Toolman 🔧 retweeted
The day after she made this post, she was found dead
Hsin-Ju was one of the nicest people I met and made this industry feel inclusive
May you rest in peace @hsinju 💜
1/ gm. gm. Name is Hsin-Ju.
I have a dark, kinda tragic personal announcement.
I've decided I'd rather take $0 than accept a settlement that requires me to stay silent about what happened to me. I have since fired my lawyers at @sanfordheisler & will be releasing all the evidence from my time @hack_vc on Wed 8/26.
INTRO: I've been in crypto for 9 years. Most recently I was a partner & head of platform @hack_vc which is a $600-700M crypto VC firm. Many of you may know me from my time as Head of Growth at @StellarOrg in 2017 (worked w/ the Mt. Gox founder), @Solana in 2018 (joined under ~10 ppl, but quit before my cliff), & @Fhenix in 2024. Or have attended one of my @DystopiaLabs ETH events (2019-now).
Last year, I was forced to work through a serious medical emergency while at @Hack_VC due to threats by @alpackaP @dbulaevsky, saying that they would blacklist me from the space if I quit before finishing the hacksummit conference & side events that I was helping with during @kbwofficial. I was working 13-14hr days, 6 days a week, sleeping 0-4 hrs a night, and had documented Graves' disease, hyperthyroidism, and severe insomnia. I repeatedly asked to quit. Hack VC refused. This + other threats and intimidation went on for almost a month.
The conditions got so bad I attempted suicide.
The fucked up part is that, even after the suicide attempt, I told everyone at Hack VC (in writing) that I had no plans to sue. I was scared & extremely sick. I just wanted to leave. I told them that as long as there was no retaliation or badmouthing - I had no plans to sue.
@Hack_VC chose to retaliate.
After just 1 month after my near suicide, Hack VC mishandled my COBRA health insurance, refused to fix things, kept shooing me to customer support (when it's legally Hack VC's responsibility to fix this), and my insurance had issues and was not fixed for almost 4 MONTHS. Hack VC did not fix everything until I hired lawyers and had them force Hack VC to adhere to the law & fix my COBRA insurance issues. The sheer cruelty of an employer harming someone's health insurance almost immediately after they nearly committed suicide is extremely fucked up.
And, even during the legal engagement, Hack VC continued to lie & attempt to harm me through their lawyers and other employees/partners (multi-million dollar carry & clawbacks can make even the nicest ppl willing to turn the other way or lie). @0xRodney @IsTheBaron @roshunpatel @Alex__Botte.
Now. Almost an entire year of engagement & my near suicide anniversary coming up, our lawyers (mine & Hack VC's) have reached the point of preparing for private mediation and settlement. And...I realized that I just can't do it. I don't want money in exchange for silence. I'd rather speak.
I fired my lawyers yesterday.
In case it needs to be said, I did a good job at Hack VC. I was only there full time for 7 months; been part-time since 2021. I got a $50k raise to $300k, $30k bonus, and promises of additional carry that would have been implemented about a week or so after my last day. I was also offered admission into the GP entity (but not sure if admission was actually completed bc it was during my medical emergency). This + my resume, should show that me suing is not a money grab; I was genuinely harmed.
I'm aware that I'm just one person (who is not rich) facing a $600-700M VC institution. I've been told by @alpackaP that he's known most of the managing partners at most VC firms for almost a decade and he could absolutely blacklist me.
I'm also painful aware that the conclusion of this will probably be extremely poor for me or death - but I've accepted it.
Sharing with other web2 & web3 VCs:
@paulg @ycombinator @500STARTUPS @a16zcrypto @PanteraCapital @dragonflyvc @RaceCapital @hosseeb @haunventures @hiFramework @ElectricCapital @blockchaincap @Delphi_Digital @variantfund @1kxnetwork @archetypevc @shimacapital @robotventures, etc.
TLDR; I’m done with continued threats, pressure, and intimidation. I'm not going to take a payout and allow Alex or Hack VC to walk away from harming me. As mentioned, I'll be dropping the evidence from my case on Wed 8/26 (or before) -- privacy be damned.
Support here (or DM) please:
ETH: 0x68c10776C5c05Cbf5B4C2318bE02D61B9f06B875
SOL: B7S8TPcWWJXTsmgG8ShoTmy8sNPuJ3Dbmt7z5gLFAveq
Toolman 🔧 retweeted
Ever find yourself hunting for S Tier @Solana brand logos anon?
Over the last 12 months I've been quietly gathering all of our sponsor assets into a consolidated package
The most complete resource of logos available I know of rn
github.com/solana-foundation…
Toolman 🔧 retweeted
🚨Feedback needed!
Solana Data Analyst track (Beginner, max 100 users).
Interactive, no useless crap.
What motivates you to finish a course? (Comment below)
16h total: Fund.(3h), Onramp(1h), Stables/RWA(3h), Spot(2h), Perps(2h), Lending(1h), Stake(3h), Cards(2h), Agentic(2h).
16%Reduce to 8-10 hr, 5 mods
16%Reduce to 8-12 hr, 7 mods
29%Looks great!
39%20 hours, more depth
82 votes • Final results Toolman 🔧 retweeted
Solana accounts for 12% of onchain RWA market cap.
But 32% of RWA spot volume.
We worked with @Solana to look beyond assets issued and ask a different question: how are RWAs being used onchain?
Across 12 months of data, we found $14.7B in RWA spot volume on Solana, 43M trades, and a market increasingly defined by smaller, more frequent transactions.
The full report maps 37 issuers across fixed income, private funds, equities, commodities and active strategies -- and looks at where issuance, ownership and trading are actually happening.
Read the full report: allium.so/reports/solana-rwa…
Toolman 🔧 retweeted
This tweet lived rent-free in my head. @mert has said it for years: headline TPS is noise, user TPS is the number that matters, and the dashboards misrepresenting Solana are either wrong, dead, or behind an API key.
It frustrated me enough to build the fix. Step Finance died in February. Solana Beach's API 522s. Even solana.com/data needs 11 vendor keys behind the curtain.
So we shipped Solbeat.xyz is the dashboard that can't die:
⚡ vote vs non-vote TPS, always side by side
💰 REV computed properly — fees + Jito tips
🗺️ 1,200 validators geolocated, 99% BLS-ready for Alpenglow
⏱️ live proof SIMD-525 runs: ~316ms measured slots
🐂 sentiment composite from keyless signals
🔍 audits its own numbers vs independent sources — 7/7
Zero API keys. Zero dependencies. $0/month. Python stdlib. It refreshes itself every 30 min on GitHub Actions, nothing to host, nothing to rot and i am sure @SimiStern would appreciate the low maintenance.
Couldn't do without you @ziadmtl!
🔗 solbeat.xyz/
Toolman 🔧 retweeted
World class events for onchain traders really don't exists
So Frontier Traders is building them
We're hosting 5 invite-only events between now and the end of the year for top traders
Belgrade
Toronto
Seoul (KBW)
Singapore (Token2049)
London (Breakpoint)
Dates & links below
Toolman 🔧 retweeted
Getting into more article writing around what we are working on at Flux.
fluxrpc/solana-go the fastest Solana SDK on the block!
Toolman 🔧 retweeted
I'm looking for the right person to join Frontier Traders to lead social / content
You should
-> Have deep trading experience on CEX/DEX
-> Write sharp, creative campaigns and copy
-> Have been liquidated 5x minimum
-> Be perpetually online & in the charts
-> Let the data do the talking
If this sounds like you or someone you know
DM me or tag them
Toolman 🔧 retweeted
collated a comprehensive list of prediction markets, categorized based on
• those that already have a token
• whether they are general / focused on a category (crypto and stocks, opinions, trends, politics, streamers)
• AI-powered prediction markets
• up and coming ones
🧵
Toolman 🔧 retweeted
Everyone is doing buyback. But not all are equal.
- Hype and Ray are up $60M+
- Pump and Jup are down $14M+
Building a light & fun dashboard with @0xToolman to compare the buyback P&L of some popular protocols 👇
Toolman 🔧 retweeted
🎙️ Bitget 繁體中文 x @bubblemaps $BMT Twitter Space 🎙️
🎉 活動抽出 50 BGB (等值 200 USDT)！
⏰ 時間：2025 年 3 月 26 日 20:30 (UTC+8)
👤 嘉賓： @Nickybubbly , @0xToolman
✅ 追蹤 @BitgetTC, @bubblemaps
✅ 按讚、轉推、標記 1 位好友
✅ 開啟活動通知、截圖參與證明
📍nitter.gq/i/spaces/1PlJQMq…
🫧 @bubblemaps ( $BMT ) 空投來襲，全員可參與
💰 首次儲值、交易、登入輕鬆領 BMT
🚀 交易再享 44,000 BMT 瘋狂送
立即參與：
bitget.com/events/activities…
Toolman 🔧 retweeted
11/ It is abundantly clear WP/AP has not learned his lesson over the years after serving time for fraud and will likely continue gambling.
Currently the funds primarily sit here:
0x51d99A4022a55CAd07a3c958F0600d8bb0B39921
Here’s a quick TLDR for those people who have a short attention span:
In January 2025 after exploiting a casino game and phishing victims, a person previously charged for multiple crimes gambled 6 figs into $20M using high leverage onchain.
Toolman 🔧 retweeted
回归第一性原理：拒绝短期主义，打造真正的复利型资产；通用型公链和回购销毁不是未來
- 行业的核心问题不是缺乏资金或人才，而是缺乏对“第一性原理”的深入思考，这导致行业不断重复同样的错误，持续创造投机性的空气币项目。过去三个周期中，币圈一直循环建立零价值、最大化套现的产品，但现在市场开始觉醒，厌倦这种短期投机玩法。
- 长期价值投资的关键是「复利型资产」（Compounders），即能在长年周期中持续创造价值并不断增长的资产，如亚马逊、可口可乐、谷歌等传统优质成长股。目前币圈极少这种资产，主要原因在于极端的短期主义和利益错配问题，创始团队和投资者往往只关心短期套现，而忽略了长期产品和生态建设的必要性。
- 项目缺乏长期视野的核心原因在于激励机制扭曲：大多数创始人都抱着“捞一笔就跑”的心态，投资者也多是短线操作心态，这种情况导致整个市场生态充满投机氛围，极少数人真正致力于打造真正有长期价值的产品。市场对创始人的评价标准逐渐开始发生转变，更愿意追随那些真正有远见、有长远计划、注重长期价值创造的创始人，比如Hyperliquid这样的项目。
- 项目需要建立良好的投资者关系（Investment Relations），如定期发布清晰的季度财务报告和举办投资者沟通会。这种透明沟通可以有效提升项目信誉，让投资者更清楚看到产品的真实营收和增长潜力，从而产生长期持币信心，而非靠空洞的宣传和会议营销等方式吸引零售散户。
- 通用型公链（Generalized L1s）的问题日益显现。尽管过去四年各类所谓的「ETH杀手」不断涌现，但大多数失败的原因在于同质化严重，缺乏明确的定位或核心优势，导致开发者资源分散，难以形成规模优势，长期来看也难以保持竞争力。
- 新一代区块链应该专注于特定领域，像城市发展一样拥有明确的产业定位。以城市作比喻，硅谷以科技为主、纽约以金融为核心，公链也需明确自身定位，比如以Hyperliquid为例，先专注搭建交易生态系统，然后再拓展其他功能。明确专注一个方向可以高效积累用户和生态资源。
- 回购销毁（Buyback & Burn）虽然看起来不错，但其实只是资金使用的次优策略。很多人误以为通过回购销毁可以持续提高代币价格，但实际上这只适合无法进一步扩展业务的项目。当项目有充足的发展空间时，应当优先投资于产品技术升级、收购人才团队、市场扩张等有更高长期回报的方式。
- 行业应该学习传统的企业融资和财务管理模式，像Jupiter一样，通过并购获得关键技术与人才，从而建立长久的竞争优势。长期价值来源于竞争壁垒，而非短期套现行为。
- 长期来看，炒作空气项目（Vaporware）与毫无盈利模式的代币，只会导致市场逐渐萎缩。近期如AI agents和memecoins虽曾短暂火热，但热度消退后很快市值暴跌，因为这类资产并无实际价值和收入支撑。市场参与者越来越理性，不再盲目追捧单纯靠炒作支撑价格的币种。
（凯罗：如果用价值链模式思考，除了无盈利模式以外，主要原因是创始人或者市场赢家「赚了就跑」，长期以言必定使生态上的资金越来越少。）
- ETH虽然仍是最大的生态系统，但表现却很疲软，原因在于尽管生态繁荣，但生态内部的项目大多抱着割散户的心态，缺乏真正吸引散户长期投资的点。以太坊仍有最多的开发者与节点，但这并未有效转化为币价的上涨，甚至很多生态项目只是表面繁荣，背后动机是将自己的空气币转移到散户手中。
- Solana虽然近期表现较好，甚至有取代ETH的趋势，但核心驱动力是围绕memecoin的炒作与大户抱团效应。这种模式尽管短期有效，但长期仍然有归零风险，尤其当散户热情退潮时，可能导致链上资金大规模撤离。
（凯罗：不同意。大家对 Solana 的炒作印象是幸存者效应；过去几个月只有炒作的项目获得流量，其实平台上仍有不少有潜力的长期项目，例如 @Hivemapper 及 @weRoamxyz。不过这不影响本文的大纲）
- 项目方融资成本不断提升，是因为VC们融资规模扩大后手上资金过多，但好项目数量不足。这导致即使质量一般的项目估值也水涨船高，很多已死掉的项目竟然还能继续获得融资，使得投资者期望值也不断抬高。
（凯罗：听起来这个算是个新式泡沫吗？）
- VC与项目方之间的关系已经逐渐转化成割LP（Limited Partners）的游戏，投资人难以真正获利；市场整体因此趋向更加务实的资金投入模式，一些不依赖VC资金而能自我产生现金流的高质量项目逐渐获得认可。
- 整个市场的投机风气正导致传统的ICO、DeFi、铭文、memecoin等资产发行模式持续重复，这种靠不断制造短期财富效应吸引散户的模式逐渐被投资者厌倦，未来的项目和投资模式将转向明确、清晰的盈利模式。
- 真正产生收入的项目，如Jito、Uniswap、Hyperliquid等，即便在熊市中也保持一定的现金流与市场认可。这种真实收入才是真正的投资护城河，投资者应当关注具备真实现金流、用户基础且长期保持竞争力的项目。
- 项目方必须关注真正的产品研发和用户需求，不再单纯依赖宣传炒作，明确其产品和收入模式，以建立市场对长期增长的信任。否则，只靠炒作与“讲故事”将很难在市场长期存活下去。
---
First principles → 第一性原理
指从最基本且无法再被分解的真理或事实出发进行推导与思考，而非依赖于传统经验、共识或过往做法。通过深入底层逻辑，避免表面思考或随大流，帮助人们找到真正创新且高效解决问题的方法。
Compounders → 复利型资产
具有长期持续价值增长潜力的项目或资产，与短期炒作的空气币截然不同，类似传统金融中的优秀成长型股票。
Generalized L1s → 通用型公链
无特定行业或领域专精，试图满足所有需求的区块链平台。市场逐渐倾向于专精型生态公链。
Investment Relations (IR) → 投资者关系
项目团队负责与投资者沟通和交流的部门，提升项目透明度与信任度，维护投资者长期信心。
Buyback & Burn → 回购销毁
项目方从市场回购流通的代币并进行销毁，以减少流通量并推升币价，通常为次优资本利用方式，仅适用于无更佳资金用途情形下。
Vaporware → 空气币 / 项目
无实际产品或明确收入来源，仅靠市场炒作维持价格的加密资产，一旦投机潮退即面临价值归零风险。
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Toolman 🔧 retweeted
The initial $HYPE bull case at TGE was that the market would rerate it from a perp dex to an L1. However, sentiment when speaking to builders at ETHDenver seems to have slowed down with the somewhat underwhelming initial rollout of the HyperEVM, with fast blocks only having 2s block time / 2M Gas limit and slow blocks being 4x slower than Eth L1. I don’t necessarily think this is bad, just like the Hyperliquid validator set only initially featuring 11 non-foundation run nodes - it’s a step in the right direction. IMV, temporary narrative exhaustion with market mindshare shifting towards top-down regime changes (i.e. US reserve coins) explains the choppy price action lately, but it also made me rethink what a successful Hyperliquid ecosystem should look like:
Hyperliquid’s L1 ecosystem should entirely focus on enhancing the exchange to reach feature parity with Binance; there are many ways in which the EVM can enhance the exchange experience -
- Liquid staking and money markets (Think "earn" on CEXes) enables yield bearing collateral on perp accounts, degen looping + margining use cases, and products built around HLP are interesting. Many great teams already building here
- Native spot bridging: unlocks spot trading, spot base pairs (HYPE/BTC) and coin margined perps, likely starting with UBTC but wouldn’t be surprised if HYPE/Hype LST margined perps come first
- Fiat on-off ramp
- Alt frontends - mobile, copy trading, tg bots etc.
- Dark pools and RFQ trading for privacy/size
- Orderflow marketplaces for complex interactions between the exchange and EVM
In many ways, we’ve seen CEXes run a similar playbook with the most notable examples being Binance/BNB and Coinbase/Base. We’re still looking at a once-in-a-cycle product that has a chance to verticalize the stack with an ecosystem of diehard supporters as builders. If you are building anything above - my dms are open and would love to chat.
Hyperliquid
HYPERLIQUID ECOSYSTEM OVERVIEW
In case you've been living under a rock, HyperEVM is coming and teams are busy building. Here's an overview of the @HyperliquidX L1 ecosystem:
Fade at your own peril
