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A new kind of AI workforce is ascending in the Ethereum ecosystem, replete with experimental tokenomics.
Here's why it matters, and how you might consider the trade.
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WEEKLY ROLLUP: Bitcoin Just Flipped Bullish? What Happens Next?
Bitcoin just broke its bearish market structure, but surging bond yields could still test the rally. @RyanSAdams and @TrustlessState unpack Uptober, Robinhood’s trading push, the Bitget hack, and prediction markets’ path to the Supreme Court.
[TIMESTAMPS]
0:00 Intro
0:09 Bitcoin Breaks Bearish Structure
- @hariskhantrader
6:35 Bond Yields, Liquidity & Macro Risk
- @KobeissiLetter
- @EpsilonTheory
22:06 Robinhood Goes All-In
- @fintechfrank
- @TrustlessState
33:19 BitGet Hack & NEAR Permissionless Debate
- @AlexAuroraDev
- @TrustlessState
- @kylekrason
- @near_intents
44:23 Prediction Markets Head to Court
48:29 Ethereum’s Cryptographic World Computer
- @VitalikButerin
- @cryptographicas
- @barnabemonnot
56:14 AI Agents & Bank Runs
- @JasonYanowitz
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Bankless retweeted
AI labs are reading over your shoulder.
Got a valuable idea? Prompting to ChatGPT or Claude is donating it to their next model
"Everything you put into a frontier model generally is kind of just getting hoovered up by default."
In AI, your ideas are Sam's and Dario's product.
@JonShapeShift and I get into it @AskVenice
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NEW REPORT: Macro Concerns? Crypto’s Bull Case vs. Rising Rates
Crypto is acting like a bull market even as macro risks keep building. @JustDeauIt and @RyanSAdams break down why Bitcoin and altcoins are shrugging off rising yields, rate-hike fears, and oil volatility, what the market reset is signaling, and why Mike still believes crypto is early in a new cycle. They also cover the risks that could finally challenge that view.
[TIMESTAMPS]
0:00 Intro
0:24 Macro Second Look
4:01 Crypto Outperforms Macro
6:26 Market Structure Reset
10:12 Macro Risk Tour
20:53 Liquidity and Volatility
24:53 Bull Case Holds
29:23 Stocks and AI Breadth
32:15 Bull Market Price Targets
38:04 New Referral Program
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32% of @variational_io's total supply is being targeted for the airdrop -- even more than @HyperliquidX and @Lighter_xyz.
@JustinCBram :
“We wanted to make sure that our users were getting the biggest airdrop as a percentage, I think, in crypto history.”
“So we’re targeting a 32% airdrop of the total supply proportional to points holders.”
“We definitely wanna grow our user base and continue rewarding our existing users.”
NEW EPISODE - Is @variational_io the Next Hyperliquid?
Variational isn’t trying to be another perp exchange. Lucas Schuermann (@variational_lvs) & @JustinCBram break down its broker model, how it taps into TradFi liquidity, why swaps could be a better retail primitive for RWAs, and the vision for accessing thousands of global markets from one USDC balance.
Plus: the 32% VAR airdrop, mobile, and the push to bring the next wave of traders onchain.
CHAPTERS
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0:00 Broker, Not Exchange
5:07 Why Brokerage Wins for Retail
8:22 What Is a Swap?
9:58 The Real Cost of Trading
11:43 Bringing TradFi Liquidity Onchain
14:44 Building Variational
23:14 From Crypto Traders to Everyone
26:42 The Next User Base
30:35 What Actually Happens Onchain?
34:00 Inside OLP
37:03 Arbitrum and User Funds
39:44 The VAR Token and 32% Airdrop
42:34 Funding the Token Model
44:11 The 2027 Roadmap
47:44 Protocol or Platform?
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Onchain markets are trying to rebuild liquidity that already exists at trillion-dollar scale.
“There’s two, three, five… even beyond trillion dollars of daily liquidity in many of these markets in the US, in Korea, Japan, and then beyond.”
“The right model here, just like traditional finance works, is brokerage and routing to where the liquidity is rather than trying to reinvent the wheel.”
“We’re doing something that no other platform in the space can by bringing that liquidity directly onchain.”
- @variational_lvs
NEW EPISODE - Is @variational_io the Next Hyperliquid?
Variational isn’t trying to be another perp exchange. Lucas Schuermann (@variational_lvs) & @JustinCBram break down its broker model, how it taps into TradFi liquidity, why swaps could be a better retail primitive for RWAs, and the vision for accessing thousands of global markets from one USDC balance.
Plus: the 32% VAR airdrop, mobile, and the push to bring the next wave of traders onchain.
CHAPTERS
---
0:00 Broker, Not Exchange
5:07 Why Brokerage Wins for Retail
8:22 What Is a Swap?
9:58 The Real Cost of Trading
11:43 Bringing TradFi Liquidity Onchain
14:44 Building Variational
23:14 From Crypto Traders to Everyone
26:42 The Next User Base
30:35 What Actually Happens Onchain?
34:00 Inside OLP
37:03 Arbitrum and User Funds
39:44 The VAR Token and 32% Airdrop
42:34 Funding the Token Model
44:11 The 2027 Roadmap
47:44 Protocol or Platform?
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.@variational_io is taking a page from Hyperliquid’s community-first playbook.
@variational_lvs :
“Hyperliquid showed if you do right by your community, your community will do right by you.”
“I think doing one of the largest airdrops in crypto history and kind of setting that precedent really puts us in the same ballpark.”
NEW EPISODE - Is @variational_io the Next Hyperliquid?
Variational isn’t trying to be another perp exchange. Lucas Schuermann (@variational_lvs) & @JustinCBram break down its broker model, how it taps into TradFi liquidity, why swaps could be a better retail primitive for RWAs, and the vision for accessing thousands of global markets from one USDC balance.
Plus: the 32% VAR airdrop, mobile, and the push to bring the next wave of traders onchain.
CHAPTERS
---
0:00 Broker, Not Exchange
5:07 Why Brokerage Wins for Retail
8:22 What Is a Swap?
9:58 The Real Cost of Trading
11:43 Bringing TradFi Liquidity Onchain
14:44 Building Variational
23:14 From Crypto Traders to Everyone
26:42 The Next User Base
30:35 What Actually Happens Onchain?
34:00 Inside OLP
37:03 Arbitrum and User Funds
39:44 The VAR Token and 32% Airdrop
42:34 Funding the Token Model
44:11 The 2027 Roadmap
47:44 Protocol or Platform?
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NEW EPISODE - Is @variational_io the Next Hyperliquid?
Variational isn’t trying to be another perp exchange. Lucas Schuermann (@variational_lvs) & @JustinCBram break down its broker model, how it taps into TradFi liquidity, why swaps could be a better retail primitive for RWAs, and the vision for accessing thousands of global markets from one USDC balance.
Plus: the 32% VAR airdrop, mobile, and the push to bring the next wave of traders onchain.
CHAPTERS
---
0:00 Broker, Not Exchange
5:07 Why Brokerage Wins for Retail
8:22 What Is a Swap?
9:58 The Real Cost of Trading
11:43 Bringing TradFi Liquidity Onchain
14:44 Building Variational
23:14 From Crypto Traders to Everyone
26:42 The Next User Base
30:35 What Actually Happens Onchain?
34:00 Inside OLP
37:03 Arbitrum and User Funds
39:44 The VAR Token and 32% Airdrop
42:34 Funding the Token Model
44:11 The 2027 Roadmap
47:44 Protocol or Platform?
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Bankless retweeted
Jon says the @AskVenice daily token chart is the best chart in crypto, and I can see why.
- Token demand is the foundation of AI
- Venice's daily token demand growth is accelerating
- $VVV is the only asset in crypto that provides exposure to AI token demand
The entire AI boom rides on the back of increasing demand for tokens.
So long as this curve is accelerating up, I remain irrationally bullish on $VVV
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$BTC’s shallow drawdown may come with a tradeoff.
@benjamincowen:
“Going lower would allow for a more euphoric bull market.”
“If that’s the low, then we still likely have diminishing returns.”
And if Bitcoin really bottomed this summer?
“It will likely top perhaps a little bit earlier than it normally does.”
NEW EPISODE - Ben Cowen Says You Have Permission to Be Bullish
Ben Cowen spent months expecting $BTC to roll over into a Q4 flush. Then BTC broke the May high and forced him to rethink the bear case.
@benjamincowen joins @TrustlessState to unpack what changed, whether the four-year cycle is still intact, why altcoins are running without a true altseason, and why global liquidity remains the missing ingredient. Plus, the key Bitcoin level that would make him change his mind again.
CHAPTERS
---
0:00 Ben Cowen Admits What He Got Wrong
3:30 Did the Bear Market End Too Easily?
6:06 Why This Bear Market Looks Different From 2022
9:59 Is the Four-Year Cycle Still Alive?
12:27 What an Early Low Means for the Next Bull Market
14:02 Why Altcoins Are Already Moving
19:15 Monetary Policy vs. Global Liquidity
22:56 Does Altseason Need a Crisis?
28:13 Why Liquidity Could Stay Tight
31:56 Can Bitcoin Catch Up to Stocks?
34:41 Five Years of Restrictive Conditions
37:27 Is Retail Finally Coming Back?
45:46 Bitcoin Defies the Macro Setup
48:47 The Weekly Bitcoin Close That Matters
53:43 Building a Conference Around Disagreement
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$VVV Community Call | September
@AskVenice's Head of Strategy @JonShapeShift joins @TrustlessState for the September $VVV community call to discuss Venice reaching 250B daily tokens, the latest $VVV emissions cuts and $DIEM supply changes, accelerating burns, rising demand for private AI, Venice Minds, the upcoming data center rollout, and what comes next.
[TIMESTAMPS]
0:00 Intro
0:21 September AI Update
2:12 Token Growth Surge
8:36 Emissions and Diem Supply
16:10 Burn Mechanics Explained
23:40 OpenAI Privacy Controversy
32:00 Data Retention Warnings
35:52 Anthropic's Retention Shift
39:24 Privacy Boosts Venice
43:03 Minds and Model Combinations
52:48 Staking and Burn Questions
55:47 Data Center and Near
59:37 Lumara Film Festival
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Bankless retweeted
Tune in.
The September $VVV Call 📺
Live on 𝕏 — Mon, Sept 28 · 3pm ET
This month in Venice:
- Record Daily Signups
- Record Daily Tokens
- Largest VVV burn
- Annual VVV emissions lowered 3M -> 2.5M
Join @JonShapeShift and I as we cover the month in Venice!
Monday!👇
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September $VVV Livestream x.lingyaoai.com/i/broadcasts/1lJQRWyXW…
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The macro signals @benjamincowen was watching all moved the way he expected.
bitcoin:native was the exception.
“The dollar going higher, energy going higher, yields going higher… those were all right.”
“I thought that would then affect Bitcoin, and it hasn’t.”
“As long as we’re above $83K, I’m gonna have to take a step back on this bear market idea.”
“I’m happy to admit that I don’t fully understand it.”
NEW EPISODE - Ben Cowen Says You Have Permission to Be Bullish
Ben Cowen spent months expecting $BTC to roll over into a Q4 flush. Then BTC broke the May high and forced him to rethink the bear case.
@benjamincowen joins @TrustlessState to unpack what changed, whether the four-year cycle is still intact, why altcoins are running without a true altseason, and why global liquidity remains the missing ingredient. Plus, the key Bitcoin level that would make him change his mind again.
CHAPTERS
---
0:00 Ben Cowen Admits What He Got Wrong
3:30 Did the Bear Market End Too Easily?
6:06 Why This Bear Market Looks Different From 2022
9:59 Is the Four-Year Cycle Still Alive?
12:27 What an Early Low Means for the Next Bull Market
14:02 Why Altcoins Are Already Moving
19:15 Monetary Policy vs. Global Liquidity
22:56 Does Altseason Need a Crisis?
28:13 Why Liquidity Could Stay Tight
31:56 Can Bitcoin Catch Up to Stocks?
34:41 Five Years of Restrictive Conditions
37:27 Is Retail Finally Coming Back?
45:46 Bitcoin Defies the Macro Setup
48:47 The Weekly Bitcoin Close That Matters
53:43 Building a Conference Around Disagreement
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$VVV live @ 3pm EST today!
Right here, on Bankless
The September $VVV Call 📺
Live on 𝕏 — Mon, Sept 28 · 3pm ET
This month in Venice:
- Record Daily Signups
- Record Daily Tokens
- Largest VVV burn
- Annual VVV emissions lowered 3M -> 2.5M
Join @JonShapeShift and I as we cover the month in Venice!
Monday!👇
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"As long as Bitcoin can hold 83k... it's hard to be bearish"
- @benjamincowen
NEW EPISODE - Ben Cowen Says You Have Permission to Be Bullish
Ben Cowen spent months expecting $BTC to roll over into a Q4 flush. Then BTC broke the May high and forced him to rethink the bear case.
@benjamincowen joins @TrustlessState to unpack what changed, whether the four-year cycle is still intact, why altcoins are running without a true altseason, and why global liquidity remains the missing ingredient. Plus, the key Bitcoin level that would make him change his mind again.
CHAPTERS
---
0:00 Ben Cowen Admits What He Got Wrong
3:30 Did the Bear Market End Too Easily?
6:06 Why This Bear Market Looks Different From 2022
9:59 Is the Four-Year Cycle Still Alive?
12:27 What an Early Low Means for the Next Bull Market
14:02 Why Altcoins Are Already Moving
19:15 Monetary Policy vs. Global Liquidity
22:56 Does Altseason Need a Crisis?
28:13 Why Liquidity Could Stay Tight
31:56 Can Bitcoin Catch Up to Stocks?
34:41 Five Years of Restrictive Conditions
37:27 Is Retail Finally Coming Back?
45:46 Bitcoin Defies the Macro Setup
48:47 The Weekly Bitcoin Close That Matters
53:43 Building a Conference Around Disagreement
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NEW EPISODE - Ben Cowen Says You Have Permission to Be Bullish
Ben Cowen spent months expecting $BTC to roll over into a Q4 flush. Then BTC broke the May high and forced him to rethink the bear case.
@benjamincowen joins @TrustlessState to unpack what changed, whether the four-year cycle is still intact, why altcoins are running without a true altseason, and why global liquidity remains the missing ingredient. Plus, the key Bitcoin level that would make him change his mind again.
CHAPTERS
---
0:00 Ben Cowen Admits What He Got Wrong
3:30 Did the Bear Market End Too Easily?
6:06 Why This Bear Market Looks Different From 2022
9:59 Is the Four-Year Cycle Still Alive?
12:27 What an Early Low Means for the Next Bull Market
14:02 Why Altcoins Are Already Moving
19:15 Monetary Policy vs. Global Liquidity
22:56 Does Altseason Need a Crisis?
28:13 Why Liquidity Could Stay Tight
31:56 Can Bitcoin Catch Up to Stocks?
34:41 Five Years of Restrictive Conditions
37:27 Is Retail Finally Coming Back?
45:46 Bitcoin Defies the Macro Setup
48:47 The Weekly Bitcoin Close That Matters
53:43 Building a Conference Around Disagreement
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