Hyperliquid may have just changed how people think about IPO price discovery. The IPO priced at $135, but SPCX-USDC on Hyperliquid never really traded like $135 was the fair value. As IPO details came out, SPCX-USDC sold off under $200, then spent days prior to the IPO chopping in the $150-$180 range. On IPO day $SPCX traded much closer to that range than the official IPO price. Most people without an allocation were never getting filled anywhere close to $135, and the first real fills were closer to where Hyperliquid had already been pricing it. The obvious value of tokenized pre-IPO shares is access; but the deeper value is price discovery, and Hyperliquid just proved it can be a real pre-IPO price discovery engine. Hyperliquid showed that a synthetic pre-IPO market can become a better price discovery venue than the actual IPO process itself, and I think this really changes the way people think about these markets. The access matters as it allows retail to trade private companies, because defi can create a more efficient public market around tradfi assets before tradfi lets most people participate If @HyperliquidX can price SpaceX before Nasdaq opens, then future IPOs may have two prices: the official allocation price, and actual fair value the market discovers first. Anthropic is the next obvious test for this.

can’t escape $XRP

Balcore’s working product is nearly ready. Now it’s time to build strong partnerships with people who are just as agile, aggressive, and serious about execution. Had a great chat with @ifullyported from @Trustware_io, whom I connected with at Avalanche Summit in New York. He showcased their client SPICE Credit’s working product and walked me through how they integrated Trustware. Always good to see a real product in action. We discussed making the experience around Balcore simpler, especially for people coming from outside crypto. I’m looking for seamless fiat onboarding, easier access to tokenized stocks, and a straightforward way to bring supported assets from other chains onto Avalanche. Users should not have to figure out five different platforms just to put their capital to work. A major audience I’m targeting is traditional investors and asset holders. Many of them have never connected a wallet, used a bridge, or provided liquidity on a DEX. Balcore could be their first real experience using blockchain for practical utility. That first experience matters. A lot. We cannot say we are building for everyone and then expect everyone to become a crypto expert before they can use the product. The complexity is ours to solve, not theirs. I’ll do everything I can to make that experience simple and useful. Building the engine is one part of the job. Making it accessible to people who have never stepped onchain is just as important. Be the Market Maker. There is no escape. 🔺

liquidity is constantly moving and with that, so are bridge inventory, fees and spreads. applications integrated with a single routing provider or aggregator have to work around that provider's limitations and failures we built Trustware to compare providers on every quote, so the route can change as the market does in our published @steerprotocol benchmark, Trustware matched or beat direct lifi on quoted minimum output in 83% of comparable quotes, and beat it outright in 67% then comes the part the user actually showed up for: open the position a vault depositor should be able to start with assets they already hold and reach ANY credited position without manually piecing together the swap, bridge and deposit. Trustware connects those steps into one flow apps can also sponsor source chain gas through paymaster contracts they own and fund. Trustware cannot withdraw or redirect that sponsorship balance users should be able to move from the assets they hold into the products they want, without manually managing every step or handing us custody

In the past month, how many people in the world do you think have read an EIP start to finish?

some alpha: @AquaZero0 goes live on @solana in the next few days. shared liquidity will run on top of @orca_so and @Raydium pools. the same capital backing a pool on Orca can back one on Radyum and one more: pre-stocks are coming. Anthropic, OpenAI, SpaceX and more, through @PreStocks . provide liquidity and trade them like any other pair. more soon.

gmonad 💜 now let’s build @Trustware_io

the gc is trying to hedge their SNF bets but im on hyperliquid

Friday nights at @thestudio_xyz gmonad

Speed matters on the track and in the flow @cars__crypto x trustware

Travis mentioned crypto in his new song for GTA VI that rainbet casino is going to do numbers GTA onchain coded

I'm confident eip-8141 will be a turning point for ethereum/defi adoption in tradfi we’ve spent years talking about bringing financial assets onchain. distributing those assets through products that people can actually use still runs into the account model a fintech will expect to be able to let a customer fund an investment without sending them off to buy ETH first. as a treasury should be able to change its signing keys without changing the account everything settles into. and developers should be able to batch an approval and a swap without leaving the approval behind if the swap fails we’ve been building toward this experience with account abstraction. although not perfect, erc-4337 already makes a lot of it possible, through smart accounts, bundlers and paymasters but eip-8141 would bring these modules into ethereum’s native transaction model a transaction will become a sequence of frames: validate the account’s authorization, approve who pays the fees and then execute the calls. account logic defines what a valid authorization looks like, and the customer and the gas payer can be different parties. calls can be explicitly grouped to succeed or revert together that gives developers a much stronger foundation for the one-click account abstraction we've all been waiting for financial products need accounts that can work with their authorization policies and fee models and customers expect the application to handle the mechanics this is the future we’re building at @trustware_io we’re building non-custodial routing and settlement so users can arrive with the assets they already hold, while applications receive the asset they actually need. client-controlled gas sponsorship is part of making that experience usable without handing control of funds to an intermediary eip-8141 could materially simplify the execution underneath those flows; the application could sponsor the transaction, the user could authorize a tightly defined set of calls, and that coordination would be handled natively of course, cross-chain routing and settlement still have to be solved as do the regulatory and operational requirements of the future products and primitives. but a more capable native account model gives everything above it a better foundation to build and deploy on eip-8141 is still a draft and not scheduled until post Glamsterdam but this is the kind of upgrade that makes me bullish on ethereum as the infra that financial applications can distribute to millions of people who never need to learn how a gas token works ethereum was always the home of defi and will forever be

Day 2 @avax summit NYC Trustware coded🔺

Leave it up to @Trustware_io to close out the office every night FILO👨‍💻

Trustware coded

Fastest on the track and the fastest execution @Trustware_io @cars__crypto

raya fall off needs to be studied; i havent used this app since college and i am utterly disappointed in what the app has become do they just let anyone on this app now?

only in crypto can you pull up to the coworking space at 23rd street and people are just repping chrome building gambling dapps

creatine in my coffee and collagen peptides in my protein shake