Crypto researcher, 14+ yrs | Lead researcher @leftcurvedao | Privacy in the age of AI | Free deep dives on Substack 👇
Joined February 2021
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Top conviction for the quantum narrative outside of crypto. $IONQ
$IONQ Q3’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $173.8M (Est. $142M) 🟢; +336% YoY
🔹 Adj. EPS: -$0.29 (Est. -$0.38) 🟢
🔹 GAAP EPS: $1.42
FY26 Guide:
🔹 Revenue: $505M-$515M (Est. $455M) 🟢
🔹 Quantum Computing Revenue Growth: 110% YoY
Segment Net Revenue:
🔹 IonQ Platform: $90.3M; +127% YoY
🔹 SkyWater Foundry Services: $83.5M
Announcements:
🔹 DARPA Stage C: potential program value up to $300M
🔹 NVIDIA: first on-premise Superion 256 system
🔹 SDT Contract: $33M for Superion 256 and quantum memory
🔹 DARPA Contract: $28M for 25 optical atomic clocks; $30M option
🔹 Florida International University Contract: $25M for Superion 256
Key Updates:
🔹 Gain on Warrant Liabilities: $896.2M; drove GAAP EPS of $1.42
🔹 Remaining Performance Obligations: $1.2B; more than doubled
🔹 Cash, Equivalents & Investments: $3.7B pro forma
Comments:
🔸 “Third quarter revenue of $173.8 million reflects increasing demand for our quantum technologies and the benefits of our vertically integrated quantum manufacturing capabilities through SkyWater.”
🔸 “We are pleased to raise our full-year 2026 revenue guidance to an industry record of more than half a billion dollars.”
Asymmetric Jump retweeted
NEAR holders voted today to cut the network's maximum issuance from 2.5% to 1.6% a year. A 36% cut, phased in over 24 months.
The vote ran onchain in House of Stake, and the proposal was written by one of the large holders, not by the foundation. Next: Security Council review, a 90-day grace period, then validators adopt it in a protocol upgrade and the rate steps down every epoch.
At the same time NEAR Intents revenue keeps buying NEAR off the market. Less printing on one side, buybacks on the other.
Following this closely $ZEC holders 👀
Binance lost ~$6.3B this week.
Could $ZEC have stopped it?
No. Not because privacy is useless.
Because a private coin and a safe exchange are two different things 👀
What happened:
• A DevOps laptop → a service container → unauthorized withdrawals
• $6.3B out across 7 chains. Zcash isn't one of them
• ~$3B frozen. Freezes need a trail to follow
• 4.5x Bybit's $1.40B, the next biggest exchange hack
Where privacy does work: coins you hold yourself.
• 29.15% of all ZEC is now shielded, up from 25.49% in July
• ZEC's market cap is 1.94x Monero's
That doesn't make ZEC a hack shield.
It makes it a holder's tool, not an exchange's.
Inside the deep dive:
• What shielded ZEC hides, and how a viewing key still proves it to an auditor
• Why all 9 of Binance's ZEC wallets are transparent
• How privacy cuts the other way in the clean-up (Bitget → Ironwood)
• The Binance wallets to watch for outflows
What's next:
NU7, the Grayscale filing, EU AML rules in 2027
👇
I publish on Substack first
asymmetricjump.substack.com/…
Subscribe to get the alpha first!
I own $ZEC.
Research, not financial advice.
Cybersecurity is more important than ever. $NEAR
The cybersecurity landscape has dramatically changed. Being able to build up your defenses using AI, while keeping that research private, is now critically important – and we want to make that available to everyone.
We just rolled out NEAR AI Cybersecurity program: access to uncensored models for security scanning. All your code, prompts, and findings stay private.
Everything runs inside secure enclaves and is encrypted end-to-end.
Buying $GOOG here at $281.
Always wanted to have a piece of it, and here I'm about to start DCA.
Weeks of building and strong conviction. Slow DCA down. It paid off handsomely hyperliquid:native
trade[XYZ] and ICE, owner of the New York Stock Exchange, are joining forces to bring 24/7 perpetual futures on Hyperliquid to the United States.
In just over a year, our markets on Hyperliquid have surpassed $650 billion in volume. They provide continuous price discovery for stocks, indices, and commodities, and have become trusted reference points for retail and institutions alike when traditional markets are closed. Much of the world trades them. Until now, Americans could only watch.
We intend to change that. Subject to CFTC approval, trade[XYZ] and ICE plan to establish a new, dedicated U.S. market, with novel exchange and clearing infrastructure built on Hyperliquid. Planned contracts span equities, indices, commodities, FX, and crypto, with access through participating brokers and platforms. We’ll share more on products, eligibility, and timing as approvals progress.
ICE brings more than 25 years of experience operating regulated markets, clearing, and managing risk. trade[XYZ] brings the product development, market design, and technology behind the most liquid and robust markets on Hyperliquid.
Innovation and the protections of U.S. regulation shouldn’t be a trade-off. Together, we plan to prove it.
ICE is making a strategic investment in trade[XYZ] and joins us in building towards the future of Hyperliquid. A small group of market luminaries is joining as well, beginning with Stan Druckenmiller. For more than four decades, few investors have anticipated the great turns in markets as often as Stan. We’re proud to have him with us for the next one.
We’re building the U.S. market in parallel with our existing HIP-3 markets, which we’ll continue to expand and innovate on. We expect both to flourish. They each have a long road map ahead, from new asset classes to new ways to trade them.
To the Hyperliquid community, whether you were here before us or came because of us, thank you. You took a chance on new markets and you made them matter. You’ll forever be a part of this story.
Anything. Anytime. On ICE[XYZ].
Massive news on $HYPE
kinetiq:native is moving good as well. Around 2x since my post on Substack about it.🧐
asymmetricjump.substack.com/…
BREAKING: BILLIONAIRE INVESTOR STAN DRUCKENMILLER BACKS @HyperliquidX-BASED @tradexyz ALONGSIDE A STRATEGIC INVESTMENT FROM NYSE OWNER @ICE_Markets, AS THEY PLAN A US-REGULATED 24/7 PERPS MARKET BUILT ON HYPERLIQUID
Asymmetric Jump retweeted
Tachyon aims to significantly reduce the onchain data required per shielded payment.
Using recursive proof carrying data to aggregate transactions, evolving nullifiers to prevent double-spending & oblivious synchronization to limit full node state growth.
Zcash is approaching its long-term vision, Unstoppable Private Money at Planetary Scale 🪐
I sold $BTC to buy $NEAR.
For the first time, NEAR's own revenue buys NEAR on the open market — and
holders are being paid about 113x what they got in the 2021 cycle.
→ Swap fees buy NEAR on the open market. $28.09M a year
→ September's buyback ran 2.54x August's, while fees grew only 1.91x — the share
reaching the token is accelerating
→ The Bitwise ETF took 17.09M NEAR in 21 days. 53.3% of a year's net issuance
→ Four products shipped and live since 17 September
→ A vote closing 2 Nov would cut issuance from 2.5% to 1.6%
→ NEAR/BTC: +112.6% in 90 days, +197.9% in a year
Three buyers now, where NEAR used to have none: the buyback, an ETF, and a supply cut.
The bet: NEAR doubles over 12 months while bitcoin does 15–20%.
My own model says NEAR is too expensive to buy — 215.3x what reaches holders, against my $4.58 fair value. I bought anyway, because the revenue is growing
faster than the price.
So I didn't quietly move my own goalposts. I published the two conditions that mean I was wrong:
Buyback under $40M a year on 31 March 2027 → I swap back to bitcoin.
Weekly NEAR/BTC close under 4,700 sats → I swap back.
Full research 👇
asymmetricjump.substack.com/…
I post on Substack first; subscribe for free to get the alpha faster
KNTQ’s bull case now has a date and its November 9. Elysium L2 mainnet goes live.
High-performance Arbitrum Orbit chain for Hyperliquid (settles to HyperEVM, gas in HYPE, 100–200ms blocks). Built for faster spot, PropAMMs, and launches.
50% of sequencer fees → open-market kinetiq:native buybacks & burns. 25% to builders. Testnet already live.
New revenue line + infrastructure play beyond liquid staking.
If you want to know more, here is my deep dive into KNTQ👇
asymmetricjump.substack.com/…
algorand:native is up 52% from its July low on a quantum story. So I spent a week researching it!
When Google's quantum paper landed in March, the basket ripped: base:0x37696cd8f723ce541ac376f79fc109080e505ba3 +50%,
$Abelian +25%, $QANX +10%.
@Algorand wasn't in a single roundup — and Algorand is the chain Google's paper actually named.
It still ran +44.3% that week. It was all gone by July.
Here's why:
- 34.1M transactions a month produce $55,269 a year in fees
- Only $22,929 of that reaches holders — against a $1.15B valuation
- 99.75% of "staking yield" is the Foundation's own money, funded to Jan 2028
A chain that works. A token holder that doesn't get paid.
What's inside:
60-Second Thesis — what it is, what must go right, and the main risk
Product & Moat — the post-quantum count traced on-chain, the x402 prize contest,
and a fee lever that's "measured, validated, and ignored"
Tokenomics — 6.47M ALGO paid to stakers against 39,711 ALGO of fees, and the
928.67M sitting with the Foundation on no schedule
Team & Backers — five senior exits in six weeks, and what the CEO actually said
My Bull & Bear cases,
FUD, answered — five things people say about ALGO, checked one by one
What to Watch — six dated checks, starting with the Q3 report around 31 Oct
I publish on Substack first👇
asymmetricjump.substack.com/…
Asymmetric Jump retweeted
Algorand is now officially #1 in post-quantum across the entire industry 🥇
Over 2.7 MILLION post-quantum transactions on mainnet, more than any other blockchain on the planet.
Others are still talking about the quantum threat. We've been shipping since 2022, and nobody has caught us.
$NEAR is getting adopted, love to see it
Sunrise is partnering with @near_intents to establish liquid markets for NEAR Intents assets on @Solana.
NEAR Intents powers universal asset access across chains. Sunrise establishes the markets.
The rollout begins with $NEAR, now trading via Sunrise.
Next, we plan to integrate NEAR Intents directly, opening more pathways for assets and liquidity to reach Solana.
Bullish $NEAR
Helius CEO @mert has joined the NEAR Foundation Council, NEAR Foundation’s governing body.
An early NEAR Intents user and leading voice on privacy, Mert brings an operator’s view to how NEAR builds and grows.
“For crypto to win, we need connected, unstoppable liquidity at planetary scale. A market of markets. Neither Solana, Zcash, or Bitcoin can win on their own, we must work together. And NEAR is how."
near.org/blog/mert-mumtaz-jo…
IonQ's $2.0B raise split its shareholders. Both sides have a point.
The concerns
• The money came with 100M seven-year warrants at $69.46, twice the prior close
• The share count is heading toward ~594M with Elisity and the warrants
• Gross margin fell from 59.8% to 24.9% in a year
The case for IonQ
• Revenue leader in listed quantum: $80.1M last quarter, up 287%
• $485.0M backlog, about half due within 12 months
• ~$3.9B of cash, roughly 7.6 years of runway
• Owns a US chip factory (SkyWater)
• Final stage of DARPA's Quantum Benchmarking Initiative, alongside IBM
• Washington set 2030 deadlines for post-quantum security
Where I lean
• Quantum is one of the defining technologies of the next decade
• IonQ is building more of the stack than anyone else listed
• The test is execution: gross margin from Q3 (early November), and what the acquisitions add
$IONQ
$VVV 👀
base:0x37696cd8f723ce541ac376f79fc109080e505ba3 — 4.5/5
Every account has been quantum-safe since genesis (2018), so there’s nothing to migrate.
QRL 2.0 (EVM + ML-DSA-87) is still on testnet, with audits about 55% done.
Best tech fit for the theme, but a small ecosystem and thin liquidity.
algorand:native — 4/5
Native Falcon-1024 accounts have been live since v5.0 (Aug 2026).
It’s opt-in, so default Ed25519 accounts are still exposed.
The next hard step is a quantum-safe consensus VRF, targeted for 2027.
$CKB — 3/5
A SPHINCS+ lock is live on mainnet, with no hard fork needed.
It’s opt-in, so the default secp256k1 lock is still vulnerable.
Elegant design, but adoption is still small.
$ZEC — 2.5/5*
The Ironwood pool makes shielded funds recoverable after Q-Day.
Recovery ≠ resistance: proofs, keys and encryption are still elliptic-curve.
Funds have an escape hatch; past privacy doesn’t.
$ZAMA — 2.5/5
FHE data is lattice-based, so it stays private after quantum computers arrive.
Input proofs aren’t post-quantum yet; a lattice-based replacement is in progress.
Funds are still secured by Ethereum’s ECDSA signatures, which Zama doesn’t control.
ethereum:0xa27ec0006e59f245217ff08cd52a7e8b169e62d2 — 1.5/5
Strong programmable privacy on Ethereum, but nothing post-quantum.
Proofs, keys and note encryption are all elliptic-curve.
Post-quantum work is at the research stage, with no migration path published.
*Upgrade catalyst: Zcash’s planned post-quantum roadmap over the next 1–2 years could justify a higher grade if it delivers production-ready, audited quantum-resistant cryptography.
$1.75M a year, spent buying back a token almost nobody is watching 👀
Real money, from real revenue — and you can watch every purchase on-chain.
Most buybacks in crypto are funded by printing more tokens. kinetiq:native isn’t.
Here’s why it could get much bigger:
@HyperliquidX won perps. It never won spot trading or DeFi — its EVM is too slow, and fees spike the moment activity picks up.
@Kinetiq_xyz is building the answer: Elysium, the first L2 made for Hyperliquid. Half of everything the chain earns goes straight into the same buyback.
The testnet opened three weeks ago and already does 1.7M transactions a day — while running at 0.59% of what it can handle.
Why I trust them to ship it:
Every product they’ve launched arrived on schedule
Seed from Maven 11, Susquehanna, Flowdesk, Chorus One Ventures and IMC
Four audits — Spearbit, Zenith, Pashov, Code4rena — plus a $1M bug bounty.
Inside my deep dive:
What Elysium is, and the $41.5M a year it could send to KNTQ at full capacity
The buyback traced on-chain — 422,476 KNTQ in two weeks
Why kHYPE being the default is the real moat?
The 27 Nov unlock, and the exact trigger that would flip my call
Full bull vs bear case — and the level I’d buy
I publish on Substack first! 👇
asymmetricjump.substack.com/…
It moved +30% since my post.
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