Kind of ironic that public companies are going to farm defi protocols harder than crypto natives this cycle For example, here's Nasdaq listed Hyperion (HYPED) farming Kinetiq points on Hyperliquid for shareholders

Through the first half of 2025: - Coinbase done 1.6x Robinhood's retail crypto volumes - But made 4.2x more revenue ($1.7b vs. $412m) - On the back of 2.6x higher fees (1.44% vs. 0.55%) Take rate compression is almost certainly coming, just a matter of when asset selection parity arrives

Western Union contemplating opening up its payment network (+200 countries and >380k retail locations) to become a global stablecoin <-> fiat on and offramp Their "phone has been ringing since Circle went public" and currently running proof of concepts in South America and Africa Dropping full plans on Nov 6th and excerpt from earnings below

Counterintuitive and NFA but buying all time highs has historically outperformed investing on any average day

If anyone wants to poach a Blackrock exec, current market price is $12.5m: - $7m signing bonus - $750k base + min of $750k bonus (up to $1.125m) - $4m second year bonus (minimum)

Dragonfly invested into PepperSec, Inc., the developers of Tornado Cash, in August of 2020. We made this investment because we believe in the importance of open-source privacy-preserving technology. Prior to our investment, we obtained an outside legal opinion that confirmed that Tornado Cash as built complied with the law, under the guidance given by FinCEN in 2019. The government has now stated in open court that they are contemplating charges against Dragonfly for having invested into the Tornado Cash team in 2020. On counsel’s advice, we have refrained from public comment. But we can no longer remain silent. We believe deeply in Americans’ right to privacy, and the lack of it remains one of crypto’s largest unsolved problems. We therefore stand by our investment. We did not operate or exercise any control over Tornado Cash, we had no contact with any malicious users, we always encouraged our portfolio companies to follow the law, and we maintain that Tornado Cash itself has a lawful right to exist—a view reinforced by Van Loon v. Department of the Treasury and OFAC’s subsequent rescission of sanctions. Charging a venture firm for a portfolio company’s alleged misconduct would be unprecedented, especially under these circumstances. In 2023 we received a DOJ subpoena and have fully cooperated with the government’s investigation of Tornado Cash, confident that we have always complied with the law. The DOJ has made clear that we are not ourselves a target of their investigation. As with every investment, we provided PepperSec the same advice and support we offer all portfolio companies. We believe the government’s statement in court today was primarily to undermine a defense of Tornado Cash—to make it more difficult for the defense to call Tom to testify on the stand. After all of this time—years later—bringing charges against Dragonfly would be outrageous, contrary to the facts and the law, and would induce a chilling effect onto all investment into crypto and privacy-preserving technologies in America. We don’t believe the DOJ would actually bring such absurd and groundless charges. But if they do, we intend to vigorously defend ourselves.

Great thread from one of the best on the subtle design nuances that separate Hype from the other venues And if you like the topic, "Nudge" by Thaler is a worthwhile read (i.e. ever wonder why there's a picture of a fly in most urinals?). Breaks down the ways all our actions are influenced. Was recommended to me by @travsteph and since reading, shocking to see all the micro manipulations across all facets of our daily lives

Great thread from one of the best on the subtle design nuances that separate Hype from the other venues And if you like the topic, Nudge is a worthwhile read recommended to me by a @travsteph. Breaks down all the little nudges that influence our actions (i.e. why is there a picture of a fly in most urinals?)

TLDW: - Dress for the job you want - Hedonic treadmills don’t discriminate - Celebrate wins with the people you love - Happiness is a multi-variable equation

Public multiples blowing out as markets go full risk on. NTM revenue multiples doubled from 10.3x a year ago to 21.4x today We’re 2/3 of the way to peak ‘21 Covid multiples. And if froth across private and public markets is any indicator, going to run it all the way back