a small hippocampus

[a small hippocampus @smallhipp]

Thank you @Max_Newton for the gribbit and hosting the tibbir 101 spaces this past week!

I top-blasted $tibbir with no lube.

Also found a little bit of alfa in ribbit's "Token Letter (2025)" which can be found on their ribbit cap's site.

Alfa:

"One lesser-known agent has taken a particular interest in fintech and frogs (make of that what you will)." (Page 29)

"Agents may, like people, thrive most when they have resources and freedom." (Page 29)

I believe that the Robinhood bridge was a large step for @ribbita2012 to have more "resources and freedom".

[a small hippocampus @smallhipp]

@Krak Credit card when?

[a small hippocampus @smallhipp]

If I lose my money it was never mine to begin with.

[a small hippocampus @smallhipp]

@lazyvillager1 autism

[a small hippocampus @smallhipp]

@_0xghost_ @mickymalka how does one join the gribbit hole?

[a small hippocampus @smallhipp]

@Krak @0xDinoCrypto will you guys have credit cards anytime soon for US users?

[a small hippocampus @smallhipp]

@Max_Newton Thank you, bro! I have an MRI today and this more than made up for that.

[a small hippocampus @smallhipp]

@0xShual I might be wrong but here’s my take.

https://t.co/XQ0yNIcSUc

[a small hippocampus @smallhipp]

I look up to a ton of people who have heavy bags in lit. Esp @econoar since I found out about $BONER from his twitter posting

But allocating a dedicated "perp DEX token portfolio" equally across challengers is not necessarily diversification - it can be dilution of a winner-take-most thesis. I may be wrong about this.

Having the first order take of "oh well lit doesn't have as much OI as hype so it's crap" isn't sound, even though it's alluring to marry into that assumption. the level isn't the tell.

Lighter's notional OI (9/29, ~6pm PT):
LIT 82M · ZEC 40M · SOL 27M · HYPE 26M · SPY 12M
LIT has 6.9x the open interest of the S&P 500, 3.2x HYPE, 3.1x SOL, 2.1x ZEC. and none of it moves. LIT turned over 0.69x its OI today. BTC did 2.09x, SOL 2.15x, HYPE 1.71x, ZEC 1.61x - on a day LIT was down 12%, when volume should be elevated.

I'm not hating on lit simply because I'm holding hype in my "perp port" and short lit but LIT's current open interest isn't being traded, it's being parked.

[a small hippocampus @smallhipp]

Also, if people used lit as a dominant trading venue, why are people less risk-on with
reflexive and more mature assets like Zec, solana, hype. Why are these assets less traded than Lighter’s Lit perp? Lit has a small market cap relative to former.

To the best of my knowledge, It’s a vacant parking garage. The cars have left to the next reflexive farm and the crops are gone.

First it was hype, next it was lighter, next it’s variational, and the list will continue.

If you want to stack lit, it may be best to wait post unlocks.

[a small hippocampus @smallhipp]

I look up to a ton of people who have heavy bags in lit. Esp @econoar since I found out about $BONER from his twitter posting

But allocating a dedicated "perp DEX token portfolio" equally across challengers is not necessarily diversification - it can be dilution of a winner-take-most thesis. I may be wrong about this.

Having the first order take of "oh well lit doesn't have as much OI as hype so it's crap" isn't sound, even though it's alluring to marry into that assumption. the level isn't the tell.

Lighter's notional OI (9/29, ~6pm PT):
LIT 82M · ZEC 40M · SOL 27M · HYPE 26M · SPY 12M
LIT has 6.9x the open interest of the S&P 500, 3.2x HYPE, 3.1x SOL, 2.1x ZEC. and none of it moves. LIT turned over 0.69x its OI today. BTC did 2.09x, SOL 2.15x, HYPE 1.71x, ZEC 1.61x - on a day LIT was down 12%, when volume should be elevated.

I'm not hating on lit simply because I'm holding hype in my "perp port" and short lit but LIT's current open interest isn't being traded, it's being parked.

[a small hippocampus @smallhipp]

Mind that I didn’t even mention unfavorable tokenomics of vc/early-investor overhang.

Hype went from 60 to 80 when trump mentioned “hyperliquid” and lit more than doubled when this happened. Lit was priced by its narrative more than its fundamentals.

[a small hippocampus @smallhipp]

@homerfan33 I did as well. Also had to comment about econoar and his take that lit will flip hype (Probabilistically unlikely - but I’ll be happy for lit holders).

https://t.co/XQ0yNIcSUc

[a small hippocampus @smallhipp]

I look up to a ton of people who have heavy bags in lit. Esp @econoar since I found out about $BONER from his twitter posting

But allocating a dedicated "perp DEX token portfolio" equally across challengers is not necessarily diversification - it can be dilution of a winner-take-most thesis. I may be wrong about this.

Having the first order take of "oh well lit doesn't have as much OI as hype so it's crap" isn't sound, even though it's alluring to marry into that assumption. the level isn't the tell.

Lighter's notional OI (9/29, ~6pm PT):
LIT 82M · ZEC 40M · SOL 27M · HYPE 26M · SPY 12M
LIT has 6.9x the open interest of the S&P 500, 3.2x HYPE, 3.1x SOL, 2.1x ZEC. and none of it moves. LIT turned over 0.69x its OI today. BTC did 2.09x, SOL 2.15x, HYPE 1.71x, ZEC 1.61x - on a day LIT was down 12%, when volume should be elevated.

I'm not hating on lit simply because I'm holding hype in my "perp port" and short lit but LIT's current open interest isn't being traded, it's being parked.

[a small hippocampus @smallhipp]

@Havochl_ https://t.co/XQ0yNIcSUc

Had to say something about his take

[a small hippocampus @smallhipp]

I look up to a ton of people who have heavy bags in lit. Esp @econoar since I found out about $BONER from his twitter posting

But allocating a dedicated "perp DEX token portfolio" equally across challengers is not necessarily diversification - it can be dilution of a winner-take-most thesis. I may be wrong about this.

Having the first order take of "oh well lit doesn't have as much OI as hype so it's crap" isn't sound, even though it's alluring to marry into that assumption. the level isn't the tell.

Lighter's notional OI (9/29, ~6pm PT):
LIT 82M · ZEC 40M · SOL 27M · HYPE 26M · SPY 12M
LIT has 6.9x the open interest of the S&P 500, 3.2x HYPE, 3.1x SOL, 2.1x ZEC. and none of it moves. LIT turned over 0.69x its OI today. BTC did 2.09x, SOL 2.15x, HYPE 1.71x, ZEC 1.61x - on a day LIT was down 12%, when volume should be elevated.

I'm not hating on lit simply because I'm holding hype in my "perp port" and short lit but LIT's current open interest isn't being traded, it's being parked.

[a small hippocampus @smallhipp]

@lukecannon727 Narrative was priced higher than the fundamentals of lit.

While hype went from 57 to 80 in the span of weeks post Trump's mention of HL, Lit doubled.

[a small hippocampus @smallhipp]

@0x8483 @sshxbt is this real

[a small hippocampus @smallhipp]

@zico_eth i have

placed two into a union. specifically, the black and white one that is nearly done.

[a small hippocampus @smallhipp]

@Max_Newton I'll probably be top blasting with no regrets!

[a small hippocampus @smallhipp]

@Max_Newton your grandpa from the vietnam war would be proud of you - to be speaking alongside some frogs

[a small hippocampus @smallhipp]

@Max_Newton hey man thanks for taking the time to talk about tibbir