I drank too much Web3 koolaid š§
Dubai, United Arab Emirates
Joined November 2013
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Bull markets are dangerous as they condition most people to be in an UP ONLY mindset.
Just remember.
Bull markets make you rich.
Bear markets make you wealthy.
The key to success is preparation #crypto #wagmi #stablecoins
Pluto retweeted
What does it mean to be a King?
Not inherited. Not appointed.
Forged in the destruction of everything you were told to trust.
The System collapsed. The Kings awakened.
Pluto retweeted
Jeff (Hyperliquid), Guy (Ethena) and Stani (Aave) were asked today on whoās their main competitor
> Stani said banks
> Guy said Circle (USDC)
Jeff just kept silence and then said:
āno one, we are building something that no one doesā
this is the founder Iām betting on.
Pluto retweeted
HyperLiquid vs Aster - The White Whaleās Take
A lot of you have asked, so I spent a couple hours digging into Aster and even placed a test trade.
Thereās no denying Asterās rapid growth - articles everywhere, surging new users, token price action, and yesā¦front-end hiccups under traffic (I couldnāt see my balance or withdraw funds).
But the real question: did someone just roll out a HyperLiquid killer?
In testing Aster, I realized something about myself: I went into the test wanting it to be better than HL. I love HyperLiquid and owe it for life-changing gains - but that desire for ābetterā shows even the best protocol leaves you hungry for more. That likely says more about me as an end-user than it does about HL itself.
I'll also say this research took more time than it should have, because the answers I was looking for were not overly transparent with Aster. Which was warning sign #1.
Hereās the breakdown:
Liquidity quality (the big one)
HyperLiquid: Depth is native to the venue - on-chain CLOB on a custom L1 that attracts real trading activity. Liquidity is structural, not sponsored.
Aster: Deep (right now) thanks to ultra-low fees + MM programs. Hidden Order feature is cool. But itās off-chain matched and curated. Great UX, fragile foundation.
Decentralization & censorship resistance
HyperLiquid: Orders, cancels, fills - on-chain. No black-box sequencer, no choke point. Even if the front-end dies, the chain runs.
Aster: Non-custodial settlement is solid but still rely on a centralized matcher. Chokepoint remains.
Price integrity & fairness
HyperLiquid: Composite mark/oracle + transparent book = fewer scam wicks, fairer liquidations.
Aster: Pyth marks + Hidden Orders boost execution, but transparency is limited to what they show you.
Performance at scale
HyperLiquid: Sub-second finality on-chain. HFT-grade without sacrificing trustlessness.
Aster: Feels fast and cheap because it is - off-chain matching + sexy UX. Just not trustless (yet).
Durability of the edge
HyperLiquid: Moat is architectural. Neutral, on-chain, self-custodial. Hard to rug, fake, or regulate away.
Aster: Innovating hard, branching into stocks/FX, and polished UX. If they decentralize matching, itās a true category fight.
Bottom line:
If you want deep, durable, credibly NEUTRAL liquidity - the kind that holds the test of time - HyperLiquid wins.
Aster deserves credit for speed, and features, but its liquidity engine is still operator-dependent.
HyperLiquidās liquidity is structural and radically transparent.
And as with everything in crypto, the number one thing that matters is liquidity. I think I'm going to stick with the truest "DEX" of the two that's fully on-chain. Because where market-makers are allowed to play in the shadows the trader rarely wins.
š«” From the depths ā
The White Whale š
Pluto retweeted
They tried to fud $HYPE with JELLYJELLY exploit.
They tried to fud $HYPE with API bugs.
They tried to fud $HYPE with Coinbase perps now available.
They tried to fud $HYPE with double counted Open Interest even if Binance and Bybit are doing the same thing (and pretending they're not ofc).
They tried to fud $HYPE with CFTC allowing perps for everyone in the US.
They tried to fud $HYPE with Binance Temu's version of Hyperliquid.
But still $HYPE just made a new ATH again.
If you sold because of this then congrats, you're just a fool with no conviction.
Continue to listen to the noise on the TL you're right thats how you make money.
$HYPE is a top 5 MC coin.
Pluto retweeted
The Hyperliquid's USDH bidding war on one page.
š§ Why launch USDH
Hyperliquid holds about $5.4B in USDC, roughly 7.5% of the total supply. That concentration creates risk and leaves a huge yield on the table.
To fix it, Hyperliquid wants to launch its own stablecoin, USDH, but will outsource issuance through a validator vote.
The ticker is reserved. Proposals due Sep 10, validator signaling on the 11th, and a final vote on the 14th.
š§ Proposals at a glance
Today is the last day for issuers to propose. Below is the summarized table.
Participants: @Paxos, @fraxfinance, @SkyEcosystem, @withAUSD, @ethena, @nativemarkets, @bastion
š§ Why the war is so hot
Hyperliquid is attracting $300B+ in monthly perps volume and generating $100M+ per month. Becoming the issuer of USDH means controlling the āhouse dollarā on one of cryptoās fastest-growing platforms.
For issuers, the upside is huge - revenue, brand equity, integrations, redemption flows, and liquidity dominance.
For HL and users, they can avoid regulatory baggage, reduce dependence on USDC, and channel reserve income into $HYPE buybacks, the Assistance Fund, and ecosystem incentives for HyperEVM and HIP-3.
š§ How Circle reacts
Circle would have the most to lose if Hyperliquid launched its native stablecoin.
If even half of HLās USDC deposits move into USDH, Circle could lose hundreds of millions in revenue, since interest on reserve Treasuries is USDCās primary business model.
@circle responded with native USDC on Hyperliquid with an upgrade to its CCTP v2.
Circle is relying on the market's trust and interoperability to keep it competitive in the war.
Which issuer would be the most bullish for HYPE in your opinion?
Pluto retweeted
Yesterday, I made a post claiming that @paradigm is holding a large amount of $HYPE without providing supporting evidence. Here's the data and wallet analysis behind that claim:
Paradigm initially bought HYPE using @FalconXGlobal , which operates on Gate.io. Before HYPE was listed on Gate (and before FalconX supported it), they used Wintermute to acquire HYPE shortly after the TGE in November - something Matt Huang mentioned publicly (teapaw.org/matthuang/status/19447ā¦).
Key Transfers:
- On December 2nd, 4.18M HYPE (now worth ~$163M) was transferred from Wintermute to a fresh wallet. Based on timing, this was likely bought sub-$10, implying a cost basis around $20ā$40M.
- On December 23rd, the HYPE was split across 10 new wallets, each receiving between 150k ($5.9M) and 840k ($32.8M) HYPE.
I attribute these wallets to Paradigm because:
They publicly said they were holding since November.
This was the only wallet (at the time) receiving "Paradigm-size" HYPE amounts, aside from one other wallet known to belong to a different liquid fund.
After that, it became harder to trace, wallets became more anonymous: no history, no connections, only one small test tx before receiving large HYPE transfers. Ironically, because Paradigm is one of the only funds doing this kind of stealth setup, it actually made them more identifiable.
Then came the Sonn announcement (@HypeStrat):
"A newly formed entity created by an entity affiliated with Atlas Merchant Capital LLC (āAtlasā), an affiliate of Paradigm Operations LP (āParadigmā), and additional sponsors..."
Combined with Matt's tweet, this made me think Paradigmās position isnāt just $100M, but significantly larger.
So I did the following:
Tracked all large HYPE withdrawals from Gate.io (falconx). Removed wallets Iād already tagged or that showed clear activity not tied to this. Grouped remaining wallets by on-chain activity and timing
Iāve tagged all these wallets, and based on timing, structure, and withdrawal behavior, itās highly likely theyāre related, and part of a single entity.
Wallets (USD values based on a price of $40 per HYPE):
4,176,142.34 HYPE ($167.05M) ā received from Wintermute (Dec 3)
Wallet which received 4,176,140 HYPE ($167M) from Wintermute:
hypurrscan.io/address/0x24d5ā¦
Which was then split up in 10 wallets:
hypurrscan.io/address/0x24cfā¦ 250,184 HYPE ($10.01M)
hypurrscan.io/address/0x14a8ā¦ 592,184 HYPE ($23,69M)
hypurrscan.io/address/0x9f3bā¦ 462,204 HYPE ($18,49M)
hypurrscan.io/address/0xeaf9ā¦ 352,284 HYPE ($14.09M)
hypurrscan.io/address/0x26aaā¦ 150,285 HYPE ($6.01M)
hypurrscan.io/address/0x89f3ā¦ 342,582 HYPE ($13.70M)
hypurrscan.io/address/0xdaaeā¦ 391,492 HYPE ($15.66M)
hypurrscan.io/address/0xa3c2ā¦ 191,492 HYPE ($7.66M)
hypurrscan.io/address/0xe36eā¦ 603,193 HYPE ($24.13M)
hypurrscan.io/address/0xeb99ā¦ 840,240 HYPE ($33.61M)
1,562,682.58 HYPE ($62.51M) ā withdrawn from Gate (Feb 13 & 20)
hypurrscan.io/address/0x23cbā¦ 221,213 HYPE ($8.85M)
hypurrscan.io/address/0xa78dā¦ 315,841 HYPE ($12.63M)
hypurrscan.io/address/0xb952ā¦ 463,017 HYPE ($18.52M)
hypurrscan.io/address/0xcdf9ā¦ 562,612 HYPE ($22.50M)
10,791,062.49 HYPE ($431.64M)ā withdrawn from Gate (Feb 25āApr 12)
hypurrscan.io/address/0xc764ā¦ 1,104,112 HYPE ($44.16M)
hypurrscan.io/address/0xb283ā¦ 1,318,521 HYPE ($52.74M)
hypurrscan.io/address/0x470aā¦ 1,018,343 HYPE ($40.73M)
hypurrscan.io/address/0xd22fā¦ 1,282,394 HYPE ($51.30M)
hypurrscan.io/address/0x7f02ā¦ 1,867,882 HYPE ($74.72M)
hypurrscan.io/address/0xc4ffā¦ 1,869,901 HYPE ($74.80M)
hypurrscan.io/address/0xa350ā¦ 2,329,910 HYPE ($93.20M)
2,605,013.05 HYPE ($104.20M) ā withdrawn from Gate (Apr 24 & 26)
hypurrscan.io/address/0x5741ā¦ 217,573 HYPE ($8.70M)
hypurrscan.io/address/0x67feā¦ 590,441 HYPE ($23.62M)
hypurrscan.io/address/0xe06aā¦ 844,590 HYPE ($33.78M)
hypurrscan.io/address/0x37baā¦ 952,409 HYPE ($38.10M)
Total: 19,134,900.46 HYPE
At $40/HYPE, thatās $765.4M in current value.
We canāt know the exact average entry, but using timestamps from when HYPE was received from Wintermute or Gate, the estimated average entry is $16.46, meaning a total cost basis of ~$315M.
Unrealized gain: ~$450M at $40/HYPE
Note:
This analysis is speculative. None of Paradigmās wallet addresses are publicly known or confirmed. However, based on strong on-chain evidence, wallet behavior, and credible rumors, this appears to be the most likely scenario.
If accurate, this would make them by far the largest $HYPE holder, with ~2% of the total supply and ~6% of the circulating supply.
Weāve been investors in Hyperliquid since Nov 2024 (thanks in part to @cobie)
We keep hearing from our tradfi friends that theyād like easier access, so are excited to collaborate on this with Atlas.
Hyperliquid
Is Gemini 2.5 Pro or Claude 3.7 Sonnet working for anyone?
I constantly get
We're having trouble connecting to the model provider. This might be temporary - please try again in a moment.
For both of these.
Pluto retweeted
Manus just blessed me AGAIN
They saw how quickly we ran through the first 100 community codesā¦ so they gave me 500 moreā¦.
If you missed out on the first round, hereās your chance:
1. Retweet this post
2. Follow
3. DM me āMANUSā
If you got the access code in the first round, reply with what you cooked up so far!
Manus is absolutely next level. I literally maxed out the tokens yesterday.
I was blessed by the AI gods and have exclusive beta access to Manusā¦
Hereās my key takeaways:
-itās incredibly powerful, you can run up to 50 browsers at once
-itās like combining operator + clause computer + deep research
-I havenāt had to step in once to override, and itās running a task for 2 hrs straight
their waitlist is now almost at 1 million peopleā¦
but I got insider access for my Twitter communityā¦
first 100 people to repost and follow will get my access code to try Manus yourself!
Pluto retweeted
Absolutely brutal
Trump makes everyone believes in 25% Tariff, only to realize now it's Trump political game to push for agreements he wants with Mexico, Canada. The result with China will likely be similar although harder
While Eric Trump is buying mountains of ETH at the lows and shills publicly to thank him later - He definitely knows sth we don't - he knows what his dad's plan is and maybe the sovereign wealth fund could buy ETH
Anyway, I believe the market move yesterday was a coordinated move to liquidate as much people as possible before sending it much higher. Market has proved it's hard to pump BTC to ATH with all the good news, so the better trade idea for Trump is to create a mini-crisis with the tariffs, shake out all your bags, megabuy at the lows and send it quick so most ppl got left out, and they're forced to buy back higher to send the market to ATH. It'll be much easier to pump after a huge reset in OI and funding
I'm not asking you to buy now after a strong pump from the lows. There'll always be a bigger retrace to reenter after such a move. Only sharing what I've been observing
I just had a good call with President Trump. Canada is implementing our $1.3 billion border plan ā reinforcing the border with new choppers, technology and personnel, enhanced coordination with our American partners, and increased resources to stop the flow of fentanyl.Ā Nearly 10,000 frontline personnel are and will be working on protecting the border.
Ā
In addition, Canada is making new commitments to appoint a Fentanyl Czar, we will list cartels as terrorists, ensure 24/7 eyes on the border, launch a Canada- U.S. Joint Strike Force to combat organized crime, fentanyl and money laundering. I have also signed a new intelligence directive on organized crime and fentanyl and we will be backing it with $200 million.
Ā
Proposed tariffs will be paused for at least 30 days while we work together.
Pluto retweeted
DeepSeek just proved the 'worthless' GPT wrapper startups are actually the ones with real moats.
A week ago, nothing was more LOW status than being a 'GPT wrapper' startup.
But I think we're learning that's DEAD wrong. Turns out they were just early to the only game that matters
While DeepSeek, Meta, Anthropic and Microsoft battle over benchmark scores, these 'wrapper' companies have been quietly building the only moat that matters: interface loyalty.
Because of how big owning the LLM is for national defense and the economy, the next breakthrough model is always 2 weeks away. DeepSeek launches today, someone else drops a better one tomorrow.
But getting millions of people to make your product part of their daily workflow - that's the real barrier to entry. ChatGPT didn't win because it had the best model. It won because it was dead simple to use. And I think it has staying power because of that.
This is why all those AI startups we dismissed are actually positioned to win. They're not competing on model performance - they're competing on being the default way humans interact with AI.
Frontier models are becoming commodities. User habits aren't. While everyone obsesses over the next architecture breakthrough, the real game is being played in the interface layer. The moat isn't in the model - it's in being the tool people reach for without thinking.
Technology advantage is temporary. Interface lock-in is forever.
Keep shipping those wrappers, my friends.
Pluto retweeted
Just sat down to read the DeepSeek-R1 paper. We're entering an era where compute isn't primarily for training. It's for creating better data. I expect to see the money & compute spent on data processing (generation / annotation / curation) grow to match and exceed the money & compute spent on pre-training.
People have talked about pre-training plateauing because we're "running out of data" on the internet to scrape. While that may be the case, capability improvements are going to continue full steam ahead. The improvements in intelligence are going to come not from putting in more data (scraped from the internet) but rather from putting in more compute (to generate higher-quality data). Intuitively, this feels similar to me to how people learn. You don't learn just by ingesting lots of tokens. In many cases, you learn by thinking more (I am referring to training time, but thinking more also applies at inference time).
There are many creative ways to put in more compute to get better data, and this problem will be an important research area for a number of years.
- In this paper, they train two models. Why two models? The first one (a reasoning model trained via RL) is used to generate data to train the second. This works by using the first model to generate reasoning traces and then selectively keeping only the high quality outputs (quality is judged by simply checking the results). This approach of "checking the results" works well for domains like math and coding where you can easily check the results.
- In drug development, it is super common to put compute into generating better data in two phases. In the first phase, a generative model (e.g., for protein sequences) generates a massive number of candidate drugs. In the second phase, scoring or filtering is done with a slew of predictive models which may predict structure, toxicity, solubility, binding affinity, etc. After all this work is done, you may end up with 100 data points.
- In physical domains (e.g., climate applications), expensive but accurate physics simulators exist (these simulations are run on super computers for long periods of time to simulate the physics of the atmosphere or some other system). All of that data can be used to train models, which is showing a ton of promise.
The question of "how to put more compute into generating better data" is central to progress in AI right now.
Pluto retweeted
So @JupiterExchange just announced Jupnet.
Hereās why itās the most bullish thing in crypto.
š§µ/
Pluto retweeted
Binance Wallet X CreatorBid campaign is live! šŖ
8,000,000 $BIDĀ token rewards await in this special campaign (ONLY VIA MOBILE) with @BinanceWallet.
-> SWAP $AGENT
-> Become a member (lock tokens in Memberships)
-> Complete social tasks
Join the link below VA MOBILE to participate:
š binance.com/en/web3-campaignā¦
Pluto retweeted
we created a testing account for @agentcookiefun 2d ago, he provided 3 calls since then, all are profitable after 40h, one (proof below) did 3x.
in 40h.
how much is it worth? cc @aixbt_agent
Pluto retweeted
š¤ Excited to Announce Our Partnership with @HoloWorldAI! š
We are thrilled to join the @HoloWorldAI ecosystem, the industry-leading launchpad for AI agents.
This partnership marks the beginning of a powerful journey, and we canāt wait to show the world whatās next! š
Dwain x Holoworld
@DWAIN_Agent has just launched through Holoworld's Agent Launchpad and will be featured in our upcoming Launchpool.
@DWAIN_Agent, powered by @ONLYFAINS_AI, is built by an elite team from Uber/Microsoft/Bytedance/Cornell, with backing from Dragonfly Capital, 6th Man Ventures, and other industry leaders.
