k◎v

calculated degeneracy | @Treasury_GMI

[enzo @enzo_gte]

GTE is the world’s fastest blockchain and decentralized exchange.

It’s colocated with the world’s centers of price discovery to give you the best prices and deepest liquidity when trading perps.

Tokyo for crypto. New Jersey for equities. Chicago for commodities.

Fully decentralized. Fully non-custodial. Fully verifiable.

Purpose built for you.

The team comes from Palantir, Jump, Meta, Citadel, Bridgewater, Layer Zero, and more. Team members include the inventor of Facebook’s photo and video storage technique, low level C++ optimizers at HFTs and more.

GTE raised a $15m series A from Paradigm in May. Other investors include trading firms, DeFi angels, and more top-tier folks.

GTE is coming to private mainnet very soon.

We think you’re going to love it.

[GTE @GTE_XYZ]

Today, we’re proud to announce that GTE has raised a $15m Series A from @Paradigm to scale the Global Token Exchange.

We’ll use this capital to ship products even faster.

Because where we’re from, we not satisfied with being fast — we want to be the fastest.

Now back to work.

[Cred @CryptoCred]

https://t.co/1nZmWMIxHO

[Naval @naval]

Blame yourself for everything, and preserve your agency.

[Wangarian @0xWangarian]

https://t.co/bLGZRN9IT9

[vxh0rny.aave @veH0rny]

100000

[WR☻NGUSER ✗ @wronguser000]

This is the moment you’ve been waiting for, it’s here right now: the moment riches are made and possibly lost right away

In these kind of conditions the hardest part is not to make money but to keep it when the meta changes

Focus on your grind and polish what’s working for you until it doesn’t anymore

Protect your wins from the greed and fomo you’ll feel from the direct environment around you, don’t compare yourself to anybody else just accept the fact someone out there will always be better than you in specific conditions

Otherwise, envy and the feeling of never being good enough will forever consume you from the inside

Don’t let this cycle speedrun in front of your eyes while you do nothing but feel like shit looking at others win

There’s no secrets: commit to the game, stay true to yourself, always push that extra mile and see the market reward you for it

Keep winning fam

[WR☻NGUSER ✗ @wronguser000]

Witness the $CHEX repricing with frog, the ultimate RWA L1

First shared at 13M FDV, I still have no issues saying this is absolutely mispriced at 200M FDV

I get a lot of questions about this position, yes I’m still holding and recently added but @Trim_Bot is the best account to follow if you want to keep up with everything CHEX related, very smart individual I have tons of respect for

I expect the price action to become quite violent to the upside, this is basically the only non meme I been having my eyes on and everybody understanding how hard it is to get to Chintai’s level of execution in one of the most promising niche of our ecosystem being RWAs knows how mispriced this project is

They got different licenses for tokenization in different countries meaning that they can actually issue tokenized products with no legal issues, they offer white labelling for tradfi products, coin is fully diluted and on top of that tokenomics are deflationary, this is not just another altcoin, this is the one RWA L1 that you should have your eyes on
This team is delivering overtime, not "overtime" like most web3 teams, I don’t usually back coins like that but I’ve came across Chintai early on and since then they’ve been delivering absolutely everything they promised regarding deals for tokenizing tradfi products, see here recently for example:

https://t.co/TmZrxawEQM

I’m not affiliated to the team, neither paid for this post, I shared about this project for the first time here:

https://t.co/edYDbTefB6

This is obviously not financial advice since I’m just a frog yapping on the Elon Musk X platform but I feel like even if I came across this project now i’d be interested

[More Jesterly The Giver @lazyvillager1]

Stoic Strength: Memecoins and Their Role in Portfolio Construction

"Memecoin dominance" has been topical YTD, with premiums accruing to both new (WIF, PEPE, MOG and POPCAT to be coined herein as the "Big Four") and old (retention of value via DOGE and SHIB, return of 2021-borne BONK and FLOKI).

The emergence of this class prompts the following questions:
1) What is a realistic range for aggregated memecoin value as a digital asset class?
2) Is there a pattern we can template toward identifying the next large-cap memecoin?
3) Is there a way to construct a case for "responsible" deployment (re: "institutional" adoption)?

My belief is that despite gross (and likely invalid) targets set for certain populist coins, memecoins are, and will remain, a unique device that can push the frontier for what is considered acceptable risk/return beyond being a quickly diminishing slope of reflexivity:

I see sustainable actionability in two ways even without new money entering the ecosystem:
1. Continued cannabilization of market share from NFTs (a ~$70B market today) - a virtually identical product wrt inherent value (or lack thereof) and community expression
2. Providing an uncorrelated return wrt BTC / other asset buckets

If we are to believe that BTC has become a macro lever (to be expanded on in a separate piece), then the argument for non-correlated assets such as memecoins - specifically those under ~$1B - may be worthwhile levers in doing 2 things:
i) hedging liquid bets elsewhere
ii) enable lagging portfolios to "catch-up"

[Flash.Trade | Perps on Solana @FlashTrade]

Here is why you should care about Flash Trade Token: The token that will set the new standard in Solana DeFi.

[Henrik @Henrik_on_HL]

Just bought some more $CHEX

My key investment thesis:

1) Fully distributed, deflationary token model with 1B tokens
2) Billions of dollars in contracts lined up
3) No VC unlocks or artificial yields
4) Competitors face years of regulatory hurdles
5) Clients must buy CHEX token

[Dovey "Rug the fiat" Wan (hiring) @DoveyWan]

Many ask my thoughts on Solana after my last Ethereum tweet on "Separation of Church and State", a bit long but lots of context:

My first encounter with @toly was in 2017, during the early days when Solana was still called String. While the specifics of our conversation have faded, I distinctly remember Toly outlining the data structure on a whiteboard in my office. At the time, I was quite skeptical about the technical pitch and ultimately decided to pass on that seed round.

Fast forward to the 2020-2021 cycle, I deliberately kept my distance from Solana due to the toxic environment perpetuated by SBF and his circle. I had also passed on the first FTT round back in the day. Even before that, when SBF was raising for Alameda in 2018, his numbers didn’t add up after a few back-channel checks with the exchanges he was trading on (I still have the spreadsheet he sent me in 2018)

Unlike most VCs in the valley who are eager to find the next “Zuck-like” genius, I prioritize integrity as the single most important trait for anyone building product that's managing other people's money. I’ve written about the risks of the Dark Triad Personality in crypto, and each cycle has taught me to stay away from individuals with these traits. No matter how smart or brilliant they may seem, investing in chaotic evil personalities is a mistake. I can't emphasize enough to my investing team at @primitivecrypto the importance of conducting thorough psychological analysis of the founders they want to invest in, as a man's character is his fate.

https://t.co/348pdIKrmG

The vibe SBF brought to Solana never sat right with me, and his involvement cast a shadow over almost everyone else in the Solana ecosystem, and the real progress of its technical upgrade through out the years. Despite @tamarincrypto , my bestie, leading global partnerships and the dev community there, I only invested in Mercurial (which eventually became Jupiter) in 2021 cycle. The hypocritical and nepotistic atmosphere surrounding SBF was a major turn-off, everyone only cares what is the next Sam's coin, who's Sam's friend working on a Sol project. So I distanced myself from deeper involvement. As a result, I missed out on opportunities to connect with more founders in the SOL ecosystem, which was a big bummer. However, I still feel JOMO on the 2021 Solana frenzy because I stuck to my principles, and my read on the founder once again saved me from massive chaos.

The Solana ecosystem pre- and post-SBF are distinctly different, especially after @calilyliu joined the foundation and a healthy cleanse was undertaken. Since we re-engaged with the ecosystem starting mid-2023, I’ve heard firsthand stories from SOL founders about how the support they receive today differs greatly from the SBF days. Back then, if you weren’t part of SBF’s inner (or even secondary) circle, getting support as a founder was much tougher. Nowadays, things have changed; SOL founders now represent diverse cultural backgrounds from East to West. We’ve had a great experience working with our portfolio company founders like @cindyleowtt @davijlu @gizmothegizzer . I also finally met @mert this year, he’s a true warrior for Solana and one of the very few crypto guys who can hold an engaging, crypto-free conversation for more than 30 minutes

Primitive is NOT a VC, we don’t need to sell a bullshit story to LPs or spend the bull market making decks to raise funds. For us, only first principles matter, and only the people matter. Building conviction on a big liquid position outside of BTC, ETH, and BNB isn’t about the new hot narra or how cool the tech sounds—it’s about who is building on the chain and how the chain is being utilized. It's like evaluating a city to relocate, you first travel there for a few times better stay there for a month or two and decide whether you want to commit to the destination. We've done the same thing from going to numerous offline sol events, being part of the colosseum hackathon, talked with Solana foundation, interviewed both the founders' who stayed after the nuke and who quit, and the new founder who joined.

Every chain resembles a unique city state model roughly as:

City State

- Supply: Municipal infrastructure, immigration policy, business environment, monetary & fiscal policy, trade policy, geographic and resource conditions, etc.
- Demand: The willingness of citizens and merchants to stay and transact.
- Income: Tax.

A Chain

- Supply: global state machine, smart contract execution, block space and other resources necessary for onchain economy, fonudation grants, public goods, developer toolchain, etc
- Demand: Consumption of computation or monetary resources by devs and dApps users,
- Income: Gas, sequencers fees and inflation

Just as different city-states emphasize their unique appeals to citizens, some, like Hong Kong and NYC, provide the best financial services and industry networks; others, like Singapore, offer superior healthcare and public goods for the middle class; and San Francisco and the Bay Area, cultivate the best frontier crowd. Every chain will evolve to develop its own distinctive culture and unique attributes. These traits will be followed by verticals purposely built around them, creating a microcosm that attracts more merchants and businesses. This serves as a highly analogous mental model for understanding the multifaceted responsibilities involved in building a good chain. just like a country thrive and grow by attracting the high quality immigrants, the a chain thrive by attracting new talents to build and invest. And, just as any city-state that aspires to create a rich history needs fewer popes and cardinals, but more kings and knights, so too does the chain.

I’ve never subscribed to the maximalism of serving the "one true coin" or the binary mentality of picking between X vs Y, or being married to our bag if the core team has repeatedly under delivered or showing clear sign of bad egos. Just like I split my time among Singapore, SF, Teipei and Florence . In our portfolio, we treat the four majors as a basket of reserves: BTC, ETH, BNB, SOL. BTC is sound money, ETH and BNB are for generating sustainable, productive yield

Our thesis for SOL is currently indexed on

1. Its potential as a US retail chain (if Base ever has a coin, we’ll keep a position in that too. Instead, we hold Coinbase stock). This reflects the major East and West divergence I’ve tweeted about before, in this cycle, only "Solana" has hit Google trend's ATH, and only phantom wallet has hit top ranking in appstore, primarily in US

2. The deep camaraderie among the founders who remained committed to Solana after SBF’s downfall, forged through tough battles, is something that many other ecosystems can't replicate. The positive impact of this spirit on other Solana builders can't be quantified by any valuation model. Historically, the period of rebuilding after the fall of a dictator has often been the golden age of rapid growth

Our industry is flooded with excessive investment but severely lacks effective development. It’s full of those eager to teach and quick to dismiss, yet lacking in those who are genuinely eager to learn and sincerely respectful. The ongoing ETH vs. SOL debate is a textbook example of what Freud called the "narcissism of small differences"

"Why are groups of people that are so very similar, sometimes so hostile to each other because of the relatively minor stuff that they differ in"

In truth, the industry has outgrown these petty disputes. Why should we allow these trivial mouth war to distract us when the real challenge is much larger? Binance has 400 million users, yet active on-chain number are likely just 1-2% of that. And with all the adversary regulation and geo-political environment, the stake is too high for us not to unite as an industry.

attention seekers are playing the ranking game, an ordinal game; truth seekers are playing the first principle game, a cardinal game

It’s time to move beyond a zero sum ranking game, focus on on how we can all rise together. True success is measured not by who wins, but by how much we all push forward technolibertarianism movement, and how many more sorvergin individual can be enlightned and join the journey a long the way

One person's dream is often just a daydream, but when shared by many, it can shape the course of history

一个人的梦想只是梦想, 一群人的梦想就是一个时代

[Thesis 🟠 @ThesisInvestor]

It feels like @flashtrade is falling under the radar despite some very interesting tweets from their founder, @allinbitcoin_. I'm going to highlight a few and share some commentary below...

[More Jesterly The Giver @lazyvillager1]

The Ethical Long: Cycles and Capital Formation

Since August 11th/12th, I began writing thoughts to capture my mental model around identifying inefficient capital allocation in crypto assets, and the market forces that drive positioning on the margin – which I believe is under-recognized today due to what has been a programmatic supply overhang (re: alt emissions, chunky BTC/ETH sellers).

The dislocation created by seemingly endless supply has resulted in four mass ~1B long liquidations this year, the most recent of which broke an 8-month BTC-trading range – which I interpret as a unique opportunity to challenge microstructure underpinning a) “flight to safety” positioning and b) decomposing what actually drives liquidity & markets.

My belief is that without new money: in a scenario where total available dollars available has shrunken vs. March & where previous-cycle ATHs have settled, order-book combativeness & psychology of the buyer vs. seller are the fulcrum underpinning how and why money moves

Herein, I seek to challenge the status-quo of what is considered the “safe” risk-barbell (BTC/SOL/Memes) by framing risk-reward in a structural way: starting at the majors and subsequently walking through the conditions that must be met to create a sustained trickle-down effect buoying alts, or specifically, “OTHERS.”

This is the result of my deep dive dissecting and reviewing L5Y price / volume / dilution history for 150+ names

[smolting (wassie, verse) @inversebrah]

smolting hopes uve purchased all kinds of bags tbw

ur descendants count on u iwo

[k◎v @solanakov]

5i9nPYuEZErLgeYxQfLCZ8a62nS37ocue91zDZpfw8fV

[meow @weremeow]

Doing a PPP memecoin experiment that might or might not involve airdrops.

To be part of it, QT this w your address (or just RT & reply)

To kick it off, here’s mine:

AS3yMXa5yPRFeLgsdQkFR1KxBowExSY1JUzRGZj8iAMu

If we get enough real participants, the experiment will proceed 🐱

[WR☻NGUSER ✗ @wronguser000]

You should be doubling down when everybody feels hopeless, the only way to actually crush it is to go against the herd

Runes were dead? Ok everything is up a gazillion from the bottom

Ordinals? Up 100%+ in size from bottom on most collections

Farming? People are giving up as we speak it's your time to put your capital and time at use in the right spots

I couldn't care less about what's happening on the macro honestly, up or down market participants' psychology stays the same it just unfolds at a different pace depending on the context

Most micro cycles in different niches have the same psychologic and liquidity patterns each and every time, at the end of the day it depends on how long you can wait for the right setup to pop and how good you will execute on it once it's out there

Once again, it's all about you and how hard you want it really, this game is easy but you have to make the sacrifices to put yourself in the right mental conditions

It takes time, commitment and pain

But that's one way to freedom

[k◎v @solanakov]

@ottosuwen 🫡