Pinned Tweet
I got married last month, and spent the furthest time away from work during that period and the honeymoon
Unplugging while we broke ATHs really helped me reflect on what I’ve learned up until this milestone and what’s important to me in life
I wanted to share this publicly mostly to document my thoughts. I hope it’s helpful but it’s not intended to be life advice or anything like that. Just my own musings which include some stories, quotes, and pictures here and there.
Anil Lulla retweeted
Don't let another exchange hack shake you out of crypto as we enter the biggest trend we've ever seen: tradfi coming onchain.
My conversation with @johnjdagostino covers what he sees from the largest institutional investors, inside tokenized stocks, Hyperliquid & Coinbase, the Middle East's role, Brian Armstrong's big bet, regulatory update, and more...
John's story is so fascinating that Ben Mezrich made him the main character in one of his books. Previous works became best-selling movies The Social Network & Dumb Money.
Close the charts, let the dust settle, and enjoy.
00:00 Intro
00:35 What Coinbase Sees That You Don't
03:32 Why Crypto Moving to Abu Dhabi
05:27 Money Shift in Middle East
09:26 How Nations Are Buying Bitcoin
10:52 Trip That Changed Everything
12:15 The Story Behind Rigged
13:18 Onchain Finance
18:09 Real World Assets
19:23 Tokenized Stock Potential
21:52 Sponsored by Kraken
23:04 Wall Street Adoption
25:25 Biggest Crypto Fund
29:36 Brian Armstrong's Big Bet
31:29 When SEC Cut Off Coinbase
35:06 Crypto Bears
37:10 Regulation
39:34 Price Impact
40:50 The Rising Tide
43:56 Future of Investing
45:09 What Meme Coins Proved
47:48 Hyperliquid vs. Coinbase
49:36 Where We Go Next
Anil Lulla 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?
Anil Lulla retweeted
Stanley Druckenmiller, undeniably one of the greatest investors of all time, averaged ~30% annual returns over 30 years with zero down years.
And his very first tweet is about Hyperliquid.
I talked to @RyanWatkins_ about hyperliquid:native graduating into an institutional asset and why Druck is all-the-sudden interested:
"If the idea is good enough everyone will find it eventually. So I'm not surprised."
"Maybe what was surprising is that some of these people are just skipping over everything to go to Hyperliquid."
"For some of these people it's not just a fundamental bet."
"If you want to index the growth of the crypto economy, you have to have this in your book alongside ethereum:native or solana:So11111111111111111111111111111111111111112 or bitcoin:native."
Anil Lulla retweeted
Why can’t Wall Street exchanges just build their own Hyperliquid?
@RyanWatkins_: “They would need to re-architect their entire exchange stack because it’s built on the assumption that you needed to segment out all these different layers like brokerage and clearing and settlement and custody.
And here we kind of built these exchanges that assume this is all in one single integrated stack.
And you need that because how else are you going to be able to hold the margin on the exchange and liquidate it at a fraction of a second when you need to liquidate a position?
If this guy was that good, he would not be trying to do this at CME. He’d be at Jeff.”
trade[XYZ] and ICE, owner of the New York Stock Exchange, are joining forces to bring 24/7 perpetual futures on Hyperliquid to the United States.
In just over a year, our markets on Hyperliquid have surpassed $650 billion in volume. They provide continuous price discovery for stocks, indices, and commodities, and have become trusted reference points for retail and institutions alike when traditional markets are closed. Much of the world trades them. Until now, Americans could only watch.
We intend to change that. Subject to CFTC approval, trade[XYZ] and ICE plan to establish a new, dedicated U.S. market, with novel exchange and clearing infrastructure built on Hyperliquid. Planned contracts span equities, indices, commodities, FX, and crypto, with access through participating brokers and platforms. We’ll share more on products, eligibility, and timing as approvals progress.
ICE brings more than 25 years of experience operating regulated markets, clearing, and managing risk. trade[XYZ] brings the product development, market design, and technology behind the most liquid and robust markets on Hyperliquid.
Innovation and the protections of U.S. regulation shouldn’t be a trade-off. Together, we plan to prove it.
ICE is making a strategic investment in trade[XYZ] and joins us in building towards the future of Hyperliquid. A small group of market luminaries is joining as well, beginning with Stan Druckenmiller. For more than four decades, few investors have anticipated the great turns in markets as often as Stan. We’re proud to have him with us for the next one.
We’re building the U.S. market in parallel with our existing HIP-3 markets, which we’ll continue to expand and innovate on. We expect both to flourish. They each have a long road map ahead, from new asset classes to new ways to trade them.
To the Hyperliquid community, whether you were here before us or came because of us, thank you. You took a chance on new markets and you made them matter. You’ll forever be a part of this story.
Anything. Anytime. On ICE[XYZ].
Anil Lulla retweeted
amazing new report from @accelxr on the power problem in ai.
from generation (solar, wind, nuclear) to transmission (rate base, equipment, bottlenecks) to storage (china, integrators, contract, long duration) and finally ways to play energy.
we simply don't have enough.
Just released an in-depth look at the energy markets for @Delphi_Digital.
🔋 Every AI power forecast has been too low and is being revised up. Data centers used under 5% of US electricity in 2024. Berkeley Lab now projects as much as 15% by 2030, and EPRI as much as 17%.
🔋 US electricity demand roughly doubled every decade after WWII, then barely moved for fifteen years. By the early 2020s, more power generation was waiting in line to connect to the grid than existed on the grid itself.
🔋 The US needs about 5,000 miles of new high-capacity transmission a year. In 2024 it built 322 miles.
🔋 Everything is sold out. Large power transformers take more than three years to deliver. Howmet’s new turbine blade plant in Japan was sold out before the first casting machine arrived. GE Vernova's backlog now runs over six years of output.
🔋 Turbine prices are on track to nearly triple 2019 levels by the end of 2027.
🔋 Retired jet engines are being converted into power plants, and power developers are now outbidding airlines for them. Fuel cells, which make electricity from gas without burning it, are scaling like a factory product instead of heavy industry.
🔋 Hyperscalers are funding technologies that have never run commercially but could provide the clean, firm power they need for the next decades: advanced reactors, enhanced geothermal, multi-day iron-air batteries, and fusion.
While the market remains jittery over hyperscaler demand, I still think it’s underestimating how much AI usage has left to grow, especially as it is directed toward discovery in science and engineering. Add a Washington that treats AI and the power behind it as national security, and I think we’re in a new regime for energy markets.
Anil Lulla retweeted
Just released an in-depth look at the energy markets for @Delphi_Digital.
🔋 Every AI power forecast has been too low and is being revised up. Data centers used under 5% of US electricity in 2024. Berkeley Lab now projects as much as 15% by 2030, and EPRI as much as 17%.
🔋 US electricity demand roughly doubled every decade after WWII, then barely moved for fifteen years. By the early 2020s, more power generation was waiting in line to connect to the grid than existed on the grid itself.
🔋 The US needs about 5,000 miles of new high-capacity transmission a year. In 2024 it built 322 miles.
🔋 Everything is sold out. Large power transformers take more than three years to deliver. Howmet’s new turbine blade plant in Japan was sold out before the first casting machine arrived. GE Vernova's backlog now runs over six years of output.
🔋 Turbine prices are on track to nearly triple 2019 levels by the end of 2027.
🔋 Retired jet engines are being converted into power plants, and power developers are now outbidding airlines for them. Fuel cells, which make electricity from gas without burning it, are scaling like a factory product instead of heavy industry.
🔋 Hyperscalers are funding technologies that have never run commercially but could provide the clean, firm power they need for the next decades: advanced reactors, enhanced geothermal, multi-day iron-air batteries, and fusion.
While the market remains jittery over hyperscaler demand, I still think it’s underestimating how much AI usage has left to grow, especially as it is directed toward discovery in science and engineering. Add a Washington that treats AI and the power behind it as national security, and I think we’re in a new regime for energy markets.
Our new report “The AI Boom Has a Power Problem” is live!
Power has become a harder constraint on AI than chips because it takes years to build, leaving pricing power with anyone who can deliver electricity faster than the grid.
Read the report here.
delphi.link/Power
Anil Lulla retweeted
Our new report “The AI Boom Has a Power Problem” is live!
Power has become a harder constraint on AI than chips because it takes years to build, leaving pricing power with anyone who can deliver electricity faster than the grid.
Read the report here.
delphi.link/Power
Anil Lulla 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.
Anil Lulla retweeted
“Sports and in person events take off even moreso than they have in the past few years”
— @anildelphi
Anil Lulla retweeted
New Delphi Podcast with Tarun Chitra (@tarunchitra), founder of Gauntlet and managing partner at Robot Ventures
Robot just led the $90M round in @NousResearch. Tarun spent three to four months on diligence, from OpenRouter data to GitHub forks, before backing Nous and Hermes Agent
We get into why crypto's first run at AI went wrong, why the crypto people who dropped the token won, why OpenClaw is the worst developer experience he's used, and why Hermes is closer to Ubuntu than to Android
He also found Chinese robot makers building on Hermes, and some inference providers gaming cache pricing
His market structure take: all the money goes to the top and the bottom. Harnesses on top, inference underneath. Hermes is like investing in Phantom or FOMO
00:00 Intro
06:34 Robot Leads Nous's $90M Round
09:37 Crypto AI Was Meme Coins With More Steps
14:40 Why Nous Stood Out Early
28:14 Hermes vs OpenClaw
35:39 The End of AI Lock-In
46:33 The Ubuntu of AI
56:17 Microsoft and Nvidia Join the Round
59:42 OpenRouter Is a DEX for AI
1:07:02 All the Money Goes to the Top
Disc. Delphi Ventures co-led the seed of Nous Research and invested again in the Series A and B
Full episode
Anil Lulla retweeted
A conversation w/ @RyanWatkins_ co-founder of Syncracy Capital, a thesis-driven crypto hedge fund.
We discuss what most people are still missing with Hyperliquid, perps coming to Wall Street, Stan Druckenmiller's bet, why categories don't matter anymore, revenues vs money, respecting the pump, social trading, whether Solana or _____ wins, and finding the next secular trends.
00:00 Intro
00:37 Hyperliquid hyperliquid:native
03:00 Finding Big Ideas
06:22 Hidden Alpha
09:16 Secret to Success
10:31 Beginner's Mindset
11:43 Writing & Conviction
13:31 Wall Street Discovers Hyperliquid
14:45 Druckenmiller's Bet
16:30 Perps Taking Over
19:06 Why Categories Don't Matter
20:13 All of Finance
20:35 Sponsored by Kraken
21:40 Assessing Risks
26:02 Comparative Analysis
30:30 Downstream Effects
34:40 Who wins? solana:So11111111111111111111111111111111111111112
37:30 Finding Next Secular Trends
40:09 Social Trading & Memes
46:51 Weak vs. Strong Form
48:40 How Syncracy Finds Big Ideas
52:00 Revenue and zcash:native
56:00 Respect the Pump
1:00:48 Frameworks & Timing
Anil Lulla retweeted
quantum has re-opened the door for alt-SoV's for the first time since early bitcoin days
Anil Lulla 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
Yup
no surprise, every crypto vc firm has done this privately if not publicly yet
"crypto" so intertwined with every other frontier technology area now and the word so associated with historically unserious people that it no longer makes sense for any vc to define as such
it's a limiting and inaccurate moniker just as many great vc firms outgrew "web" and "mobile" and "saas" and "fintech" brands / origins. the best investment firms are often born from emergent trends and expand from that wedge
in practice, not much changes in terms of how anyone invests, if you were actually pivoting at this moment, you would have missed at least 18 months of the most investable opportunities at the intersection of blockchain, ai and markets
Anil Lulla retweeted
The top sector that crypto billionaires & successful founders are investing in after Ai is biotech/longevity.
• @cz_binance Yzi Labs put ~10% of $10B fund in biotech
• @brian_armstrong co-founded the longevity startup Newlimit now worth $3.1B
• @VitalikButerin open source bio funds have contributed $400M+
Alex Colville explains why:
"The amount of funding that's been put into this field is still tiny. If you look at the amount of investment into this field compared to Ai, you wouldn't even see it on a bar chart."
"We are in the earliest innings."
A conversation with Dr. Alex Colville (@AlexJColville), co-founder and GP of Age1, the first longevity fund.
He studied the biology of aging for his PhD in Genetics at Stanford and has deployed more than $100M into longevity and biotech.
We discuss how Anthropic & OpenAi are suddenly buying biotech startups and racing to solve Ai drug discovery.
And why tech billionaires + crypto founders are both allocating significant capital to this sector.
Enjoy!
00:00 Intro
01:45 Chatgpt Moment for Biotech
03:57 Why Longevity Is Exploding Now
07:33 Exciting Bio Investment Areas
11:09 Growing Fresh Cells From Stem Cells
16:07 Epigenetic Reprogramming
19:50 Sponsored by Kraken
20:56 Reversible Cryopreservation
22:56 NewLimit's Big Bet
28:15 Is There One Cure?
30:10 Peptides Real or Hype?
34:30 What AI Is Unlocking in Biotech
36:54 Zero-Person Biotech?
40:35 Ai Labs Becoming Biotechs
44:06 Open Source vs Secrecy
47:18 Crypto Founders Longevity Bets
50:05 The Story Behind Age1
55:30 Moonshots
1:00:55 Dogs Living Forever
1:03:31 Manhattan Project for Aging
1:06:38 Contrarian Biotech
1:09:07 Holy Grail Bet
Anil Lulla retweeted
If you're even remotely interested in longevity/bio... this is your next watch
"Most tech over time goes to commoditization. Biotech therapeutic world does not."
"Semaglutide and tirzepatide have more revenue than OpenAI and Anthropic combined."
"One of our goals is to be able to replace every single cell in the human body over the next 50 years."
@AlexJColville knows ball 🤝
A conversation with Dr. Alex Colville (@AlexJColville), co-founder and GP of Age1, the first longevity fund.
He studied the biology of aging for his PhD in Genetics at Stanford and has deployed more than $100M into longevity and biotech.
We discuss how Anthropic & OpenAi are suddenly buying biotech startups and racing to solve Ai drug discovery.
And why tech billionaires + crypto founders are both allocating significant capital to this sector.
Enjoy!
00:00 Intro
01:45 Chatgpt Moment for Biotech
03:57 Why Longevity Is Exploding Now
07:33 Exciting Bio Investment Areas
11:09 Growing Fresh Cells From Stem Cells
16:07 Epigenetic Reprogramming
19:50 Sponsored by Kraken
20:56 Reversible Cryopreservation
22:56 NewLimit's Big Bet
28:15 Is There One Cure?
30:10 Peptides Real or Hype?
34:30 What AI Is Unlocking in Biotech
36:54 Zero-Person Biotech?
40:35 Ai Labs Becoming Biotechs
44:06 Open Source vs Secrecy
47:18 Crypto Founders Longevity Bets
50:05 The Story Behind Age1
55:30 Moonshots
1:00:55 Dogs Living Forever
1:03:31 Manhattan Project for Aging
1:06:38 Contrarian Biotech
1:09:07 Holy Grail Bet
Invested in age1 a few years ago and have constantly been impressed and inspired by @AlexJColville
@convergence__x has 20 episodes in the chamber rn. All with S tier guests. But honestly, this was the episode I was most excited to listen to. Alex doesn't do much media.
A conversation with Dr. Alex Colville (@AlexJColville), co-founder and GP of Age1, the first longevity fund.
He studied the biology of aging for his PhD in Genetics at Stanford and has deployed more than $100M into longevity and biotech.
We discuss how Anthropic & OpenAi are suddenly buying biotech startups and racing to solve Ai drug discovery.
And why tech billionaires + crypto founders are both allocating significant capital to this sector.
Enjoy!
00:00 Intro
01:45 Chatgpt Moment for Biotech
03:57 Why Longevity Is Exploding Now
07:33 Exciting Bio Investment Areas
11:09 Growing Fresh Cells From Stem Cells
16:07 Epigenetic Reprogramming
19:50 Sponsored by Kraken
20:56 Reversible Cryopreservation
22:56 NewLimit's Big Bet
28:15 Is There One Cure?
30:10 Peptides Real or Hype?
34:30 What AI Is Unlocking in Biotech
36:54 Zero-Person Biotech?
40:35 Ai Labs Becoming Biotechs
44:06 Open Source vs Secrecy
47:18 Crypto Founders Longevity Bets
50:05 The Story Behind Age1
55:30 Moonshots
1:00:55 Dogs Living Forever
1:03:31 Manhattan Project for Aging
1:06:38 Contrarian Biotech
1:09:07 Holy Grail Bet