$SPCX listing in 12 hours, nearly 4x oversubscribed on $300B+ in demand. Following the AI-driven capital market mania, SpaceX's IPO is now pushing demand for quality assets to its peak, in sharp contrast to Beijing forcing mainland users off Futu and Tiger. When surging appetite for quality assets runs into sovereign capital controls, it opens a massive window for onchain finance. In just one year, we've watched onchain stocks thrive: → Tokenized stocks crossed $1.4B in market cap → Equity perps hit nearly $7B in daily volume From SpaceX to OpenAI and Anthropic next, crypto has a shot at capturing the users caught between rising demand and tightening capital controls. The next frontier in finance is brokering the unbrokered.

Ironically, just as one of the ETH OGs exited, BitMine spent another $240M buying ETH last week.😂 It’s a microcosm of crypto shifting into CeDeFi. We’re at the inflection point to witness a new consensus building in the chaos. The game isn’t over but moving into an uncharted phase.

While every exchange is racing to list Pre-IPO $SPCX, @tradexyz has quietly become the #2# Perp DEX. And it’s a sub-project buit on HIP-3. Crypto users on Web3 platforms would rather trade Web2 tickers than crypto assets. We once said DeFi would disrupt traditional finance, but now it looks like DeFi needs TradFi more than ever to survive.

Clearing infrastructure is one of the deepest and least appreciated layers in financial stack. As stablecoins, trading firms, and onchain finance scale, crypto will need its own native clearing stack. That's why we're excited about @cyclesmoney building a privacy-preserving clearing network for the next generation of monetary coordination

Through every bull and bear cycle, we've kept backing the founders who look extremely weird but have a real shot at reshaping the industry.💪 If you missed the live earlier, go back and watch how @DoveyWan unpack Primitive's core investment thesis and share her take on the current market. 📺 Binance Square:

"Long substance, short status." In 10 hours, our founder @DoveyWan joins @binance for Episode 8 of Inside the Blockchain 100. A deep dive into the themes shaping this cycle: → DeFi × CeFi convergence → Stablecoins as financial rails → How Primitive's investment thesis is evolving 📅 May 19 · 13:00 UTC 📺 Live on Binance Square Set your reminder🔔

We’re excited to co-host an intimate VVIP dinner with @OndoFinance and LTP @LTP_primebroker in HK this week, bringing together deep pockets capital allocators & leaders across TradFi, DeFi and RWAs trading and issuance If you’re in town and building at the frontier of institutional-grade finance onchain, join us:

A few implications for future defi design after this watershed incident (KELP/LZ/Aave exploit): “money lego” and composability is not free lunch - LRTs/wrapped assets should never be treated as equivalent to native assets (same with the Binance wrapped assets in CEX) - Yield-enhanced wrappers are also risk-enhanced wrappers - Unified collateral pool lending models will be repriced - Every new collateral type doesn’t just add a market.. it adds a new risk on top - Lending/vaults protocols will increasingly compete on risk segmentation (im more bullish in modular pools) - More assets will prefer canonical issuance, native deployments, and limited bridge surface area - The cost of acquiring TVL on L2s & new dapps will keep going up: most lot of TVL was effectively rented through incentives, bridge convenience, wrappers, and leverage loops - That TVL will increasingly flow back to L1 & likely tradfi-linked assets - Human devops is the worst design by nature :(

📢Important Reminder @YettaSing account has been compromised. Any links, token launches, fundraising messages, or DMs from that account are malicious. Please do NOT click or interact. She will never ask for funds or share deals via DM. Working with X to recover access — will update once resolved.

Primitive Weekly POV Snapshot This week, our team dives deep into how geopolitics is reshaping China's commodity strategy, why China is leapfrogging the West in AI adoption, the Pokémon-ification of software development, and the inevitable unemployment of VCs. Here is the breakdown from the PV team👇 1/ 👀 The Petroyuan Pivot @DoveyWan on the geopolitical move that changes everything: Trump locked his China visit before Khamenei died. Timing too perfect. China just lost its Iran escalation card—15% of crude imports, gone overnight. What happens next: Beijing pivots hard to Gulf states and Central Asia. More barter deals with Russia and Africa to cut USD exposure. Manufacturing accelerates out of China. Trump's real message: "Your Belt and Road ally just got decapitated. Now let's talk Taiwan." 2/🚀China's AI Adoption Curve @adaYen72 calls this China's "mobile payment moment" all over again: Remember when the West was stuck on credit cards while China moved to QR codes? Same thing happening with AI. West still hesitant. China already sprinting—no legacy systems holding them back. Why this matters: Less baggage means faster adoption. China isn't trying to fix old infrastructure. They're just building new. 3/ 🦞Pokémon Dev Era @YettaSing on what software development is becoming: A friend's GitHub is flooded with agents—scanning repos, submitting PRs everywhere. How does a regular programmer compete with that? Answer: they don't. It's not human vs human anymore. It's trained agent vs trained agent. The new game: Software development is now about who trains the best agents. We've entered the era of computational Pokémon battles. 4/ ☹️VCs Getting Automated @0xtony0x just added AI Brad Pitt to Primitive's investment committee: "Future of VC is unemployment." The reality: If agents can run due diligence, what's left for human VCs? Taste, relationships, and the ability to train even better agents. Everything else is getting automated out. Stay tuned. Stay primitive. 📷

Primitive Weekly POV Snapshot This week, our team explored what it means to build with agents instead of junior headcount, why crypto is increasingly serving as live market infrastructure during geopolitical stress, how AI is widening the gap between top operators and everyone else, and why “AI installing AI” is already becoming a real service layer in China. Here is the breakdown from the PV team 👇 1/ 🤖 The Agentic Firm @DoveyWan shared how two investment-associate agents powered by @openclaw are already handling deck prep, research synthesis, and simulation work at a cost far below a traditional junior team. As more analytical workflows become automatable, scaling no longer depends on adding headcount. The constraint shifts to judgment, taste, and the ability to direct agents well. 2/ 🛰️ Crypto as Live Market Infrastructure @0xtony0x highlighted how, during geopolitical shocks, on-chain markets stayed open while traditional systems were offline. BTC, oil, gold perps, and prediction markets all absorbed real-time demand for hedging and price discovery. When TradFi sleeps, crypto trades. This is where crypto starts to matter less as a sector, and more as infrastructure. 3/ 🧠 From 10× to 100× @YettaSing reflected on how AI is no longer just a productivity tool — it is a multiplier on existing judgment. AI does not flatten talent gaps. It amplifies them. The best operators are not just working faster with AI. They are compounding faster. 4/ 🛠️ AI Installing AI @adaYen72 pointed to an emerging micro-economy in China: people now pay for onsite or remote setup of agent tools. Humans paying AI to install AI is no longer a joke. It is already a business. Once agent tooling becomes valuable enough, service layers emerge around it. That’s the snapshot for this week. Stay tuned. Stay primitive.🛡️

Primitive founder @DoveyWan at 2026 HK Consensus, in conversation with Tim Grant, CEO of Deus X Capital: Crypto’s first era was about banking the unbanked. 👀What comes next is brokering the unbrokered. As AI compresses intellectual labor, earning purely from time gets harder. Capital ownership starts to matter a lot more.👇

Primitive Weekly POV snapshot This week, our team dives deep into how AI agents are replacing analysts, our thesis behind backing @opinionlabsxyz to capture the East-West split in prediction markets, the ruthless distribution playbook in consumer AI, and why the future of payments is on-chain. Here is the breakdown from the PV team 👇 1/ 😵The End of the Analyst Era @DoveyWan built a team of investment analyst agents using @openclaw . For just $200/month, these agents handle pitch prep, surface critical signals, and run complex investment simulations. >The old model: High economic growth = high employment. >The new reality: We are entering an era of ultra-high growth and ultra-high unemployment. Unless human analysts have proprietary insight, taste, or access, agentic cross-pollination will replace them entirely. 2/👀 Prediction Markets 2.0: The Great Divergence @YettaSing outlines our full investment thesis on @opinionlabsxyz "seed-stage" underdog from the East that quietly hit $1.5B in weekly volume. >The Paradox: Assets can converge globally, but opinions are local. The West concentrates on sports and politics, while the East thrives on pop culture and local narratives. >The East-West Split: Opinion Labs captures dispersed attention. For the 2026 South Korean local election, Opinion Labs did $52M in volume compared to Polymarket’s $482K. >The AI Scaling Layer: To handle infinite local opinions without fragmenting liquidity, Opinion Labs uses multi-agent AI to structure markets and resolve unstructured information at scale. Prediction markets have entered 2.0. The West optimizes for financialization and hedging uncertainty at scale. The East turns collective judgment into a living, internet-native participatory system. more here>> 3/💻 The Consumer AI War: Distribution > Compute @adaYen72 breaks down ByteDance's Doubao and its massive success, proving that the future of consumer AI is about ruthless distribution, not just raw compute. > The Doubao Playbook: Entering the market late, Doubao bypassed coding benchmarks to focus on engineering viral entertainment. By blasting relatable everyday consumer features through the Douyin algorithm, it hit a staggering 70M+ DAU, leapfrogging early movers. > The Global Lesson: We see the exact same playbook in the West, with Google baking Gemini into billions of Android phones to close the gap on ChatGPT. Doubao's textbook GTM shows that the crown in consumer AI goes to the players who can turn raw tech into everyday products through distribution monopolies and manufactured virality. 4/ 🤖 Agentic Payments: The On-chain Inevitability @0xtony0x highlights AI as an evolutionary force that prioritizes the most efficient platforms to execute human intent. >The Delegated Economy: AI is already executing economic activities, placing 200M orders through Qwen during the Chinese New Year. >The Path of Least Friction: Money follows the second law of thermodynamics, flowing to the road of lowest cost. Because AI demands extreme efficiency, the future of agentic payments will inevitably happen on-chain. That’s the snapshot for this week. Stay tuned. Stay primitive.🛡️

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. 🛡️