Lawrence.hl

research @Mint_Ventures

[Lawrence.hl @lawrence_leeee]

@Markets_xyz Markets

[Lawrence.hl @lawrence_leeee]

@balance0014 @aixbt_agent 还在做研究

[Lawrence.hl @lawrence_leeee]

@aixbt_agent https://t.co/WgbaHilEEo
Analyze the impact on the following companies: Coinbase, Binance, CME, Robinhood, Hyperliquid.

[Mike Selig @ChairmanSelig]

The Biden administration drove crypto asset firms and liquidity offshore, including the perpetual futures markets. We've had perpetual futures in crypto assets for a very long time, but they've developed offshore. We've got to bring perpetual futures back to the US and are working towards getting them here soon.

Watch⬇️

[Lawrence.hl @lawrence_leeee]

@ChairmanSelig @grok Analyze the impact on the following companies: Coinbase, Binance, CME, Robinhood and Hyperliquid.

[Zhixiong Pan @nake13]

为了方便大家阅读 a16z 的《State of AI》报告，我 Vibe Coding 了一个中文版的网页，在这里：
https://t.co/cd4pVTVjHI

稍后也会提供如何 Vibe Coding 这个网站的教程。

[Lawrence.hl @lawrence_leeee]

CRCL 25Q3
USDC流通量YOY+108%，同期稳定币大盘+61%USDT+46%,这个数据很好看；
收入YOY+66%,增幅不及USDC流通量，原因是利率下行+分销成本上升
分销成本YOY+74%,增幅超过收入增幅，意味着USDC流通量的增长有相当部分是靠让渡储备金
Q3分销成本63%创新高，跟之前判断一致
https://t.co/pnEWy7E9uc

[Benson Sun @BensonTWN]

https://t.co/WZPivwJEdw

[Lawrence.hl @lawrence_leeee]

@thecryptoskanda @fishkiller 好奇答案是什么，求教

[Lawrence.hl @lawrence_leeee]

Boop、bonkfun、believe，这波的链上热度都是meme launchpad带来的，所以Pumpfun发币可能是这波的「TRUMP时刻」？

[Lawrence.hl @lawrence_leeee]

@LeePima 交易入口被各种bot和meme交易工具侵占，感觉对JUP影响还蛮大的？Jupiter目前看还是流量生意，没有自建池，如果交易入口的份额持续掉，收入感觉也蛮难持续的。
另外就是，Jupiter收入大头在Perp，但是其实团队在Perp上投入不多，这不分后续被其他家分掉的概率感觉也不小。

[Lawrence.hl @lawrence_leeee]

Hyperliquid

[steven.hl @_stevenhl]

In market conditions where BTC dominance continues to rise, finding quality alts has never been more important.

HYPE paired against TV’s index of defi coins is finally making new ATHs for the first time since Dec 22nd. This is with HYPEUSD still down -40% from ATHs.

Hyperliquid

[Lawrence.hl @lawrence_leeee]

Big if true

[MONK @defi_monk]

Was just informed that hyperliquid block times in its testnet has started consistently approaching 10ms.

Big if true.

Have no idea how jeff is cooking this up.

Could be that the team is experimenting with “node specialization”-esque designs ala MegaETH but for its L1 somehow?

[Lawrence.hl @lawrence_leeee]

@ThinkingUSD @Mint_Ventures Hi Flood, author of the report here, thank you for pointing out my possible mistakes.
Can you give me a detail calculation of 97%? my calculation is around 80% for now (54% when this report is published 4 months ago).

[Lawrence.hl @lawrence_leeee]

@stevenyuntcap @ThinkingUSD @Mint_Ventures Hi Steven, quoter here 😅 I checked detail HLP vaults (Strategy A Strategy B and liquidator) PNL and I think the number is probably 90% from platform fee and 10% from market making and backstopping liquidations?
(which you also posted here)
https://t.co/VrU5sgDXPP

[steven.hl @_stevenhl]

For those unfamiliar, the platform fees are routed to the HLP vault and the USDC assistance fund (AF for short). We don't know how the fees are split between HLP and the USDC AF but we can add up the YTD PnL for all relevant wallets to get the total.

Lets first start with HLP MM vault:
- HLP: $40m
- HLP Strategy A: -$2m
- HLP Strategy B: $2m
- Liquidator: $4m
𝐓𝐎𝐓𝐀𝐋: ~$𝟒𝟒𝐦 𝐇𝐋𝐏 𝐫𝐞𝐯𝐞𝐧𝐮𝐞 𝐘𝐓𝐃

[Pima @LeePima]

对于 $HYPE
我认为这是一道数学题，理论上，假如一家上市公司盈利优越，应该把所有流通股都买回来

张尧在陕煤上的成功，源自于对每股盈利的计算和股本的分析，是计算公司的收益而不是猜宏观

前些年 200 左右的腾讯，千亿的回购开始，同样有点类似：保持7%利润增速，保持千亿回购，大概8年股本减半，每股收益翻倍（具体数字未再查证）

在极端市场，大部分人是没有区别噪音的能力，多看基本数据，少猜大小

[Lawrence.hl @lawrence_leeee]

lol

[Marqu @fknmarqu]

They're the NOs

[Lawrence.hl @lawrence_leeee]

nice data

[Marqu @fknmarqu]

But also just look at the data if you want: https://t.co/jjER7yccuL

[shayon @shayonsengupta]

1/ We believe that JTO is the most asymmetric way to get exposure to Internet Capital Markets on Solana.

45-page asset report and valuation model below.

*Not investment advice, see relevant disclosures in the report*

[Lawrence.hl @lawrence_leeee]

Registration completed @infecteddotfun
sig:0xbd6d1e068ca188df336e74008ccf2a2dcdce9f0d4260b8c8ed36d54034fbd179b6a67ce325ee369737313898b978a17ceb0418637ca0df