Cofounder @mentatminds @MentatLend_ @hypertaoHL
Genesis block
Joined September 2017
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tuta retweeted
on prl endgame
i keep thinking about that small hidden section in pearl's paper
i think currently for most people, pearl = mine a coin while doing AI, which is true but far from being the whole picture
the real endgame is imo much bigger:
(1) mining bootstraps a massive supply of compute
(2) that compute gets matched with people actually needing it
(3) pearl becomes a compute marketplace
and if that happens, prl can become the money used to trade compute inside that marketplace
that means you have something that is both a store of value and the native currency of the compute economy
could be massive
tuta retweeted
One of the most volatile eras of cybersecurity history is underway, but one of the most volatile eras of macroeconomic history may be coming aswell. That makes it uncomfortable to be overexposed to bitcoin & crypto, and uncomfortable to be underexposed aswell.
tuta retweeted
Pearl as a proxy for futures compute prices
TL;DR: Pearl could help price compute as mined $PRL is proof of the performance of a specific hardware
specifically "my H200 mined x PRL last week so it's worth y$/gpu/h"
tuta retweeted
Honestly lovely to see all the enthusiasm these days around $PRL, reminds me of the more glorious days of crypto. :)
Dont forget to give the guys @ZanaVentures @0xRugova & @zkCryptic a well deserved follow, they‘ve written the very first in-detail PRL post back in may (afaik) 🐐
tuta retweeted
1/ Huge respect for Dragonfly continuing to invest in the bear market.
But I'm morally obliged to call out sketchy projects gaining momentum.
As a community we must preempt large scale implosions like #FTX or #LUNA that set the industry back years
Bitget may be the next FTX 🧵
I'm thrilled to announce @dragonflyvc's investment in @BitgetGlobal.
Bitget is making crypto more accessible with its innovative derivatives products and a user-centric approach, and we're proud to support their mission and growth.
theblock.co/post/224702/drag…
tuta retweeted
Every once in a while you see something so brilliant and obvious that its second-order effects are hard to comprehend. I feel Pearl is one of those.
@togethercompute x @prlnet coming soon!
tuta retweeted
Most tech giants in the 2000s built their infrastructure and product as one entangled unit. Amazon had the foresight to separate out AWS as an API layer, of which Amazon retail was the first of many users. Today, AWS generates more profit than all of Amazon's other business lines combined.
Hyperliquid is built with the same philosophy. Housing all of finance requires thoughtfully designed, open financial primitives. Each primitive should obey the Unix principle of "Do one thing and do it well." Talented builders then have the foundation to chain these together to create magical applications.
HyperCore borrowing is an example to highlight this philosophy in action.
Most other platforms implement portfolio margin by marking an account's collateral to market value with an LTV haircut, creating borrowed assets without an explicit lender. This system is simpler to implement, but misses a golden opportunity for composability.
Hyperliquid instead begins with a borrow/lend protocol on HyperCore. Every borrowed asset is sourced from a supplier, so risk is isolated within the borrow/lend primitive instead of platform-wide. HyperCore's portfolio margin system is implemented as an orchestration layer that composes borrow/lend, with other primitives such as perps, spot, and outcome trading.
This decomposition has several nice corollaries:
1. Today's announcement of manual borrowing is not a new feature, but simply an extension of the underlying primitive. Borrowers on day one have access to 400M and growing of supplied liquidity.
2. Portfolio margin users earn interest on their idle stablecoin collateral. This is not a new feature, but a natural byproduct of composing trading with lending.
3. System safety is easier to reason about when perp and borrow/lend margining are independent.
In the same way that math theorems almost prove themselves when the right abstractions are defined, composable designs just feel right.
Manual borrows are live on Hyperliquid
Portfolio margin and manual borrows use the same underlying HyperCore infrastructure, with $269M in assets borrowed today.
Users can supply HYPE and BTC as collateral to borrow quote assets (USDC and USDT). Borrowed quote assets pay interest, and supplied quote assets earn interest, with rates set by utilization.
tuta retweeted
Another day, another Bittensor chart.
I think it's good to take a step back regarding two different things: while bittensor:native's price is down since Bittensor opened subnet markets in February 2025, the underlying ecosystem is actually trending upwards healthily.
Moreover, the rise from the top six subnets is responsible for a small part of the rise in the subnet market cap. The market seem to think the subnets that have been added bring something to the table.
This is a sign of health, because it leaves room for the subnets in the tail end to grow and proves that the ecosystem is not eaten by its incumbents.
--> Makes the ecosystem less dependent on its top subnets.
Source: @taostats
tuta retweeted
I've never returned to a project as much as Bittensor.
I see the promise, I see the rise of open source ai, but every time I think there is momentum I am reminded that there is a centralised committee endlessly tweaking monetary policy.
Getting this right means calibrating TAO's monetary policy, the system mechanics, and subnet incentives simultaneously, so grifters are priced out, real builders are paid and TAO holders are not subsidising extraction. This is a very hard problem.
There has been a lot of emission wastage so far, but there is a persistence to get it right, and it is remarkable they have even come this far. The dedicated cult is strong, and bears a similarity to early Ethereum. The subnets are a bit like the early DeFi projects that looked rough around the edges/totally implausible (a few look better than that).
Like a moth to a flame I do return to see how the subnets are doing, and what they have produced, and there are continually results of note, and that is unique in crypto. It's intellectually stimulating, unlike the other dark side of our speculative crypto spectrum (memecoins).
One subnet breaking out reprices TAO, which is another reason why I can't just dismiss Bittensor, as some do. I would be more surprised if this didn't happen at this stage.
I have gone through many periods convincing myself that Bittensor will never work, but then I have a look again a few months later and my monkey brain sees the bull case (especially for the next cycle).
There are still far more reasons why Bittensor will fail in the long run than succeed (this is always the case with early stage innovation), but at least there is a very big ambitious vision that looks like it would add a lot of value to the world.
tuta retweeted
One sector index went only up for a month: Compute, +21.13%
Behind it: @chutes_ai, @lium_io and @TargonCompute, three of the biggest subnets on Bittensor.
Is this trend built to last?
tuta retweeted
Root Reborn brings Protected Alpha out of the shadows.
We have been running this strategy since the launch of dTAO: $TAO on root, dividends reinvested into alpha.
Bittensor just made the mechanism native to the chain.
This makes the same strategy safer, cheaper, and more powerful.
New possibilities coming.
tuta retweeted
The market is calm. The protocol isn't.
Root Reborn changes how root dividends work. They no longer get sold for TAO. They now buy a basket of alpha, weighted by the validator you stake with. The protocol holds it until you claim.
$TAO price is flat for now. The network keeps improving.