backpack exchange doing $100m+ annual revenue at a $60m market cap. 0.6x revenue multiple with 78% YoY growth. cross-asset collateral just went live, letting you margin trade tokenized stocks against crypto positions in a single account with 10 second settlement. coinbase trades at 15x revenue for comparison. BP has 75% of supply still locked which cuts both ways but the 20% exchange equity offer to 1 year stakers is a tokenomic structure i haven't seen anyone else attempt. MiFID II license, DTCC list for october, surpassed kraken perp volume with 25 pairs vs 391. the unified margin engine that runs perps, stocks, lending, and prediction markets through one liquidation waterfall is genuinely new infrastructure. zero fees all june is going to stress test whether user acquisition converts to retention once fees return
Over $28.75M spent on ORE buybacks since launch! ⛏️
ORE's grid mining protocol collects 10% of every SOL mining reward as revenue and uses it to automatically buy ORE on the open market. 90% of bought ORE is buried, and 10% is distributed to ORE stakers as yield.
So far the program has bought back 288k ORE, or about 38% of supply.
Bermuda is a global pillar of the reinsurance market, representing roughly one third of the world's reinsurance capacity and widely recognized as one of the top three reinsurance centers.
Now the Bermuda Monetary Authority is building on that same institutional framework for tokenized assets and DeFi, with government payments moving onchain and a sovereign digital dollar in development.
OnRe is already the reinsurance protocol licensed under both frameworks, connecting Bermuda's reinsurance ecosystem with the next generation of onchain capital.
Notice: Stability Pool Activation
Beginning at 16:02 UTC today, the Hylo Stability Pool began converting a portion of its hyUSD holdings into xSOL to restore the protocol's collateral ratio above 130%.
This process may introduce temporary volatility to sHYUSD.
This marks the fourth Stability Pool activation in the protocol's history. All previous activation cycles generated profits for sHYUSD holders:
• First activation: $8,998
• Second activation: $23,029
• Third activation: $763,758
🚨Michael Burry just said Elon Musk and Nvidia's deal is built on fake numbers.
Burry published a detailed breakdown calling the entire structure "Fugazi", his word for fake.
He is alleging that billions of dollars in Nvidia chips are being hidden off balance sheets, and that American retirees are unknowingly funding the whole thing.
Nvidia, the world's largest AI chip company sold $5.4 billion worth of its most advanced GPUs, the GB200, to a company called Valor.
Valor is not a real operating business. It is a special purpose vehicle, a shell company created specifically to hold these chips and nothing else. Nvidia also invested $1.9 billion of its own money directly into Valor on top of the sale.
Those 100,000+ chips are now physically inside xAI's data center. xAI is Elon Musk's artificial intelligence company, the one that builds Grok. xAI is using every single one of those chips right now to run its AI models.
But here is what Burry is flagging.
Neither Nvidia nor xAI owns those chips on paper. Valor, the shell company holds legal title. That means $5.4 billion in GPU assets do not show up on Nvidia's balance sheet as inventory.
They do not show up on xAI's balance sheet as assets. They are legally invisible to both companies.
Nvidia gets to book the $5.4 billion as a completed sale and record it as revenue. xAI gets full use of the chips without owning them. And the risk disappears into a shell company in the middle.
Now here is where American retirees enter the picture.
Valor needed $3.5 billion in debt to fund this structure. Apollo provided it. Apollo is one of the largest asset managers on earth with $1.03 trillion under management and $834 billion specifically in private credit.
Apollo raised the $3.5 billion, packaged it into debt securities, and sold those securities to Athene.
Athene is Apollo's own insurance company. It sells fixed and indexed annuities, retirement savings products, to ordinary Americans.
When a retiree buys an Athene annuity, they believe their money is sitting in safe, stable investments. That money is now inside a structure funding Elon Musk's AI data center.
The numbers inside Athene are most alarming.
Athene holds $74.2 billion in reserves. It has moved $217 billion in assets into a captive insurer based in Bermuda, meaning those assets sit outside normal US insurance regulation and oversight.
Of the entire portfolio, 34.7%, equal to $103 billion, is classified as Level 3 assets.
Level 3 is an accounting classification that means there is no observable market price for these assets. No outside party can independently verify what they are actually worth.
The leverage sitting on top of those unpriced assets is 16 times.
Burry's says:
Every step of this structure is technically legal and publicly disclosed. But the entire thing was deliberately engineered across 8 to 12 steps to move credit risk off balance sheets and away from any market pricing.
- Nvidia books the revenue.
- Apollo collects the fees.
- xAI gets the computing power.
- And retirees sitting at the bottom of a 16x leveraged Bermuda insurance structure, holding $103 billion in assets with no market price carry the risk without knowing it exists.
Will share more on this soon. It’s been over three years in the making to get to this point, but the holy trinity has been achieved. The only other exchange in the world that has gotten regulated perps, spot, and payments live in the EU is Kraken. The other will be Backpack. We’re coming Europe.
Recently liquidated on Solana @perps? You may be entitled to compensation.
At Hylo, we believe no trader should suffer alone. That’s why we’re offering $100 in xSOL relief to victims of Solana perp liquidations over $500.
How it works:
1. Open a $100 xSOL position using the liquidated wallet at https://t.co/zW9n2qNIFX
2. DM us your wallet address and perp platform name for verification
3. You’ll receive an additional $100 in xSOL within 24 hours
Limited spots available.
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O cofundador do Claude sentou hoje entre cardeais no Vaticano e disse ao Papa: minha indústria opera com incentivos que conflitam com fazer a coisa certa.
O Papa olhou para ele e respondeu: "Em nome da Igreja, aceito seu convite para caminharmos juntos."
Aconteceu há horas.
Leão XIV apresentou a "Magnifica Humanitas": a primeira encíclica papal da história dedicada a uma tecnologia específica.
O Papa quebrou séculos de tradição para apresentar o documento pessoalmente. Nenhum papa tinha feito isso antes.
E escolheu como convidado o cofundador do lab de IA notavelmente ausente dos contratos militares do Pentágono. A Anthropic se recusou a liberar seus modelos para armas autônomas e vigilância doméstica.
O que Olah disse diante de cardeais, teólogos e do líder de 1,4 bilhão de católicos:
"Todo lab de IA opera dentro de incentivos que podem entrar em conflito com fazer a coisa certa."
Pressão comercial, competitiva e geopolítica.
E "as pressões mais antigas e mais simples: orgulho e ambição."
A conclusão dele: "As questões levantadas pela IA são maiores que a comunidade de pesquisa em IA." Precisamos de críticos externos sérios e honestos.
Agora o documento.
A abertura coloca a humanidade diante de duas escolhas: construir uma nova Torre de Babel ou reconstruir Jerusalém.
A frase que define a encíclica: "A inteligência artificial precisa ser desarmada."
Leão XIV sabe que a palavra é forte. Escolheu de propósito. Parágrafo 110:
→ "Desarmar a IA significa libertá-la da mentalidade de competição armada, não apenas militar, mas econômica e cognitiva"
→ "Uma corrida por algoritmos cada vez mais poderosos, movida pelo desejo de dominância geopolítica ou comercial"
→ "Desarmar não significa rejeitar a tecnologia, mas impedir que ela domine a humanidade"
E depois: "Simplesmente regulá-la é insuficiente."
O Papa não está pedindo regulação. Está dizendo que regulação não basta.
→ "A IA amplifica o poder de quem já possui recursos econômicos, expertise e acesso a dados"
→ O risco não é alguém acreditar que conversa com uma pessoa ao usar IA. É perder o desejo de buscar outras pessoas.
→ "Toda escolha de design reflete uma visão de humanidade" (parágrafo 111)
A simbologia foi calculada em cada detalhe:
→ Documento assinado em 15 de maio, aniversário exato da Rerum Novarum (1891), a resposta de Leão XIII à Revolução Industrial
→ O Papa disse explicitamente: "Como o Leão anterior, sinto-me encarregado de olhar para outra enorme transformação com olhos de fé"
→ A Igreja faz isso a cada grande ruptura: Rerum Novarum (1891), Pacem in Terris (1963, era nuclear), Laudato Si' (2015, clima), agora Magnifica Humanitas
Fazer da IA a primeira encíclica do pontificado é dizer que nenhum outro assunto é mais urgente.
Agora conecta os pontos.
O primeiro Papa americano da história está em conflito aberto com a Casa Branca.
Ele traz ao palco do Vaticano o cofundador do único lab de IA que enfrentou o governo Trump em defesa de limites éticos. E juntos publicam um documento de 42.300 palavras dizendo que a tecnologia mais poderosa já criada pela humanidade não pode ficar nas mãos de quem lucra com ela.
Teologia e geopolítica na mesma mesa. Literalmente.
Quem constrói a IA não pode ser quem define as regras da IA.
O Papa e o cara que constrói a IA concordaram nisso hoje. No Vaticano. Diante do mundo.
One year in, ONyc has become one of the largest real-world yield assets on Kamino.
The OnRe Market has grown to $140M+ in total size with $90M in ONyc supplied, helping establish reinsurance premiums as a new category of onchain yield.
Buying $HYPE today means paying multiples higher than $NVDA.
Just updated the table from my Hyperliquid "Hype or Not Hype" report:
→ 1st chart: HYPE @ $46
→ 2nd chart: HYPE @ $59 (today)
Multiples rerated meaningfully.
Can it go higher? Sure. But the asymmetry is gone. Position sizing matters here.
🤖🛠️ Você ainda tem medo de a IA roubar seu emprego? Olhe o que aconteceu com o Excel. Em 1993 a Microsoft lançou o VBA e automatizou boa parte das tarefas contábeis. Todo mundo previu o fim da profissão.
Resultado? O número de empregos em contabilidade e bookkeeping nos EUA explodiu de ~650 mil para mais de 1,1 milhão 💻🔥 A eficiência reduz o custo por unidade, mas aumenta tanto a quantidade demandada que o consumo total sobe.
📌 É exatamente por isso que o medo de que “IA vai acabar com todos os empregos” costuma ser exagerado. A IA torna certas tarefas muito mais baratas e rápidas 🔜 isso democratiza o serviço 🔜 cria mais demanda do que existia antes 🔜 o mercado como um todo cresce, e surgem novos papéis (mais estratégicos, criativos ou de supervisão).
Automação não destrói. Ela expande o mercado. Esse é o Paradoxo de Jevons na prática! Quando uma tecnologia torna o uso de um recurso (energia, matéria-prima, tempo, mão de obra etc.) mais eficiente, o custo desse recurso cai. Com o preço mais baixo, a demanda explode. O resultado líquido é que o consumo total do recurso cresce, e não diminui! Estudem economia!
In a monolithic lending pool, the risk profile of the entire system is ultimately defined by its weakest asset.
Kamino isolates markets so assets are risk-managed independently with their own parameters, thresholds, collateral requirements, and circuit breakers, instead of being forced into one shared exposure bucket.
Q1 2026 by the numbers:
$1.14B in loans
$2.89B in deposits
$19.86M in interest generated
$1.23B in RWA Market deposits (+115% QoQ)
Read the full report below ⬇️
Thank you for the love on the @OREsupply film. Genuinely. We're so happy you guys are embracing it. A lot of work went into this one and the response has been incredible.
But real talk, we've only been in ORE for six months. There was a mountain of information we had to study for weeks on very little sleep just to tell the story right.
We told the story. We didn't live it.
The real ORE heroes are in that Discord. Two years plus of grinding. They cracked it. They built the culture. They know more than the experts because they ARE the experts.
Wisemen are investors building a portfolio of crypto assets, a media brand, and a technology brand, with Coop building the dashboard. That's our lane.
me (doc) personally? I just do regular staking. Claim and compound every day. around 19% and I'm cool.😎
But the miners in that Discord are pulling numbers on real yield that you wouldn't think were humanly possible, because they actually understand the gamification and staking mechanics at a level most people can't touch. Go talk to @pokerchessman, @zinnresearch, @FiLnice8, @Crypt0Fred, and many more. These are your ORE superheroes.
Our recommendation: stack your 26 ORE, get your ass in the Discord, and learn from the ones who've been there since day one. The link is below
https://t.co/0eBKaEqLtr
Y'all are amazing. We love and appreciate you so much.
Wisemen.