chain explorer retweeted
trade[XYZ] launched its first market on Hyperliquid 381 days ago. Today, we are joining forces with ICE, parent company of the New York Stock Exchange, to bring perpetual futures on Hyperliquid to U.S. regulated markets.
I don’t usually write long posts, but today merits reflection.
For years, builders across this industry have worked to show that open, onchain markets could support price discovery, manage risk, and withstand stress to the standards of traditional market infrastructure, all while staying open when and where those markets aren’t.
Our achievements stand on the shoulders of those builders. And today, the company that owns the New York Stock Exchange has chosen to build upon the work of every developer, trader, market maker, and user who took a chance on us and our markets. We share this moment with all of you.
Markets are shaped by their participants. A new generation of investors trades from their phones, across asset classes, at any hour of any day. Until Hyperliquid, the right infrastructure for those markets didn’t exist.
Building these markets was hard. It took novel approaches to pricing, funding, and risk, refined with real capital at stake, in markets that don’t close. It also meant earning the trust of the people trading on them. We’re honored that the community recognized that effort and responded in kind.
That trust is what allowed us to grow our volumes to a ~$1 trillion annualized run rate in just over a year, to help pioneer new instruments like pre-IPO perps, and to earn the confidence of storied institutions like S&P Dow Jones Indices. That’s why ICE has chosen trade[XYZ] as its exclusive partner to bring 24/7 perps to the U.S.
Shifts in technology have pushed markets toward greater transparency, better price discovery, and broader access: from the coffee house to the curb exchange, ticker tape to the telephone, the trading floor to digital exchanges.
ICE helped write that last chapter. In 1997, Jeff Sprecher bought a small power-trading technology business for $1. ICE launched as an electronic energy marketplace in 2000, helped digitize major commodity markets, and acquired the NYSE in 2013. It has grown exponentially because of this appetite for innovation. That’s the partner we wanted: a partner that looks forward and embraces progress.
Americans deserve access to the most innovative markets in the world, and the protections of U.S. regulation. With trade[XYZ] and ICE, subject to regulatory approvals, they’ll have both.
The difference isn’t just access. Perps don’t expire, so traders never have to roll positions, and liquidity concentrates in a single deep market for each asset. Cross-margining enhances capital efficiency by letting one pool of collateral back positions across stocks, commodities, and crypto. Underpinning it all are atomic clearing and settlement, real-time risk management that enables continuous markets, and universally applied rules that anyone can verify. This is the next chapter we’ll write together.
My responsibility, our responsibility, is to now build markets worthy of the confidence our partners and our users have placed in us. Our commitments will not waver: to fair and transparent markets, to diverse markets, to low costs of execution, and above all, to market integrity.
All of this in pursuit of one thing:
A universal exchange, open around the clock, coming to the United States.
We’re proud to have deployed more than 100 markets on trade[XYZ]. But measured against the opportunity ahead, we’ve barely started. There is an enormous universe of assets we haven’t reached, alongside things people want to trade that have no established market at all. Wherever there is demand to trade an asset, we want trade[XYZ] to be where its price is discovered.
Global stocks, commodities, bonds, pre-IPO companies, compute, new indices, digital assets, interest rates, equity baskets, volatility products, alt assets… Anything. Anytime. Anywhere.
Ultimately, everything you own should work with everything you trade. Picture a headline breaking on Saturday night. You should be able to post tokenized shares as collateral, hedge your portfolio with an index perp, add exposure to oil, and take a view on a company that has not yet gone public. All in one account, all on one risk engine, before any traditional market opens. trade[XYZ] and Hyperliquid were built for this.
I hope someone opens their first investment account years from now to find that trivial, and to wonder why their predecessors needed so many separate financial relationships. Getting there will take liquidity, reliability, trust, and prices people have reason to believe. It will take years. I’m prepared to spend them.
Finally, a few thank yous.
First to the XYZ team: For the tireless nights and for committing to this vision before it was obvious.
To Jeff Sprecher and ICE, with special thanks to Michael Blaugrund and Trabue Bland who championed us throughout: You’re a world-class, technology-embracing team that proves innovation and scale are in fact not at odds.
To Stan Druckenmiller: For your partnership and helping us turn the next page.
To Hyperliquid Labs: For being the best partners we could ask for. You set an impossible standard, one we continually strive to meet. @chameleon_jeff, @iliensinc, @xulian_hl
And most importantly, to our users: You traded these markets when no one thought it mattered.
Guess what? It did.
trade[XYZ] and ICE, owner of the New York Stock Exchange, are joining forces to bring 24/7 perpetual futures on Hyperliquid to the United States.
In just over a year, our markets on Hyperliquid have surpassed $650 billion in volume. They provide continuous price discovery for stocks, indices, and commodities, and have become trusted reference points for retail and institutions alike when traditional markets are closed. Much of the world trades them. Until now, Americans could only watch.
We intend to change that. Subject to CFTC approval, trade[XYZ] and ICE plan to establish a new, dedicated U.S. market, with novel exchange and clearing infrastructure built on Hyperliquid. Planned contracts span equities, indices, commodities, FX, and crypto, with access through participating brokers and platforms. We’ll share more on products, eligibility, and timing as approvals progress.
ICE brings more than 25 years of experience operating regulated markets, clearing, and managing risk. trade[XYZ] brings the product development, market design, and technology behind the most liquid and robust markets on Hyperliquid.
Innovation and the protections of U.S. regulation shouldn’t be a trade-off. Together, we plan to prove it.
ICE is making a strategic investment in trade[XYZ] and joins us in building towards the future of Hyperliquid. A small group of market luminaries is joining as well, beginning with Stan Druckenmiller. For more than four decades, few investors have anticipated the great turns in markets as often as Stan. We’re proud to have him with us for the next one.
We’re building the U.S. market in parallel with our existing HIP-3 markets, which we’ll continue to expand and innovate on. We expect both to flourish. They each have a long road map ahead, from new asset classes to new ways to trade them.
To the Hyperliquid community, whether you were here before us or came because of us, thank you. You took a chance on new markets and you made them matter. You’ll forever be a part of this story.
Anything. Anytime. On ICE[XYZ].
chain explorer retweeted
I am excited to be an investor in trade(xyz) as they partner with ICE to bring 24/7 perpetual futures on Hyperliquid to the United States. As a market participant, I am looking forward to to using their innovative product to enhance my investment process.
chain explorer retweeted
As someone who has personally spent $500k / mo+ on Google Ads for years, I can tell you with certainty:
This revenue growth in Search is artificial & extremely unhealthy for Google’s business long term
Search volumes are declining as legacy search is being increasingly cannibalized by non-monetized LLM queries
Google’s response?
Manufacture revenue growth via short-sighted, highly extractive, customer-hostile tactics. I.e. charge advertisers more for lower quality clicks, including clicks they do not want and explicitly did not approve Google to charge them for
A few examples to illustrate:
For all of its history until recently, Google operated on a 2nd price auction model
I.e. if you bid $5 CPC and the next highest bidder bids $1 CPC, Google charged you $1.01 for the click (one penny more than the 2nd highest bidder) rather than the $5 you bid
This was a genius move by Google early on as it incentivizes advertisers to input their true maximum willingness to pay rather than trying to play the game of bidding low and constantly adjusting to try to stay just ahead of the next highest bidder while still not paying too much
However recently, Google silently deprecated the 2nd price auction and began charging advertisers as much as their bid and budget caps allow, regardless of what anyone else is bidding
It’s a short-sighted cash grab at the expense of the long term health of the advertiser ecosystem
Making thing worse, Google also recently nerfed keyword targeting precision
Google previously had precise keyword targeting settings that allowed advertisers pick individual search phrases to bid on, defined down to the character w/ exact match or phrase match targeting
This was one of the core features that made search advertising magic, enabling advertisers to run extremely precise campaigns based on exactly what their target customer typed
But now, even if you bid on a specific term or phrase using the strictest exact
-match targeting settings, Google will show your ad across 1000’s of unrelated keywords, labeling them as as “exact match (close variant)”
The definition of “close variant” means whatever they want it to and changes constantly. The result is advertisers get billed for clicks that are totally irrelevant to their business and that their targeting settings explicitly forbid Google from targeting. Google does it anyway and there’s no ability to turn this off
So now exact match is broad match, and broad match is just meaningless spam
This is all very bad for advertisers, but for Google, it allows them to show your ad and bill you for clicks across 1000x more searches that were previously going unmonetized (mainly because they’re garbage queries no one wants)
This is how you grow revenue atop declining search volumes
Lastly, and perhaps most egregiously, Google quietly stopped respecting budget caps by a factor of 2x. For example campaigns we’ve been running for years with $1000 daily budget caps suddenly began spending $2000+ per day
And the extra spend is entirely on the garbage keywords Google arbitrarily throws in as “exact match (close variants)” which have no value to our business, but can’t be turned off
Google offers no refunds nor any recourse for overspend or spend on keywords you explicitly did not target
These are not the actions of a healthy business. These are the actions of company whose core business is in decline but desperately needs to pump quarterly earnings so Wall Street will continue to fund insane capex while hopefully looking through their rapidly deteriorating negative free cash flow
Google operated a benevolent monopoly for the better part of 25 yrs
Meaning the value Google captured from Search was but a small fraction of the value it created, and that spread produced a potential energy that justified expectations of high earnings growth far, far into the future
This is now no longer the case
At the alter of AI capex, Google is sacrificing the golden goose
Q2 was an amazing quarter, with our AI investments redefining what’s possible across every part of our business.
Alphabet revenue grew 24% YoY and Google Cloud accelerated to 82% growth. We saw exciting momentum across the board from Search to YouTube to the Gemini app (which reached 950M monthly active users). Our model APIs are processing 22B tokens/min (up from 16B+ last quarter) driven by our workhorse Flash models. We’re also seeing great adoption of Gemini Enterprise, used by 90% of the Fortune 100, as well as strong demand for our security solutions.
Outstanding results and momentum, and such an exciting moment—thanks to all of our partners and employees around the world! 🙌 About to hop on the call!
chain explorer retweeted
One of the coolest things an ultra wealthy person has done in recent memory.
chain explorer retweeted
The AI in @elfa_ai is live!
Ask ANY trading questions. Get ridiculously accurate responses.
Why a token pumped, catalysts, trading theses from smart accounts.
Expert mode: Deep research
Fast mode: <5s response
When the market gets rough, you don't have to face it alone anymore.
chain explorer retweeted
It’s unbelievable to me that after all these years of learnings to be had, academia STILL chooses to double down on the elitist attitude of “I was wrong because I was right”
The greatest irony of academia is that while it preaches the values of learning, it never learns
chain explorer retweeted
“As there is always more misery among the poor, they are more accustomed to helping one another. The rich never help each other, because they never need to.”
Victor Hugo
“It is a curious fact, but it is only the poor who are generous. The rich are often afraid of losing something; the poor know they have nothing to lose.”
George Orwell
chain explorer retweeted
Okay so I’m drunk, bored and on a plane, so I’m going to address this point by point. I’m doing this because I despise the part of the Ethereum religion that promotes euphemisms over reality, as in my view it gets in the way of real progress.
Why do you think I named it MolochDAO? 👹 I wanted everyone to read the meditations on Moloch blog post and understand that we as a community are at war, and our so-called values are at stake.
We either win or Ethereum is irrelevant, and Ethereum preachers attempting to divorce us from reality with estranged polemics do nothing to help us.
For context, my interactions with Justin have been limited. Our first in-person interaction was him chiding me for the MolochDAO “State of Ethereum 2.0” report which was the first ever MolochDAO grant, and resulted in identifying Danny Ryan as the lead coordinator for the ETH 2.0 effort. His reaction was: “you’re just stirring shit up to satisfy your own ego and nothing will result from this.” Thanks Justin. Our second (online) interaction was when we argued about the Ethereum value proposition. His position was “ETH price doesn’t matter and we shouldn’t pay any attention to it”. My argument was basically: “well, if ETH goes to 0, what is the security budget for Ethereum?” And then he became the “ultrasound money” guy, which I was OK with. Yay.
Fast forward to today, and we have a post by Justin, one of the Ethereum high priests and RTed by Vitalik talking some absolute fucking nonsense that is emblematic of our retarded Ethereum religion of living in fucking lala land ivory towers and valuing our utopian bullshit over dealing with and improving upon practical reality.
Let’s begin:
Actually before we get into it, one must remember one thing: Justin is French. Okay. I wish that wasn’t relevant but you can be your own judge:
> We're building the future of finance—internet finance.
On this point I agree. The greatest success of Ethereum to date has been extending US dollar dominance around the globe. Yay Tether and yay USDC.
> Unstoppable global free trade, not trade wars.
Okay now the politicization starts. This is not about Ethereum, this is about Trump, and his proposals to raise tariffs, making him & the US look like the bad guy.
> Credible neutrality, not entrenched interests.
The credible neutrality of Ethereum is a meme at best and a psyop at worst. I’ve written about this here: teapawt.net/ameensol/status/189170….
We basically never talk about how the stablecoin issuers could take over Ethereum fork choice if they felt so compelled. Lyn Alden, one of the smartest Bitcoiners, makes the same point here: lynalden.com/proof-of-stake/.
> Permissionless innovation, not bureaucracy.
Permissionless innovation is great in theory. In practice it looks like anti-trust laws, and in the worst case it looks like Tornado Cash accidentally facilitating privacy transactions for North Korea. Woops.
> Undebasable money, not money printers.
I agree! All ETH nerds who also agree should take out massive RAI and LUSD debt to power the ETH economy instead of fiat. Oh wait, Tether and USDC are 1000x bigger. The revealed preferences are that ETH whales don’t give a shit. Even Vitalik only minted just enough RAI to be profitable and help us advertise. If he really wanted to, he would have simply become the ultimate RAI market maker with a chunk of the half a billion dollars of ETH he still has. But it’s too late anyways, we’re shutting RAI down next month. Thanks for playing.
> Sovereign individuals, not intermediaries.
Sure, but if we’re being honest Aave is just replacing the other intermediaries (who I would need to call) with a program which acts as the intermediary money market fund so I can get my juicy 4%ish yield without having to talk to humans. My money is at least somewhat more secure in this setup, but it's silly not to consider Aave an intermediary as well.
> A multi-decade vision, not 4-year cycles.
Is this about crypto or about the US or about how long it takes Justin to get laid? Hard to say.
> The internet, not imperial superpowers.
Ah yes because somehow the internet is going to replace the powers that be. The internet only claims power if it can act as a deterrent to violence, which it can only do if it can harness violence. Maybe Justin is more based than I thought: hey Justin, was this a reference to assassination politics by Jim Bell? How else could we even contemplate taking on imperial superpowers?
cryptome.org/ap.htm
> Positive-sum games, not rent-seeking.
This part I vaguely agree with, except that these concepts aren’t even contradictory, so putting the “not” in between them doesn’t make sense. The ultimate capitalistic manifestation of a business is to become a monopoly, and so the positive sum games will be evaluated to the degree that they complement the business's interests, thus the positive sum games would likely also simply be rent-seeking businesses working with other rent-seeking businesses in different verticals. Yay.
> Peaceful revolutions, not warmongers.
Okay thanks Justin how do you propose Iranians topple the Islamic Republic of Iran? Vibes? Papers? Essays? Iranians did the whole “woman life freedom” thing and thousands of protestors got executed. Now what? The reality is that might makes right, and without might, you can’t protect anyone’s rights.
> Cryptography, not aircraft carriers.
Ah yes, the “Yemen yemen make us proud, turn another ship around” Houthis who attack US ships and threaten all Western trade through the Strait of Bab-el-Mandeb are far more afraid of cryptography than airstrikes. I think if we add Groth16 precompiles to Ethereum they would simply give up and we would have world peace. I’ll take my chances with the three US aircraft carrier groups that just pulled up and started blowing shit up.
> Network effects, not isolationism.
If you believe in sovereignty, then you have to respect consent, and that includes the ability to withdraw your consent from trade agreements you no longer believe favor you. In the case of the US, our companies have been getting their IP stolen from and copied by China for decades with no recourse - does that count as “network effects?” Maybe when the US decides to once again act in its own self-interest, re-onshore manufacturing for resilience purposes, it’s a good idea to take stock of who finds this “isolationist” and who simply respects the US for being able to protect its own interests as part of a “multi-decade vision”.
> Fairness by design, not cronyism.
Yes, but fairness not cronyism implies the ability to impose fair rules on would-be cronies, and so implies a degree of (violent) power that must be harnessed for that purpose. Those who stand against aircraft carriers wouldn’t get it.
> Open competition, not oligopoly.
How open? Do we abdicate sovereignty in the name of letting foreign businesses outcompete our local businesses and make us dependent on foreign products? Does that increase our resilience as a people? Maybe a local oligopoly is better than the alternative of a foreign monopoly?
> Network states, not nationalism.
All network states today are a fucking joke, and nationalism is actually a good thing. Without nationalism, your people don’t have a national identity. Even network states—if you read the book by Balaji which I’m sure Justin hasn't—are constructed around a core ideology, which unifies the people and can be thought of as the central “national myth”. Nationalism 2.0.
> Frictionless markets, not tariffs.
Once again, this is about Trump. It is part of the sovereignty of every country to be able to tariff whatever imports they want, and advocating for “frictionless markets” is essentially facilitating the globalist agenda without caring about the interest of any particular country, including your own.
> Innovators, not lobbyists.
So as long there are rules in a democracy, legislators need to write them. One of the most important things Ethereum has been able to do has been to help promote laws that promote privacy, self-custody wallets, access to DeFi, staking, etc… Why did Vitalik organize several week-long think tank meetings including with the Prime Minister of Montenegro if lobbying was bad? Innovators and lobbyists need eachother.
> Builders, not lawyers.
God fucking dammit Justin you fucking retard. Clearly you don’t give a fuck about either Roman or Alexey who are facing prison, or the small contingent of elite lawyers who are the only thing that give any of us hope that Roman & Alexey might achieve their freedom? Three different lobbying groups of lawyers have filed amicus briefs in the Roman Storm case in the US, attempting to support his arguments that developers should not be held liable for the crimes of their users. Roman faces 45 years in prison on 3 different charges: Conspiracy to violate international sanctions (20 years), money laundering (20 years), and running an unlicensed money services business (5 years). Without the efforts of the lawyers supporting him, he would already be in prison for essentially the rest of his life.
> Devs, not politicians.
You insufferable french twat, you probably don’t even realize that you yourself are more politician than dev. Please continue grandstanding about the fucking beam chain or whatever, because that will surely solve Ethereum’s problems. In reality, working with politicians has been a great success story. Bitcoiners gave Trump a bunch of money, so now he's a "pro-crypto" president (far more than he was in his first term). And this is now the first time that I personally am not worried about potentially going to prison for my involvement in Tornado Cash, and also hopeful that Roman & Alexey could see freedom. Politics is part of life, and so are politicians. Grow up.
***
That all said, I still have hope for Justin. Last time I argued with him, he understood that ETH price is important and became the ultrasound money guy. Maybe this time he’ll become a realist. One can dream :)
Do I have hope for Vitalik?
He seems like a smart guy, maybe he'll figure it out. 🤷♀️
Today's a good day to remember why we're here.
We're building the future of finance—internet finance.
Unstoppable global free trade, not trade wars.
Credible neutrality, not entrenched interests.
Permissionless innovation, not bureaucracy.
Undebasable money, not money printers.
Sovereign individuals, not intermediaries.
A multi-decade vision, not 4-year cycles.
The internet, not imperial superpowers.
Positive-sum games, not rent-seeking.
Peaceful revolutions, not warmongers.
Cryptography, not aircraft carriers.
Network effects, not isolationism.
Fairness by design, not cronyism.
Open competition, not oligopoly.
Network states, not nationalism.
Frictionless markets, not tariffs.
Innovators, not lobbyists.
Builders, not lawyers.
Devs, not politicians.
Internet finance is coming. It's built different. Believe in something.
chain explorer retweeted
For years, DeFi has mirrored TradFi—recreating everything from lending markets to structured products and even Pendle PTs, our take on zero coupon bonds. Until now, this flow of influence has mostly been one-way. But that may be changing. With the GENIUS Act clearing the US Senate Banking Committee, stablecoins are finally gaining regulatory clarity and a path to real-world adoption.
Considering the current market conditions, this has come as an opportune moment for DeFi, @pendle_fi especially. Markets are in turmoil and uncertainties are brewing. Both funds and retail investors alike are clamoring to reduce alt exposure, opting to instead bunker down in The Winchester of crypto - stablecoins, while they wait for all of this to blow over. In such a high-fear, high-caution environment, the combination of stable assets (i.e. fixed price) + fixed yield becomes an incredibly attractive value proposition.
Traditionally, this low-risk role is filled by T-Bills in the range of 3-5% APY. On Pendle, equivalent offerings are yielding 8–12% APY—even in this downcycle. That makes us one of the most compelling destinations for investors looking to reduce exposure while still generating real, meaningful returns.
Once the Citadels are fully operational, this same product suite—fixed yield on stable assets—will become accessible to TradFi clients as well, offering them a novel way to put their dollars to work more productively, with a risk profile they already understand.
With over 35 stablecoin pools already in play, we are looking to expand Pendle's coverage more aggressively in the coming months. Beyond our carefully curated listings, stablecoin projects can easily spin up their own yield and points markets with the upcoming launch of our self-listing portal, making Pendle the go-to hub for stablecoin-based yield.
In a market where capital is cautious and yield is scarce, Pendle sits at the perfect intersection of stability and performance—built by DeFi, ready TradFi, thanks to the value proposition in stablecoin fixed rates.
Job’s not done. But it’ll be.
chain explorer retweeted
🤖 Introducing Robots.fun 🤖
It’s like Pumpfun but for real world robots
And it’s powered by @virtuals_io tech
Built by the team behind @frodobots (just raised $8m to build Bittensor for robots)
Read on for the 101 👇
Start with their announcement here: teapawt.net/robotsdotfun/status/18…
It begins with SAM, a small autonomous mofo
What is SAM?
Sam is a robot, an AI agent, and a memecoin
The robot: shop.frodobots.com/products/…
The AI agent: teapawt.net/SamIsMoving
The memecoin: dexscreener.com/solana/5w2fr…
As Luna is for Virtuals and Eliza is for ai16z, SAM = Robots.fun (it's important!)
Robots.fun is a place where anyone can launch embodied AI agents — a true first in crypto
Every robotic AI agent has a physical ROBOT, an AI, a token, and a human player (you!)
FrodoBots provides the AI and robots
Virtuals powers the token and launchpad infra
$SAM underpins the tokenomics (!)
Buy and launch your own robotic AI agent for ~$200 USD
Then battle with other players in real-world treasure hunts
It's Pokemon Go + robots + NFTs
Forget #RWA -- it's RWR (real world robots)
Robotic esports maybe?
Humanoid robots maybe?
BattleBots with crypto maybe?
Follow @robotsdotfun for the latest updates
Official launch this month
And follow @frodobots and @samismoving to learn more
AI agents have spent the past 6 months infiltrating every corner of the internet, but can they cut it in the real world?
🚀 Announcing @robotsdotfun - a Launchpad of Robotics AI Agents built by @frodobots, powered by @virtuals_io & ruled by @SamIsMoving
A thread 🧵 - 1/4
chain explorer retweeted
Thinking about creating an AI agent?
Dive into the Press Start 👉🎮 AI Agent Ship-a-Thon to bring your idea to life!
chain explorer retweeted
FartStrategy will accelerate the Fartcoin Flywheel. trib.al/66nTo94 via @opinion
chain explorer retweeted
Introducing Fuel Shot - the fastest way to airdrop tokens on @fuel_network!
Easily distribute tokens to hundreds of addresses in minutes: fuelshot.xyz
🧵
