[NOTICE] #gugudan# #SEJEONG#'s tvN <Crash Landing on You> OST #All_of_My_Days# has been released🎶 Dear Friends, let's listen together 🎧🤍 ▶ #gugudan# #KIM_SEJEONG# #SEJEONG# #Crash_Landing_on_You# #OST#

the case for banning stablecoin yield is empirically dead the White House published the math, and the bank lobby is still making the argument anyway baseline from the CEA report: a yield prohibition increases bank lending by $2.1 billion. against a $12 trillion loan book, that is 0.02%. it costs $800 million in consumer welfare to get there to get the lending boost above 4%, you have to assume the stablecoin market grows 6x, all reserves sit in cash, and the Fed abandons its framework. the CEA called those conditions implausible the prohibition is not protecting bank lending. it is protecting bank spreads. standard checking accounts pay 0.01% while issuers earn 3–4% on T-bill reserves anyone running the deposit-flight argument after April 8 is no longer making an empirical claim the math is public now

Brazil Sugarcane’s Embarrassing Turn: Loud Critics Now Hoping for Worldwide Misery For years, Brazil’s sugarcane mills loudly denounced corn-based ethanol producers as inferior, unsustainable, or somehow unworthy. How times have changed. Today, one barely needs to search to find just two major corn ethanol players generating more profit than the entire Brazilian sugarcane sector combined. Yet here we are: while a few forward-thinking mills have quietly adapted, the great majority remain trapped in a pathetic cycle of wishful thinking. They pin their hopes on global chaos - skyrocketing crude prices, fertilizer shortages, or convenient geopolitical wars - to magically restore their lost edge. This is not strategy. It is strategic surrender dressed up as optimism. Hoping the rest of the world suffers so you can survive is not merely fragile; it is embarrassingly low-level behavior for an industry that once prided itself on superiority. The Delicious Irony of Praying for Higher Oil Prices The contradiction reaches peak absurdity with crude oil. Higher prices do not kindly anoint sugarcane ethanol (or sugar, for that matter) while punishing everyone else. They slam diesel costs through the roof—precisely the fuel that powers harvesting, trucking, and distribution for sugarcane mills. Meanwhile, those same high diesel prices make it far more attractive for farmers to sell corn locally rather than export it, handing corn ethanol plants a stronger domestic position right in Brazil’s own backyard. On a wider scale, prolonged high energy prices simply crush demand. Struggling consuming countries cut back further, and governments—ever eager for votes—shower even more subsidies on local producers, be they sugarcane or beet. The mills cheer for turbulence abroad, only to watch it boomerang straight into their own costs and shrinking markets. And it gets even better. The very spike in crude, fuel, and fertilizer prices these mills are desperately wishing for would fuel broader inflation, prompting banks to aggressively increase lending costs and widen credit spreads. With the largest sugarcane producer already flirting with bankruptcy, risk-averse banks will be even less forgiving. If there is one thing Brazilian sugarcane mills possess more than anyone else, it is massive debt. The resulting surge in financing costs would brutally squeeze margins and threaten the survival of many over-leveraged operations. Cheering for the conditions that could sink you is a special kind of financial masochism. The Real Fight: Costs, Innovation, and Brutal Market Reality Instead of burning money on yet another trip to New York, these executives would do far better to stay home and fix what actually matters: slashing production costs, lifting yields, squeezing more revenue from every ton, and fiercely protecting their domestic turf. The electric vehicle wave is no longer coming — it has arrived. In the first quarter of 2026, EVs already represented over 66% of imports. The future of liquid fuels is shrinking faster than many care to admit, and denial will not slow it down. And while everyone obsesses over oil prices and EVs, an even quieter tsunami is building: GLP-1 receptor agonists — the Ozempic, Wegovy, and Mounjaro class of drugs. Almost no one in the Brazilian sugarcane industry wants to talk about them, but they are exploding in adoption. These appetite-suppressing wonders are slashing cravings for sugar, sweets, and sugary drinks (with users cutting sugary beverage intake by up to 65%), driving down overall calorie consumption, and reshaping food demand worldwide. In a world with high obesity and diabetes rates, wider access and falling prices will deliver a direct slap to sugar demand. While mills dream of higher crude prices saving them, GLP-1s are silently eating their lunch — one suppressed sweet tooth at a time. Cheering for a selective El Niño is equally delusional. Reality check: El Niño years like 2015 and 2023 produced some of the largest sugarcane crops on record, flooding the market with volume and hammering prices. Hoping for convenient climate chaos is not a strategy — it’s Russian roulette with your own balance sheet. Discipline Beats Distraction Every Time Of course, there is undeniable charm in flying to New York, sipping overpriced wine with fancy labels in elegant restaurants, and pretending the world still revolves around your spreadsheets/costs. For a fleeting moment, one can feel like a prince. The market, however, could not care less about your feelings or your frequent-flyer status. It rewards cold efficiency, superior performance, and relentless innovation — the very things the corn ethanol industry has delivered while others complained. The path forward is brutally simple: stop cheering for global misfortune and start building a genuinely competitive, adaptable business. Resilience is not found in desperate prayers for higher oil or foreign crises. It is created through discipline, focus, and the courage to face reality head-on. Those who grasp this will shape whatever future the industry still has. The rest will simply watch from the sidelines, wondering why the world refused to cooperate with their fantasies.

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Primitive Weekly POV snapshot: This week, our team dives deep into why localization wins in prediction markets, why we invest in @tenbinlabs and why the "Equity Perp" window is the next big global access play. Here is the breakdown from the PV team👇 1/ 🌍 Prediction Markets: Localization is the Moat @DoveyWan challenges the "one size fits all" view of prediction markets.Most platforms miss a key point: Category Mix: >West (Kalshi/Poly): Dominated by Sports & Politics (~80%+). It's a "Reality Show" economy for whales. >East (Opinion): Politics is constrained, but culture and speculation thrive. Just as RedNote is distinct from Instagram, prediction markets will split into regional "recipes." Localization isn't just a feature but the path to compounding repeat volume through cultural curation. 2/ 👏The RWA Liquidity Trap: Enter Tenbin. Stablecoin payments are onboarding the next wave of capital, but existing RWAs are stuck in a "liquidity tax" death spiral. @0xtony0x introduces Tenbin—our latest bet to fix this. Tenbin is the first tokenization platform designed to bring CME-grade depth directly on-chain with: >0% mint/redemption fees. >RFQ-first integration for instant price discovery. >A modular stack for Commodities and FX. We’re moving the world’s most liquid markets at the speed of DeFi. 3/ 📈 The Rise of On-chain Equity Perps @YettaSing drops a massive deep dive on why Equity Perps are the ultimate "Export of Access." The US doesn’t just export dollars; it exports access. Stablecoins did this for T-bills; Equity Perps are doing it for stocks. The Thesis: >By turning equities into plug-and-play collateral, we are moving toward a global tokenized margin network. >The Reality: 24/7 trading and 1:1 capital efficiency are flipping the script on CEXs. >The Risk: The window is closing. As US regulators (SEC/CFTC) begin studying perps, the "offshore" speed advantage will eventually meet onshore rails. The time to scale is now. 4/👀 Macro Check: High-Level Fragility. Is the "Hard Landing" closer than we think? @adaYen72 points out a dangerous divergence in the LMEX (London Metal Exchange Index). >2022: Prices were high on "free money" and fear (Real yields at -0.5%). >2026: Prices are at the same highs, but money is expensive (Real yields at +2%). This is a physical squeeze in a high-rate environment. Corporates running massive capex on 2% real rates have zero margin for error. If cash flow misses, debt service explodes. With sticky supply-driven inflation, there is no "Fed Put" to save us. We are seeing max complacency before a potential hard landing. That’s the snapshot for this week. Stay tuned. Stay primitive. 🛡️

When late-night boredom strikes, do a @solana stablecoin post. The 7 best stablecoin plays on Solana (AFAIK) If I missed any, please shill them in the comments (I take no responsibility for dilution) ► @kamino is a hotbed for yields at the moment, and there are a few campaigns going on that make them even better. 1) sUSDe/USDG Loop ($13M to borrow) • 10x Leverage: 29% Learn more: 2) For some reason, lending on the main market is very high right now. • USDC: 16% APY • CASH: 11% APY 3) PT-eUSX/USX (@solsticefi) • 5x Leverage: 28.5% APY 4) PRIME/PYUSD (@HastraFi) • 8.3x Leverage: 18.61% APY ► @ExponentFinance also has a couple yields worth noting 5) @onrefinance ONyc PT: 13% Fixed 6) @reflectmoney USDC+ PT: 13.7% Fixed 7) @onrefinance ONyc LP: 13.4% APY + 8x Points So, solana lads, what am I missing?

Exploit Alert 🚨 Fluid (@0xfluid) was drained of about $215K on Ethereum. Not a contract bug. Fluid pays out rewards from a Merkle list that one key proposes and a second key approves. An attacker held both of those operational keys, pushed a reward list that paid only themselves, approved it, and claimed with an empty proof. The two-person control meant nothing once one person held both keys. Taken from three reward distributors: 112,883 $FLUID, 47,903 $GHO, and a little $cbBTC. The tokens were swapped to ether and routed into Tornado Cash. Fluid's lending markets, vaults, DEX, and user deposits were never touched. The team removed the compromised keys and swept the remaining reward funds to safety within about ten hours. Public comms said only that claiming is paused for updates, with no mention of a key compromise or a loss. Full forensics:

A discussion around the prospect of US Treasury investing its excess cash into short-term money markets unleashed a flurry of wagers betting on spread movements between overnight lending rates

“Hyperliquid”: The "Three" I’ve Finally Found After Years of Search Note: This article offers no investment advice or guidance, but pays tribute to the decentralized philosophy of Laozi and Satoshi Nakamoto. Three years ago, the crypto industry’s uncertainty was still validated by the high volatility of Bitcoin's price, and the DeFi summer driven by Ethereum had faded. When I opened the Tao Te Ching, the foundational scripture of the indigenous Chinese religion, Taoism. I found the power behind cryptocurrency, rooted in Eastern beliefs and philosophy, within the textual context from two thousand years ago.. The "decentralization" from Bitcoin's blockchain technology aligns perfectly with the Taoist ideas of "Wu Wei" and "Dao Fa Zi Ran" (governance through non-action) found in the Tao Te Ching. In 485 BCE, Laozi authored the Tao Te Ching, then left for the West, disappearing without a trace. In 2008 CE, Satoshi Nakamoto anonymously published the Bitcoin whitepaper, launching the first Bitcoin network the following year, eventually decentralizing its management to the community. Over two millennia, both figures disappeared after spreading their teachings, embodying the decentralization philosophy through their absence. The Tao Te Ching says: "By doing nothing, nothing is left undone." Satoshi Nakamoto says: "A truly peer-to-peer electronic cash system should allow online payments to be sent directly from one party to another without the need for a financial institution." This non-intervention aligns with the principles of Wu Wei, where Bitcoin’s market value has grown from zero to a $2 trillion asset over 15 years.The Bitcoin system operates through non-action, yet governs all without interference; it does what is uncontentious, yet nothing can challenge it. Subsequently, decentralized autonomous organizations (DAOs) in smart contracts emerged, following the same 'non-intervention' approach as the Bitcoin system. Interestingly, their abbreviation, DAO, coincides with the pinyin of the Chinese word 'Dao,' embodying the brilliant essence of 'The Dao that can be told is not the eternal Dao.' The Tao Te Ching also says: "The Way (Dao) follows nature." Natural laws, including decentralization, cannot be altered by human will. Just like the running of wind, rain, thunder, and lightning, Bitcoin's system operates autonomously through its code, neither good nor bad. The Tao Te Ching says: "Dao produces one, one produces two, two produces three, and three produces all things." In cryptocurrency, "one" is Bitcoin, the decentralized "Dao" producing peer-to-peer blockchain technology. "Two" is Ethereum,the peer-to-peer blockchain technology has evolved into a decentralized application system with smart contract functionality, which is expected to develop into a global decentralized computing system in the future. But what is "three"? I once thought that stablecoins, represented by USDT and DAI, were 'the third' because they made cryptocurrency pricing and transactions simple and efficient, allowing everything to flourish. However, I overlooked the exchanges that facilitate the transactions themselves. To this day, exchanges are still dominated by centralized exchanges (CEX), led by Binance. Even during the DeFi summer, where various smart contracts surged with decentralized protocols, decentralized exchanges (DEXs) like Uniswap, driven by AMM (Automated Market Makers) liquidity, emerged. However, due to fragmented liquidity, high latency, slippage, and risks like Permit authorization, they have been limited in widespread adoption, and can only serve as supplements to centralized exchanges—providing liquidity and acting as hubs for some long-tail assets. Even with the V3 iteration moving towards concentrated liquidity, similar to an automated market-making strategy, it has improved liquidity and reduced slippage, but is still mainly used by DeFi enthusiasts, professional market makers, and traders. As of today, Uniswap's TVL (Total Value Locked) is only $6.37 billion, down over 30% from its peak of $10 billion in November 2021. Meanwhile, Binance’s TVL, as shown in the December 2023 Merkle proof of assets, exceeds $100 billion. In terms of volume, Uniswap’s daily volume is $3 billion, while Binance exceeds $100 billion. Whether in terms of TVL or volume, DEXs cannot compete with CEXs. The stagnation of DEX development has directly impacted the growth of decentralized protocols’ TVL, which is an inevitable result. As the development of DEXs falters, assets reliant on CEX trading are not being withdrawn to the blockchain, causing on-chain assets to stagnate (where asset prices rise but TVL declines). Fortunately, the situation is gradually reversing. Over four years of DeFi development, on-chain oracles have become increasingly stable, cross-chain interoperability is becoming more secure, and TPS (transactions per second) on Layer 1 and Layer 2 chains are rising, while ensuring security and decentralization. POS (Proof of Stake) validation is becoming more decentralized, with more native and mapped assets on-chain. Hardware wallets, such as AA wallets, have improved in usability and risk resilience, while infrastructure is becoming more robust. Decentralized protocols and applications are thriving, and the four-year development of smart contracts has cultivated a large user base for decentralized applications. As assets, applications, and users all move towards decentralization, yet the most important liquidity exchange scenarios remain centralized, this is far from truly decentralized. Then came HYPE (Hyperliquid), and it seemed that the 'third' I had been searching for all these years was confirmed and validated the moment I discovered it. The weight I had once placed on stablecoins has also shattered. The 'third' I had been pursuing, the one that could enable large-scale adoption, was always the DEX capable of achieving this—before HYPE appeared, DEXs were merely optional supplements. But after HYPE emerged, it introduced a high-performance EVM chain designed for financial transactions, a Layer 1 product component with low latency and high throughput, creating a DEX with an on-chain order book that rivals CEXs. It has been running smoothly for over a year and a half, even during peak trading periods, ensuring a low-latency, high-performance trading experience. Large-scale adoption has already been proven by time, and its zero-incident reputation has attracted a large number of real users. Even without token rewards or incentives, users, TVL, and volume have all continued to grow steadily. Before the mainnet launch, the TVL, based solely on USDC deposits, reached $1.2 billion. The project team is low-key, humble, and not greedy, focusing solely on the product itself, with no VC investment or promotional campaigns. Word-of-mouth and user referrals have been the only drivers. The token distribution (TGE) is entirely oriented towards benefiting real users. This style, almost akin to the original ethos of Bitcoin, is even more focused on user-centricity than Ethereum or Bitcoin itself. It can be foreseen that when HYPE's mainnet goes live, with native and mapped assets executing simultaneously, mainstream asset spot trading and perpetual futures with joint margin trading will be launched. TVL will quickly surpass $10 billion, triggering a positive flywheel effect. Both TVL and volume will surge, outpacing all others. A large number of market makers, professional investors, and users will bring their capital on-chain for long-term involvement. Centralized exchanges (CEXs), for strategic reasons, will be forced to inject liquidity and invest in their tokens to secure some degree of pricing power. A variety of decentralized protocols will flourish after the HYPE mainnet launch, including decentralized lending, stablecoins, staking, restaking, and RWA (Real World Assets) protocols. The entire DeFi market will benefit from the irreversible shift towards decentralized on-chain trading that HYPE will drive, particularly decentralized lending platforms like AAVE and stablecoin DEXs like CRV. As on-chain assets and transactions grow, lending derivatives and more frequent stablecoin swaps will follow. For other DEXs of similar types, such as DYDX, unless they find a differentiated path to evolve their products, their TVL and volume will be continually suppressed until they collapse. Uniswap, as an AMM-based market maker for spot trading, will initially benefit, but as HYPE's spot trading area improves, its growth will be hindered. However, AMM liquidity will still have a long-term market position as supplementary liquidity for order books and a venue for long-tail asset trading. The biggest beneficiaries will be AI. The number of trading strategy AI models will rapidly increase alongside HYPE's growth. Various types of AI will be able to freely trade with different strategies on HYPE without worrying about CEX asset freezes or withdrawal issues. At present, some users may mock the idea of HYPE becoming the Binance of the blockchain as a joke. However, years from now, they will only remember that Binance was the off-chain HYPE. The deconstruction of CEXs and the reconstruction of DEXs is quietly taking place in this winter. There is no longer the brilliance of DeFi's Summer, only the quiet beauty of CEXs, which are now being stared down by death. If my judgment is wrong, it will only be because HYPE has failed to fulfill its mission as a DEX. However, in the future, there will be one or even multiple 'HYPEs' that will carry on this vision and complete the irreversible revolution in the cryptocurrency era. And I, too, will eventually find the missing 'third' in the crypto faith that has been absent for so many years—the 'three' that gives birth to all things. @HyperliquidX @HyperFND @chameleon_jeff