Some interesting points/facts I’ve come across recently: 1. Wlfi didn’t borrow coins, the market maker’s guide price should be 0.4. 2. DAT’s killer move is issuing bonds, not equity financing. Rate cuts → arbitrage funds flow into DAT → drive E/B/S, not the other way around. 3. The best way for big money to play Alts is to team up and manipulate the market; hitching a ride is too hard. 4. Hedging is the most beautiful dream.