Gate Ventures

@Pendle ’s beta didn’t end with point farming. The source of demand is simply shifting: from airdrop leverage to real yield trading, with RWA assets becoming an increasingly important yield engine. This is where Pendle stands out — not as a points-farming venue, but as the yield distribution layer institutional capital actually needs. 97% of its top 10 TVL is now RWA-backed. That’s not a coincidence. Our latest read on why Pendle matters for institutional DeFi 👇 🔗 gate.com/blog/what-role…

How HIP-4 strengthens the $HYPE flywheel: More outcome markets → more trading volume → more fees → more $HYPE buybacks. Under HIP-4, outcome contracts settle in USDH and run natively on HyperCore. This creates multiple value loops: • trading fees flow back to $HYPE buybacks • USDH usage increases ecosystem stickiness • market creators must stake 1M $HYPE to deploy markets • malicious deployers risk being slashed • builders can earn fees, while the protocol still captures revenue So HIP-4 is not just a new product vertical. It adds another volume layer, collateral sink, and staking demand driver to the Hyperliquid ecosystem.

Polymarket & Hyperliquid HIP-4 are both entering prediction markets, but targeting completely different users. Polymarket: TV ads, pop-ups, mass branding → bringing outsiders in HIP-4: zero acquisition needed → just adds a new instrument for existing perp traders And the deeper edge? HIP-4 runs orders, matching, oracles & settlement fully onchain on HyperCore — their own L1, so no third-party gas fees either. Polymarket? Built on Polygon, matching is still partly off-chain.

HIP-4 has been live for around one week. With just one $BTC price outcome market open so far, it has already reached ~$3M in average daily volume, roughly in line with Polymarket’s average $BTC market volume of ~$2.6M. But the bigger point is not just “Hyperliquid is entering prediction markets.” HIP-4 is different because outcome contracts are embedded directly into Hyperliquid’s existing trading infrastructure: ・the same CLOB ・the same execution layer (HyperCore) ・the same unified collateral environment ・the same portfolio margin framework shared across spot and perps In other words, outcome contracts are not a standalone prediction market product. They are becoming a native trading primitive inside Hyperliquid. Source: @artemis , @Polymarket Analytics

Risk is becoming the core primitive of the next DeFi cycle. As capital flows back on-chain, the market is shifting focus from pure yield generation toward risk pricing, capital efficiency, and sustainable financial infrastructure. In our latest research, we examine: • The rise of on-chain insurance and reinsurance • RWAs as yield-generating collateral • The evolving role of risk curators • The future division between CEX distribution and DeFi execution • The evolution of DeFi vaults into broader financial platforms We believe the next phase of DeFi will be defined less by isolated protocols, and more by interoperable financial systems built around transparency, programmability, and scalable risk management. Full report: gate.com/blog/onchain-i…

Why is EM carry hard for retail investors? Because it is not just a “buy high-yield currency” trade. It requires: Local banking, custody, settlement, payment rails, domestic brokers, access to local MMFs/bonds, and regulatory onboarding. Traditionally, investing in TRY / BRL / ZAR carry was almost impossible for most retail users. RWA rails simplify the process: USDC/USDT is converted into fiat, swapped into local currency, hedged with matching USD FX forwards, and deployed into EM MMFs or local bonds. On redemption, the position is unwound, FX settles, USD returns on-chain, and NAV is reconciled daily. This turns a complex institutional carry trade into a programmable on-chain yield primitive.

Why the market still likes EM carry into 2026: Many EM economies such as Brazil, Turkey and South Africa still offer relatively high policy rates, while developed markets are gradually entering an easing cycle. That means the rate differential remains wide. If the Fed cuts rates, USD funding costs fall, making it cheaper to borrow dollars and allocate into higher-yielding EM assets. A weaker USD would further support EM currencies, which historically tends to be a positive backdrop for EM carry. The most watched carry currencies today remain BRL, TRY and ZAR — high-rate, higher-volatility currencies where the carry opportunity is most visible. Source: @business

One underexplored source of RWA yield for DeFi may come from EM/DM carry trades. EM currencies, which are usually seen as riskier, are now showing unusually low volatility, even swinging less than G7 currencies for nearly 200 straight days. If this continues, it could become one of the longest low-volatility streaks in over two decades. With a weaker USD, rising Fed easing expectations, and steady inflows into EM local assets, the carry trade setup is becoming more attractive again. This could create a new pipeline for on-chain yield. Source: @business

🎙️Gate Ventures New Podcast Series — The RWA Stack “DeFi Doesn’t Have a Cycle Problem — It Has a Collateral Problem” Is DeFi really broken — or just missing the right collateral layer? Join us for a deep dive into RWA, liquidity, and the future of on-chain credit 👇 👤 Host: Tiffany Chang, Gate Ventures @hella_tifficult 👤 Guest: Sonya Kim, Co-founder of 3F @sonyasunkim We’ll cover: • Why DeFi yields are stuck at 2–4% • How RWAs are reshaping on-chain liquidity • The missing link between tokenization and real markets • 3F’s approach to unlocking capital efficiency 📅 April 30 🕚 11PM UTC+8 | 4PM CET | 10AM EST Live on X, replay on YouTube, Apple Podcast, Spotify. Stay tuned!

We are excited to announce a strategic investment in 3F (@3f_xyz), supporting the development of leveraged RWA markets and counter-cyclical yield strategies in DeFi. While RWA adoption is accelerating, access to leverage and efficient capital deployment remains constrained by slow settlement cycles and fragmented liquidity across protocols. 3F introduces a more efficient approach — enabling leveraged carry strategies within a single settlement cycle, reducing reliance on iterative looping and improving capital efficiency. By abstracting complexity at the infrastructure layer, 3F enables broader participation in tokenized real-world asset markets, while supporting more efficient access to onchain yield opportunities. We see this as a critical evolution in DeFi — where infrastructure moves beyond access toward efficiency, scalability, and real economic utility. Learn more: gate.com/announcements/…