Sugar

Started with CryptoKitties ’17, still here ✨

[Sugar @optipunkone]

@Doodlemon151 total supply?

[Zards® @ZardsNFT]

Zards® OtherSide Lore Guide: Kardü Island

Join us for Today's OtherZard Games to explore Kardü Island (a.k.a: The Island of the Forgotten Temple).

OtherZard Games #4 | 12PM EST Today!
🔗 https://t.co/twrMAtS6di

[Sugar @optipunkone]

@BtBanaLiz fake, engagement farming

[Sugar @optipunkone]

@CryptoNobler the video is fake, block the engagement farming

[Sugar @optipunkone]

@jacobelmon for a Mondrian collaboration, the overall presentation feels a bit cheap. The prints, the booth setup and your clothes don't quite match the prestige of the brand

[Sugar @optipunkone]

@kamilabderrahmn le systeme francais part de l'éducation nationale qui a peur depuis 50ans, les profs ont peur des représailles, et n'ont plus d'autorité, la hierarchie c'est "pas de bruit pas de vague"

[Sugar @optipunkone]

@ika_xbt 1) tlm est la pour l'argent, retails/founders/vc
2) "quand c'est gratuit c'est toi le produit"
si tu attires avec des airdrops (cheatcode d'interet artificiel) et que tu maintiens pas c'est parce que ton produit n'est pas assez bon pour retenir (retour a la realité)

[binji @binji_x]

PRIVACY IS MORE THAN MONEY

This is what the Kohaku project is, straight from its core contributors, @VitalikButerin and @ncsgy.

TLDR: it is a serious attempt to rethink online safety and privacy across money, AI, and life.

Let’s dive in.

[Cyrille @cyrille_briere]

A first just happened in DeFi history.

The first PRIVATE decentralized stablecoin minting on @ethereum just executed.

Complete capital freedom: borrow against your assets with zero on-chain trace linking back to you.

I talked about this vision weeks ago on a space with @jchaskin22 from @ethereumfndn.

Now it's real: https://t.co/hKmPo0mSNv

[Beanie @beaniemaxi]

Hyperliquid is being treated like the cleanest up only narrative in crypto and I want to add some nuance here. To be clear, this is not Luna. Luna was a closed loop algorithmic peg with no real revenue. Hyperliquid has real fees from real users, a genuinely best in class product, a dominant share of onchain perps volume, and a team that has shipped relentlessly. The bull case is real. I'm not dismissing it. I just don't think the risks are getting the airtime they deserve.

I called Luna a ponzi here in 2021 around $50 and got absolutely hammered on the tl for daring to suggest anything negative about it as it ran to $120 before it vaporized to $0 within days. Very similar to yesterday when I simply said HL does not have remarkable tokenomics and got piled on for it. Being early on structural risk often looks wrong for a long time. And Luna was not just a retail rug. It roped in 3AC, Galaxy, Delphi, Hashed. Sophisticated money held the bag right alongside everyone else.

Here is what I see with Hyperliquid. 97% of fees buy back HYPE. That sounds incredible, and in an active perps bull market it absolutely is. But fees come from perp volume, volume comes from people chasing the token, and the token is held up by buybacks funded by that same volume. Every leg moves together. It's a functional flywheel. And in the other direction every leg turns at once.

However, nobody can tell you how much of the volume is organic either. If buybacks pump the token and the chart pulls in size and size funds buybacks, you cannot cleanly separate real activity from reflexive activity onchain. It doesn't mean the volume is fake. It just means you cannot prove how much of it isn't.

Then the supply side. Only 25% circulates. Team and foundation together hold roughly 30% (23% team plus the foundation allocation which is essentially team with extra steps). Buybacks absorb about 90 million of unlocks a month. Actual pressure is closer to 400 million plus. Revenue keeps growing at a real clip, which is the whole bull case, but it has to roughly 4x just to keep price flat through vesting.

Then the part nobody wants to touch. 31 validators, foundation controls the supermajority of stake, closed source binary, an assistance fund holding billions that we are simply told has no private key, on a chain the team built and runs. A lot of the business is regulatory arbitrage. Offshore venue, no KYC, users that shouldn't be using it are all over it. The founder is in DC right now precisely because everyone knows this. SBF was in DC lobbying for the DCCPA right up until FTX collapsed. Do Kwon was meeting Korean regulators before Terra blew up. Doesn't mean Jeff is anything like them.

And to be clear, none of this means price stops going up. This is the part that matters for traders. Reflexive setups run for a long time, sometimes years. Luna ran from $5 to $120 while plenty of smart people screamed about the structure. HYPE can absolutely do the same. The flywheel is real while it's spinning, and standing in front of it is a great way to underperform.

Just know what you're actually holding. Trade the tape, respect the trend, but don't fall in love and confuse a beautiful reflexive setup with a riskless cash machine. We have seen structures like this before and it tends to end the same way for usually the same reasons.

[Sugar @optipunkone]

@Fliperthefish @MonsieuRabbit @oxtojony utilité: le hype se delegue aux validateurs pour securiser le reseau + frais de gas sur hyperliquid + gouvernance + staking reduit les frais de trading
bonus: buyback avec une partie des revenus générés par hyperliquid

[Crumbs @crumbsHQ]

https://t.co/lCe8zdMlku

[Sugar @optipunkone]

@ika_xbt @aeonframework j'ai lu le github du truc, et en fait le token sert a rien dans le projet, juste a supporter l'equipe? wtf

[Sugar @optipunkone]

@MetaM00 lmao

[Sugar @optipunkone]

@esthetic_monte @doodles this is just wrong

[Evening Trader Group @Eveningtraders]

Meet Ronin – One of the Greatest Failures in Web3 Gaming History

If you had invested $10,000 in $RON at its ATH two years ago (2024), congratulations: you’d have roughly $216 left today.

Once hailed as the premier blockchain for Web3 gamers, Ronin’s glory days are long gone. After hitting its ATH in March 2024 and boasting a $1.253B TVL back in 2021, the entire ecosystem’s liquidity has evaporated to a mere $13.6M.

🧵👇

[Dune @Dune]

. @solana moves fast. Your research workflow should too.

With the Dune MCP, you can query Solana activity directly inside Claude:

"Show me DEX volume, active wallets, and top programs on Solana over the last 30 days."

Results in seconds. No SQL required.

→ https://t.co/7iI9WvaYbJ

[Sugar @optipunkone]

@jamesbarcewa can you stop spam your shitty tweet in doodles discord

[Sugar @optipunkone]

@doodlifts i answered you on discord dm