Hyperliquid has a 6-7x multiple on @Lighter_xyz based on Revenue
So should $LIT be worth 6-7x times less?
Is it really that simple?
So should $LIT be worth 6-7x times less?
Is it really that simple?
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Will $LIT be one of the biggest airdrops in crypto history?
A fun thing I was just thinking about is how will @Lighter_xyz's $LIT compare to other airdrops we've had in the past.
I've taken ATH prices here since it was the easiest to find and judge:
$HYPE ended up with its 31% as $18b at peak prices
$UNI being $6b
$ARB being worth $2b in total at peak prices
Some other honourable mentions include dYdX ($2b), ENS ($1.8b), Blur ($700m), TIA ($700m)
So the question is:
With a 25% airdrop, how will $LIT compare?
In the graphic I highlight some examples. At current prices within the pre-market at
A fun thing I was just thinking about is how will @Lighter_xyz's $LIT compare to other airdrops we've had in the past.
I've taken ATH prices here since it was the easiest to find and judge:
$HYPE ended up with its 31% as $18b at peak prices
$UNI being $6b
$ARB being worth $2b in total at peak prices
Some other honourable mentions include dYdX ($2b), ENS ($1.8b), Blur ($700m), TIA ($700m)
So the question is:
With a 25% airdrop, how will $LIT compare?
In the graphic I highlight some examples. At current prices within the pre-market at
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Crypto 10 years ago
We've moved a long way over the last decade!
We've moved a long way over the last decade!
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Things I'm excited for in 2026
- The continued growth of stablecoins outside of USDC and USDT
- The growth of non-USD stablecoins onchain within DeFi including CHF, GBP, EURO and others
- Perpification of everything including new stocks, indices, ETFs, more commodities + others
- Tokenised equities onchain in DeFi
- Composable trading markets
- New protocols to farm with some juicy airdrops!
- Novel newer derivative instruments
- New DeFi sectors to explode in growth including credit/undercollateralised money markets, shariah compliment DeFi products etc.
- Yield on non crypto assets in De
- The continued growth of stablecoins outside of USDC and USDT
- The growth of non-USD stablecoins onchain within DeFi including CHF, GBP, EURO and others
- Perpification of everything including new stocks, indices, ETFs, more commodities + others
- Tokenised equities onchain in DeFi
- Composable trading markets
- New protocols to farm with some juicy airdrops!
- Novel newer derivative instruments
- New DeFi sectors to explode in growth including credit/undercollateralised money markets, shariah compliment DeFi products etc.
- Yield on non crypto assets in De
USDC0,01%
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gm
Just had a look at a bunch of old discord chats! Great memories, lots of old OG protocols with awesome communities
Need that feeling back
Just had a look at a bunch of old discord chats! Great memories, lots of old OG protocols with awesome communities
Need that feeling back
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DeFi is going to have a whole new narrative and sector next year.
Time to get positioned for it, I've seen 5+ asset issuers launch in recent weeks and it actually makes money!
A new ecosystem is brewing
Time to get positioned for it, I've seen 5+ asset issuers launch in recent weeks and it actually makes money!
A new ecosystem is brewing
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Perp markets will give amazing airdrops
@Lighter_xyz Polymarket odds for FDV after day 1 indicates it'll be somewhere between 2-4b FDV (of course this market also depends on it launching in 2025, which may or may not happen but that's why odds are lower than you might expect).
The interesting thing is when you look at fees, specifically revenue earned by Lighter.
Recently has been on track to do $200m+ in annualised revenue. With a 30x multiplier, that should be $6b approximately.
For reference, if we look at Hyperliquid, it currently trades at a 30x multiple to revenue - a couple of lower r
@Lighter_xyz Polymarket odds for FDV after day 1 indicates it'll be somewhere between 2-4b FDV (of course this market also depends on it launching in 2025, which may or may not happen but that's why odds are lower than you might expect).
The interesting thing is when you look at fees, specifically revenue earned by Lighter.
Recently has been on track to do $200m+ in annualised revenue. With a 30x multiplier, that should be $6b approximately.
For reference, if we look at Hyperliquid, it currently trades at a 30x multiple to revenue - a couple of lower r
HYPE1,23%
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Just survive
Markets have been awful, really awful. I haven't seen general speculation sentiment this low since ever really. Perhaps recency bias speaking here but feels worse than last bear market. It's a dry dessert these days.
If there is one thing I think I've picked up in this industry though, it's that a good time will come back. An opportunity will reopen, so just survive. Stay alive until that comes in your plate. There will be a narrative we can all jump on again, of course it'll be different, it always is, but there will be something.
For me, what that means is just sitting in stab
Markets have been awful, really awful. I haven't seen general speculation sentiment this low since ever really. Perhaps recency bias speaking here but feels worse than last bear market. It's a dry dessert these days.
If there is one thing I think I've picked up in this industry though, it's that a good time will come back. An opportunity will reopen, so just survive. Stay alive until that comes in your plate. There will be a narrative we can all jump on again, of course it'll be different, it always is, but there will be something.
For me, what that means is just sitting in stab
BTC1,21%
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How are we feeling my bulla friends
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Things I am watching onchain right now:
It's winter, it's cold and so the my day is spent working with a warm hot chocolate on my desk. Below are some things to keep you occupied onchain whilst you can sip your warm cuppa!
Out with the old in with the new? - $HYPE staking
- Kinetiq TGE means some folks are looking for new places to speculate on with their HYPE.
- Interestingly, timing wise, @ValantisLabs just announced their points programme. Naturally I think a shift will occur as users look to farm, loop and speculate here as the next venue for HYPE staking.
A new onchain ponzi? @banditsd
It's winter, it's cold and so the my day is spent working with a warm hot chocolate on my desk. Below are some things to keep you occupied onchain whilst you can sip your warm cuppa!
Out with the old in with the new? - $HYPE staking
- Kinetiq TGE means some folks are looking for new places to speculate on with their HYPE.
- Interestingly, timing wise, @ValantisLabs just announced their points programme. Naturally I think a shift will occur as users look to farm, loop and speculate here as the next venue for HYPE staking.
A new onchain ponzi? @banditsd
HYPE1,23%
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The yield basis team is one of my inspirations for how to ship product in DeFi
Within 2 months of launch they:
- Designed a totally new primitive solving a huge problem in DeFi today
- Shipped and scaled to 9 figures of TVL almost instantly
- Fixed errors and made improvements to the app week after week
- Handled contract migrations smoothly to an upgraded product
- Had a successful TGE for $YB
- Made 7 figures in revenue already, goes to the token
- Turned on the fee switch (today!)
It takes some teams an entire cycle to hit the landmarks this team has achieved in just 2 months. Guys are
Within 2 months of launch they:
- Designed a totally new primitive solving a huge problem in DeFi today
- Shipped and scaled to 9 figures of TVL almost instantly
- Fixed errors and made improvements to the app week after week
- Handled contract migrations smoothly to an upgraded product
- Had a successful TGE for $YB
- Made 7 figures in revenue already, goes to the token
- Turned on the fee switch (today!)
It takes some teams an entire cycle to hit the landmarks this team has achieved in just 2 months. Guys are
YB2,67%
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When it feels scary to jump in.
That is exactly when you jump.
Otherwise you end up at the same place your whole life.
That is exactly when you jump.
Otherwise you end up at the same place your whole life.
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Pokemon gets all the attention
Which protocol is going to offer the best market for Yu-Gi-Oh?
I want to make this happen onchain
Which protocol is going to offer the best market for Yu-Gi-Oh?
I want to make this happen onchain
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Major lack of interest in DeFi these days with many in my circle
As a farmer, happy days since that means I can find better yields + less competition to farm
So many under rated farming opportunities and novel markets to play with right now
Some examples include:
@boros_fi
@tread_fi
@yieldbasis
@upshift_fi
@pear_protocol
@nadoHQ
@spreads_fi
Just keep clicking
As a farmer, happy days since that means I can find better yields + less competition to farm
So many under rated farming opportunities and novel markets to play with right now
Some examples include:
@boros_fi
@tread_fi
@yieldbasis
@upshift_fi
@pear_protocol
@nadoHQ
@spreads_fi
Just keep clicking
YB2,67%
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For the first time since summer 2023 - Stablecoin market cap has dropped
Stablecoin marketcap October 2025 - $309b
Stablecoin marketcap November 2025 - $303b
First time we've seen a drop in stablecoin marketcap over a 1 month period since summer of 2023, it's been 2 years of up only.
But why?
The last month saw a wide variety of things happen within the stablecoin world:
- @ethena_labs lost more than 50% of it's TVL following the massive reduction in funding rates and therefore yield
- The stream finance saga ended up causing deleveraging across other stablecoins
- Stablecoins that dropped in
Stablecoin marketcap October 2025 - $309b
Stablecoin marketcap November 2025 - $303b
First time we've seen a drop in stablecoin marketcap over a 1 month period since summer of 2023, it's been 2 years of up only.
But why?
The last month saw a wide variety of things happen within the stablecoin world:
- @ethena_labs lost more than 50% of it's TVL following the massive reduction in funding rates and therefore yield
- The stream finance saga ended up causing deleveraging across other stablecoins
- Stablecoins that dropped in
ENA4,95%
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Lying in bed thinking about how many airdrops I have to farm
You guys want a full list?
You guys want a full list?
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