0xWeng

head of investments @caladanxyz

[0xWeng @wengevar]

Investing is my life's calling.

Been a private market investor for 10 years. Started out at @MorganStanley's PE group and @GoldmanSachs's special situations group, focusing on distressed assets and complex situations.

Jumped at the chance to work for @sershokunin and began investing in crypto in 2021.

Now deploying @caladanxyz's balance sheet across early stage projects, liquid tokens, LP opportunities, and the occasional oddball trades (e.g. buying @coinbase senior note at ~50c in 2022 and @GalaxyDigital's stock last summer).

Made a lot of friends along the way. Genuinely love what I do.

Enneagram 3. Love food, travel, and novel experiences. Believe there's always a deal when the price is right—whether in investing or in life.

[Variational @variational_io]

Onchain order books face a massive cold start problem, requiring millions in subsidies to attract market makers for new assets, and it's still unclear if they will ever match TradFi liquidity.

Our RFQ model bypasses this entirely, tapping directly into existing CEX, DEX, and TradFi liquidity to list new crypto and RWAs faster and with best in class execution.

Read the full interview via @DefiLlama:

[0xWeng @wengevar]

Congratulations to the @variational_io team on this raise. One of the strongest teams building in perps. Excited for the RWA rollout and to keep working closely with them on what's next.
@variational_lvs @mr_plumpkin @0xMGB

[Variational @variational_io]

We’ve raised $50M led by @dragonfly_xyz to go all in on RWAs and bring TradFi liquidity on-chain.

Today, we're launching Phase 1 of our RWA rollout to stress-test our infrastructure before bringing 100+ TradFi markets on-chain this summer.

[0xWeng @wengevar]

Excited to back team @AxisFDN!

[Axis @AxisFDN]

Axis is excited to announce a raise of $5 million, led by @galaxyhq, in order to bring institutional yield across USD, Bitcoin, and Gold.

The digital asset market still lacks reliable, transparent ways to earn yield that work for both institutions and everyday users, in both bull and bear markets.

Too many products depend on inflationary token incentives or singular strategies, making returns unsustainable and unpredictable.

The solution?

We're building a transparent return stream that is, by design, diversified delta-neutral and weather-resistant to market conditions.

With a round led by Galaxy Ventures, and participation from
@FalconXGlobal, @OKX_Ventures, @CMT_Digital, @Maven11Capital, @GSR_io, @cmsholdings, and @Marczeller of @AaveChan, Axis is taking a different approach.

It's time to bring these quantitative institutional strategies onchain for all of you.

[Edward Yu @edward_yu_var]

3/5 revenue sharing mechanisms with users have now been implemented.

✅ lower spreads (up to -90% with olp v2)
✅ loss refunds
✅ referral rewards

🔜 points
🔜 open olp deposits

When all are implemented a majority of gross revenue will go directly back to users.

[0xWeng @wengevar]

x402 seemingly came out of nowhere: with its ecosystem tokens surging and the protocol processing nearly 500,000 payments in a single week, a 10,780% increase in activity.

At first glance, it looked like another “AI + crypto” narrative pump.
But after digging in, it’s clear x402 represents something deeper, a native payment layer for AI agents.

Here’s the foundation: When apps or AI agents talk to servers, they send a request and receive a status code:

200 = OK
404 = Not Found
402 = Payment Required

That 402 code has existed for decades, but was never actually used.

x402 revives it, turning it into a functional crypto payment rail.
APIs can now charge for access inside the HTTP request itself, paid in stablecoins like USDC.

So instead of developers managing API keys, subscriptions, or credit cards, AI agents can now pay autonomously on a per-request basis.

Why this matters:

1) As AI agents become more autonomous, they need a way to transact, not just fetch data. x402 enables that, using stablecoins as the settlement layer. It’s the first real bridge between AI and on-chain economic activity.

2) Payments are handled by facilitators, crypto-native equivalents of @stripe, verifying and executing on-chain transactions so developers don’t need to build blockchain logic themselves.

Not to mention: Serious infrastructure players betting on this becoming standard internet plumbing. The x402 alignment map includes @coinbase, @Cloudflare, @googlecloud, @PayPal Ventures, and @generalcatalyst.

To summarize:
→ Stablecoins finally have a real use case.
→ AI finally has a payment rail.
→ Crypto finally has consumer-grade utility.

x402 isn’t another cycle narrative; it’s the connective tissue between AI autonomy and blockchain utility. Bullish 🔥

[Coinbase Developer Platform🛡️ @CoinbaseDev]

Announcing Payments MCP, the easiest way for AI agents to get onchain via x402. 🚀

It lets LLM models like Claude, Gemini, and ChatGPT gain access to onchain tools like wallets, onramp, and payments with no API key required. 🧵

[0xWeng @wengevar]

Congrats to @PerleLabs on their beta launch! 🔥

Perle Labs is scaling the human layer by providing structured, verifiable annotation work tied directly to model performance.

Real, tokenized value accrues to contributors based on measurable precision and onchain rep. Built on @solana, Perle is optimizing for speed, cost, and transparency. No clunky payouts or legacy bloat.

This is how you build AI training pipelines that are verifiable, composable, and globally accessible.

This isn't just another annotation app. It’s an entirely new environment for human capital in AI, where the value you create gets recorded, recognized, and rewarded.

Early contributors are literally shaping the quality of next-gen AI systems, earning the upside that comes with it. Excited to see where this goes!

[Perle Labs @PerleLabs]

The wait is over. The Perle Labs beta is now live.

AI doesn’t train itself. Every model learns from human insight, and now that layer is finally being recognized and rewarded.

Built on @solana. Powered by contributors like you.

[0xWeng @wengevar]

Honored to be included 🙏

From day 1, the mission at @OpenEden_X has been clear: make real-world assets actually accessible onchain with compliance, transparency, and yield that institutions can trust.

Still early.

The $EDEN ecosystem keeps on getting stronger!

[July @dariilnadia]

Ranking my top 14 favorite Openeden builders, OGs, Traders, and long term believers this october

@OpenEden_X is a Real World Asset RWA tokenization platform with a primary focus on bridging traditional finance and decentralized finance DeFi.

Its core function is to bring secure, compliant, and transparent on-chain access to tokenized real-world assets

regulated entities and partnerships with world-class custodians and investment managers, to unlock trillions in value by bringing RWAs to the blockchain.

The platform has its own native ecosystem token, $EDEN, which is distinct from its tokenized asset products and is reserved for uses like staking rewards, liquidity mining, vault emissions, and other ecosystem participation programs.

much respect to :
@ZKSgu @arndxt_xo @chainyoda @KuiGas @Edward__Park
@wenxue600 @arthur0x @dcfgod @ardizor @thesaint_
@ec_unoxx @0xtodd @wengevar @sanyi_eth_

Thank you for building and inspiring us every day

it's your consistency and belief that makes OpenEden unstoppable

they are legends make sure to follow them as well for their influence

[0xWeng @wengevar]

Been following the x402 convos since last week.

Glad to see quick developments from @Mantle_Official

More on x402 from me this week

[Mantle @Mantle_Official]

The x402 gateway is now live on Mantle.

Builders and creators can connect to the x402 protocol via the facilitator and start experimenting + building (faster) today.

Together with @questflow, we're bringing x402 to everyone, everything and everywhere within our ecosystem.

[Open Campus @opencampus_xyz]

Welcome @caladanxyz to the head of the class.

Proud to have you with us on the journey to shape the future of education.

[0xWeng @wengevar]

Omni just hit $1.6B in daily volume with $330M in open interest. A week ago, it crossed $1B for the first time. The OI number grew by another 33% since @variational_lvs posted the stats just 3 days ago.

Spreads have been cut by up to 90%, $BTC small order spreads are now tighter than almost anywhere else onchain. You’d pay 50x more in transaction costs on Binance.

They’ve refunded over $1M in trading losses to date. Around 2%+ of losses are automatically refunded, including $190k in a single day. The largest individual refund? $21,877.

The platform now lists 500+ tokens, has processed over 1M trades, and is averaging 1,200+ daily active users.

Recent changes:
- Spread discounts were removed in favor of platform-wide improvements
- Loss refund odds increased from 1% → 2%
- UI precision and performance upgrades
- System now built to handle much higher volumes

All major metrics, volume, OI, revenue, user growth, are surging week after week.

@variational_io is becoming the most cost-efficient, user-aligned venue for onchain perps. The growth speaks for itself. 🔥

For folks who want to try out the closed beta product, here is my referral code:
https://t.co/60F8PVgyfI

[Lucas @variational_lvs]

$1.6B volume today with ~$250M in OI.

Our week to week growth in particular has been astronomical for the last few weeks in a row.

[0xWeng @wengevar]

My entire CT feed is talking about this: @coinbase recently acquiring @cobie's @echodotxyz, and with it, the rights to revive the @UpOnlyTV podcast, for a combined $375M.

At face value? Feels wild. But it’s actually one of the most strategic acquisitions in crypto this cycle.

Let’s unpack it 🧵 🔥

1) Echo gives Coinbase the upstream layer: community-driven capital formation

2) UpOnly gives them the culture + narrative vehicle to capture mindshare

Together, this is the playbook:
→ Fundraising infra (Sonar)
→ Community narrative (UpOnly)
→ Distribution and liquidity (Coinbase)

They now control the full lifecycle:
Step 1: Founders launch tokens via Echo
Step 2: UpOnlyTV sparks demand + community
Step 3: Listings + liquidity flow through Coinbase
Step 4: Profit 👏

Cobie’s move was classic, he memed a podcast into a $25M acquisition. But Coinbase didn’t just buy the meme, they bought attention. And in crypto, attention monetizes faster than ever.

Echo has already helped raise $200M+ across ~300 deals. But under Coinbase’s umbrella, it becomes the default interface for web3 fundraising, both for startups and tokenized real-world assets.

Expect Echo to integrate directly into the Coinbase ecosystem: wallet, custody, trading, governance.

For founders? Faster, community-native capital access.
For investors? Earlier deal access without needing VC intros.
For Coinbase? A moat in origin + capital markets.

It’s also a clear bet on a future where:
- Onchain capital formation replaces traditional seed rounds
- Podcasts drive distribution, not just storytelling
- Liquidity meets culture in a seamless product loop

This is infra + narrative, capital + content, all bundled into Coinbase’s next chapter.

And I’ll say it: the UpOnlyTV reboot will be the most expensive podcast revival in history. But if it funnels enough founders, capital, and attention into Echo/Coinbase, it might be worth every dollar.

Builders build. Memers meme. Coinbase is doing both + Everybody wins.

[0xWeng @wengevar]

Institutional capital is backing blockchain’s leap into education.

@animocabrands + @caladanxyz just led a $5M round into @opencampus_xyz, fueling a full-stack on-chain platform for a $3T+ global student finance market: loans, credentials, and payments.

But this isn't just a DeFi wrapper on traditional finance. Open Campus is building a new, on-chain learning economy.

This raise accelerates effort to:

- Accumulate $EDU to reinforce ecosystem value
- Expand lending via @pencilfinance_
- Grow EDU Chain mainnet, Wallet, and ID

Overall, the Open Campus momentum is real.

$EDU is aligning student loans, credential verification, and protocol incentives into a unified RWA thesis. Bullish! 🔥

[Open Campus @opencampus_xyz]

We just closed a $5M strategic fundraise.

Together with our investors @animocabrands @yzilabs @hsg_cap & @caladanxyz, we’re building the future of education, on-chain.

Institutional capital is betting big on blockchain’s role in education. ↴

[Keone Hon @keoneHD]

What Monad has so far:

- High quality open-source C++/rust codebase with many HFT-style optimizations and architectural changes

- Public audits and clear docs that put the technology first. Transparency -- no hand-waving, no unsubstantiated claims

- High-performance system focused on true decentralization, running continuously in testnet with 186 globally distributed validators at 5000-10000 tps

- MonadBFT, a frontier consensus mechanism featuring 400ms block times, 800ms finality, large globally-distributed validator set, and tail-fork resistance

- Async Execution (while supporting EIP-7702 through the Reserve Balance mechanism)

- MonadDb for efficient merkle trie storage

- Native code compiler for frequently used contracts

- Interconnected community of smart, thoughtful crypto-natives who will grow in influence over the next few years

- Ecosystem of promising young startup founders, ready to take their shot

- Over $100m in ecosystem funding pre-mainnet

- Founder support through DeltaV, the Monad Founder Residency, Monad Madness, and more

- Monad Momentum, an incentives program focused on efficient UA and repeatable growth loops to help decentralized apps acquire normie users

- A north star of making open-source, decentralized systems more powerful

But there's still so much more to do. Are you excited?

[0xWeng @wengevar]

@variational_lvs @hashcoin0 @0xMGB @variational_io Wait. Can you read this without google translate?

[0xWeng @wengevar]

@variational_io just getting started. We’re still very early!

[Variational @variational_io]

Today, Omni crossed $1B in 24hr volume for the first time!

[Defi_Maestro ✺ @Defi_Maestro]

Seeing a nice uptick in growth for @variational_io since their recent update.

+ Trading spread have improved tremendously
+ Weekly Active users increasing steadily
+ Daily Trading Vol @ ATH ($772m)
+ OI ATH @ $125m
+ $1m in loss refunded to traders
+ Zero Platform Fees (They earn through trade spreads)

Some upcoming features:
+ Platform Credits
+ Public OLP Deposits
+ Points ~

--------

Personal Thoughts:

The Variational Team have been steadily building up the platform and onboarding new traders.

They are still missing some important order types like scale and twap orders but i do feel that those will be added in the future.

I do think that the platform will be able to scale pretty quickly and the Public OLP + Points will open up the flood gates of new users. Considering that the platform is still in close beta, their recent growth have been pretty incredible.

I will be devoting a decent amount of capital towards trading on the platform. Hopefully being an early user will result in some nice points once they launch the system. Fingers crossed.

Access Code for those interested to give it a go:
https://t.co/yDwybwzQsT

[Edward Yu @edward_yu_var]

Took many months of work upgrading all parts of the system, but we were able to cut spreads across the board by up to 90%.

You would literally be paying 50x more in transaction costs on Binance. AND we refund you back trading losses 2%+ of the time.

[0xWeng @wengevar]

The $MON claims portal went live yesterday, showcasing a masterclass in building with community at the core.

Let's break this down ↓

230,000+ wallets.
5,500 top-tier @monad community members.
Zero shortcuts.

Where others chase inflated metrics, Monad doubled down on rewarding the people who actually built, believed, and contributed early.

This was airdrop-as-alignment.

First, they built custom-built apps like the Monad Community Recognizer and Monad Cards, manual reviews, social graph analysis, and third-party verification via @TrustaLabs AI.

Everything designed to keep the bots out and put real users in.

Second: Wide reach of users
- Long-term DeFi power users
- High-volume onchain traders
- NFT collectors with real skin in the game
- Security researchers and open-source contributors
- Builders who showed up and shipped

However, the standout goes to the Monad Community.

People who showed up before the hype, who believed in decentralization and high performance, who built culture while others were watching from the sidelines.

It's not just about "being early" but being awarded as early investors of the @monad community. Hence the cheeky, "Community Last???" tier as being the highest one.

What $BTC, $ETH, and $SOL had in their earliest days, passionate communities driven by shared values and irrational conviction, Monad is channeling with intention.

There’s a reason why many of today’s crypto leaders started as unknown, idealistic contributors to new protocols. That moment for Monad is now.

Looking forward to the $MON TGE soon, and congrats to @keoneHD @0x_eunice for building such a strong community. Bullish. 🔥

[0xWeng @wengevar]

@gengargeous @keoneHD @monad Congrats!! So happy for you

[0xWeng @wengevar]

HIP-3 is one of the most ambitious proposals in onchain finance.

It transforms @HyperliquidX from a vertically-integrated exchange into a fully modular, permissionless infra layer, where anyone can deploy perpetuals markets on any asset.

More than just a technical upgrade, HIP-3 redefines who gets to shape market structure. Builders, not protocols, decide what gets listed, how it's priced, and who earns.

And it’s already gaining traction 🔥 ↓

1) We now have a synthetic index (XYZ100) of top U.S. non-financial equities, tradable with 20x leverage, directly via @BasedOneX and @phantom.
2) @tradexyz is onboarding users through a waitlist, tying its perps to HyperUnit spot.
3) @kinetiq_xyz is solving the 500k $HYPE stake barrier with a launch protocol that lets smaller builders deploy.

Then you also have @ventuals is going after pre-IPO equity perps, @liminalmoney with its structured delta-neutral strategies, and @auramoney trading U.S. Treasuries perps using live Pyth oracles.

Each of these represents a different vertical. Taken together, they point to a future where perps aren’t just for crypto majors, but for any asset class with liquidity and demand.

Moreover...
> Onchain builders are creating vertical-specific trading experiences
> Financial markets are becoming open-source modules
> The long tail of demand is finally addressable

If HIP-3 succeeds, Hyperliquid won’t just compete with @binance. It will flip it, by outpacing CEX opacity, diversifying asset types, and unlocking trillions in untapped market cap.

From commodities to cultural benchmarks, from niche indexes to global hedging tools, this is just the beginning.

@cz_binance better watch out.