Fake MM-backed exchanges: They don't issue tokens during bull markets, waiting until the bear market is at its worst before doing so. Genuine MM-backed exchanges: They issued tokens during the 2024 bull market, and their TGE tokens are still worth 11 times their original price. I can't say anything. $HYPE

@defi_monk “On-chain transactions won’t work; just look at dYdX and GMX.” “Zero-fee decentralized exchanges (DEXs) will steal HL’s business.”

The snow season is over. An unsolved mystery in the crypto world: Why is Brother Machi still aggressively placing orders despite being liquidated? A bold hypothesis: A. He's using Hyperliquid for money laundering, transferring funds from his registered address, resulting in significant losses. B. His English name is also Jeff. Everyone named Jeff is part of the same family; transaction fees support another ideal version of himself in the world. C. Brother Machi is using being liquidated to cleanse himself of his sins. D. The world of masochists is generally incomprehensible to ordinary people. You understand the crypto world, let me tell you.

When I first entered the crypto world, I couldn't understand why figures like 3AC, SBF, and AC, who had been exposed for market manipulation, insider trading, and exploiting investors before their scandals, were still so popular. Now I understand: the crypto world needs "volatility." If you can create a wave, whether it's by blowing up a dam (UST Luna) or artificially creating a wave (Binance's artificial market movements are like Binance Life), there will always be people willing to pay. Because chaos is the ladder. Only with waves can there be large-scale wealth transfer. Still water is more terrifying than prices remaining high.

The most direct impact of Seedance's power I've felt so strongly about this wave came from watching "Shenren TV" on Douyin (TikTok). It was the first time I'd ever watched an AI-generated video longer than 20 minutes. They put internet celebrities like Coke and Zhanhu into it, acting out a nonsensical Japanese drama. The nearly 30-minute video had a coherent plot and smooth transitions. Previously, AI videos were unbearable to watch even for a second; this quality is incredible. I finally understand why Tyler Perry was so shocked after watching it that he immediately halted the $800 million studio expansion project. The disruptive impact is so tangible. Even more terrifying is that this is just the first wave of models in 2026. Will Netflix eventually start directly licensing its own and its friends' faces to generate shows? For example, generating a suspense film or sitcom with all the main characters being friends. People are always completely absorbed when watching something they're in; this "immersion" is the strongest form of engagement, far stronger than watching celebrities.

The Economist came to the rescue. Remember when they changed their stance and used Crypto as the cover story's "Rabbit Hole"? Shortly after, Cycle Top...

Here's how consensus mechanisms kill the cryptocurrency market: • Single stock recommendation: 14% success rate • Stock recommendations 3 or more times: 0% success rate All outliers stem from reckless contrarian investing. When the timelines align, the trade is over. You're not looking for excess returns; you're creating an exit opportunity.

HIP-3 @tradexyz exchange saw trading volume reach $46 billion, with daily trading volume hitting a new all-time high of $4.31 billion.

In a rapidly growing market, $HYPE represents genuine economic benefits, not just a store of value. This is why $HYPE consistently outperforms BTC. Extremely high liquidity.

A tsunami will sweep away everyone who thinks they can surf in a downpour.