Why DCF Beats Multiples for $HYPE Most exchange tokens are valued like tech stocks—slap an EBITDA multiple on Coinbase or Robinhood and call it a day. $HYPE is different. Ninety-three per cent of HyperLiquid’s trading fees flow straight to token-holders through the Assistance Fund (AF). That is a programmable dividend, not a board-room maybe. Discounted-cash-flow (DCF) therefore captures the economics far better than any static comp.Step 1 – Picking a Discount Rate We start with a classic CAP...

Why DCF Beats Multiples for $HYPE Most exchange tokens are valued like tech stocks—slap an EBITDA multiple on Coinbase or Robinhood and call it a day. $HYPE is different. Ninety-three per cent of HyperLiquid’s trading fees flow straight to token-holders through the Assistance Fund (AF). That is a programmable dividend, not a board-room maybe. Discounted-cash-flow (DCF) therefore captures the economics far better than any static comp.Step 1 – Picking a Discount Rate We start with a classic CAP...

The Flywheel in One Sentence Listed companies issue cheap debt or equity, buy crypto, mark gains, re-issue paper, buy more crypto. The loop has sucked in > US $24 bn of fresh funding in 2025 alone and pushed the listed “Digital-Asset Treasury” (DAT) cohort past a quarter-trillion-dollar market-cap. Bulls call it a perpetual-motion moat; bears say the gears are already grinding in reverse.DAT Stock vs. Spot vs. ETF – The Leverage LadderDAT shares (e.g., MicroStrategy) = 2–3× leveraged bitcoin ...

The Flywheel in One Sentence Listed companies issue cheap debt or equity, buy crypto, mark gains, re-issue paper, buy more crypto. The loop has sucked in > US $24 bn of fresh funding in 2025 alone and pushed the listed “Digital-Asset Treasury” (DAT) cohort past a quarter-trillion-dollar market-cap. Bulls call it a perpetual-motion moat; bears say the gears are already grinding in reverse.DAT Stock vs. Spot vs. ETF – The Leverage LadderDAT shares (e.g., MicroStrategy) = 2–3× leveraged bitcoin ...

1. Economic misery = on-chain adoption acceleratorInflation peaked at 289 % YoY in April 2024; capital-controls and a $200-per-month FX quota still keep most citizens from accessing physical dollars.Stable-coin penetration is 61.8 % of all crypto volume (vs 44 % global average); 31 % of sub-$1 000 retail transfers now settle in USDT/USDC, the highest ratio in Latam after Venezuela .2. User base & trading activity18.9 % of adults hold crypto (≈ 8.6 m people); Coinbase estimates 5 m Argentines ...

1. Economic misery = on-chain adoption acceleratorInflation peaked at 289 % YoY in April 2024; capital-controls and a $200-per-month FX quota still keep most citizens from accessing physical dollars.Stable-coin penetration is 61.8 % of all crypto volume (vs 44 % global average); 31 % of sub-$1 000 retail transfers now settle in USDT/USDC, the highest ratio in Latam after Venezuela .2. User base & trading activity18.9 % of adults hold crypto (≈ 8.6 m people); Coinbase estimates 5 m Argentines ...

1. Ethereum’s Real Bottleneck: the Verification Ceiling The fastest way to scale L1 is simply raise the gas-limit—bigger blocks, more throughput. But Ethereum’s “all-nodes-verify-everything” architecture means every validator must re-execute every transaction in the 4–8 s window before the 12 s slot ends. Push the limit too high and the network centralizes as weak validators drop off. We need a path to “verify once, trust everywhere” without sacrificing security.2. ZK-VM Turns “All-Verify” in...

1. Ethereum’s Real Bottleneck: the Verification Ceiling The fastest way to scale L1 is simply raise the gas-limit—bigger blocks, more throughput. But Ethereum’s “all-nodes-verify-everything” architecture means every validator must re-execute every transaction in the 4–8 s window before the 12 s slot ends. Push the limit too high and the network centralizes as weak validators drop off. We need a path to “verify once, trust everywhere” without sacrificing security.2. ZK-VM Turns “All-Verify” in...

Money as Order, Bitcoin as Energy Router Money is civilization’s most distributed database—an ordering protocol that lets us trade entropy for coherence. Bitcoin extended that idea into the physical world: it turned surplus watts anywhere into immutable ledger entries everywhere. The next leap is to let machines themselves run that arbitrage 24/7—swapping compute cycles, sensor data, battery power and physical labor without human accountants. Three S-Curves Intersect Right NowLLMs give robots...

Money as Order, Bitcoin as Energy Router Money is civilization’s most distributed database—an ordering protocol that lets us trade entropy for coherence. Bitcoin extended that idea into the physical world: it turned surplus watts anywhere into immutable ledger entries everywhere. The next leap is to let machines themselves run that arbitrage 24/7—swapping compute cycles, sensor data, battery power and physical labor without human accountants. Three S-Curves Intersect Right NowLLMs give robots...

The Back-Drop – When the Bull Cycle Goes Missing Four-year halving boom? Didn’t show up. Liquidity evaporation + narrative whiplash have turned 2025 into the coldest “bull” on record. Alts bleed, volume dries, CEXs switch to defence mode. Yet Huobi HTX just posted Q3 numbers that look like summer in the Arctic:Total trading volume +25 % QoQNew registrations +13 %Platform AUM $6.87 B (+6.4 %)Site impressions +7 %, page-views +37 %, unique visitors +43 %How? A single-word strategy: new-listings...

The Back-Drop – When the Bull Cycle Goes Missing Four-year halving boom? Didn’t show up. Liquidity evaporation + narrative whiplash have turned 2025 into the coldest “bull” on record. Alts bleed, volume dries, CEXs switch to defence mode. Yet Huobi HTX just posted Q3 numbers that look like summer in the Arctic:Total trading volume +25 % QoQNew registrations +13 %Platform AUM $6.87 B (+6.4 %)Site impressions +7 %, page-views +37 %, unique visitors +43 %How? A single-word strategy: new-listings...

Core Discussion Topics: In a conversation at Token 2049, Arthur Hayes and Tom Lee explored trends and challenges in cutting-edge areas including Digital Asset Treasuries (DATs), stablecoins, perpetual contract exchange competition, prediction markets, and privacy coins. DATs (Digital Asset Treasuries): * Tom Lee pointed out that Bitmine, as the largest Ethereum treasury, has created a "flywheel effect" through clear communication and institutional connections (e.g., investment from ARK funds)...

Core Discussion Topics: In a conversation at Token 2049, Arthur Hayes and Tom Lee explored trends and challenges in cutting-edge areas including Digital Asset Treasuries (DATs), stablecoins, perpetual contract exchange competition, prediction markets, and privacy coins. DATs (Digital Asset Treasuries): * Tom Lee pointed out that Bitmine, as the largest Ethereum treasury, has created a "flywheel effect" through clear communication and institutional connections (e.g., investment from ARK funds)...

I. The US$ 20 Billion Wake-Up Call On 7 Oct 2025 Intercontinental Exchange (ICE)—parent of the New York Stock Exchange—announced a US$ 2 billion strategic investment in Polymarket, valuing the four-year-old DeFi site at US$ 9 billion. It is one of the largest private financings in Web3 history and the clearest signal yet that prediction markets are graduating from crypto curiosity to core financial infrastructure.II. From Election Indicator to Reference Feed Prediction markets let traders buy...

I. The US$ 20 Billion Wake-Up Call On 7 Oct 2025 Intercontinental Exchange (ICE)—parent of the New York Stock Exchange—announced a US$ 2 billion strategic investment in Polymarket, valuing the four-year-old DeFi site at US$ 9 billion. It is one of the largest private financings in Web3 history and the clearest signal yet that prediction markets are graduating from crypto curiosity to core financial infrastructure.II. From Election Indicator to Reference Feed Prediction markets let traders buy...

Current Federal Reserve Governor Christopher Waller has emerged as the hottest candidate for the next Fed Chair, topping the list with a 30% probability on the prediction market platform Polymarket. Waller’s academic background and technocratic qualities give him three key advantages:Flexible and Pragmatic Monetary Policy: His approach is not ideologically driven but adjusts based on economic data. He supported rate cuts in 2019, advocated for hikes in 2022, and was among the first governors ...

Current Federal Reserve Governor Christopher Waller has emerged as the hottest candidate for the next Fed Chair, topping the list with a 30% probability on the prediction market platform Polymarket. Waller’s academic background and technocratic qualities give him three key advantages:Flexible and Pragmatic Monetary Policy: His approach is not ideologically driven but adjusts based on economic data. He supported rate cuts in 2019, advocated for hikes in 2022, and was among the first governors ...

Core Idea: The Sui public chain is not an iteration on the Ethereum framework but a redesign based on "first principles," focusing intently on asset representation, transaction execution, security mechanisms, and scalability. * Assets Modeled as Objects: Unlike Ethereum's account balance model, Sui directly models on-chain assets (like tickets, game items) as "objects" with unique IDs and lifecycles, better reflecting the dynamic nature of real-world assets. However, this raises compatibility...

Core Idea: The Sui public chain is not an iteration on the Ethereum framework but a redesign based on "first principles," focusing intently on asset representation, transaction execution, security mechanisms, and scalability. * Assets Modeled as Objects: Unlike Ethereum's account balance model, Sui directly models on-chain assets (like tickets, game items) as "objects" with unique IDs and lifecycles, better reflecting the dynamic nature of real-world assets. However, this raises compatibility...