yangz

Persepolis Capital managing principal
extensive knowledge is the greatest weapon

[yangz @persepolis_cap]

Hyperliquid S3: Crypto’s Most Misunderstood Opportunity, part 1

[yangz @persepolis_cap]

@0xKmafia Next leg up loading…

[yangz @persepolis_cap]

I wonder…

[yangz @persepolis_cap]

Real investors have already done their due diligence & understand that:

1) this is the way the protocol & tokenomics have been designed… 38.88% set aside for emissions & community rewards, it’s written in plain English… I’m assuming real investors can read

2) Jeff & team are doing what’s best for long term investors, whether these investors know it or not, as the past 2 years have shown, the team knows best, Jeff is the big bro/OG schoolin’ the youngins

After first token distribution in November 2024, users, platform activity, fees generated went up by multiples overnight… did the platform get better by multiples overnight? Or did something increase mindshare + attract users to the platform? I wonder…

[yangz @persepolis_cap]

Real investors have already done their due diligence & understand that:

1) this is the way the protocol & tokenomics have been designed… 38.88% set aside for emissions & community rewards, it’s written in plain English… I’m assuming real investors can read

2) Jeff & team are doing what’s best for long term investors, whether these investors know it or not, as the past 2 years have shown, the team knows best, Jeff is the big bro/OG schoolin’ the youngins

After first token distribution in November 2024, users, platform activity, fees generated went up by multiples overnight… did the platform get better by multiples overnight? Or did something increase mindshare + attract users to the platform? I wonder…

[yangz @persepolis_cap]

Which scenario sounds better:

1) Hyperliquid S3 distribution, 12-15% of total supply, retroactive, which would signal more distributions to come, as Hyperliquid enters the US market.

Fees increase by multiples, buy backs increase by multiples, users increase by multiples, crypto retail taker flow is heavily incentivized to trade on Hyperliquid as activity on the platform will still remain more valuable than the next perp dex point farm.

More traders + market makers + liquidity injection to existing users = network expansion. Metcalfe’s Law. Your $HYPE bags go up.

2) 40 years of staking emissions.

Lol.

[yangz @persepolis_cap]

@JeffLiquid @alex_hunter20 If you increase % of fees that go to stakers, the % of fees that go to buybacks must decrease.

Hyperliquid will eventually reach a mature state with all tokens circulating, no more tokens for staking emissions, & fees paid to stakers with some or no buy backs.

[yangz @persepolis_cap]

@_stevenhl @basche42 But it will spur platform activity, + many other first & second order effects, including broad distribution & decentralization (important to Jeff, his words not mine)

https://t.co/4eNFzqOc42

[yangz @persepolis_cap]

Which scenario sounds better:

1) Hyperliquid S3 distribution, 12-15% of total supply, retroactive, which would signal more distributions to come, as Hyperliquid enters the US market.

Fees increase by multiples, buy backs increase by multiples, users increase by multiples, crypto retail taker flow is heavily incentivized to trade on Hyperliquid as activity on the platform will still remain more valuable than the next perp dex point farm.

More traders + market makers + liquidity injection to existing users = network expansion. Metcalfe’s Law. Your $HYPE bags go up.

2) 40 years of staking emissions.

Lol.

[yangz @persepolis_cap]

@alex_hunter20 The more aggressive approach enhances the flywheel, which I think is what’s best for long term growth, thus token value.

We’ll see what the team decides to do, hopefully soon.

[yangz @persepolis_cap]

The math says at least 10 to 15% needs to be distributed, assuming more seasons with diminishing returns.

Hypothetical:

S3: 13%
S4: 8%
S5: 5%

= 26%, + 15% remaining for staking emissions

This is very conservative because assuming this plays out over a decade, 15% is still too much to have as staking emissions, & if the growth thesis is correct, the more is distributed to users, the better (flywheel effect).

But I do not want to throw around what seems like crazy numbers.

Once all tokens are circulating, all/some fees go to stakers, buy backs stop/decrease.

I am open to other scenarios.

All speculative for now of course.

[yangz @persepolis_cap]

@CyphrGM Real.

[yangz @persepolis_cap]

@MomentumKevin 10-15%

[yangz @persepolis_cap]

@DevenMat Great post.

[yangz @persepolis_cap]

Other than $HYPE, the asset I am most bullish on is ethereum:0x44ff8620b8ca30902395a7bd3f2407e1a091bf73.

Strictly off the chart set up since 2024 & the strenght of the impulse in April 2025, I expect a clean 20x from here on a 2-3 year timeframe. There are other fundamental reasons as well that I will elaborate on later.

[yangz @persepolis_cap]

@1049XBT https://t.co/9A3ohrfHGG

[Guthix 🫵 @GuthixHL]

Hyperliquid is the Zoomer’s chance at Bitcoin

What’s overlooked is that despite the PoS consensus, Hyperliquid is distributed like a Proof of Work chain

Instead of using compute to mine coins, you trade economic activity in the form of fees paid & risk taken

[yangz @persepolis_cap]

Tulip Boy with another trash take

[Tulip King 🌷 @tulipking]

@onlytraderock @ef3arc @fomosaurus Hyperliquid doesn't need to be decentralized

[yangz @persepolis_cap]

@tulipking @onlytraderock @ef3arc @fomosaurus Stop talking about Hyperliquid homie, you’re out or your lane.

Jeff: true decentralization is essential
Tulip Boy: Hyperliquid doesn’t need to be decentralized.

Alright buddy.

[yangz @persepolis_cap]

@upndownsyndrome @0xNairolf 🔥🔥🔥

[Ben Basche @basche42]

Hyperliquid season 3 was an IQ test

Hyperliquid

[yangz @persepolis_cap]

@pondermint Boss

[yangz @persepolis_cap]

@onlytraderock Exactly.

[yangz @persepolis_cap]

Many who received the first $HYPE airdrop expect S3 as well, myself included, because we did our homework.

What’s the common denominator between the team extending pre TGE points season with season 2, then another hidden season 2.5, & also carving out a huge pool for “community rewards”?

No need to guess, Jeff & team said it themselves: decentralization, ie get tokens into the hands of as many people as possible. Who would these people be? Genuine users of the platform.

S3 > farming any other perp dex

As with the season 2 announcement, people not seeing the big picture will cry & bitch about it, but those who understand know that this is what makes Hyperliquid 1 of 1.

[jez (equity perps era) @izebel_eth]

the only people that expect a s3 airdrop are those who missed the airdrop, didnt have the capacity to reason horizontally to other platforms like lighter, and variational, and cling stubbornly to an honestly entitled belief that they should be rewarded for the platforms pmf

its 40 years of staking emissions plain and simple

[yangz @persepolis_cap]

@izebel_eth @0xHOMEWORK Retardio