Jason Kan

If you think you know, you don't know. | @alliance ALL13

[Jason Kan @jasonkan]

Any vision that doesn't violate the laws of physics is destined to happen.

It’s simply a matter of who, when, and where.

Mind creates reality. Let your imagination run wild.

[Peter / 1k(x) @pet3rpan_]

When $ETH claimed the #2 spot in early 2016, it went on to define the next 10 years of crypto in several ways:

1) Ethereum brought the first widely adopted smart contract platform to market, which enabled composable and permissionless innovation on the app layer, giving rise to on-chain seasons of activity: DeFi, PFPs, etc.

2) The rise of ETH also created new wealth in the hands of the earliest believers in decentralization and platform innovation, into which capital then naturally flowed during the app layer Cambrian explosion. This drove a natural flywheel that further pushed the traction of ETH and chains in general.

3) Having been the first breakout smart contract platform, ETH was priced as a net new technological innovation and also established a premium for blockspace at the same time. Since then, we saw founders and investors chase comps with hundreds of "ETH killers," the most successful being SOL. This produced a similar effect to 2) in different blockspace ecosystems: think SOL.

If we see another asset such as $HYPE challenge and successfully take the number #2 spot in crypto, the market regime that has been established by ETH may possibly be over for the first time since then.

A) Ethereum, blockspace, and smart contract platforms are no longer net new innovations as of today; they are 10-year-old technologies that are widely adopted, with more blockspace than there is demand. It's difficult to justify premiums for fundamentally what is a commodity.

B) The rise of new challenger assets such as Hype, with very meaningful PMF and penetration beyond crypto, which have a chance to climb into the top 10, will generate wealth among a class of participants who have a completely different worldview towards the prior belief in decentralization as well as open permissionless innovation. This wealth will be expressed through end products with end-user traction and PMF, rather than transferring to pure on-chain environments as we've seen previously.

[qw @QwQiao]

launching https://t.co/H6ydhFWTxN a research tool for long term investors.

it tracks every sec filing, earnings call, podcast, blog, insider trade, and superinvestor for stocks u follow. then extracts the most important insights so u dont have to read/watch the whole thing. critically for every insight it also builds an "antithesis" to steelman the opposite. all insights culminate in a deep dive that updates quarterly.

built this for myself, so happy being the only dau. but even better if a few other ppl who think like i do.

[Jason Kan @jasonkan]

@hussainzulz exploring new ideas

[Jason Kan @jasonkan]

Huge respect for shutting down a points program that isn't working so quickly despite the sunk costs.

However I don't think a unified embedded wallet will save the day. Blast tried to do the same with Blast Mobile and it just made the UX worse.

There are very few apps with real PMF which people use on a daily basis. So although it looks like everyone has opened too many embedded wallets which fragment liquidity and has terrible UX, there are very few apps people genuinely use with embedded wallets. Another wallet just gives another burden to developers and users.

The effort spent building a wallet might be better spent building an app people want to use. But an app with PMF is the hardest thing to find for builders, VCs and chains alike, really hard.

[Shuyao Kong @hotpot_dao]

The existing financial system neither reflects the culture nor addresses the economic realities of this upcoming generation of financial participants.

Our team, composed of emerging market citizens and perma-online Gen Zers are here to build the financial operating system for the internet-native generation.

We’ve spent the past two years building MegaEVM, the fastest execution environment in the industry. The MegaEVM withstood a 11B tx stress test in mainnet production, averaging 40k TPS, while consistently charging lower fees than all others competitors.

Our technical milestones paved the way for a collaboration with @chainlink to begin building the first real-time oracle, providing unparalleled speed and security to the DeFi ecosystem.

The past two years has seen a notable and eventful ecosystem grow through MegaETH. Today, some of the most interesting new applications sit on Mega. The points program on Terminal has allowed crypto-native users to further explore the initial Mega Ecosystem, but we believe it has run its course.

We will be providing boosted USDm rewards to all eligible participants in the program. Moving forward, we will double down on sourcing and accelerating the best applications on MegaETH through personalized GTM, targeting users beyond crypto.

We are momentarily launching the MOSS SDK, a self-custody wallet that unifies liquidity between applications while maintaining top in class security through smart approvals.

These pieces lay the foundation for M(OS)S to become the financial OS built for users born to this generation.

Live Q3, MEGA blends finance and entertainment with primitives and risk preferences that have never been available to everyday users.

The MOSS SDK is uniquely positioned to solve the embedded wallet <> generalized wallet dilemma by giving best in class security guarantees to users across all apps while still maintaining one unified account.

MOSS SDK builds on the foundational work of Porto by Ithaca, providing a user-first mentality to product. We look forward to working with applications to integrate Moss and provide users with a solution to the crypto UX problem.

The legacy financial system merely adopted the internet, it was not born in it. M(OS)S is being built by people who understand the culture of internet-native users and how finance, entertainment, and identity are converging online.

[Jason Kan @jasonkan]

@Innerdevcrypto Please make more horcruxes than Voldemort @chameleon_jeff

[Jason Kan @jasonkan]

@phygitals @travisbickle0x @fantasy_top_ Hey I got 5 cards on sale, DM is open

[Jason Kan @jasonkan]

Great lessons there, thanks for sharing

[kipit | fan/acc @0xKipit]

https://t.co/I0sPMl5vHg

[Jason Kan @jasonkan]

not sure about this

when token incentives work is when the underlying product has PMF, in these cases token incentives are a more expensive form of marketing expense, like giving away equity

after a while of 'using products for incentives' like what crypto natives have done, users realize the incentives are worthless if the product has no PMF

then it evolves into 'just use the product you actually want to use' cuz the token you purposely farm is worthless anyway

but then if people lose interest in farming, token incentives just become an even more expensive form of marketing

then projects will only want to use this more expensive kind of user acquisition when 1. for some reason it didn't raise enough funding 2. it has to have a token like L1s. This is the hyperliquid situation.

a small slice of consumer companies will want to use token incentives but not all

[Jason Kan @jasonkan]

The Chinese interpreter toned down @POTUS 's comments regarding Iran.

Trump said "they closed it, then we closed it on top of them, but we want the straits open, and we want them to get it ended because it's a crazy thing, they are a little bit crazy, that's no good, can't have it, they cannot have a nuclear weapon.

The interpreter said in Chinese "currently they closed it, and we closed it on top of them, this is very crazy, none of us want it this way, we want to open the strait as quickly as possible. We cannot allow Iran to have a nuclear weapon."

Also at the beginning Trump said "we ... and the relationship is a very strong one."

The interpreter said in Chinese " ... the relationship between the two of us is very good."

I don't think the misinterpretation is intentional, it might just be the politeness in Chinese culture, but it didn't fully convey Trump's original meaning. It's worrisome how much misunderstanding there could be at the top.

[Jason Kan @jasonkan]

Pure software products that fundamentally just collects, processes and displays information and data will gradually be eaten by LLMs.

Examples are personal finance apps, data analytics software, travel planning apps, news apps etc.

Exceptions are where you have proprietary data, but even these will just get acquired by LLM companies.

Defensibility will come from services that require human interactions, physical products, and liquidity (CEX/DEX).

[ChatGPT @ChatGPTapp]

A preview for Pro users: a new personal finance experience in ChatGPT.

Pro users in the U.S. can securely connect financial accounts, see where their money is going, and ask questions based on the information they choose to connect.

Your full financial picture, now in ChatGPT.

[Jason Kan @jasonkan]

based on this tweet Kyle is

either one of the incredibly small number of - admittedly very vocal - users

or never been a user thus invalidating his criticisms of Hyperliquid

the paradox comes from the fact that it is not an incredibly small number of users, anyone who's reasonably active in crypto has probably at least tried HL

[Kyle Samani @KyleSamani]

Also see hyperliquid

Incredibly small number of - admittedly very vocal - users

[Jason Kan @jasonkan]

The crypto food chain is a war for order flow.

​At the highest level, it’s not about tech but who controls liquidity. Product narratives are marketing for the underlying grab for volume. Whoever becomes the gravity center for liquidity forces every other player to either pay the toll or build a rival empire.

​Binance was the first mover, ​it won spot alts by being the fastest to list and deepest to trade.

​When flow shifted to Solana/Pump, Binance pushed BSC/Fourmeme to internalize that casino revenue.

​The anti-Binance axis:

Solana lacks the global fiat rails of a CEX. Coinbase/Base lacks the speculative velocity of Binance/BSC having regulatory compliance burdens.

The result is a strategic alliance.

​Coinbase provides the distribution, compliance, and USD onramp.

​Solana provides high-speed execution, degen culture and liquidity.

​Then perps entered:

Hyperliquid didn’t win on decentralization, it won on execution quality.

Binance responding with Aster proves they know the threat isn’t sovereignty, it’s the loss of the derivatives liquidity center.

Similar story repeats and HL and Coinbase/circle form an anti-Binance axis.

​The industry is vertically integrating into three layers:

​Attention: memes, social media, culture

​Liquidity: orderbook, vaults, DEX

​Distribution: fiat rails, wallet

L1s, L2s, and apps are just different fronts in the same war. The winner will successfully vertically integrate the order flow.

[Jay @jayhinz]

so, every other chain paid Circle for USDC to be minted as their chain’s stablecoin

and Hyperliquid just *got* paid for USDC to be their stablecoin

[Jason Kan @jasonkan]

@chameleon_jeff @nativemarkets @coinbase @circle Another step closer to house of all finance 👏

[Jason Kan @jasonkan]

@alexandr_wang @catboosted the AI founders' customers are probably other AI founders

like Jensen - Sam - Satya

[Jason Kan @jasonkan]

47% capital gains tax improves bottom line by $45b, less than the cost of NDIS

while spending $368b on 8 submarines to protect trade with China from China 🫠

[Jim Chalmers MP @JEChalmers]

BREAKING: Our responsible approach in today’s Budget means we’ve improved the bottom line by $45b.

Labor’s responsible economic management means that debt is lower, deficits are smaller and the Budget bottom line is stronger in every year.

We’re getting the Budget in better nick because that helps to fund the things that Australians need and deserve like Medicare, aged care and cost-of-living relief.

[Jason Kan @jasonkan]

@KobeissiLetter Shit Barron is in trouble

[Jason Kan @jasonkan]

@AzFlin it does but won't wish it on my kid

[Jason Kan @jasonkan]

I didn't do Gaokao (exam after year 12) cuz I moved to Australia

but I was studying 8am to 10pm every day from year 7 to year 9 at a boarding school in China.

be in the classroom by 7.45am, leave the classroom and go to the dorm at 10pm, 8 students shared 4 bunk beds in a 20 sqm room, top school in my city.

quite a brutal process looking back, but it made grinding and 996 a bliss.

the Chinese are trained to be hard working and competitive since 3 years' old

[AzFlin 🗿 @AzFlin]

in exactly one month, all chinese high school students will do their university entrance exams "Gaokao" 高考

my cousin goes to school 6 days a week, 7AM-10PM to prepare

Cooked.

[Jason Kan @jasonkan]

@AzFlin it was so traumatic that for many years after, any waking hour not spent studying or working brought a sense of guilt

[Jason Kan @jasonkan]

@stableshaman fr, giving birth then raising a new consciousness is the best product a human can ever build