Crypto Research & Data @cybercapital | Daydreaming about Internet Capital Markets ... or snowboarding | not financial advice
Joined March 2015
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vik0nchain retweeted
The litmus test for if an on-chain equity is a real equity:
If *you* can transfer it back and forth to TradFi without incurring a taxable event
Looks like solana:jtojtomepa8beP8AuQc6eXt5FriJwfFMwQx2v2f9mCL is preparing to send bears back into hibernation.
For years, Jito has been at the core of Solana:
1. ~58% Validator Client Stake across Jito Agave + AgaveBAM.
2. BAM Block Building + Execution Plugins (MPP + more)
3. JitoSOL is the leading non custodial LST on Solana and set the precedent as first to share real MEV with holders.
Now, they're leveraging that same infrastructure to ship Solana's institutional grade trading terminal @jtx_trade with optimizations across the whole stack.
@minnus modeled 80% of JTX revenue flowing to buybacks. Today, JIP-38 doubled down, committing 100% of the DAO's JTX revenue to buybacks.
The combination of protocol quality + token alignment is hard to come by.
The future is bright.
vik0nchain retweeted
This is why I track BTC perp pricing deviations from Binance across different solana crypto venues.
Over the past two weeks, @PhoenixTrade has improved materially and is now pricing BTC perps closer to Binance than Hyperliquid since the start of July.
Phoenix’s spline design lets market makers update prices cheaply while keeping matching and margin fully onchain. Seeing that improvement show up in the data is a meaningful proof point. The next test is whether it persists across a longer time horizon.
The fully onchain @solana thesis cannot rest on greater value accrual and verifiability alone. It ultimately has to deliver competitive execution for users.
vik0nchain retweeted
People underestimate how important it is to reject maximalism and bring communities together.
"The rigor of the argument matters just as much as who was right or wrong"
The best way to grow through discourse is to optimize truth seeking over being correct.
Be disagreeable + intellectually honest.
Stop being a slave to your need to be right.
solana:METvsvVRapdj9cFLzq4Tr43xK4tAjQfwX76z3n6mWQL is in a tier of its own for Tokenized RWAs.
Unlike generic AMMs like Raydium CLMM and Orca Whirlpools with gradual slippage throughout a tick range, Meteora's DLMM pools deploy liquidity via discrete bins.
These bins are akin to a ladder of limit orders in a traditional order book, effectively eliminating slippage at a set price entirely.
RWAs are generally less volatile than crypto native assets. This enables Meteora DLMM bins to remain active much longer, maximizing capital efficiency and LP revenue.
While PropAMMs dominate volumes once incentives are strong enough to step in, @MeteoraAG is the clear winner when oracle pricing is less reliable after hours and prior to PropAMMs beginning to quote.
If tokenized equities trade 24/7, how does price discovery happen when traditional markets are closed?
Prop AMMs likely lead for liquid names when oracle/reference pricing is clean.
But after hours, pools become more interesting, as the onchain market has to decide price itself.
However, the bigger question is - how can price discovery eventually move onchain even during market hours?
Hard to be bearish solana:So11111111111111111111111111111111111111112 here.
"@Solana just happens to be the only option that has both speed and depth."
Internet capital markets are inevitable.
We are moving from MegaETH to Solana
We spent 6 months building on MegaETH, with the tireless technical support from Bread and the team. We truly wish the team all the best, and hope that one day we'll have the opportunity to work with each other again.
We are moving to Solana, but not other chains/L2s for the following reasons:
• Ecosystem TVL
• Sub-400ms
• Access to a wide variety of assets through @sunrise
@Solana just happens to be the only option that has both speed and depth.
2/4
NEAR is one of the few chains to innovate over multiple cycles.
2020: Mainet (Single Shard)
2021: 1 Shard
2022: 4 Shards
2023: NEAR DA
2024: 6 Shards and NEAR Intents
2025: 9 Shards and NEAR AI Cloud
2026: Dynamic Resharding, Private Shard for Confidential intents.
@Justin_Bons and @ilblackdragon discuss NEAR's Governance, Economics, Scalability, and all of what makes NEAR one of the fundamentally strongest chains in the space.
"The future is bright, the future is near:native"
NEAR is the most scalable & decentralized crypto today
Finding the "holy grail" in design & building it! Solving the blockchain trilemma
A great discussion with NEAR's founder @ilblackdragon, as the Bons Review is back! 🔥
Join us as we dive deep into NEAR's incredible design:
Hyperliquid has consistently taken steps to towards the path of decentralization. Something many claim but few chains have done in practice.
They have a long road ahead, but they making progress.
I am not claiming it's permissionless because they say so. They only claim the infrastructure to be permissionless.
Builder codes have nothing to do with liquidity. The only thing builder codes do is enable you to charge an additional 10 bps perp fee. You can build and trade any interface without them.
"Nobody cares" about HyperEVM doesn't make it permissioned.
Have you tried running a validator yourself? I know operators who have.
The Foundation has abstained from participation in key governance votes. Voting is done through delegated proof of stake on a permissionlessly expanding validator set. Things have changed since 2025.
Hypercore is enshrined. That is the whole point. You can permissionless deploy a market, with its own margining and order book with HIP3.
TradeXYZ priority fees currently exceed base fees. 30% of trading comes from foreign front ends and. Some of the most competitive products are not native.
Once again, I think you are misplacing permissionless for decentralization. Hyperliquid made massive tradeoffs building for vertical integration, but that doesn't make the infrastructure permissioned.
Hyperliquid's is on track to close another ATH in market share vs CEXs for the month of June.
With Binance and the majority of >T2 CEXs failing to acquire MiCa licensees, EU access will be restricted from July 1.
Expect this share to grow.
Mysten built the primitives but made Sui anticompetitive by disincentivizing talent from competing.
Aftermath, Suilend, and Ika were the exceptions. One sunsetted, one acquired, the other migrated to Solana.
@bluefinapp is the last man standing in an empty colosseum.
Compete on spreads and volume will follow.
Liquidity opens the door, composability forms the moat.
Spot volume on @solana has just flipped Bybit.
Only Binance is still ahead.
Binance: $9.3B
Solana: $3.0B
Bybit: $2.6B
Coinbase: $2.0B
Kraken: $1.3B
Disagree with @KyleSamani here. Hyperliquid is permissionless.
Being open source and having distributed validator set are qualities of decentralization, not permissionlessness.
Permissionlessness is a binary feature of decentralization.
Decentralization is a spectrum.
Excited to present the nuance of market structure and architectural tradeoffs of Hyperliquid with @Justin_Bons at @CryptoCanal tonight
199. This might be the most rsvps we've ever gotten for a our #CryptoDrinks meetup. 🤩
@Justin_Bons and @vik0nchain of @cybercapital will present "@HyperliquidX the Good the Bad and the Ugly"
Walk in 18.30
luma.com/CryptoDrinks_Amster…
vik0nchain retweeted
Historic day for @solana:
For the first time ever, HYPE did more spot volume on Solana than all centralized exchanges in the last 24 hours.
This is truly insane, IMO. For an asset that didn't exist on Solana until just a few months ago.
ZEC also did more volume than all CEXes (other than the binance ZEC/USDT market).
BTC also posted almost $200m in 24h volume.
My guess: Solana is going to eat global spot trading marketshare in everything.
First from CEXes for all crypto assets. Then from trad spot exchanges for equities.
Lower fees, self custody assets, fully open & transparent markets that anyone can participate in, and a huge amount of distribution through hundreds of front-ends
This is a winning product formula.
Heliums supply growth has gone from 10% inflationary to 9.72% deflationary in less than 12 months on the back offloading mobile data to T Mobile Carrier and AT&T.
Safe to say @helium_mobile proved PMF.
The next chapter is bullish.
I've been seeing a lot of FUD and think a lot of people are misunderstanding this.
In the past year, industry major mobile data carrier offloads emerged as @helium's primary revenue driver.
This marked a major shift not only for Helium, but DePIN at large, as AT&T and T Mobile marked the first traditional infra players to leverage DePIN at scale.
Data transfer revenue directly accrues back to token holders through token burns, making solana:hntyVP6YFm1Hg25TN9WGLqM12b8TQmcknKrdu1oxWux deflationary.
@helium_mobile validated this use case, attracting the biggest players in telecommunications.
Through @AndrewYang 's acquisition, Helium Mobile shifts from a native service provider to an offloader just like AT&T and T-Mobile.
This puts both teams in a position to focus on what they do best, affordable consumer facing mobile services for
@joinnoblemobile, and highly scalable industry ready DePIN for Helium.
I've been seeing a lot of FUD and think a lot of people are misunderstanding this.
In the past year, industry major mobile data carrier offloads emerged as @helium's primary revenue driver.
This marked a major shift not only for Helium, but DePIN at large, as AT&T and T Mobile marked the first traditional infra players to leverage DePIN at scale.
Data transfer revenue directly accrues back to token holders through token burns, making solana:hntyVP6YFm1Hg25TN9WGLqM12b8TQmcknKrdu1oxWux deflationary.
@helium_mobile validated this use case, attracting the biggest players in telecommunications.
Through @AndrewYang 's acquisition, Helium Mobile shifts from a native service provider to an offloader just like AT&T and T-Mobile.
This puts both teams in a position to focus on what they do best, affordable consumer facing mobile services for
@joinnoblemobile, and highly scalable industry ready DePIN for Helium.
🚨 Big news: Helium Mobile has been acquired by @andrewyang's @joinnoblemobile
Noble Mobile shares our core belief that connectivity should be affordable and accessible for every American. By joining forces, we can deliver on that promise for more people than either of us could alone, with an unrelenting commitment to putting money back in your pocket.
As part of the deal, Noble Mobile will also use the Helium Network, expanding coverage for all of its subscribers across the US.
Current Helium Mobile subscribers: your phone number and service aren't going anywhere. We've built this transition to be seamless, with the same nationwide 5G and Helium Network coverage you experience today.
Full details: blog.heliummobile.com/noble
Hyperliquid buybacks are an exception to the rule.
But this is undeniably impressive.
That’s INSANE!!!
@HyperliquidX made over $1.5B from buying back $HYPE
For example:
@Pumpfun spent $373M buying back $PUMP and is down $150M
@JupiterExchange spent $87M buying back $JUP and is down $34M
HYPE is on a completely different level
Bear markets are brutal, but its where the growth happens. This is the time for major players to strengthen their weaknesses.
@HyperliquidX is further decentralizing by expanding its validator count over 12% next month.
@solana is launching MCP with Constellation, addressing the scheduler lottery plaguing market structure.
@Polymarket is migrating away from Polygon for lower fees and faster finality.
@Zcash is quantum proofing shielded transactions with Tachyon.
@SuiNetwork reduced validator stake requirements from 30m to 2.4m, lowering barrier to entry, addressing their historic limited validator count.