Ander

Analyst at BRV Capital Management
Ex-@Official_Upbit

[Openτensor Foundaτion @opentensor]

The largest decentralised LLM pre-training run in history.

SN3 @tplr_ai trained Covenant-72B across 70+ contributors on open internet infrastructure.

Now it’s being discussed by @chamath with @nvidia CEO Jensen Huang.

Distributed, open-weight model training on Bittensor is getting started.

[CZ 🔶 BNB @cz_binance]

Waiting for the new headline: #Bitcoin "CRASHES" from $101,000 to $85,000.

Save the tweet.

[Ander @crypto2_pe]

The Act applies only to “Payment Stablecoins,” which are designed for real-world payments and settlements. It doesn’t address stablecoins primarily used on-chain as in DeFi

Issuers must be licensed. They must hold 1:1 reserves, allow redemptions, and publish monthly disclosures

[Ander @crypto2_pe]

@jun7543 Seems they are giving away a lot for Upbit users. That's different!

[Ander @crypto2_pe]

Maplestory is a great game.

However Nexon has market cap of $15B, and Maplestory roughly accounts for 20% of its revenue.

Doesn't that mean the price for the "whole Maplestory" shall be around $3B?

Not sure why we should give #NXPC, a side project of Maple such a high value.

[Coinbase Assets 🛡️ @CoinbaseAssets]

Assets added to the roadmap today: tokenbot (CLANKER)
https://t.co/rRB9d3hSr2

[Presto Research @Presto_Research]

Hot Off The Press:
2025 Crypto Industry Outlook

2024, a year that was nothing short of transformative for the crypto industry—and for the world—is coming to an end.

But wait…2025 is set to be even more explosive. We’ve summed up why in the 63-page report published today.

🧵👇

[Presto Research @Presto_Research]

⛓️ Blockchain Focus ⛓️

Hyperliquid: The HYPE Begins
by @BidenCho

In this article, we explore @HyperliquidX's achievements to date, the implications of the $HYPE TGE, and projections on Hyperliquid's future trajectory.

Moreover, we will incorporate insights from active traders and developers within the Hyperliquid ecosystem to provide a comprehensive perspective.

Are you HYPEd enough?

[Ander @crypto2_pe]

더본코리아 기관 수요예측 흥행 기사를 보고 증권신고서를 열어봄

F&B는 PER 5 수준의 기업들이 많음. 그런데 여기는 비교 기업 선정에서 PER 8배 미만은 제외를 해버림

결국 이들의 평균 PER인 15.78로 밸류에이션을 진행하고 일부 할인해서 공모가를 산출함

나쁘다는건 아니고 그냥 그렇다고...

[Ander @crypto2_pe]

7/ When that day arrives, Ethereum will be able to handle more TXs, and that is when we’ll see true economic scalability realized.

Until then, while Ethereum is technically scalable, it’s not economically scalable. And that’s the challenge we need to overcome.

[Ander @crypto2_pe]

Economic Scalability of ETH: Are we at a Dead End?

ETH is gradually becoming scalable, but not economically scalable. Here's why I think so.

[Ander @crypto2_pe]

6/ The only way to achieve economic scalability is by increasing block space to handle more TXs.

I understand why Ethereum community is cautious—decentralization matters. But as tech evolves, we’ll eventually be able to expand block space without sacrificing decentralization.

[Ander @crypto2_pe]

@hosseeb I believe a first mover advantage in crypto only kicks in after they build a network effect.

With how easy it is to fork projects, that's when it really matters.

[Ander @crypto2_pe]

@jun7543 To me, everyone is making valid points.

[Ander @crypto2_pe]

@jun7543 's claim seems to suggest that the growth in SUI's TVL has lagged behind the increase in its market cap, meaning token's price has risen and circulating supply has expanded faster than TVL.

However, this doesn’t necessarily mean that the actual TVL growth is negative.

[HJ @jun7543]

Adj. TVL Thread Follow-Up

Why did @XangleOfficial Research propose TVL/Mkt Cap as an Adjusted TVL metric?

Currently, for both Aptos and SUI, native tokens (APT, SUI) account for a significant portion of their TVL (over 60%). This results in the price increase of APT and SUI heavily impacting USD-based TVL volume. To neutralize the effect of rising native token prices and the increasing unlocked token supply on TVL, I devised the Adj. TVL metric, which reflects Mkt Cap growth.

My Methodology
Adj. TVL growth% = TVLpresent / ((1+∆Mkt Cap.)*TVLpast)
which resulted in TVL of Aptos (+275%ytd) vs SUI (-24%ytd)

In this thread, I applied the newly proposed methodology by @JayLovesPotato to calculate the values:
∆(TVL_apt/MC_apt) vs. ∆(TVL_sui/MC_sui)
(∆TVL_apt/∆MC_apt) vs. (∆TVL_sui/∆MC_sui)
*The actual calculated values come out the same.

The results were similar across all three approaches, with SUI’s Adj. TVL decreasing due to significant Mkt Cap growth, while Aptos saw an increase. (Please see the attached table)

However, when breaking down the TVL of the top 7 DeFi dApps of each protocol:

The native token ratio is 55% for SUI vs. 78% for Aptos, meaning Aptos has a higher proportion of native tokens. This suggests that Aptos’ ecosystem has seen a greater influx of APT tokens, while SUI’s TVL was more influenced by token price increases rather than new SUI tokens entering the market.

The stablecoin ratio is 28% for SUI vs. 20% for Aptos. Both projects have seen increased stablecoin inflows compared to the beginning of the year, indicating external capital has entered their ecosystems. In absolute terms, SUI's stablecoin inflows outperformed Aptos by approximately $80 million.

List of Referenced dApps
Aptos - @AriesMarkets , @AmnisFinance , @ThalaLabs , @TruFinProtocol , @CellanaFinance, @Meso_Finance , @EchelonMarket
SUI - @navi_protocol , @CetusProtocol , @suilendprotocol , @Scallop_io , @AftermathFi , @HaedalProtocol , @DeepBookonSui

Both projects show positive net flow. For SUI, the main drivers are SUI’s price increase and external stablecoin inflows. For Aptos, the key drivers are the increased use of APT tokens in DeFi and some stablecoin inflows.

It’s too early to judge which project is superior, as the crypto industry is still in its early stages. I hope both projects will serve as the foundation for useful services for people in the future.

written with @KPJang2 , @tigerant_btc

[Ander @crypto2_pe]

There’s a distinction between slower TVL growth and a decline in TVL.

Has SUI’s TVL grown? YES. Has it grown as quickly as the token unlocks or price increases? NO.

[Cecilia Hsueh @cecilia_hsueh]

I’m not here to ruin anyone’s career, so I won’t name names.

After 5 years in Web3, founding two companies, interviewing countless candidates, and leading teams of 500+, I just had the worst hiring experience of my career.

I want to share this as a lesson and warning.

To the young people in Web3: you’re in one of the best industries in the world in terms of compensation. At just 20-something, you’re earning salaries north of $200K—higher than many in traditional sectors like tech, finance, PE/VC, consulting, etc.

The entry barriers are lower, your work is easier, and you get to travel the world for events. Life seems easy, and the millionaire dream feels just within reach.

But, that’s created a problem. There’s now a group of individuals in Web3 with average skills and sky-high expectations. They think they can have it all, without loyalty to their projects.

They jump from job to job, even working for multiple companies at once, all while pretending to be fully committed to each. The salaries they demand are way out of line with their actual contributions and effort.

At Morph, we’re always looking for the best talent in the market. But, integrity and honesty are non-negotiable.

No matter how talented someone is, without these values, they won’t last on our team. People say Web3 and crypto are full of scams—and honestly, sometimes we’re hesitant to even mention our work outside of the industry. This is because too many bad actors have caused damage.

Morph will launch its own token in the future, and investors will be trusting us with their money. As the backbone of this project, our team must be composed of the most trustworthy individuals. Myself, Azeem, and every single team member cannot afford to act unethically or compromise investor trust.

I know these words may not sound glamorous in Web3, but building a solid blockchain is a long and challenging mission.

We’re looking for people who share these values to join us.

By the way, we’re hiring! :)