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Feb 11, 2026
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WATCH
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Chris states Solana has a "conundrum" because they built for spot (NASDAQ) but Hyperliquid is winning derivatives. While Solana has strong adoption in DePIN and payments, losing the derivatives market is a structural weakness in financial market plumbing. They must "solve for derivatives" to maintain their valuation premium. Watch Solana to see if they can recapture derivatives volume; otherwise, they risk losing the "financial hub" narrative. Hyperliquid continues to siphon liquidity, reducing SOL's fee generation. |
Unchained (Chopping Block)
Would BlackRock Try to Save Bitcoin From the ...
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Feb 11, 2026
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WATCH
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Speakers agree Quantum is a threat. Chris notes that if devs don't fix it, "big institutions... will fire the devs and put in new devs." Bitcoin faces an existential technical risk (Quantum), but the "Corporate Takeover" thesis suggests BlackRock (IBIT) has too much capital at risk to let it fail. They will force a hard fork or upgrade if the open-source community is too slow. Watch Bitcoin's governance. The "institutional backstop" is now a technical safety net, not just a price safety net. A Quantum breakthrough happens faster than the 2-3 year upgrade cycle required to fix Bitcoin. |
Unchained (Chopping Block)
Would BlackRock Try to Save Bitcoin From the ...
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Feb 11, 2026
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LONG
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Chris notes that Hyperliquid has come "out of nowhere and just dominates derivatives," while Solana (designed as the decentralized NASDAQ) missed this vertical. In traditional markets, derivatives always "eat" spot markets (e.g., ICE buying NYSE). If Solana cannot solve for derivatives, value and liquidity will migrate to purpose-built derivatives chains like Hyperliquid. Long Hyperliquid as the winner of the on-chain derivatives market share. Regulatory crackdowns on decentralized derivatives platforms. |
Unchained (Chopping Block)
Would BlackRock Try to Save Bitcoin From the ...
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