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12 days in as growth lead at @saphyre
been picking up whatever needs to be done and moving pretty fast
so far:
- 3,000+ new perps testnet waitlist signups
- approval-to-trade conversion up from 22% to 45%
- first community campaign under my plan went live today
currently cooking:
- KOL partnerships
- referral program
- *and one thing i’m definitely not allowed to post yet*
still a lot to fix but things are starting to move
i've been testing @saphyre perps and my favorite little UI detail rn is the PnL card
you can choose what to show: ROE, dollar PnL, chart, entry/exit prices, leverage. dark or light too
btw: yes that’s 47 cents 🤡
some whale probably makes more in funding than i do in a month, so comparing dollar PnL never meant much to me
i care more about risk/reward. 1R is the amount you’re willing to lose if your stop gets hit. risk $10 to make $30 and that’s a 3:1 reward-to-risk setup
if i follow the plan and actually walk away with 2.5R, i should be happy with that trade
btw i usually take 25–50% off at +1R, then move my SL to entry on the rest
from the trades below:
+$1,164: took 50% off at +1R
-$387: stopped out
+$32: roundtrip back to entry and stopped me out around breakeven
taking partials means i won’t get the full R on every winner, but that’s how i manage my trades
I've known @stacy_muur for over 2 years, and we’ve worked together before, but never really had a proper conversation until I reached out recently.
That’s when I found out how much work she’s been putting into this. I went through her GTM content in Telegram and felt like I’d found a gold mine.
A few things that hit close to what I’m working on lately:
1. KOL and referral deals: why offering a commission alone often isn’t enough to get good creators interested.
2. Community campaigns: looking past signups to see whether people actually use the product and stick around.
3. Cold DMs: reaching out to people who already follow your work gives you a much warmer starting point.
4. Distribution: how communities and relationships can keep bringing people into a product over time.
If you’re working on growth, go give her a follow and dig through her posts. Plenty of gold in there.
moved all my plants under the balcony to keep them safe
the wind is wild out there. windows are rattling and every now and then i hear something metal crashing outside
all good here so far. power and internet still holding up
friends check in on me every time a typhoon comes around
when you live somewhere that gets them every year, you get pretty used to it. my usual routine is stocking up on chips and beer, then staying home until it passes
seeing this one pull in pollution from wildfires in indonesia has me a little uneasy tho
just hoping the power stays on. big couple of days for Saphyre and i’d really like to be online for them
been grinding at Saphyre lately, so i haven’t had much time to stare at charts
shifted most of my trading to the 12h and 4h. turns out i can leave a trade alone for a bit
credit to @jstin0502 for the ZEC call. elite trader, appreciate you ser🤝
Saphyre mainnet just went live today...
Before anything else, let's give the @madjarevicn and dev team a big round of applause 👏
They've been fixing bugs and pushing for this for months. Not to mention they shipped the DEX UI update right before the mainnet sprint. Absolute monsters.
Want to walk you through how I played the mainnet strategy:
The initial rule was simple: trade on testnet to get mainnet access.
So I planned a small community campaign to get people trading and sharing. I wrote one rule on purpose: green or red, doesn't matter, just share your PnL.
The result: 8,000+ traders made it onto the testnet leaderboard.
100+ of them dropped their PnL cards publicly, green and red.
And the feedback started flooding in. Most of it positive, and the rest made the product better.
Next up: a much, much bigger campaign with a much bigger prize pool. Still cooking. And I'm pretty sure you won't need to be an elite trader to win it 👀
Mainnet is up. If you traded on testnet and still don't have access, DM me. I'll take care of you.
Moving forward, we know there'll be some minor bugs and more to improve. That's part of building in public.
Thanks for playing with us.
@saphyre is going to play a big role in this game on @SeiNetwork
Moonlit 明月 retweeted
The next chapter of Saphyre starts now.
Perps mainnet is live on @SeiNetwork.
Invite-only. 👇
Moonlit 明月 retweeted
Its not always greeny and shiny out there. Sometimes we go red too. But the fun part? Whether green or red, you still stand a chance to win $100 if you're trading it on @saphyre👇
xitter.cf/saphyre/status/2112220…
So, post those PnL and who knows, you just could walk away as winner!!
friends check in on me every time a typhoon comes around
when you live somewhere that gets them every year, you get pretty used to it. my usual routine is stocking up on chips and beer, then staying home until it passes
seeing this one pull in pollution from wildfires in indonesia has me a little uneasy tho
just hoping the power stays on. big couple of days for Saphyre and i’d really like to be online for them
Moonlit 明月 retweeted
This is huge! Saphyre Perps is coming soon.
Before you ask, let me share in a simple way:
1. Saphyre is the new name of DragonSwap
2. DragonSwap- biggest Dex on Sei since 2024.
3. It's now building perps for crypto, stock, and FX.
4. Perps is still on testnet and invite-only.
It's important to know:
1. @saphyre renamed itself on 2026-01-28 (by @madjarevicn) before the Perp testnet launch. The team posted and said, 'It pays to be early.'
2. Started giving WL access a few weeks ago and now have almost 7K active traders, 69.5k daily trades, and $450M in volume on the Sphyre Testnet.
3. The team is actively collecting feedback, adding features, and making improvements based on that
Opportunities:
1. The @saphyre Team is going to announce something tomorrow, which can be related to product launch, platform benefits, and community events
2. The $DRG token was pumped 70% in the last 30 days; the $DRG to $SAPH conversation will happen with the perp mainnet.
menifesto-
- Holding and staking DRG gives you funding and early staker status, which will increase your reward.
- Perp trading fees (revenue) used to buy back and reward token stakers.
- The team planned a lot of things for the Saphyre community.
Current status and what next:
1. Perp Testnet is live; trade and share your feedback: perps.saphyre.xyz
2. The spot mainnet is live already and a mobile app is coming soon.
3. No mainnet announcement yet. No DRG to SAPH conversation happening; stay safe.
Your early contribution matters.
small update on @saphyre perps
1. the new UI is genuinely amazing
i’m obviously biased, so try it yourself and tell me if i’m wrong
2. we now have over 5,000 traders on the testnet
last week it was around 400
3. i’m trying cold DMs for growth for the first time
you never know if someone you look up to is only one DM away
Moonlit 明月 retweeted
5 months since i made this post,
and look where the perp meta is now
➤ 6 shut down
➤ 6 at their last farming stage
➤ 2 already did the airdrop
➤ 13 in critical condition
➤ only 6 still look fresh to farm
we really spent months farming points just for most of these projects to end up here
so, is the perp meta cooked?
there are currently 24 perp dex with active incentive / point systems live
(except few exceptions)
here’s a shortcut overview of almost everything
➤ variational
deep liquidity + 0 fees
point farming live for 5 months
ends Q3
➤ extended
revolut team
point farming started in april 2025
no end date
ct bullish on it
➤ nado
kraken-backed on ink
point live since jan 30
rewards will be in ink
➤ ethereal
backed by ethena
good OI + liquidity
point live since october
has long term potential
➤ hibachi
ct favorite (idk why)
18m+ points distributed
final season ongoing
➤ liquid
perp aggregator
high trading fees
point live since october
maybe Q4 will be a cook
➤ miracle
perp aggregator
tge next month
lower fees
team said 50% for community at tge
➤ sodex
backed by soso
150m soso token incentive
decent post-tge farm
➤ pacifica
ex-ftx team
self funded
high volume / low OI
most of them just farming volumes
➤ carbon
low user
7.8m points among only 1k traders
momentum season live (last maybe)
➤ bullpen
lowkey dex
heard ansem is the co founder lol
19m points distributed already
no info on airdrop
➤ grvt
wealthy team
s2 ends june
tge same time
claims 28% drop
➤ hyena
on ethena
fixed 6 month campaign
ends june 9
don't know what will happen after that
➤ dreamcash
built on HL
easy UI
started recently
decent farm
➤ 01
personally bullish
N1 + terminal drops too
still 5m points left to farm
➤ satori
raised $10m
old dex
s2 ongoing with 5% supply
➤ trade xyz
billions in daily volume
no points live yet
everyone uses it
➤ ostium
leveraged stocks perp
raised $24m+
s2 ongoing with no end date
good farm imo
➤ vest
hybrid perp dex
26m+ points distributed
pantera backed
volume still weak
➤ risex
rise chain product
no farming live yet
likely volume based later
➤ hotstuff
controversial
ex 1inch team
low users + low volume
farm with low expectations
➤ reya
farming since 2024
at this point just do TGE already
➤ genius
has decent fdv
s2 ongoing with 7% supply
dyor honestly and it's a bullshit too
➤ dango
mainnet ~1 month old
epoch 3 live
total 38 epochs
feels overhyped rn imo
liquidity still immature
so yeah that’s pretty much the perp farming landscape rn
bookmark this for later!
next i’ll probably cover some of them separately every week
things are starting to move at @saphyre
the team just rebuilt the entire DEX UI and honestly, everything looks top tier
perps testnet is heating up too, with 25k+ people on the waitlist, $200m+ in trading volume and mainnet getting closer
we’re not building another perp DEX where the whole game is farming points and waiting for airdrops
there’s more being designed around the traders who actually use the product. will share that when it’s ready
i’m also rebuilding the entire distribution strategy from the ground up: ambassadors, traders, creators and community
if you’re an experienced trader or crypto content creator interested in earning referral fees, let’s talk🙏
Moonlit 明月 retweeted
One of the biggest determinants of a DeFi primitive's long-term success beyond PMF lies in its ability to sustain demand on both sides of the market.
Successful primitives achieve meaningful adoption through their capacity to balance complementary incentives, creating a self-reinforcing growth flywheel.
@pendle_fi's Boros exemplify these traits apart from its novelty:
🔸 Funding rate arbitrageurs → Seek to lock in attractive funding spreads, potentially across exchanges, while hedging their underlying perp exposure.
🔸 Rate speculators → Take the other side, positioning for changes in implied funding rates or the convergence of funding spreads.
Arbitrageurs bring demand for hedging + locking in funding economics, while speculators provide the opposing exposure.
And I don't think many realise just how attractive these yields can be (ofc assuming proper risk management).
It's certainly not easy given the execution, liquidity + basis risks involved, but I'd bet sophisticated players are already exploring these opportunities.
Highly recommend giving the piece below a read 👇
Moonlit 明月 retweeted
Building your CT account will matter again in the next two quarters, you heard it here first
Been seeing @papertrade_xyz everywhere this weekend, so I went back through the timeline:
- May 14 — @izebel_eth announces it
- Aug 25 — @Kinetiq_xyz launched Elysium, a Hyperliquid L2.
According to reports, Kinetiq founder Omnia specifically mentioned Papertrade, saying, “It has a home now.”
- Oct 4 — @blurr goes on threadguy’s podcast to discuss the launch plans and 1000x leverage.
- Oct 7 — PaperDAO raised funds on @daosdotworld
- Oct 8 — Pre-deposits opened
- Oct 10 — Trading goes live, the date marked the first anniversary of last year’s October 10 crash.
then within the first 24 hours:
• ~$137m deposited
• 11,000+ wallets
• $14.4b in notional volume within the first 10 minutes
• over $3b in BTC open interest
basically five months of groundwork followed by a very packed launch week
1000x leverage and loss mining gave CT plenty to talk about, but the founders had been setting up the distribution for months
makes sense why it took over the timeline