lsukernik
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Public markets sure seem to be buying the story that stablecoins will be disruptive to existing payments giants
Heard from a Brazilian operator that the IOF taxes in Brazil are pushing people to sidestep them with stablecoins
Would like to better understand these developments. If anyone is familiar, please DM!
Would like to better understand these developments. If anyone is familiar, please DM!
Hyperliquid is currently trading at ~50x annualized revenues, with 100% of revenue being volume-sensitive
For reference, here's a screenshot from chat showing multiples for other US-based exchanges
The market is is essentially pricing Hyperliquid based on the L1 premium even though that's not backed up by on-chain data yet
For reference, here's a screenshot from chat showing multiples for other US-based exchanges
The market is is essentially pricing Hyperliquid based on the L1 premium even though that's not backed up by on-chain data yet
A trend I suspect we'll see more of is project teams creating governance proposals to move some of the community treasury to the team for recruiting/retention/growth reasons
The market is unlikely to like it, but think it'll work just fine for teams who spend the tokens wisely
The market is unlikely to like it, but think it'll work just fine for teams who spend the tokens wisely
Have a very unique opportunity for someone who is a former/current investment banker + crypto native
Please DM!
Please DM!
The stablecoin game is a fight for ~$80B in high-margin, recurring revenue
A rare seat has opened on our investment team (our first in over two years!). Reverie is hiring an investment analyst/associate.
We hire sparingly and for the long term, so if you're interested in a tight-knit, intellectually adventurous (we have constant debates about all sorts of crypto and non-crypto things!), and NYC-based crypto VC role, you should apply.
We hire sparingly and for the long term, so if you're interested in a tight-knit, intellectually adventurous (we have constant debates about all sorts of crypto and non-crypto things!), and NYC-based crypto VC role, you should apply.
For a sense of scale, OpenAI's ARR is roughly equal to the ARR of all stablecoin issuers combined (i.e., tether, circle & partners, long tail issuers)
Stablecoin market is getting extremely frothy. Very reminiscent of the fintech bubble
We can debate what the fair value is, but clearly one of the main takeaways from the Circle IPO is there is an undersupply of *solid* publicly traded crypto companies, and the market is willing to pay a premium for exposure to them
market sentiment check: there are ads for a prominent LST project on NYC bus stop ad units
The REV vs GDP/TVL/volumes debate is the crypto equivalent of the evergreen profit vs growth debate from web2
(The right place to be on the spectrum depends on many factors)
(The right place to be on the spectrum depends on many factors)
Always skeptical of teams that launch tokens only when the broader market starts to do well
Very mercenary behavior
Haven’t looked at the data, but suspect projects that launched tokens in hot markets underperformed those that launched in cool markets
Very mercenary behavior
Haven’t looked at the data, but suspect projects that launched tokens in hot markets underperformed those that launched in cool markets
Sometimes wish crypto had a Ben Thompson-like individual to serve as an independent industry analyst
Crypto has no shortage of great podcasts/researchers, but unfortunately most of them are conflicted due to investments/advisory relationships
Crypto has no shortage of great podcasts/researchers, but unfortunately most of them are conflicted due to investments/advisory relationships
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Circle (CRCL) surged 34% to a new all-time high after the U.S. Senate passed the GENIUS Act — fueling optimism for stablecoin regulation and crypto equities. With Circle’s blowout IPO, many now see this as the start of a broader wave of crypto public listings.
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The Fed held rates steady for the 4th meeting in a row. Chair Powell said more data is needed before cutting, even as inflation cools. The Fed’s 2025 outlook shows two possible rate cuts. Meanwhile, Trump reignited tensions, calling Powell “stupid” and urging a 2% cut to boost the economy.
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