Research @gsr_io | prev: @wintermute_t @bloccelerate
New York, NY
Joined November 2018
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Hyperliquid is 7% of Anthropic's valuation.
Hyperliquid is 42% of Anthropic's annualized profit.
Are you bullish enough?
Slater Santer retweeted
Good place to start on who owns the data behind AI: @fintechfrank and @slatersanter with @vana co-founder @annakaz on @GSR_io's The Desk.
The line that stuck with me: "The platform's gonna do what's best for the platform..."
Once agents shop for us, whose rails your data runs on matters.
“The platform’s gonna do what’s best for the platform, not what’s best for the consumer.”
In episode 5 of The Desk, we sit down with Anna Kazlauskas (@annakaz), co-founder of Vana and CEO of OpenDataLabs. We cover what happens when public internet data hits a ceiling, what stays scarce once models know everything, and what changes when agents start shopping for us.
Watch the full discussion here:
Slater Santer retweeted
“The platform’s gonna do what’s best for the platform, not what’s best for the consumer.”
In episode 5 of The Desk, we sit down with Anna Kazlauskas (@annakaz), co-founder of Vana and CEO of OpenDataLabs. We cover what happens when public internet data hits a ceiling, what stays scarce once models know everything, and what changes when agents start shopping for us.
Watch the full discussion here:
Slater Santer retweeted
"Big week?" Yes.
Don't miss this week's market report written by our analysts Carlos (@carlos_guzman) and Slater (@slatersanter). Link is in the next post.
Not really:
Despite the rise in OI, the market is not yet close to the levels of leverage seen around October 10 of last year, relative to the aggregate market cap of crypto assets. Our Market Pulse OI gauge, which weighs futures against total market cap, actually fell from 2.7% to 2.6% this week, well below the top of a one-year range that includes the run-up to 10/10. Positioning also looks less one-sided, with funding falling from +7.5% to +2.4% annualized even as dollar open interest rose against last October, when $16.7B of the $19.1B liquidated was longs. Our measures show that leverage relative to market size sits in the middle of its one-year range.
Slater Santer retweeted
Stablecoins are quickly shaping up to be a multitrillion-dollar market.
@zerohashx is a unicorn building the infrastructure to power it.
CEO @e_woodford joins GSR’s The Desk to break down where real stablecoin volume is emerging, why stablecoins now make up the majority of its business, and the race to become the AWS of on-chain finance.
Slater Santer retweeted
Median float at first CEX listing:
2017: 38.2%
2018: 41.0%
2020: 13.2%
2024: 18.0%
2025: 19.2%
2026: 22.3%
Launch floats have roughly halved since the ICO era.
via GSR Research
Slater Santer retweeted
Hayden Adams (@haydenzadams) sat down with Frank Chaparro (@fintechfrank) to chat about digitizing value and why tokenization is doing for assets what the internet did for information. They discuss AMMs, RWAs, correlated pairs, impermanent loss, Uniswap's evolution, and more.
"There's actually been a bit of a liquidity drain from what used to be a big source of liquidity in the market."
GSR's Head of Markets explains why global liquidity conditions have begun tightening.
"Up until very recently, the major tech companies in the world were a big source of dollars that flowed into investor hands. Every quarter these guys would buy back tens of billions of dollars of their own stock, because they're printing money hand over fist."
"What lies ahead in AI is going to entail a huge amount of capital investment. That flow's reversed. Google sold eighty billion dollars of stock to the market. SpaceX held the largest IPO ever."
