The US (more accurately, Wall Street) is wielding increasing power in the crypto world, and HyperLiquid is gaining widespread recognition. - Trading front-ends like FOMO (Fear of Missing Out) are becoming increasingly popular. Coinbase and similar platforms previously prohibited contract trading, but the CFTC is expected to open up the US contract market, making it easy to raise funds for trading apps (for example, some trading front-ends we discussed recently are attracting VC investment). - US institutional involvement is increasing, reducing opportunities for Asian retail investors. In the past, Block.com games were largely based on established supply chains, allowing Asian investors to profit through insider trading, front-running, and supply chain participation. However, these opportunities are likely to disappear. The only remaining avenue might be for buying at the bottom. Of course, memes will still be readily available to Asian market manipulators. - HyperLiquid is incredibly powerful. Recently, everyone has been trading crude oil. Traditional crude oil exchanges are closed on weekends, so everyone is buying on HyperLiquid, resulting in excellent price discovery. Comparing HyperLiquid to Binance is problematic; HyperLiquid is actually benchmarked against CME, which is much cheaper. HIP3's trading volume is already incredibly high. - Ryan once wrote that HyperLiquid faced three major challenges: team unlocking, a bear market, and competitors like Lightner. It has now completely passed those tests. Could this be the new FTX (in a positive sense)?

I don't think this post will go viral, and the fact that it won't go viral further proves that people don't understand these layouts.

Looking back at the two cycles from a narrative perspective, what are the differences between the two bull markets? In 2020 and 2021, everyone thought Crypto = Internet. All industries should be reinvented with Crypto. Crypto represented a new production relation. The giants' metaverse forcibly extended the industry's lifeline. However, there were too few targets in this metaverse. Huge liquidity needed to find targets. Therefore, hot money could only flock to worthless cryptocurrencies. In 2024 and 2025, Crypto = Fintech 2.0. Therefore, a bunch of GameFi, SocialFi, and various ZK, FHE, etc., struggled to launch, including various AI companies that jumped on the bandwagon. So, the biggest winner of this cycle was Hyperliquid. Fintech 2.0 is also fine; each cycle has its own rules. The previous version was Silicon Valley games; this version is New York games. (P-Xiaojiang's meme games don't count.) A bunch of Perp... Dexes, aggregators, RWA, on-chain US stocks, and the like have all emerged. I can confidently say that the last wave of buyers were companies like Meta, while the new wave will see buyers like HFT, traditional market makers, and traditional exchanges. However, this new wave can't be called simply taking over; it's more of a symbiotic relationship. Robinhood allows you to buy BTC, Binance allows you to buy US stocks, and Hyperliquid's HIP-6 has even been released. Welcome to Wall Street.

@yuyue_chris I'll teach you: Set up a stall at a square dance area to find cooks, not on 58.com. Recruit people on dating apps, not on Boss Zhipin. Find a partner on LinkedIn, not by asking her.

We need to rethink our entrepreneurial and investment directions. We need to focus on major sectors, talk about market capitalization and growth potential, and quickly become a top-tier (second, third, or fourth-tier) player. Early last year, a friend told me, "You need to get into a major sector. Even being 10th in a good sector is better than being 1st in a bad sector." This year's major sectors include: 1. PerpDEX. After Hyperliquid opened up new avenues, Lightner, EdgeX, Nado, and a bunch of others emerged, with both Eastern and Western companies following suit. 2. In the prediction market, Polymarket gained massive traffic, and Kalshi also suffered a funding collapse; Opinion quickly followed suit in Asia. 3. A recent trend also saw new mobile trading portals allowing deposits via USDT. Many similar offerings exist, with little product differentiation at the moment. I'm currently more optimistic about Liquid. Taking AI as an example, let's discuss how these massive valuations are derived: Why can MiniMax and Zhipu compete with Meituan and JD.com? Mainly because OpenAI opened a sufficiently large door for the industry. You can't tell a story? No problem. OpenAI has already told it for you; you can just copy it. Whatever story it tells, that's your story. A smarter version of the story, an Asian-specific version, a more compliant version of the story. Tell it however you like. So your valuation model becomes: Do you mean 1% of OpenAI, or 10%? OpenAI is worth $830 billion, painting a picture for investors: I can become 1% of OpenAI, which is $8.3 billion. Then I'm valued at $100 million now, would you invest, bro? You're still asking me why Sequoia and Hillhouse next door aren't investing, because our team just poached an intern from a top AI company. The second thing is to launch early. Launch early is better than late. Get on board with the best concepts first. Whoever launches first is the second-best player. Everyone's played the Ethereum L2 game. OP and Arbitrum launched with huge success. Starknet launched, well, it was pretty good too. Then Blast, Linea, and Scroll are in a bind. Launch early is definitely much, much more important than late. Liquidity is finite; whoever grabs it gets it. So, damn it, launching Opinion first is incredibly awesome. The top two players haven't even hit the secondary market yet; the third-best player is grabbing a handful of liquidity first. Video source: Douyin blogger: trader韭

Minimax's market capitalization surpassed JD.com and is about to catch up with Meituan. It certainly provides a huge dose of excitement for the younger generation. It feels like they can immediately take down Deng Xiaoping. But looking at the circulating supply ratios of Zhipu and Minimax, reflecting on last year's altcoins with opening FDVs of $10 billion, and recalling how Stepn surpassed Adidas's 200-year-old market capitalization in just seven months, two years later, everyone is starting to reminisce about this great retreat of AI with its abundant liquidity.

I've been waiting to buy BTC at the bottom, and then I remembered Duan Yongping's sell-put strategy. During the Spring Festival, I used AI to create a dashboard, and recently I've already made several thousand USDT by selling puts at around 60k, which is much better than depositing in DeFi. Let me explain what selling puts is: You want to buy Bitcoin, and you want to place a buy order at a lower price. If you succeed, you're happy; if you don't, you earn interest. An annualized return of 10-20% is not difficult at all.

Typeless is the best invention of 2026. While the AI industry is still fighting over entry points (like the GPT chat window), typeless has directly copied them. Doubao phones, which directly manufacture hardware, are also facing resistance from many companies. Originally, it seemed like there was no way forward, but now it's clear that the true entry point for human-computer interaction is keyboard input. In the future, we might not need any other entry points—just the screen and your voice. Most of the time, you won't need to type anymore; Output efficiency will be improved by a factor of 10x. The entry point for AI is directly the hardware entry point (i.e., the voice). As software, it has changed the interaction logic of hardware.

When I talked to AI about books, I realized we're not the same species anymore. I need to ask AI more questions about how it thinks. Fan Deng Reading might be the one about to be killed by AI.

Stability trumps everything Cap Money No Cap @Benjamin918_