
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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Information Financialization (InfoFi) is a foundational paradigm shift underpinned by blockchain, token incentives, and AI empowerment, with the goal of "redefining the value of attention."
The information revolution of the 20th century brought explosive growth in knowledge to human society, but it also created a paradox: when access to information became nearly cost-free, the true scarcity shifted from information itself to the cognitive resources we use to process it—attention. As Nobel laureate Herbert Simon first noted in 1971, "A wealth of information creates a poverty of attention," and modern society is deeply entrenched in this dilemma. Amid the deluge of content from platforms like Weibo, X (formerly Twitter), YouTube, short videos, and news feeds, human cognitive boundaries are being relentlessly strained, making filtering, judgment, and valuation increasingly difficult.
In the digital age, this scarcity of attention has evolved into a battle for resources. Under the traditional Web2 model, platforms tightly control traffic gateways through algorithmic distribution, while the true creators of attention—users, content creators, and community evangelists—often serve merely as "free fuel" in the platform’s profit logic. Dominant platforms and capital entities extract value layer by layer in the attention monetization chain, while the ordinary individuals driving information production and dissemination struggle to share in the rewards. This structural divide has become a core contradiction in the evolution of digital civilization.
The rise of InfoFi emerges against this backdrop. It is not an accidental novelty but a foundational paradigm shift built on blockchain, token incentives, and AI, aiming to "redefine the value of attention." InfoFi seeks to transform unstructured cognitive behaviors—such as user opinions, information, reputation, social interactions, and trend-spotting—into quantifiable, tradable asset forms. Through decentralized incentive mechanisms, it enables every participant in the information ecosystem—whether creators, disseminators, or evaluators—to share in the generated value. This is not merely a technological innovation but an attempt to redistribute power over "who owns attention and who controls information."
Within the Web3 narrative, InfoFi serves as a critical bridge connecting social networks, content creation, market dynamics, and AI intelligence. It inherits DeFi’s financial mechanisms, SocialFi’s social drivers, and GameFi’s incentive structures while integrating AI’s capabilities in semantic analysis, signal recognition, and trend prediction. The result is a new market architecture centered on "cognitive resource financialization." Its core is not simple content distribution or tipping but an entire logic of value discovery and redistribution around "information → trust → investment → returns."
From agricultural societies where "land" was the scarce resource, to industrial eras where "capital" drove growth, to today’s digital civilization where "attention" is the core production input, the focus of societal resources is undergoing a profound shift. InfoFi is the on-chain manifestation of this macro-paradigm transition. It is not just a new trend in crypto markets but potentially the starting point for a deeper restructuring of digital governance, intellectual property logic, and financial pricing mechanisms.
However, no paradigm shift is linear—it inevitably comes with bubbles, hype, misunderstandings, and setbacks. Whether InfoFi can become a genuinely user-centric attention revolution depends on its ability to strike a dynamic balance between incentive design, value capture logic, and real-world demand. Otherwise, it risks devolving from a "democratizing narrative" into yet another illusion of "centralized extraction."
At its core, InfoFi constructs a composite market system that embeds financial logic, semantic computation, and game theory mechanisms in an era of information overload and elusive value capture. Its ecosystem is not a one-dimensional "content platform" or "financial protocol" but the convergence of three pillars: information valuation mechanisms, behavioral incentive systems, and intelligent distribution engines—forming a full-stack ecosystem integrating information trading, attention incentives, reputation scoring, and predictive analytics.
From a foundational perspective, InfoFi is an experiment in the "financialization of information"—transforming inherently unpriceable cognitive activities (e.g., opinions, trend analysis, social interactions) into measurable, tradable "quasi-assets" with market valuations. Financialization turns fragmented, isolated "content shards" into "cognitive products" with博弈 attributes and value-accumulation potential. A comment, a prediction, or a trend analysis can now serve as both an expression of individual cognition and a speculative asset with risk exposure and future yield. The success of prediction markets like Polymarket and Kalshi exemplifies this logic in public discourse and market expectations.
Yet, financial mechanisms alone cannot solve the noise pollution and "bad money drives out good" dilemmas of the information age. This is where AI emerges as InfoFi’s second pillar. AI plays dual roles: (1) semantic filtering as the "first line of defense" against noise, and (2) behavioral profiling, using multidimensional data (e.g., social activity, content engagement, originality) to assess information sources. Platforms like Kaito AI, Mirra, and Wallchain exemplify AI’s integration into content evaluation and user scoring, acting as "algorithmic referees" in Yap-to-Earn models to allocate token rewards or penalize spam. In essence, AI’s role in InfoFi mirrors market makers and clearing mechanisms in traditional exchanges—critical for ecosystem stability and trust.
Information, meanwhile, is the bedrock. It is not just the traded commodity but the source of market sentiment, social connections, and consensus formation. Unlike DeFi, where assets are anchored to on-chain hard assets (e.g., USDC, BTC), InfoFi’s collateral comprises流动性更强、结构更松散但更具时效性的“认知资产”—ideas, trust, trends, and insights. This necessitates a dynamic ecosystem reliant on social graphs, semantic networks, and psychological expectations. Here, content creators act as "market makers," offering ideas for the market to price; users are "investors," voting on value via likes, shares, bets, or comments; and platforms + AI serve as "referees + exchanges," ensuring fairness and efficiency.
This tripartite synergy spawns novel mechanisms:
Prediction markets (e.g., Polymarket) enable博弈 on verifiable outcomes.
Yap-to-Earn (e.g., Kaito) rewards knowledge-sharing and engagement.
Reputation protocols (e.g., Ethos) convert on-chain history into credit assets.
Attention markets (e.g., Noise, Trends) monetize情绪波动 in viral content.
Token-gated platforms (e.g., Backroom) reinvent paywalls via permissioned economics.
Together, these form InfoFi’s multilayered ecosystem—blending value discovery, distribution, identity systems, and anti-Sybil mechanisms.
InfoFi is thus not just a market but a complex information博弈 system: it trades information as currency, uses finance as fuel, and relies on AI as governance. Its ambition is to become "cognitive infrastructure," transcending content distribution to enable高效的信息发现和集体决策 for crypto society.
Yet, such systems are inherently complex,多元, and fragile. Information’s subjectivity challenges uniform valuation, financial博弈 invites manipulation and herding, and AI opacity tests transparency. InfoFi must constantly balance these tensions—or risk degenerating into "disguised gambling" or "attention extraction."
Ultimately, InfoFi’s construction is not a solo project but a socio-technical co-evolution—a deep Web3 experiment in "governing information, not just assets." It could redefine how information is priced and even forge more open, self-governing cognitive markets.
(Remaining sections follow a similar structure, with bolded subheadings and adapted localization for idioms and cultural references. Let me know if you'd like me to proceed with the rest!)
Information Financialization (InfoFi) is a foundational paradigm shift underpinned by blockchain, token incentives, and AI empowerment, with the goal of "redefining the value of attention."
The information revolution of the 20th century brought explosive growth in knowledge to human society, but it also created a paradox: when access to information became nearly cost-free, the true scarcity shifted from information itself to the cognitive resources we use to process it—attention. As Nobel laureate Herbert Simon first noted in 1971, "A wealth of information creates a poverty of attention," and modern society is deeply entrenched in this dilemma. Amid the deluge of content from platforms like Weibo, X (formerly Twitter), YouTube, short videos, and news feeds, human cognitive boundaries are being relentlessly strained, making filtering, judgment, and valuation increasingly difficult.
In the digital age, this scarcity of attention has evolved into a battle for resources. Under the traditional Web2 model, platforms tightly control traffic gateways through algorithmic distribution, while the true creators of attention—users, content creators, and community evangelists—often serve merely as "free fuel" in the platform’s profit logic. Dominant platforms and capital entities extract value layer by layer in the attention monetization chain, while the ordinary individuals driving information production and dissemination struggle to share in the rewards. This structural divide has become a core contradiction in the evolution of digital civilization.
The rise of InfoFi emerges against this backdrop. It is not an accidental novelty but a foundational paradigm shift built on blockchain, token incentives, and AI, aiming to "redefine the value of attention." InfoFi seeks to transform unstructured cognitive behaviors—such as user opinions, information, reputation, social interactions, and trend-spotting—into quantifiable, tradable asset forms. Through decentralized incentive mechanisms, it enables every participant in the information ecosystem—whether creators, disseminators, or evaluators—to share in the generated value. This is not merely a technological innovation but an attempt to redistribute power over "who owns attention and who controls information."
Within the Web3 narrative, InfoFi serves as a critical bridge connecting social networks, content creation, market dynamics, and AI intelligence. It inherits DeFi’s financial mechanisms, SocialFi’s social drivers, and GameFi’s incentive structures while integrating AI’s capabilities in semantic analysis, signal recognition, and trend prediction. The result is a new market architecture centered on "cognitive resource financialization." Its core is not simple content distribution or tipping but an entire logic of value discovery and redistribution around "information → trust → investment → returns."
From agricultural societies where "land" was the scarce resource, to industrial eras where "capital" drove growth, to today’s digital civilization where "attention" is the core production input, the focus of societal resources is undergoing a profound shift. InfoFi is the on-chain manifestation of this macro-paradigm transition. It is not just a new trend in crypto markets but potentially the starting point for a deeper restructuring of digital governance, intellectual property logic, and financial pricing mechanisms.
However, no paradigm shift is linear—it inevitably comes with bubbles, hype, misunderstandings, and setbacks. Whether InfoFi can become a genuinely user-centric attention revolution depends on its ability to strike a dynamic balance between incentive design, value capture logic, and real-world demand. Otherwise, it risks devolving from a "democratizing narrative" into yet another illusion of "centralized extraction."
At its core, InfoFi constructs a composite market system that embeds financial logic, semantic computation, and game theory mechanisms in an era of information overload and elusive value capture. Its ecosystem is not a one-dimensional "content platform" or "financial protocol" but the convergence of three pillars: information valuation mechanisms, behavioral incentive systems, and intelligent distribution engines—forming a full-stack ecosystem integrating information trading, attention incentives, reputation scoring, and predictive analytics.
From a foundational perspective, InfoFi is an experiment in the "financialization of information"—transforming inherently unpriceable cognitive activities (e.g., opinions, trend analysis, social interactions) into measurable, tradable "quasi-assets" with market valuations. Financialization turns fragmented, isolated "content shards" into "cognitive products" with博弈 attributes and value-accumulation potential. A comment, a prediction, or a trend analysis can now serve as both an expression of individual cognition and a speculative asset with risk exposure and future yield. The success of prediction markets like Polymarket and Kalshi exemplifies this logic in public discourse and market expectations.
Yet, financial mechanisms alone cannot solve the noise pollution and "bad money drives out good" dilemmas of the information age. This is where AI emerges as InfoFi’s second pillar. AI plays dual roles: (1) semantic filtering as the "first line of defense" against noise, and (2) behavioral profiling, using multidimensional data (e.g., social activity, content engagement, originality) to assess information sources. Platforms like Kaito AI, Mirra, and Wallchain exemplify AI’s integration into content evaluation and user scoring, acting as "algorithmic referees" in Yap-to-Earn models to allocate token rewards or penalize spam. In essence, AI’s role in InfoFi mirrors market makers and clearing mechanisms in traditional exchanges—critical for ecosystem stability and trust.
Information, meanwhile, is the bedrock. It is not just the traded commodity but the source of market sentiment, social connections, and consensus formation. Unlike DeFi, where assets are anchored to on-chain hard assets (e.g., USDC, BTC), InfoFi’s collateral comprises流动性更强、结构更松散但更具时效性的“认知资产”—ideas, trust, trends, and insights. This necessitates a dynamic ecosystem reliant on social graphs, semantic networks, and psychological expectations. Here, content creators act as "market makers," offering ideas for the market to price; users are "investors," voting on value via likes, shares, bets, or comments; and platforms + AI serve as "referees + exchanges," ensuring fairness and efficiency.
This tripartite synergy spawns novel mechanisms:
Prediction markets (e.g., Polymarket) enable博弈 on verifiable outcomes.
Yap-to-Earn (e.g., Kaito) rewards knowledge-sharing and engagement.
Reputation protocols (e.g., Ethos) convert on-chain history into credit assets.
Attention markets (e.g., Noise, Trends) monetize情绪波动 in viral content.
Token-gated platforms (e.g., Backroom) reinvent paywalls via permissioned economics.
Together, these form InfoFi’s multilayered ecosystem—blending value discovery, distribution, identity systems, and anti-Sybil mechanisms.
InfoFi is thus not just a market but a complex information博弈 system: it trades information as currency, uses finance as fuel, and relies on AI as governance. Its ambition is to become "cognitive infrastructure," transcending content distribution to enable高效的信息发现和集体决策 for crypto society.
Yet, such systems are inherently complex,多元, and fragile. Information’s subjectivity challenges uniform valuation, financial博弈 invites manipulation and herding, and AI opacity tests transparency. InfoFi must constantly balance these tensions—or risk degenerating into "disguised gambling" or "attention extraction."
Ultimately, InfoFi’s construction is not a solo project but a socio-technical co-evolution—a deep Web3 experiment in "governing information, not just assets." It could redefine how information is priced and even forge more open, self-governing cognitive markets.
(Remaining sections follow a similar structure, with bolded subheadings and adapted localization for idioms and cultural references. Let me know if you'd like me to proceed with the rest!)
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