hucker🎩

@hucker

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Ratifying @procoin governance

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Introducing $PROCOIN, the community-led governance token for Farcaster Pro users. All 10k NFT holders are eligible for an airdrop. But there’s a twist. **The token will be untransferable until 500 Pro users claim.** In order to get a mandate as a community token, we need broad support. To claim, quotecast this post with the text “Ratifying @procoin governance” All 10k NFT holders are eligible, but the first 500 claimers will receive ~5x the allocation.

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Crypto Fundamentals debuts today—a new monthly series where Michael Nadeau of The DeFi Report joins Ryan & David to bring Warren Buffett-style rigor to crypto. In Episode 1, the topic of discussion is the brewing rotation: Bitcoin dominance is wobbling, ETH/BTC is perking up, and onchain data says capital is creeping down the risk curve. Michael unpacks the macro tailwinds like the GENIUS stablecoin bill, the KPIs that actually matter now, and why this cycle could reward real cash-flow L1s and even a few memes with measurable beta. If you want a cleaner compass for long-term value investing, this is your new must-listen series.

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Liquity’s V2 launch has jumped to the front of this month’s Ethereum DeFi chatter. The revamped protocol is putting its new $BOLD stablecoin on the map with a new unique flywheel that's designed to simultaneously attract more borrowers, reward depositors, and defend the protocol and its USD peg. The splash hasn’t stopped at Ethereum, either: more than 15 licensed “friendly forks” have locked in plans to port the codebase (and reward $BOLD users) across Arbitrum, Hyperliquid, Scroll, and beyond. With its user-set rates, its NFT-based debt, and its forkonomics, Liquity V2's shaping up to be one of this cycle’s most intriguing stablecoin experiments—and now it's open for business.

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Hyperliquid has been impossible to ignore lately. HYPE has climbed nearly 4x off its all-time lows and emerged as the best-performing token in the top 100 over the past month — up over 110%. Ecosystem metrics tell an even more compelling story: Hyperliquid now commands 70% of all DeFi perps volumes, amounting to $1.5T in total volume, with ecosystem TVL hitting $1.4B — up over 100% just this month. Amid the breakneck growth, Hyperliquid has seemingly been on a world tour — it's everywhere you look across Twitter, shilled on national TV, profiled by Bloomberg, and at the center of policy conversations. In other words, the momentum has picked up significantly for Hyperliquid since we last covered it in January, just weeks before the HyperEVM went live.

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2️⃣ Top Sui DEX Hacked Early Thursday morning, Cetus Protocol – formerly Sui’s largest decentralized exchange by total value locked – suffered a major exploit that resulted in attackers nabbing $220M in cryptocurrency. Although Cetus had yet to provide a detailed post-mortem at the time of writing, it appears the attacker took advantage of broken Cetus flash loan smart contract logic, repeatedly adding near-zero liquidity for “spoof” tokens to manipulate LP pair pricing and swapping the valueless assets for SUI/USDC to drain valuable crypto reserves in the process.

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1️⃣ Circle Acquisition Rumors According to a Fortune report released this week, stablecoin issuer Circle Internet Financial is entertaining informal acquisition talks with Coinbase and Ripple – discussions that could undermine its IPO ambitions. In a comment to The Block, Circle, which filed an S-1 initial registration form with the Securities and Exchange Commission on April 1 to publicly list on the New York Stock Exchange, maintained that it “is not for sale.” The stablecoin issuer is allegedly seeking to IPO at a $4-5B valuation and was rumored to have rejected a Ripple acquisition offer for $4-5B in late April, claiming the offer (which did not include any acquisition premium) was too low.

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🇺🇸 DC Policy Crew Hits the Stage Earlier today Crypto made it to the Hill… or rather, the Hill came to crypto. Senator Bill Hagerty, Senator Rick Scott, and Representative French Hill all took the stage to discuss the current state of U.S. crypto regulation with Solana Institute's Kristin Smith. Their presence signaled that Solana is no longer just a tech or culture play—it’s now a force in policy circles too.

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REV Is Useful, Just Not in the Way You Think Spire founder Mteam.eth defends REV as useful, not perfect. His view is practical: the issue isn’t REV itself, but how people misunderstand it. Framing it as “all models are wrong, but some are useful,” he sees REV as one of the useful ones. It’s not revenue, and blockchains aren’t companies — but REV does signal demand for a chain’s services. It shows how much users value blockspace and belongs in a broader valuation toolkit. Still, it’s no shortcut for valuing blockchains. Solana may generate 2–4x more REV than Ethereum, but that doesn’t mean its token is worth more. Judging a chain by REV alone is like judging a company only by revenue — it ignores profits and growth.

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2️⃣ Deribit Acquisition Coinbase recently announced it will acquire Deribit – the undisputed global leader in crypto options – for $2.9B ($700M cash and 11M shares of COIN). The acquisition marks the largest deal that the crypto industry has ever seen. This deal will enable Coinbase to offer options alongside existing spot, futures, and perpetuals offerings to international and advanced traders, transforming the exchange into a full-service crypto powerhouse with all of the tools savvy traders need to express their views on digital asset and commodities markets. Options allow traders to transact larger notional dollar volumes per dollar of capital thanks to their built-in leverage. The introduction of these instruments will not only allow Coinbase to earn more fees, it also stands to build a synergistic relationship that boosts overall platform trading volumes.

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https://warpcast.com/miniapps/NX57AqBluCJl/lil-chogstars

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Fermented Fruit by cyberia (2022)

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The S&P 500 index is a broad-market benchmark that programmatically weights ~500 of the largest publicly traded U.S. companies by market capitalization. It is the basis for trillions of dollars in passive and active investment strategies. On May 19, Coinbase became the first crypto stock to be included in the index; its addition was estimated to have triggered $15B in inflows for the stock and means that roughly 0.11% of every dollar flowing into S&P 500-linked portfolios is now allocated to the crypto exchange. While this amount might seem modest, the sheer scale of the index translates that fraction into multi-million dollar buys every month as investors allocate to the passive strategy, a valuable support mechanism for COIN’s price and liquidity that signals crypto’s deepening ties with traditional finance.

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In a saturated field of L1s, differentiation often comes down to more than just throughput or transaction costs — it's about vision, architecture, and execution. Sui has emerged as a contender not merely by offering another high-speed chain, but by building an integrated, modular ecosystem aimed at reimagining how apps are built and deployed in a decentralized world. From DeFi to gaming, from institutional infrastructure to social primitives, Sui is quietly assembling the scaffolding for a fully onchain internet — one where the chain is just the beginning. Let's dig into the momentum we're already seeing and the next wave of catalysts we're tracking.👇

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2️⃣ DOJ Won't Drop Tornado Cash Case According to a memo penned by the U.S. Attorney for the Southern District of New York, former SEC Chair Jay Clayton, the Department of Justice will proceed with its case against Tornado Cash developer Roman Storm. This development comes despite an April release from the agency that it would pull back on regulatory charges involving digital assets, unless there is evidence that the defendant “willfully” violated licensing or registration requirements. While charges against Storm for failure to comply with money transmitting business registration requirements have been abandoned, the original November indictment remains largely intact. Prosecutors are intent on trying the embattled crypto developer for conspiracy to commit money laundering, transmission of funds derived from criminal activity, and criminal sanctions violations.

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2️⃣ DOJ Won't Drop Tornado Cash Case According to a memo penned by the U.S. Attorney for the Southern District of New York, former SEC Chair Jay Clayton, the Department of Justice will proceed with its case against Tornado Cash developer Roman Storm. This development comes despite an April release from the agency that it would pull back on regulatory charges involving digital assets, unless there is evidence that the defendant “willfully” violated licensing or registration requirements. While charges against Storm for failure to comply with money transmitting business registration requirements have been abandoned, the original November indictment remains largely intact. Prosecutors are intent on trying the embattled crypto developer for conspiracy to commit money laundering, transmission of funds derived from criminal activity, and criminal sanctions violations.

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1️⃣ Coinbase’s Chaotic Week Coinbase yet again dominated crypto news headlines this week. After the U.S. stock market close on Monday, S&P Global announced that Coinbase (COIN) would replace Discover Financial Services (DFS) in its S&P 500 index, effective May 19. COIN’s inclusion in the capitalization-weighted index should trigger $9B of passive inflows, sending the stock soaring with 25% gains during Tuesday’s trading session. On Thursday, the company’s fortunes deteriorated, with its stock selling off as much as 8.4% amid a concerning leak of the personal info of a large swath of customers including ID cards, contact info, and transaction histories. While the company said the total leak amounted to less than 1% of total customers, that's still a hell of a leak. Amid all of that ruckus, news also emerged of a long-standing SEC inquiry into alleged misstated user metrics in its 2021 IPO filing. Despite the chaotic developments, Coinbase did end up recuperating the entirety of its Thursday

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Stablecoins have been slowly building to become the largest use case in crypto. It has felt like slow progress, but things are accelerating and it feels as though we’re at the “all at once” moment. This past month has made that clearer than ever. Stripe and Meta, two of the biggest tech companies on the planet, are in the stablecoin game. Transaction volume has officially surpassed Visa. And despite political headwinds, regulation is now a matter of when, not if.

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Have you played Duels App yet 🖼️ ⚔️? Check out this epic art battle I just bet on. You can earn $USDC if you win! I picked these artists to win: @uyo66 @richarmstrong @rogerhaus @erikx

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The market stopped pricing ETH as a crypto-money, and started pricing it as a tech-stock with a discounted cash flow (DCF) model. This is not good, since no L1 crypto-asset looks good under a DCF model. ETH stopped looking cheap compared to Bitcoin, and started looking overvalued compared to other L1 smart contract ecosystems with higher growth rates in their ecosystems. Ethereum went from being uniquely dominant in its category, to being viewed as sharing the same category as a number of other smaller, faster, more centralized competitors. The difference between Ethereum holding 90% versus 60% market dominance is a huge difference. The former is a global internet currency, while the latter is a tech platform.

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