bliquidc.hl 🌊 @bliquidc

@arthur0x @zeroxkyle Active > Passive

I took the stage on Oct 8 this week to share my keynote on "The Case for Active Management in Crypto after the 10/10 Washout" My argument is simple: this is the strongest case in years for active management in crypto. This is not because active managers are smarter, but because the opportunity set in crypto has changed. Growth is no longer concentrated in the biggest assets. Owning the beta alone didn't pay, but active selection does.

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@mrdgrr 😭

Compute represents a trillion-dollar market, yet we still lack anything that could serve as the “money” for compute. The money for compute/AI is pearl-2:native.

Quick thoughts from the conference - I went through 5 days of non stop 14 hour meetings. These are my thoughts 1. Trading There is ALOT of unrealized PnL. The current "bull market" has helped many participants move past the initial fear stage. I hear many participants giving out outlandish price targets again - people have made 50%-70% over the last 2 months even in size. Their first response on a dip is - what should i be buying? There is alot LESS retail. This conference felt emptier and less glitzy. Budgets are lower. There is also alot less retail that i have met or bumped into. Most participants are instis, prosumers and grizzled veterans. Not ideal. This is also perhaps why memes have NOT performed thus far and we have instead seen "Cashflow" as a meta instead. 2. Theme AI is front and center. Crypto participants are way ahead of the AI narrative - most people understand that AI is a force that is staying with us. Whether we like it or not. Which brings me to the next point ... pearl-2:native Every single day, i have been hearing people talking about this token. On a token event organized by one of the alt coins, the person sat next to me could NOT stop talking about it. He was also under allocated. This token has been tremendously difficult to buy. During the pearl-2:native event itself, i have also seen many funds who are unallocated or under allocated still on this. Given the size of the narrative, i would say that most people are under allocated.$PRL cost of mining is also ~2.5, hence mining pearl-2:native and dumping it is economically retarded or unfeasible. The current crop of miners are those operating with already almost fully depreciated GPU chips. To them, they ignore the opportunity cost of GPU rental and just take the electricity cost as their basis. A lot of the miners also sold down $ZEC below $100... you cannot imagine how much regret they have. For its market cap, this has been one of the largest attention grabbing tickers. My conjecture on why - there has not been any good AI narrative tokens thus far. 3. Where is the money? On relative wealth - crypto used to be the big splasher - no longer. In prior cycles, crypto events ALWAYS outspent the tradfi events. This year? Less so. In fact, crypto almost feels restrained.... The biggest spender on the events have been the 3rd tier shady exchanges. There is almost an inverse correlation between reputation and the money spent.

@degentradingLSD Great stuff

lmao

chang 🧪 @chang_defi

14 hours ago

Literally everyone in the entire space wants liquid PRL onchain and somehow that’s just not enough proven user demand for some people. Lets keep building more launchpads, memecoins, and landing pages with waitlist and privy logins.

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@HyperliquidEco Take care

1000x lev incoming

im ready to get liquidated tomorrow at @papertrade_xyz with @izebel_eth

@papertrade_xyz LMAO

@BrettHarrison Congrats!

Pearl community feels authentic. I did not go to any PRL parties, sponsored events, or get any free food from PRL. I was offered a t-shirt paid for by a token holder and No Limit Hodl (a firm that just bought coins, did not VC pearl research) sponsored a taco night. Marked difference from how other assets get attention at this conference. Taco night vs sky lobby open bar is a big difference. As far as I know most of the PRL team isn't even at Token and is busy building? The stories I am hearing are impressive. Big, big names supposedly allocating. Household names and people who would not want to be publicly doxxed. I am not trying to overplay this, but also you don't want to piss people off. Been checking the thesis with some long time crypto people and I don't hear any of the FUD I see on X. The biggest concern anyone has is (1) useful is optional, I agree, not a problem with the thesis and (2) what if asics? To be clear we are not sure ASICs would work here, but I am thinking out loud. As long as the inference overhead, currently 5% with a plan to get it to 0%-1% range, is better than any potential asic advantage the blockchain should be fine. My envelope math is that if overhead is 2%, roughly you'd need an ASIC 50x faster than an H200 to start to push the useful work out of the network. (This is a simplification without capex and electric.) I don't think that's a risk, the hurdle for ASIC is pretty high given how low overhead is targeted for fp8. We want "useful work" -- by which I mean usually inference -- in the network so that it can add security (capex + opex) weight to defend against 51% attacks. I think the case for large amounts of capex+opex coming online with fp8 is still strong. The other thing I want to understand better is the PRL team plan to get post-quantum or post-ecdsca code into production. I haven't done my homework on the code status, but ecdsa fears were a big talking point today.

@jeremiahrogers Agree , one of the best events at SG 2026

@coinbase @izebel_eth Lmao this is great

@ZoomerOracle Top tier events!

@0xhexaaa06 Yes indeed!

Hypurrliquid week is one of the best week of my life! Grateful to meet and connect with a lot of people, hopefully able to see everyone again in another time! Hyperliquid

$PRL = Compute = AI Money Compute will become the biggest industry in the future

Brett Harrison @BrettHarrison

2 days ago

We’re excited to launch Liquid Inference with some of the fastest-growing token producers in the ecosystem: • Engy @engyai • Pearl Research Labs @prlnet • AkashML @akashnetAI • Hyperbolic @hyperbolic_labs • Boundless @BoundlessHQ • Zro @zroai_

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@0xGeeGee if mining can be layered seamlessly on top of existing inference activity, the effective hash rate would skyrocket, and the market appears to value PoW assets accordingly (eg ZEC hash rate and valuation relative to BTC)

@edithxo_hl Hyperliquid