Delphi Digital 2.5 years*
with a low float, in a narrative-driven environment**
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longer thesis in my thread here
Haven’t heard anything about them faking revenue growth, but either way I’m not sure why they’d do that. They’re putting every reported dollar of revenue back into $PUMP through buybacks.
PUMP revenue: Generated from trading and token launch fees paid by users. The portion counted as revenue is the 0.05% protocol fee retained by Pump.
HYPE revenue: Comes from perp and spot orderbook trading (shared with the Unit protocol). Technically, Hyperliquid itself doesn’t retain most of this as “revenue,” since 99% of fees go to the Assistance Fund for buying back $HYPE, excluding builder fees.
On the divergence point, Pump has Pumpswap, where a large share of fees are paid out to LPs. The protocol doesn’t retain those, so they’re excluded from revenue.
thanks for pinging this sir
alpha
for now it looks random with an effort to keep buybacks = to the amount of revenue they made that day
i am hopeful though that they will make this process more algorithmic, similar to how hyperliquid's AF has done it.
re: your question on short term buy pressure - you can track their wallets
here:
Pump Fun Buyback wallet: 3vkpy5YHqnqJTnA5doWTpcgKyZiYsaXYzYM9wm8s3WTi
(This wallet executes the market purchases of PUMP tokens.)Pump Fun Squads Multisig: G8CcfRffqZWHSAQJXLDfwbAkGE95SddUqVXnTrL4kqjm
(Where the consolidated PUMP tokens are sent after buying back.)
although i am skeptical that trying to front run or trade around their buys is a worthwhile strategy haha.
pump is SO BACK
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.
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
🐐