less speculation more execution
Joined August 2020
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Leighton Jull retweeted
We are now in a position where a tiny proportion of the population uses Fable or soon GPT-5.6, while everyone else's experience of AI is 8-30b-model level - Google's AI Overviews, Meta AI, ChatGPT free tier, maybe MS Copilot at best. People outside of tech must be completely baffled how this is supposed to take their job, and annoyed that hundreds of billions are being poured into it.
Leighton Jull retweeted
I am very optimistic on the future form factor of tokens and very bearish on 97% of the current tokens
We are in the middle of a very important churn and I do think better days lie ahead for the asset space and HYPE is leading that charge
hyperliquid shines a very bright spotlight on how much better tokens can perform if they don't have horrendous tokenomics
uniswap, jupiter, maker, solana, aave, lido
it makes me so sad to think about what could have been, but if hype continues to win then it makes me happy for a potentially bright future
success gets replicated and i really hope we see a new era of tokens launched that walk in hype's footsteps
true wealth redistribution through a token is fulfilment of the crypto promise, it is us proving that there is a better way than the blackbox of tradfi
token and team alignment is so important and yet so rare, i dream of a future where this is not the case
Leighton Jull retweeted
It has been infinitely easier to pitch $HYPE to TradFi analysts vs. disgruntled crypto natives.
One thing I’m seeing is that traditional investors are far better at understanding the size of the opportunity, and are very quick to digest the risks and pick out the asymmetry.
“So the risk is regulatory clarity but the potential outcome is a business that can disrupt a trillion $+ TAM? Yeah it’s a no brainer”.
They’re also:
- quick to reject FDV once they understand the supply dynamics
- unconcerned with recent revenue declines as they see the secular growth story
- willing to back the fastest horse versus slower incumbents
- view buybacks + sinks as a satisfactory form of value accrual
Lastly, I have not seen anyone (yet) do a fucking DCF.
Leighton Jull retweeted
Bear market or bull market?
All I know is we’re in an amazing environment for risk assets broadly and a small number of tokens like $HYPE are pushing new ATHs while majors are down double digits YTD.
The combination of more sophisticated investors, and less cyclical, higher-quality projects whose fundamentals have little to do with the price of BTC, is creating a new world of winners and losers.
To win in today’s market, tokens need to be exciting to the global allocator that has zero requirement to invest in crypto and an abundance of opportunities across other asset classes and technologies.
Anything less will doom a token to PvP vs crypto natives who are forcing positions because this is all they know or have a mandate to invest in.
The global allocator is probably not interested in your niche DeFi lender or privacy project with 100 users.
The global allocator probably prefers to long semiconductor equities, rather than your obscure AI token with nothing more than cool story.
It’s important to be honest with yourself about what this all means. The bar is extremely high as what you ultimately need is a story of real disruption and fundamental acceleration.
For me the # of assets that fit this criteria may only be a handful. But to each their own.
Happy hunting.
Think we are entering one of the healthiest market environments for crypto in a long time with a small number of quality assets leading the way.
For the first time in over a year market participants are no longer reflexively bidding memecoins and other speculative nonsense at the first signs of risk on.
Simultaneously, there is growing alignment around owning real projects again with dispersion increasing between projects w/ PMF + growth, and projects that are vaporware / scams.
I guess after getting rinsed 80% - 90% so many times, retail is finally learning their lesson.
While I still think the majority of the asset class will struggle given how high the bar for allocation is in a world where anyone could invest in alternatives like AI equities, I do think that whatever capital does flow into crypto from here will concentrate into a small number of quality assets that have the potential for multi-bagger outcomes.
TL;DR: It’s a good time to be an asset picker.
Leighton Jull retweeted
If Hyperliquid decided to burn the Future Emissions and Reward allocation (39% of total supply), HYPE's new FDV would instantly trade at a 39% discount.
It's worth continuously considering the EV of burning the supply vs an airdrop, which creates potential sell pressure. When valuing HYPE, you should try to price in the probability that burn occurs.
The only true metric is market cap - the literal dollars in HYPE. At $14b, that is less than DOGE, TRON, SOL, and COIN. It's 5% of ETH market cap.
Leighton Jull retweeted
Completely disagree with the framing that Hyperliquid is coming for Polymarket/Kalshi’s lunch.
Polymarket and Kalshi spend millions on sports, NFL, and media partnerships to acquire retail users and pull them into a broader financial ecosystem where they can be monetized across multiple venues and layers.
The idea that Hyperliquid captures this flow simply by offering lower fees misses the point. These users are valuable precisely because they are price insensitive.
The better framing is that HyperCore can become the settlement/execution layer for this activity. Through HIP-4, Polymarket and Kalshi can still own distribution while routing flow through lower-cost rails, paying Hyperliquid a small commoditized execution fee, and potentially retaining deployer economics if they control the market deployer.
For example: Polymarket charges 53bps today, while HIP-4 is 11bps gross, with 50% flowing back to the deployer. If Polymarket controls the deployer, net infra cost is 5.5bps, meaning it retains 90% of transaction economics while outsourcing rails and focusing on user acquisition.
Same logic applies to Polymarket perps: the value is in owning the user. Hyperliquid as backend infrastructure does not impair that, it just removes the lift of creating a performant backend, and allows these retail layers to focus on what they do best.
Leighton Jull retweeted
Robinhood vs Hyperliquid Q1 results
Clear cyclical downtrend in crypto trading. Robinhood crypto revenue fell to $134 million (-39.4% QoQ), while Hyperliquid crypto trading revenue fell to $179.7 million (-31.0% QoQ).
Still, Hyperliquid’s crypto revenue was higher than Robinhood’s crypto line, while its RWA revenue grew +454.8% QoQ.
Users also grew 29.6% QoQ to 1.19M, versus Robinhood funded customers up roughly 1.5% QoQ.
HYPE’s discount to TradFi comps has largely been a cyclicality discount on crypto-linked cash flows. But with RWA now >30% of volumes, HIP-4 adding binary outcomes, and revenue volatility already roughly in line with Robinhood through the slowdown, that discount looks less justified.
At $192.3M of Q1 protocol income versus Robinhood’s $346 million of net income, HYPE looks incredibly cheap at a $9.5 billion circulating market cap against HOOD trading at $74 billion.
Leighton Jull retweeted
1/ Controversial take: hard work is more important than smart work.
It's a myth that we only have a few hours of good creative work per day. Train yourself to grind long hours first. You will surprise yourself. The work naturally become higher quality, less distracted.
Leighton Jull retweeted
New on testnet: gossipPriorityGasAuction. Paid in HYPE.
@hydromancer_ spotted the first live event (500 HYPE priority bid from wallet 0xc010e5b9b06b3c0525d3cf3dc88131019bf52a88).
@androolloyd cracked the full gossip protocol in parallel. Together, these findings open a window into something new on Hyperliquid.
Disclaimer upfront: we're still figuring out exactly what this is and how it will be used. The most likely use case is MEV-related, but other applications could exist. Take everything below as a working interpretation, not a final answer.
Quick intro on gossip:
On Hyperliquid, transactions don't go directly to validators. They pass through 8 whitelisted broadcasters that bundle and propagate them via a peer-to-peer network called the gossip protocol.
Think of it as the nervous system of the chain, where every validator shouts what it sees to its neighbors until everyone is in sync.
The order in which transactions arrive through gossip determines the order they get included in blocks. That ordering has always been based on who gets there first.
What this auction appears to be:
An explicit Dutch auction to buy a priority slot in the gossip propagation. Price starts high, decays toward a floor over a 60-second interval. First bidder to accept the current price wins the slot and holds priority until the next round.
Multiple slots run in parallel, each with its own independent auction. Pay HYPE, get your transactions pushed to the front of the broadcaster queue. Transparent, onchain, open to anyone.
Important detail:
The bid function is gossipPriorityBid(slotId, ip, maxGas). The IP is an explicit parameter, meaning the slot is tied to a specific connection, not just a wallet. This suggests the mechanism is built for professional operators with dedicated infrastructure, not retail traders.
What it could unlock (assuming MEV is the primary use case):
- HFT strategies that need deterministic priority
- Liquidation markets where the best bidder wins
- HIP-4 settlement front-running becomes a priced game instead of a latency race
- Market makers on HIP-3 perps compete on bid size, not just colocation advantage
- New HYPE demand sink (every bid captures native token)
What it might mean structurally:
- MEV goes from implicit (broadcaster ordering) to explicit (onchain auction)
- Geographic colocation advantage shrinks
- Priority becomes a market, not a race
- Validators and protocol can potentially capture value that was previously invisible
But it might not only be about MEV extraction.
Note:
This is testnet. Parameters (start price, floor price, interval duration, number of slots) will likely change on mainnet. In high-activity periods, 60 seconds of priority could be worth significant amounts for market makers or liquidators. Expect bids to evolve as mainnet launches and real flow starts.
We'll keep digging and update the community as we learn more.
Source: lastdotnet.github.io/hyperli…
Hyperliquid.
Leighton Jull retweeted
There has never been an exchange compatible with every asset class.
When US equities are surging and volume picks up, Nasdaq has a great year. If crypto enters a bull market, Binance and Coinbase volumes 10x. If the Fed is active and rates vol increases, CME has a great quarter.
But the Nasdaq can't monetize flows in Japan. The Tokyo Stock Exchange can't make money off the commodites boom. Coinbase doesn't profit off heightened rates volatility. These exchanges aren't made to support a wide array of asset classes and opportunities. Their revenues are highly cyclical, tied to the underlying markets they serve.
TradeXYZ breaks this mold entirely.
XYZ can create a market for anything near instantly. Equities. Commodities. Rates. FX. There is always something happening in the world.
We're designed to capture idosyncratic moments of volatility in a world where anything can happen on any asset, anywhere, anytime.
The result is a diversified business that isn't long any single asset class or country, but rather long global asset volatility as a whole.
This is the final platform for traders, with deep liquidity for every major market in the world, open 24/7/365.
The universal venue. Powered by Hyperliquid.
Trade everything, trade XYZ.
Leighton Jull retweeted
Becoming more clear by the day that Hyperliquid is the financial trading platform of the future and that generational wealth will be made longing this coin.
Think this has a chance to flip Robinhood, Interactive Brokers etc…
Hyperliquid is out innovating peers.
Leighton Jull retweeted
BREAKING: Coinbase, $COIN, says many users currently unable to buy, sell, or transfer crypto.
