7 months ago, Neynar bought Farcaster. Quarterly revenue was $35.43 M. Now monthly revenue is $120 K. It has dropped 99%. They are looking for the next person to take over. Farcaster was once called the "decentralized Twitter." It raised a lot of money, made headlines, and had backing from a16z. In 7 months, it changed hands twice, and revenue dropped to zero. The story of Web3 social has always followed the same template: the technology is fine, the token economics are fine, the narrative is fine. The only problem is—users don’t come.

There is a company called "Solana Company". It lost $30.3M in Q2. Revenue source? SOL staking $2.5M. SOL price $75.32, also dropped 1.11% during the week. The company is named Solana, but the money Solana earns for it only covers 8% of the losses. It's like running a store called "Moutai Flagship Store," surviving all year by selling bottle caps—and the money from bottle caps isn't even enough to pay the rent.

Happiness is actually very simple, just follow the "One Two Three" principle One good body Two good friends Thirty million RMB

11 years. Tether took 11 years to finally get a KPMG from the Big Four — issuing an "unqualified opinion." An "unqualified opinion" is the highest level of assurance an auditor is willing to give. In plain language: as of the closing moment on December 31, 2025, the accounts have no reservations and are clean. Reserves exceed liabilities by $6.814B. As the largest "central bank" in the crypto ecosystem, USDT has faced rumors of loans from Bitfinex, investigations by the US SEC/CFTC, and cycles of FUD over the past 6 years. Everyone has asked the same question — "Why don’t you let one of the Big Four audit your books?" That question is dead today. But don’t rush to celebrate USDT. An audit is a single-point snapshot ritual. It provides a view only at the moment before 2025-12-31, saying nothing about whether reserves remain within compliance in Q1-Q2 2026, does not describe the duration risk of T-Bills in the reserves, nor covers the scope of non-USD assets. To analogize: it’s like the treasury of the Count of Brittany being audited once a year by Windsor Castle officials in 1292 — the auditor’s promise only exists at the moment the auditor leaves. Any month in between, if the CEO moves a leg or reserve assets are repoed out to generate extra yield, whether the auditor’s next report covers it or not, the market sees nowhere. As the largest "central bank" in the crypto ecosystem, USDT has faced rumors of loans from Bitfinex, investigations by the US SEC/CFTC, and cycles of FUD over the past 6 years. Everyone has asked the same question — "Why don’t you let one of the Big Four audit your books?" That question is dead today. But don’t rush to celebrate USDT. An audit is a single-point snapshot ritual. It provides a view only at the moment before 2025-12-31, saying nothing about whether reserves remain within compliance in Q1-Q2 2026, does not describe the duration risk of T-Bills in the reserves, nor covers the scope of non-USD assets. To analogize: it’s like the treasury of the Count of Brittany being audited once a year by Windsor Castle officials in 1292 — the auditor’s promise only exists at the moment the auditor leaves. Any month in between, if the CEO moves a leg or reserve assets are repoed out to generate extra yield, whether the auditor’s next report covers it or not, the market sees nowhere.

A BTC whale that has been dormant for 2 years woke up this morning. He holds 1,770 BTC, now worth $112M. But his cost basis is $74,720 — an unrealized loss of $19.8M. Held for 2 years. 2 years ago BTC was around $74,720, today BTC is at $63,378. Held for 24 months, lost 26.5%.

All gifts bestowed by fate have long been secretly priced.

KAITO dropped from $1.3764 on July 29 to $0.45 today. In 15 days, it fell by 67%. Once hailed as the flagship narrative token of the "AI attention layer." Two Hyperliquid whales went 5x long, investing a total of $6.94M. After 15 days, they lost $2.87M, a 41% loss. This is the autopsy of AI x Crypto.

The market is too bad, everyone might as well buy a bike and ride it.