Siddharth

[blothecap @blothecap]

https://t.co/stPOzSqvsz

[Guthix 🫵 @GuthixHL]

500m position closed in 5 minutes and HLP return remains positive + no issues

Nothing Ever Happens.

Hyperliquid

[Holosas @Holosas_]

Is @HyperliquidX undervalued?

To assess this, I compared Hyperliquid to Solana, Tron, and Avalanche, using the MC / 30d Revenue formula across the entire ecosystem.

30-day Revenue (in $M):
🔹 Hyperliquid: 49.2
🔹 Solana: 244
🔹 Tron: 53
🔹 Avalanche: 5.6

I chose this metric because the foundation of any product is its revenue and real usage. A blockchain’s true strength lies in its ability to generate sustainable income and attract users.

Now look at how the market values them relative to revenue:

If the market valued HYPE like other top L1s, its market cap should be between $14.63B and $75.42B.

🔹 Solana-based valuation: $14.63B
🔹 Tron-based valuation: $21.81B
🔹 Avalanche-based valuation: $75.42B

Yet, HYPE currently sits at just $4.46B.
All data sourced from DeFiLlama - the numbers don’t lie.

That’s why I keep accumulating HYPE. Fundamentally, it looks better than its competitors. The market is slow, but eventually, true value gets priced in.

Conviction over noise.

[XY @xydotdot]

HYPE is now my biggest position behind BTC.

I’ve been accumulating fast at these prices, and I’m making HYPE my next big trade. The last time I made a move like this was accumulating SOL at ~$25.

For the first time since the FTX crash, I officially don’t hold any SOL. Not because I don’t think SOL isn’t a solid trade (it definitely is) but my gut says HYPE, and I’m leaning in.

There are plenty of reasons why I’m bullish on HYPE, but the most important one is the beauty of the product itself.

I reached out to Jeff in the very early days of HYPE.

I used the product and immediately knew it was a winner. I wanted to see if he was open to investors, but he wasn’t. And honestly, that’s why HYPE is so special.

It’s why you won’t see it pushed as hard on the timeline as SOL or any other token with heavy VC backing. The big VC voices in this space are powerful and influential, but Jeff made a different choice. He decided to give to the users instead of the VCs.

That’s a bold move, and one I deeply respect.

And this is why HYPE deserves support, even if you’re not holding it. We’re entering a new era in crypto: one that feels a lot like the post-dot-com bubble era for the internet. After the speculative frenzy fades, what’s left are the real builders and the real products. In this phase, the protocols that will thrive are the ones that give value back to the users, the ones that treat their users as stakeholders, not just liquidity.

That’s why HYPE matters. It’s part of this shift. There’s nothing more powerful than being a user and, by being a user, becoming an investor. That’s the purest alignment of incentives, using something you genuinely believe in and benefiting when it succeeds. I think Jeff is betting on that model. He’s choosing to let the value flow to the people who actually engage with the product, not just to the gatekeepers.

If HYPE works, it sets a precedent for the next wave of protocols.

A future where the best projects aren’t just built for users, they’re built with them.

Where being early and engaged isn’t just a speculative position, it’s ownership. That’s why I’m betting big.

[Nay @gmnay_]

Full cycle complete! Six-month @pumpdotfun postmortem:

- coins bonded: 87,170
- 4 coins >$100m mcap (0.005%): $fartcoin, $arc, $ACT, $pnut
- 40 coins > $10m mcap (0.05%)
- 250 coins > $1m mcap (0.3%)
- 79,000 coins < $100k = complete rugs! 🧸🎯

[Siddharth @gsiddharth]

@HousingCares Well you should know about these kind of responses to customer queries. Seems something which was approved by the management to be used to respond to customer queries!

[Siddharth @gsiddharth]

@Housing you guys should take a master class in “Customer Support”!

Or may be try to come up with an even more “general” reply to a customer query than this! I mean who replies like this to a customer query!!!

[Siddharth @gsiddharth]

GOAT!

[jeff.hl @chameleon_jeff]

In 2024, Hyperliquid

1) redefined the crypto meta to put community above all. With Hyperliquid, there are no investors, no market makers, and no fees paid to any company. Billions of dollars of value were created by a common vision and relentless hard work. This value went directly to hundreds of thousands of users, building a passionate community with real skin in the game. You all continue to inspire me every day.

2) became the first mature, permissionless financial hub where liquidity and UX matched the most liquid centralized venues. Recent highlights include $15B 24-hour volume, reaching 20% of Bybit futures and 8% of Binance futures volume. Unlike CEXs, Hyperliquid accomplished this as a user-owned protocol.

3) reinvented several of the most entrenched and predatory centralized practices to be crypto-aligned: fair, transparent, and accessible.

Examples of the last point:

1) Listings have always been controlled by CEXs that extort projects through listing fees to maximize their own profits. This is absurd, as the community drives long term success. CEXs tempt projects with immediate liquidity but kill their ultimate vision. On Hyperliquid, listings are fair, permissionless, and transparent: anyone can bid in the auction to deploy a new spot asset. Projects that want to control their own fate increasingly see Hyperliquid as one-stop infrastructure for both the tech stack and liquidity.

2) Historically, CEXs capture the lion's share of revenue in crypto. On Hyperliquid, builders are already bootstrapping 9 figure businesses. Some are monetizing >$100k per day in revenue entirely onchain through builder codes, which are a primitive built into the L1 to allow customizable monetization for applications. Others carve out and own entire verticals in the budding ecosystem.

Builders are tapping into Hyperliquid as their blockchain of choice, and I’m excited for more and more to join the ecosystem this year.

--

In 2025, I expect the technology of Hyperliquid to close much of the gap towards housing all of finance. The maturing technology will include a growing and permissionless validator set while improving the world-class liquidity infrastructure that Hyperliquid provides.

Some concrete predictions:

1) Multiple billion dollar applications/protocols will be built on Hyperliquid. They will own their full stack but tap into the ever-growing liquidity and community.

2) More than 50% of volume from new defi projects will happen natively on Hyperliquid. Hungry teams will value the integration of CEX-level liquidity with the permissionless accessibility of blockchains.

3) Millions of users will use Hyperliquid without knowing about the blockchain at all. Just like web2, users will experience the magic of their favorite products without thinking about the underlying technology.

These predictions are ambitious, but as I look back and realize just how much we've accomplished in a year, I think they're quite reasonable.

Back to work!

[Block Theory Capital @BlockTheoryCap]

Crypto Catch-up: May 26th 2024

- Marathon Goes Green: Marathon Digital Holdings, a leading Bitcoin mining company, announced investments in green energy projects located in Kenya. This move highlights the industry's growing focus on sustainability.

- Trump Embraces Crypto: Donald Trump, former US President and previous Bitcoin critic, declared his support for cryptocurrencies. This endorsement could potentially attract new investors to the space.

Project Updates:

- Ethereum Meme Coin Frenzy: Ethereum-based meme coins like $PEPE and $MOG surged to their all-time highs following positive news regarding Ethereum ETF filings. This exemplifies the market's speculative nature and potential for rapid price swings.

- Uniswap Fee Vote Incoming: The Uniswap Foundation announced an on-chain vote scheduled for May 31st to determine a fee mechanism for the Uniswap protocol. This vote will influence the future sustainability and revenue generation of the platform.

- Ethereum L2 TVL Reaches New Heights: The total value locked (TVL) across Ethereum Layer 2 scaling solutions reached a new all-time high of $47 billion. This signifies growing adoption and user migration towards faster and cheaper alternatives to the main Ethereum network.

- Etherfi Introduces Etherfi Cash: Etherfi, a DeFi protocol, launched Etherfi Cash, a new product or feature, but details remain undisclosed.

- Ether_Fi Sees Influx: The recent Ethereum ETF news led to a significant increase in investments flowing into Ether_Fi, a restaking protocol. This highlights investor interest in potential beneficiaries of a more established Ethereum ETF landscape.

- BWB Launchpad Oversubscribed: The public round for the BitYard Launchpad (BWB) token sale concluded with a staggering 1500% oversubscription, indicating strong investor demand.

Token Unlocks (This Week):

- dYdX: $67.77 million worth of dYdX tokens are scheduled to unlock this week.

- 1inch: $30.78 million worth of 1INCH tokens are scheduled to unlock this week.

- Portal: $26.59 million worth of PORT tokens are scheduled to unlock this week.

On-Chain Activity:

- James Fickel Borrows and Swaps: James Fickel, a prominent crypto investor, further borrowed 100 Wrapped Bitcoin (WBTC) and swapped them for 1778 ETH. This could be interpreted as a bullish signal or a strategy to hedge his positions.

- Large ENA Withdrawal: Two multi-signature wallets, potentially linked to the same institution, withdrew another 2.835 million ENA tokens (approximately $2.61 million) from an unknown source. This movement could indicate selling pressure or a transfer for other purposes.

- dYdX Foundation Deposits on Binance: Two wallets associated with the dYdX Foundation jointly deposited 3.273 million DYDX tokens (worth approximately $6.68 million) to Binance. The reason behind this transfer remains unclear.

[Block Theory Capital @BlockTheoryCap]

Crypto Catch-up: May 9th, 2024

- Token Airdrops: $NGL @Entanglefi token stakers received a $BORPA airdrop, highlighting the potential for rewards within the $NGL ecosystem.

- Eclipse Turmoil: Founder Neel Somani stepped down due to sexual assault allegations.

- @Binance x DWF Labs Controversy: Binance fired its Head of Surveillance for allegedly whistleblowing on market manipulation by DWF Labs, raising questions about exchange transparency.

New Listings and Partnerships:

- @Binance Launchpool: @notcoin $NOT debuted on Binance Launchpool, offering new opportunities for investors.

- Gnosis and Zeal: Gnosis partnered with Zeal for a user-friendly digital wallet, aiming to simplify self-custody and boost crypto adoption. Gnosis also invested $2 million in Zeal.

- @Ton_blockchain and @inconetwork : Inco, a confidential computing platform, partnered with Privy to enable non-custodial Web3 apps and games within Telegram, utilizing FHE technology for novel gameplay experiences.

- @arcium Secures Funding: Arcium, a confidential computing network, raised $5.5 million, bringing its total funding to $9 million.

Decentralized AI and Security:

- Hyperbolic Innovation: Hyperbolic, focused on decentralized AI computing, introduced Proof of Sampling (PoSP) as a solution for verification challenges.

- Security Reminder: Stay vigilant against phishing scams and other crypto-related security threats. (Existing point)

Regulatory and Industry News:

- Solana Agriculture DeFi: @AgriDexPlatform, a Solana-based marketplace, raised $5 million to tokenize the agricultural industry.

- @FINTRAC_Canada Fines Binance: Canada's financial regulator fined Binance $4.38 million for money laundering violations.

- @BlockFi Shuts Down: BlockFi will cease operations this month, allowing users to access funds via Coinbase.

- @Grayscale Reports Revenue: Grayscale reported $229 million in revenue for Q1.

[Block Theory Capital @BlockTheoryCap]

Crypto Catch-up: May 8th, 2024

Here's a roundup of some interesting #crypto news from yesterday:

Politics and Crypto:

- Former President Trump announced he will accept cryptocurrency donations for his potential 2024 campaign. This move could further legitimize #crypto within mainstream politics.

Layer 2 & Scaling Solutions:

- @injective Protocol $INJ is launching its Layer 3 (L3) network powered by @arbitrum's Orbit toolkit, aiming for faster transactions.

- @0xPolygon's Miden Alpha testnet is live, showcasing their zero-knowledge proof (zk-proof) technology for scalable transactions.

- @EthernityChain $ERN is migrating from an Ethereum NFT marketplace to a Layer 2 solution built on @Optimism $OP, catering specifically to entertainment brands.

- @OmniFDN Foundation unveiled $Omni Octane, an open-source framework designed for high-performance EVM blockchains, empowering developers to build custom infrastructure.

- @Optimism $OP announced that Layer 3 chains can now integrate with their Superchain using the OP Stack, enabling revenue sharing with its governance body.
ZK-Proofs on the Rise:

- @lagrangedev, the first zk Automated Verification System (zk-AVS) on @eigencloud, successfully raised $13 million led by @foundersfund. This project focuses on zk-proof technology for scalable verification.

- @HelloTelos $TLOS received $1 million from Presto Labs to develop a new zkEVM network powered by SNARKtor technology, aiming for faster and more secure Ethereum Layer 2 scaling.

Investment and Fundraising:

- Asia-focused venture studio @0xBlockBooster secured $1.5 million led by @okx Ventures, indicating growing interest in Asian blockchain projects.

- Crypto trading firm Arbelos Markets closed a $28 million funding round led by @dragonfly_xyz Capital.
New Index and Tokens:

- @vaneck_us launched a meme coin index, tracking the performance of Dogecoin $DOGE, Shiba Inu $SHIB, $PEPE, $MEME, $FLOKI, etc.

- @lyrafinance is launching a new token, $LDX, for their upcoming Lyra Derivatives Network (LDN) scheduled for Q3 2024. Users can earn LDX points through trading, depositing, and referrals.

Partnerships and Expansion:

- @Chiliz (CHZ) partnered with SBI Digital Asset Holdings and SBI Holdings to expand the sports fan token ecosystem in Japan. This collaboration could drive fan engagement for Japanese sports teams.
ZK-Sync Update:

- @sophon, a zkSync hyperchain, raised $60 million through a node sale, attracting notable investors like Maven 11 and Spartan Group.

[jeff.hl @chameleon_jeff]

The Hyperliquid L1 will be transitioning to HyperBFT, a custom consensus algorithm written from the ground up. The implementation is in final stages of testing on testnet. The mainnet migration is expected to happen in the coming weeks.

The Hyperliquid L1 is one of a few chains in production with real demand above 20k TPS. With a scope expanding far beyond perps trading (more on that later), it is crucial to optimize the foundational consensus algorithm.

Like most modern consensus algorithms, HyperBFT is based on Hotstuff and subsequent improvements. Huge thanks to the researchers who continue to push the boundaries of what is possible on a decentralized state machine.

Some properites of HyperBFT:

1) TPS will be massively improved. The current bottleneck for the Hyperliquid L1 is Tendermint, which caps out at 20k orders/second. HyperBFT can support up to 100x the throughput, though in practice the state machine execution will be a bottleneck at around 200k orders/second.
2) Consensus does not block on execution. Unlike Ethereum and Tendermint, the consensus algorithm can continue sequencing transactions without waiting for the hash of the current block being executed.
3) Confirmation latency will improve and stabilize, with block times bounded only by the network delay. Unlike earlier BFT algorithms such as Tendermint, there is no synchronous timescale baked into the consensus algorithm itself under normal block production. Blocks are produced as quickly as a quorum of validators can communicate. This property is sometimes called "optimistic responsiveness."

The mainnet rollout will be incremental, focusing first on stability at performance parity with the current L1 before cranking up throughput.

[Block Theory Capital @BlockTheoryCap]

Weekly Alpha👇🏻

Here’s all Alphas from Last week 📷0/23

[Siddharth @gsiddharth]

Or as we would like to call it $ETH ETF awareness campaign!

[Watcher.Guru @WatcherGuru]

JUST IN: 🇺🇸 SEC pursuing legal campaign to classify Ethereum as a security.

[Block Theory Capital @BlockTheoryCap]

#Bitcoin with its ATH has risen to become the world's 8th largest asset by market capitalization today, flipping silver !

$Ethereum is also making significant gains, currently holding the 20th position.

Do you believe $Eth could surpass @Walmart's market cap today?

[Siddharth @gsiddharth]

Are you guys just using this as a mean to increase sales and defraud the customer?

[Siddharth @gsiddharth]

@GreenplyPlywood does your guarantee of paying back to the customer 7 times the damage means anything? Our dealer has point blank refused to honor the guarantee after 13 pieces got damaged because of flaw in plywood and hardly takes our calls these days.

[Siddharth @gsiddharth]

@whale_hunter_ @MaestroBots @TeamUnibot @bananagun Thanks for the clarification :)

[Siddharth @gsiddharth]

@whale_hunter_ @MaestroBots @TeamUnibot @bananagun Seems like most of the revenue is coming out of Tax and for each trade user is paying almost 6% tax, thats quite insane!