／ &TEAM KR 1st Mini Album 'Back to Life' Official MV 30 million views on YouTube!! ＼ LUNÉ, thank you for pushing us past the limit🌕 🎥 #ThankstoLUNÉ# #BacktoLife# #andTEAM# #앤팀#

A clean sheet for Matt Freese, the US men's national team goalkeeper. TIL that he turned down Manchester United as a teenager to go to Harvard and study economics and computer science (this makes him spiritually Asian btw). He's a legit data nerd too - models expected goals, builds Pythagorean expectation formulas, and did deep research on penalty-taker tendencies that gives him a real edge. He said that he'll publish the full findings only after retiring from football. He's also Catholic so I'm guessing, his baseline is pretty based. Well done to him and Team USA! 🇺🇸

Main takeaways from @pointzeroforum > the frame for the whole forum: europe regulates, asia builds, the us scales liquidity, and whoever owns the settlement asset owns the rails > antoine martin (@SNB_BNS) opened by saying central banks aren’t the innovators and the private sector has to step in > zurich was very hot, the kongresshaus aircon did not survive day one > project agorá took over the roundtables, 8 central banks and 40+ institutions all asking if tokenization fixes cross-border without breaking the banking system > the recurring obsession was settlement, everyone wants T+1 to go instant and nobody’s there yet > matcha game was weak this year, sort it out for day three > stablecoins everywhere, anchorage (@sergiofly) on tokenized deposits, circle on stage, and the reminder that 97% of the market is still dollar > “agentic economy” got its panels but it was all identity and trust, near zero on actual m2m payments > met old friends @AlessiaBaumgar , @gaudenzio_eth , @Lili_Zurich > best networking was in the palmenhaus, conference badges in a greenhouse is a vibe > very different energy from crypto cons, central bankers giving real answers in 1.5hr panels that went deep > shout out to @pointzeroforum, @gftn_official and team for a genuinely senior room

NEW EPISODE - How @HyperliquidX Becomes the Backend for ALL of Finance @multicoin cofounder @tushar_jain joins @TrustlessState to unpack why @HyperliquidX may be much bigger than a fast-growing perp DEX. Portfolio margining, HIP3 markets, builder codes, real vs farmed volume, hyperliquid:native value capture, unlock risk, and the path to US access. The big idea: every market, one DeFi backend. TIMESTAMPS --- 0:00 Intro 1:50 Perps Get TradFi’s Attention 3:17 More Than a Perp DEX 6:29 Why Portfolio Margining Matters 11:13 HIP3 and Permissionless Market Creation 13:47 Hyperliquid Becomes a Platform 19:54 The On-Ramp Question 21:36 Perps Are Not the Whole Thesis 28:04 Cash Flow as the Credibility Signal 33:05 Valuation Multiples and Lighter 34:36 Multicoin’s HYPE Framework 42:05 Token Value Capture 43:34 Unlocks, Wealth, and Team Motivation 48:30 The US Perps Question 52:27 Does Hyperliquid Need to Come Onshore? 54:32 The Final Bull Case --- RESOURCES Multicoin's Hype Analysis and Valuation report can be found here: The report includes important disclosures concerning the data and assumptions by Multicoin discussed today. Multicoin may have interests in companies mentioned during the episode.

👑 The official UncrownedKings website is now LIVE. We now have a dedicated home for everything UCK is building across Web3 — from our community and team to partnerships, events, news, opportunities, and future initiatives. You can now explore: • UCK and our direction • Partners and collaborations • Events and programs • News and community updates • Team profiles • Community impact • Ways to join or work with us We’ve already started publishing our latest partnerships and events, with more content continuing to roll out throughout the week as we finalize the remaining sections. 🔗 Learn • Connect • Build • Experience Same community. Broader vision. 👑 Together We Build What’s Next.

Most traders think an elite prop firm wants one thing on Day 1: make us millions of dollars. What we actually expect may surprise you. Over Sarabeth’s UWS breakfast, I was checking my inbox when I saw a response from @robertoclaroar1. Roberto is one of the most likable developing traders you will ever meet—you root for him the way a New Englander roots for the Patriots. After years of relentless training and building out an impressive Breaking News systematic strategy, he officially earned a seat on the SMB desk.👏👏👏👏👏 His response to the invite? "Thank you Mike. And I will show my gratitude with results and progress." In the past, new invites often came with vows to make the firm millions. Roberto’s response gave me that familiar gut check: it’s time to set the record straight. When you earn a seat on our desk, we do not expect immediate P&L fireworks. We expect you to: 1) Collaborate. Build an alert for a peer. Share an idea that fits a senior trader’s PlayBook. Dissect a missed setup openly with the desk. 2) Master the daily inputs. a) Build a PlayBook b) Daily Report Card c) Trading Journal d) Build technology e) Collaborate with colleagues f) Bring your best self to markets- eat, sleep, exercise, breathe. g) Backtest trading ideas 3) Make progress. By Year 1 build a PlayBook of your best setups, show PnL progress, and have real relationships on the desk. Do that, and you've earned your next year. 4) Be curious, open-minded, and resilient. If you do all of these and lose money we will NOT be disappointed. We will help you transition into another job where your experience with us will be valued. 5) Accept mentoring and coaching. Trust the process. We’ve been developing star traders since 2005. Lean on our capital, tech, and team. Giving your best professional effort is all that is expected. Doubling and tripling down on a solid process that has yielded results for many before you is all that is expected. The rest will take care of itself at SMB and in the markets. Amazing work Roberto! #PropTrading# #TradingProcess# #SMBCapital# #DayTrading#