Rosa Del Mar — Daily Brief

Ai Inference Unit Economics Metering And Competitive Dynamics

The episode states Anthropic’s gross margin improved from roughly -94% last year to about +40% this year.
The episode states net revenue retention of 120–130% is characterized as a past 'magical' era that may not return regardless of agent quality.
The episode states that Brex’s sale price creates a negative valuation comp for Ramp because applying a similar ~7x revenue multiple to Ramp’s ~$1B run-rate implies a far lower value than Ramp’s private-marked $32B valuation.

Nicholas C. Zakas reports very slow responses to community issues related to npm registry/security work.
Trusted publishing currently lacks two-factor authentication, and OpenJS Foundation guidance recommends critical packages avoid it due to repo-takeover publishing risk.
pnpm shipped a client-side mitigation after an npm ecosystem attack that blocks installing packages newer than about seven days.

AI-empowered teams could lead either to much smaller headcount needs or to unchanged headcount with far higher throughput.
Fears of massive net job loss from AI are overly reductive because faster productivity growth can increase innovation, economic growth, and overall job creation despite task substitution.
AI can serve as an on-demand tutor that teaches technical concepts quickly, creating a loop where it both does work and improves the user’s skill.

New revenue streams are described as incremental and not inherently dependent on token emissions, instead increasing net rewards capacity and the utility of emissions.
Traders route through whichever interface provides the best rate, so maintaining sufficient liquidity is described as the core determinant of winning DEX flow quickly.
Fluid has not meaningfully reduced Uniswap’s mainnet fee share and mainly gained volume share by charging very low fees on stable swaps that generate little value.

Hyperliquid spot ticker auctions generated roughly $25M in Q1 2025 and fell to under $1M in Q4 as auctions largely disappeared.
Greater transparency in how teams spend revenue is expected to enable better value-accrual mechanisms in the future and reduce the need for extreme buyback policies.
Reported Hyperliquid spot 24-hour volume is about $61M, with HYPE/USDC about $36M and IF/USDC about $21M while most other spot pairs are under $10M per day.

Twitter’s approach of blacklisting specific InfoFi apps is argued to be ineffective because similar spam incentives can reappear in new forms and require repeated blacklisting.
The corpus presents a tension that platforms position prediction contracts as distinct from gambling for regulatory advantage even though much user activity is effectively gambling.
Lighter has bought back about 1.4 million LIT (about $2.8 million) since December 29.

MegaETH announced a global stress test aiming to process 11 billion transactions in seven days.
Crypto wallets such as Phantom and Rabby are evolving into mobile-exchange-like apps that integrate trading and take a cut.
The market has learned that large grant and incentive programs for generic forks were usually a waste of money and teams are reducing these repeated incentive cash burns.

Pendle has identified OTC-style matchmaking as an important go-to-market strategy for Boros and reports roughly $200M+ open interest and $50M–$100M daily trading volume while facilitating large trades by matching counterparties to settle on Boros.
Pendle V2 usage is becoming more institutional, with funds roughly in the $30M to $500M AUM range participating, and PT is described as more appealing to bigger funds while YT is more attractive to sophisticated retail/speculators.
Pendle found that bribing and liquid locker dynamics caused over 50% of weekly emissions to flow to the bottom 10% of fee-generating pools, which it views as inefficient emissions usage.

BitGo reported about $16B of 2025 revenue while trading around a ~$1.5B valuation, and the reported revenue figure is largely inflated because GAAP-style reporting books gross transaction volume as revenue.
Silver became the second most traded market on Hyperliquid over the prior 24 hours, surpassing ETH.
The recent surge in metals trading activity on HIP-3 may be a spiky, non-recurring event, making extrapolation of recent volumes potentially misleading.