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$PRL

4 pieces · Sep 2026 to Oct 2026 · 2 flagship

Sectors

Perps4 AI3 Hyperliquid3 Market structure1 Privacy1

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Coverage per year

42026

Start here · the strongest pieces on $PRL

Thesis17 Oct 2026Pearl: matrix-multiplication proof of useful work as the Bitcoin of the AI agePearl's PoUW noises matrix multiplications so GPU inference doubles as mining at 1+o(1) overhead, verified by a Plonky2 SNARK. It sells inference below Together AI on four shared models; PRL at ~$594M mcap still lacks proof that paid demand runs through mining.Thesis20 Oct 2026Entropy thesis: HIP-3 deployer pricing pre-IPO and exotic perps on HyperliquidEntropy prices markets without spot (ANTH, OAI, PRL) with an oracle blending its order book and private-market data. It holds 2.2% of HIP-3 OI ($86M) and did >$1.25B in 30D volume, but growth mode limits deployer revenue to ~$49K a month.Map28 Sep 2026Personal top 20 crypto watchlist grouped by narrativeTwenty watchlist assets in six groups: private compute and money, decentralized AI, machine economy, perp DEX and HL ecosystem, stablecoin and institutional rails, and physical infrastructure. Each gets a one-line thesis; ARX is the main privacy bet.

Timeline · every piece, newest first

2026 4

21 Oct 2026Pearl thesis update: Coinbase roadmap listing, new ATH and the io:PRL perpPRL went from $594M to ~$815M mcap in four days after a Coinbase roadmap listing, and io:PRL OI on Entropy tripled to $9.3M. The bull case still lacks proof of paid demand through mining and faces ~1M new PRL a day.ThesisAIHyperliquidPerps

20 Oct 2026Entropy thesis: HIP-3 deployer pricing pre-IPO and exotic perps on HyperliquidEntropy prices markets without spot (ANTH, OAI, PRL) with an oracle blending its order book and private-market data. It holds 2.2% of HIP-3 OI ($86M) and did >$1.25B in 30D volume, but growth mode limits deployer revenue to ~$49K a month.ThesisHyperliquidPerpsMarket structure

17 Oct 2026Pearl: matrix-multiplication proof of useful work as the Bitcoin of the AI agePearl's PoUW noises matrix multiplications so GPU inference doubles as mining at 1+o(1) overhead, verified by a Plonky2 SNARK. It sells inference below Together AI on four shared models; PRL at ~$594M mcap still lacks proof that paid demand runs through mining.ThesisAIHyperliquidPerps

28 Sep 2026Personal top 20 crypto watchlist grouped by narrativeTwenty watchlist assets in six groups: private compute and money, decentralized AI, machine economy, perp DEX and HL ecosystem, stablecoin and institutional rails, and physical infrastructure. Each gets a one-line thesis; ARX is the main privacy bet.MapPrivacyAIPerps

Often covered with

Hyperliquid113 Entropy5 Coinbase11 trade.xyz9 Ventuals5 Arcium26 Zama17 Aztec28

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