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3/ But commodities are where the real volume is. This RWA asset class crossed $1B in daily perp volume during Q1. On both @HyperliquidX and @Ostium, commodities accounted for mroe than half of all RWA perp activity. Ostium alone was sitting above $150M in commodity open interest. Meanwhile, gold on Hyperliquid regularly saw ~$200M OI against $100M daily volume as gold prices whipsawed week-to-week. Silver was an outlier, with perp volume frequently 2-3x gold's, often around 40% of precious metals perp activity despite having a significantly smaller onchain spot footprint. Copper and oil were, and to some degree still are, nascent markets. Copper ran ~$8M in daily perp volume with $28M OI, and oil around $1M daily with ~$5M OI. Zooming out, data from @DefiLlama's LlamaAI shows total commodity perp volume hit $80.3B in Q1 2026. And now that Q2 has just wrapped, that figure grew nearly 20% to $95.7B. Those figures go beyond the scope of the report, but give a sense of the broader scale this market is operating at.

Camila is joined by: Kaledora Kiernan-Linn — Co-Founder, @ostium Aryan Sheikhalian — Head of Research, @CMT_Digital Lincoln Murr — AI Product Lead, @coinbase Alex Gluchowski — CEO, @the_matter_labs David Lawant — Head of Research, @Anchorage x.com/i/broadcasts/1…