Took ~4 hours to drive 40km. Felt angery and frustrated. But was aware that I'm fortunate to not have to travel for work everyday. Feel like on avg quality of life has reduced in Indian cities in the past few years. Hoping that this is the bottom of Mumbai infra.

Honestly thrilled and feel a bit like an imposter being among such sharp thinkers at @Liminal_HQ lol, but hopefully will be able to contribute something meaningful. The quality of perspectives here is going to push everyone to bring their A-game.

Excited to share the launch of @liminal_hq! Liminal is a non-profit writing collective aiming to compile raw personal market takes/perspectives from some of the sharpest young minds in the industry, with a focus on digital assets as well as other frontier markets such as AI and robotics. As a Twitter-based writing hub, here's what you can expect from the collective group: - Bi-weekly thought dumps, including candid round-table style writing on important topics and investment ideas - One-off "at-will" writing on investment ideas, market trends, analysis, etc, from all contributors - Occasional Twitter spaces & audio-based discussions Our initial contributor base: - @0xkyle__ - @karl_0x - @FloodCapital - @mrink0 - @knowerofmarkets - @TraderMagus - @skyiszen - @bsturisky - @desh_saurabh Our first bi-weekly thought dump will go out next week, so give the Twitter a follow :)

Great deconstruction of Jupiter's attempt to build a superapp by @desh_saurabh

Curious case of low gas fees ETH is above $4,200. The average gas price is ~1.8 gwei. Last time ETH was over $4k: Dec 2024: ~30 gwei May 2021: ~185 gwei Same price. Completely different fee market. Why?

phenomenal piece on aggregation + liquidity from @desh_saurabh

Every successful aggregator does the same thing: it becomes the only place worth looking. Google for websites. Amazon for products. @JupiterExchange is becoming that for DeFi by being in places where everyone starts their finance journey on Solana.

Our friends at @AlliumLabs just shipped their Hyperliquid dashboard. We played a small role in giving feedback and helping iterate how the product evolved. Builder codes are referral code mechanisms that pass on revenue to a developer for orders that settle on Hyperliquid. We have been studying the numbers to get an estimate of the size of the market and what happens when perpetuals products can be embedded anywhere. Here are four key numbers that caught our attention: 1. Phantom accounts for ~49% of builder revenue They say distribution is a moat, and few places make it as evident as Phantom's dominance of revenue generated on the exchange. With ~23k users interacting with Hyperliquid on any given day, Phantom accounts for close to half of all builder code revenue on most days. They add ~500 new users each day, but these order sizes seem to be largely from retail users who trade with relatively high frequency. 2. Power Users Drive Volume Compared to Phantom's ~3.4k active users (today), Insilico Terminal had ~150 users and BasedApp had 240 users. But each of those products had outsized impact on volume. Based currently accounts for 6% of volume, and Insilico does close to 35% on any given day. The terminology for a "user" here may be flawed, as we don't entirely know how Insilico routes orders, but it helps to discern where the bulk of the volume originates from. While distribution helps rake in users, much of the volume today is with products that have power users. (We are huge fans of the Terminal - and highly recommend using it) 3. Wallet Front-ends as Distribution There has always been a hypothetical argument that wallet front ends are a great place for distribution, but one never had the numbers to aid that claim—until now. Allium's dashboards clarify that, on any given day, Hyperliquid sees close to ~400+ new users coming in from Phantom. We speculate that, in the future, Phantom could negotiate for better fee or zero-fee models from products they integrate, as they have moats that emanate from the size of their distribution. It'd be interesting to see how this converts in consumer-adjacent segments like music, content, or gaming in the future. 4. Builder Codes Account for ~20% of Users Imagine you had a primitive that bought in ~20% of your userbase. And it also gave ~25 billion in volume to your product. That's builder codes in a nutshell. Builder codes are responsible for ~56k users on Hyperliquid across the 86 active products that have integrated them. For products - these codes are a new source of revenue. The estimated revenue per user on a product integrating builder code is $63. In other words, it allows people to focus on the distribution and have an easy avenue to monetise them. If you head over to Allium's dashboard (linked below) - you can see a realtime stream of their markets and these figures updating in real time. It is the closest we have to one of the most transparent, open-markets that exist in the world today. It appears we've come a long way from the days of FTX. Hyperliquid.

Our venture group is a tool to match growth-stage orgs with 50+ venture funds in web3. Out of ~150 deals we saw this year, we pushed just 9 to the chat. Investors include names from Multicoin, Blockchain Capital, Dragonfly, OMVC and Standard Crypto. Opening up slots to new VC funds. DM to join.

In the past, you needed a trusted middleman in the form of some wrapper to move HYPE from the EVM layer to the staking layer. @kinetiq_xyz breaks that dependency. @0xOmnia joins us in our latest podcast to explain how. Timestamps — 00:00 - Introducing Kinetiq 03:26 - Hyperliquid Thesis 11:15 - Hyperliquid's Architecture 20:53 - HIPs 1, 2, and 3 as the Pillars of Hyperliquid 36:15 - Liquid Staking and the Road to Decentralisation 46:27 - Custody and Compliant Staking on Hyperliquid 01:01:21 - Builder Codes and On-Chain Asset Growth