Why would polymarket ever do an airdrop? What's the point of having a token when you can raise infinite amounts of money from private markets. You don't need VC to series into a token round . Your equity is worth more than most publicly traded companies... It just makes no sense to me for them to tokenize.

Why would polymarket ever do an airdrop? What's the point of having a token when you can raise infinite amounts of money from private markets. You don't need VC to series into a token round . Your equity is worth more than most publicly traded companies... It just makes no sense to me for them to tokenize.

Been talking about native stablecoins on hyperliquid for a minute. After learning more about the USDC deal and the fact that they're going to be putting revenue back into the HL ecosystem, this could be massive for hype... Let's see how Coinbase handles ecosystem support.

MegaETH Economics Note 1 I want to start offering informal notes on the MegaETH economy so people can get a high-level view of what is going on. Please note all figures, tables, graphs, and commentary should be considered preliminary and not to be relied upon (including resolution of prediction markets). Since I wrote on the topic earlier, let’s kick off with an update on the USDM money supply. Full definitions of M0, M1, and M2 are at the bottom. We will ignore M3, since it isn’t relevant for now. April 30, 2026 (TGE Day) M0: ~60 million M1: ~360 million M2: N/A May 15, 2026 (Today) M0: ~51 million M1: ~653 million M2: N/A What we see so far is that USDM supply is overwhelmingly concentrated in Aave. Most of the M0 supply is in DEXes, serving as liquidity primarily on Kumbaya, World Markets, and Prism, in that order. The fall in M0 is appears to be driven by reduced LPing on those protocols, while the M1 supply grew quickly before leveling off at its current level. The main observed demand drivers look like looping USDe and for using USDM as a funding currency, since it can easily be converted to USDC and used to refinance higher-rate debt on other chains. Both appear to be at an equilibrium at the moment. I hesitate to make predictions, but if I were, I would expect M1 to consolidate around here until Aave or another lending protocol provide other offerings that would increase M1. There have been no collateral asset additions to Aave since USDe, and the rate environment on other chains has been settling down, reducing the demand to refinance foreign USDC debt into domestic USDM debt. It’s still early days on MegaETH, so as more apps come online - in particular DeFi apps - I would expect considerable movements in both M0 and M1 supply. It will take deployment of a protocol with time deposits before we begin to see any real difference between M2 and M1. M2 showing up will mean a structured credit market is beginning to develop. I’ll close by noting that the core strengths of MegaETH’s app portfolio at launch have been consumer-facing financial entertainment apps that don’t directly impact the USDM money supply, but increase the velocity of USDM. Given the unexpectedly large monetary base of USDM out of the starting gate, it won’t make discussion of the *overall* USDM velocity of money very high, but are producing legitimate MegaETH GDP. I’ll try to track GDP directly as it grows in relation to the monetary base. Definitions: M0 consists of USDM held by the public outside of deposit-taking protocols, centralized exchanges, and companies M1 consists of 1) M0, 2) demand deposits denominated in USDM at deposit-taking protocols, centralized exchanges, and companies, and (3) other liquid deposits, consisting of Other Checkable Deposits and savings deposits (including money market deposit accounts) M2 consists of (1) M1, (2) time deposits and maturing assets (<6 months) denominated in USDM

I think @worldmarketsinc might be one of the worst dapps I've ever used in crypo. Cannot open positions without the site refreshing. one-click trading is broken. no pnl anywhere...? seeing people can't pull money off the site. orders disappear... Brutal for the app and chain tbh

If you missed it, the modern market had an incredible interview this morning with the head of policy at the blockchain association. We are so much closer to clearer regulation for crypto than people realize.

This is exactly it. They're not worried about people moving their savings accounts into stables, that wouldn't make any sense. They're worried about the technology of instantaneous settlements and not being able to escrow/hold people's money for no reason (WHILE EARNING ON IT). A lot of huge-dollar industries still run through slow banking rails: construction draws, energy payments, international invoices, escrow, vendor payments, payroll, etc. And when money takes days to settle, someone benefits from that delay. Balances sit in accounts. Banks earn on the float. Fees get charged. The bank stays in the middle and controls the timing. Stablecoins mess with that model way more than they mess with savings accounts. If I’m an energy company getting paid on a large contract, or a construction company waiting on progress payments, why would I want that cash trapped for days or weeks if it can settle in seconds? Banks don’t want dollars moving around the internet instantly because it means less money sitting inside their pipes.

This isn't entirely correct. Many tokenized stocks are backed by real shares that are real registered securities. This is also different from products that boast that you can trade pre-ipo companies. From what I understand, much of the pre-ipo trading is NOT actually backed by real shares.

Been digging into Dolphin / $POD a bit. I think I'm really getting pilled on the AI + privacy + uncensored play here along with the integration of DePin which I always thought was a fascinating crypto use case. Dolphin already has great distro... Their models are actually being used. Dolphin Mistral 24B Venice Edition is the default uncensored model for Venice, and the broader Dolphin ecosystem is doing millions of monthly Hugging Face downloads. That is not revenue by itself. But in AI x crypto, distribution is usually the hardest part. $POD is the attempt to turn that distribution into a compute network. How it works (also visualized) - GPU owners run nodes - nodes serve inference / synthetic data workloads - node providers earn $POD based on relative contribution - users/apps eventually pay for inference - network revenue is supposed to flow back into the token through buy pressure / buybacks The first reward epoch was small - 50K $POD paid out to 33 node providers. Although small, it shows the incentive loop is there. The bull case is pretty straightforward: Dolphin has open-source model distribution. > The network creates a way to route that demand through idle GPUs > $POD becomes the economic layer connecting model usage, compute supply, and inference demand. Dolphin is interesting because there is a path from actual model usage → inference demand → node rewards → token value capture. Still early, obviously. But if they can turn existing model distribution into real paid inference demand, $POD becomes the incentive layer for a decentralized inference network that already has a reason to exist.

Do you guys realize how much money Hyperliquid has potentially missed out on by not having a native stablecoin? There’s ~$5.6B in external stables sitting on HL. With a non-native coin, the reserve interest goes to the issuer, not the ecosystem. Rule of thumb: every 1% on $5.6B ≈ $56M/yr. At ~3–4% bills, that’s ~$170–$225M leaking each year.