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A new episode of Hivemind is out now!
This week the team discusses whether AI is a debt bubble, what quantum risk means for bitcoin, what’s next for the Hyperliquid ecosystem and more.
Timestamps
00:00 Intro
00:44 Has Crypto Bottomed?
03:05 BTC’s Morning Seller Is Gone
04:32 Token Unlocks Into Year End
07:14 Do the Midterms Matter?
09:23 Is AI a Debt Bubble?
10:40 The Trillion AI Capex Math
15:53 Anthropic’s Revenue Is Exploding
19:10 The Reflexive AI Demand Risk
25:00 Why This Isn’t 2000
33:51 Crypto’s Goldilocks Case
36:01 Who Gets Satoshi’s Coins?
37:59 Quantum Fear Lifts ZEC and Pearl
41:49 Has Quantum Changed Your BTC Bet?
48:13 Two Big Themes for Next Year
50:12 Papertrade’s Token Problem
59:11 Kinetiq and the HyperEVM Bet
1:09:31 Why Hyperliquid Users Stay Loyal
1:12:30 PUMP vs FOMO
1:16:29 The Rise of Anti-Social Trading
Delphi Digital retweeted
New Delphi Podcast with Tarun Chitra (@tarunchitra), founder of Gauntlet and managing partner at Robot Ventures
Robot just led the $90M round in @NousResearch. Tarun spent three to four months on diligence, from OpenRouter data to GitHub forks, before backing Nous and Hermes Agent
We get into why crypto's first run at AI went wrong, why the crypto people who dropped the token won, why OpenClaw is the worst developer experience he's used, and why Hermes is closer to Ubuntu than to Android
He also found Chinese robot makers building on Hermes, and some inference providers gaming cache pricing
His market structure take: all the money goes to the top and the bottom. Harnesses on top, inference underneath. Hermes is like investing in Phantom or FOMO
00:00 Intro
06:34 Robot Leads Nous's $90M Round
09:37 Crypto AI Was Meme Coins With More Steps
14:40 Why Nous Stood Out Early
28:14 Hermes vs OpenClaw
35:39 The End of AI Lock-In
46:33 The Ubuntu of AI
56:17 Microsoft and Nvidia Join the Round
59:42 OpenRouter Is a DEX for AI
1:07:02 All the Money Goes to the Top
Disc. Delphi Ventures co-led the seed of Nous Research and invested again in the Series A and B
Full episode
Delphi Digital retweeted
Syncracy Capital co-founder @RyanWatkins_ believes crypto has barely gotten started.
“Some people would ask me, am I late? I’m like, no, we’re not late. What percentage of finance is any of this? The answer is basically zero.”
A conversation w/ @RyanWatkins_ co-founder of Syncracy Capital, a thesis-driven crypto hedge fund.
We discuss what most people are still missing with Hyperliquid, perps coming to Wall Street, Stan Druckenmiller's bet, why categories don't matter anymore, revenues vs money, respecting the pump, social trading, whether Solana or _____ wins, and finding the next secular trends.
00:00 Intro
00:37 Hyperliquid hyperliquid:native
03:00 Finding Big Ideas
06:22 Hidden Alpha
09:16 Secret to Success
10:31 Beginner's Mindset
11:43 Writing & Conviction
13:31 Wall Street Discovers Hyperliquid
14:45 Druckenmiller's Bet
16:30 Perps Taking Over
19:06 Why Categories Don't Matter
20:13 All of Finance
20:35 Sponsored by Kraken
21:40 Assessing Risks
26:02 Comparative Analysis
30:30 Downstream Effects
34:40 Who wins? solana:So11111111111111111111111111111111111111112
37:30 Finding Next Secular Trends
40:09 Social Trading & Memes
46:51 Weak vs. Strong Form
48:40 How Syncracy Finds Big Ideas
52:00 Revenue and zcash:native
56:00 Respect the Pump
1:00:48 Frameworks & Timing
Grass Founder @0xdrej explains why more web scraping doesn’t mean better AI data.
“Anybody these days can go and deploy a crawler and with enough compute, you can go and advertise that you’re crawling insane numbers of pages. The thing is, there’s a lot of useless stuff on the internet.”
New Delphi Podcast with Andrej Radonjic @0xdrej, founder of Grass
To a website, Grass looks like normal users browsing. Behind it is millions of opted in residential nodes and a data platform that has delivered exabytes of web data to the frontier labs
We get into how AI flipped the hard part of search upside down. The index used to be the moat, and crawling was free. Now AI tooling makes the index cheap, while AI crawlers have pushed the web into blocking everything. The hard part is getting the page at all
Training data is already a profitable business for Grass with most of the top labs and multiple Mag 7 companies as customers. Crawling for that data also means mapping the entire internet, which is what puts Grass in a position to build search on top of it. Contents API is live, Search is next, and multimodal grounding follows
00:00 Intro
00:43 From Nuclear Physics to Web Scraping
03:38 The Pandemic Signal Everyone Missed
07:31 The Smart TV Proxy Scandal
09:10 Why the Internet Is Blocking AI
11:56 Training Data vs Live Data
16:05 Mapping the Entire Internet
18:03 Delivering Exabytes to AI Labs
21:48 What AI Labs Really Pay For
24:43 How Robots Learn From Web Video
33:02 When Labs Change Direction
35:57 One API Call for Any Website
41:58 AI Flipped Search Upside Down
47:03 Can the Network Keep Up?
49:52 The Defense Tech of AI Data
52:58 Why Data Is the Alpha
57:08 Why AI Labs Won’t Buy Slop
59:17 The Metric That Matters Most
01:02:35 The $100 Billion Data Market
01:05:07 Who Actually Owns Grass
01:08:18 What a Real Moat Looks Like
01:13:16 What Happens Next
Disclosure. Delphi Ventures holds $GRASS
Full episode
José on why AI doesn’t look like a bubble yet.
“In a bubble you have way less bears. You climb this wall of worry and keep converting people, like, ‘I’ll buy, I’ll buy, I’ll buy.’”
A new episode of Hivemind is out now!
This week the team discusses whether AI is a debt bubble, what quantum risk means for bitcoin, what’s next for the Hyperliquid ecosystem and more.
Timestamps
00:00 Intro
00:44 Has Crypto Bottomed?
03:05 BTC’s Morning Seller Is Gone
04:32 Token Unlocks Into Year End
07:14 Do the Midterms Matter?
09:23 Is AI a Debt Bubble?
10:40 The Trillion AI Capex Math
15:53 Anthropic’s Revenue Is Exploding
19:10 The Reflexive AI Demand Risk
25:00 Why This Isn’t 2000
33:51 Crypto’s Goldilocks Case
36:01 Who Gets Satoshi’s Coins?
37:59 Quantum Fear Lifts ZEC and Pearl
41:49 Has Quantum Changed Your BTC Bet?
48:13 Two Big Themes for Next Year
50:12 Papertrade’s Token Problem
59:11 Kinetiq and the HyperEVM Bet
1:09:31 Why Hyperliquid Users Stay Loyal
1:12:30 PUMP vs FOMO
1:16:29 The Rise of Anti-Social Trading
Delphi Digital retweeted
A conversation w/ @RyanWatkins_ co-founder of Syncracy Capital, a thesis-driven crypto hedge fund.
We discuss what most people are still missing with Hyperliquid, perps coming to Wall Street, Stan Druckenmiller's bet, why categories don't matter anymore, revenues vs money, respecting the pump, social trading, whether Solana or _____ wins, and finding the next secular trends.
00:00 Intro
00:37 Hyperliquid hyperliquid:native
03:00 Finding Big Ideas
06:22 Hidden Alpha
09:16 Secret to Success
10:31 Beginner's Mindset
11:43 Writing & Conviction
13:31 Wall Street Discovers Hyperliquid
14:45 Druckenmiller's Bet
16:30 Perps Taking Over
19:06 Why Categories Don't Matter
20:13 All of Finance
20:35 Sponsored by Kraken
21:40 Assessing Risks
26:02 Comparative Analysis
30:30 Downstream Effects
34:40 Who wins? solana:So11111111111111111111111111111111111111112
37:30 Finding Next Secular Trends
40:09 Social Trading & Memes
46:51 Weak vs. Strong Form
48:40 How Syncracy Finds Big Ideas
52:00 Revenue and zcash:native
56:00 Respect the Pump
1:00:48 Frameworks & Timing
Delphi Digital retweeted
José explains why not all AI demand is created equal.
“You can always build more and more software. This is like F1. You always just want the fastest car.”
A new episode of Hivemind is out now!
This week the team discusses whether AI is a debt bubble, what quantum risk means for bitcoin, what’s next for the Hyperliquid ecosystem and more.
Timestamps
00:00 Intro
00:44 Has Crypto Bottomed?
03:05 BTC’s Morning Seller Is Gone
04:32 Token Unlocks Into Year End
07:14 Do the Midterms Matter?
09:23 Is AI a Debt Bubble?
10:40 The Trillion AI Capex Math
15:53 Anthropic’s Revenue Is Exploding
19:10 The Reflexive AI Demand Risk
25:00 Why This Isn’t 2000
33:51 Crypto’s Goldilocks Case
36:01 Who Gets Satoshi’s Coins?
37:59 Quantum Fear Lifts ZEC and Pearl
41:49 Has Quantum Changed Your BTC Bet?
48:13 Two Big Themes for Next Year
50:12 Papertrade’s Token Problem
59:11 Kinetiq and the HyperEVM Bet
1:09:31 Why Hyperliquid Users Stay Loyal
1:12:30 PUMP vs FOMO
1:16:29 The Rise of Anti-Social Trading
José explains why not all AI demand is created equal.
“You can always build more and more software. This is like F1. You always just want the fastest car.”
A new episode of Hivemind is out now!
This week the team discusses whether AI is a debt bubble, what quantum risk means for bitcoin, what’s next for the Hyperliquid ecosystem and more.
Timestamps
00:00 Intro
00:44 Has Crypto Bottomed?
03:05 BTC’s Morning Seller Is Gone
04:32 Token Unlocks Into Year End
07:14 Do the Midterms Matter?
09:23 Is AI a Debt Bubble?
10:40 The Trillion AI Capex Math
15:53 Anthropic’s Revenue Is Exploding
19:10 The Reflexive AI Demand Risk
25:00 Why This Isn’t 2000
33:51 Crypto’s Goldilocks Case
36:01 Who Gets Satoshi’s Coins?
37:59 Quantum Fear Lifts ZEC and Pearl
41:49 Has Quantum Changed Your BTC Bet?
48:13 Two Big Themes for Next Year
50:12 Papertrade’s Token Problem
59:11 Kinetiq and the HyperEVM Bet
1:09:31 Why Hyperliquid Users Stay Loyal
1:12:30 PUMP vs FOMO
1:16:29 The Rise of Anti-Social Trading
José on why AI growth has no precedent.
“Frontier lab revenue three years ago was $2 billion. Now it’s $100 billion. That’s never happened. Anthropic went from $5 billion in Q1 to $16 billion in Q3. It’s never happened before.”
A new episode of Hivemind is out now!
This week the team discusses whether AI is a debt bubble, what quantum risk means for bitcoin, what’s next for the Hyperliquid ecosystem and more.
Timestamps
00:00 Intro
00:44 Has Crypto Bottomed?
03:05 BTC’s Morning Seller Is Gone
04:32 Token Unlocks Into Year End
07:14 Do the Midterms Matter?
09:23 Is AI a Debt Bubble?
10:40 The Trillion AI Capex Math
15:53 Anthropic’s Revenue Is Exploding
19:10 The Reflexive AI Demand Risk
25:00 Why This Isn’t 2000
33:51 Crypto’s Goldilocks Case
36:01 Who Gets Satoshi’s Coins?
37:59 Quantum Fear Lifts ZEC and Pearl
41:49 Has Quantum Changed Your BTC Bet?
48:13 Two Big Themes for Next Year
50:12 Papertrade’s Token Problem
59:11 Kinetiq and the HyperEVM Bet
1:09:31 Why Hyperliquid Users Stay Loyal
1:12:30 PUMP vs FOMO
1:16:29 The Rise of Anti-Social Trading
Altcoins remain a mixed bag.
60% of alts are down this month on our sector dashboard, but a handful of sectors are climbing.
Top Sectors
• SOL DeFi (+17%)
• DePIN (+6%)
• Modular (+2%)
View the sector dashboard for free here.
delphi.link/Sectordashboard1
Yan on why the midterms aren’t a big factor for crypto.
“Maybe you get a sell-off going into them a little bit, and then it happens and everyone’s like, all right, fine, event behind us. We’ve had just so many massive negative events, and crypto has held up pretty well.”
A new episode of Hivemind is out now!
This week the team discusses whether AI is a debt bubble, what quantum risk means for bitcoin, what’s next for the Hyperliquid ecosystem and more.
Timestamps
00:00 Intro
00:44 Has Crypto Bottomed?
03:05 BTC’s Morning Seller Is Gone
04:32 Token Unlocks Into Year End
07:14 Do the Midterms Matter?
09:23 Is AI a Debt Bubble?
10:40 The Trillion AI Capex Math
15:53 Anthropic’s Revenue Is Exploding
19:10 The Reflexive AI Demand Risk
25:00 Why This Isn’t 2000
33:51 Crypto’s Goldilocks Case
36:01 Who Gets Satoshi’s Coins?
37:59 Quantum Fear Lifts ZEC and Pearl
41:49 Has Quantum Changed Your BTC Bet?
48:13 Two Big Themes for Next Year
50:12 Papertrade’s Token Problem
59:11 Kinetiq and the HyperEVM Bet
1:09:31 Why Hyperliquid Users Stay Loyal
1:12:30 PUMP vs FOMO
1:16:29 The Rise of Anti-Social Trading
Nearly half of tracked SOL options volume is in contracts expiring within 24 hours.
Share of 24h volume on Delphi’s cross-venue dashboard:
• SOL: 47.5%
• ETH: 30.1%
• BTC: 24.2%
Those expiries generated ~$1.1B in combined notional volume across the three assets.
View the crypto options dashboard for free here.
delphi.link/CryptoOptions
Grass Founder @0xdrej explains why AI labs are racing against the clock.
“The work that goes into taking huge amounts of data and turning it into what you want to actually train your model on is massive, and it takes time. And time is probably the most valuable resource right now in AI.”
New Delphi Podcast with Andrej Radonjic @0xdrej, founder of Grass
To a website, Grass looks like normal users browsing. Behind it is millions of opted in residential nodes and a data platform that has delivered exabytes of web data to the frontier labs
We get into how AI flipped the hard part of search upside down. The index used to be the moat, and crawling was free. Now AI tooling makes the index cheap, while AI crawlers have pushed the web into blocking everything. The hard part is getting the page at all
Training data is already a profitable business for Grass with most of the top labs and multiple Mag 7 companies as customers. Crawling for that data also means mapping the entire internet, which is what puts Grass in a position to build search on top of it. Contents API is live, Search is next, and multimodal grounding follows
00:00 Intro
00:43 From Nuclear Physics to Web Scraping
03:38 The Pandemic Signal Everyone Missed
07:31 The Smart TV Proxy Scandal
09:10 Why the Internet Is Blocking AI
11:56 Training Data vs Live Data
16:05 Mapping the Entire Internet
18:03 Delivering Exabytes to AI Labs
21:48 What AI Labs Really Pay For
24:43 How Robots Learn From Web Video
33:02 When Labs Change Direction
35:57 One API Call for Any Website
41:58 AI Flipped Search Upside Down
47:03 Can the Network Keep Up?
49:52 The Defense Tech of AI Data
52:58 Why Data Is the Alpha
57:08 Why AI Labs Won’t Buy Slop
59:17 The Metric That Matters Most
01:02:35 The $100 Billion Data Market
01:05:07 Who Actually Owns Grass
01:08:18 What a Real Moat Looks Like
01:13:16 What Happens Next
Disclosure. Delphi Ventures holds $GRASS
Full episode
Delphi Digital retweeted
Jason explains how to build loyalty in crypto.
“The best way to build loyalty in crypto is to make people rich on your protocol. It might be passé to say that but it’s obvious. That’s how you build community. It’s how you build reputation. It’s how you build loyalty.”
Delphi Digital retweeted
José on why the AI trade is different from past bubbles.
“I think 2000 is very different because there was just no revenue on any of these things. Whereas here, no one believes the revenue. All these things are trading so cheap that you have to just not believe that there’s going to be any growth.”
A new episode of Hivemind is out now!
This week the team discusses whether AI is a debt bubble, what quantum risk means for bitcoin, what’s next for the Hyperliquid ecosystem and more.
Timestamps
00:00 Intro
00:44 Has Crypto Bottomed?
03:05 BTC’s Morning Seller Is Gone
04:32 Token Unlocks Into Year End
07:14 Do the Midterms Matter?
09:23 Is AI a Debt Bubble?
10:40 The Trillion AI Capex Math
15:53 Anthropic’s Revenue Is Exploding
19:10 The Reflexive AI Demand Risk
25:00 Why This Isn’t 2000
33:51 Crypto’s Goldilocks Case
36:01 Who Gets Satoshi’s Coins?
37:59 Quantum Fear Lifts ZEC and Pearl
41:49 Has Quantum Changed Your BTC Bet?
48:13 Two Big Themes for Next Year
50:12 Papertrade’s Token Problem
59:11 Kinetiq and the HyperEVM Bet
1:09:31 Why Hyperliquid Users Stay Loyal
1:12:30 PUMP vs FOMO
1:16:29 The Rise of Anti-Social Trading
Delphi Digital retweeted
The platforms behind speculation never have to pick a winner.
All they need is volume. In the 1840s a railway prospectus and a betting shop were different buildings in different parts of town. Now a 25-year-old can take a view on a chipmaker, gold, a football match and a Fed decision from the same app.
The platforms have moved to meet that demand. Same-day options hit a record 66% of S&P 500 options volume in July. Robinhood made more from event contracts in Q2 than from equities or crypto. Oil kept trading on Hyperliquid while CME was shut on the Saturday the US and Israel struck Iran.
Crypto has made new markets almost free to create. Launching a token on Pumpfun costs under $2, and only about 1% of the 19M+ made since January 2024 ever make it past launch. Pumpfun makes money on the trading whether or not they last.
The platforms aren’t immune. FTX went to zero, and revenue falls hard when the crowd goes home. But busts tend to leave the infrastructure standing. Britain kept its railways after the 1840s crash, and this cycle should leave behind AI’s data centers and crypto’s 24/7 markets.
Delphi Digital retweeted
A new episode of Hivemind is out now!
This week the team discusses whether AI is a debt bubble, what quantum risk means for bitcoin, what’s next for the Hyperliquid ecosystem and more.
Timestamps
00:00 Intro
00:44 Has Crypto Bottomed?
03:05 BTC’s Morning Seller Is Gone
04:32 Token Unlocks Into Year End
07:14 Do the Midterms Matter?
09:23 Is AI a Debt Bubble?
10:40 The Trillion AI Capex Math
15:53 Anthropic’s Revenue Is Exploding
19:10 The Reflexive AI Demand Risk
25:00 Why This Isn’t 2000
33:51 Crypto’s Goldilocks Case
36:01 Who Gets Satoshi’s Coins?
37:59 Quantum Fear Lifts ZEC and Pearl
41:49 Has Quantum Changed Your BTC Bet?
48:13 Two Big Themes for Next Year
50:12 Papertrade’s Token Problem
59:11 Kinetiq and the HyperEVM Bet
1:09:31 Why Hyperliquid Users Stay Loyal
1:12:30 PUMP vs FOMO
1:16:29 The Rise of Anti-Social Trading