An important point regarding these. First, a stock token issued on RH technically does not require consent from the company. It’s an SPV with 1:1 backing sitting offshore. The same way USDT didn’t need approval from the US government to issue a dollar pegged coin. Every single major TradFi leader I know of is EXTREMELY excited about tokenization (also validated through many direct conversations we’ve had). The reason some companies object is that NASDAQ is already deeply involved in tokenization and might offer more favorable terms to these public companies. The debate is not about the concept itself but value capture, which is bullish (similar to how devs might not want to launch on Launcher A, and you’d assume they’re against tokenization in general). Before LONG launched tokenized equities, onchain volume was quite underwhelming. So I strongly believe we are in the perfect position to align with any public company out there, offering them the strongest distribution and iterating with issuers on a model that works best for everyone. We play a very complex alignment game that no other crypto team has ever tried (except a few major companies like PMs, Hype, stables and so on). We’ve proved we know how to read the map. And we will win. LONG.

gLONG Welcome to the tokenization supercycle. Crypto perps/synthetics are starting to break into mainstream TradFi. We realised this potential very early and pioneered LongX protocol (which runs on @Lighter_xyz perps). -$200M in volume and millions in OI, all through synthetic-related LongX markets. - The first to bring and scale OpenAI/Ant pre-IPO spot markets on RH. - Community-managed baskets merging multiple perps into one. As always, we try to stay ahead of the curve and set an example for many other projects to follow. LONG.

LONG is not only the main source of RWA activity on RH Chain when it's "hot" but also consistently during drawdowns in activity. Some interesting stats from @Kairos_Res: 1. During October, one of the lowest months in activity, LONG not only retained users but doubled its stock token traders, while LONG’s share of total stock users grew from 19% to 25%. 2. On 17 out of 20 stocks, the majority of traders are LONG traders. since day 1 our goal was to apply max pressure everyday and make progress and decide our own fate. consider this ahead of better chain/macro/crypto conditions. LONG.

Reminder RH is a $100b company. It has 10+ lines of products which generate $100m rev each Not every single thing has to be related to RH chain. I’ve seen this sort of mismanaged expectations very closely on other chains. Focusing on internal strength and strong independent execution is the only way to align with larger corps. So far the only use case that clearly shifted priorities on the leadership level was the massive growth of RWAs led by LONG. We will keep earning fairly our influence. Stock by stock. LONG.

Vol is starting to pick up again. All the tools and optimizations we've made that have already been validated during peak market activity are only going to get better(the peak was a super volatile 100m daily volume runner that survived and thrived) Same ticker, same launch time, same pair, but different platform. The LONG pair has a 4:1 FDV-to-stock-liquidity ratio, healthier, more sustainable PA, and a higher FDV. No vamps from within LONG because of ticker locks. FYI, the LONG500 update adds manual buybacks on new pairs + a stock stream back to the AI communnity vault (already saw a few thousand in new stocks value added in the vault). We will keep pushing for PVE. LONG.

The last few days and weeks were extremely painful. No matter how strong your position is, the market is going to humble you. Seeing major pairs on LONG taking a massive hit is very painful to me. We don’t have the luxury to pivot to new assets or metas because the point we’re trying to prove is simple: Truly fair launches are possible, and the highest upside would come from holding rather than rotating when holding also means you're bootstrapping a new stock token markets. Pain is important. It means we truly care about this mission. It sharpens us and forces us to change things. It also means we simply care more than any other platform about our top communities. But LONG takes a vision and product first approach. We won’t let the pain consume us. We are not going to just obsess with the charts. We can execute and shape reality. And We will never give up. I see LONG and myself as the final line of defense. And we will keep stepping in tactically and strategically to ensure the survival of the eco as a whole. Some hopium: - We’ve shifted major focus to our mobile app development. IMO, we miscalculated macro and needed to do it 2 to 4 weeks ago. - We’ve onboarded a new team member, a world class consumer app leader who delivered a top 10 consumer app on the App Store. - In terms of asset health, taking AI as an example here, almost every single bad thing that could have happened over the last few weeks took place. Every other asset would have died 100 times. At the end of the day: 1. During these bad times, we see how our deep liquidity design helps absorb volatility. 2. AI and other pairs have major reserves in community vaults. 400k just in the vault is typically what you would see in an asset 3x bigger that was also bundled. 3. Stock pairs are still the most novel and high upside opportunity the space has had in many years. - RH is still an incredible chain that offers higher quality assets and has provided opportunities to many people. More stocks and higher TVL are coming, and LONG will be a main beneficiary/facilitator of this as we also build our own distribution to make sure we become a force that makes RH better and aren’t just reliant on it. I’m confident focusing on how we bring the masses to LONG via the app will bring 1000x the impact. Bigger than everything else we did. It’s also going to be the hardest and most focused effort we’ve had so far, but the reward will follow. Longfolio.

the one thing I've learned from years in this space. 99% of it focusing on competition, PVP and metric comparisons. winners usually focus on building a net-new category or deep retention. LONG is building a net new category. we will win. LONG.

One of the biggest moats of LONG is the platform's ability to produce incredible runners with as little as 50m in daily volume and retain that volume into liq/tvl. No platform in history has come close to this ratio of volume to runners. Ticker locks, deep liquidity, making bundling & botted launches very hard, and a laser focus on the most novel concept we've seen in years are how we got there. The next focus is distribution, not validating the concept. Since day 1, we've believed our approach to stock pairs + a focus on slow cooks and not HFT PNDs is what can onboard net new people into crypto markets. For the past few weeks, I've been touring, and almost every single tradfi individual/org I've spoken to was familiar with one or multiple LONG assets(we don't do PRs or any form of paid ads) The app we are building is not going to be anything similar to what you've seen before. The goal is not to compete for the same pie or have a nicer UI, but to innovate on distribution and deliver a novel trading experience. Until then, there are plenty of ways we can make daily progress on growth while also making sure we are acknowledging and rewarding our early adopters. LONG.

For context *within 3 months on a new chain* LONG alone created flows equivalent to roughly 1% of the total retail flows into $NVDA over the past year. RWAs are the most disruptive trend in finance since the rise of retail brokers and ETFs. They are not even at 1% of their potential. Think about the potential of LONG and its pairs in a $1T category, even at our current share of activity. We play the LONG term game, and we will win. Stock by stock.

alignment with public companies via stock pairs is still extremely underrated. At some point, the most sensible thing for public companies will be to distribute stocks directly to holders via tokenization. One of the biggest metas we had with crypto-native airdrops was the idea that you could target blue-chip holders: Pudgy, Punks, ETH OGs, and later through Kaito’s InfoFi. HODLing stock pairs on LONG is the cleanest way to signal alignment with the stock. For public companies, there are a few angles here: 1. You can’t find a better ROI on marketing spend than handing out stocks. Even something like $10m to a highly legit group of holders who can coordinate and amplify bullish sentiment. 2. Tokenized stocks create a sink for that cost. Minting $10m worth of stocks will necessarily capture some portion in liquidity pools. So even if holders sell back a big portion of the drop, the net mint can easily be 50% of the initial amount, without including the pairs that holders might reinvest in. 3. This can help companies have high circulating supply at IPO while improving absorption of sell pressure. The holy grail for pre-IPO companies struggling to figure out their “TGE tokenomics.” There are already precedents for this sort of thing, with Robinhood offering OpenAI shares and drops for users. We are very early in a new alchemy of finance. LONG.

LONG is now #8# on @Lighter_xyz partners (in terms of all time activity) LongX is extremely strategic: 1. Perps are one of the fastest growing segments of RWAs 2. Baskets and spot perps enables both LONG and our pairs to capture this upside(pairing, active management, carry, more customized options) 3. we've generated over $200m vol on LongX markets this is like being the first prediction markets. We own the infra, liquidity and distribution and don't need to relay on others to ship. We will keep executing on expansion and domination of every RWA segment. We are not a launcher but a platform to maximize fair access to and ownership of the Internet’s stock market. LONG.

Constantly remind ourselves what the mission is about. Change the system within the space -> change the system outside of it Assets and markets that are owned by long term holders and grow in upside the longer you hold. LONG.

LONG is exclusively laser focused on RWAs. We pioneered them. Turned them into a real category, not just another meta. Do not underestimate how insanely powerful the compounding effect of high conviction holders can be when supported by a platform that isn’t constantly trying to pivot attention elsewhere. We believe two things: 1. LONG assets are a net new asset class enabled by crypto, unlike pure attention coins that simply rotate between the meta of the day. 2. They are the first crypto native asset class with the potential to onboard the masses at a scale nothing else has achieved. What you’re seeing now is the early adopter group: roughly 70–100K hardcore holders who understand the thesis and are building deep domain expertise. Eventually, many more will join them. So far, every high volume day on LONG has led to the creation of multiple mega runners, or pushed existing ones through previous ceilings. I’ve never seen such a strong correlation between volume and the emergence of runners. For me, the most important thing is to provide certainty. Being opportunistic about volume and constantly switching between 50 different metas is the exact opposite of what we’re trying to build. Because that’s effectively a soft rug of both the category and its users. And it’s one of the main reasons why the trenches have failed to produce a single sustainable category. The cycle is always the same: Launchers amplify a meta. Traders rotate into the leaders and their betas. Volume grows. Volume decays. Traders exit. Launchers pivot to the next “focus.” Everyone is playing the same rotation game. But you cannot build a sustainable category if everyone involved is constantly looking for the exit and the next opportunity. Conviction compounds. Expertise compounds. Liquidity compounds. Communities compound. But only when you give them a reason to stay and build. We’re not here to chase the next meta. We’re here to build a category that outlives them all. We go LONG.

Breaking it down. RH hinted yesterday that they might roll out an ETF that can be "managed onchain." We already had something in the pipeline :) This is the closest we've gotten so far to the vision of "BlackRock onchain." Most sustainable fair and liquid pairs in the space → RWA domination → compound into vaults + main stock LP → and now ownership of baskets. We're rebuilding the stock market to be owned by the internet. context: LongX can now support any type of basket using @Lighter_xyz positions. Based on our simulations, baskets can easily have 8 different long/short positions, and up to 200! under certain assumptions. The first basket has a good combo of both long + short positions, plus the AI LONG pair available on Lit. We will roll out the ability for @ArtificiallyInu holders to manage the basket based on their AI holdings. This is also another step toward getting holders and users on LONG really deep into RWAs and really start attracting new flows (being early to perps on Hype and gave you a great edge) You can already imagine the possibilities here: holders of specific pairs can expand into active community management of baskets, drive more utility pairs (and own the economics through a carry-style model, which is very common with hedge funds) LONG.

AI/NVDA is now the largest $NVDA pool on @Uniswap The largest public company in the world. The most liquid stock on the Robinhood chain. not just by 2% but it has 2x more NVDA than the 2nd largest pool(6.4k vs 3.1k shares)We see a similar pattern across top pairs on LONG. We are the RWA economy. Realize that we are entering a generational bull on stocks. It's likely to outperform crypto majors. and stock pairs are the equivalent of pairing with Sol back in '23. The mission of LONG is to tap into this growth as much as we can while breaking crypto assets from being a deriv of BTC/ETH/SOL pushing 2 related updates in the next hours: - adding the LP modules on more vaults to capture more value when the stock market is so hot. - an app upgrade that will help to emphasis it further. LONG.

A lot of fear, confusion and also tremendous hope on the TL today around AI. Now it’s more important than ever to refocus. I think this is probably the most important period we’ve had since the early days. The absolutely wild transformations and situations AI is going through are one in a billion opportunities, and this is another pivotal transition period. First let me be super clear I’m 1000% committed to keep pushing AI. There is nothing, and I repeat nothing, that can discourage me. If you think it scares me that people look up to me and believe I can impact the course of events, you are deeply wrong. I actually find it empowering and would rather have responsibility and power than neither(being passive and neutral and not setting a clear tone for your vision is why we keep playing the same games) I also fully understand that I’m the biggest public face of the asset. Again, I’m reiterating a commitment like no other founder in this space has made. I will bring AI to the finish line and then straight to the next race(along with many cracked holders and aligned partners!) I understand the implications and have sufficient conviction in both myself and the asset to state this publicly. I’ve already said it and demonstrated it through my actions for 2+ months. I never give up as simple as this. When we launched LONG on RH, it was clear to me that we were going to do the impossible and prove the case for PVE. Beyond the RWA angle, it was clear that any “meta”, as good as it might be, succeeds or fails based on one thing. The level of commitment and trust the launching platform can demonstrate. LONG can be the first real incubator for great assets by going above and beyond and caring about assets on our platform more than anyone else in the history of the space. And also optimizing for a different biz model/success metrics that come over the expense of making MUCH more fees/money for ourselves in the short term. I see no conflict here and want to make sure every top pair on LONG survives and thrives. My thesis for AI First, in what sense is AI PVE? AI is the most impactful asset in recent crypto history. There has never been an asset this unique, reflecting the deepest desire of holders to believe again and finally break out of crypto and expand into the real world. These are the two main reasons it can become the greatest case study in crypto history. You need to understand that the most bullish signal of AI’s importance is that almost every chain, project and launcher is comparing itself to AI, trying to flip it or kill it. Being irrelevant or confined to a narrow segment as the leader of X or a runner on launcher Y and chain Z creates a predictable path and hard ceilings. it's not the kingmaker trade if no one tried to take it's place. And it will only get stronger(even more bullish) We must protect this positioning and make sure AI can never be reduced to one single narrative, whether it’s the ticker, OG INU vibes, the canonical asset for RWAs or a platform token. What will be the main factor driving AI to win? It’s simply the most relatable asset for the largest group of people. I saw this Pump ad last night, then went a step further and looked at the Pump App Store screenshots. Everyone across chains, regardless of affiliation and whether they like to admit it or not, knows very well that AI is an extremely organic asset forged through pure grind and conviction. It has what it takes to onboard an incredibly large group of people into the space. AI is the poster child of the space. It perfectly captures the OG ethos of believing that holding can actually change your life. It connects the past and its OG memes and assets with today’s desire to make crypto great again(whether you’re an OG or a newcomer who missed the cycle) and the future where we scale into the real world. The closest parallel I see to crypto, a place with so much opportunity that often becomes PVP or just an insider rotation, is the world of finance and AI today. It affects EVERYONE. From the sharp guy who graduated from MIT but couldn’t get into the big AI labs early as an employee to get like 30m in pre-ipo equity, to the average Joe who thinks AI is going to kill us all or mostly benefit the already rich, to the stock trader who can only get exposure to AI at an extremely high IPO valuation. The goal of AI is to offer an alternative to the existing financial system, which is heavily focused on scaling the value of AI fast while leaving most people behind. Most importantly, it’s about empowering people with the belief that they can work together towards the same goal. It stars with the best in-class infra for the stock market of the internet but matched with the growing amount of people that want to try something new and getting better at growing with these. Understand this and you realize it’s a mission rather than a specific bet on a ticker, meta or whatever. We will get to a point where the distribution is so unique and so battle tested(along with deep stock liq) that crypto cycles, chain rotations and the narrative of the day can't hurt the value of AI. This is how the narrative spreads. At every stage of its growth, I can clearly see how AI can align with and onboard new marginal holders while continuing to grow. We are already see it expand from CT to serious capital allocators within the space, then to people outside crypto and eventually Trad Fi asset managers. Every step here has a good plan. The mission of LONG and its relationship with AI and other assets The mission of LONG is to make tokenized markets valuable again. This is very important to understand because it immediately gives you a sense of what we mean by PVE. There is no real scarcity of crypto flows or liquidity that create a 0 sum game between a 1b runner to another 100m runner, especially now as we enter a bull market. The real scarcity is fairly launched, high quality assets that are sustainable and produce real upside. Get even 10 of these and there will be still infinite demand to get into these rather than low quality ones. I think of AI as a major asset like BTC. BTC definitely paved the way for other assets like ETH. At one point ETH even reached 90% of BTC’s market cap and became more attractive if you get in early, and SOL had its moment later on. The communities behind these assets tried to flip each other, but eventually each asset survived and built incredible network effects around a specific category. I’d argue they helped each other establish themselves as the undeniable “majors”. This is my vision for LONG as well. I want to see multiple generational assets that form the “LONG majors” category. Any asset on LONG that proves the high conviction HODL playbook and the ability to scale to a larger group of people is by definition a net positive for major assets on LONG, especially AI, and even more so for the entire space. One day we might see an asset like AI launched somewhere else or on another chain, assuming it becomes easier once the first one proves the case. That's ok. And again if you're really forcing yourself into PVP and 0 sum you can think at the HOOD stock, or hype or lit as competitors it's just a made up rule the only people are benefiting are these who want to a quick way to build reflexively and tap into an established asset. You can also see quite clearly that other mature major runners haven’t hurt AI. We mostly see weakness when we enter full PVP mode, with launchers, KOLs and almost every interface optimized around short hold times. They are very good at creating that experience and breaking even the purest HODLers out there. It’s important for AI to stay strong and break ceilings. Having its conviction tested and becoming stronger alongside other assets in the eco with different approaches is also part of the process BTC, SOL and ETH went through. What makes AI antifragile? First, the fact that it has survived what other assets couldn’t. A hundred things that would have killed any other pair, but not this one. Then there are its many anchors. The canonical asset for RWAs, closely associated with one of the highest potential categories we have, and the deepest onchain liquidity. Remember, AI has no major CEX listing and no MM. Its robustness comes purely from its onchain liquidity system (no central point of failure) It’s paired with NVDA, the “AI” stock and the greatest blue chip, and benefits from its growth. It’s the most held new asset in crypto, with legendary lore and memetics, guys like DubmCrayon, board sit, incredible IP, a unique character with differentiated branding and a great ticker. Then there’s the greatest memefi value accrual through the LongX flywheel, Community vault flywheel, Long500 flywheel and AI pairings flywheels. All of them benefit from real growth in demand related to RWA, LONG activity and the distribution AI achieves and nor just relay on platform vol or fees. Each of these is strong enough on its own to take an asset to 1b. Together, they make it impossible to deal AI a fatal blow as long as holders understand the big picture. The last part is simply not giving up, no matter what. I want to be clear here as well. No single holder or group of top holders will decide the fate of AI. I will keep pushing regardless, and I believe there are many holders like me. There have been a lot of smart, sharp people who didn’t want to take a bet on LONG and me, and all of them missed tremendous upside. As always, everyone is welcome, but we are not trying to force conviction into anyone. LONG.

LONG pairs must decouple from each other, it's one of these things we were wired to believe in crypto where one alt that has nothing to do with another are heavily correlated (in many cases it's related to market structure but also purly self fulfing reflexive pattern) This is how we achieve our mission(and the way stocks work in the real world) If holders in different pairs won't believe there are no ceilings. There will be ceilings and we simply create a slower&longer rotation game between pairs to the “major runner” I don't want top holders to hold an asset because it's a good beta for another one. I will share more thoughts on it this is a very nuanced topic that I think LONG can lead on as well! We are seeing a new playbook being written right in front of our eyes. Keep cooking. LONG.