The goal of the MON airdrop is to make everyone involved in cryptocurrency a stakeholder in Monad, a new network built for true decentralization. This includes both long-time members of the Monad community and new members, all of whom are active traders, collectors, or broader cryptocurrency participants. The Monad story is just beginning. If you are a long-time member of the Monad community, you are a respected Unc here. Your influence and voice will have a significant impact on shaping Monad and the cryptocurrency culture as a whole. Monad is constantly growing, so please welcome new members as we prepare for the mainnet launch.

I've read every Howard Marks memo from the past 35 years, and my key takeaway is this: "You can't predict, but you can prepare." Specifically, this means: - Economic, market, and business cycles will always exist due to the presence of animal spirits. - You can roughly assess where we are in the cycle based on current price multiples relative to historical averages and investor sentiment (e.g., "This time is different"). - There's no need to predict when and where the cycle will peak or bottom. - No one can consistently outperform the market consensus over the long term. - But you can outperform the market over the long term by adjusting defensive or aggressive positioning based on where we are in the cycle. This is simple, but incredibly difficult to implement because you'll be succumbing to your own animal spirits.

Today, Nature published a groundbreaking quantum algorithm demonstrating that our Willow chip has achieved verifiable quantum advantage for the first time. The Willow chip ran this algorithm, called "Quantum Echoes," on one of the world's fastest supercomputers, achieving a speed 13,000 times faster than the best classical algorithm. This new algorithm can interpret the interactions between atoms in molecules using nuclear magnetic resonance, paving the way for potential future applications in drug discovery and materials science. Furthermore, the algorithm's results are verifiable, meaning they can be replicated on other quantum computers or verified experimentally. This breakthrough is a significant step toward the first practical application of quantum computing, and we look forward to its future developments.

One of the first books I read when I moved to New York and started working in finance was A Random Walk Down Wall Street. While this might seem like an ironic read for a stock picker or crypto investor, I think many financial analysts would benefit from it:

"Now, for the first time, we have private blockchains connected to public systems that preserve privacy while providing comprehensive enterprise-grade controls." ICYMI: @gluk64 showcased Prividiums' unique capabilities on @therollupco TV.

Monad currently offers the following advantages: - High-quality open-source C++/Rust codebase, including numerous HFT-style optimizations and architectural improvements - Publicly audited and clearly documented, prioritizing technology. Transparency - No promises, no unsubstantiated claims - A high-performance system focused on true decentralization, running continuously in testnet with 186 globally distributed validators and 5,000-10,000 transactions per second of throughput - MonadBFT, a cutting-edge consensus mechanism with 400ms block times, 800ms finality, a large, globally distributed validator set, and tail-fork resistance - Asynchronous execution (also supports EIP-7702 via a reserve balance mechanism) - MonadDb for efficient Merkle Trie storage - A native code compiler for commonly used contracts - A connected community of smart, thoughtful crypto-native developers whose influence will continue to grow in the coming years - An ecosystem of promising young entrepreneurs ready to take on challenges - Over $100 million in ecosystem funding prior to mainnet - Supporting founders through programs like DeltaV, Monad Founders in Residency, Monad Madness, and more - Monad Momentum An incentive program focused on efficient user acquisition and repeatable growth cycles, helping decentralized applications attract everyday users. —The North Star for building stronger open-source decentralized systems. But there's still a lot of work to do. Are you excited?

Status is visible, but happiness is not. You can't see someone's security, but you can see their new watch. So we end up pursuing visible things, even if they don't make us happier.

Regarding our position in the cycle, to me, the story is simple. One factor trumps everything else, including your favorite liquidity and technical indicators. That's artificial intelligence. If the AI bubble bursts, it's all over. If AI continues to rally, all the bears are wrong. It's never possible to predict cycle tops or bottoms with 100% accuracy, but from what I can tell, we're in the danger zone. (I've been collecting top signals and tweeting about them for the past month.) Yes, we could experience a powerful rally similar to the one from October 1999 to March 2000, but the yield/reward for the largest longs will be very low. A helpful mental model is that cycle tops and bottoms aren't points in time or price levels, but rather a spectrum of risk. I'll stay invested because high risk doesn't necessarily mean we have to go down. But at the same time, it's perfectly okay to significantly reduce risk as the risk spectrum widens. (Incidentally, I hold about the same amount of cash now as I did at the peak of the cycle in 2021.)

When people say this, I always wonder what they're thinking, or if they have unrealistic expectations about what $1 billion is actually worth. I entered the cryptocurrency space at $200. If I had held onto my original Bitcoin since then and never traded, my net worth would be around $300,000. In contrast, if I had sold highs and bought lows during every Bitcoin cycle since then and never paid any taxes, I would now be worth around $6 million. If I had invested my entire net worth in the Ethereum ICO and never touched it, my pre-tax net worth would be around $150 million today. While it's entirely possible to exploit market opportunities to make over $1 billion, these versions of reality also require me to make no mistakes, spend real money, or take excessive risk through leverage. In reality, I grew up in a working-class family. I didn't have a trust fund, and I had to pay my student loans myself. I worked at Tesco during high school. After graduating from university, I needed to pay rent, living expenses, and eventually, a house. I worked at startups for relatively meager salaries, and while a few companies did well, they were still illiquid and worthless until someone exited. Perhaps if I had fixed some of my silly mistakes and losses, or tried harder, my answer today would be different. But hindsight is easy to say. It's easy to see where things could have been done better, and when the past makes it so obvious, the decisions you make seem so foolish. In reality, I've always strived to enjoy life, not to lose it all. I've never felt like I had a safety net, so I couldn't have done anything otherwise. If I had tried to increase my risk or chase money harder, I'd probably have less money, because risking your entire livelihood is a psychological battle, and I feel I can only win that battle if the stakes are low. As I write this, I do understand why people in CT believe this, given that modern CT views crypto as a late-stage lottery farm where the optimal strategy is to leverage your portfolio 5x, hoping to catch a 20% gain and then sell. Or, they hear Ansem is buying the next coin and just go all in. So, looking back at the chart, it's clear that successful people do exactly that. In reality, I almost never use leverage (usually to reduce risk, not increase it—I've used leverage to increase risk maybe three times in the past five years, maybe 15 times). I never go all-in on anything, and have only done so on BTC and ETH in the past 10 years. When I buy other things, I limit my risk to a very small amount, because I treat it as zero unless proven otherwise (hence the liquid portfolio, which is always less than 1%). The liquid portfolio also makes up a smaller portion of the overall portfolio, to protect against future mistakes. Obviously, I've made a lot of money, and I've been here for 12 years! But CT doesn't want to hear about "getting rich in 10 years." I'm happy with where I am now and have never really focused on or optimized how to maximize my income.

If Celestia adopts Proof of Governance (PoG), TIA's throughput would become deflationary at 4.5MB/s. A single CLOB DEX could easily occupy this much block space.