The Whale Who Was Up $100 M: Why I’m Leaving HyperLiquid
Protocol Survived, Users Didn’t I just made a personal—and painful—decision: I will no longer trade on HyperLiquid. I’m not calling for a boycott; I’m simply following the drift of my own values. After clearing $95 M on HL—and crossing nine figures across venues—my P&L is still positive this year. But on 10 October I lost $62 M in a single liquidation cascade. That day showed me the industry has out-grown its “hope and prayer” risk architecture.What Actually Happened on 10·10Binance’s interna...
From Meta to Blockchain Rising Stars: The Rise of Sui and Aptos
In recent years, the cryptocurrency market has experienced explosive growth. The success of mainstream cryptocurrencies like Bitcoin and Ethereum has attracted widespread attention from global investors. Emerging projects continue to emerge, offering a variety of investment opportunities. Investors are attracted by their high potential for returns, while also being aware of the market's high volatility and risks. Sui and Aptos are two blockchain projects that have recently garnered significan...
When the “Infinite-Ammo” mNAV Flywheel Reverses: Hidden Sell-Side Risks in the Crypto-Treasury Narra…
Executive Summary Treasury-driven alt-coins have turbo-charged this bull run. Ethereum has risen from US$1 800 to US$4 700 (+160 %) as listed “mini-MSTRs” like SBET and BMNR relentlessly buy ETH. Solana, BNB and HYPE have spawned copy-cat treasuries of their own. But the same flywheel that lifts prices can spin backwards. WINT—once a BNB-treasury poster-child—was delisted by Nasdaq and fell 91 %. Lion Group just trimmed US$500 k of its own HYPE stack. If mNAV (market-to-NAV ratio) drops below...
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The Whale Who Was Up $100 M: Why I’m Leaving HyperLiquid
Protocol Survived, Users Didn’t I just made a personal—and painful—decision: I will no longer trade on HyperLiquid. I’m not calling for a boycott; I’m simply following the drift of my own values. After clearing $95 M on HL—and crossing nine figures across venues—my P&L is still positive this year. But on 10 October I lost $62 M in a single liquidation cascade. That day showed me the industry has out-grown its “hope and prayer” risk architecture.What Actually Happened on 10·10Binance’s interna...
From Meta to Blockchain Rising Stars: The Rise of Sui and Aptos
In recent years, the cryptocurrency market has experienced explosive growth. The success of mainstream cryptocurrencies like Bitcoin and Ethereum has attracted widespread attention from global investors. Emerging projects continue to emerge, offering a variety of investment opportunities. Investors are attracted by their high potential for returns, while also being aware of the market's high volatility and risks. Sui and Aptos are two blockchain projects that have recently garnered significan...
When the “Infinite-Ammo” mNAV Flywheel Reverses: Hidden Sell-Side Risks in the Crypto-Treasury Narra…
Executive Summary Treasury-driven alt-coins have turbo-charged this bull run. Ethereum has risen from US$1 800 to US$4 700 (+160 %) as listed “mini-MSTRs” like SBET and BMNR relentlessly buy ETH. Solana, BNB and HYPE have spawned copy-cat treasuries of their own. But the same flywheel that lifts prices can spin backwards. WINT—once a BNB-treasury poster-child—was delisted by Nasdaq and fell 91 %. Lion Group just trimmed US$500 k of its own HYPE stack. If mNAV (market-to-NAV ratio) drops below...
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ETH Returns to Center Stage: 12 “Ether-Family” Alpha Plays to Watch Now
Support NFT
ETH Returns to Center Stage: 12 “Ether-Family” Alpha Plays to Watch Now
NYSE-listed BitMine has stockpiled 1.2 million ETH ($5.03 B), making it the single largest ETH treasury company. It plans to reach 5 % of total ETH supply and stake the entire stack for yield.
Cathie Wood’s ARK Invest just bought $182 M of BMNR shares; Bill Miller and Peter Thiel’s Founders Fund are also on the cap table. The stock has nearly doubled in August.
StablecoinX division will spend $260 M to buy back 8 % of ENA float over six weeks.
Fee-switch approved: protocol revenue will flow to staked-ENA (sENA) holders; base-case yield ≥ 4 %, bull-case > 10 %.
Coinbase listed USD pairs in June; Ethena is also launching compliant USDtb and its own Converge Chain.
TVL hit a record $9 B on August 13.
Boros module turns perp-funding rates into tradeable assets—drove $1.85 M inflows in two days.
Citadels program unlocks institutional capital; 60 % of TVL now sits in PT-USDe strategies.
V4 is live with 2 500+ Hook pools; Unichain L2 already hosts 70 % of daily volume.
DAO approved a fee-switch pilot—first revenue share to UNI holders is being finalized.
DEX that re-uses lending collateral as trading liquidity; briefly out-traded Uniswap with $1.5 B daily volume.
$2.9 B FDV versus Uniswap’s premium; upcoming “lite” version could add $4-6 B extra daily flow.
$41 B TVL (26 % of all DeFi) continues to cement stETH as DeFi’s base layer collateral.
stETH is now accepted on Aave, Curve, Spark, and dozens of yield vaults.
$38.9 B TVL (≈ ¼ of DeFi).
GHO stablecoin supply doubled to $314 M and is expanding to Arbitrum & Base.
Horizon program tokenizes real-world assets; Plasma partnership launches an institutional incentive fund.
crvUSD celebrates two years of tight peg via LLAMMA auto-liquidations; scrvUSD yields ≈ 8 % in the current rate regime.
Founder Michael Egorov is building Yield Basis—yield layers for BTC & ETH—hinting at RWA expansion.
MakerDAO rebrand; USDS now the 4th-largest stablecoin ($5 B+).
sUSDS staking yields ≈ 5 %—real yield vs. 2.7 % U.S. CPI.
Coinbase listed SKY & USDS in July; GENIUS Act compliant (no direct interest payouts).
$8.2 B TVL, up 200 % since April; ranks #8 in DeFi.
Backed by MakerDAO’s treasury; product suite (SparkLend, SparkSavings, SLL) forms a closed-loop yield stack.
Reserve mechanism auto-converts service fees into LINK, already > $1 M locked—deflationary flywheel.
Secures $93 B+ in DeFi value; ICE (NYSE parent) partnership brings FX & precious-metals data on-chain.
NFT-meets-meme comeback; Canary Capital filed the Canary Spot PENGU ETF (80–95 % PENGU, 5–15 % Pudgy Penguins NFTs).
SEC acceptance of the filing sparked a 24 h +22 % move.
Quick-look Cheat Sheet
Project | Ticker | Core Catalyst | Equity? |
|---|---|---|---|
BitMine | BMNR | Treasury 1.2 M ETH | |
Uniswap | UNI | V4 + Unichain | |
Aave | AAVE | GHO + RWA | |
Curve | CRV | crvUSD + Yield Basis | |
Chainlink | LINK | Fee→Reserve burn |
If ETH is the new internet bond, these twelve names are the yield, liquidity, and meme layers built on top of it.
NYSE-listed BitMine has stockpiled 1.2 million ETH ($5.03 B), making it the single largest ETH treasury company. It plans to reach 5 % of total ETH supply and stake the entire stack for yield.
Cathie Wood’s ARK Invest just bought $182 M of BMNR shares; Bill Miller and Peter Thiel’s Founders Fund are also on the cap table. The stock has nearly doubled in August.
StablecoinX division will spend $260 M to buy back 8 % of ENA float over six weeks.
Fee-switch approved: protocol revenue will flow to staked-ENA (sENA) holders; base-case yield ≥ 4 %, bull-case > 10 %.
Coinbase listed USD pairs in June; Ethena is also launching compliant USDtb and its own Converge Chain.
TVL hit a record $9 B on August 13.
Boros module turns perp-funding rates into tradeable assets—drove $1.85 M inflows in two days.
Citadels program unlocks institutional capital; 60 % of TVL now sits in PT-USDe strategies.
V4 is live with 2 500+ Hook pools; Unichain L2 already hosts 70 % of daily volume.
DAO approved a fee-switch pilot—first revenue share to UNI holders is being finalized.
DEX that re-uses lending collateral as trading liquidity; briefly out-traded Uniswap with $1.5 B daily volume.
$2.9 B FDV versus Uniswap’s premium; upcoming “lite” version could add $4-6 B extra daily flow.
$41 B TVL (26 % of all DeFi) continues to cement stETH as DeFi’s base layer collateral.
stETH is now accepted on Aave, Curve, Spark, and dozens of yield vaults.
$38.9 B TVL (≈ ¼ of DeFi).
GHO stablecoin supply doubled to $314 M and is expanding to Arbitrum & Base.
Horizon program tokenizes real-world assets; Plasma partnership launches an institutional incentive fund.
crvUSD celebrates two years of tight peg via LLAMMA auto-liquidations; scrvUSD yields ≈ 8 % in the current rate regime.
Founder Michael Egorov is building Yield Basis—yield layers for BTC & ETH—hinting at RWA expansion.
MakerDAO rebrand; USDS now the 4th-largest stablecoin ($5 B+).
sUSDS staking yields ≈ 5 %—real yield vs. 2.7 % U.S. CPI.
Coinbase listed SKY & USDS in July; GENIUS Act compliant (no direct interest payouts).
$8.2 B TVL, up 200 % since April; ranks #8 in DeFi.
Backed by MakerDAO’s treasury; product suite (SparkLend, SparkSavings, SLL) forms a closed-loop yield stack.
Reserve mechanism auto-converts service fees into LINK, already > $1 M locked—deflationary flywheel.
Secures $93 B+ in DeFi value; ICE (NYSE parent) partnership brings FX & precious-metals data on-chain.
NFT-meets-meme comeback; Canary Capital filed the Canary Spot PENGU ETF (80–95 % PENGU, 5–15 % Pudgy Penguins NFTs).
SEC acceptance of the filing sparked a 24 h +22 % move.
Quick-look Cheat Sheet
Project | Ticker | Core Catalyst | Equity? |
|---|---|---|---|
BitMine | BMNR | Treasury 1.2 M ETH | |
Uniswap | UNI | V4 + Unichain | |
Aave | AAVE | GHO + RWA | |
Curve | CRV | crvUSD + Yield Basis | |
Chainlink | LINK | Fee→Reserve burn |
If ETH is the new internet bond, these twelve names are the yield, liquidity, and meme layers built on top of it.
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