Semantic Layer

@louisdives pretty awesome. not everyone has $30M to stake, but we can all play around with opinion market testing meow

IT’S HAPPENING. Hyperliquid HIP-4 permissionless deployments just went LIVE on testnet. Jeff confirmed it himself. This is the one I’ve been waiting for. Quick context: HIP-4 is Hyperliquid’s prediction markets, and permissionless means ANYONE qualified can now create their own outcome markets. Same playbook that made HIP-3 explode, pointed at something way bigger. Testnet now, mainnet next. Every deployer stakes HYPE, so more markets = more fees = more burns. While everyone panics about the price of $HYPE, Hyperliquid quietly shipped a whole new market category. This is why I stay long term bullish.

@NMTD8 @TheArbingCat fr fr

@TheArbingCat Deployers can already change the discount %. The max is 90% however. I think the discount should be 50-80% for now.

HIP-3 is now doing 50%~ of HL volumes. Much more volatile than crypto, can do unlimited size and only paying 1/10 of the fees. It's time to raise HIP-3 fees slightly, maybe from a 90% discount to a 80% discount. Hyperliquid.

All the Hyperliquid drama this week are one-offs: RWA oracle mishaps and big unlocks. Many unlockers restake, and the damage from sellers is already soaked If this is max FUD, we're even more bullish HL, vaults, and can't wait to join the eco.

@ericonomic Minimum

people keep asking me if the target for hyperliquid:native is $100B, i am genuinely not joking when i say the target is trillions, first Hyperliquid becomes the biggest exchange, then it becomes the biggest L1, then every asset in existence trades there because why wouldn’t it, then every chain routes liquidity through Hyperliquid, then every fintech quietly rebuilds its backend on it, then governments accidentally start settling debt in HYPE because it was cheaper, then jeff launches something on a random tuesday that doubles revenue again, we’ve seen AI companies go from $100B to $1T in a year and crypto narratives print hundreds of billions out of nowhere, this time the product actually works, the capital is sitting on the sidelines and the only thing stopping us is that nobody’s imagination is big enough

Nasdaq needed SEC approval to expand open hours Meanwhile, HIP-3 markets have been 24/7 from day one, and now 60%+ of their volume happens while US markets are closed The next unlock is making HIP-3 native to HL vaults... Any thoughts @chameleon_jeff ?👀

@tumilet 👀👀

Narrative violation? ethereum:0x1f9840a85d5af5bf1d1762f925bdaddc4201f984 is more attractive here vs $LIT and $HYPE

@KaitoAI creator cancer is back

Introducing Kaito Katalyst, a new reward layer for creator campaigns, where projects pay for what creators actually drive. This is the closest thing yet to the model many of you have been asking for, rebuilt with a better mechanism underneath and in line with platform rules. Built on Kaito's latest intelligence infrastructure, projects can attribute rewards using a flexible set of criteria, including mindshare, clicks, sign-ups, deposits, in-platform activity, and more. It is powered by our broader data agreement with X, our verification architecture with @Brevis_zk, and proprietary attribution infrastructure built in-house. We have spent the past two months piloting Kaito Katalyst with AI labs, consumer AI apps, smart hardware companies, and businesses across crypto and finance. Several are already in test mode, with some launching imminently. For TGE projects, we are also introducing a dedicated format with no service fee. Instead, projects put up a refundable deposit alongside the reward pool, so creators know the funds are committed before they post. Each campaign publishes its token allocation pool and vesting terms upfront, so creators know exactly what they are earning and when. 80% of each token pool goes to the creators who drove the results, while the remaining 20% goes to $KAITO stakers and YT-sKAITO holders on @pendle_fi. Long-term holders and Yapybara holders earn a multiplier for their commitment. This brings back the Stakedrop mechanism we have run since 2025, accruing significant value to the broader Kaito ecosystem - equivalent to a ~136% annualized return. The market structure may look different from the last cycle, though our biggest opportunities have always come from experimental breakout projects - the very teams this format is best suited for. It allows promising projects to get bootstrapped without an upfront cost, gives more creators access to real opportunities, and enables those backing Kaito to share the upside. The same structure can also extend beyond traditional token launches to tokenized equity projects willing to use tokens or equity to accelerate their growth. If this sounds relevant to your project, reach out to our team today. Much more on the way.

@dschamis @Grayscale The rest of this decade will be HL dominated $1bn 2027 seems spot on. but by 2030...who knows how much more of the market HL could consume

While I am usually the last person inclined to talk down a hyperliquid:native bull, when it comes to valuation it is important to be both accurate and precise. @Grayscale assumes approximately $1 billion of 2027 earnings and between 270 million and 310 million HYPE circulating at year-end 2027. That produces approximately $3.25–$3.75 of earnings per token and a 15–18x forward multiple. The math is internally consistent—but it is a circulating-supply multiple, not a more fully diluted measure. At @HypeStrat, our preferred measure is Outstanding Token Supply. We include the full core-contributor allocation, including tokens that remain locked or unvested, because we believe substantially all of that allocation is likely to vest or be issued over time (I don't think that @chameleon_jeff is getting another job anytime soon). We exclude unissued future community emissions and tokens that have been permanently retired or burned. Our current OTS is approximately 476.6 million tokens. Using Grayscale’s same approximately $1 billion earnings assumption and $54 HYPE price, that denominator produces approximately $2.10 of earnings per token and a forward multiple of roughly 26x, rather than 15–18x. HYPE still looks inexpensive relative to $COIN, $HOOD and $CRCL on Grayscale’s own comp set, so I agree with their ultimate conclusion. Our methodology: hypestrat.xyz/hype-tokenomics

@Xeer First they ignore you, then they ridicule you, then they attack you, and then you win. - Nicholas Klein

is there some sort of collective fud campaign against $HYPE going on rn? > first they told you paradigm sold, so you better sell your coins > then they told you multicoin sold, so you better sell even more of your coins > now they are saying selini sold, so its over and you should’ve sold before it goes to zero sounds to me like some big players want your hyperliquid coins at a discount and it’s working

@HyperliquidR Lovely UX work gang Hyperliquid

Today, HL Eco and HRC are incredibly excited to launch the new "Hyperliquid Financials" dashboard. hl.eco/financials The core reason we built HRC is that Hyperliquid intentionally leaves an information gap. They don't spend time on this, they're just busy building. That information asymmetry clearly affects how the market understands and values Hyperliquid. We started this journey by aggregating the best Hyperliquid research in one place and publishing financial reporting (hyperliquid:native and Trade[XYZ] quarterly/annual reports). Today we're taking that mission a step further, moving to live reporting. It's no secret TradFi is paying close attention to @HyperliquidX and @tradexyz. But that attention needs clear, accessible data, the kind that lets investors, analysts, and every other stakeholder do more than just read the raw numbers. With this, you get the most meaningful information on Hyperliquid in one place, CSV downloads for the underlying data, and analytical and projection tools to help you interpret it. No more raw data and nothing else. This will be improved even further with your feedback. We want this to be the Hyperliquid financials dashboard you've always wanted, so if you have suggestions or want to collaborate, we're all ears. Community is what Hyperliquid has been about from the start. Collaborative work by people who genuinely want to see it succeed in housing all of finance. We're incredibly happy to now be close partners with @hl_eco; this dashboard is what happens when two teams that actually want to provide value build together. Hyperliquid. HRC. HL Eco.

@HYPEconomist Art

3-month $HYPE liquidity heatmap big liquidity cluster below us at $46

Yes, Automa is actively being built, and it's mostly there, including the fund's unique ai modeling, backend, and UX work + our extra research tooling which'll be attached to Automa. We do not have a public launch date yet, but it'll be upcoming. Part of the Automa vault strategy is being able to average into the ATL box for BTC that charts have just entered. On $42, a full utility plan has been drafted, but it has not been publicized yet. We’ll share details once there is something concrete to show. Here's a small sneak peak on Automa UX

@SemanticLayer The community is still waiting for the promised update on the 42 token utility and the Automa launch. Can you share any progress?

Beyond HLP, Hyperliquid accounts for less than 1% of total onchain curated vault TVL. This is going to change Automa

@cryppimagic Vaults work as intended, HLP the goat

hlp dropped 8% in just 1 day that's -$20,000,000 but there's one small catch, it's not negative pnl (it's in profit), someone just withdrew that 20m from the pool address: 0x8500ea8a5d8c46304b6dd87fa4ed8fc3183023e0 i checked this wallet on arkham, it's labeled as Foresight Ventures, and a year ago they put out a report where they mentioned: "HLP offers 14%-24% APY by depositing USDC to participate in market-making and liquidation profits" and literally a couple days ago they pulled the money out

@Flowslikeosmo @DefiLlama @onrefinance Uni v3 eth-usdc is not idle stable careful fren

Idle stablecoins are getting paid well right now. I screened pools on @DefiLlama with at least $20M in liquidity. These are the best yield opportunities that stood out to me this week ↓ • @onrefinance | 11.7% APY | $243.9M TVL Reinsurance-collateralized yield vault on Solana. • @Uniswap | 39.5% APY | $109.8M TVL Concentrated-range LP fee capture on V3 (Base WETH-USDC), active management required. • @saturn_credit | 31.2% APY | $73.6M TVL Stablecoin-only pool on Ethereum, moderate rate swing month to month. • @AccountableData | 17.8% APY | $91.3M TVL Points-boosted USDC vault on Monad (ACC points). • @MidasRWA | 10.6% APY | $49.0M TVL RWA-collateralized vault (mHYPER), boring but consistent. • @MidasRWA | 10.2% APY | $70.5M TVL Second RWA vault in the family (mFONE).

@HyperliquidPC @multicoin @CFTC HyperCFTC

Prediction markets topped $50 billion in trading volume last month, and the biggest names in traditional finance are moving in. Today, with @multicoin, we filed a joint comment supporting the @CFTC 's proposed prediction markets framework. These markets have grown up. The proposed framework gives them what they deserve: durable standards, known in advance, under one federal rulebook. Our comment expresses support for the Commission’s approach and offers two recommendations to make an already strong rulebook even more targeted. Read it here:

@0xPolygon beautiful UX familia

Send $10 USD. Watch it show up as a local payout, wherever you want it to land. Every step visible, settled on Polygon, any day of the week.

Earlier this week Hester Peirce said onchain vaults may become mainstream. But that only works if users know who's making the decisions For Automa, the answer is simple: Humans manage the vault. Agents research around every position

Hyperliquid quietly hit record open interest today That includes both HL overall and the HIP-3 markets, and this is still before prediction markets and vault tech have really matured, in the middle of crypto winter. It's going to be a very ≽^•⩊•^≼ cycle

Backtesting across dimensions, vault tech looking powerful so far. Seriously powerful