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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NFT (Non-fungible token) is a relatively new type of cryptocurrency. Unlike traditional cryptocurrencies such as Bitcoin, each NFT has unique properties and is indivisible. This feature of NFTs makes them very suitable for use in various fields such as art, digital collectibles, finance, etc., with a wide range of potential applications. Below we will introduce some common use cases of NFTs.
The most common type of NFT art seems to be programmable art, which interweaves creativity and technology. There are thousands of limited edition 4D artworks that can be programmed to change when different conditions are met. With the help of oracles and smart contracts, artists have created images that react to the price fluctuations of crypto assets. For example, a portrait of Mona Lisa will show her classic smile when the price of ETH rises, but frown if the price of ETH falls.
The traditional art industry has also shown interest in blockchain technology to tokenize real-life artworks. The combination of IoT (Internet of Things) and blockchain allows people to scan a QR code placed on a sticker on the back of a painting and register as the owner of the work on the blockchain. The blockchain can also show the past history of a piece of art, including previous owners and sales prices.
After completing a course, students usually receive a paper or electronic certificate. Most companies and universities require candidates to show this certificate when recruiting.
Recording a personal license or certificate as an NFT on the blockchain can save countless hours of administrative processes to find, check and verify records. It also provides graduates with an easy and secure way to store their educational credentials without the risk of losing them.
Online collectibles are one of the first ways people understand and use NFTs. One of the most successful NFT collectibles to date is Bored Ape. It contains 10,000 monkeys of different styles and images. The holder of each monkey image can enter a private online club, participate in exclusive personal events, and obtain the intellectual property rights of the image.
Another way to get into NFTs, often without people realizing it, is through domain names, either through Unstoppable Domains or Ethereum Name Service (ENS). ENS allows users of Ethereum wallets to change long, hard-to-remember addresses starting with 0x to more readable 'myname'.eth, creating a more user-friendly experience.
Music files or songs can also be made into NFTs, and only those who own the NFT can listen to the song. Platforms like Rarible and Mintbase allow artists to mint their songs as NFTs for fans to enjoy.
From a loyal fan's perspective, these records are limited editions, and they can't be copied or uploaded anywhere else. This gives digitized music a collectible quality similar to vinyl records, with modern technology to support its rarity.
Before the advent of digital pop culture, records were one of the most common collectibles, but the advent of the internet and music streaming sites changed all that. Pirated music is rife in the industry, and artists have suffered heavy losses.
Through NFT, artists can bypass intermediaries, and the fees paid by fans are fully paid to the artists, and the music can also be limited or special editions.
In the game, an NFT can represent a character or prop held by a player, and if the original owner decides to sell it, it can be transferred to another player. Axie Infinity, which was popular in the summer of 2021, is a game similar to Pokemon. Each Axie pet has a different appearance and combat ability. Players can fight with these pets and start the "earning while playing" mode.
NFT (Non-fungible token) is a relatively new type of cryptocurrency. Unlike traditional cryptocurrencies such as Bitcoin, each NFT has unique properties and is indivisible. This feature of NFTs makes them very suitable for use in various fields such as art, digital collectibles, finance, etc., with a wide range of potential applications. Below we will introduce some common use cases of NFTs.
The most common type of NFT art seems to be programmable art, which interweaves creativity and technology. There are thousands of limited edition 4D artworks that can be programmed to change when different conditions are met. With the help of oracles and smart contracts, artists have created images that react to the price fluctuations of crypto assets. For example, a portrait of Mona Lisa will show her classic smile when the price of ETH rises, but frown if the price of ETH falls.
The traditional art industry has also shown interest in blockchain technology to tokenize real-life artworks. The combination of IoT (Internet of Things) and blockchain allows people to scan a QR code placed on a sticker on the back of a painting and register as the owner of the work on the blockchain. The blockchain can also show the past history of a piece of art, including previous owners and sales prices.
After completing a course, students usually receive a paper or electronic certificate. Most companies and universities require candidates to show this certificate when recruiting.
Recording a personal license or certificate as an NFT on the blockchain can save countless hours of administrative processes to find, check and verify records. It also provides graduates with an easy and secure way to store their educational credentials without the risk of losing them.
Online collectibles are one of the first ways people understand and use NFTs. One of the most successful NFT collectibles to date is Bored Ape. It contains 10,000 monkeys of different styles and images. The holder of each monkey image can enter a private online club, participate in exclusive personal events, and obtain the intellectual property rights of the image.
Another way to get into NFTs, often without people realizing it, is through domain names, either through Unstoppable Domains or Ethereum Name Service (ENS). ENS allows users of Ethereum wallets to change long, hard-to-remember addresses starting with 0x to more readable 'myname'.eth, creating a more user-friendly experience.
Music files or songs can also be made into NFTs, and only those who own the NFT can listen to the song. Platforms like Rarible and Mintbase allow artists to mint their songs as NFTs for fans to enjoy.
From a loyal fan's perspective, these records are limited editions, and they can't be copied or uploaded anywhere else. This gives digitized music a collectible quality similar to vinyl records, with modern technology to support its rarity.
Before the advent of digital pop culture, records were one of the most common collectibles, but the advent of the internet and music streaming sites changed all that. Pirated music is rife in the industry, and artists have suffered heavy losses.
Through NFT, artists can bypass intermediaries, and the fees paid by fans are fully paid to the artists, and the music can also be limited or special editions.
In the game, an NFT can represent a character or prop held by a player, and if the original owner decides to sell it, it can be transferred to another player. Axie Infinity, which was popular in the summer of 2021, is a game similar to Pokemon. Each Axie pet has a different appearance and combat ability. Players can fight with these pets and start the "earning while playing" mode.
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