Liquidity Moves First. Narratives Follow. Political Economy of Crypto.
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Joined April 2021
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Colonel Burr retweeted
On a momentous day for both Hyperliquid and the entire Crypto industry -
- We are reminded of how much irreversible harm and damage CZ and Binance have caused over the years:
> Manipulating markets and their own chain
> The cause of the 10/10 liquidations
>This new "Hack"
Colonel Burr retweeted
Goldman Sachs (@GoldmanSachs) recently featured the BVIV Index in a research update.
"While the GS “US Panic Index” rose at its fastest five-day pace in years and the VIX spiked on 16 October, the BVIV Index - Volmex's implied volatility index for BTC - remained relatively stable."
Read the full update on the GS Marquee platform: marquee.gs.com/s/content/mar…
Colonel Burr retweeted
215,000+ BVIV Index perpetual futures contracts (~$8.38m) traded on @HyperliquidX since launch.
Now working towards deeper liquidity. This is the next big unlock.
BVIV everywhere.
app.hyperliquid.xyz/trade/mk…
Colonel Burr retweeted
Jack butcher first token $BALANCE auction is live
fdv moved from $1.3M to $16M in less than 20mins.
how the auction works and what it means for credits
type: it's running on uniswap continous clearing auction(CCA)
how it works:
- you choose how much eth you're willing to spend and set the maximum valuation your willing to buy at
- your bids run automatically across the auctions remaining blocks(no need to keep bidding manually)
- each block releases a portion of the token supply, higher bids gets priority and everyone filled in that block pays the same clearing price
- as demand increases, clearing price can rise. if it moves above your maximum price your bids stop filling
- when the auction ends, you claim your $BALANCE tokens and any unspent eth.
the catch?
your money is generally locked while your bids remains active and getting in early doesn't guarantee a profitable entry.
how this affects credits price:
statements can be converted into $BALANCE based on their credit rating
if the auction price rises, converting statements could offer a cheaper way to get BALANCE than bidding directly
which will increase the demand for credits, since 80 credits are needed to create a statement
potentially pushing their price up
this token sale could turn out to be the biggest yet in 2026.
n/b: nothing stated above is financial advice, only research
dyor.
Colonel Burr retweeted
The biggest opportunity in $BALANCE right now: it is switching from an NFT valuation system to an ERC-20 valuation system.
Same points.
Credits market: ~$8M
ERC20 auction: approaching $20M
NFT market prices art, scarcity, and collectibility.
Token market prices narrative, community, liquidity, and growth.
@jackbutcher connected both with 1 point = 1 Balance.
Once the token market takes pricing power, the entire Credits ecosystem can reprice.
Let’s see how this Balance experiment plays out.
Colonel Burr retweeted
CREDITS DAILY • Oct 19
Less than 24 hours until the initial $BALANCE auction begins through Uniswap’s Continuous Clearing Auction (CCA) & market price discovery starts
Meanwhile, 1,136 completed sales moved 24.80Ξ while 4 new Statements burned another 320 CREDITS
▷ ESTIMATED BALANCE FDV
~$6.62M based on the lowest verified listed CR route
~$0.123 per potential BALANCE across 53.77M maximum potential supply
▷ CREDIT RATING (CR) VALUE
Best listed CR route:
Statement #49
Listing: 1.5Ξ (~$3,632)
Included CR: 28,002
Cost per 1K CR: 0.05357Ξ (~$130)
Idealized Top 80 loose-CREDIT moving basket:
2.764Ξ total (~$6.7k) for 54,356 CR
Cost per 1K CR: 0.05085Ξ (~$123)
The idealized Top 80 loose route is 5.4% more efficient per 1K CR right now
The loose route is an idealized non-atomic basket of 80 separate live listings, listings can change before execution
▷ TODAY’S FLOW
New Statements past 24HR: 4
CREDITS burned past 24HR: 320
Active Statements: 239
Total CREDITS burned: 20,320 (16.63% of original supply)
CR inside active Statements: 9,270,446 (17.24% of maximum potential BALANCE supply)
▷ BALANCE WATCH
The initial BALANCE auction is scheduled for Oct 20 at 10:20 ET through a Uniswap CCA, with proceeds intended for artwork liquidity
The announced 1 CR → 1 BALANCE conversion isn’t live yet
▷ CREDITS MARKET CONTEXT
24HR sales: 1,136
ETH volume: 24.80Ξ (~$60,052)
CREDITS floor: 0.0155Ξ (~$38)
Listed: 5,819 (5.7%)
Within 10% of floor: 72
Vs. yesterday’s report: floor -4.6%, listings -54
▷ MY LIVE TOOLS
CREDITS Market Intelligence:
gridphantoms.app/credits
CREDITS Value Finder:
gridphantoms.app/credits/val…
CREDITS Appraiser:
gridphantoms.app/credits/app…
Snapshot Oct 19, 13:22 UTC
ETH/USD Reference: (~$2,421)
Colonel Burr retweeted
$BALANCE goes live tuesday 10:20 AM ET
@jackbutcher is auctioning 1% of max supply through a uniswap CCA
everything else only exists when someone locks a statement. 80 credits burned, ratings added up, locked for good, 1 rating point = 1 BALANCE
the CCA isn't a snipe. you set a budget and a max price, it fills block by block at one clearing price, you never pay above your max
so before tuesday, check your credit ratings, pick your max price, and only touch links jack posts
20,000 credits already burned into 235 statements
bidding the auction or building a statement?
Colonel Burr retweeted
credits, statements, and soon $balance
@jackbutcher has been building the pieces of a v interesting onchain economy
i've been cooking up something to participate at every stage: acquiring credits, making statements, redeeming for $balance to keep collecting
cycle starts soon
Colonel Burr retweeted
you need 80 @jackbutcher credits to turn them into $BALANCE
most holders only have a few. so now you can predeposit yours into a batch on credit union and they will convert to balance when the coin launches on 10/20
creditunion.fun/balance
Colonel Burr retweeted
BVIV Index perpetual futures are now live on @HyperliquidX.
Trade BTC's 30-day implied volatility on your favorite exchange.
app.hyperliquid.xyz/trade/mk…
Colonel Burr retweeted
top 50 now
top 5 very soon
solana:5dRHKSymMTTx64YmtdjDqeqt2PPt5MTaTSthToDD94NW SZN
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