My name is James

[GLC @GLC_Research]

Outstanding Token Supply hyperliquid:native: HPC as case study

In February, Hyperliquid spent $29M in HYPE to fund HPC (@HyperliquidPC). Six months later, that spend sits directly behind the CFTC chairman publicly committing to bring perpetual markets onshore under American oversight, the clearest regulatory path yet for the $480B+ in perp volume already trading outside the U.S.

$29M in. Billions in valuation unlocked. Probably billions more in revenue ahead.

That's the best example we have of how this team treats HYPE it controls. @HypeStrat's Outstanding Token Supply framework, which we contributed to, already excludes the $27.2B future emissions & community rewards basket from Hyperliquid's real valuation: the single largest deduction in the whole framework.

Most people assume that basket is just dilution waiting to happen: more tokens released, higher supply, lower value per token. HPC is proof it doesn't work that way here.

Used carefully, this team turns HYPE spent into HYPE-plus returned, on precedent, every time. That's worth far more than the dilution it looks like on paper and is the best example of why we shouldn't value hyperliquid:native using FDV.

Hyperliquid.

[GLC @GLC_Research]

Last week, we published our @maplefinance Q2 Report.

Q2 2026 was one of the most challenging quarters on record for DeFi lending. TVL across the sector declined by 25.2%, Bitcoin fell 14.2%, and the ecosystem experienced 83 hacking incidents, the highest quarterly total ever recorded.

Capital rotated out of the sector, sentiment weakened, and redemption pressure increased across the board.

Against this backdrop, Maple closed the quarter with AuM down just 0.94% QoQ, while active loans reached a new all-time high of $1.835B

Utilization rate increased from 25.3% to 39.8%, with zero forced liquidations throughout the quarter.

For those who may have missed the report, here is the cover letter written by @syrupsid, CEO and Co-Founder of Maple 👇

------------
To the readers of this report,

Q2 was a stress test. Bitcoin fell 14% in Q2, DeFi lending TVL contracted 25.2% in the same quarter, and total DeFi TVL is down more than a third across H1. Maple didn't move with the market. We closed the quarter at $4.61B in AUM and an all-time high of $1.84B in active loans, with zero forced liquidations through the drawdown.

That difference comes down to what's backing the yield, and it's exactly why we keep pushing further into fintech distribution. It's interest paid by real borrowers from real economic activity: Prime brokers extending margin, miners financing buildouts, exchanges lending to their own customers. If that yield holds up through a quarter like this, the case for putting it in front of more people gets stronger.

Robinhood is the clearest example of this distribution strategy. syrupUSDG crossed over $135M in AUM within days of launch, faster than any syrupUSD asset we've shipped. We underwrite the loan the same way whether the money comes from a hedge fund or someone's Robinhood app. Fintech is the distribution channel, and we're the credit engine driving it.

The Kraken warehouse facility is the same thesis from the institutional side. We've taken the same type of securitization structure which has funded trillions of dollars of mortgages and auto loans for fifty years, rebuilt it onchain, with Kraken Financial holding collateral as custodian.

The following report from GLC Research breaks down exactly how this quarter played out in the data.

Sid Powell
CEO and co-founder, Maple
------------

You can read and download the full report below 👇

[GLC @GLC_Research]

Read and Download the Full Report 👇

https://t.co/O8xlBLZ48C

Some excerpts from the report in the next posts.

[GLC @GLC_Research]

Today we're releasing our Maple Finance Q2 2026 Report.

Q2 was one of the toughest quarter on record for DeFi lending. Bitcoin fell -14.2%, DeFi lending TVL contracted -25.2%, and 83 hacking incidents hit the ecosystem in a single quarter.

Here's how Maple came out the other side:

→ AUM closed at $4.61B (-0.94% QoQ) against a benchmark down -25.2%
→ Active loans reached a new ATH: $1.835B (+55.6% QoQ)
→ H1 2026 revenue: $10.89M, broadly in line with full-year 2025 output
→ Zero forced liquidations. Track record intact through a second consecutive stress quarter.

The report also covers the launch of syrupUSDG ($227M in 6 weeks), the Maple Institutional breakout ($753M TVL, +767% QoQ), and MIP-021, which passed with 99.97% of the vote.

Enjoy the read.

Some excerpts below, with the link to the full PDF.

@maplefinance $SYRUP

[GLC @GLC_Research]

We just shipped new charts on the HYPE Financials dashboard, built by HL Eco and HRC.
https://t.co/Bplga7kdAR

Powered by Qwantify's data (@qwantifyio), you can now track team unlock behavior against modeled vesting schedules and project forward based on how the team has actually behaved to date.

For those who've followed us: our convention is to assume the team's full allocation sits within the current outstanding market cap, the same basis we used on the OTS framework we worked on with @HypeStrat.

Worth flagging: the team is currently taking, on average, just 6.2% of what they're entitled to unlock.

More charts on team unlocks below.

Hyperliquid.

[GLC @GLC_Research]

Very proud to have launched the "Hyperliquid Financials" dashboard with HL Eco.
https://t.co/pzRrZGWCBY

We've been vocal for a long time about closing the information gap in Hyperliquid, and this brings us a real step closer. In my opinion, this is the best dashboard out there from a financial analysis perspective.

No more raw data only, you have EMAs on every charts and can download CSVs if you want to build your own chart as well. If you have any chart suggestion, please feel free to reach out.

Some of the charts I love below.

Go check it out, Hyperliquid.

[HL Eco @hl_eco]

Introducing: Hyperliquid Financials with @HyperliquidR

A TradFi-aligned dashboard for tracking and analyzing Hyperliquid.

Every dataset exports to CSV for free, so investors and researchers can build their own models.
https://t.co/T9Ro5y8VgU

[GLC @GLC_Research]

New Outstanding Loans ATH for Maple, and $SYRUP is up 25% today.

@maplefinance has reached a new all-time high in active loans, climbing to $1.725B, up 6.2% from its previous peak of $1.623B, recorded in December.

Since bottoming at $772.9M in April 2026, active loans have rebounded by 123.2%.

Loans are Maple's primary revenue driver, and now you can expect revenue to follow in the coming months. It's also worth remembering that Maple managed to reach a new all-time high while $BTC price action has been horrific. Their TAM has effectively been cut in half, and somehow, they still managed to post a new loans ATH.

We've been quite vocal lately about how underpriced and underappreciated Maple and $SYRUP are. In a single day, they added more than $200M in loans, which once again confirms just how resilient this team is.

Onwards, Maple. More below.

[GLC @GLC_Research]

https://t.co/lZ7n62PsgO

[GLC @GLC_Research]

2026 Maple Q1 Report

Today we're releasing our Maple Finance Q1 2026 Report.

We've been covering Maple for over a year now, started when few were paying attention and this quarter gives us something meaningful to document.

Q1 threw everything at the protocol: a -20% crypto market drawdown, geopolitical shocks, and two distinct redemption waves.

Here's how Maple came out the other side:

→ AUM closed at $4.66B (+517% YoY)
→ Maple's revenue: $6.51M (+451% YoY)
→ Zero forced liquidations. 70+ margin calls resolved in a few hours at peak stress.

Enjoy the read. Some excerpts below, with the link to the full PDF and spreadsheet with historical data.

@maplefinance ethereum:0x643c4e15d7d62ad0abec4a9bd4b001aa3ef52d66

[GLC @GLC_Research]

We just wrapped up our Hyperliquid event in Seoul with @HyperliquidR, really glad to see so many of you there.

For those who couldn’t make it, I wanted to share the presentation I gave at the event, mainly covering @tradexyz and equity perps on Hyperliquid.

Hope you enjoy it and also hope you liked receiving the full 2025 Annual Report. Couldn’t be happier to share it with you all.

Presentation Slides & Comments Below 🧵

[Patrick Hong @seminong84]

Hyperliquid.
by HRC / FOUR PILLARS / GLC Research

[GLC @GLC_Research]

Average Monthly Growth Rate above 90% for TradeXYZ/HIP-3.

[GLC @GLC_Research]

“Hyperliquid has the chance to save crypto”

https://t.co/BWoGXELtSH

[GLC @GLC_Research]

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%.

▫️https://t.co/nF9zsDXWDl 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.

[GLC @GLC_Research]

I think most people have already read this article from @0xmattegoat, but for those who haven’t yet, you should give it a read.

"So, how informed are traders on Hyperliquid? Very. 100% directional accuracy this weekend across 35 instruments, 90% hit rate over 9 weekends, and a median error of 14 bps at the open. The prices are real."

Hyperliquid.

[GLC @GLC_Research]

It’s honestly a bit sad to see people spend time arguing this isn’t a big deal or debating exclusivity. This is huge for the entire industry and for Hyperliquid. Just appreciate it.

Hyperliquid.

[GLC @GLC_Research]

It’s been a year since we shared our $HYPE valuation framework.

A lot has changed since then, but I think we did a pretty solid job given the information we had at the time. Our target was $40–$60 over a one-year horizon. Today, we’re around $40, with an ATH at $60. While it’s nice to have been in that range, we were operating with a lot of uncertainty and luck definitely played a role.

That said, what really made us bullish despite those uncertainties was our alignment with Hyperliquid’s ethos.

Over the past year, we turned down opportunities because we didn’t want to sacrifice time that could be spent learning, researching, building relationships, and contributing to the ecosystem. GLC is still a young company, and we didn’t actively pursue deals for long periods of time but having conviction and building meaningful exposure to $HYPE has paid off far more than anything else could have. And today, we couldn’t be happier to be actively building on Hyperliquid with @FourPillarsFP through @HyperliquidR, thanks to our sponsors.

I think that’s what happens when you’re willing to take risks and commit to something for the right reasons.

For us, those reasons are simple: we want to help change how finance works. We want to see finance move onchain. We want to help make financial access more open and inclusive. And we want to be part of a community that is actively building toward that future.

Looking back, this alignment, both in vision and in values, is what enabled the asymmetric upside.

That said, it’s probably time for a new “equity-style” research piece on $HYPE. The bull case has gotten much bigger since then.

Appreciate you all and your support. 2025 Hyperliquid Annual Report drops on Monday. Let’s change finance.

Hyperliquid.

[Hyperliquid Research Collective (HRC) @HyperliquidR]

S&P partnering with @tradexyz to exclusively launch the first official S&P 500 perpetual contract on Hyperliquid is one of the strongest product-market fit validations we could have hoped for.

This may well be one of the most significant validations ever seen for a company building on crypto rails, it is indeed hard to think of anything comparable.

It’s an honor for us to be part of this ecosystem and to dedicate so much of our time to Hyperliquid, the blockchain to house all of finance. As @chameleon_jeff said, this partnership reflects years of collective effort across the entire ecosystem.

Looking forward to everything that’s still to come.

Stay tuned, on Monday, we’re releasing the 2025 Hyperliquid Annual Report. 2025 was a historic year for the team, and this report aims to capture it.

Hyperliquid.

[GLC @GLC_Research]

Despite a challenging start to the year for DeFi and yield-bearing assets, @maplefinance continues to stand out.

Both syrupUSDC and syrupUSDT have continued to grow, with their respective supplies increasing by over 33% and 36% year-to-date.

Their supplies are standing at around 1.55B for syrupUSDC and 0.9B for syrupUSDT, placing both assets among the top 10 largest yielding assets in the market.

Deposits into these products have also continued to rise, reaching an ATH of $2.5B and still growing.

This sustained momentum is not surprising: for over a year, syrupUSDC and syrupUSDT have delivered some of the highest and most consistent yields compared to their competitors.

Below is a breakdown of supply across the different chains where these assets are deployed.

As illustrated, their cross-chain expansion has been a key driver of growth.

Additional deployments are expected in the near future.

Maple.