Recently Hyperliquid spot whale was doing 3 things at a very large scale ($1.5B BTC sold today I believe):
1) deposit BTC, sell it
2) buy spot ETH, withdraw and stake
3) long ETH perps
Both BTC and ETH markets were not nearly liquid enough for that kind of orders so they both depegged for 1%+. Eventually, market adapted and slippages went lower and these huge TWAPs became the norm.
People (me included) thought he was irrationally rushing to get exposure but that’s only halfway true — it was actually just an intended way of using financial swap contracts to achieve desired position faster. He actually decreased his market impact using that uncertainty and this tweet implies that market figured it out and reacted to it — uncertain buy pressure suddenly collapsed into a concrete number but not the moment when whale stopped buying but the moment when he stopped hedging future purchases!
I wonder if it’s a correct interpretation of the market and not the random noise, would be lit if that’s the case.
https://x.com/mlmabc/status/1959734324082659423

digital diamond
right-click and it shines the same
lab-grown luster wins

Never thought about that before but the age of human poetry is dead — I could never know that a new piece of poetry is fully written by a person with 0% LLM help.

quality of demonflyingfoxs (author of harry potter balenciaga) videos as a benchmark of AI capabilities
https://youtu.be/sCfAk7E1E4g

1) What
https://www.astralcodexten.com/p/in-search-of-ai-psychosis

пришла открытка из золотых нулевых

https://x.com/j0hnwang/status/1962803078580838904
His Excellence Justin Sun

tbh, international laws never made much sense anyways

"Perpetual Swaps as a Perpetual Motion Machine for Social Welfare Generation"
or
"Accessible Happiness Arbitrage Through Willing Self-Gambling Multiplication"?

tldr: Hyperliquid announced a validator vote to choose the owner of a USDH ticker which is, pretty much, worthless by itself. What is really being awarded here is a chance to align towards Hyperliquid success by gaining a nod of approval from the Hyperliquid validators (and thus, somehow, community around Hyperliquid as a whole). Turns out that costs a lot:
Paxos, FRAX, Circle, Ethena are all offering 95%+ of the potential profits and, somehow, lots more in other ways for a chance to be a stablecoin issuer chosen (again, the ticker gained is, essentially, symbolic!).

This is also hilarious because we live in a unique deregulation era where two worlds of modern finance finally collide: degenerate crypto gambler who cosplays as a cat and also recently bought a tank meets the wall street billionaires with ivy league education who talk about compliance and lobbying a lot. And the cat better like him because billionaires want to win and cat helds significant amount of votes (and, also, a tank)!
https://x.com/0xbreadguy/status/1965235405667926492