We sat down with @fengtality, co-founder of @_hummingbot, to talk about what changes when finance moves onchain. Michael built models for mortgage CDOs in 2008 and sold the structures across Asia. After the financial crisis, he went to Stanford, built a startup acquired by Nitro, and returned to markets through a crypto hedge fund. The fund’s exchange integrations eventually became Hummingbot. We get into: • Why diversification inside mortgage pools didn’t protect against a shared collapse. • How painful exchange integrations became an open-source business. • Why liquidity mining could catch on while the marketplace built around it struggled. • Where Michael sees echoes of old financial structures in restaking and loops. • What perps, AMMs, and prediction markets make possible. One moment that stuck with us: Michael remembers telling his VP that they might be in a bubble. His VP agreed. They could see the problem in their corner of the market yet underestimated how far the damage would travel. Substack Writeup: freeportlogbook.substack.com… YouTube piped.video/watch?v=b2Flx6Zb… Spotify open.spotify.com/episode/2RY… Apple Podcasts podcasts.apple.com/us/podcas…

Muse absolutely crushes Insect

Either you die a system of record or you live long enough to become a domain-specific harness

For the first time ever, a fruit fly brain has been trained to launch a memecoin. Not "AI inspired by a brain" — the real connectome. 165,122 neurons, 10,228,000 synaptic connections, every one traced from an actual male Drosophila by electron microscopy. Janelia FlyEM + Google Research, released CC-BY. How it works: Screenshots of the live launchpad go in through 892 retinotopic hex columns into L1 and L2 — the neurons sitting directly behind a fly's photoreceptors. All 165,122 integrate. The cursor comes back out of the descending neurons a fly actually walks with: DNa02's left-right asymmetry steers, DNa01 drives forward, DNp09 clicks. The wiring is never trained. Only synaptic gains — you don't get to invent connections the fly doesn't have. Proof its eye is doing real work: in light mode it filled 0 of 3 form fields. In dark mode, 2 of 3. Its retina is a luminance map, so invert the contrast and it goes blind. And the honest split: the fly types the description and the ticker. The rig does the name, the pair and the tax. CA: 0x4eb990547bce4a982432ca88cf5fae7eed1a2d35

TVL is lying, hunt idle liquidity Our co-founder @fengtality shares that: “This pool is an example of what I would consider an attractive pool, where the TVL does not tell the whole story.” “TVL is $67,000 and the fee is 0.43%. For a really high-volatility pool that does not seem attractive. But even though there’s $68,000 locked, there’s actually not a lot of liquidity at the current price.” “My range is only $3,800 — less than 1/20 of what’s in the pool — and in most of these bins I’m 50–90% of the liquidity. When this pool is used, pretty much all the fees are going to me.” “Find pools where TVL is really big, but the liquidity centered within 10% of the current price is less than 10% — or even 20%. That means a lot of liquidity isn’t being used, and you can get a much higher yield.”

¡Gracias por incluir Hummingbot en la lista! 🙌

This is fucked. OpenAI heard rumors of Alpoge and Buckman’s work with Codex and trained on their in progress work to scoop them. Offering to publish together when you stole their work is pathetic, demanding Buckman cut out his coauthor as well is … I don’t know what to say.

1/2 Market Landscape 1 — TradFi Our co-founder @fengtality shares that: "Crypto versus finance — it's the same game, it's just more open.” "Market makers were traditionally investment banks like Goldman Sachs, Citi, J.P. Morgan. Today they're increasingly hedge funds like Citadel and Jane Street doing the same job.”

🏔️ At @mtndao Demo Day 2026, Our co-founder @fengtality unveiled Condor — a Solana liquidity protocol linking long-tail LPs with the projects that need them. Live demo: on-chain incentive campaigns, AI-agent LP management, cross-chain monitoring. Beta soon at condor.so

Ladies and gentlemen, today’s the day. 3PM EST TODAY: MTNDAO DEMO DAY. 25 teams. 3 tracks. 1 non-stop wave. Streaming live: nitter.net/i/broadcasts/1nJOLQmXe…

Our co-founder @fengtality will be demo-ing something new tomorrow at this livestream 👀

What is the small amount of capital that I can use with Hummingbot? Our co-founder @fengtality runs a live bot with six fills, $40 of volume. “It is very easy to get started as you’re seeing right now with small amount of capital.” “We’ve done six trades, something like $40 of volume. Overall my net PnL is negative 5 cents.”