things are starting to move at @saphyre
the team just rebuilt the entire DEX UI and honestly, everything looks top tier
perps testnet is heating up too, with 25k+ people on the waitlist, $200m+ in trading volume and mainnet getting closer
we’re not building another perp DEX where the whole game is farming points and waiting for airdrops
there’s more being designed around the traders who actually use the product. will share that when it’s ready
i’m also rebuilding the entire distribution strategy from the ground up: ambassadors, traders, creators and community
if you’re an experienced trader or crypto content creator interested in earning referral fees, let’s talk🙏
Moonlit 明月 retweeted
One of the biggest determinants of a DeFi primitive's long-term success beyond PMF lies in its ability to sustain demand on both sides of the market.
Successful primitives achieve meaningful adoption through their capacity to balance complementary incentives, creating a self-reinforcing growth flywheel.
@pendle_fi's Boros exemplify these traits apart from its novelty:
🔸 Funding rate arbitrageurs → Seek to lock in attractive funding spreads, potentially across exchanges, while hedging their underlying perp exposure.
🔸 Rate speculators → Take the other side, positioning for changes in implied funding rates or the convergence of funding spreads.
Arbitrageurs bring demand for hedging + locking in funding economics, while speculators provide the opposing exposure.
And I don't think many realise just how attractive these yields can be (ofc assuming proper risk management).
It's certainly not easy given the execution, liquidity + basis risks involved, but I'd bet sophisticated players are already exploring these opportunities.
Highly recommend giving the piece below a read 👇
Moonlit 明月 retweeted
Building your CT account will matter again in the next two quarters, you heard it here first
Been seeing @papertrade_xyz everywhere this weekend, so I went back through the timeline:
- May 14 — @izebel_eth announces it
- Aug 25 — @Kinetiq_xyz launched Elysium, a Hyperliquid L2.
According to reports, Kinetiq founder Omnia specifically mentioned Papertrade, saying, “It has a home now.”
- Oct 4 — @blurr goes on threadguy’s podcast to discuss the launch plans and 1000x leverage.
- Oct 7 — PaperDAO raised funds on @daosdotworld
- Oct 8 — Pre-deposits opened
- Oct 10 — Trading goes live, the date marked the first anniversary of last year’s October 10 crash.
then within the first 24 hours:
• ~$137m deposited
• 11,000+ wallets
• $14.4b in notional volume within the first 10 minutes
• over $3b in BTC open interest
basically five months of groundwork followed by a very packed launch week
1000x leverage and loss mining gave CT plenty to talk about, but the founders had been setting up the distribution for months
makes sense why it took over the timeline
Moonlit 明月 retweeted
If you're testing @saphyre Perps and climbing the leaderboard, you're one of the lucky ones.
Only around 1,000 people have gotten access so far, out of 25,000 on the waitlist.
Pretty early to be in.
Keep testing and climbing. You never know what early access might bring 👀
After being away for 6 months, I recently joined a new team as growth lead
Gotta say, I’ve been pretty humbled by how they work
The devs are monsters. Probably the best UI I’ve seen in this space, and their execution is honestly a little scary
They’ve been quietly building for years. Over $6 billion in on-chain volume, with multiple seven-figure revenue quarters
Now they’re taking everything they’ve learned and all the talent they’ve built along the way to build something much bigger on top of it
I’ve been spending a lot of time trying to figure out who is actually building
Think I found one
Moonlit 明月 retweeted
Saphyre perps are powered by @MonacoTrading
Crypto, equities, commodities and FX. Your trades will be earning you more than Saphyre points.
Frontier markets, mainnet this Uptober.
Moonlit 明月 retweeted
SEC staff FAQ on crypto assets. Noted.
# of $DRG tokens: 828794
Buy tx: seiscan.io/tx/0xbcf7c4fbb45a…
Burn tx: seiscan.io/tx/0xa3f01d422b4a…
Moonlit 明月 retweeted
Onchain cards now count more than 160K monthly active addresses, up from near zero in early 2023.
Two issuers hold most of that → @raincards at 54% and @wirexapp at 33% of active addresses, roughly 87% between them, and both leaders onboarded on @arc.
The demand side isn't the question, so the next natural step is looking for Arc's enablement of stablecoins' mobility.
It launched with local stablecoins beyond USDC, KRW1, JPYC, BRLA, MXNB and wARS, plus a native FX engine in StableFX, so a balance does not have to be dollars.
Morpho is live, so the idle balance can earn inside the spend app. @PulsarMoneyApp supplies the Arc-native account and @moonpay the on-ramp.
Something to note is that this is where the users are, not yet where their spend settles. Those addresses still transact on the issuers' existing chains, and Arc isn't in the settlement ranking yet. @base is still where majority of transactions settle on.
We think it will be fascinating to track the activity flows of the non-USD stablecoins on Arc, which could set a precedence to how future venues transact.
Moonlit 明月 retweeted
You can't consider @wirexapp as a footnote in the card program stack.
August closed at $34.9M on the program, up 39.9% from July.
That is 5th among tracked issuers and 3.1% of the $1.1B market.
What changed is in the spending mix:
• August had 14.4k paying wallets and 364k settlements
• First-time wallets fell but volume came from wallets that stayed
• Cashback paid in USD rose 50% to $535k, about 1.5% of spend
Two days in early September each cleared $3.0M, which was double August’s best session.
The consumer card is one of many surfaces.
The BaaS pitch from @wirexapp is the other which makes genuine sense: if a product already holds value, the card is how that value leaves the app.
We should see more from clubs, creators, games, remittances, agents.
