>This week Multicoin VC released a Thesis why Drift (Thier Bags) will win the Derivatives DEX War
>Many Organic Users clamoured in favour of Hyperliquid
>Massive Critical takes on Hyperliquid Centralisation by Drift Founders & Co
BTW, some takes are valid, Interesting timing tho
Our Head of Product @JustinCBram in response to whether @variational_io will one day have thousands of tradable markets:
"We want to aggregate from every exchange [both crypto and tradfi]. Having this broker-like model allows us to list whatever the market wants".
Spot trading is live on Extended!
Extended has added spot markets for BTC, ETH, and USDT.
Spot and perpetuals now share a single margin account: spot holdings can be used as collateral for perpetuals positions without bridging or converting to USDC first.
If a USDC balance becomes negative through trading losses, they will be covered automatically using other assets in the same account. This means spot holdings may be reduced to cover losses on perpetuals positions.
Technical documentation: https://t.co/RFQIQSpqDK
Today is the 6 year anniversary of when I launched Polymarket.
I’m truly grateful to be able to work on something that means so much to me.
It’s been awe-inspiring to see the world catch up with this crazy idea called “information markets”. Yet there still remains a long ways to go
For those curious about my headspace when starting the company, this thread is a nostalgic artifact.
USDH Sunsetting
Felix HIP-3 Markets Sunsetting
Ventuals Sunsetting
Hypurrfi Sunsetting
Early stage in a new ecosystem is extremely difficult in all aspects
Best of luck to all the teams & builders that dared to dream
also the farmers
“Greatness does not come out of intelligence, it comes from character.
Character is not formed out of smart people: it is formed out of people who have suffered.”
— Nvidia CEO, Jensen Huang
To be a successful hip3 deployer, you first need distribution.
The challenge is that you can’t get distribution by launching another copy pasta trading app. There’s no real differentiation, and no compelling reason for users to choose your product over the next 10 competitors.
The only path is to build something different.
Once you have user distribution, you can leverage that audience and eventually become a hip3 or even hip4 deployer. But until then, the focus should be to build a product that gets people to come back.
Tradexyz earned a lot of its distribution because they were early and pioneered many of the products that exist on Hyperliquid. It makes sense that they captured share of users
Unfort there is no shortcut. The hard part is to build something different, win users, and earn distribution