This week’s focus in "Deconstruction" covers Hyperliquid's record, Telegram's reputation maneuvers, the crypto market's preparations for imminent threats, and the main myth about investing during wartime.
Commodity Hype on DEX and Bhutan's Price Pressure
Amid the conflict in the Middle East, the daily trading volume on the decentralized exchange Hyperliquid reached a record $5.4 billion. The secret to its success lies in the platform allowing traders to trade commodity derivatives around the clock with high liquidity, bypassing traditional markets.
Meanwhile, an interesting factor influencing Bitcoin's price has been Bhutan: the kingdom is selling part of its substantial reserves, which it secretly accumulated through mining using local hydropower resources.
The market continues to debate global trends. Expert Anthony Scaramucci believes the current decline is part of a classic four-year cycle and anticipates a bullish phase in the fourth quarter. However, other analysts note that spot ETFs have already changed the game by smoothing volatility through institutional inflows.
Amid these discussions, only Strategy has been aggressively buying Bitcoin from major corporations, increasing its holdings to over 762,000 coins.
Pavel Durov's Reputation Maneuver
Pavel Durov paid off his debt on convertible bonds from 2021 early, claiming the company is now profitable. This financial maneuver, which previously involved issuing new bonds worth $1.7 billion for restructuring, is clearly aimed at enhancing his reputation. Paying off the debt allows Durov to assert that he "owes nothing to anyone" and dispel rumors about dependence on investors allegedly linked to Russian authorities.
It also became known that the messenger's team is working with the creator of OpenClaw to improve its internal agent, directly related to ensuring Telegram's stability in case of blockages.
Durov himself has temporarily moved to Europe due to attacks in Dubai, despite facing an open criminal case in France and a higher crime rate.
Ethereum vs. Quantum Threat
The Ethereum Foundation has unveiled a roadmap to protect the network from quantum computers, which could potentially break modern cryptography in just a few years.
The first updates will be included in the Higota update this year. The team plans to conduct four hard forks and complete the network's restructuring by 2029. Experts cite Ethereum as an example, sharply criticizing Bitcoin developers for their passivity on this issue.
The seriousness of the problem is also acknowledged by the corporate sector: Google has also outlined a transition to new algorithms by 2029, planning to implement post-quantum protection for digital signatures in its cloud services and the new Android 17 operating system.
Debunking the Myth of Profiting from Wars
The popular investment advice to "buy when there’s blood in the streets" has proven to be a myth in the context of real-world wars. Historical analysis shows that during global upheavals, stock exchanges close, governments default on obligations, and the investor's goal shifts from growth to mere capital preservation.
The true beneficiaries of wars have not been stock speculators but neutral bankers and corporations working for government defense contracts.
History shows that only neutral parties (like Swiss banks) or contractors could profit from global conflicts. In the Soviet system, where there were no private enterprises, enterprising individuals often ended up as common fraudsters, facing execution or imprisonment.
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