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The thesis:
As most people know @HyperliquidX airdrop #1 has been a huge success with many people printing lots of money. With the release of the tokenomics they showed that there is 38.88% allocated to future emissions and community rewards.
Run a 46 s2 campaign constantly telling everyone they are the most community aligned project to then have kpoint holders buy their KNTQ.. makes me wonder where this recent pump came from a day before the announcement.
A total of 36,800,000 kPoints were distributed through this program. kPoints holders who participated have been allocated 50,000,000 KNTQ.
kPoints holders may acquire KNTQ at a fixed price of $0.26/KNTQ for a 10 day claim period.
Any unclaimed KNTQ at the end of the 10 day claim period will be returned to the Kinetiq Foundation [@KinetiqFND], allocated towards ecosystem and growth.
The more I read about Elysium the more bullish I get on kinetiq:native
Ascend tokenomics update
Buybacks are moving from 90% HYPE / 10% KNTQ to 50% HYPE / 50% KNTQ.
@Kinetiq_xyz is core to how we're building on Hyperliquid. Our fee loop should reflect that. We're doubling down on the teams building Hyperliquid's foundation.
Of the KNTQ purchased, 60% will be burned, 20% will deepen kHYPE/KNTQ liquidity, and 20% will fund the Ascend points program.
The points program will run across multiple seasons to incentivize sustained activity on Ascend. Participation will be tracked through user profiles, with criteria including staking TVL, trading volume on Ascend, and ecosystem tokens held.
This AIP reflects the allocation we believe will create the most long term value for Ascend and the ecosystem growing on @Enter_Elysium.
Bullpen:
> 1-2 years of points
> pay fees to get points (with no communication about airdrop)
> investor-owned (we don't know how much equity VCs have and what valuation raise was)
About 58M-60M $BULL points have already been distributed.
Total supply is 69.9M points.
Means 3-4 months of points programme is left.
We either:
- Get rich on $BULL points thanks to believing in Ansem and team vision for over a year.
- Get rug pulled and only solana:9cRCn9rGT8V2imeM2BaKs13yhMEais3ruM3rPvTGpump holders get some money.
My bet is that $BULL points are overlooked by:
- farmers, because they dont like and trust Ansem.
- retail, because they dont know what airdrop is and dont read docs.
@blknoiz06 talks a lot about importance of airdrops.
solana:9cRCn9rGT8V2imeM2BaKs13yhMEais3ruM3rPvTGpump is onboarding mechanism for Bullpen, in Q4 retail users will get 4-5 figures $BULL airdrop and farmers that paid attention will get 6 figures.
or
we get rug pulled on 1,5 years campaign with no airdrop.
$ANSEM has added an airdrop claim page to @BullpenFi .
It looks like several factors will be considered:
1. Ansem holdings
2. $ANSEM holding since
3. $ANSEM volume
4. $ANSEM X impressions
5. Perp volums on @BullpenFi
6. Leaderboard rank
7. Perps PnL
8. $BULL Points
alpha retweeted
Our investment in Extended and the recent acquisition of Zengo are key parts of our strategy to meet the growing demand for seamless access to DeFi products and expand our Web3 ecosystem.
eToro leads a strategic investment in Extended
@eToro is now a strategic investor in Extended. The investment round also marks the beginning of a partnership between Extended and @Zengo, a self-custody wallet recently acquired by eToro. The partnership will focus on expanding access to global financial markets through next-generation on-chain infrastructure. Together, we will explore opportunities to bridge traditional financial assets and decentralized trading environments.
alpha retweeted
It’s starting to become an extended DeFi family!
Following our acquisition of @ZenGo, proud to lead @extendedapp’s new funding round.
Another step forward in our strategy to bring seamless DeFi access to retail investors worldwide!
coindesk.com/business/2026/0…
alpha retweeted
eToro leads a strategic investment in Extended
@eToro is now a strategic investor in Extended. The investment round also marks the beginning of a partnership between Extended and @Zengo, a self-custody wallet recently acquired by eToro. The partnership will focus on expanding access to global financial markets through next-generation on-chain infrastructure. Together, we will explore opportunities to bridge traditional financial assets and decentralized trading environments.
alpha retweeted
Extended points are going to be >$20 per point.
TLDR;
- Traders utilising XVS (vault tokenisation) are currently earning around 30% to 50% on their collateral i.e. you can use this as a stable farm on your capital.
- Major partnership with one of the largest global trading platforms, it is looking likely this could be eToro.
- Expansion beyond CT users leveraging Extended’s Builders code (10+ teams already), potentially Revolut?
- 30% airdrop at TGE, with only tokens unlocked are via points ~ all team & investors tokens are locked & vested. RF confirmed immediate buybacks. & all revenue (annualising $50m) to flow to token.
- Assuming 60m points & 52 epochs, points valuation below. I am estimating there are 16 epochs remaining, plenty of points still to earn.
Thread below🧵👇
alpha retweeted
Seeing a lot of price per points estimations for @extendedapp lately which are not correct.
What do we know?
- Points ending Q2 - because we have TGE in Q2
- Genesis airdrop distribution confirmed to be 30%
What are assumptions?
- FDV could range from 250M to 3B (based on market conditions and growth coming months)
- Total points could range from 55M to 70M (I think we will end somewhere around 60M)
They hinted at a second season of points before TGE where total points distributed will decrease. I think somewhere in January they will decrease total amount of points to 750k a week.
Current cost per point is still below $1, so it's still +EV to start now.
What I'm doing:
- Scalp trades
- Delta Neutral with Variational
- Pair trading (long good coins, short shitters)
Volume and OI seems to be important factors.
Next to trading, a big benefit of Extended is the XVS vault shares. Your deposit in the vault will get yield and you can also trade with the same money. The more you trade (and the higher the league you are in) the more additional yield you get.
I deposited 10k in the vault on January 1st and got $51 in 4 days from the yield and the additional yield. This is an APY of 46,5%!
And on top of that, you also earn points.
Follow @extendedapp and @rf_extended !
If you liked this, feel free to use my ref and get 10% discount on fees.
🔗 - app.extended.exchange/join/E…
Expecting more!
alpha retweeted
Clearing the air around our Security, Tech and Legal Structure
1.Commitment to Security: Audits & Codebase
Security is our top priority. Here is a clear breakdown of our audit status and code foundation.
Our full audit from PeckShield is complete.
>0 high-severity issues were found.
>All lower-level issues identified have already been fixed and resolved.
We ran a Code4rena (C4) audit, which is a public, crowdsourced contest.
>The C4 model economically incentivizes participants to submit any potential findings and label issues as high, which will be then reviewed by judges.
>Our team has proactively reviewed all "high" severity submissions. We have confirmed they are either not actual issues or are of very low severity.
>We have communicated and confirmed these findings to the C4 judges that most of them are lows/infos.
2. G33 Design
>Core Architecture: G33 is built around transferable veNFTs
>Penalty Distribution: G33 penalties are distributed in real-time to voters
>New Features: G33 also includes several novel features, We will be releasing full documentation and DApp in the coming days.
3. Codebase Foundation
To address concerns about legal and code-related issues from other projects it's important to note:
>Our contracts are built on top of Blackhole's codebase, which is a fork of thena and has been running securely in production with over 200m TVL
>Blackhole and Thena's code is open-source under an MIT license, which permits forking and modification. This moots the legal concerns seen elsewhere.
I want to quote one of the best lines Jeff ever said:
Those who can, do
Those who can’t, fud
Hyperliquid
Even with my lowest estimations your expected ROI is around 4x on spees spent. And these estimations are very low because I always like to be conservative but I do expect them to launch way higher and have an airdrop % that is more aligned with the hyperliquid ethos. Now this ROI is calculated without taking into account Hyperliquid airdrop #2 or a potential UNIT airdrop which can be farmed by doing spot trading on Bullpen.
If you like these kind of threads and want to support me and join me on this farm, feel free to use my ref link: bullpen.fi/@alpha.hl
