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Stop scrolling. This might be one of the most important thing happening on Hyperliquid right now and almost nobody is talking about it. What you're looking at is the first independent client achieving block hash parity with Hyperliquid validators. For non-technical people: Hyperliquid hasn't open-sourced its node client. The code that runs the network is a compiled binary, a black box. @androolloyd took that black box, 87MB of machine code with no documentation, and reverse-engineered it using AI and Ghidra. He decoded every formula, every structure, every protocol. Then he built his own client from scratch that produces the exact same results as the official validators. 3/3 match. For technical people: full verification chain cracked. keccak256 on raw msgpack for block response hashes. blake3 keyed for consensus transactions. LtHash16 with SSE2 paddw across 14 accumulators (11 L1 + 3 EVM) finalized with SHA-256 for state hashing. All reproduced independently from a stripped ELF binary with zero source code. What this means: anyone can now verify the Hyperliquid chain independently without trusting the official binary. This is the foundation for a truly decentralized validator set where operators don't depend on one codebase. Independent implementations make the network stronger, more resilient, and harder to compromise. The team didn't open-source the client. So someone reverse-engineered it and built one anyway. That's the kind of ecosystem Hyperliquid has. I'll be covering this work in depth over the coming days to make sure everyone understands the magnitude of what's being built here. Legendary work happening in real time. Hyperliquid.

HIP-3 & @tradexyz Momentum In 4 Charts ▫️HIP-3 7d and 14d average OI have reached new highs for 36 consecutive days, now at ~$1.6B and ~$1.5B respectively. ▫️HIP-3 shows sustained high growth, with volumes scaling rapidly (~$50B monthly volume), while MoM% has ranged from ~42% to as high as 200%. ▫️Trade.xyz is HIP-3. Market dominance nearing 90%. ▫️HIP-3 7-day and 14-day average daily volumes provide a clearer view of the current trend, up ~1400% and ~1300% YTD respectively. $2B in daily volume is becoming the new norm. Congrats to XYZ for setting the pace. What’s being built right now is unprecedented, and the execution has been exceptional. Learn more about Hyperliquid and HIP-3 below. Hyperliquid.

1️⃣ How Hypersurface Actually Works There has been increasing interest in how on-chain options liquidity is created and how Hypersurface operates under the hood. 👇 This post breaks down the mechanics. - 2️⃣ How options liquidity works in traditional markets In OTC options markets, liquidity is not passive. When a user sells an option, a desk takes the other side and replicates the payoff through delta hedging. This process requires collateral to secure the position and capital to hedge directional exposure. If the user does not provide collateral, the desk must source capital externally. That cost of capital is embedded into pricing. The result is wider spreads and lower premiums for the user. - 3️⃣ What Hypersurface changes Hypersurface removes the dependency on external desks. Liquidity is created directly within the protocol. Instead of routing flow to third parties, the system prices the option, takes the position, and hedges exposure programmatically. - 4️⃣ Execution and hedging When a position enters the system, the protocol computes the delta of the position and executes a corresponding hedge directly on Hyperliquid. This is not manual execution. It is deterministic and contract-driven. - 5️⃣ Why Hyperliquid matters This architecture is enabled by Hyperliquid’s core<>EVM integration. It allows smart contracts to execute trades directly on the exchange without transferring funds to externally controlled accounts. This removes a critical trust assumption present in most systems. - 6️⃣ Fund custody and control. User funds remain within smart contracts at all times. There is no transfer to team-controlled wallets, no manual custody layer, and no off-chain execution dependency. All actions, including hedging and settlement, are executed at the contract level. - 7️⃣ What this enables. By internalizing liquidity and automating hedging, the system achieves tighter pricing, improved capital efficiency, and scalability without solely relying on external market makers. Market makers can participate to improve the quote, but they have to compete with the protocol, which results in better, more reliable prices for users. - 8️⃣ Context. In traditional and CeFi systems, similar strategies exist. However, they rely on centralized exchanges, custodial execution, and off-chain coordination. Hypersurface replicates these mechanics on-chain with reduced trust assumptions and full transparency. - 9️⃣ Conclusion. Liquidity is created within the protocol. Exposure is hedged programmatically. Funds remain in smart contracts. No intermediaries. No manual execution. This is how on-chain options infrastructure scales. - Join the Hypersurface community on Telegram or Discord! 📎 t.me/hypersurfaceX 📎 discord.gg/B8ABY5YKt2

If you ask me whether $HYPE is still cheap, I don’t think it is anymore. Here’s why 👇 @HyperliquidX is honestly one of the cleanest executions I’ve seen: – Operation with only ~12 people. – ~$600M annualized fees. – near-zero CAC & real buyback loop. But the part I care about more is what does it actually take for a liquidity venue like this to justify a $9B valuation? Because this is where most people stop thinking. When you run it backwards (reverse DCF), the market is implicitly pricing $HYPE with ~$11.5B revenue in ~4 years, ~110% CAGR from today and sustained dominance in perps. That’s historically unprecedented growth for any exchange. Even in TradFi such as CME, Nasdaq or ICE… none scaled as fast as Hyperliquid does. Even in crypto, the closest comp is Binance during peak chaos cycles. So I suddenly think can crypto liquidity infra concentrate that much value, that fast, and hold it? Now I zoom out, Perps are becoming the core liquidity primitive of crypto. Because they’re capital efficient, always-on with no expiry friction. So naturally, every serious player is moving here. But liquidity infra is never stable, I’ve already seen the rotation from GMX / Synthetix, then dYdX and now Hyperliquid. Each one looked dominant… until they weren’t. That’s the nature of liquidity. It moves to better pricing, deeper books and better incentives. And this is why I think most people are missing the bigger picture: Liquidity infra is becoming the most competitive layer in crypto. It’s where fees concentrate, volume aggregates and of cource real revenue exists. Which means everyone is coming back to Hyperliquid a year consistently, it already means they have built loyal user-base. And CEX distribution is still massively underrated. They can compress fees to near zero if needed. So when I look at $HYPE here, I believe it’s a bet on Hyperliquid becoming the dominant liquidity layer of crypto derivatives. And sustaining that through fee wars, market expansion, new entrants and shifting liquidity. I think @HyperliquidX is real and perps are inevitable, hence onchain execution keeps gaining share. But I also think liquidity infra has the weakest moats in crypto and current pricing already assumes everything goes right at the same time. So the asymmetry on $HYPE here isn’t obvious. Sadly to say but you’re not early anymore. The good news is that $HYPE is still the most liquid perps in the market, so if you are betting on $HYPE, you’re still in the right place.

If you ask me whether to hold $TAO or $HYPE right now, I’m still choosing $TAO | @opentensor. I spent time comparing all the key data (MC, FDV, revenue, tokenomics, adoption), and here’s how I see it. [1] $HYPE is strong on current fundamentals – ~$739M annualized revenue. – ~$5.27B TVL. – $5B+ daily perp volume – 97% of fees used for buyback & burn. → This is a real DeFi money machine. No debate here, $HYPE is one of the strongest cashflow protocols in the market. [2] But its valuation already reflects that – ~$9.1B MC – ~$37B FDV – Supply unlock until 2027-2028. → For price to move significantly, volume needs to grow a lot more. I don't think it can pump strong rn. So I see $HYPE as a DeFi blue-chip: – stable – revenue-driven – but limited % upside from here. [3] $TAO is positioned very differently – ~$3B MC – ~$6.6B FDV – 21M max supply + halving. → Bitcoin-like structure, but in the AI narrative. More importantly: – ~77% of supply is staked – emissions already reduced after halving → A strong supply squeeze is forming. [4] $TAO is not about current revenue, it’s about future positioning – 128 active subnets. – growing AI compute, inference, and data usage. – top subnets already generating ~$20M ARR. But what I care about is not current revenue. → It’s who captures compute if AI becomes core infrastructure I still hold both but if I had to choose one, I would pick $TAO. Because rn, I’m betting on AI being the dominant narrative over the next 3-5 years. 1000$ is my first target for $TAO.

@MizerXBT Can you show your view on hype?