0xTurch

developing @nativemarkets // prev. @uniswap @GalaxyHQ @hodlwithledn TradFi rates & fx derivs // views my own

[0xTurch @therealturch]

It was a privilege working with @Mclader (again!), @fiege_max, @GuthixHL and the rest of our team to a build out USDH. We're immensely proud of the product we brought to market, the exceptional partners/builders we worked with and the effort we spent delivering value back to the ecosystem. More to come. And as always

Hyperliquid

[Native Markets @nativemarkets]

https://t.co/MSiNolwYLW

[Felix @felixprotocol]

In light of the USDH sunset, the Felix HIP-3 DEX and all live markets will begin sunsetting on June 19 and conclude on June 20. All traders are encouraged to close active positions before this time. Another reminder of this sunset will be sent in the Felix Discord and Telegram announcements channels on June 15.

Markets will be settled sequentially, with each market settling one hour after the previous market. For full settlement mechanics, please review the FLX HIP-3 Sunset section of the Felix docs here: https://t.co/BDL3iaFz7W

Telegram announcements: felixannouncements
Discord link in bio

[New York Basketball @NBA_NewYork]

Good morning

[0xTurch @therealturch]

@fejau_inc Not comparable IMO, coming off zero rates + QE with gigantic fiscal stimulus aimed at the lower end consumer. Think we’re in a holding pattern with temporary tightening of financial conditions via higher 2s in response to inflation prints but no follow through

[0xTurch @therealturch]

@ExaltedFoks I once saw cousin Greg in a tank top eating a hot bowl of pho outside in 90 degree weather in Nolita

[Hunter Biden @HunterBiden]

@gmoneyNFT Hyperliquid

[Felix @felixprotocol]

As part of the USDH sunset, Felix will be deprecating both USDH vaults on Felix Vanilla. Users should repay any open USDH borrow positions and transition supplied and borrowed USDH to USDC.

Users can convert their outstanding USDH balances to USDC through the HyperCore USDH/USDC order book, or via @AcrossProtocol 1:1 with no fees. USDC lending on Felix is currently yielding 5.81%.

USDH Flagship and USDH Frontier vaults will be removed from the Felix frontend on Friday, June 12. Users are encouraged to shift to USDC lending and borrowing on Felix before then or contact our team with any concerns.

[Guthix 🫵 @GuthixHL]

Thanks For Playing.

[0xTurch @therealturch]

@fejau_inc Saquon isn't on there, we're good

[Eric Rosengren @EricSRosengren]

The WSJ article on hyperliquid is a good overview. The world will be quickly moving to efficient low cost 24-7 trading of real world financial assets not just crypto assets. The liquidity is moving to decentralized exchanges and away from more costly centralized exchanges .

[Grayscale @Grayscale]

Grayscale Hyperliquid Staking ETF (Ticker: $HYPG), the $HYPE ETP with the lowest gross management fee in the U.S.¹, starts trading tomorrow.

$HYPE is the asset powering 24/7 onchain markets, with @HyperliquidX driving trillions in perpetual trading volume²

Direct $HYPE exposure and staking. In your brokerage account tomorrow.

Hyperliquid.

[foks @ExaltedFoks]

Much like a horse, the squat rack can sense when you’re afraid of it, and the steel will not do your bidding

[0xTurch @therealturch]

@JamesChristoph @fejau_inc @Web3crypt0 yeah confused what you're confused about @fejau_inc

$FIL

[Tommy @Shaughnessy119]

I'm cautiously optimistic we are seeing the early signs of a new bull market in crypto, but very different from the last few

Foundationally we have the Clarity act and CFTC/SEC tripping over themselves to allow Crypto but we’ve historically been missing an animal spirits demand driver outside of Saylor for BTC

Hyperliquid doing extremely well is the main center of gravity especially as they launch non crypto markets (Oil, Gas, Pre IPO stocks).

We’re also starting to see Crypto x AI tokens doing well which has always been the largest potential new sector imo. I’ve talked about this a lot in recent tweets.

Venice has driven a ton of excitement on the AI inference side and this should continue for four reasons 1/ AI inference demand is infinite, 2/ business want to cut AI costs and can pay 1/100 the cost using open source models 3/ eventually agents will need to hold tokens like DIEM to access inference on their own and eventually grow their holdings to access more intelligence and 4/ NSFW and use cases the labs dont allow. You can argue whats legal/moral but its not up to Dario to tell you what you can ask

I think the distributed AI Inference trend ends if Chinese models go closed source but I don't see that anytime soon. Also the inference providers (OpenRouter, Venice, etc) should buy GPUs to lower costs further and use them to train/fine tune models in the future if the world goes closed source. How else does OpenRouter use $113 million U.S. Dollars?

Outside inference we’re seeing a wave of new AI projects/tokens and adjacent ones do well (Nock with merged mining to reuse AI inference to secure its chain, Pearl hitting $2b+ out of the gate (low liq, OTC), and a huge swath of new AI projects on base that are more infra and legit vs the last swath of reply bots with tokens). I'm seeing numerous inference providers on Base/Solana compete to the cost of electricity for inference which is useful vs the last era of AI reply bots competing for likes, this is better. Grass is also doing extremely well revenue wise selling to AI companies.

I think people will really lean into using their @NousResearch Hermes agents to build the agentic economy in crypto (in addition to the huge traditional sectors they are targeting). This starts with giving your agent a wallet for basic transactions, grows into them interacting autonomously and the final step is agents creating their own AI economy of protocols and DeFi services. You’ll click a button to graduate your agent to autonomous mode eventually and it’ll be wild. I still feel folks will want this run on a box inside their home especially if it has 24/7 access to your life (cams, mics, all data).

The next potential bull market in Crypto will be different for a few reasons though

1/ Every investor has the choice of buying AI stocks, private companies and deals vs Crypto/tokens so the opportunity cost has gone way up. I'm not investing in a crypto project if I see a better AI one for my money. This extends to retail who has to decide if they want to buy uncensored money ($BTC) or AGI (OpenAI/Anthropic stock) with their marginal dollar. TLDR mid crypto projects never get a shot now, nor should they.

At Delphi Ventures we are backing early stage AI and early stage crypto founders

2/ There is a bull market in Wall Street for Blockchain. Every company has a stablecoin, or integration or an ETF. This is fantastic and what we all wanted but is separate from the on-chain animal spirits world we all look at. When I read our year ahead report for Infra I was shocked and excited with just how embedded crypto has become within Wall Street, and how important stablecoins are for our the united states (sell the dollar via Crypto rails globally so you can lower borrow rates and embed it into new economies)

3/ The people want real products, they want revenue and they want that revenue to flow to the token. No one cares about altruistic academic circle jerk conversations. It's not 2018.

Because of the above, this cycle will become ultra concentrated in a few winners

Why? Because there are only a few projects that have PMF as a product, drive revenue, and rise above the opportunity cost of folks to buy other assets (in Crypto and in AI).

If you are an early stage founder who is way out of distribution building in AI or in Crypto and are raising at the earliest stage reach out. A warm intro is the best path.

[0xTurch @therealturch]

1:00:06 Hyrox men’s doubles 🫡

[0xTurch @therealturch]

@connorking @KyleSamani @udiWertheimer @DancingEddie_ Amster damn

[Hypurr @Hypurr]

hypurr is hard at work

hyperliquid

[0xTurch @therealturch]

@ianlapham @seyong Crushed it 🫡

[Troll Football @TrollFootball]

Today, we are all PSG