The 60-Day Commitment
A note on why we are intrigued by capital formation primitives from the @virtuals_io's ecosystem There are currently two extremes in crypto capital formation. On one side, we have completely open,
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more from @Decentralisedco
Why We Invested in Drift Protocol
Going Long Solana's Perpetuals Ecosystem Note: This is a shortened version of our thesis published on the newsletter earlier today. The whole piece, can be read here. Over the past month, we
Hyperliquid is Taking on CME, not Binance
A valuation framework for HYPE CME generated $6.5 billion in revenue in 2025, with 28.1 million contracts traded daily and a market capitalisation of $114 billion. Hyperliquid earned $960 million
Bringing the World On-Chain
A note on how HIP-3 turns Hyperliquid into the everything exchange HIP-3 turns Hyperliquid into the everything exchange. It is changing finance through creating global-scale markets that are open
Coming of Age
A note on revenue formation within crypto, how valuations have compressed and the emergence of moats within the industry This article was originally published on our newsletter at