Hi Everyone! I have to cancel the call on Friday, December 12th at 12:00 PM PST because I will be traveling during the day and won't be available to host the call. We will pick things back up on Monday with the regular schedule. Have a great weekend and see you guys next week! -David

TL;DR: While everyone's chasing GPU mining 🔥, there's a quieter opportunity in Bittensor's creator economy subnets that rewards you for verifying human engagement rather than burning electricity ⚡. The halving is in ~48 hours (Dec 12-14) ⏰, and positioning now could be critical. 💎 What Makes This Different? Bittensor (TAO) isn't just another blockchain—it's a decentralized marketplace for any digital commodity 🌐. While most subnets reward computational work (like training AI models 🤖), three subnets have emerged with a unique thesis: The blockchain can verify human attention and creativity better than centralized platforms 🎯. This matters because: - The Creator Economy is worth $250B+ 💰 but controlled by centralized gatekeepers 🏰 - AI companies are desperate for verified, human-generated training data 📊 - Ad fraud costs billions 🚨—proving real human views is extremely valuable ✅ The Three Business Models 🎥 SN93 (Bitcast) - The Agency Model What it verifies: Human attention on sponsored content How it works: - Advertisers post "Briefs" (campaign requirements) - Miners coordinate with YouTube creators to produce matching content - Validators verify engagement using OAuth-gated YouTube Analytics API - Key metric: estimatedRedPartnerRevenue (only paid by real, verified humans) The Alpha: Run it as an agency—manage up to 5 YouTube channels under one miner UID. You pay creators $500-1000 per video, but capture the TAO emissions yourself. Economics (Post-Halving): - Monthly OpEx: ~$5,000 (creator payouts) - Monthly Revenue: ~$27,000 (90 TAO @ $300) - Net Profit: $21,000/month Why it's attractive: Low hardware requirements (just a VPS), high operational leverage through human capital. 🖥️ SN24 (Omega Labs) - The Broker Model What it verifies: Human productivity and task completion How it works: - Users run the "Focus" desktop app that records screen activity (coding, design, etc.) - Miners act as data brokers, purchasing and submitting this data - Validators score based on relevance, novelty, and richness using AI models - The dataset becomes training material for next-gen AI

Hey DeFi fam 👋 Just finished diving deep into Yield Basis (the new protocol from Curve's founder Michael Egorov), and I need to share this because it's both brilliant and terrifying at the same time. 😫 The Problem We All Know Too Well If you've ever LP'd on Uniswap or Curve, you know the pain: Impermanent Loss. Your position grows at √P instead of P. Translation? When BTC 4x's, your LP position only 2x's. You're literally selling your winners and buying your losers to maintain the pool ratio. It's a "short gamma" position that makes institutional money stay far away from volatile pairs. 💡 The Yield Basis "Solution" Here's where it gets interesting. Instead of trying to hedge IL with insurance or options, Yield Basis does something radical: They use 2x leverage to cancel out the square root drag. The math is actually beautiful: - Standard AMM gives you 0.5 delta (half-speed gains) - 2x leverage doubles your returns - 0.5 × 2 = 1.0 (full HODL exposure) Your equity literally moves 1:1 with price. No impermanent loss. Period. ✨ ⚠️ But Here's The Catch (And It's A Big One) You're not eliminating risk—you're transforming it. Standard AMM vs Yield Basis: Standard AMM: - Loss Type: Impermanent (path independent) - If price returns to start → Loss disappears ✅ - Worst scenario: Strong trending markets Yield Basis: - Loss Type: Volatility Drag (path dependent) - If price returns to start → You STILL lost money ❌ - Worst scenario: Choppy sideways markets 📉 The "Chop" Nightmare Picture this scenario: BTC at $50k → $55k → $50k → $55k (repeat 10x) 🔄 - Each move up: Protocol borrows more, buys high - Each move down: Protocol sells LP tokens, sells low In a standard AMM, you'd end up back where you started (plus fees). In Yield Basis, you're permanently bleeding principal through rebalancing costs, even though price is unchanged. 🩸 🤔 The Sustainability Question The protocol tries to solve this with a "Rebalancing Budget": - Takes ~50% of trading fees 💰 - Uses it to pay arbitrageurs who maintain leverage - Pays veYB holders in BTC (they distributed 17.55 BTC/$1.62M in Dec 2025)

Hey everyone, I just finished a comprehensive technical analysis on one of the hottest "yield hacking" strategies circulating in DeFi right now: leveraging Pendle LP tokens as collateral on Morpho Blue to loop into 3-4x leveraged positions. TL;DR: This strategy looks amazing on paper (40%+ APY!) but has fatal structural flaws that make it impractical for most of us. Here's why—and what you should do instead. 🎯 What This Strategy Claims To Do The pitch is seductive: 1. Provide liquidity to a Pendle pool (e.g., eETH or sUSDe) 2. Wrap your LP tokens 3. Deposit them as collateral on Morpho Blue 4. Borrow USDT against them 5. Use that USDT to buy more LP tokens 6. Repeat (loop) for 3-4x leverage 7. Profit from amplified yield 📈 ❌ The Fatal Flaws Critical Flaw #1: You Lose Your vePENDLE Boost This is the killer. When you wrap your Pendle LP tokens to deposit them into Morpho, you immediately lose all vePENDLE boost rewards. Here's the math that breaks the strategy: - Unboosted Yield: 12% base - Boosted Yield (with vePENDLE): 30% - Leveraged Strategy (3x): (12% × 3) - (10% borrow cost × 2) = 16% You're taking on liquidation risk to earn 16% when you could simply hold the boosted position and earn 30% with less risk. In almost every market condition, the boost multiplier (2.5x) beats the leverage multiplier (3x) because leverage is expensive. Critical Flaw #2: Trapped Rewards & Fees When you deposit wrapped LP tokens into Morpho: - PENDLE incentives accrue to the Morpho vault address - Swap fees from the AMM get stuck - Morpho Blue's immutable core has no logic to claim or forward these rewards The rewards effectively get burned or captured by the vault manager (like Pendlend), who uses them to subsidize lenders—not you, the borrower. You're paying interest while giving up your incentives. Double loss. Critical Flaw #3: The "Gamma Risk" Liquidation Trap Pendle LPs have a unique risk profile. You can get liquidated even if the underlying asset (like ETH or USDC) is perfectly stable.

BTC hovering around $91K — but what if you could capture crypto's upside WITHOUT the stomach-churning volatility? Enter EMJX: Activist investor Eric Jackson (EMJ Capital) is launching a game-changing digital treasury company that's flipping the script on crypto investing. What Makes EMJX Different? 🎯 Traditional Crypto Holdings: - Raw BTC/ETH exposure - Ride every wild swing - Maximum pain on the downside EMJX's Approach: - Multi-asset portfolio (Bitcoin + Ethereum) - Active hedging strategies to cut extreme risk - Capture upside, minimize drawdowns - Risk-managed exposure for investors who want gains without the pain The Bottom Line This isn't your typical "buy and hold" crypto treasury. Jackson's betting that the future belongs to smart, hedged digital asset strategies — letting investors finally sleep at night while staying in the game. Is this the evolution crypto investing needed? 💬 What's your take? Would you trade raw volatility for managed crypto exposure? #Bitcoin #Ethereum #CryptoInvesting #DigitalAssets #EMJX #BTC #ETH #CryptoNews #Blockchain #InvestmentStrategy