running even if the original developers disappear. Applications where if you're a user, you don't even notice if Cloudflare goes down - or even if all of Cloudflare gets hacked by North Korea. Applications whose stability transcends the rise and fall of companies, ideologies and political parties. And applications that protect your privacy. All this - for finance, and also for identity, governance and whatever other civilizational infrastructure people want to build.

These properties sound radical, but we must remember that a generation ago any wallet, kitchen appliance, book or car would fulfill every single one of them. Today, all of the above are by default becoming subscription services, consigning you to permanent dependence on some centralized overlord.

Ethereum is the rebellion against this.

To achieve this, it needs to be (i) usable, and usable at scale, and (ii) actually decentralized. This needs to happen at both (a) the blockchain layer, including the software we use to run and talk to the blockchain, and (b) the application layer. All of these pieces must be improved - they are already being improved, but they must be improved more.

Fortunately, we have powerful tools on our side - but we need to apply them, and we will.

Wishing everyone an exciting 2026.

Milady.

[doug funnie @cryptoklotz]

Pump fun, Stonk fun, the war between them, and why I think STONK is a better investment going forward.

If you're one of the ten people active in crypto right now, you've probably seen a lot of hullabaloo on the timeline about these platforms

A critical mass of people are coming out to denounce pump, and I want to explain what's going on, and I want to do so purely from an investment perspective, as someone that recently sold the last of his PUMP tokens for solana:6GmAFSYs4gk3FDao5FzzySQpPZaWsa4rUJHacpMpUNgx

I'm going to talk about:

- Why PUMP feels like ETH during ETH's 2024 underperformance
- The token model
- Cultural issues (strictly related to price premium)
- Solana's incentives for which platform succeeds

(None of this is financial advice, this is purely my own views, which may be in parts inaccurate or flawed, but represent my best understanding of things)

(Warning: Long post)

The comparison to ETH:

PUMP, the token, this past bear market reminds me a lot of Ethereum during the 2022-2023 bear market:

ETH had a massive mcap, and that was based on:

The assumption that it was, and *would remain* the only show in town, having defeated too many "ETH killer" alternative L1s to count (EOS, Tezos, etc). "This time isn't different" heavily favored ETH continuing its dominance, and after two cycles (nearly a decade) of trivially swatting away competitors, it justified its valuation.

The air was thick with assumption-based complacency around this. "Eth 2k -> 20k" became a meme, which was eventually replaced by "10k", then "frontrun 10k at 8k", followed by "6k is ok", followed by Eth, very disappointingly, barely sweeping its previous cycle highs.

Then Solana persisted its development, refinement, and app ecosystem, and exploded. It looked and felt amazing to use, and began the cycle new, cheap, and in public, and *CRITICALLY*, enabling people who believed early to enjoy all of its token's upside. Not only was it "this feels good to use, and makes sense to me", but also had organic community-based reinforcement via "I was allowed to get a big piece of the pie early, and will do well alongside the platform".

It seemed impossible, and its resurgence seemed fleeting, until it absolutely ate eth's lunch, moving up something like nearly 40x from the bottom.

PUMP is similar - it was early to the bonding curve (a novel and revolutionary product), it built a massive war chest, and it defended its moat aggressively, defeating numerous "alt token launch platforms" (Bonk, Moonshot, Jup, Bags, etc).

I think there's a similar sense of complacency around PUMP continuing to dominate the space, and that's slowly being shattered by RH chain + Pons, and Stonk Fun on Solana; both platforms finding runaway PMF, and *CRITICALLY*, bringing its users along for the ride with fair, public launches, for as cheap as you wanted it, as early as you found it. (I think both platforms do well, respectively, alongside each other, but that's another story).

The Token Model:

PUMP was so dominant and unrivaled that it could afford to, despite absolutely CRUSHING it on industry-leading fees and building a massive war chest (that persisted for many, many quarters in a row) do a public sale of tokens at a 4 billion dollar valuation to raise nearly a billion additional dollars. Many people argued "hey this isn't necessary", or "hey, you guys are sitting on a mountain of capital, why not do an airdrop? this is the opposite of that. do you really need to squeeze more money?

But because they had crushed all competition, there really was no alternative or "protest vote" platform to move to. And also because of that, the sale was a huge success.

The problem with this:

There are over a billion dollars locked up in a non-egalitarian, "previous-era" VC model, which creates pressure on supply. They do buy-back and burn with a substantial amount of fees in a way that's compelling, but these two forces are at odds. I believe the buybacks+burns are happening (it would be a massive scandal if they weren't), but PUMP's cultural issues and trust deficit (more on that later) had a lot of people believing even the stated buybacks were fugazi.

For solana:6GmAFSYs4gk3FDao5FzzySQpPZaWsa4rUJHacpMpUNgx and Stonk fun, they launched in the post-Hyperliquid era of Egalitarianism, where the idea is "our platform will do better if we let the public come along for the ride as early as possible. If we win, they win, and vice versa. Let's win together, and use the good will generated and success people feel to create a PR + adoption-adherence flywheel".

Stonk fun followed this, and said "Let's make 100% of supply available on day 1, for virtually free. And then rather than hoarding fees, let's use those fees to buy back and burn our token, and also buy the top ecosystem tokens, so holders of Stonk Fun launches also win."

This creates a recursive loop of "Buy something on Stonk Fun, fees go to buying back + burning the STONK token, and also the project you just bought goes up too. Other people see this happening, and they rush to (very happily) take part, and enjoy the sense of community that builds when there's a mechanistic PVE setup the rewards holding a few tokens, rather than rotating endlessly.

I, for example, kicked tires on STONK and bought some in late August for 18 million mcap, which is a comically deep value for a major platform. This is how egalitarian launches work, though - all tokens are circulating, rather than a company or group of VCs putting 5% of the float out (driving up the FDV to insane levels), and then slamming sells on your head with the 95% they reserved in a scrooge mcduck-style vault, for months-years. The token price oftentimes goes sideways, while mcap balloons -- basically a public ledger of how fucked over you got. This same phenomenon is what lead to memecoin populism in late 2023 - a rebellion again this sort of token launch, but that's another story.

Additionally, Stonk Fun not only offers virtually unrivaled access to RWA (stock) pairs, but reflection, or "yield" tokens as they're coming to be known, allow setups that, rather than seeing fees go straight to a company, reward long term holders with the right-side of a pair (like KNOTS/STONK, a memecoin that pays out stonk to holders). This further incentivizes PVE holding, and brings us back to a calmer, happier, more community-oriented era of memecoin trading.

Pump's launch today is a reactionary version of this, where they re-route the modest amount of "creator fees" that accrue to holders, which feels like a cynical bolt-on to try to claw back much of the attention and foothold it's lost, but mechansitically, doesn't come nearly close to what's happening (and the excitement around it) on Stonk Fun, or PONS for that matter.

Cultural Issues:

Pump fun has allegations of deceit/double-promises ("airdrop soon!"), dropping its buyback/burn fees without feedback or warning, bankrolling antisocial behavior (remember the bagworking 'disrupt sporting events' meta? the 'poor/desperate third worlders forehead tattoo' bounty product?), undisclosed paid partnerships and deals, and probably worst of all:

(allegedly) Directing large groups of insiders/associates to bully, intimidate, harass, and humiliate anyone that show dissent or disagreement with them on the timeline. To the point where people even I talk to directly have silently disagreed with Pump, or wanted to support another network, but have voiced a real and genuine fear of speaking out, pointing to examples of multi-month harassment campaigns directed at them. I don't have smoking gun proof that this is true, but these allegations are everywhere, and have persisted for a long time. This sort of fear-based information space tactic is straight out of the playbook of totalitarian societies, and is just awful. Even under a recent post of mine, a pump fun payrolee quietely told me that they were directed to delete their comment on my post.

Yikes.

I've looked past that, because I, as an investor (read: hypocritical pig) am in crypto to make money, and Pump generates massive fees, but *as an investor*, it's a concern because the above is a big part of the fact that their *token* has a price appreciation drag in the form of a *trust deficit*, rather than a *trust premium*, where a token trades at above what it'd normally be valued, based on the org behind it being proactive and egalitarian (see: hyperliquid/jeff)

I think we've reached a point lately, where enough people have seen Stonk Fun get to stock/memefi/yield token pairs early enough, and have enough fees/growth, and let people get as much of the pie as early as possible to enjoy the success,

That people aren't afraid to speak out anymore. And once there's a critical mass, the fear of reprisal diminishes, because Pump simply doesn't have the breadth or resources to target and attack that many people concurrently. Stonk fun vs Pump fun feels like onchain arab spring/star wars/berlin wall falling, metaphorically, in terms of what I'm seeing on the timeline.

Which leads me to the next point --

Solana's incentive for which platform succeeds:

Solana has done a lot over the past few years in terms of creating industry-best UX, speed, and scale. It's, in my mind (as a former Eth maxi), the best blank canvas we have for general purpose activity in crypto. But it has two principle complaints, both of which were/are valid:

1) Tokenomics (Inflation is bad)
This has been largely addressed + ameliorated with recent SIMDs, where disinflation was doubled, and more Sol gets burned

2) Culture Rot
Pump Fun's RUNAWAY past success as Sol's #1 fee-generating app put Solana in a position where they had no other choice but to hitch their wagon to PUMP. I empathize with that.

However, Sol's nascent success in RWAs and a half dozen other verticals has given them a hopeful path increasing optionality for fee diversification,

and now, Stonk Fun has come along and found real PMF in the form of a new/exciting set of primitives (and a massive userbase that gets to enjoy the upside of Stonk Fun's success as if they were all day-1 investors or employees at the company!), and a massive social moat via community/goodwill.

The mechanisms of the platform incentivize "buy and hold" PVE, rather than adrenaline-soaked PVP rotational jungle war. It's a fee-generating MONSTER, and those fees look sustainable. It provides SOL with AMM diversity, rather than the vertical integration at Pump.

And critically - stonk fun doing well directly addresses the "Trust Deficit" valuation drag on SOL (the token) that has spilled over from the cultural dominance/fee dominance of Pump Fun.

--

I've said enough here, but do need to say this - I don't "hate" pump fun. As a token holder, I've simply been disappointed and frustrated. The hope was always (and still is) that they'd just clean up their act a little bit, and they (and token holders) *and* solana could all win. But it just doesn't seem to be happening. If anything, the culture of cynical reactionary product/PR/comms seems to be getting slightly worse as they feel cornered. I'd like to see them do better, and go on to succeed, and compete on the merit of excellent product UX + liquidity, and genuinely wish them the best.

So no, I don't "hate" them, I don't really think about them, or anyone in crypto at all. Crypto to me is simply a lever to generate wealth. And because of all of the above, though this may change down the road, I'm shifting my investment over to to Stonk Fun for the foreseeable future.

Because Doug Funnie Said So,

Diaperliquid.

[Totelli @Bakwa_Eclipse]

post-lift clarity hits different. 45 min on the treadmill = perfect window to actually zoom out on the 4-year charts instead of doom scrolling 15m candles. best decisions I've made were mid-cooldown, not mid-panic.

[Totelli @Bakwa_Eclipse]

reading game theory and my brain has fully rewired. every trade, every negotiation, every market move is just players making moves with incomplete info. once you see it, you can't unsee it. crypto makes way more sense now.

[Ash Crypto @AshCrypto]

The biggest crypto bull run is coming.

Countries will be buying Bitcoin.

Institutions will be going all in.

Bitcoin will capture the same attention AI stocks did.

Trillions will flow into crypto.

You’re not prepared for what happens when the CLARITY Act becomes law.

[Totelli @Bakwa_Eclipse]

Another day, another wave of moves shaking the market. The pace right now is insane and honestly, if you're not paying attention, you're already behind. Big players are positioning hard.

Who else is glued to the charts today? #Crypto

[DonAlt @DonAlt]

It's so wild how ETH goes up a bunch which leads to altcoins going up a lot which leads to ETH pulling back a tiny bit which leads to altcoins going back to zero

Pretty clear that there is a sticky bid for ETH, probably wisest to stick to that if you're not an excellent trader

[Altcoin Daily @AltcoinDaily]

Ethereum will be the biggest story in Q4 2026.

[gainzy @gainzy222]

I think solana’s won again, and it’s helping catalyze another bull run for the second cycle in a row

[Tomi @tomiwebstr]

I never understood the NFT era, was everyone just under mass psychosis or what?

[Totelli @Bakwa_Eclipse]

closed the laptop mid-chart analysis and just went outside. sun exists. birds are loud. charts will still be red later lol. touch grass pill is undefeated