MotusAK

‘ello panicans

Late (in NYC) but a new story from me: @tradexyz started offering pre-IPO perps tied CXMT, China’s SK Hynix. Not surprised given the demand, but interesting and new product done by crypto - something we haven’t seen in the space for a bit

Hyperliquid quietly became the de facto category leader for commodity and equity perps and it did it by open-sourcing the builder layer. @HansonBirringer on the ethos behind it: let high-quality builders like @tradexyz deploy perps and list what traders actually want.

HYPERLIQUID POLICY CENTER AND TRADE.XYZ MET WITH SEC'S CRYPTO TASK FORCE TO ADDRESS CRYPTO REGULATION: WEBSITE

strength in eth/eth blue chips/bmnr + crcl getting squashed makes the spidey senses tingle re a positive clarity vote soon.

JPMorgan Cuts Circle and Coinbase Forecasts Over Hyperliquid Deal JPMorgan downgraded earnings estimates for Circle and Coinbase, stating their new agreement with Hyperliquid weakens USDC economics. Coinbase will now pay 90% of USDC reserve yields on the platform to Hyperliquid, instead of splitting it evenly with Circle. JPMorgan notes this creates a "prisoner's dilemma" for USDC distribution. Hyperliquid currently holds ~$6B USDC (8% of circulating supply).

Real-world asset (RWA) open interest on Hyperliquid reached a new ATH of $3.6B Total OI reached a new high for 2026 of $11B

@josefabregab @aave @avax @arc @babylonlabs_io Aavenomics 3.0 will place $AAVE into the center of the ecosystem

Jeff on how he views Hyperliquid relative to CEXs: > The House of All Finance is meant to be inclusive, not a vampire attack on existing businesses > Many CEXs view Hyperliquid as a competitor taking market share, he thinks that’s the wrong way to look at it > Hyperliquid is better viewed as a liquidity layer that exchanges and other financial platforms can plug in, similar to what @VALRdotcom has done > Instead of a battle between CEXs and DEXs, Jeff sees a collaborative future where Hyperliquid serves as core infrastructure for finance

I thought this was super cool. Only possible on perps (everyone in tradfi has to wait for stock to arb which will take 2-3 business days). Hyperliquid. @HyperliquidX @tradexyz

3 days into cash-cat:native listing on @RobinhoodCrypto ‘s @Lighter_xyz : $150,000 open interest. 6 hours into cash-cat:native listing on @HyperliquidX : $4,900,000 The people’s choice is clear Mr. @vladtenev . Roommates aside you can still make your shareholders a lot more money using HYPE’s buildercodes.

in hindsight itll be aaveious

morpho paid $150m in tokens to robinhood and burns $115m/year in incentives to subsidize a 7% APY that costs more than the protocol earns on lending. $50m TVL in 3 days sounds great until you do the math. that's $3 spent per $1 of TVL acquired. gross fees are $19m/month but net margins are near zero. lazy summer vault got hit for 6m DAI via flash loans 3 days before launch. the entire thesis depends on sticky TVL surviving the moment MORPHO rewards get turned off. this is the most expensive customer acquisition bet in DeFi history and it either becomes the stripe of onchain credit or the most elegant way to transfer VC capital to fintech users

@shaundadevens separate instances, usdc vs usdg, arcus? what are we doing here

Despite the success of Robinhood Chain, Lighter's instance has achieved only $559K in open interest. There are pros and cons to Lighter's partner integration strategy, but fragmenting liquidity across chains is never ideal. Let's see how it plays out.

sideline em again with a little sabre rattling

Phantom and the @HyperliquidPC just filed a joint letter with the @CFTC. The Commission asked which of its rules keep fintech firms from partnering with regulated markets. We gave a direct answer, and it starts with how onchain markets actually work:

CFTC just announced that it will stay CME's self-certification of 24/7 oil futures. We were all shocked when CME filed the self-cert, since @ChairmanSelig had been so clear that CFTC was still analyzing 24/7 trading for physical commodities. Turns out CME isn't above the law!

We've built the easiest way to bring DeFi into user-facing applications. Stable Vaults offer fixed yield, cross-chain access, multi-strategy allocation, tier-based rates, and more. Stable Vaults power the Aave App's Earn experience and are now available to businesses looking to offer stablecoin yield to their users.

Crypto projects are doing earnings calls Different era

I think Robinhood Chain is lame asf and any serious builder would just choose Solana or Base We don’t need 50 blockchains vamping liquidity from each other, we need 50 apps people love and use.