defi mullet

very interesting stuff - ty for the share king

hey sir,

jeff (hl founder) does a pretty good job of breaking the relationship down in his tweet here: https://x.com/chameleon_jeff/status/1898739434000191823

Essentially "the native pieces of the Hyperliquid execution state have been organized under one umbrella term: HyperCore which consists of order book perp and spot DEX, staking, oracles, multi-sig, etc. HyperEVM on the other hand, is a general purpose "world-computer", allowing builders to deploy code that interacts with both HyperEVM and HyperCore.

a rebrand to "bulla" would be timely

banger

Tokenomics are so bad but WLD is destined for a crazy pump at some point IMO - too good of a narrative w Altman even if nothing comes from the event and very retail friendly.

LFG!

fire chat, LFG

Great post — a couple thoughts:

Curious how you’re thinking about the potential cannibalization from tokenized T-bills. As onchain RWAs mature, feels inevitable that more users will opt to capture the yield directly rather than holding USDC. Even if it's not Circle’s whole business, it's a growing structural headwind.

Also wondering how much of Circle’s edge is really tied to regulatory positioning. Their moat feels increasingly reliant on favorable U.S. policy around stablecoins — especially the distinction between yield-bearing vs. payment-focused models. With someone like Lutnick (Cantor Fitzgerald/Tether) in Trump’s cabinet, feel like that is definitetly something to monitor.

And yeah, can’t ignore the fact that Coinbase basically marked the top last cycle. Wonder if we’re about to see history rhyme.

five big booms for the bear kings mkt update

🐐