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The dumbest thing our space did was convincing founders that giving up double 10%+ of the network, for free, was a good idea.
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A lot of people conflate Hyperliquid’s success with the airdrop to users instead of focusing on the fact that Hyperliquid was one of the highest revenue generating applications in crypto in the first place. The airdrop only mattered because the project was immediately valuable.
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Nobody wants to admit this but the era of offshore CEXs topped in 2024. CME + Robinhood + Coinbase + HyperLiquid is a tough stack to compete against.
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Investors will pile into themes that have mass appeal like stablecoins and exchanges and then start funding the worst of the space in order to say they have skin in the game. Life is top heavy. Only buy the best.
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If you hate the MSTR clones recall that this is a direct consequence of the Gary Gensler era SEC. This is what happens when we have bad governance and procedure when it comes to regulation. Early ETF approval would've solved this.
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I spent a few hours this week writing a piece on stablecoin value and I realized it's just better to wait for the vision to come true. There are 2 categories that make outsized money in crypto: 1) Exchange : Hyperliquid 2) Stablecoins : Plasma Green assets. JM.
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