Software Engineer by trade, crypto hustler by nature. Building code and navigating the crypto space. ๐๐ป #BlockchainEnthusiast
Joined January 2017
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Sunny (๐ธ, ๐ฟ) retweeted
Even foreigners residing in India know the truth that โIndia is under attackโ!
Thanks to this lady.. ๐๐ป
Sunny (๐ธ, ๐ฟ) retweeted
multicoinโs base target for HYPE is $109 which means their real target is likely $85 but given market conditions it might make sense to sell at $70, however the gov might ban Hyperliquid which would then reduce the target to $64 in which case they may have actually already sold
Sunny (๐ธ, ๐ฟ) retweeted
In precious metals bull markets, the Gold:Silver ratio falls because Silver rallies more than Gold.
The past month saw the Gold:Silver ratio crash -28% because Silver soared.
Did Silver rally too fast? History says that a pullback for Silver is coming soon โฌ๏ธ
One of the reason for price suppression in recent times has been due to large tradifi selloff.. for example look at this spot CB chart
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Sunny (๐ธ, ๐ฟ) retweeted
genuine, non-ragebait, question: what will be the utility of $LIT?
> Lighter is an L2, so thereโs no need to stake LIT for consensus, like HYPE on Hypercore
> afaik there are no concrete plans for an EVM sidecar that would use LIT as gas
> I assume there will be Lighter fee discounts for holding LIT, like there is for HYPE, but with no/extremely low fees, how useful is this?
> I assume Lighter fee revenue will be used to buyback LIT, like HYPE, to tie it to the performance of the DEX. However, with no/extremely low fees, how useful is this?
not being able to use LIT for staking and gas is not a problem imo as I donโt think those utilities have had much of an impact on the value of HYPE and maybe even fee discounts too, but the lack of or little revenue buybacks makes LIT meaningfully less valuable than HYPE
either Lighter increase fees โ losing one of itโs key USPs โ so that a meaningful amount of revenue TWAPs LIT, or they accept that the value of LIT is not directly linked to the success of Lighter as a DEX
even if they go with the former, they wonโt be able to divert 99% (or anywhere near that) of revenue to buying (& burning) LIT because they are not a self-funded hilariously rich lean team, they have investors to answer to and money to make
> on top of this, there will be token supply for investors, MMs and CEXs to add sell pressure that HYPE never had
with all of this in mind, why should LIT be valued anywhere near HYPEโs valuation?
I must be missing something obvious so I ask the Lighter maxis (@Sufficient_Lev is the only one I know) to ratio me, as required.
We believe the community deserves a team that is fully aligned with the long-term health of the ecosystem. We are committed to these principles and will continue to take decisive action to protect the integrity of Hyperliquid. FUCK YOU BEARS
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Sunny (๐ธ, ๐ฟ) retweeted
People are over indexing on the risks from team unlocks for $HYPE. This is exactly why 97% buybacks is such an important part of the $HYPE bull case.
Historically, coins like $TIA, $SUI, $APT, $WLFI (practically all of them) launch. Founders, VCs, contributors are immediately like rats scurrying off a sinking ship, and are willing to OTC sell their locked tokens at 60-90% discounts. They actually have a fiduciary responsibility to their future bloodline to liquidate that trash ASAP. You can't even blame them, if I see my $10bn FDV token had 16 DAU and made $4 in revenue yesterday with no direct value accrual to the token, I'd dump expeditiously too. $HYPE without buybacks would be the exact same case. Team keeps all revenue, token is worthless, dump ASAP.
So why don't we worry about this with equities and startups? Because founders and early employees are incentivized to accrue value to their stock rather than dump it at the earliest possible moment. There has never been a token in crypto that has both generated the cash flow of AND had the value accrual mechanism/alignment with token as $HYPE.
Are you afraid to own $TSLA because Elon owns 15%? No, you trust that he will act rationally and the best way to enrich himself is to enrich his stock. This is the exact same situation with $HYPE and Jeff (who presumably is at least a plurality if not majority of team unlocks).
Of course there will be selling from team members. Everyone has a number they feel safe at. Some might want $10m USD in the bank, some might want $100m. Some might need to pay taxes, some are 150 IQ quants and want to actively trade the token when they think it's over/undervalued.
To think that Jeff and the team will just fully insta dump every unlock and destroy their token value when their token is trading at 10-20x multiples on revenue is just not a rational bear case I'm willing to entertain.
I'd assume that selling will be opportunistic and front loaded, that borrowing against their $HYPE will be preferable for most, and that the team would like to keep as large a share as possible of one of the most successful businesses in the world.
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