If you told me 6 months ago that Zcash would start absorbing Bitcoin’s original use-case, I’d have laughed.
Today, I’m not so sure...
In fact, I believe a strong case can be made that BTC's original cypherpunk vision has been hijacked.
Not just because it has underperformed
Did you know that SBF bought 56.27 million shares of $HOOD in 2022 for an average of $11.52 per share? That's $648 million for ~7.6% stake in the company.
Fast forward to today: $HOOD is trading at $82.18 per share.
If SBF still owned those shares, they'd be worth $4.6 BILLION.
$PUMP and $HYPE are crypto's biggest revenue generators, each using ~100% of revenue to buy back their tokens
at current market caps (using trailing 30d numbers) pump is buying back nearly 3% of its unlocked supply each month, while hyperliquid is buying back ~0.7%
annualized -
ICYMI the Pump team just started buying back $PUMP on the open market
With 33% of supply circulating, $PUMP holders are receiving daily buybacks of $538k (assuming 25% revenue share) based on 180-day trailing numbers.
That's $196.6M annually flowing directly to token holders.
berachain pulled in $3.5B TVL with points and incentives — and is now bleeding capital, users, and doing <$10k/day in revenue.
hyperliquid’s L1 just crossed $1B TVL without grants, ecosystem farming, or forced liquidity games.
no bribes — just reflexive flow from the most
Tomorrow $XPL goes live with almost poetic timing
(Tether raising $20B at a $500B valuation, lots of onchain runners, and speculative capital apeing into new launches despite a shaky broader market.)
I think Plasma has a chance to be a massive cook.
Let me break down why I
In hindsight, exchanges not listing $HYPE backfired spectacularly.
By forcing users to bridge and actually use Hyperliquid for exposure, they created a reflexive loop where:
→ Users realized the product is genuinely better than CEX and started using it beyond getting $HYPE
Ethena x Hyperliquid collab incoming?
Looks like Ethena may be teasing a perp DEX based on Hyperliquid called Hyena (@hyenatrade)
Two of DeFi's biggest innovations this cycle coming together, $HYPE + $ENA
Few things worth noting (all speculation):
- Built on Hyperliquid's
While everyone's focused on $HYPE, a lesser-known protocol has quietly processed $1B+ in volume.
Meet @unitxyz: the tokenization layer behind Hyperliquid's native BTC/ETH spot markets, capturing 50% of fees and positioned for crypto's next major token launch.🧵
Did you know SBF got the rights to 888 million $SUI tokens for just $1 million?
It was a side-deal to a larger $101M investment, all confirmed in court docs.
Fast forward to today: $SUI is trading at ~$4.04 per token. That side position alone would be worth $3.59 BILLION.
But
