Praize_Jr(♟,♟) (@PraizeJR) header
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Markets, data, maths & crypto

onchain
Joined January 2022
Photo by Praize_Jr(♟,♟) (@PraizeJR)Photo by Praize_Jr(♟,♟) (@PraizeJR)Photo by Praize_Jr(♟,♟) (@PraizeJR)Photo by Praize_Jr(♟,♟) (@PraizeJR)Photo by Praize_Jr(♟,♟) (@PraizeJR)Photo by Praize_Jr(♟,♟) (@PraizeJR)Photo by Praize_Jr(♟,♟) (@PraizeJR)Photo by Praize_Jr(♟,♟) (@PraizeJR)Photo by Praize_Jr(♟,♟) (@PraizeJR)Photo by Praize_Jr(♟,♟) (@PraizeJR)
This is your sign to pay attention
I am excited to be an investor in trade(xyz) as they partner with ICE to bring 24/7 perpetual futures on Hyperliquid to the United States. As a market participant, I am looking forward to to using their innovative product to enhance my investment process.
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Praize_Jr(♟,♟) retweeted
Growing up in the United States, NYSE was synonymous with the story of American capitalism. I vividly remember learning about the Buttonwood agreement in 9th grade history class. 24 stockbrokers met under a tree on Wall Street and formed the beginning of what would become the world's financial center. From pits to computers to now onchain markets, America has always led the way in innovating markets to improve price discovery and capital formation. Today the next chapter begins with ICE, trade[XYZ], and Hyperliquid. ICE started as an electricity-trading platform in 2000, growing to acquire NYSE itself in only 13 years. It is a key infrastructure provider of America’s energy, bond, and mortgage markets. ICE is a rare story of exponential growth of a financial giant over decades, continually embracing innovation and technology. trade[XYZ] was the first HIP-3 deployer and responsible for spearheading the flourishing global RWA perpetual market today. Only a year ago, trade[XYZ] launched its first RWA perpetual markets. They took a bet on HIP-3, which had just launched after months of tireless development. Having followed their journey from day 1, I cannot overstate how much Shoku and the team have poured into growing these markets to a genuine source of price discovery for the most important assets in the world. Over the past three years, Hyperliquid has pioneered onchain infrastructure to house all of finance. Hyperliquid is nothing without its world-class builders. I am honored that trade[XYZ] and ICE have chosen to build on Hyperliquid to bring perpetual contracts to America. When I first spoke to Jeff Sprecher around a year ago, he asked what success looks like to me. I thought for some time and joked that it would be seeing ICE building on Hyperliquid's technology. I could never have predicted the progress that we've made as a community in a single year to make this come true. Excited to see what we can build together next.
Intercontinental Exchange (ICE) and trade[XYZ] have announced their plan to use Hyperliquid as the infrastructure layer to deploy perpetual futures markets for US traders across crypto, equities, commodities, foreign exchange, and other real-world assets, subject to regulatory approvals. ICE operates NYSE and some of the largest exchanges and clearing houses globally. In this structure: + Hyperliquid serves as the underlying technology infrastructure via HIP-3* + trade[XYZ] designs and implements the markets + ICE operates the regulated market and clearing structure Existing trade[XYZ] HIP-3 markets will remain unchanged. Hyperliquid is a neutral infrastructure layer with the goal of supporting large parts of the financial system. As with HIP-3, HIP-3* deployers are independent operators who use Hyperliquid as the onchain infrastructure layer for their own markets, while retaining control and responsibility over their deployment.
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bitcoin:native is down ~26% over the past year. If you borrowed against it, what happened to your buffer? An attempt to break down the math every BTC-backed borrower should run 🧵
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Why this matters for yield products: Anything that borrows against BTC to fund a strategy inherits this math. You can have a healthy spread and still get squeezed on collateral. Two risks, not one: the spread AND the buffer. Top-ups will only work if you can raise cash fast.
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Before the APY, ask for: → Starting LTV → Liquidation threshold → Who can liquidate, and when → Top-up mechanics → How fast deployed assets turn to cash Weekly BTC credit research from here. Follow if that’s useful
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DeFi is starting to eat Wall Street’s lunch
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Praize_Jr(♟,♟) retweeted
POV: You invested just $10 a month into Bitcoin since it launched.
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borrow at 7.5% earn 3.5% in T-bills call it "carry" that’s not carry, that’s a subscription happy sunday CT
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Markets don’t behave the same way all the time. Bitcoin can trend, chop sideways, or enter a high-volatility regime. A Markov chain gives us a mathematical way to model the probabilities of moving between different states.
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The core idea is simple: The next state depends on the current state, according to a transition matrix. Repeatedly applying that matrix shows how the probabilities of different states evolve over time.
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This doesn’t mean we can predict every market move. But regime models can help us study changing volatility, liquidity conditions and trading behavior. I’m exploring the mathematics behind these models as part of my quant journey.
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"i’m just gonna close my eyes for 10 minutes while this candle closes..." 10 minutes later: • funding rate spiked • margin call received • room turned red • yield reset to zero Happy Saturday CT... we go again
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HoneyB targets 2 - 4% APY on Bitcoin without selling the BTC. Let’s underwrite it the way an allocator would: where does the yield come from, what does it cost, and what would I need to see? @HoneyB_BTC, a quick analysis 🧵
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What I’d want published at launch: → Realized net yield vs target → Borrow rate actually paid → Fund performance vs the 12% target → LTV and liquidation thresholds → Reporting cadence + proof of reserves Solv showed what happens when TVL can’t be verified.
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Pre-mainnet is when the standard gets set. Launching with transparent numbers is a moat, not a cost. I track BTC credit and yield weekly. If you're watching the BTC credit scene, my DMs are open. 🐝
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