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ThinkingUSD
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Eventually the sharp memecoin traders will figure out the
game
is rigged and pivot to perps.
Some will make it, most won’t.
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I’ll say this again and again, I always hear people say “Well even if HYPE hits $100, that’s only a 3x!” and then they proceed to go and gamble on less quality, less liquid slop. Hint: 3x lever long the highest quality asset. You maintain the same benefits of owning the best asset with greater returns and sufficient liquidity. Keep it simple.
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Few long form blogposts coming: - Why trading is the best video game ever - Open letter to exchanges, regarding broker and affiliate programs - Advice to myself if I was just starting
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See a lot of people misinformed like @EvgenyGaevoy making misleading claims that the majority of Market Maker volume on @HyperliquidX is done by HLP. This is demonstrably FALSE. See attached chart. Volume done by HLP is less 2% of Average daily volume (ADV) now.
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Spot trading on just HYPE is a very interesting market to pay attention to. Close to $1B ADV. Average monetization per order 2bps. $1,000,000,000 x 0.02% = $200,000 in Rev / Day. I believe we call this a flywheel? Turns out lack of spot listings is ending up a net benefit.
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Okay so: $CIRC $20B mcap $300MM rev 0% used for buybacks? $HYPE $11B mcap $800mm rev 97% used for buybacks? Hype also biggest pocket of USDC onchain? What am I missing again?
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