investing @yzilabs all views and opinions are my own
Trenches
Joined May 2012
- Tweets2.7K
- Following1.6K
- Followers2.3K
- Likes4.5K
Definitely biased here but high confidence that @binance strengthens its position at the top post exploit
- Shown that it is resilient even in the face of the biggest hack ever
- Recovered in record time with their own funds
- User will be more assured than ever give how Binance have handled this crisis
Large funds are flowing into #Binance, with 24-hour net inflows reaching $1.822B.
defillama.com/cexs
Jermaine retweeted
EASY Residency Season 5 is officially underway!
This cohort brings together 25+ teams, selected at an admission rate under 4%, working on AI agents, RWA infrastructure, privacy wallets, DeFi, and beyond.
For the next month, the cohort will build side by side in Bangkok, with mentorship, investor access and community support, leading up to Demo Day on November 28 during Binance Blockchain Week.
Welcome, Season 5!
This quoted post is unavailable.
Jermaine retweeted
A little something that's not mentioned, and ppl may not even think about:
Binance did not borrow money
Binance did not sell assets
Binance did not raise money
Binance covered from its balance sheet.
This differs from other incidents that people keep wanting to compare to. 🙏
Jermaine retweeted
I first met @cz_binance in person at our @CumberlandSays summit in Singapore in 2018. I had been following his thoughtful commentary as he grew @binance from a startup to the largest crypto exchange. Anytime a risk or hack issue came up, his responses were thoughtful and direct. I have the utmost confidence that Binance will get through this difficult time and go on to great things from here.
The way people are thinking about onshore Hyperliquid US is overly optimistic imo.
“Will it be possible to combine the liquidity of the offshore order-book with the onshore order-book?”
Think about how regulated hyperliquid will look like and how the trading experience feel like
Further to my post about @NYSE working to bring @HyperliquidX onshore, major credit to @ChairmanSelig and the Trump administration for making all of this experimentation possible.
There’s only one way of finding out if something is useful to the marketplace and I’m excited for us to find out. I do have some questions:
1. What is the benefit of trading perps on-chain on a regulated exchange? Isn’t the main benefit of trading on-chain to operate in a trustless (aka non-kyc’d) environment in order to minimize friction, and/or to be able to enter into atomic transactions in order to receive what you are buying in realtime? Since a perp is not an asset, that obviously isn’t helpful.
2. @standuquesne - are you aware that if you trade on Hyperliquid, the world will be able to track your positions and trades in real time? Do you see that as a benefit?
3. Hyperliquid has priority fees - a mechanism that enables market participants to pay to see information first, or even prioritize orders in front of the queue. Is this consistent with CFTC core principles?
4. Will it be possible to combine the liquidity of the offshore order-book with the onshore order-book?
5. If not, wouldn’t it be better to list perps in a traditional (centralized) order-book on a regulated exchange and not have the inefficiencies that on-chain matching introduces?
Jermaine retweeted
I want to speak to you directly about what happened.
Bottom line - your money is safe, and we're covering every loss.
Our initial investigation suggests this security incident may have started with a compromised DevOps engineer's laptop. That gave an attacker access to a service container, where they submitted unauthorized withdrawal transactions.
To be clear: the attacker did not simply use one engineer's permissions, and this was not a single "one-click" action. It involved a more complex attack process. Our investigation has not attributed responsibility to any individual.
So far, we have found no evidence of any wallet private key leak.
We'll share a detailed technical post-mortem once the investigation is complete and every fact is verified - and publish an updated Proof of Reserves once remediation is complete.
What you need to know:
• Your funds are safe
• Binance will cover all losses from the SAFU fund and company funds
• Estimated total impact: ~$6.3B, with ~$3B frozen on-chain so far, in coordination with our blockchain partners
• No evidence of any wallet private key leak
• Deposits are unaffected and operating as normal
What we've done:
• Temporarily suspended withdrawals while we complete a security revamp of the withdrawal service and its related addresses
• Revoked the affected address authorizations
• Engaged law enforcement and blockchain intelligence partners to trace and recover funds
Our team hasn't stopped. We're working closely with law enforcement to ensure the matter is handled appropriately - and I'll share what I can, as soon as I can.
my token 2049 recap
- there is less noise, most low quality investors/projects have been washed out.
- Tokenized equities were arguably the biggest topic with questions around increasing usage with lending/borrowing and basis trade etc
- Spot tokenized equities are cool but most of the money will be made with the derivatives (equity perps)
- Stablecoins and payments gained conviction but customer acquisition is still a key question with emergence of crypto cards, neobanks and payments services
- Onchain trading is expanding into a broader financial product ecosystem which includes trading interfaces, automated strategies etc.
- Trading is also becoming a media and distribution business. live competitions, social trading and creator led events were highlights of the week
- The commercial opportunity is to turn entertainment into discovery and sustained product usage. The metric to watch is whether viewers become retained, funded users after competitions and rewards end
- long live memecoins, they are not going anywhere soon
- Pearl is a constant topic that came up. Primarily a narrative driven token, hardly no one asks about whether it actually produces useful work. I guess it's not that important if everyone just assumes it does.
- Papertrade is also another new project that had a lot of attention. this tells me that there is a lot of appetite for degen defi products
- Variational seems like the most anticipated TGE in Q4. Most agree that they have a strong team and product. Most will comp them using a perps multiple even though Variational is actually a brokerage.
- Revenue meta is still going strong
- Token investors are questioning how business success reaches tokenholders. A successful product may benefit its stakeholders without creating value for its token
- Equity/token divide is still a problem the industry is keen to solve
- Besides polymarket and kalshi, people are looking out for the next possible prediction market giant on hip4
- Onchain options is coming back into the picture again
Free alpha for everyone on how I’m farming on papertrade.
Instead of optimizing for $paper by getting liquidated, I’m going 1000x long or short depending on where I think the price will go. As long as I don’t get liquidated, I’m able get a leveraged win. Starting my $1000 > $1m challenge right now
Jermaine retweeted
My personal hope is every company starts issuing native equity onchain, just as the direct listing became a viable alternative to the initial public offering
Besides pearl, papertrade was another popular topic at Token 2049
Everyone’s thinking about farming $paper but seems like most people are doing it about the same way
papertrade pre-deposits are live!
papertrade.xyz
in order to avoid the launch trading congestion, deposit during the next two days to secure your spot at the starting line. once trading begins, account creation/deposits will be heavily deprioritized.
no need to rush - there is no advantage to depositing earlier during this period.
when on 10.10 will papertrade go live?
live trading will begin approximately one hour after the expected hyperevm network upgrade on 10.10. the exact upgrade time is not known beforehand. the official hyperliquid discord will post an update when the upgrade is about to begin, so keep an eye there for an early heads up. there is a small historical possibility that the upgrade will happen on the AM of the 11th.
One more time someone tells me their future users are not humans but billions of ai agents I swear to god
was probably the most high signal event I've been to so far at Token this year. Given the mystique and difficult accessibility of Pearl, many people were asking the following:
1. what is pearl? Why is it AI Bitcoin?
2. where do we buy pearl-2:native
3. what is @safetrade and will it rug?
4. how high do you think this will go?
5. Do we sell this when it gets listed on other exchanges ?
6. what? there are investors behind @prlnet ?
Planned a chill Pearl gathering for 40-50 pax to meet the Pearl team and 120+ showed with 600+ signups.
All high quality and signal folks.
Sorry we couldnt take in more folks! Was super last minute, organized this in a week.
Pearllions. pearl-2:native
Huge thanks to @nolimithodl for the sponsorship!
