James Christoph explains why MicroStrategy can't be replicated, DATs are doomed, and crypto markets are more efficient than people think. Plus: Celestia's inflation problem, Ethena's systemic risks, and why Hyperliquid nailed their stablecoin strategy.
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NOTES:
• MicroStrategy's structure makes it impossible to blow up
• DATs trading at discounts lack restart mechanisms
• Ethereum staking yields ~40 bps after inflation/taxes
• Celestia's inflation driving price toward zero
• Ethena's depeg could trigger cascade in Pendle/Aave
• Hyperliquid has ~$10B USDC bridged, negotiating revenue split
Timestamps:
00:00 Start
00:27 Who is James Christoph?
00:49 Solana treasury companies
04:18 Tom Lee memory hole
05:42 ETH is for stablecoins :) jk
08:04 Bitmine & Sharplink Gaming
10:31 Tom Lee invested in a "fund of DATs" wat?
12:03 DATs & yield
14:29 Ok, define arbitrage?
17:03 Liquid staking tokens are stupid
20:20 Addicted to yield
24:05 Exotic derivatives
27:24 Bitcoin as a benchmark
35:03 ETH, silly silly ETH
39:58 Hyperliquid
43:50 Decentralization doesn't matter, sorry
48:26 Celestia - The Modular Blockchain TM
55:01 Athena
59:06 Fed interest rates
59:39 Circle
1:00:27 USDH
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Published on 4 weeks, 1 day ago
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