If you were bullish 3 months ago but you’re bearish now then you’re mentally offside. The banana zone breakout will come off a low, not the high. When the time comes (if not catalyst driven) then the market will be full tilt - underexposed at the high & keen to short resistance.

Always pay attention when leadership of the two largest L1 ecosystems are discussing design / architecture. These are very significant developments for @Lighter_xyz as now both leadership from... 1. Ethereum (@VitalikButerin) 2. Solana (@aeyakovenko) ...have entered the discussion on what is being built by @vnovakovski and his team. Vitalik is supportive of Lighter's ability to scale Ethereum while Anatoly questions the proving mechanism and order tree structure in the White Paper. If it wasn't worth bringing up, they wouldn't. Fun fact: they did... The tweet (now deleted as I was writing this) for historical purposes. x.com/vnovakovski/status/198… Accelerate🕯️

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Viral photo making the rounds this weekend. Schwab is gonna get in the crypto trading biz next year too. Competition gonna ramp up between the two popular brokerages. Good for consumers. Want to see Charles Schwab introduce a bonus transfer of funds or of the likes too.

Lighter has $22m OI on $XMR, 16% of global pair OI (3rd). Competing with Binance and Bybit in both market share and liquidity. The best DEX to trade privacy coin perps, go onchain. app.lighter.xyz/trade/XMR

TRUMP ANNOUNCES $2,000 TARIFF DIVIDEND FOR AMERICANS President Donald Trump announced a $2,000 payment to most Americans, funded by U.S. tariff revenues. In a Truth Social post, he said the U.S. is collecting “trillions of dollars” in tariffs and will use the money to reduce national debt and reward citizens—excluding high-income earners. Trump called tariff critics “fools” and claimed the U.S. is now the “richest, most respected country in the world,” citing record stock markets and 401(k) values.

So how do we like the perp dex derby so far? Which DEX is the best this week?

I like what I see so far 🔮

Vitalik arriving at ETHLatam in Brasil 🐇🇧🇷

*APPLE FINALIZING PACT THAT WOULD PAY GOOGLE ROUGHLY $1B A YEAR *GOOGLE GEMINI AI MODEL TO HELP RUN SIRI FEATURES DUE IN 2026 *APPLE TO USE 1.2 TRILLION PARAMETER GOOGLE MODEL TO POWER SIRI

Yo uhhhh hmmm

I would like to clarify a few things. First, the obvious one: we do not have or want government guarantees for OpenAI datacenters. We believe that governments should not pick winners or losers, and that taxpayers should not bail out companies that make bad business decisions or otherwise lose in the market. If one company fails, other companies will do good work. What we do think might make sense is governments building (and owning) their own AI infrastructure, but then the upside of that should flow to the government as well. We can imagine a world where governments decide to offtake a lot of computing power and get to decide how to use it, and it may make sense to provide lower cost of capital to do so. Building a strategic national reserve of computing power makes a lot of sense. But this should be for the government’s benefit, not the benefit of private companies. The one area where we have discussed loan guarantees is as part of supporting the buildout of semiconductor fabs in the US, where we and other companies have responded to the government’s call and where we would be happy to help (though we did not formally apply). The basic idea there has been ensuring that the sourcing of the chip supply chain is as American as possible in order to bring jobs and industrialization back to the US, and to enhance the strategic position of the US with an independent supply chain, for the benefit of all American companies. This is of course different from governments guaranteeing private-benefit datacenter buildouts. There are at least 3 “questions behind the question” here that are understandably causing concern. First, “How is OpenAI going to pay for all this infrastructure it is signing up for?” We expect to end this year above $20 billion in annualized revenue run rate and grow to hundreds of billion by 2030. We are looking at commitments of about $1.4 trillion over the next 8 years. Obviously this requires continued revenue growth, and each doubling is a lot of work! But we are feeling good about our prospects there; we are quite excited about our upcoming enterprise offering for example, and there are categories like new consumer devices and robotics that we also expect to be very significant. But there are also new categories we have a hard time putting specifics on like AI that can do scientific discovery, which we will touch on later. We are also looking at ways to more directly sell compute capacity to other companies (and people); we are pretty sure the world is going to need a lot of “AI cloud”, and we are excited to offer this. We may also raise more equity or debt capital in the future. But everything we currently see suggests that the world is going to need a great deal more computing power than what we are already planning for. Second, “Is OpenAI trying to become too big to fail, and should the government pick winners and losers?” Our answer on this is an unequivocal no. If we screw up and can’t fix it, we should fail, and other companies will continue on doing good work and servicing customers. That’s how capitalism works and the ecosystem and economy would be fine. We plan to be a wildly successful company, but if we get it wrong, that’s on us. Our CFO talked about government financing yesterday, and then later clarified her point underscoring that she could have phrased things more clearly. As mentioned above, we think that the US government should have a national strategy for its own AI infrastructure. Tyler Cowen asked me a few weeks ago about the federal government becoming the insurer of last resort for AI, in the sense of risks (like nuclear power) not about overbuild. I said “I do think the government ends up as the insurer of last resort, but I think I mean that in a different way than you mean that, and I don’t expect them to actually be writing the policies in the way that maybe they do for nuclear”. Again, this was in a totally different context than datacenter buildout, and not about bailing out a company. What we were talking about is something going catastrophically wrong—say, a rogue actor using an AI to coordinate a large-scale cyberattack that disrupts critical infrastructure—and how intentional misuse of AI could cause harm at a scale that only the government could deal with. I do not think the government should be writing insurance policies for AI companies. Third, “Why do you need to spend so much now, instead of growing more slowly?”. We are trying to build the infrastructure for a future economy powered by AI, and given everything we see on the horizon in our research program, this is the time to invest to be really scaling up our technology. Massive infrastructure projects take quite awhile to build, so we have to start now. Based on the trends we are seeing of how people are using AI and how much of it they would like to use, we believe the risk to OpenAI of not having enough computing power is more significant and more likely than the risk of having too much. Even today, we and others have to rate limit our products and not offer new features and models because we face such a severe compute constraint. In a world where AI can make important scientific breakthroughs but at the cost of tremendous amounts of computing power, we want to be ready to meet that moment. And we no longer think it’s in the distant future. Our mission requires us to do what we can to not wait many more years to apply AI to hard problems, like contributing to curing deadly diseases, and to bring the benefits of AGI to people as soon as possible. Also, we want a world of abundant and cheap AI. We expect massive demand for this technology, and for it to improve people’s lives in many ways. It is a great privilege to get to be in the arena, and to have the conviction to take a run at building infrastructure at such scale for something so important. This is the bet we are making, and given our vantage point, we feel good about it. But we of course could be wrong, and the market—not the government—will deal with it if we are.

*TRUMP AI CZAR DAVID SACKS SHUTS DOWN OPENAI CFO REQUEST FOR FEDERAL BACKSTOP "THERE WILL BE NO FEDRAL BAILOUT FOR AI. THE U.S. HAS AT LEAST 5 MAJOR FRONTIER MODEL COMPANIES. IF ONE FAILS, OTHERS WILL TAKE ITS PLACE." - DAVID SACKS

Palantir CEO Alex Karp on Zohran Mandani: “The average Ivy League grad voting for this mayor is annoyed their education is not that valuable, and that the person who knows how to drill for oil has a more valuable profession” “I think that annoys the fuck out of these people”

I think lighter tps is real TPS. If there is a unique signature and an atomic state transition it’s a transaction. Good for them for squeezing that much out of zk provers. 🤷‍♂️

We do process 4000-5000 orders and cancels per second. Most of that activity comes from HFTs and market makers trading programmatically, not retail. What's your question exactly? Sorry I don't have experience answering FUD from Solana maxis, only the HL maxis so far.

U.S.-Based Employers Announced 153,074 Job Cuts in October, Up 175% -- Challenger Gray Challenger Gray: October U.S. Job Cuts Highest For Month Since October 2003 Challenger Gray: Employers Cite Cost-Cutting, AI in October Job Cuts

🚨 UPDATE: Ethereum hits record 24,192 TPS, driven by L2 Lighter processing around 4,000 transactions per second since launch. Is this the L2 moment? 👇