Raghav Agarwal-1
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IPOs and acquisitions are shaking up Web3, but let’s not overlook another crucial path: collaborating with TradFi institutions for scaling adoption. @DeutscheBank’s recent DAMA 2 whitepaper highlights how Web3-native teams like @zksync, @axelar and @Memento_Bc are playing a vital role in enabling tokenization on a global, compliant scale.
Key takeaway for Web3 teams: don’t just stick to your crowd—grow the pie! Partnering with established institutions isn’t just clout; it’s your path to scale, revenue, and real-world credibility. Pumped to see this unfold and hopefully many more similar announcements will come soon.
Key takeaway for Web3 teams: don’t just stick to your crowd—grow the pie! Partnering with established institutions isn’t just clout; it’s your path to scale, revenue, and real-world credibility. Pumped to see this unfold and hopefully many more similar announcements will come soon.
The recent Ethereum Protocol Research Call 2 was packed with many exciting updates on how @ethereum is innovating in the short to medium term. Here is what you should not miss 👇 🧵
The one chart in the @ethereum Protocol Research Call 2 that excited me the most, was this one 👇
A powerful L1 with rollups clustered around it is preferred over a weak L1 with dominant rollups, as the latter risks rollups becoming independent or moving elsewhere. Even in a rollup centric future, we need the L1 to scale. It is imperative that Ethereum continues to innovate, improve and inspire!
A powerful L1 with rollups clustered around it is preferred over a weak L1 with dominant rollups, as the latter risks rollups becoming independent or moving elsewhere. Even in a rollup centric future, we need the L1 to scale. It is imperative that Ethereum continues to innovate, improve and inspire!
The story of perp DEXs is best told in 7 distinct phases — a timeline of dominance, disruption, and the rise of a new king:
1. Early–Mid 2021: @dYdX Dominance
Perp DEX = dYdX. No real challengers. Deep liquidity, strong PMF, and the only game in town.
2. Late 2021: @GMX_IO Appears
GMX v1 entered with an oracle-based model and a community-first ethos. Still tiny vs dYdX, but it proved new models could work.
3. 2022: Market Starts Fragmenting
@GainsNetwork_io, @synthetix_io, and others began attracting niche users. dYdX’s monopoly was intact, but the moat showed cracks.
4. Early 2023: @HyperliquidX Arrives
A quiet entrant with serious momentum. Product velocity + incentives helped it quickly carve out share from both dYdX and GMX.
5. June 2023: A Brief Pullback
Hyperliquid’s share dipped to less than 2%. A blip, not a bust. The retreat was temporary.
6. June 2023–Dec 2024: The Climb
Hyperliquid steadily rebuilt, volume growing month after month. By late 2024, it had leapfrogged everyone. @JupiterExchange also managed to gain some marketshare against the others.
7. Jan 2025 to current: Hyperliquid Dominates
Hyperliquid now commands the perp DEX market with more than 80% marketshare in May 2025. dYdX v4, ApeX, and others still trade—but the race isn’t close anymore.
1. Early–Mid 2021: @dYdX Dominance
Perp DEX = dYdX. No real challengers. Deep liquidity, strong PMF, and the only game in town.
2. Late 2021: @GMX_IO Appears
GMX v1 entered with an oracle-based model and a community-first ethos. Still tiny vs dYdX, but it proved new models could work.
3. 2022: Market Starts Fragmenting
@GainsNetwork_io, @synthetix_io, and others began attracting niche users. dYdX’s monopoly was intact, but the moat showed cracks.
4. Early 2023: @HyperliquidX Arrives
A quiet entrant with serious momentum. Product velocity + incentives helped it quickly carve out share from both dYdX and GMX.
5. June 2023: A Brief Pullback
Hyperliquid’s share dipped to less than 2%. A blip, not a bust. The retreat was temporary.
6. June 2023–Dec 2024: The Climb
Hyperliquid steadily rebuilt, volume growing month after month. By late 2024, it had leapfrogged everyone. @JupiterExchange also managed to gain some marketshare against the others.
7. Jan 2025 to current: Hyperliquid Dominates
Hyperliquid now commands the perp DEX market with more than 80% marketshare in May 2025. dYdX v4, ApeX, and others still trade—but the race isn’t close anymore.
We are currently witnessing the most influential and vertically integrated AI empire being built by @sama
It’s bold. It’s terrifying. And while it's starting to spark conversations, the implications are still vastly underestimated.
Here’s what he’s putting together—piece by piece:
1) Core AI Models
@OpenAI under Altman has shipped frontier models like GPT-4.5 and GPT-4o—with GPT-5 on the way. ChatGPT is already the most downloaded app on earth, while these models quietly power the AI engines of the world’s biggest companies.
2) AI Hardware
$6.5B to acquire Jony Ive’s design startup, io. Ive—the mind behind the iPhone—is now leading OpenAI’s hardware vision. Expect AI-native devices that redefine how humans interact with machines.
3) Compute Infrastructure
A 1-gigawatt AI super-datacenter—Stargate UAE—is being built with G42. That’s nation-scale compute power in a single project. Meanwhile, OpenAI is setting up similar ventures in the US.
4) Identity & Human Verification
@worldcoin, Altman’s crypto-biometric project, scans irises to verify humanity—already at 26M users. In an AI-saturated future, it could become the default layer for proving you’re human online.
5) Social & Consumer Platforms
OpenAI is reportedly building its own X/Twitter alternative—and has shown interest in acquiring Chrome if regulators ever split it from Google. That’s a browser, a social feed, and an AI layer, all potentially under one roof.
6) Developer Tools & Infra
OpenAI acquired Windsurf (AI coding) for $3B and Rockset (real-time analytics). These form the software backbone for the next-gen AI stack.
This isn’t just a company—it’s a stack. A full-stack bet on owning AI from silicon to society.
It’s like watching a Black Mirror episode being written live... and we’re in the cast!
It’s bold. It’s terrifying. And while it's starting to spark conversations, the implications are still vastly underestimated.
Here’s what he’s putting together—piece by piece:
1) Core AI Models
@OpenAI under Altman has shipped frontier models like GPT-4.5 and GPT-4o—with GPT-5 on the way. ChatGPT is already the most downloaded app on earth, while these models quietly power the AI engines of the world’s biggest companies.
2) AI Hardware
$6.5B to acquire Jony Ive’s design startup, io. Ive—the mind behind the iPhone—is now leading OpenAI’s hardware vision. Expect AI-native devices that redefine how humans interact with machines.
3) Compute Infrastructure
A 1-gigawatt AI super-datacenter—Stargate UAE—is being built with G42. That’s nation-scale compute power in a single project. Meanwhile, OpenAI is setting up similar ventures in the US.
4) Identity & Human Verification
@worldcoin, Altman’s crypto-biometric project, scans irises to verify humanity—already at 26M users. In an AI-saturated future, it could become the default layer for proving you’re human online.
5) Social & Consumer Platforms
OpenAI is reportedly building its own X/Twitter alternative—and has shown interest in acquiring Chrome if regulators ever split it from Google. That’s a browser, a social feed, and an AI layer, all potentially under one roof.
6) Developer Tools & Infra
OpenAI acquired Windsurf (AI coding) for $3B and Rockset (real-time analytics). These form the software backbone for the next-gen AI stack.
This isn’t just a company—it’s a stack. A full-stack bet on owning AI from silicon to society.
It’s like watching a Black Mirror episode being written live... and we’re in the cast!
On a serious note, can someone help me understand how Move was supposed to be more secure and why did that not work in the case of Sui hack?
I can finally show my face at family gatherings—everyone who bought $BTC on my advice is in the green.
One of the more subtle but troubling takeaways from Token2049 Dubai: too many teams are spending heavily at conferences with little regard for accountability or actual value creation. And this isn’t just limited to side events—what’s more concerning is the kind of personal expenses being claimed, often without much scrutiny or justification.
Yes, dinners, networking, and side events are an essential part of these gatherings. But what stood out to me was the almost complete absence of ROI thinking around these expenses. In some cases, it felt like spending was done for the sake of spending.
Now, defining ROI for conferences is tricky—it’s not always about direct returns. But that shouldn’t be an excuse for unchecked or outlandish costs. At the very least, teams should be asking: is this aligned with our broader goals?
Leadership has a key role here—not through micromanagement, but by establishing high level frameworks that guide how budgets are used and what success looks like. Without that, it's easy for good intentions to turn into expensive inefficiencies.
Personally, every time I attend a conference, I stay mindful of the cost my company is bearing. I always ask: what value am I creating in return? That mindset shouldn't be rare. It should be the baseline.
This is especially necessary for teams which are not generating revenue at the moment and require runway to find PMF and revenue in the long run.
Yes, dinners, networking, and side events are an essential part of these gatherings. But what stood out to me was the almost complete absence of ROI thinking around these expenses. In some cases, it felt like spending was done for the sake of spending.
Now, defining ROI for conferences is tricky—it’s not always about direct returns. But that shouldn’t be an excuse for unchecked or outlandish costs. At the very least, teams should be asking: is this aligned with our broader goals?
Leadership has a key role here—not through micromanagement, but by establishing high level frameworks that guide how budgets are used and what success looks like. Without that, it's easy for good intentions to turn into expensive inefficiencies.
Personally, every time I attend a conference, I stay mindful of the cost my company is bearing. I always ask: what value am I creating in return? That mindset shouldn't be rare. It should be the baseline.
This is especially necessary for teams which are not generating revenue at the moment and require runway to find PMF and revenue in the long run.
At Token2049, every friend from RaaS and DA teams echoed the same thing: demand for launching new rollups is cooling. The OP Stack hasn’t had a major announcement since Unichain. EF is focused on scaling L1. Yet Caldera keeps popping up all over my timeline.
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