Growth @usdai_official Unqualified host @leviathan_news
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Samuel McCulloch | USD.AI retweeted
Buyback vs Growth
There are a lot of various stakeholders, with different priorities and time horizons. Alignment means giving everyone a shared interest in building the strongest version of this business, while having room for that business to evolve to its greatest form. It's a form of gravitational pull.
That’s how I view this proposal: a first step toward durable alignment, while preserving the ambition and flexibility to leverage one of the most powerful forces in the universe: compounded interest. The objective is to build the greatest version of this business we can, with alignment that grows and also compounds alongside it.
This is the 1st revenue line item that we've identified that is developed enough to become programmatic. For example, GLX, or gain on sales of loans to institutions, was not a revenue line item until this past month. There's many more being built with the CHIP protocol as its core, we want to get to over >10 revenue line items, and that requires someone to build these!
With the initial network and ecosystem created by sUSDai & CHIP, the goal is to demonstrate our "commits" toward it across
1) programmatic buybacks (once fully optimized)
2) discretionary buybacks (still optimizing/compounding)
The goal is to build the biggest mass possible of a busienss, and the business itself will organically, progammatically have the strongest gravity that pulls in network value.
Samuel McCulloch | USD.AI retweeted
I sincerely believe that people are missing the forest for the trees and that there is massive alpha in asset selection - market sending downwards, BTC looks like shit, alts look like shit, sure but:
Venice - people are absolutely sleeping about how important uncensored models are going to be. Just like how Grok Bot defined the new era of interacting with AI in an agentic way, uncensored models will be the de-facto especially as frontier AI users are experiencing depreciating quality in their model output + guys at the top are purposefully being grey actors and killing output for wokeness (Anthropic EA team, OpenAI safety team, etc.)
I actually do believe that Venice is the quite literally another Hyperliquid in the sense that this is a defining asset for all of crypto and it has the same type of "low float launch"
Disclaimer: >30% of my book is in Venice
@AskVenice
Chip - The market completely does not understand this one. People now screaming their heads off that Neos are going to 0, debt can't be serviced, etc. seem to forget that you are comparing David (hah!) and Goliath. If CHIP gets just 1% of all loans made in AI to date, you know how much that is?
$2 billion dollars looking at DC / GPU debt. It would be the top 10 of stablecoins if that's true. $2 billion at 1%. Now what if they hit 5%? They'd be the 3rd largest stablecoin. GPU loans could halve tomorrow, and their TAM would still be huge (btw, it's $100M/$469M MC/FDV)
I highly encourate interested participants to read their quarterly reports because the numbers, speed, and scale they're targeting are all there (usd.ai/research) People don't understand that small to mid market financing is a blue ocean right now because the biggest players, well, focus on the biggest deals. No one wants to deal with anyone that's not a big boi. Why waste your time with that?
I do believe that this is an incredible business that has decided to launch a token.
Disclaimer: >30% of my book is in Chip
@USDai_Official
My edge here is that my prior experience in AI Equities has let me understand that 1) Crypto tokens in AI are extremely cheap compared to AI equities from a valuation standpoint, and 2) which area of the value chain to bet on.
TLDR:
All kyle bags are good.
Samuel McCulloch | USD.AI retweeted
We were one of the largest farmers / loopers in usdai
The recent airdrop was frustrating as we expected the % to be much higher based on past comments
But at the end of the day their reasoning let them dampen token emissions - they paid out the equivalent of what the business earned
Now they’ve coupled that low emission with strong buybacks
It all shows one thing - they care about the token, which is a hard thing to complain about
And for the farmers the messaging is clear - use it for the yields you’re earning not for the airdrop you might get
That’s not a bad thing, it’s just different than what we’re used to
Think more teams will be doing this in the future as crypto finally makes its pivot to the forever cycle where revenue, costs, emissions, and growth determine price. Not just vibes
Note: dcf cap seeded base:0x0c1c1c109fe34733fca54b82d7b46b75cfb71f6e
Chips are the bedrock of AI and as its surface area of usefulness expands demand for hardware will only increase
Samuel McCulloch | USD.AI retweeted
I texted my children that we got the puppy they’ve been begging me for and sent them a link with pictures. 🐶When they clicked on the link, it took them to a webpage that said YOU’RE GROUNDED. They’ll be spending the weekend retaking our family’s cybersecurity training course.
Wordcels marked safe from PHP unauth RCE, GitLab CVSS 10.0 since 2014, LiteLLM, Railway, TiDB Cloud, Zeabur, Node.js, SafePay, eMudhra
Jensen knows the AI meta
Gigawatt deployments are unavailable atm, so the next best thing is a plug and play system built for 1-5w, fast installation.
cnbc.com/2026/10/21/nvidia-a…
lol enjoy the permanent underclass Accenture
New: Accenture has told employees it will only fund $29 per month of Claude use. Meaning that employees who often spend as much as $1,000 a month are now scrambling to find ways to keep access to the tool. A sign of the continuing crack down of AI 404media.co/accenture-tells-…
Samuel McCulloch | USD.AI retweeted
Few lenders, if any, have reviewed more GPU deals than USDAI: ~700 and $25B in demand.
The data led to one revelation:
Power and capital aren’t what’s holding back compute credit. The cost of structuring each GPU-backed loan is.
USDAI is bringing the cost down.
incredibly niche, perfection
This is incredible and the first person who converts this to 3d with Apple Vision Pro will have made a masterpiece.
We’ve reinvented Uni v2 pools
This weekend I invented something new, a new type of token using Uniswap v4 hooks that I call a Pair Token.
A Pair Token is a new type of ERC-20. It is a fused, auto-compounding asset, a fusion of two tokens.
For example, the stock tokens NVDA and SPCX fused into a single tokenized version of the two, with the ticker NVDASPCX, or ETH with NVDA, creating ETHNVDA.
Each Pair Token represents a full-range Uniswap v4 liquidity pool.
So why mint these tokens?
These tokens are self-multiplying in terms of value, as at any moment anyone can call the compound function to compound the LP fees generated by the pair’s trading activity back into the asset.
The token represents a new financial primitive, as it represents a proportional value and moves as an LP position NFT would, except that it is auto-compounding and, thanks to its v4 hook, allows for compounding and self-growth.
Since it is an ERC-20, this token can be freely traded onchain, LPed, or even paired with a launchpad.
A new type of token for a new type of exposure and strategy.
Starting tonight, you’ll be able to mint or redeem Pair Tokens for any pair on Robinhood Chain via the StonkBrokers website.
Minting and redeeming are free, and the compounding process on the tokens incurs a 10% fee on the LP fees generated, which is used for $STONKBROKER buybacks.
I look forward to a new line of products and protocols on Robinhood Chain using this new financial primitive.
Only on Robinhood Chain, powered by Uniswap. @Hookrfun
Don’t do this. Google will banhammer your bot real quick for TOS violations.
You can use your mail.grokbot.com email to sign up for a Google account! Then it can sign into other apps with Google and access Google workspace plugins using its own identity
Samuel McCulloch | USD.AI retweeted
The outcome of this constraint is many more small clusters. To turn non-IG credit into IG, you need diversification. That’s the alchemy that unlocks large swaths of capital. Not 1bn to one borrower, 1bn to 100 borrowers. Then you can forget the Nvidia backstops and ig wrappers, and turn GPUs into a standalone financable asset class. Standardization is what makes ai legible to Wall Street.
The parallel constraint in the power market is already pushing us towards 2-5mw deployments instead of 250mw. Both of these forces will be positive for the sustainability of the industry, as small deployments with a couple of month lead time can better match supply to actual, current demand, reducing the risk of overbuilding.
Ironically, over time we might even see these smaller deals pricing similarly to larger ig deployments, despite worse credit, as the project complexity becomes a major tradeoff if there is an abs market to sell into.
The AI buildout needs more capital than backstops can cover.
“There’s bank lenders, insurance lenders, they don’t want to take a lot of risk. You’ve got private equity, they want to take a lot of risk. You’ve got private credit, they’re in the middle.”
“What you do is you tranche risk. If there are losses, the equity will take the loss first, then the B piece, and then part of the A2. The loss has to be so severe to affect the senior tranche, which is how you can create different risk profiles.”
“We think NVIDIA has the capacity to support up to 46 gigawatts. That’s still not enough. There’s 240 gigawatts that’s gonna come in.”
“The lending market has to evolve to take risks outside of backstops. It’s really the biggest question of our time.”