Uncategorized
Crypto Daybook Americas: Bitcoin Slides to $83K as U.S. Tariffs Rattle Stocks, Currencies

By James Van Straten (All times ET unless indicated otherwise)
Liberation Day is done, and markets finally have clarity on U.S. tariffs. Starting April 5, all U.S. trading partners will face a minimum of a 10% import tariff, with higher, country-specific tariffs kicking in on April 9 for about 60 countries.
President Donald Trump introduced the tariffs based on perceived trade imbalances and non-tariff barriers, saying the goal is to encourage reshoring of production, generate revenue to help fund tax cuts and level the playing field for U.S. manufacturers.
Among the most affected countries is China, which faces a new 34% tariff on top the existing levy, bringing its total to 54%. Many other Asian economies have also been hit hard, while the European Union faces a 20% tariff.
There’s been growing interest in how the U.S. determined the tariff rates, which the administration called reciprocal. One user on X claims to have cracked the formula: Take a country’s trade deficit with the U.S. and divide it by that country’s exports to the U.S.
For example, Vietnam exports $136.6 billion to the U.S. and imports just $13.1 billion, resulting in a $123.5 billion trade deficit. When you divide the deficit by exports, you get about 90%, which aligns with the implied reciprocal tariff rate the U.S. has applied.
Global stocks are under pressure, with the Nikkei 225 losing 2.8% after dropping as much as 4.6% and the FTSE 100 losing more than 1%. Nasdaq futures are down over 3.5%. Vietnam led losses in Asia, falling 5.5% in its worst single-day drop for over four years.
The dollar weakened too, with the yen rallying to 147 against the U.S. currency and the pound to 1.31. The dollar index (DXY) fell to 102.5. Bitcoin (BTC) remains firm above $83,000, though still below its 200-day moving average of $86,400 — a key level it needs to reclaim.
The all-important U.S. 10-year Treasury yield is hovering just above 4%, the lowest level since October, which is seen as a positive for the administration in order to get interest-rates down. Stay alert!
What to Watch
Crypto:
April 5: The purported birthday of Satoshi Nakamoto.
April 9, 10:00 a.m.: U.S. House Financial Services Committee hearing about how the U.S. securities laws could be updated to take into account digital assets. Livestream link.
Macro
April 3, 8:30 a.m.: The U.S. Department of Labor releases unemployment insurance data for the week ended March 29.
Initial Jobless Claims Est. 225K vs. Prev. 224K
April 3, 9:00 a.m.: S&P Global releases Brazil March purchasing managers’ index (PMI) data.
Composite PMI Prev. 51.2
Services PMI Prev. 50.6
April 3, 9:30 a.m.: S&P Global releases Canada March purchasing managers’ index (PMI) data.
Composite PMI Prev. 46.8
Services PMI Prev. 46.6
April 3, 9:45 a.m.: S&P Global releases (Final) U.S. March purchasing managers’ index (PMI) data.
Composite PMI Est. 53.5 vs. Prev. 51.6
Services PMI Est. 54.3 vs. Prev. 51
April 3, 10:00 a.m.: Institute for Supply Management (ISM) releases U.S. March economic activity data.
Services PMI Est. 53 vs. Prev. 53.5
April 3, 10:00 a.m.: April 3, 10:00 a.m.: The U.S. Senate Banking Committee will meet in executive session to vote on the nominations of Paul Atkins as SEC chair and Jonathan Gould as comptroller of the currency. Livestream link.
April 3, 12:30 p.m.: Fed Vice Chair Philip N. Jefferson will give a speech titled “U.S. Economic Outlook and Central Bank Communications.” Livestream link.
April 4, 8:30 a.m.: Statistics Canada releases March employment data.
Unemployment Rate Est. 6.7% vs. Prev. 6.6%
April 4, 8:30 a.m.: The U.S. Bureau of Labor Statistics releases March employment data.
Nonfarm Payrolls Est. 140K vs. Prev. 151K
Unemployment Rate Est. 4.1% vs. Prev. 4.1%
April 4, 11:25 a.m.: Fed Chair Jerome H. Powell will give a speech titled “Economic Outlook.”
April 5, 12:01 a.m.: The Trump administration’s 10% baseline tariff on imports from all countries takes effect.
April 9, 12:01 a.m.: The Trump administration’s higher individualized tariffs on imports from top U.S. trade deficit countries take effect.
Earnings (Estimates based on FactSet data)
No earnings scheduled.
Token Events
Governance votes & calls
Yearn DAO is discussing a revised proposal to endorse and fund “Bearn,” a new sub-DAO for building DeFi products including a yield-backed stablecoin and a BGT liquid locker. The proposal seeks $200,000 for audit costs and $1 million in locked liquidity, offering 5% of BEARN tokens to the Yearn Treasury in return.
Lido DAO is discussing the re-endorsement of wstETH on Starknet as the canonical bridge endpoint following a completed migration from the legacy token.
April 3, 9 a.m.: SafePal, Wallet Connect and Trader to host a monthly community livestream discussing monthly updates for the projects.
April 3, 2 p.m.: Arbitrum to host an X Spaces session on real-world assets on Arbitrum.
April 3, 3 p.m.: Movement to host an X Spaces session on non-fungible tokens.
April 3, 12 p.m.: Seamless Protocol, Morpho Labs and Gauntlet to host an Ask Me Anything (AMA) session.
April 3, 12 p.m.: Wormhole to host an ecosystem call covering the latest updates and developments.
April 7, 9 a.m.: OriginTrail to host a “Shaping AI for Good” Zoom talk.
April 7, 4 p.m.: Livepeer to host a monthly community call focused on governance, funding and the strategic direction of its on-chain treasury.
Unlocks
April 3: Wormhole (W) to unlock 47.64% of its circulating supply worth $118.42 million.
April 5: Ethena (ENA) to unlock 3.25% of its circulating supply worth $55.30 million.
April 7: Kaspa (KAS) to unlock 0.59% of its circulating supply worth $9.73 million.
April 9: Movement (MOVE) to unlock 2.04% of its circulating supply worth $19.71 million.
April 12: Aptos (APT) to unlock 1.87% of its circulating supply worth $59.49 million.
Token Listings
April 3: Mantle (MNT), Vine Coin (VINE), CZ’s Dog (BROCCOLI), Moca Network (MOCA) and Nakamoto Games (NAKA) to be listed on DigiFinex.
April 3: Binance to list Gunz (GUN).
April 4: Pintu (PTU), Spartan Protocol (SPARTA), Derby Stars (DSRUN), Veloce (VEXT), BOB, and Kryptonite (SEILOR) to be deslisted from Bybit.
Conferences
CoinDesk’s Consensus is taking place in Toronto on May 14-16. Use code DAYBOOK and save 15% on passes.
Day 2 of 2: Southeast Asia Blockchain Week 2025 Main Conference (Bangkok)
Day 2 of 4: ETH Bucharest Conference & Hackathon (Romania)
Day 1 of 4: BitBlockBoom (Dallas)
April 6-9: Hong Kong Web3 Festival
April 8-10: Paris Blockchain Week
April 10: Bitcoin Educators Unconference (Nashville)
April 15-16: BUIDL Asia 2025 (Seoul)
April 22-24: Money20/20 Asia (Bangkok)
April 23: Crypto Horizons 2025 (Dubai)
April 23-24: Blockchain Forum 2025 (Moscow)
April 24: Bitwise’s Investor Day for Bitcoin Standard Corporations (New York)
Token Talk
By Shaurya Malwa
Treasure DAO, a decentralized video-game ecosystem, is restructuring to extend its financial runway to February 2026, with chief contributor John Patten resuming a leadership role and proposing a plan to streamline operations, cut costs, and focus on four key products: marketplace, Bridgeworld, Smolworld and AI agent.
As part of cost-cutting measures, 15 contributors have left or been laid off, Patten said in a video posted on X, and game publishing support and the treasure chain will be terminated.
He further proposed withdrawing $785,000 from Flowdesk to increase the DAO’s treasury, which currently holds $2.4 million and 22.3 million MAGIC tokens valued at $2.3 million.
Patten warned that with the current burn rate of $8.3 million annually and a potential decline in MAGIC’s value, the DAO could become unsustainable between December 2025 and February 2026 without these changes.
Derivatives Positioning
BTC, ETH basis on the CME and offshore exchanges is holding at around an annualized 5% after the overnight sell-off.
XRP, BNB and SOL are seeing negative funding rates in a sign of renewed bias for bearish, short bets, according to data source Velo.
XRM, BTC and OM stand out with positive cumulative volume deltas hinting at net buying in the past 24 hours.
The bearish mood in Deribit’s BTC and ETH options now extends out to the end of June as opposed to May before the U.S. tariff announcement.
Market Movements
BTC is down 2.17% from 4 p.m. ET Wednesday at $83,799.17 (24hrs: -1.62%)
ETH is down 1.93% at $1,844.66 (24hrs: -3.15%)
CoinDesk 20 is down 0.56% at 2,559.88 (24hrs: -0.07%)
Ether CESR Composite Staking Rate is down 8 bps at 3.02%
BTC funding rate is at 0.0047% (5.0983% annualized) on Binance
DXY is down 1.66% at 102.09
Gold is up 0.32% at $3,149.9/oz
Silver is down 4.14% at $33.07/oz
Nikkei 225 closed -2.77% at 34,735.93
Hang Seng closed -1.52% at 22,849.81
FTSE is down 1.33% at 8,494.33
Euro Stoxx 50 is down 2.13% at 5,191.06
DJIA closed on Wednesday +0.56% at 42,225.32
S&P 500 closed +0.67% at 5670.97
Nasdaq closed +0.87% at 17,601.05
S&P/TSX Composite Index closed +1.09% at 25,307.20
S&P 40 Latin America closed +0.3% at 2,448.23
U.S. 10-year Treasury rate is down 7 bps at 4.05%
E-mini S&P 500 futures are down 3.05% at 5,538.00
E-mini Nasdaq-100 futures are down 3.3% at 19,105.25
E-mini Dow Jones Industrial Average Index futures are down 2.53% at 41,416.00
Bitcoin Stats:
BTC Dominance: 62.86 (0.13%)
Ethereum to bitcoin ratio: 0.02176 (0.05%)
Hashrate (seven-day moving average): 835 EH/s
Hashprice (spot): $47.31
Total Fees: 4.43 BTC / $377,634
CME Futures Open Interest: 138,385 BTC
BTC priced in gold: 26.5 oz
BTC vs gold market cap: 7.53%
Technical Analysis
Solana’s SOL token dropped below $125, which acted as demand zone several times last year.
The breakdown of the key support signals continuation of the downtrend, with the next support at $100 followed by $78, the January 2024 low.
Crypto Equities
Strategy (MSTR): closed on Wednesday at $312.54 (+2.13%), down 4.69% at $297.89 in pre-market
Coinbase Global (COIN): closed at $182.95 (+4.83%), down 5.49% at $172.90
Galaxy Digital Holdings (GLXY): closed at C$17.10 (+4.72%)
MARA Holdings (MARA): closed at $12.42 (+4.9%), down 6.28% at $11.64
Riot Platforms (RIOT): closed at $8.02 (+6.37%), down 5.61% at $7.57
Core Scientific (CORZ): closed at $8.42 (+5.25%), down 6.18% at $7.90
CleanSpark (CLSK): closed at $8.02 (+6.08%), down 7.11% at $7.45
CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $14.24 (+4.17%)
Semler Scientific (SMLR): closed at $37.03 (+1.4%)
Exodus Movement (EXOD): closed at $47.33 (+3.73%), down 0.72% at $46.99
ETF Flows
Spot BTC ETFs:
Daily net flow: $218.1 million
Cumulative net flows: $36.33 billion
Total BTC holdings ~ 1.12 million.
Spot ETH ETFs
Daily net flow: -$51.3 million
Cumulative net flows: $2.38 billion
Total ETH holdings ~ 3.42 million.
Source: Farside Investors
Overnight Flows
Chart of the Day
Traders on decentralized prediction platform Polymarket now see an above-50% chance of the U.S. economy slipping into a recession this year.
The outlook may weigh on risky assets in the short-term.
While You Were Sleeping
U.S. Recession Odds Surge in Prediction Markets on Tariff Shock. What Next for BTC? (CoinDesk): Recession odds on Kalshi and Polymarket jumped above 50% after the tariff announcement, sending U.S. stock futures and bitcoin lower on trade war fears.
Bitcoin Nears Death Cross, Yuan Tumbles With Asian Markets After Trump Tariffs Put Focus on China’s Response (CoinDesk): Asian equities and U.S. stock futures declined, while bitcoin approached a bearish technical pattern amid escalating trade tensions.
XRP in Focus as RLUSD Sees $100M Minted on Ripple Payments Boost (CoinDesk): Ripple’s RLUSD stablecoin saw increased issuance this week following its addition to the company’s payments platform.
Trump’s ‘Reciprocal’ Tariff Formula Is All About Trade Deficits (Bloomberg): The White House said the individualized reciprocal tariffs were set by halving each country’s 2024 trade surplus with the U.S. as a share of its exports.
EU’s Von Der Leyen Vows Response to Trump’s 20% Tariffs (The Wall Street Journal): Von Der Leyen said the bloc is finalizing a response to steel tariffs and warned further retaliatory measures were in the works if talks with the U.S. fail.
‘Absolutely Nothing Good’ Coming out of Trump’s Tariff Announcement: Analysts React to Latest U.S. Levies (CNBC): Analysts warned Trump’s sweeping tariffs could spark stagflation, damage global growth and drive the U.S. into recession, with some noting the measures rival 1930s-era trade barriers.
China Urges U.S. to Immediately Lift Tariffs, Vows Retaliation (Reuters): China’s Commerce Ministry said the U.S. tariffs ignore past multilateral trade agreements and overlook how much Washington has historically gained from global commerce.
In the Ether
Uncategorized
BTC, ETH, XRP Set For a Near-Term Bounce as Attention Turns to Rate Cuts

An oversold market and reactions to U.S. tariffs may be a thing of the past with traders now eying new economic data and rate cuts in the coming months — with expectations of a bitcoin bounce in the near term.
Crypto markets saw high volatility on Wednesday and Thursday in the run-up to the tariff announcement, where President Donald Trump levied a minimum 10% fee on all imports to the country.
Major tokens bitcoin (BTC), ether (ETH), Solana’s SOL, XRP (XRP), and others, zoomed ahead of the speech and slumped as global markets fell, reversing all gains from the start of the week.
Markets have since shown an uptick in prices on Friday morning, with BTC steady above $83,100, ETH retaking $1,800 and XRP, SOL and ADA rising over 2%.
Ahead of Trump’s speech, investors transferred larger volumes of Bitcoin, ETH, and XRP into exchanges, suggesting a growing intent to sell, per a CryptoQuant note shared with CoinDesk on Thursday. Bitcoin transactions surged to as much as 2,500 BTC in a single block just hours after Trump began speaking.
In the U.S., Coinbase also saw a rise in bitcoin deposits, particularly from large holders.
Similarly, ETH inflows into exchanges spiked to an hourly peak of approximately 80,000 ETH. XRP transfers into Binance jumped to 130 million in one hour, up from under 10 million XRP per hour throughout most of the previous day.
These rising exchange inflows reflected investor willingness to exit positions amid growing economic uncertainty, CryptoQuant said, with demand for Bitcoin and ETH declining in the perpetual futures market as traders closed their long positions to take profits.
But with headwinds behind and a new economic data set to be released later Friday could provide the impetus for a short-term relief in markets.
Attention is on the non-farm payroll report scheduled for a Friday release. The monthly U.S. economic indicator released by the Bureau of Labor Statistics shows the change in employment, reflecting job creation, unemployment trends, and wage growth, offering insight into economic health.
“Investors are bracing for signs of softness in the U.S. labour market,” Singapore-based QCP Capital said in a Telegram broadcast earlier Friday. “ A weaker-than-expected print would bolster the case for further Fed rate cuts this year, as policymakers attempt to cushion a decelerating economy.”
Data shows markets are pricing in four rate cuts in 2025 — 0.25 bps each in June, July, September and December. Rate cuts occur when a central bank, like the Federal Reserve, lowers interest rates to stimulate economic growth by making borrowing cheaper.
Bitcoin, and the broader market, tend to react positively to rate cuts, as lower rates reduce the appeal of traditional investments like bonds, driving investors toward alternatives like BTC. Additionally, a weaker dollar can enhance BTC’s value as a hedge against inflation or currency devaluation.
QCP Capital said it continues to observe elevated volatility in the short term, with more buyers of downside protection.
“That said, with positioning now light and risk assets largely oversold, the stage may be set for a near-term bounce,” the fund said.
Uncategorized
Not a Meme! DePIN Can Take Crypto Mainstream

For years, the crypto market has thrived on speculation, where excitement, hype and fleeting trends attract value instead of fundamentals. Investors have continually poured money into tokens fueled by viral moments, chasing rapid gains. Time and again, a select few of these investments soar to incredible heights, only to come crashing down. With over 33 million tokens in circulation, the competition to attract attention gets harder and harder and investor attention is ever more fleeting. But DePIN can change this. With compelling businesses attracting real customers and revenue built on well designed token economics, DePIN can set a new standard of fundamentals in crypto.
As our DePIN Token Economics Report outlines, Decentralized Physical Infrastructure Networks (DePIN) offer a number of compelling businesses with fundamental value. Unlike typical crypto projects driven by speculation, DePIN offers a different approach. It uses blockchain technology to support real-world infrastructure, creating tangible value and generating real revenue. Instead of relying on hype, it builds a financial system based on actual demand, making it a more sustainable and practical model.
Rather than resembling major crypto networks like Bitcoin or Ethereum, DePIN operates more like capital-light marketplaces such as Uber and Airbnb, but with key distinctions. While both models connect providers with customers without funding infrastructure, DePIN providers are compensated in tokens that can appreciate in value, akin to Uber drivers or Airbnb hosts receiving equity. Additionally, most DePINs sell to businesses which eliminates the need for massive marketing expenses required in building a consumer brand.
DePIN offers a compelling business model and, unlike memes that come and go, it is the beginning of crypto’s transformation into a mature, revenue-generating industry.
From Hype to Revenue-Driven Models
At its core, DePIN represents a paradigm shift. Traditionally, blockchain-based businesses have relied on hype to attract buyers. In the absence of traditional fundamentals, the industry cycled through endless metrics such as TPS, TVL, Telegram channel size, followers on X and many others. Many projects have attempted to build decentralized ecosystems. But, without real customers paying for services, they have largely functioned as economies fueled by speculation rather than external demand.
DePIN changes this by integrating blockchain technology with physical and digital infrastructure, creating compelling services that generate revenue. Whether it is decentralized cloud computing, wireless networks, mapping or storage solutions, DePIN projects offer services like traditional businesses and with customers who pay for usage. When combined with the correct token economics, it creates a sustainable financial model.
As DePIN generates growing revenue, it is likely to draw institutional investors who have long been skeptical of crypto’s reliance on hype and speculation. The projects that successfully correlate the token demand to actual business growth will not only survive the current market but also set the standard for the next generation of blockchain companies
The report also highlights one of the most compelling aspects of DePIN, the use of buy-and-burn, which removes the need to have an expanding pool of new buyers. Instead, these projects use a portion of their revenue to repurchase and burn tokens, permanently reducing supply and potentially driving long-term price appreciation similar to stock buybacks.
This approach is in stark contrast to most of crypto which relies on new buyers to sustain and grow their value.The buy-and-burn model ensures that as DePIN businesses grow and generate more revenue, their token ecosystems become more resilient to market fluctuations. Some DePIN tokens are already demonstrating this by decoupling from broader crypto market trends, proving that real-world adoption can lead to price stability and long-term investor confidence.
Aligning Incentives for Sustainable Growth
While DePIN offers significant potential, it also comes with challenges. One major concern is transparency, as most projects lack traditional financial reports, audits, or clear revenue statements. However, blockchain itself provides a solution — on-chain verification through buy-and-burn mechanisms allows for real-time financial tracking, giving investors a clearer picture of a project’s health.
Another challenge is customer adoption. Many businesses and consumers remain concerned due to crypto’s volatility. To address this, DePIN projects are introducing fiat payment options and stablecoin rewards, making it easier for everyday users to interact with these decentralized services without needing prior crypto or Web3 experience.
For DePIN to succeed, its incentive structures must be designed to keep all stakeholders — providers, users, and investors aligned. One way to achieve alignment is through staking mechanisms, especially in cloud-based networks where service providers lock up tokens as collateral to guarantee reliability. Projects like Filecoin and Fluence already use this approach, ensuring accountability while strengthening network security. Others, such as Render and Livepeer, take a different route by distributing a share of network revenue to token stakers, creating a system similar to dividends that rewards long-term commitment.
Governance will also be critical as DePIN projects decentralize. To prevent large token holders from short-term profiteering for quick gains, new governance models like quadratic voting and weighted staking are emerging. These frameworks help keep decision-making balanced, ensuring that projects remain sustainable and fair as they evolve.
DePIN isn’t just another blockchain investment vehicle, it is laying the foundation for real, decentralized infrastructure. While meme coins have shown that crypto can generate hype, they rarely create lasting value. In contrast, DePIN is developing businesses that can compete with centralized companies by focusing on real-world utility.
With token models backed by revenue, deflationary supply mechanics, and increasing interest from institutional investors, DePIN is redefining how blockchain networks should function. The projects that successfully address capital efficiency, align incentives, and navigate regulatory challenges will be the ones that lead this next phase of decentralized technology.
As DePIN matures, its token models will continue to evolve. Optimizing capital efficiency through transparent buy-and-burn rates will ensure liquidity while maintaining long-term value. Governance structures will adapt to prevent short-term actors from derailing network growth. By 2026, DePIN will be recognized as the benchmark for sustainable blockchain economies, proving that crypto can function as more than a speculative asset class.
The crypto industry stands at a crossroads. Investors, developers, and institutions must choose between supporting unsustainable token models or supporting projects that create real value. For the space to mature, it needs to move beyond pure speculation, and DePIN is at the forefront of that transformation.
Uncategorized
TON’s Dramatic Volatility Signals Market Uncertainty

Market Recovery Amid Institutional Confidence
The cryptocurrency market remains in turbulent territory as Toncoin (TON) demonstrates both significant volatility and remarkable resilience.
After forming a head-and-shoulders pattern with strong resistance at $4.15, TON has recovered from its recent lows. It is now trading at $4.13 with a 12.5% weekly gain.
This recovery comes amid news that leading venture capital firms, including Sequoia, Ribbit Capital, and Benchmark, collectively hold over $400 million in TON, signaling institutional confidence in the blockchain’s future.
TON Technical Analysis Highlights
Price action formed a head-and-shoulders pattern with resistance at $4.15 and support at $3.60.
The support level at $3.60 was breached during the April 3rd selloff.
Volume analysis shows distribution phases coinciding with price peaks, suggesting institutional profit-taking.
Fibonacci retracement indicates potential stabilization around the 0.618 level at $3.58.
Cup-and-handle formation appeared during recovery with initial resistance at $3.58.
Strong buying pressure was observed during the 15:32-15:34 and 15:58 periods.
Price reclaimed the Fibonacci 0.382 level at $3.59, suggesting potential continuation toward $3.65.
Disclaimer: This article was generated with AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy. This article may include information from external sources, which are listed below when applicable.
TheNewsCrypto, “Toncoin (TON) Eyes $4 as Bullish Momentum Builds,” accessed April 3, 2025
CryptoNews, “Is This the Next Solana? Toncoin’s $400 Million VC Investment Surge Signals Explosive Upside,” accessed April 3, 2025
CryptoDaily, “AI Predicts 12,500% Gains for Remittix (RTX), 232% for Chainlink (LINK) — But to Sell Toncoin (TON), Shiba Inu (SHIB) Fast,” accessed April 3, 2025
TheNewsCrypto, “Toncoin (TON) Price Prediction,” accessed April 3, 2025
Bitcoin Sistemi, “Top Crypto Platforms: Binance Coin, BlockDAG, Tron, Toncoin Poised for Major Growth in 2025,” accessed April 3, 2025
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