mjp

Wintermute is literally paying $10M a year to legally front-run everyone on Hyperliquid and it’s completely destroying altcoin liquidity Bloomberg finally exposed what HFT desks have been screaming about for weeks. Hyperliquid’s gossip priority auctions let top funds see incoming orders 50–60ms before anyone else on the network Look at how completely broken this setup is: -> One Wintermute wallet won ~76% of the top slots last month, burning ~$26k every single day just to starve out competition -> HL claims the auction is open to everyone. Complete BS. You only get that 60ms head start if you have direct peering with Foundation nodes, which requires 0.5% of total maker volume and 10k HYPE staked ($700k+) -> Smaller MMs are getting sniped nonstop and just unplugging their bots on alts -> Retail gets stuck with the bill: across 86 altcoin pairs, order book depth on HL imploded by 82% while spreads blew out from 2.13 to 3.55 bps Honestly, I don't even blame Wintermute. If I had their balance sheet, I would milk this exact loophole until someone forced me to stop The blame sits 100% on the protocol design. Burning auction fees is cool for $HYPE holders, sure, but letting one fund buy a monopoly on data speed turns a decentralized exchange into a rigged casino Scrap read-priority auctions completely or make the slots equal, because right now altcoin execution on HL is absolute garbage

After nearly five years at Maple, I'll be stepping down as COO. I've come to a different view on the direction Maple should take, and I've decided it's time to step aside. Friday 27 November will be my last day, and I'll have no ongoing role after that. I joined in early 2022. By the end of that year, the company was close to not making it. We picked ourselves up, launched V2 of the protocol, changed the business model, rebuilt the team and executed. Today, Maple has originated over $20B in loans and manages over $4.5B in assets, with a team that is lean by design and elite. I ran the business on one belief: execution starts with people. Every company problem is a people problem. Information needs to flow, the direction needs to be clear, and people need to hold themselves and each other to a high standard while staying open to learning. You can't control markets or the policy landscape. You can control who is in the business and how they work together. I believed that on day one and I believe it more now. The team we built is what I'm most proud of. The people who stayed through 2022 and the ones who joined after are the reason those numbers exist. To everyone who was part of it, past and present: thank you. I'll take some time before deciding what's next. Proud to have been a Mape.

The level brazenness from Pumpfun and their leadership is just confounding atp. Here’s Ansem amplifying one of the accounts thats part of Pumpfun’s network of bots/ botnets which control sentiment/ speech/ discourse here on X/ CT. This is how it works. These accounts are created or purchased, then they post a stream of automated content generated by an LLM based on a dataset. Just like you see here, they start at zero, and then Pumpfun’s leadership “seed” the accounts by engaging with them/ amplifying them, etc. (You’d be surprised how many followers a single retweet or comment from someone like Ansem will get you.) These days people are more aware- so, many of these accounts will start off posting negative content about Pumpfun and positive content about their competitors to give them “culpable deniability” since no one follows them anyways- and then once Pumpfun leadership/ KOLs have seeded them with some followers, they will start shifting to pro pumpfun propaganda and attacking their competitors instead. Ansem has been seeding these accounts for quite some time now, in fact, his coin $ANSEM was the most widely amplified coin by this network ever- and there are very few authentic, human bull posters or bag workers posting about his coin outside of these accounts. This same network has smeared and attacked myself, @cz_binance @BrianArmstrong @VitalikButerin @fomo @BagsApp etc etc. This network has entirely flooded X search results related to crypto both as a way of influencing trending results as well as obfuscating any holistic view of Pumpfun’s “communities.” That way no one can identify how many of Pumpfun’s “communities” are fake or full of AI driven accounts meant to scam you. (and yes, this network of thousands of accounts is one large entity aligned with Pumpfun) When $ANSEM was being bullposted hardest, the X search results were so flooded with $ANSEM spam there were posts every millisecond, thousands every minute. These accounts relentlessly dog pile and attack various targets on X and there has been ZERO help from @X @Support @elonmusk @nikitabier or anyone in a position to do anything about it. Essentially a group of scammers, dark web criminals, black hat hackers- truly evil people have scammed an entire industry to the tune of billions- and now use their billions to exert total control over X, destroyed free speech by controlling it, and funneled X’s users into their rigged casino where they exert the same level of control over their financial movements- scamming them by using AI to make trading an inorganic, unwinnable game- mathematically impossible for many (using AI market making/ ladder bots, AI “callers” giving AI generated advice meant to lead them into ruin, etc) This is by far the most absurdly criminal operation imaginable. I'm in disbelief at how this is even happening or how things ever got this bad.