Four Pillars

Ponyo

Division

Investment

Bio

Ponyo believes judgement is the last edge left in investing, as AI collapses the gap on everything else. He applies it to fundamentals and valuation work, hunting for asymmetric bets the market hasn't priced yet.

ALL96 Article32 Issue47 Comment10 Report7

Investment·Comment

USDC becomes Hyperliquid’s aligned quote asset

Ponyo

· May 15, 2026

Ponyo

Division

Bio

USDC becomes Hyperliquid’s aligned quote asset

I Don’t Buy the ZEC Thesis

Pump.fun is going to burn their buyback tokens and gigasend it

Korean Blockchain Guidebook for Institutions 2026

Ethena Thesis: Coronation of the Synthetic Dollar

$KNTQ Thesis Revisited (April 2026)

USDH: The Path to $10B?

HYPD 4Q25 Review: The Active Strategy Arrives

CRCL is Still Expensive

SDEV Bought $76M of SKY. Here's How I'd Underwrite It

Buyback, Fee Switch, or Reinvest?

Hyperliquid Annual Report 2025

Affluent: Bringing Institutional Yield to Telegram's 1 Billion Users

MoneyX Field Notes: How Japan Is Building a Real Stablecoin Economy

Debunking Pump.fun’s Revenue Manipulation FUD

$AERO Thesis: Base's Cash Cow, Coinbase's Golden Child

$MORPHO: The Apollo Pump Is Your Exit

HYPE, PURR, HYPD: Anatomy of a 39pp Spread

Lido V3 Introduces Tier-Based Staking Credit Rating

EV/Holder Revenue: A Token Valuation Framework

$PUMP Thesis: The Casino in January

Jeff’s Full PM Circle

Lido V3: The 2.7M ETH Reset

Where TF is Crypto Heading?

KNTQ Thesis: 17x, Heavily Coded

HSI Has Purchased 3M HYPE Since December

Hyperion's Shareholder Letter: From Treasury to Operator

Buybacks Are Defense, Not Offense

Optimism's Buyback Isn't a Magic Wand

The Case for Selling $OP Before $BASE

Why Circle Is Expanding Its Stablecoin Stack

HyperEVM’s “Deadly Sins”

Aave V4: From Lending App To Infra

2026 Outlook: Restructuring - Ponyo's Perspective

The Definitive Guide to Prediction Markets

The Definitive Guide to Prediction Markets

2026 Outlook: Restructuring

Spark’s Post-October Roadmap Phase Underscores Its Role as Liquidity Infra

DATs, Hyperliquid

Evaluating Risk Architecture in Neutrl

Neutrl Origin Program: The $75M Proof of Demand

Exchange Networks vs Empires

Ventuals Hits 1.45M vHYPE in Under 24 Hours

Abstract: Fun is the Mainstream

Huma Finance: Leading PayFi on the Stablecoin Frontier

Anime.com’s Hyperpersonalization Bet

Can Poseidon Become Story’s Killer Use Case?

Hyperliquid Under Siege

Why HIP-3?

How Somnia’s tokenomics is built for real-time apps

The Altcoin Investing Triangle

Whatever you think about Kinetiq, Think Bigger

The Skeptic’s Guide to Neutrl

$HYPErprinter go brrrrrr

$ENA is Circle’s Catch Up Trade

Story Put to the Test

Why Modhaus Choose Abstract

Why Serious Capital is Moving to Spark

“Robinhood” Has Entered the Chat

Would You Bet on the 2008 App Store?

The Data Wars: Sui-Powered Walrus vs. Full-Stack Irys

Wake Up Babe, New L1/L2 Playbook Just Dropped

Exploring Hyperliquid HLP’s Residual Attack Vectors

Don’t Ship on Steam. Ship on Abstract

Sui vs Hyperliquid: A Tide-Turning Rivalry for L1 Dominance

Reframing How We Evaluate Story

I Don’t Think You Understand How Great Ethena Is

Hyperliquid Is Great, But Have You Ever Tried HyperEVM?

Spark’s $2B Tokenization Grand Prix Redefines RWA in DeFi

Rev Sharing is Dead. Long Live Buybacks & Burns

Huma 2.0: Going Permissionless

$HYPErsound Money

Moneyballing InfoFi

The ALL MIGHTY Sui Full Stack

How Leadership Drama and Cultural Decay Tanked $ETH

Animeconomy 2030

What the F*CK is a Community? Pt.2 (Applying BARD to Major Alts)