LeePima

Hyperliquid puts a lot of pressure on many L1s
Robinhood has also put significant pressure on Hyperliquid

SOL now has a block time of 400 milliseconds, HyperCore 70 MS,
Binance is about 10-30 MS? Next year Alpenglow will be 120 MS

Hyperliquid and Robinhood are bound to engage in a 'top battle' in the future

Robinhood (UI) + Citadel VS Hyperliquid + transferring part of the UI

Which model will prevail? Which model can monopolize value?
This is very interesting

Because the growth dividend in the cryptocurrency space still exists, or we can say that BTC's spiraling rise has obscured many issues, leading many people to study it superficially and not put in enough effort. In fact, transparent places like hyperliquid are a huge treasure trove of data.

In recent years, I've seen less of Xueqiu, but I still nostalgically remember how the group of traders back then crazily studied the delivery scenarios of leading traders at that time. It is also suitable for studying the trading conditions of top traders on hyperliquid; nothing conveys information better than real trading.

In hindsight, I see that $Kaito seems to have won the competition for this new asset class of information asset distribution platforms. What remains is how to quantify and monetize various information.

Content aggregation > Content creation
It feels like, under the acceleration provided by AI, we will quickly fall into the quagmire of information, where we are unable to discern truth from falsehood. Making investment decisions in 6 seconds will lead to increasingly impulsive investments, and having strong critical thinking skills will become a scarce resource, deserving of a higher premium.

On the other hand, sometimes when looking at Applovin's financial reports, I involuntarily associate it with Kaito. Since it can help crypto projects lock in their target audience, it is actually unnecessary to be limited to just crypto projects; in the future, it could achieve horizontal expansion into other fields. The information revolution is occurring simultaneously across many vertical categories.

gKaito

The rapid rise of Axiom and Pump has allowed us to see the potential for the rise of the application side for the first time. For several years, we will re-examine: those who have UI will dominate the world, and the battle between fat protocols and fat applications may be witnessing the dawn of the rise of the application side.

It is necessary to carefully consider your investment direction and further enhance your bets on the application side.

Hyperliquid

1. In the past day, there were $5.4 million in transaction fees, of which 97% was used for buybacks, pushed to the extreme, completely unaware of how other teams could set it up.

2. The team consists of only 10 people, and the promotion is still severely insufficient.

3. A record high of 8.9 billion in holdings, yet the project's operating time is so short that it is quickly catching up to OK contracts.

4. Every 10 minutes, there is a buyback "train," automatically purchasing on-chain, 7*24.

5. On-chain Nasdaq is still on the way.
$HYPE
Hyperliquid

Very likely

We are already on the journey of Altcoin's resurgence

Keep riding the bull

We know that with the arrival of a large number of AI tools, launching a project has become very simple, requiring only a small group of 1-3 people, and we can even see many individuals managing to create traditional projects with an ARR of 1M-10M on their own.
The significantly lowered barriers imply a shift in value orientation: moving towards self-sufficiency centered around ARR, where you only need to meet the PMF starting stage without requiring external financing.

We see many projects on Believe that were established just a week ago, and the teams have been allocated project funds of 500,000 to 1,000,000 USD. This money is used to hire teams to improve products and continue to expand market share, though it might also lead to personal enrichment; this is not the core issue. The core issue is that it provides startup teams with another type of cold-start platform.

It is important to note that 99% of projects will ultimately fail. On one hand, most projects still primarily engage in malicious activities; on the other hand, angel investing is inherently very challenging. Much of this may stem from our own lack of capability to discern projects, and we only view this track through the lens of survivor bias in hindsight.

In the on-chain capital market, incubators like Believe provide a concept: everyone has the opportunity to participate, relying on their own judgment, and investment equality.
#LAUNCHCOIN

Holding a calculator, it feels like exploding while calculating Believe 150 million
Considering the reasons for the market's undervaluation of PS

At the same time, feeling emotional, once again it's $SOL

In fact, not only in the cryptocurrency circle, but also in the US and Hong Kong stock markets there are their own "new assets" and "new order"

NVDA META Palantir Applovin Robinhood

Continue the barbell strategy

Interesting
I偶然看到 Launch Coin on Believe，这不就是

Utility Token (potential empowerment of PUA) VS MEME Token
Believe platform VS PUMP and other MEME platforms

ARR-oriented is very attractive to stock investors

But if other platforms also join in the project phase, how to protect the moat?
#LAUNCHCOIN

Stablecoins are something that everyone sees as very promising, but profits are often far removed from everyone. Regardless of how glamorous they may appear, the measure of their fundamental business is always the issuance volume, which is their foundation.

As various players rush into the stablecoin market, it is destined to become a commoditized product. Ironically, 'commoditization' seems to me a pejorative term, often implying a greater need to focus on use cases, thereby increasing your issuance volume and subsequently enhancing corporate profits.

At this stage, positioning in the channel of use cases may be more important. Having ample resources in advance helps in enhancing market capitalization, which contributes to a reflexive effect, increasing people's confidence in holding.
$ENA

Top 3 MEME on-chain contract positions: Fartcoin Pepe Trump

Top 3 MEME on-chain spot trading volume: Fartcoin Trump Popcat

Shaking the mountains is easy, shaking the ecology is hard

1. It’s easy to do projects, but it’s really hard to do ecology. In the trend of barbell economics, most projects will not receive attention.

2. Bottom-level L1 projects are even harder, so try not to focus on projects just because their market cap is small, as the chance of success is slim. After all, HypeEVM only has about 30,000-40,000 daily active users, but it’s good that there is a stable cash flow that can be continuously invested (over ten years).

3. Under the new fee mechanism of $HYPE, maintaining stable volume can increase revenue by 20%-30%. Therefore, the daily repurchase amount is steadily increasing by 20%, with daily repurchases of 1.5M-2M, and the daily repurchase amount is higher than the annual income of most projects.

4. From another perspective, HYPE still has 43% of its tokens that have not yet begun to determine how to release airdrops, valued at 8 billion USD, emmmmm.

META's earnings call may have made a conclusive decision on the tumultuous AI business model: returning to the traditional application model that is closer to users, a revolution in advertising.

This reminds me of a previous interview with SAM: the host asked, what do you think will be more valuable in five years? The most outstanding and advanced large model or a consumer technology company with 1 billion daily active users?
SAM: I think it would be that consumer website with 1 billion DAU.

Having gone through a cycle filled with aspirations - full expectations - inflated valuations - performance unable to deliver - the double whammy of Davis for both crypto and stocks, I have gained a better understanding of the moat that should be valued in this process, once again validating "The Road Less Traveled."