Decentralized perpetual may be the next crypto market boom; with tons of perpetual popping up, let's look at two protocols that offer organic, non-inflationary yields.

Decentralized derivatives exchanges' market share has increased tenfold in a year, but it's still 2% of CEXs'. DEXs have a long way to go before they can compete with centralized exchanges in speed, liquidity, user experience, and composability.

I'll cover gains.trade and GMX protocol in Polygon, Avalanche, and Arbitrum. Both protocols support leveraged perpetual crypto, stock, and Forex trading.

Why these protocols?

Decentralized GMX Gains protocol

Organic yield: path to sustainability

I've never trusted Defi's non-organic yields. Example: XYZ protocol. 20–75% of tokens may be set aside as farming rewards to provide liquidity, according to tokenomics.

Say you provide ETH-USDC liquidity. They advertise a 50% APR reward for this pair, 10% from trading fees and 40% from farming rewards. Only 10% is real, the rest is "Ponzi." The "real" reward is in protocol tokens.

Why keep this token? Governance voting or staking rewards are promoted services.

Most liquidity providers expect compensation for unused tokens. Basic psychological principles then? — Profit.

Nobody wants governance tokens. How many out of 100 care about the protocol's direction and will vote?

Staking increases your token's value. Currently, they're mostly non-liquid. If the protocol is compromised, you can't withdraw funds. Most people are sceptical of staking because of this.

"Free tokens," lack of use cases, and skepticism lead to tokens moving south. No farming reward protocols have lasted.

It may have shown strength in a bull market, but what about a bear market?

What is decentralized perpetual?

A perpetual contract is a type of futures contract that doesn't expire. So one can hold a position forever.

You can buy/sell any leveraged instruments (Long-Short) without expiration.

In centralized exchanges like Binance and coinbase, fees and revenue (liquidation) go to the exchanges, not users.

Users can provide liquidity that traders can use to leverage trade, and the revenue goes to liquidity providers.

Gains.trade and GMX protocol are perpetual trading platforms with a non-inflationary organic yield for liquidity providers.

GMX protocol

GMX is an Arbitrum and Avax protocol that rewards in ETH and Avax. GLP uses a fast oracle to borrow the "true price" from other trading venues, unlike a traditional AMM.

GLP and GMX are protocol tokens. GLP is used for leveraged trading, swapping, etc.

GLP is a basket of tokens, including ETH, BTC, AVAX, stablecoins, and UNI, LINK, and Stablecoins.

GLP composition on arbitrum

GLP composition on Avalanche

GLP token rebalances based on usage, providing liquidity without loss.

Protocol "runs" on Staking GLP. Depending on their chain, the protocol will reward users with ETH or AVAX. Current rewards are 22 percent (15.71 percent in ETH and the rest in escrowed GMX) and 21 percent (15.72 percent in AVAX and the rest in escrowed GMX). escGMX and ETH/AVAX percentages fluctuate.

Where is the yield coming from?

Swap fees, perpetual interest, and liquidations generate yield. 70% of fees go to GLP stakers, 30% to GMX. Organic yields aren't paid in inflationary farm tokens.

Escrowed GMX is vested GMX that unlocks in 365 days. To fully unlock GMX, you must farm the Escrowed GMX token for 365 days. That means less selling pressure for the GMX token.

GMX's status

These are the fees in Arbitrum in the past 11 months by GMX.

GMX works like a casino, which increases fees. Most fees come from Margin trading, which means most traders lose money; this money goes to the casino, or GLP stakers.

Strategies

My personal strategy is to DCA into GLP when markets hit bottom and stake it; GLP will be less volatile with extra staking rewards.

GLP YoY return vs. naked buying

Let's say I invested $10,000 in BTC, AVAX, and ETH in January.

• BTC price: 47665$

• ETH price: 3760$

• AVAX price: $145

Current prices

• BTC $21,000 (Down 56 percent )

• ETH $1233 (Down 67.2 percent )

• AVAX $20.36 (Down 85.95 percent )

Your $10,000 investment is now worth around $3,000.

How about GLP? My initial investment is 50% stables and 50% other assets ( Assuming the coverage ratio for stables is 50 percent at that time)

Without GLP staking yield, your value is $6500.

Let's assume the average APR for GLP staking is 23%, or $1500. So 8000$ total. It's 50% safer than holding naked assets in a bear market.

In a bull market, naked assets are preferable to GLP.

Short farming using GLP

Simple GLP short farming.

You use a stable asset as collateral to borrow AVAX. Sell it and buy GLP. Even if GLP rises, it won't rise as fast as AVAX, so we can get yields.

Let's do the maths

You deposit $10,000 USDT in Aave and borrow Avax. Say you borrow $8,000; you sell it, buy GLP, and risk 20%.

After a year, ETH, AVAX, and BTC rise 20%. GLP is $8800. $800 vanishes. 20% yields $1600. You're profitable. Shorting Avax costs $1600. (Assumptions-ETH, AVAX, BTC move the same, GLP yield is 20%. GLP has a 50:50 stablecoin/others ratio. Aave won't liquidate

In naked Avax shorting, Avax falls 20% in a year. You'll make $1600. If you buy GLP and stake it using the sold Avax and BTC, ETH and Avax go down by 20% - your profit is 20%, but with the yield, your total gain is $2400.

Issues with GMX

GMX's historical funding rates are always net positive, so long always pays short. This makes long-term shorts less appealing.

Oracle price discovery isn't enough. This limitation doesn't affect Bitcoin and ETH, but it affects less liquid assets. Traders can buy and sell less liquid assets at a lower price than their actual cost as long as GMX exists.

As users must provide GLP liquidity, adding more assets to GMX will be difficult. Next iteration will have synthetic assets.

Gains Protocol

Best leveraged trading platform. Smart contract-based decentralized protocol. 46 crypto pairs can be leveraged 5–150x and 10 Forex pairs 5–1000x. $10 DAI @ 150x (min collateral x leverage pos size is $1500 DAI). No funding fees, no KYC, trade DAI from your wallet, keep funds.

DAI single-sided staking and the GNS-DAI pool are important parts of Gains trading. GNS-DAI stakers get 90% of trading fees and 100% swap fees. 10 percent of trading fees go to DAI stakers, which is currently 14 percent!

Trade volume

When a trader opens a trade, the leverage and profit are pulled from the DAI pool. If he loses, the protocol yield goes to the stakers.

If the trader's win rate is high and the DAI pool slowly depletes, the GNS token is minted and sold to refill DAI. Trader losses are used to burn GNS tokens. 25%+ of GNS is burned, making it deflationary.

Due to high leverage and volatility of crypto assets, most traders lose money and the protocol always wins, keeping GNS deflationary.

Gains uses a unique decentralized oracle for price feeds, which is better for leverage trading platforms. Let me explain.

Gains uses chainlink price oracles, not its own price feeds. Chainlink oracles only query centralized exchanges for price feeds every minute, which is unsuitable for high-precision trading.

Gains created a custom oracle that queries the eight chainlink nodes for the current price and, on average, for trade confirmation. This model eliminates every-second inquiries, which waste gas but are more efficient than chainlink's per-minute price.

This price oracle helps Gains open and close trades instantly, eliminate scam wicks, etc.

Other benefits include:

• Stop-loss guarantee (open positions updated)

• No scam wicks

• Spot-pricing

• Highest possible leverage

• Fixed-spreads. During high volatility, a broker can increase the spread, which can hit your stop loss without the price moving.

• Trade directly from your wallet and keep your funds.

• >90% loss before liquidation (Some platforms liquidate as little as -50 percent)

• KYC-free

• Directly trade from wallet; keep funds safe

Further improvements

GNS-DAI liquidity providers fear the impermanent loss, so the protocol is migrating to its own liquidity and single staking GNS vaults. This allows users to stake GNS without permanent loss and obtain 90% DAI trading fees by staking. This starts in August.

Their upcoming improvements can be found here.

Gains constantly add new features and change pairs. It's an interesting protocol.

Conclusion

Next bull run, watch decentralized perpetual protocols. Effective tokenomics and non-inflationary yields may attract traders and liquidity providers. But still, there is a long way for them to develop, and I don't see them tackling the centralized exchanges any time soon until they fix their inherent problems and improve fast enough.

Read the full post here.

RESEARCH

We must create separate ideas and handle our own risks to be better investors. DYOR is crucial.

The only thing unsustainable is your cluelessness.

DYOR: Why

• On social media, there is a lot of false information and divergent viewpoints. All of these facts might be accurate, but they might not be appropriate for your portfolio and investment preferences.

• You become a more knowledgeable investor thanks to DYOR.

• DYOR improves your portfolio's risk management.

My DYOR resources are below.

Messari: Major Blockchains' Activities

New York-based Messari provides cryptocurrency open data libraries.

Major blockchains offer 24-hour on-chain volume. https://messari.io/screener/most-active-chains-DB01F96B

What to do

Invest in stable cryptocurrencies. Sort Messari by Real Volume (24H) or Reported Market Cap.

Coingecko: Research on Ecosystems

Top 10 Ecosystems by Coingecko are good.

What to do

Invest in quality.

• Leading ten Ecosystems by Market Cap

• There are a lot of coins in the ecosystem (second last column of above chart)

CoinGecko's Market Cap Crypto Categories Market capitalization-based cryptocurrency categories. Ethereum Ecosystem www.coingecko.com

Fear & Greed Index for Bitcoin (FGI)

The Bitcoin market sentiment index ranges from 0 (extreme dread) to 100. (extreme greed).

How to Apply

See market sentiment:

• Extreme fright = opportunity to buy

• Extreme greed creates sales opportunity (market due for correction).

Glassnode

Glassnode gives facts, information, and confidence to make better Bitcoin, Ethereum, and cryptocurrency investments and trades.

Explore free and paid metrics.

Stock to Flow Ratio: Application

The popular Stock to Flow Ratio concept believes scarcity drives value. Stock to flow is the ratio of circulating Bitcoin supply to fresh production (i.e. newly mined bitcoins). The S/F Ratio has historically predicted Bitcoin prices. PlanB invented this metric.

Utilization: Ethereum Hash Rate

Ethereum miners produce an estimated number of hashes per second.

ycharts: Hash rate of the Bitcoin network

TradingView

TradingView is your go-to tool for investment analysis, watch lists, technical analysis, and recommendations from other traders/investors.

Research for a cryptocurrency project

Two key questions every successful project must ask: Q1: What is this project trying to solve? Is it a big problem or minor? Q2: How does this project make money?

Each cryptocurrency:

• Check out the white paper.

• check out the project's internet presence on github, twitter, and medium.

• the transparency of it

• Verify the team structure and founders. Verify their LinkedIn profile, academic history, and other qualifications. Search for their names with scam.

• Where to purchase and use cryptocurrencies Is it traded on trustworthy exchanges?

• From CoinGecko and CoinMarketCap, we may learn about market cap, circulations, and other important data.

The project must solve a problem. Solving a problem is the goal of the founders.

Avoid projects that resemble multi-level marketing or ponzi schemes.

Your use of social media

• Use social media carefully or ignore it: Twitter, TradingView, and YouTube

Someone said this before and there are some truth to it. Social media bullish => short.

Your Behavior

Investigate. Spend time. You decide. Worth it!

Only you have the best interest in your financial future.

DATA MINING WITH SUPERALGORES

Old pots produce the best soup.

Science has always inspired indicator design. From physics to signal processing, many indicators use concepts from mechanical engineering, electronics, and probability. In Superalgos' Data Mining section, we've explored using thermodynamics and information theory to construct indicators and using statistical and probabilistic techniques like reduced normal law to take advantage of low probability events.

An asset's price is like a mechanical object revolving around its moving average. Using this approach, we could design an indicator using the oscillator's Total Energy. An oscillator's energy is finite and constant. Since we don't expect the price to follow the harmonic oscillator, this energy should deviate from the perfect situation, and the maximum of divergence may provide us valuable information on the price's moving average.

Definition of the Harmonic Oscillator in Few Words

Sinusoidal function describes a harmonic oscillator. The time-constant energy equation for a harmonic oscillator is:

With

Time saves energy.

In a mechanical harmonic oscillator, total energy equals kinetic energy plus potential energy. The formula for energy is the same for every kind of harmonic oscillator; only the terms of total energy must be adapted to fit the relevant units. Each oscillator has a velocity component (kinetic energy) and a position to equilibrium component (potential energy).

The Price Oscillator and the Energy Formula

Considering the harmonic oscillator definition, we must specify kinetic and potential components for our price oscillator. We define oscillator velocity as the rate of change and equilibrium position as the price's distance from its moving average.

Price kinetic energy:

It's like:

With

and

L is the number of periods for the rate of change calculation and P for the close price EMA calculation.

Total price oscillator energy =

Given that an asset's price can theoretically vary at a limitless speed and be endlessly far from its moving average, we don't expect this formula's outcome to be constrained. We'll normalize it using Z-Score for convenience of usage and readability, which also allows probabilistic interpretation.

Over 20 periods, we'll calculate E's moving average and standard deviation.

We calculated Z on BTC/USDT with L = 10 and P = 21 using Knime Analytics.

The graph is detrended. We added two horizontal lines at +/- 1.6 to construct a 94.5% probability zone based on reduced normal law tables. Price cycles to its moving average oscillate clearly. Red and green arrows illustrate where the oscillator crosses the top and lower limits, corresponding to the maximum/minimum price oscillation. Since the results seem noisy, we may apply a non-lagging low-pass or multipole filter like Butterworth or Laguerre filters and employ dynamic bands at a multiple of Z's standard deviation instead of fixed levels.

Kinetic Detrender Implementation in Superalgos

The Superalgos Kinetic detrender features fixed upper and lower levels and dynamic volatility bands.

The code is pretty basic and does not require a huge amount of code lines.

It starts with the standard definitions of the candle pointer and the constant declaration :

let candle = record.current
let len = 10
let P = 21
let T = 20
let up = 1.6
let low = 1.6

Upper and lower dynamic volatility band constants are up and low.

We proceed to the initialization of the previous value for EMA :

if (variable.prevEMA === undefined) {
    variable.prevEMA = candle.close
}

And the calculation of EMA with a function (it is worth noticing the function is declared at the end of the code snippet in Superalgos) :

variable.ema = calculateEMA(P, candle.close, variable.prevEMA)
//EMA calculation
function calculateEMA(periods, price, previousEMA) {
    let k = 2 / (periods + 1)
    return price * k + previousEMA * (1 - k)
}

The rate of change is calculated by first storing the right amount of close price values and proceeding to the calculation by dividing the current close price by the first member of the close price array:

variable.allClose.push(candle.close)
if (variable.allClose.length > len) {
    variable.allClose.splice(0, 1)
}
if (variable.allClose.length === len) {
    variable.roc = candle.close / variable.allClose[0]
} else {
    variable.roc = 1
}

Finally, we get energy with a single line:

variable.E = 1 / 2 * len * variable.roc + 1 / 2 * P * candle.close / variable.ema

The Z calculation reuses code from Z-Normalization-based indicators:

variable.allE.push(variable.E)
if (variable.allE.length > T) {
    variable.allE.splice(0, 1)
}
variable.sum = 0
variable.SQ = 0
if (variable.allE.length === T) {
    for (var i = 0; i < T; i++) {
        variable.sum += variable.allE[i]
    }
    variable.MA = variable.sum / T
for (var i = 0; i < T; i++) {
        variable.SQ += Math.pow(variable.allE[i] - variable.MA, 2)
    }
    variable.sigma = Math.sqrt(variable.SQ / T)
variable.Z = (variable.E - variable.MA) / variable.sigma
} else {
    variable.Z = 0
}
variable.allZ.push(variable.Z)
if (variable.allZ.length > T) {
    variable.allZ.splice(0, 1)
}
variable.sum = 0
variable.SQ = 0
if (variable.allZ.length === T) {
    for (var i = 0; i < T; i++) {
        variable.sum += variable.allZ[i]
    }
    variable.MAZ = variable.sum / T
for (var i = 0; i < T; i++) {
        variable.SQ += Math.pow(variable.allZ[i] - variable.MAZ, 2)
    }
    variable.sigZ = Math.sqrt(variable.SQ / T)
} else {
    variable.MAZ = variable.Z
    variable.sigZ = variable.MAZ * 0.02
}
variable.upper = variable.MAZ + up * variable.sigZ
variable.lower = variable.MAZ - low * variable.sigZ

We also update the EMA value.

variable.prevEMA = variable.EMA

Conclusion

We showed how to build a detrended oscillator using simple harmonic oscillator theory. Kinetic detrender's main line oscillates between 2 fixed levels framing 95% of the values and 2 dynamic levels, leading to auto-adaptive mean reversion zones.

Superalgos' Normalized Momentum data mine has the Kinetic detrender indication.

All the material here can be reused and integrated freely by linking to this article and Superalgos.

This post is informative and not financial advice. Seek expert counsel before trading. Risk using this material.

11 science-backed ways to improve health, happiness, healing, relaxation, and mental clarity.

Vagus nerve is the main parasympathetic nervous system component.

It helps us rest and digest by slowing and stabilizing a resting heart rate, slowing and stabilizing the breath, promoting digestion, improving recovery and healing times, producing saliva, releasing endorphins and hormones like dopamine, oxytocin, and serotonin, and boosting the immune, digestive, and cardiovascular systems.

The vagus nerve sends anti-inflammatory signals to other parts of the body and is located behind the tongue, in the throat, neck, heart, lungs, abdomen, and brainstem.

Vagus means wandering in Latin. So, it's bold.

Here are 11 proven ways to boost health, happiness, and the vagus nerve.

1. Extend

“Yoga stimulates different nerves in your body, especially the vagus nerve that carries information from the brain to most of the body’s major organs, slows everything down and allows self-regulation. It’s the nerve that is associated with the parasympathetic system and emotions like love, joy, and compassion.” — Deepak Chopra

Stretching doesn't require a yoga background.

Listen to your body and ease into simple poses. This connects the mind and body.

If you're new to yoga or don't have access to an in-person class, try Yoga with Adrienne. Over 600 YouTube videos give her plenty of material.

2. Inhale

Because inhaling and exhaling activate the autonomic nervous system, we can breathe to relax.

Exhaling activates the parasympathetic nervous system (rest and digest). One inhales stress, the other exhales it.

So, faster or more intense breathing increases stress. Slower breathing relaxes us.

Breathe slowly, smoothly, and less.

Rhythmic breathing helps me relax.

What to do is as follows:

1. Take 4 smooth, forceless nose breaths.

2. Exhale smoothly and forcefully for 4 seconds

3. Don't pause at the inhale or exhale.

4. Continue for 5 minutes/40 breaths

5. Hold your breath as long as comfortable.

6. Breathe normally.

If four seconds is too long, try breathing in and out for two seconds, or in and out for three seconds, until your breath naturally relaxes. Once calmer, extend your breath.

Any consistent rhythm without force is good. Your heart will follow your lead and become coherent.

3. Chant/Hum

Singing, chanting, or humming activate the vagus nerve through the back of the throat.

Humming emits nitric oxide.

Nitric oxide improves blood circulation, blood flow, heart health, and blood pressure.

Antiviral, antibacterial, anti-inflammatory, antioxidant, and antimicrobial properties kill viruses and bacteria in the nose and throat.

Gargling water stimulates the vagus nerve.

Simple ways to heal, boost energy, and boost mood are often the healthiest. They're free and can be done anywhere.

4. Have more fun

Laughing stimulates the throat muscles, activating the vagus nerve. What's not to like? It releases dopamine.

Take time to enjoy life. Maybe it's a book, podcast, movie, socializing with friends, or laughing yoga.

Follow your bliss, as Joseph Campbell says.

Laugh at yourself

Actually. Really.

Gagging activates vagus nerve-connected muscles. Some doctors use the gag reflex to test the vagus nerve.

Grossness isn't required. While brushing, gag quickly. My girlfriend's brother always does it.

I'm done brushing when I gag, he says.

6. Take in the outdoors

Nature relaxes body and mind. Better if you can walk barefoot.

Earthing is associated with hippies dancing in daisies.

Science now supports hippies.

7. Enter some chilly water.

The diving reflex activates the vagus nerve when exposed to cold water.

The diving reflex involves holding your breath in cold water. Cold showers work best.

Within minutes of being in cold water, parasympathetic nervous system activity, which calms the body, increases.

8. Workout

Exercise increases dopamine, blood circulation, and breathing. So we feel energized, calm, and well-rested.

After resting, the parasympathetic nervous system engages.

It's worth waiting for, though.

9. Play music with brainwaves

Brainwave music harmonizes brainwave activity, boosts productivity and mental clarity, and promotes peace and relaxation by stimulating the vagus nerve.

Simply play a song.

My favorite.

10. Make gentle eyes

Eyes, like breath, often reflect inner state. Sharp, dilated, focused eyes indicate alertness.

Soft, open eyes reflect relaxation and ease. Soft eyes relax the nervous system.

This practice reduces stress, anxiety, and body tension. It's a quick and effective way to enter a calm, peaceful state.

Wild animals can be hunted one minute and graze the next.

Put it into action:

Relax while seated.

Gaze at a distant object

Use peripheral vision while looking straight ahead

Without moving your eyes, look up and down. Connect side spaces to your vision.

Focus on everything as your eyes soften.

Keep breathing

Stay as long as you like

11. Be intimate

We kiss, moan, and breathe deeper during love. We get dopamine, oxytocin, serotonin, and vagus nerve stimulation.

Why not?

To sum up

Here are 11 vagus nerve resets:

1. Stretch

2. Breathe

3. Hum/Chant

4. More humor

5. Amuse yourself

6. Spend time outdoors

7. Leap into chilly water

8. Exercise

9. Play music with brainwaves.

10. Make gentle eyes.

11. Be intimate

If these words have inspired you, try my favorite breathwork technique. Combining breathing, chanting, and brainwave music. Win-win-win :)

Who is AMTD Digital?

An unknown Hong Kong corporation joined the global megacaps worth over $500 billion on Tuesday.

The American Depository Share (ADS) with the ticker code HKD gapped at the open, soaring 25% over the previous closing price as trading began, before hitting an intraday high of $2,555.

At its peak, its market cap was almost $450 billion, more than Facebook parent Meta or Alibaba.

Yahoo Finance reported a daily volume of 350,500 shares, the lowest since the ADS began trading and much below the average of 1.2 million.

Despite losing a fifth of its value on Wednesday, it's still worth more than Toyota, Nike, McDonald's, or Walt Disney.

The company sold 16 million shares at $7.80 each in mid-July, giving it a $1 billion market valuation.

Why the boom?

That market cap seems unjustified.

According to SEC reports, its income-generating assets barely topped $400 million in March. Fortune's emails and calls went unanswered.

Website discloses little about company model. Its one-minute business presentation film uses a Star Wars–like design to sell the company as a "one-stop digital solutions platform in Asia"

The SEC prospectus explains.

AMTD Digital sells a "SpiderNet Ecosystems Solutions" kind of club membership that connects enterprises. This is the bulk of its $25 million annual revenue in April 2021.

Pretax profits have been higher than top line over the past three years due to fair value accounting gains on Appier, DayDayCook, WeDoctor, and five Asian fintechs.

AMTD Group, the company's parent, specializes in investment banking, hotel services, luxury education, and media and entertainment. AMTD IDEA, a $14 billion subsidiary, is also traded on the NYSE.

“Significant volatility”

Why AMTD Digital listed in the U.S. is unknown, as it informed investors in its share offering prospectus that could delist under SEC guidelines.

Beijing's red tape prevents the Sarbanes-Oxley Board from inspecting its Chinese auditor.

This frustrates Chinese stock investors. If the U.S. and China can't achieve a deal, 261 Chinese companies worth $1.3 trillion might be delisted.

Calvin Choi left UBS to become AMTD Group's CEO.

His capitalist background and status as a Young Global Leader with the World Economic Forum don't stop him from praising China's Communist party or celebrating the "glory and dream of the Great Rejuvenation of the Chinese nation" a century after its creation.

Despite having an executive vice chairman with a record of battling corruption and ties to Carrie Lam, Beijing's previous proconsul in Hong Kong, Choi is apparently being targeted for a two-year industry ban by the city's securities regulator after an investor accused Choi of malfeasance.

Some CMIG-funded initiatives produced money, but he didn't give us the proceeds, a corporate official told China's Caixin in October 2020. We don't know if he misappropriated or lost some money.

A seismic anomaly

In fundamental analysis, where companies are valued based on future cash flows, AMTD Digital's mind-boggling market cap is a statistical aberration that should occur once every hundred years.

AMTD Digital doesn't know why it's so valuable. In a thank-you letter to new shareholders, it said it was confused by the stock's performance.

Since its IPO, the company has seen significant ADS price volatility and active trading volume, it said Tuesday. "To our knowledge, there have been no important circumstances, events, or other matters since the IPO date."

Permabears awoke after the jump. Jim Chanos asked if "we're all going to ignore the $400 billion meme stock in the room," while Nate Anderson called AMTD Group "sketchy."

It happened the same day SEC Chair Gary Gensler praised the 20th anniversary of the Sarbanes-Oxley Act, aimed to restore trust in America's financial markets after the Enron and WorldCom accounting fraud scandals.

The run-up revived unpleasant memories of Robinhood's decision to limit retail investors' ability to buy GameStop, regarded as a measure to protect hedge funds invested in the meme company.

Why wasn't HKD's buy button removed? Because retail wasn't behind it?" tweeted Gensler on Tuesday. "Real stock fraud. "You're worthless."