🎉 #AFASG25# in SG! 🎉 Meet & Greet - photos & merch ‼️ Only appear on Friday & Saturday. 📅 28 - 29 Nov 2025 📍Anime Festival Asia SG 📍Suntec SG Convention & Exhibition Centre

$OSCR Path to Recovery and Leading Indicators to Watch Ahead As OSCR is closing in on a 52 week high, its been a painful ride so far and the question has always been are finally out of the consolidation phase and out of the subsidy overhang and unexpected market morbidity that messed up the sector in H2 last year. I was trying to reconcile and see see how the path might look like for OSCR for rest of 2026, I want to provide a quick glance on what happened, what OSCR did to navigate this and what are the leading indicators that we can observe to see if we are finally out consolidation and overhang to realize the true value of business and valuation it deserves. 1) What Happened in the Broader Health Insurance Industry (Especially for Oscar) in H2 2025 After the big Medicaid redeterminations wrapped up in 2024, a lot of healthier folks dropped coverage or stayed out of the ACA individual market, while higher-acuity people shifted in from Medicaid. That messed up the risk pools across the industry.For Oscar it hit pretty hard in the back half of the year:Q2 2025 MLR jumped to 91.1% (from 79.0% the year before). Net risk adjustment payable shot up by $316 million. Full-year 2025 MLR came in at 87.4% (vs 81.7% in 2024). Ended up with an operating loss of $396.4 million even though revenue grew to $11.7 billion. Pretty much the whole industry saw higher MLRs and bigger risk adjustment outflows because of the worsening morbidity. 2) What the 2025 Wakely Report Said Wakely’s July 2025 “2025 Individual Market Risk Pool Considerations” (plus the later updates) laid it out clearly. Demographic-normalized relative risk scores rose more than 8% compared to 2023/2024 levels, with jumps as high as 11.6% in non-expansion FFE states. They tied it straight back to the Medicaid redetermination inflows. That report basically confirmed exactly why everyone, including Oscar, was seeing the MLR pressure in the second half of 2025. 3) What $OSCR Did to Navigate It Oscar didn’t just sit there. They resubmitted 2026 rate filings in states covering ~98% of their membership to properly account for the higher market risk scores. They doubled down on disciplined pricing, pushed more affordable Bronze options, leaned on their broker tools and tech platform for retention and acquisition, and kept tight control on utilization and costs. Solid moves that set them up much better heading into 2026. 4) Recent Conference Call: Favorable Early Signs and Waiting on Wakely Management said the market contraction is tracking in line to favorable versus their 20–30% estimate, and claims plus third-party data are showing market morbidity in line to favorable with their pricing. They’re being conservative on risk adjustment accruals (~24% of premiums vs a ~20% full-year target) and specifically mentioned waiting for more Wakely clarity.Q1 2026 results looked strong:Revenue up 53% YoY to about $4.6 billion. MLR improved big-time to 70.5% (490 bps better YoY), helped by pricing, the Bronze/new-member seasonality, and $68 million in favorable prior-period development. 5) Leading indicators to watch for The upcoming 2026 Wakely report on enrollment, payments, and morbidity trends is the big one to watch. If it confirms stable or lighter-than-feared market morbidity, better risk adjustment dynamics, and member mix that lines up with Oscar’s assumptions, it should de-risk the year and open the door to upside. Oscar has reaffirmed full-year 2026 guidance: Revenue $18.7–19.0 billion, MLR 82.4–83.4%, and operating earnings $250–450 million. Tailwinds from continued membership/share gains in a smaller but stabilizing market, already-baked rate increases, normalizing risk adjustment, and SG&A leverage should help drive that. As I compile this post, I was reminded of the below reply from @mtbert to one of the questions around the earnings call, when mark was replying to puzzles which shows, why they are able to navigate this better than what all the analysts could think off. @investingwithac @obfuscated_id @degeninvestor7 @Couch_Investor @TheRonnieVShow @dannycheng2022 @sheslee would love to hear your thoughts as I try out my first shot at long post, hope to keep sharing more !!

2025–2026, imo, is the period that showed the clearest value of tokens backed by real revenue and real value capture. Thousands of projects disappeared when attention and liquidity moved elsewhere. But protocols with real products, real users and real revenue are still here. And more importantly, some of them are finding ways to return that revenue to the token. Look at the current numbers: – @HyperliquidX $HYPE: ~$60M holder revenue in 30D, with most trading fees flowing into HYPE buybacks – @CantonNetwork $CC: ~$49M in 30D, with network fees used to burn CC – @trondao $TRX: ~$24M in 30D, with network fees continuously burning TRX – @Pumpfun $PUMP: ~$24M returned to holders in 30D through token buybacks – @uniswap $UNI: ~$16M in 30D, with protocol fees now flowing into UNI buyback/burn – @ponsdotfamily $PONS: ~$15M in 30D, with a large part of revenue used for buyback and burn – @aeroxyz $AERO: ~$14M in 30D, with trading fees distributed to veAERO voters – @LaunchOnSF $STONK: ~$10M in holder revenue, mainly through market buybacks – @PancakeSwap $CAKE: ~$5M in 30D, with revenue from multiple products used to buy back and burn CAKE – @Aster_DEX aster-2:native: ~$4.6M in 30D, with most platform fees currently used to buy back ASTER For me, the more interesting model is: Real users → real fees → real revenue → real token capture. I think this will become one of the metrics worth watching much more closely in the next phase of the market. NFA.

2025 was the perp DEX volume war. 2026 is the perp DEX product/infrastructure war. I filtered the most important updates so you can save time researching every perp DEX yourself. This should help you quickly see who is building what, how they differ, and which DEX fits your needs best. Perp DEXs used to compete mainly on volume, liquidity, fees, and execution. This year, the battle is expanding across several new product layers. ❯ Permissionless markets @HyperliquidX is pushing this through HIP-3, letting builders deploy their own perp markets and choose the oracle, leverage, and market parameters. @standx_official is taking a similar direction with Universal Markets, with more focus on community liquidity for new markets. ❯ TradFi / RWA markets @variational_io stands out with Swaps, bringing TradFi liquidity and financing logic into onchain derivatives. @edgeX_exchange, @OstiumLabs, @tradexyz, @OndoPerps, and @gmtrade_xyz are expanding across equities, FX, and commodities. The battle here is around pricing, liquidity, and funding for global markets. ❯ Productive margin @grvt_io, @extendedapp, and @Aster_DEX are making collateral more useful. The same balance can earn yield, act as margin, and support multiple markets. ❯ Privacy @paradex, @Aster_DEX, and @hibachi_xyz are turning private execution into a core trading feature. Position data, wallet activity, order flow, and trading intent can all gain an extra privacy layer, especially for whales and institutional flow. ❯ Emerging challengers @pacifica_fi, @nadoHQ, and @perpltrade are the names I’m watching here. Strong distribution, chain-native communities, and a clear product wedge can help newer venues capture market share quickly. If I had to simplify it: Hyperliquid: permissionless markets Variational / edgeX / TradeXYZ / Ondo Perp: TradFi & RWA GRVT / Extended / Aster: productive margin Paradex / Hibachi : privacy Pacifica / Nado / Perpl: emerging challengers 2026 is turning the perp DEX market into a race around specialization. Market leaders can keep scaling liquidity and distribution, while challengers can own specific niches. The next perp winner may win a specific market first.

2025 vs. 2026: from rookie to agile runner. #humanoidrobots# have leveled up fast. 🤖✨ The second World Humanoid Robot Games will kick off in #Beijing# today. Watch the robot athletes shine!

2025. Eric Swalwell tells Charlamagne that the Chinese spy scandal was all BS and that Republicans lie about him because he is a white Christian. 🤣 No one enjoys being lied to more than Charlamagne the Clown.

2025. Eric Swalwell says the criminal justice system should focus on and throw the book at people who commit violent or sexual crimes. What a great idea Eric. As part of the sexual misconduct investigation into Swalwell, the FBI recently seized his electronics and searched his home.

2025 AltStar Expo: Day 1 Candid Gallery by Rick Garcia See the Post ► Featuring: @AltStarMag @industrybyrick @Stacyfiredoll2 @RobinCoffins @alterotic @iamivanxxx #altstarawards#