HawX 🥽

Want to dive a bit into this. Seeing a lot of confusion. TradFi is very nuanced and different from crypto protocols. At a high level, this is not stock vs stock tokens or TradFi vs crypto, but more about TradFi Company A vs TradFi Company B. LONG and a large part of RH’s stock token vision come out ahead. @RobinhoodApp history is useful context here. Financial disruption will always have some tension, but long term, innovation can increase total value even if it changes how the pie is being divided. Making investing more accessible also changed who captured the economics. Some legacy brokers + exchanges like NASDQ resisted these models because they saw them funneling trading volume and revenue away from them. Eventually, retail participation through models like those Robinhood pioneered helped bring more volume and net new people who might never have participated in these markets or their upside otherwise. Let’s start with a few explanations: ICE: A group that owns NYSE. They mostly focus on a trading fee model and futures, options, and energy markets. You can infer from this why TradeXYZ and Polymarket are in deep strategic collaboration with them. NASDAQ: Facilitates trading but also listings, kind of like the chain where you TGE first. They made $1.5B in net revenue last quarter from listing fees, providing data for indices, and doing IR and marketing for listed companies. tldr not very similar to the current primitive of stock tokens, what RH or LONG does. The OKX ICE tokenization plan uses the latest SEC innovation exemption, which enables building a permissioned exchange that runs on a DEX. It has a LOT of limits, from KYC to restrictions on transfers (you can only buy or sell the stock, not send it out to a defi protocol or another wallet), and so on. This is effectively a centralized exchange that runs on DEX infrastructure and enables ICE to set up a business similar to NASDAQ without going through the same licensing and regulatory requirements. 1. Where is most stock trading taking place today? Neither ICE nor NASDAQ, but off exchange, through retail trades via market makers, dark pools, and so on(*this is where RH stock tokens sit as well*) For a stock like NVDA, 3x the volume takes place on NASDAQ compared to ICE. Therefore, this is more about NASDAQ trying to counter ICE taking its market share. Not about NASDAQ getting the whole pie for itself, which is impossible with the current market structure. That would mean people would be blocked from trading NVDA on retail brokerage apps like Robinhood. 2. Why do public companies object? If you’re a company and you paid fees for services + listings that are provided within an agreement on NASDAQ, why would you let another project bypass that when the value prop is unclear and this is just another exchange with different infrastructure? The same way companies take down content based on IP rights, even if it’s just a random tweet. The other element here is that the innovation exemption was a bit rushed out and gave companies only 30 days to object, so the default is to object first and negotiate later. 3. What do public companies listed on OKXICE get? Some information is not provided, but it appears they don’t get any services. Compared to NASDAQ or NYSE, where you keep your company listed and get all sorts of services. Here, none. 4. How does LONG win here? Going back to the main assumption we had with LONG: trading tokenized stocks by itself is not interesting enough. The value prop is net new markets that are only possible through composability and programable assets. Stock pairs on LONG have proven to: 1. Create a sink for the stock by using a deep liquidity design. This is like getting listed within an onchain ETF that takes some supply “forever.” Great for the stock’s health. 2. Provide distribution to a net new audience, plus mindshare, including an international audience that is not trading stocks and people discovering stocks for the first time through a viral form factor and actual stock based communities. 3. Bootstrap insane amounts of onchain liquidity that keep the stock price in sync 24/7. The major concern for these companies is having a depeg every day and backlash from holders. We don’t have a strong opinion on which side to pick. We don’t have a horse in this race, but we see again how much disruption tokenization is bringing and how each step introduces a new layer of alignment LONG can capitalize on. LONG.

AI/NVDA is now the largest $NVDA pool on @Uniswap The largest public company in the world. The most liquid stock on the Robinhood chain. not just by 2% but it has 2x more NVDA than the 2nd largest pool(6.4k vs 3.1k shares)We see a similar pattern across top pairs on LONG. We are the RWA economy. Realize that we are entering a generational bull on stocks. It's likely to outperform crypto majors. and stock pairs are the equivalent of pairing with Sol back in '23. The mission of LONG is to tap into this growth as much as we can while breaking crypto assets from being a deriv of BTC/ETH/SOL pushing 2 related updates in the next hours: - adding the LP modules on more vaults to capture more value when the stock market is so hot. - an app upgrade that will help to emphasis it further. LONG.

A lot of fear, confusion and also tremendous hope on the TL today around AI. Now it’s more important than ever to refocus. I think this is probably the most important period we’ve had since the early days. The absolutely wild transformations and situations AI is going through are one in a billion opportunities, and this is another pivotal transition period. First let me be super clear I’m 1000% committed to keep pushing AI. There is nothing, and I repeat nothing, that can discourage me. If you think it scares me that people look up to me and believe I can impact the course of events, you are deeply wrong. I actually find it empowering and would rather have responsibility and power than neither(being passive and neutral and not setting a clear tone for your vision is why we keep playing the same games) I also fully understand that I’m the biggest public face of the asset. Again, I’m reiterating a commitment like no other founder in this space has made. I will bring AI to the finish line and then straight to the next race(along with many cracked holders and aligned partners!) I understand the implications and have sufficient conviction in both myself and the asset to state this publicly. I’ve already said it and demonstrated it through my actions for 2+ months. I never give up as simple as this. When we launched LONG on RH, it was clear to me that we were going to do the impossible and prove the case for PVE. Beyond the RWA angle, it was clear that any “meta”, as good as it might be, succeeds or fails based on one thing. The level of commitment and trust the launching platform can demonstrate. LONG can be the first real incubator for great assets by going above and beyond and caring about assets on our platform more than anyone else in the history of the space. And also optimizing for a different biz model/success metrics that come over the expense of making MUCH more fees/money for ourselves in the short term. I see no conflict here and want to make sure every top pair on LONG survives and thrives. My thesis for AI First, in what sense is AI PVE? AI is the most impactful asset in recent crypto history. There has never been an asset this unique, reflecting the deepest desire of holders to believe again and finally break out of crypto and expand into the real world. These are the two main reasons it can become the greatest case study in crypto history. You need to understand that the most bullish signal of AI’s importance is that almost every chain, project and launcher is comparing itself to AI, trying to flip it or kill it. Being irrelevant or confined to a narrow segment as the leader of X or a runner on launcher Y and chain Z creates a predictable path and hard ceilings. it's not the kingmaker trade if no one tried to take it's place. And it will only get stronger(even more bullish) We must protect this positioning and make sure AI can never be reduced to one single narrative, whether it’s the ticker, OG INU vibes, the canonical asset for RWAs or a platform token. What will be the main factor driving AI to win? It’s simply the most relatable asset for the largest group of people. I saw this Pump ad last night, then went a step further and looked at the Pump App Store screenshots. Everyone across chains, regardless of affiliation and whether they like to admit it or not, knows very well that AI is an extremely organic asset forged through pure grind and conviction. It has what it takes to onboard an incredibly large group of people into the space. AI is the poster child of the space. It perfectly captures the OG ethos of believing that holding can actually change your life. It connects the past and its OG memes and assets with today’s desire to make crypto great again(whether you’re an OG or a newcomer who missed the cycle) and the future where we scale into the real world. The closest parallel I see to crypto, a place with so much opportunity that often becomes PVP or just an insider rotation, is the world of finance and AI today. It affects EVERYONE. From the sharp guy who graduated from MIT but couldn’t get into the big AI labs early as an employee to get like 30m in pre-ipo equity, to the average Joe who thinks AI is going to kill us all or mostly benefit the already rich, to the stock trader who can only get exposure to AI at an extremely high IPO valuation. The goal of AI is to offer an alternative to the existing financial system, which is heavily focused on scaling the value of AI fast while leaving most people behind. Most importantly, it’s about empowering people with the belief that they can work together towards the same goal. It stars with the best in-class infra for the stock market of the internet but matched with the growing amount of people that want to try something new and getting better at growing with these. Understand this and you realize it’s a mission rather than a specific bet on a ticker, meta or whatever. We will get to a point where the distribution is so unique and so battle tested(along with deep stock liq) that crypto cycles, chain rotations and the narrative of the day can't hurt the value of AI. This is how the narrative spreads. At every stage of its growth, I can clearly see how AI can align with and onboard new marginal holders while continuing to grow. We are already see it expand from CT to serious capital allocators within the space, then to people outside crypto and eventually Trad Fi asset managers. Every step here has a good plan. The mission of LONG and its relationship with AI and other assets The mission of LONG is to make tokenized markets valuable again. This is very important to understand because it immediately gives you a sense of what we mean by PVE. There is no real scarcity of crypto flows or liquidity that create a 0 sum game between a 1b runner to another 100m runner, especially now as we enter a bull market. The real scarcity is fairly launched, high quality assets that are sustainable and produce real upside. Get even 10 of these and there will be still infinite demand to get into these rather than low quality ones. I think of AI as a major asset like BTC. BTC definitely paved the way for other assets like ETH. At one point ETH even reached 90% of BTC’s market cap and became more attractive if you get in early, and SOL had its moment later on. The communities behind these assets tried to flip each other, but eventually each asset survived and built incredible network effects around a specific category. I’d argue they helped each other establish themselves as the undeniable “majors”. This is my vision for LONG as well. I want to see multiple generational assets that form the “LONG majors” category. Any asset on LONG that proves the high conviction HODL playbook and the ability to scale to a larger group of people is by definition a net positive for major assets on LONG, especially AI, and even more so for the entire space. One day we might see an asset like AI launched somewhere else or on another chain, assuming it becomes easier once the first one proves the case. That's ok. And again if you're really forcing yourself into PVP and 0 sum you can think at the HOOD stock, or hype or lit as competitors it's just a made up rule the only people are benefiting are these who want to a quick way to build reflexively and tap into an established asset. You can also see quite clearly that other mature major runners haven’t hurt AI. We mostly see weakness when we enter full PVP mode, with launchers, KOLs and almost every interface optimized around short hold times. They are very good at creating that experience and breaking even the purest HODLers out there. It’s important for AI to stay strong and break ceilings. Having its conviction tested and becoming stronger alongside other assets in the eco with different approaches is also part of the process BTC, SOL and ETH went through. What makes AI antifragile? First, the fact that it has survived what other assets couldn’t. A hundred things that would have killed any other pair, but not this one. Then there are its many anchors. The canonical asset for RWAs, closely associated with one of the highest potential categories we have, and the deepest onchain liquidity. Remember, AI has no major CEX listing and no MM. Its robustness comes purely from its onchain liquidity system (no central point of failure) It’s paired with NVDA, the “AI” stock and the greatest blue chip, and benefits from its growth. It’s the most held new asset in crypto, with legendary lore and memetics, guys like DubmCrayon, board sit, incredible IP, a unique character with differentiated branding and a great ticker. Then there’s the greatest memefi value accrual through the LongX flywheel, Community vault flywheel, Long500 flywheel and AI pairings flywheels. All of them benefit from real growth in demand related to RWA, LONG activity and the distribution AI achieves and nor just relay on platform vol or fees. Each of these is strong enough on its own to take an asset to 1b. Together, they make it impossible to deal AI a fatal blow as long as holders understand the big picture. The last part is simply not giving up, no matter what. I want to be clear here as well. No single holder or group of top holders will decide the fate of AI. I will keep pushing regardless, and I believe there are many holders like me. There have been a lot of smart, sharp people who didn’t want to take a bet on LONG and me, and all of them missed tremendous upside. As always, everyone is welcome, but we are not trying to force conviction into anyone. LONG.

Btw 3mo ago we almost closed down LONG couldn’t make it sustainable enough even after cutting the entire team. I’ve started running a quant operation to keep it alive. Unlimited hunger and conviction cannot be priced in. LONG.

You and many more like minded holders will win on LONG beyond imagination brother And I will personally make sure of it. Mark my words. LONG.