A screenshot Garret Bullish just shared on Twitter shows him withdrawing 68.08K ZEC from Binance on December 24 last year, worth $29.7M at the time. The same wallet withdrew another 134K ZEC, worth $58.6M, minutes earlier. t1dHheg2SkTGBMK1VsCPwsqJ3Gccsnen7rf He then shielded all 202.08K ZEC, but unshielded it minutes later and still holds the entire amount. t1gGCYpyURMo2FcYDSqeR8pgp2Kx9rnT72V At $1,580 per ZEC, those holdings are now worth $320M, up from $88.3M at the time. So his 38K ZEC ($60M) short on Hyperliquid, currently showing an unrealized loss of $34.5M, can be seen as a partial hedge against his spot holdings. 0x92ea19eceb7a8de0f50978a1583a5d8b018050e9

Most tech giants in the 2000s built their infrastructure and product as one entangled unit. Amazon had the foresight to separate out AWS as an API layer, of which Amazon retail was the first of many users. Today, AWS generates more profit than all of Amazon's other business lines combined. Hyperliquid is built with the same philosophy. Housing all of finance requires thoughtfully designed, open financial primitives. Each primitive should obey the Unix principle of "Do one thing and do it well." Talented builders then have the foundation to chain these together to create magical applications. HyperCore borrowing is an example to highlight this philosophy in action. Most other platforms implement portfolio margin by marking an account's collateral to market value with an LTV haircut, creating borrowed assets without an explicit lender. This system is simpler to implement, but misses a golden opportunity for composability. Hyperliquid instead begins with a borrow/lend protocol on HyperCore. Every borrowed asset is sourced from a supplier, so risk is isolated within the borrow/lend primitive instead of platform-wide. HyperCore's portfolio margin system is implemented as an orchestration layer that composes borrow/lend, with other primitives such as perps, spot, and outcome trading. This decomposition has several nice corollaries: 1. Today's announcement of manual borrowing is not a new feature, but simply an extension of the underlying primitive. Borrowers on day one have access to 400M and growing of supplied liquidity. 2. Portfolio margin users earn interest on their idle stablecoin collateral. This is not a new feature, but a natural byproduct of composing trading with lending. 3. System safety is easier to reason about when perp and borrow/lend margining are independent. In the same way that math theorems almost prove themselves when the right abstractions are defined, composable designs just feel right.

Manual borrows are live on Hyperliquid Portfolio margin and manual borrows use the same underlying HyperCore infrastructure, with $269M in assets borrowed today. Users can supply HYPE and BTC as collateral to borrow quote assets (USDC and USDT). Borrowed quote assets pay interest, and supplied quote assets earn interest, with rates set by utilization.

You wanna talk k shaped economy at its peak? Everyone on fintwit is worried diesel prices are gonna cause a depression meanwhile Netjets is so overbooked that they have to give me a 3rd party jet that isn’t even part of their fleet today bc demand is so hot rn

remember ostium? the hack wasn't the end of it got hacked for $24m in july. they'd also borrowed ~$15m from a lender (hong Kong-based lender named minghui zheng) and couldn't pay it back after the hack. lender sued in ny federal court.

some random career musings: - of the ppl in my college class who got the "giga prestigious" jobs, 75%+ are out of finance. that's not a judgement call (many still successful) just a comment - ppl who have had the best outcomes in finance have mainly been "good but not great" outcomes - all saw their careers almost end and said "no" - the biggest financial outcomes have all come from outside of finance

investors in perps have made generational wealth, across years and platforms most option protocols have not survived perps are simply the better instrument: -fungible liq (no strikes/exp/pc) -trading delta instead of vol -intuitive but im sure this time is different

Standard Reserve is like OlympusDAO but with masternodes The team's execution so far has been very good. STANDARD is now the most liquid token on Robinhood; the team made ~$5 million in transfer taxes on launch and added it to the liquidity pool

There’s a reason people still talk about “ohm fork” till this day $STANDARD is a beautiful evolution of that and there hasn’t been a good ponzi in ages Not to mention to purest of launches and concentration of smart wallets in U cant be fed a better cook rn

TLDR from skimming the $STANDARD paper cause I like these kind of games and all the explanations im seeing are ai slop. Essentially just ohm with a shrinking hard cap and more measured inflation dynamics. Hard cap is 1B tokens and supply gets burned permanently over time from certain responses. Instead of every one w ohm being able to stake and earn yield, for Standard, emissions are only sent to a few charters who have a cost associated with claiming the yield. Think this is stronger game theory overall. I just don’t know if people have it in them to believe like they did in 2021 but fun concept with probably the highest pedigree dev in the RHC trenches. None of this is financial advice ofc. If I got anything wrong feel free to correct, this is literally from 15 minutes of DD.

after trying to snipe/game hundreds of project launches, we've seen plenty of clown teams with no idea what they were doing on-chain gotta say @standard_rsv launch looked very professional and felt pretty fair (unfortunately for us) we did bot the uniswap listing, but you could literally get same or even better price manually 20 mins later not a token shill, do whatever you want but good to see on-chain ponzi experiments for plumbers like us