Two of the world’s most consequential non-Western economies moved in the same direction in the same week, and I am not sure the market fully noticed. On May 19th, Japan’s governing party formally approved a framework called “Next-Generation AI and O... Read more

Lighter: An Update For Those Too Busy To Pay Attention TLDR Despite common bearish/aggressive crypto twitter sentiment towards Lighter and specifically the LIT oken, the team has continued to ship new features, products, and is growing their distribution via their partner attribution program which allows both crypto native and tra... Read more

Decibel is a fully onchain perpetuals DEX on Aptos. One deposited dollar earns vault yield, backs a perp position, and works as collateral on other dApps. It runs two revenue streams in parallel, and one of them holds when trading volume drops.

Onchain perps stopped being a rounding error this year. 24/7 price-discovery demand pulled flo

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TLDR

3 months ago, I published “Bitcoin vs Gold: Positioning for the Next Relative Cycle” with a simple thesis: the BTC/Gold ratio was at the 2nd deepest drawdown in the history of the 1W 9/21 EMA framework and we were statistically near the floor.

That call is tracking. The ratio has recovered roughly +46% from its February lows. Gold h

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Strategy repurchased $1.5B worth of its 0% Convertible Senior Notes due 2029 for an estimated $1.38B in cash.

The 2029 Notes were the most problematic tranche in its convertible stack. Conversion price: $672. MSTR’s all-time high: $474. Nearly 4x away from today’s price. These notes were never converting to equity. They were always going

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The retail options trading cohort is largely nonexistent onchain, and I don’t think this is because perps are the end-all be-all.

Perps and options can coexist and complement each other perfectly. I believe it’s more so that there’s no good UX for retail to trade crypto options. There’s certainly no good onchain experience for trading opt

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AI Drug Discovery

It took an AI agent called peptAI 24 hours to design a novel ADHD peptide candidate from scratch, run it through an eight-gate validation pipeline, and spit out a molecule ready for wet lab testing. The lab work cost a few thousand dollars. BIO Protocol’s token, the platform underwriting this, rallied 105%, and within ho

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Ostium offers lower cost of leverage and better trade execution for RWAs than traditional brokers or perp DEXs (incl. Hyperliquid). Here’s why. Before we dive into the data, let’s quickly summarize Ostium’s infra and liquidity mechanism. The magic b... Read more

At Google Cloud Next conference last week, Jai Haridas, a VP at Google Cloud Platform, told the conference audience there are two terms coming up in every customer conversation right now. AI was one. The other term was sovereignty. Gartner named geo... Read more

2 weeks ago the Treasury General Account (TGA) had drained roughly $200B from its highs and looked to be entering the kind of multi-month drawdown phase that historically pulls hundreds of billions of dollars back into the financial system. 

The setup was relatively straightforward at the time: as the Treasury continued to spend down its

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