Managing Partner of @Delphi_Ventures Co-Founder @Delphi_Digital
Joined August 2018
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During the Bybit hack, the exchange returned assets in-kind (bought/borrowed ETH). Will Binance need to go out and buy all of this ENA, UNI, PEPE, etc.?
Hypercall is one of the protocols I’m most bullish on and @trajan0x is a big part of why. Great having him on Hivemind this week
A new episode of Hivemind is out now!
This week Hypercall founder @trajan0x joins the team to discuss what the Anthropic IPO means for markets, how cyberattacks are exposing the internet’s weak points, and whether onchain options can finally break out.
Timestamps
00:00 Intro
00:45 Patience Is a Position
03:49 Chop Until the Midterms
09:33 Can Efficiency Crush the Neoclouds?
13:10 What if Compute Gets 10x Cheaper?
17:09 Is the Internet Broken?
23:20 Could You Cash Out Satoshi’s Coins?
27:16 Is Quantum Theft Really Consensus?
35:31 What Led Synapse to Options?
42:54 What Onchain Options Do Better
46:41 Who Wins Options Distribution?
51:31 Credit Is the Next Frontier
55:09 Would You Buy the Anthropic IPO?
57:36 The Biggest Liquidity Drain in History?
58:35 Why Early Stage Venture Looks Best
1:03:22 Elon Comes for the Neoclouds
1:07:32 SpaceX and the Kessler Syndrome
1:08:53 What Are You Underexposed To?
Yan Liberman retweeted
A new episode of Hivemind is out now!
This week Hypercall founder @trajan0x joins the team to discuss what the Anthropic IPO means for markets, how cyberattacks are exposing the internet’s weak points, and whether onchain options can finally break out.
Timestamps
00:00 Intro
00:45 Patience Is a Position
03:49 Chop Until the Midterms
09:33 Can Efficiency Crush the Neoclouds?
13:10 What if Compute Gets 10x Cheaper?
17:09 Is the Internet Broken?
23:20 Could You Cash Out Satoshi’s Coins?
27:16 Is Quantum Theft Really Consensus?
35:31 What Led Synapse to Options?
42:54 What Onchain Options Do Better
46:41 Who Wins Options Distribution?
51:31 Credit Is the Next Frontier
55:09 Would You Buy the Anthropic IPO?
57:36 The Biggest Liquidity Drain in History?
58:35 Why Early Stage Venture Looks Best
1:03:22 Elon Comes for the Neoclouds
1:07:32 SpaceX and the Kessler Syndrome
1:08:53 What Are You Underexposed To?
Yan Liberman retweeted
This is so bullish ethereum:0x0f2d719407fdbeff09d87557abb7232601fd9f29 and Hypercall, Druck taking a stance on Hyperliquid 24/7 hour markets specifically on equities and @tradexyz products.
Hypercall offers options on these perps 24/7, ethereum:0x0f2d719407fdbeff09d87557abb7232601fd9f29 is the options layer for hyperliquid:native and great exposure to this trend.
Hypercall did 13% of tradeXYZ's weekly volume the last week of September, as liquidity expands they will probably be the largest source of volume for tradeXYZ perp products via hedging flows... Read the article below to understand this in depth.
Yan Liberman retweeted
This is one of the product releases you glance over and don't take seriously but you should. Earn+ will be one of the killer features for Ethena Pay that is almost impossible to compete with for dollar savings at scale.
I'd hope I'm within the top ~5% of DeFi power users, but I don't even spend the time and energy to optimize DeFi loops across multiple chains and lending markets which requires 24/7 attention.
This is a one-click access point to optimized levered USDe rewards with the capability to operate cross chain from a single vault with no management of debt positions required at all.
This is the highest unincentivized reward rate on dollars at multi-billion scale with a simple one-click user experience that has averaged ~10-15% APY even during the bear market, and much higher in the bull market.
Available exclusively on Ethena Pay 🌍.
Introducing Earn+: up to 12% rewards on your dollars in a single click.
Available exclusively on @EthenaPay.
Yan Liberman retweeted
In the age of crypto where most analysts have capitulated on doing real DD, @YanLiberman has been prolific and thorough DDing $GRASS
He's walked me through the thesis and rebuttals a dozen different ways. Not fading.
No equity company sits above $GRASS. The token is the asset.
@0xdrej on how Grass is structured and why it matters for holders
The Grass Foundation is ownerless, faces every customer and owns all the IP. Wynd Labs is a service provider to it, approved by directors with no stake in Wynd, and the Wynd team are token holders themselves
Grass also owns its infrastructure, where most web access startups rent it. Every dollar reinvested makes the network better instead of paying vendors more
They’ve been shipping products one at a time, so I asked what he’d do with a war chest. His answer was to run every initiative at once
“Our mission for Grass is for Grass to become the way in which AI accesses information”
Yan Liberman retweeted
Everything is coming to Hyperliquid.
Stocks showed up as perps first. Open interest on trade[xyz] went from $372M in January to $3.89B today.
No equity company sits above $GRASS. The token is the asset.
@0xdrej on how Grass is structured and why it matters for holders
The Grass Foundation is ownerless, faces every customer and owns all the IP. Wynd Labs is a service provider to it, approved by directors with no stake in Wynd, and the Wynd team are token holders themselves
Grass also owns its infrastructure, where most web access startups rent it. Every dollar reinvested makes the network better instead of paying vendors more
They’ve been shipping products one at a time, so I asked what he’d do with a war chest. His answer was to run every initiative at once
“Our mission for Grass is for Grass to become the way in which AI accesses information”
Yan Liberman retweeted
Grass Founder @0xdrej explains why more web scraping doesn’t mean better AI data.
“Anybody these days can go and deploy a crawler and with enough compute, you can go and advertise that you’re crawling insane numbers of pages. The thing is, there’s a lot of useless stuff on the internet.”
New Delphi Podcast with Andrej Radonjic @0xdrej, founder of Grass
To a website, Grass looks like normal users browsing. Behind it is millions of opted in residential nodes and a data platform that has delivered exabytes of web data to the frontier labs
We get into how AI flipped the hard part of search upside down. The index used to be the moat, and crawling was free. Now AI tooling makes the index cheap, while AI crawlers have pushed the web into blocking everything. The hard part is getting the page at all
Training data is already a profitable business for Grass with most of the top labs and multiple Mag 7 companies as customers. Crawling for that data also means mapping the entire internet, which is what puts Grass in a position to build search on top of it. Contents API is live, Search is next, and multimodal grounding follows
00:00 Intro
00:43 From Nuclear Physics to Web Scraping
03:38 The Pandemic Signal Everyone Missed
07:31 The Smart TV Proxy Scandal
09:10 Why the Internet Is Blocking AI
11:56 Training Data vs Live Data
16:05 Mapping the Entire Internet
18:03 Delivering Exabytes to AI Labs
21:48 What AI Labs Really Pay For
24:43 How Robots Learn From Web Video
33:02 When Labs Change Direction
35:57 One API Call for Any Website
41:58 AI Flipped Search Upside Down
47:03 Can the Network Keep Up?
49:52 The Defense Tech of AI Data
52:58 Why Data Is the Alpha
57:08 Why AI Labs Won’t Buy Slop
59:17 The Metric That Matters Most
01:02:35 The $100 Billion Data Market
01:05:07 Who Actually Owns Grass
01:08:18 What a Real Moat Looks Like
01:13:16 What Happens Next
Disclosure. Delphi Ventures holds $GRASS
Full episode
Yan Liberman retweeted
A new episode of Hivemind is out now!
This week the team discusses whether AI is a debt bubble, what quantum risk means for bitcoin, what’s next for the Hyperliquid ecosystem and more.
Timestamps
00:00 Intro
00:44 Has Crypto Bottomed?
03:05 BTC’s Morning Seller Is Gone
04:32 Token Unlocks Into Year End
07:14 Do the Midterms Matter?
09:23 Is AI a Debt Bubble?
10:40 The Trillion AI Capex Math
15:53 Anthropic’s Revenue Is Exploding
19:10 The Reflexive AI Demand Risk
25:00 Why This Isn’t 2000
33:51 Crypto’s Goldilocks Case
36:01 Who Gets Satoshi’s Coins?
37:59 Quantum Fear Lifts ZEC and Pearl
41:49 Has Quantum Changed Your BTC Bet?
48:13 Two Big Themes for Next Year
50:12 Papertrade’s Token Problem
59:11 Kinetiq and the HyperEVM Bet
1:09:31 Why Hyperliquid Users Stay Loyal
1:12:30 PUMP vs FOMO
1:16:29 The Rise of Anti-Social Trading
Most of the internet blocks AI agents.
An agent running on AWS looks like a scraper, so websites block it by default.
@0xdrej on why access is now the constraint for AI, for training and for inference.
Plus why crawling for training data ends up building the index you need for search.
New Delphi Podcast with Andrej Radonjic @0xdrej, founder of Grass
To a website, Grass looks like normal users browsing. Behind it is millions of opted in residential nodes and a data platform that has delivered exabytes of web data to the frontier labs
We get into how AI flipped the hard part of search upside down. The index used to be the moat, and crawling was free. Now AI tooling makes the index cheap, while AI crawlers have pushed the web into blocking everything. The hard part is getting the page at all
Training data is already a profitable business for Grass with most of the top labs and multiple Mag 7 companies as customers. Crawling for that data also means mapping the entire internet, which is what puts Grass in a position to build search on top of it. Contents API is live, Search is next, and multimodal grounding follows
00:00 Intro
00:43 From Nuclear Physics to Web Scraping
03:38 The Pandemic Signal Everyone Missed
07:31 The Smart TV Proxy Scandal
09:10 Why the Internet Is Blocking AI
11:56 Training Data vs Live Data
16:05 Mapping the Entire Internet
18:03 Delivering Exabytes to AI Labs
21:48 What AI Labs Really Pay For
24:43 How Robots Learn From Web Video
33:02 When Labs Change Direction
35:57 One API Call for Any Website
41:58 AI Flipped Search Upside Down
47:03 Can the Network Keep Up?
49:52 The Defense Tech of AI Data
52:58 Why Data Is the Alpha
57:08 Why AI Labs Won’t Buy Slop
59:17 The Metric That Matters Most
01:02:35 The $100 Billion Data Market
01:05:07 Who Actually Owns Grass
01:08:18 What a Real Moat Looks Like
01:13:16 What Happens Next
Disclosure. Delphi Ventures holds $GRASS
Full episode
Yan Liberman retweeted
If you’re pro crypto you should be celebrating and supporting @grass as much as you can
They’re one of a handful of projects that have managed to break out of the crypto bubble and secure a place on the global stage serving the biggest and most important companies in history
New Delphi Podcast with Andrej Radonjic @0xdrej, founder of Grass
To a website, Grass looks like normal users browsing. Behind it is millions of opted in residential nodes and a data platform that has delivered exabytes of web data to the frontier labs
We get into how AI flipped the hard part of search upside down. The index used to be the moat, and crawling was free. Now AI tooling makes the index cheap, while AI crawlers have pushed the web into blocking everything. The hard part is getting the page at all
Training data is already a profitable business for Grass with most of the top labs and multiple Mag 7 companies as customers. Crawling for that data also means mapping the entire internet, which is what puts Grass in a position to build search on top of it. Contents API is live, Search is next, and multimodal grounding follows
00:00 Intro
00:43 From Nuclear Physics to Web Scraping
03:38 The Pandemic Signal Everyone Missed
07:31 The Smart TV Proxy Scandal
09:10 Why the Internet Is Blocking AI
11:56 Training Data vs Live Data
16:05 Mapping the Entire Internet
18:03 Delivering Exabytes to AI Labs
21:48 What AI Labs Really Pay For
24:43 How Robots Learn From Web Video
33:02 When Labs Change Direction
35:57 One API Call for Any Website
41:58 AI Flipped Search Upside Down
47:03 Can the Network Keep Up?
49:52 The Defense Tech of AI Data
52:58 Why Data Is the Alpha
57:08 Why AI Labs Won’t Buy Slop
59:17 The Metric That Matters Most
01:02:35 The $100 Billion Data Market
01:05:07 Who Actually Owns Grass
01:08:18 What a Real Moat Looks Like
01:13:16 What Happens Next
Disclosure. Delphi Ventures holds $GRASS
Full episode
Yan Liberman retweeted
Worth a listen, great deep dive into Grass
New Delphi Podcast with Andrej Radonjic @0xdrej, founder of Grass
To a website, Grass looks like normal users browsing. Behind it is millions of opted in residential nodes and a data platform that has delivered exabytes of web data to the frontier labs
We get into how AI flipped the hard part of search upside down. The index used to be the moat, and crawling was free. Now AI tooling makes the index cheap, while AI crawlers have pushed the web into blocking everything. The hard part is getting the page at all
Training data is already a profitable business for Grass with most of the top labs and multiple Mag 7 companies as customers. Crawling for that data also means mapping the entire internet, which is what puts Grass in a position to build search on top of it. Contents API is live, Search is next, and multimodal grounding follows
00:00 Intro
00:43 From Nuclear Physics to Web Scraping
03:38 The Pandemic Signal Everyone Missed
07:31 The Smart TV Proxy Scandal
09:10 Why the Internet Is Blocking AI
11:56 Training Data vs Live Data
16:05 Mapping the Entire Internet
18:03 Delivering Exabytes to AI Labs
21:48 What AI Labs Really Pay For
24:43 How Robots Learn From Web Video
33:02 When Labs Change Direction
35:57 One API Call for Any Website
41:58 AI Flipped Search Upside Down
47:03 Can the Network Keep Up?
49:52 The Defense Tech of AI Data
52:58 Why Data Is the Alpha
57:08 Why AI Labs Won’t Buy Slop
59:17 The Metric That Matters Most
01:02:35 The $100 Billion Data Market
01:05:07 Who Actually Owns Grass
01:08:18 What a Real Moat Looks Like
01:13:16 What Happens Next
Disclosure. Delphi Ventures holds $GRASS
Full episode
New Delphi Podcast with Andrej Radonjic @0xdrej, founder of Grass
To a website, Grass looks like normal users browsing. Behind it is millions of opted in residential nodes and a data platform that has delivered exabytes of web data to the frontier labs
We get into how AI flipped the hard part of search upside down. The index used to be the moat, and crawling was free. Now AI tooling makes the index cheap, while AI crawlers have pushed the web into blocking everything. The hard part is getting the page at all
Training data is already a profitable business for Grass with most of the top labs and multiple Mag 7 companies as customers. Crawling for that data also means mapping the entire internet, which is what puts Grass in a position to build search on top of it. Contents API is live, Search is next, and multimodal grounding follows
00:00 Intro
00:43 From Nuclear Physics to Web Scraping
03:38 The Pandemic Signal Everyone Missed
07:31 The Smart TV Proxy Scandal
09:10 Why the Internet Is Blocking AI
11:56 Training Data vs Live Data
16:05 Mapping the Entire Internet
18:03 Delivering Exabytes to AI Labs
21:48 What AI Labs Really Pay For
24:43 How Robots Learn From Web Video
33:02 When Labs Change Direction
35:57 One API Call for Any Website
41:58 AI Flipped Search Upside Down
47:03 Can the Network Keep Up?
49:52 The Defense Tech of AI Data
52:58 Why Data Is the Alpha
57:08 Why AI Labs Won’t Buy Slop
59:17 The Metric That Matters Most
01:02:35 The $100 Billion Data Market
01:05:07 Who Actually Owns Grass
01:08:18 What a Real Moat Looks Like
01:13:16 What Happens Next
Disclosure. Delphi Ventures holds $GRASS
Full episode
Yan Liberman retweeted
Wrote up some thought on where the options market is going for @hackernoon
Hypercall coded
As Wall Street moves toward 24/7 stock trading, options must follow. Continuous markets demand continuous hedging, risk management and financial infrastructure.
#optionstrading #hypercall...Show more
Yan Liberman retweeted
You can just go to LCR.net and give your agents access to a fleet of 10s of thousands of browsers that have the ability to route requests through millions of real residential IP addresses.
notice..
> Delta is blocking AI agents from booking flights
> JPMorgan Chase and Charles Schwab block agents from accessing accounts
> Yelp requires paid data licensing for agents
> Amazon has blocked Grok bot and other shopping agents.
the internet is starting to block AI agents that were supposed to do everything for us
Yan Liberman retweeted
GM
Yesterday Hypercall did more perp volume on Hyperliquid than Metamask, Insilico, Liquid and Axiom.
gg
Yan Liberman retweeted
A conversation w/ @CryptoHayes on OpenAi & Anthropic being worthless, why China is especially interesting right now, agentic money systems, crypto token disparity, quantum risk vs reality, and what changed his mind about Ethereum.
00:00 Intro
00:27 Bitcoin to 1 Million
00:57 Why Governments Always Print Money
03:31 Ai Tokens vs Crypto Tokens
04:30 AI Is a Waste of Money
06:11 Zcash vs. Ethereum
07:29 Why Only a Few Coins Win
10:38 China's Coming Money Printing
11:51 Stablecoins vs. Local Currencies
14:03 AI Model Companies Are Worthless
15:17 Agentic Payment Systems
17:28 Why Agents Won't Use Stablecoins
18:56 Poetry and Trading Competitions
21:17 Ai Money > BTC
22:52 Tokenization Supercycle
24:43 Michael Saylor Szn is Over
26:12 Central Banks Buying Coins
27:29 Is Quantum Risk Overhyped?
27:54 Consensus Trades
29:35 Favorite Coins
30:20 Why ETH Will Outperform